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Ijarah Application in Shari’ah Mutual Funds Suyoto Arief; Erika Rishan Adillah; Arizqiya Nurfattah
Proceedings of Femfest International Conference on Economics, Management, and Business Vol. 1 (2023): Proceedings of Femfest International Conference on Economics, Management, and Busines
Publisher : Universitas Darussalam Gontor

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Investment is one way to increase income. The Islamic capital market is one of the instruments for investing that functions as a bridge between investors and entrepreneurs who need capital with the basis and principles of Shari'a. The Islamic Capital Market provides various products including Sharia mutual funds. The mechanism for implementing Shari'a Mutual Funds involves Investment Managers (MI) who represent all investors and Custodian Banks as banks that maintain, maintain, and guarantee the security of investors' money. With so many parties involved in mutual funds, it is possible that the contracts used are various. The purpose of this study is to identify the application of ijarah in sharia mutual funds. This research uses qualitative calculations. Data sourced from the Quran, al-Hadith, opinions of scholars and economists, journals both printed and online materials. The results of this study illustrate that the application of ijarah in Sharia mutual funds is found in the provision of wages/rewards (ujroh) to Custodian Banks for services in investment administration, securities storage and investment funds from Mutual Funds taken from net asset value (NAV) calculated in percentages. However, there are still irregularities, in which wages (ujroh) are calculated in percentage terms. The determination of wages should be calculated by nominal not by percentage, because it includes the form of gharar that is forbidden in sharia.

Ijarah Application in Shari’ah Mutual Funds Suyoto Arief; Erika Rishan Adillah; Arizqiya Nurfattah
Proceedings of Femfest International Conference on Economics, Management, and Business Vol. 1 (2023): Proceedings of Femfest International Conference on Economics, Management, and Busines
Publisher : Universitas Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar

Investment is one way to increase income. The Islamic capital market is one of the instruments for investing that functions as a bridge between investors and entrepreneurs who need capital with the basis and principles of Shari'a. The Islamic Capital Market provides various products including Sharia mutual funds. The mechanism for implementing Shari'a Mutual Funds involves Investment Managers (MI) who represent all investors and Custodian Banks as banks that maintain, maintain, and guarantee the security of investors' money. With so many parties involved in mutual funds, it is possible that the contracts used are various. The purpose of this study is to identify the application of ijarah in sharia mutual funds. This research uses qualitative calculations. Data sourced from the Quran, al-Hadith, opinions of scholars and economists, journals both printed and online materials. The results of this study illustrate that the application of ijarah in Sharia mutual funds is found in the provision of wages/rewards (ujroh) to Custodian Banks for services in investment administration, securities storage and investment funds from Mutual Funds taken from net asset value (NAV) calculated in percentages. However, there are still irregularities, in which wages (ujroh) are calculated in percentage terms. The determination of wages should be calculated by nominal not by percentage, because it includes the form of gharar that is forbidden in sharia.

Public Housing Waqf: An Innovative Approach to Sustainable Urban Welfare through Islamic Social Finance Arizqiya Nurfattah; Fadhila Tianti Mudi Awalia; Azzam Al Hanif; Ibnu Hammam
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.3126

Home is one of the primary human needs that supports family education and fosters children's character, preparing the younger generation and society. Unfortunately, not everyone can have the ideal home to create an economically viable family living environment. One of the Islamic financial instruments is waqf, which is expected to support all aspects of finance, including the procurement of houses, both as residences and businesses. The term housing waqf refers to providing services to small communities without housing, which a waqf organization will manage. The purpose of the study is to analyze the impact of the public housing waqf program on people's welfare. This research uses a combination of library and field research to provide both theoretical grounding and empirical evidence. The results show that not everyone can afford a livable house, so the ideal function of the home cannot be realized in family development. This is due to the government's lack of attention to the poor. Waqf for people's welfare emerges as a way to overcome family economic problems and ensure sustainable community welfare.

Integrating Classical Islamic Scholarship with the Sustainable Development Goals: A Narrative and Thematic Review Mohammad Zen Nasrudin Fajri; Arie Rachmat Sunjoto; Arizqiya Nurfattah; Muhsin Arafat
Journal of Islamic Economics and Philanthropy Vol. 8 No. 2 (2025): November
Publisher : Universitas Darussalam Gontor

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This investigation examines the Sustainable Development Goals and their alignment with classical Muslim scholarship, like Ibn Khaldun, Al-Farabi, Al-Ghazali, and Ibn Sina. The contemporary academic discourse is largely secular, with strands focusing decades on Islamic finance, for example, or maqāsid al-sharīʿah. However, the literature on Islamic classical thought and modern development is very rare. Using the narrative review, the author has engaged in primary and secondary social justice, human development, economic and finance ethics, governance, and the environment from the classical manuscripts and from Scopus and Google Scholar, to social justice, human development, and the environment that is secondary in the literature. The results of classical social scholars in their discourse have emphasized the social development goals of justice, equity, education, public welfare, balanced governance, and environmental moral governance. Ibn Khaldun’s concepts of ‘umran and ‘asabiyyah, Al-Farabi’s vision of the virtuous city, political theodemocracy of Al-Ghazali, ethical economics, and holistic health of Ibn Sina with the environment offer an ethical vision for inclusive and sustainable development. The mapping of these themes has signified that classical Islamic thought is congruent with the contemporary development of public policies in the rest of the Muslim world, especially with those pillars of social development. This research enhances the conversation regarding development by detailing the historical perspectives of Islam and distilling actionable lessons for modern governance, education, social welfare, and sustainability.

Waqf Stock in Securities Companies (Models, and Perspectives of Islamic Social Finance) Arizqiya Nurfattah; Royyan Bachtiar
Journal of Islamic Economics and Philanthropy Vol. 6 No. 2 (2023): November
Publisher : Universitas Darussalam Gontor

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The magnitude of cash waqf potential in Indonesia, which reaches 180 trillion, has not been realized, as evidenced by the acquisition of cash waqf of only 1 trillion. Product innovations continue to be presented in order to attract the interest of the Muslim community in waqf, one of which is stock waqf which is present as an alternative to cash waqf derivative products with the main target of stock investors mediated by securities. This research is qualitative research with a descriptive qualitative approach with the type of research library, the findings of the research show that the implementation of waqf shares by wakif or investors is bridged by securities companies, which are then channeled to the waqf asset manager (nazir). The legal basis for waqf in stock waqf refers to the law of cash waqf because stock waqf is actually a derivative of cash waqf.

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