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All Journal Al-'Adalah Ikonomika : Jurnal Ekonomi dan Bisnis Islam Khazanah Hukum
Mohd Rizal Muwazir, Mohd Rizal
University of Malaya Kuala Lumpur Malaysia
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

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The Role of Legal and Regulatory Frameworks for Sharia-Compliant Financing in Promoting Innovation and Quality Enhancement in Indonesia's Halal Industry Mas’ud, Riduan; Muwazir, Mohd Rizal
Khazanah Hukum Vol. 7 No. 2 (2025): Khazanah Hukum
Publisher : UIN Sunan Gunung Djati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/kh.v7i2.43440

Abstract

Indonesia’s halal industry is experiencing rapid growth, driven by increasing consumer demand for products that comply with both sharia principles and global quality standards. This study examines the role of legal and regulatory frameworks governing sharia-compliant financing in supporting innovation and improving product quality within the halal sector. Using a qualitative research design with a descriptive-analytical approach, data were collected from 15 experts in Islamic finance, economic law, and halal business practices. The findings reveal that legal instruments—such as the Sharia Banking Law, regulations issued by the Financial Services Authority (OJK), and policies from the National Committee for Islamic Economy and Finance (KNEKS)—provide a legal foundation that facilitates ethical and inclusive access to capital. These frameworks contribute to the development of an innovative and competitive halal industry. However, challenges remain, including regulatory overlaps, weak enforcement mechanisms, and limited harmonization between central and regional regulations. The study concludes by recommending regulatory reforms and institutional strengthening to optimize the legal contribution to the sustainable growth of Indonesia’s halal industry.
The Role of Sharia Monetary Instrument in Liquidity Management and Performance Improvement of Islamic Banking Financial in Indonesia Muwazir, Mohd Rizal; Anwar, Deky; Ab Ghani, Ab Mumin
al-'adalah Vol 15 No 2 (2018): Al-'Adalah
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/adalah.v15i2.3200

Abstract

This study analyzes the variables of liquidity and financial performance of Islamic banks that affect the number of transactions in Islamic monetary instruments. The aim is to find out which instruments is better in supporting liquidity management and financial performance of Islamic banks in Indonesia. This study uses the CAR and FDR variables as proxies of liquidity and ROA as a proxy for the financial performance of Islamic banks. While the proxy for sharia monetary instruments in Indonesia is the variable SBIS and SBPUS. This study uses monthly Islamic banking reports in Indonesia for the period January 2015 to September 2017. Data is processed and analyzed by Augmented Dickey-Fuller (ADF) Stationery Test as a way of testing stationary data and then testing hypotheses using Vector Autoregression (VAR). This study found that the the most contributing variable to the changes in transaction volume in Islamic monetary instruments was the variable liquidity, namely CAR and FDR. In Addition, SBIS sharia monetary instruments are better used by Islamic banking in Indonesia compared to SBPUS.
Potential Analysis of Zakat in Sharia Banking For Alleviating Poverty Anwar, Deky; Juniawati, Mutmainah; Muwazir, Mohd Rizal
IKONOMIKA Vol 8, No 2 (2023)
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/febi.v8i2.16554

Abstract

Zakat collection is considered as one of the economic instruments in Indonesia, particularly for the Muslim community, aimed at alleviating poverty. It is well-known that Indonesia has the largest Muslim population in the world, thus the potential of zakat for poverty alleviation in the country is significant. This research aims to analyze the extent of zakat potential in Islamic banking in Indonesia for poverty alleviation. The research utilizes a qualitative descriptive method with content analysis as the data analysis technique. Secondary data, specifically the annual reports of Islamic Commercial Banks (ICBs) from 2019 to 2021, serve as the documents for this study. The findings indicate that the potential of zakat in Islamic banking remains small compared to the potential that should exist in Indonesia. Therefore, it is advisable for the government to implement policies that focus on improving both the collection and management of zakat, involving both the public and the Islamic banking sector.
Co-Authors Ab Ghani, Ab Mumin DEKY, DEKY ANWAR Juniawati, Mutmainah Mas’ud, Riduan