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Legal Frameworks for Consumer Protection in Digital Sharia Banking: A Comparative Study between Indonesia and Malaysia Khasanah, Karimatul; Mohd Salleh, Mohd Mahyeddin
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 15 No. 1 (2025): April
Publisher : Islamic Economics Department, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/elqist.2025.15.1.45-65

Abstract

This study aims to provide a comparative legal analysis of consumer protection frameworks in digital Sharia banking in Indonesia and Malaysia—two countries at the forefront of Islamic financial innovation in Southeast Asia. Employing a normative-comparative legal method, the research examines regulatory structures, Sharia supervisory mechanisms, personal data protection, dispute resolution, and financial literacy provisions. The findings reveal that Malaysia’s centralized and integrated model, led by Bank Negara Malaysia and the Shariah Advisory Council, offers a more coherent and enforceable framework. In contrast, Indonesia's fragmented regulatory landscape—split between OJK and Bank Indonesia—presents challenges in institutional coordination and regulatory consistency. The study highlights how regulatory convergence in Sharia principles is tempered by divergence in enforcement and digital risk governance. By elucidating these legal asymmetries, the article contributes to global Islamic finance literature through actionable insights for cross-jurisdictional harmonization, particularly in Muslim-majority contexts. It recommends the development of hybrid regulatory models that integrate centralized authority with robust Sharia oversight and consumer protection mandates. Future research should extend beyond doctrinal analysis by incorporating empirical stakeholder data and exploring multilateral regulatory convergence at the ASEAN level.
Management Of Phylantrophic Funds In People's Economic Development Khikmah, Nurul; Mujib, Abdul; Khasanah, Karimatul
Sunan Kalijaga: Islamic Economics Journal Vol. 1 No. 1 (2022)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/skiej.2022.1.1.1538

Abstract

The purpose of this paper is to learn more about ZISWAF's management. With a phenomenological approach, this research method uses a qualitative approach to describe the findings between facts and reality that exist in society. While data collection requires literature and documentation investigations, so that it is recognized that the ZISWAF Fund can be maximized for the people's economic development, however the fund is currently primarily engaged in social service activities, charitable help, orphan compensation, Madrasah development, and other similar activities. They even tend to overlook other Muslims' interests, such as legal aid, In addition to efforts to discover the potential of philanthropy, child protection, public policy advocacy, women's empowerment, and several other key goals still require assistance from the use of philanthropic money and its impact on people's economic development, particularly the poor and underprivileged.