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All Journal Tadayun: Jurnal Hukum Ekonomi Syariah Islamic Banking and Finance Proceeding International Annual Conference Economics, Management, Business, and Accounting
Muh. Hasbi Ash. Shiddiq
Institut Agama Islam Negeri Bone
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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MEKANISME HAWALAH DENGAN DANA INFAK DALAM PEMBIAYAAN USAHA SYARI’AH KOTA MOJOKERTO Muh. Hasbi Ash. Shiddiq
Islamic Banking and Finance Vol 1, No 2 (2021)
Publisher : Fakultas Ekonomi dan Bisnis Islam IAIN Bone

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30863/ibf.v1i2.3012

Abstract

This article aims to find out the debt transfer agreement in the PUSYAR program. PUSYAR is a program to strengthen UMKM where PUSYAR participants get business capital assistance with a murabahah scheme. The margin from the murabahah is paid by the Mojokerto City Baznas using infaq funds. This research is descriptive qualitative with a case study approach to find out the phenomenon and find the meaning of a case. The results of this study are, the contract in the process flow of the transfer of margin debt from the murabahah contract is in the form of a hawalah contract where BAZNAS (muhal 'alaih) pays the margin debt of PUSYAR participants ( muhil) to the BPRS (muhal).
Digital payment usage by MSME players in Bone regency: a theory of planned behavior and risk perception approach Muh. Hasbi Ash. Shiddiq; Titiek Muthmainnah
Proceeding International Annual Conference Economics, Management, Business, and Accounting Vol. 1 (2023): Proceeding International Annual Conference Economics, Management, Business, and Accou
Publisher : IAEI

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Abstract

This study aims to identify the factors influencing the intention to adopt digital payment methods among Micro, Small, and Medium Enterprises (MSMEs) in Bone Regency, South Sulawesi, using the Theory of Planned Behavior and perceived risk approach. Data were collected through online questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) method. The findings of this study reveal that only two variables in the Theory of Planned Behavior significantly influence the intention to adopt digital payment methods among MSMEs, while perceived risk does not have a significant direct or mediating effect. The results indicate that MSMEs in Bone Regency are accustomed to using digital payments because they perceive it as a convenient method. Additionally, the ability to operate digital payments positively influences their intention to adopt. MSMEs in this study do not perceive any significant risks associated with digital payments.
Full Call Auction: A Fiqh al-Muamalat Perspective on Price Uncertainty at the Indonesia Stock Exchange Muh. Hasbi Ash. Shiddiq; Nurul Mu'minaati Idris
Tadayun: Jurnal Hukum Ekonomi Syariah Vol. 7 No. 1 (2026)
Publisher : Program Studi Hukum Ekonomi Syariah, Fakultas Syariah, Universitas Islam Negeri (UIN) Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/tadayun.v7i1.602

Abstract

The implementation of the Full Call Auction (FCA) mechanism at the Indonesia Stock Exchange in 2024 has attracted criticism from investors, particularly because its blind orderbook limits the price information available during order collection. As some Sharia-compliant stocks are traded through FCA, this study examines the mechanism from the perspective of fiqh al-muʿāmalāt. The study employed statutory and conceptual approaches and analyzed IDX Decree No. Kep-00316/BEI/11-2023 concerning Regulation No. II-X, POJK No. 15/POJK.04/2015, DSN-MUI Fatwa No. 80/DSN-MUI/III/2011, and relevant fiqh literature. The analysis indicates that uncertainty arises during price discovery, before orders are matched. Because the transaction price becomes definite at execution, this uncertainty does not, by itself, invalidate the contract and may be classified as gharar yasīr. The study proposes systemic gharar as a concept for examining uncertainty produced by the design of the FCA trading system rather than by the contractual object or an individual investor. This study contributes to a broader conceptualization of gharar in the Islamic capital market. It also suggests that stakeholders undertake a comprehensive review of the FCA mechanism to improve its design, particularly by prioritizing transparency. Abstrak Penerapan mekanisme Full Call Auction (FCA) di Bursa Efek Indonesia pada tahun 2024 menuai kritik dari investor, terutama karena sistem blind orderbook membatasi informasi harga yang tersedia selama tahap pengumpulan pesanan. Karena sebagian saham syariah diperdagangkan melalui FCA, penelitian ini mengkaji mekanisme tersebut dari perspektif fiqh al-muʿāmalāt. Penelitian ini menggunakan pendekatan perundang-undangan dan konseptual dengan menganalisis Keputusan BEI No. Kep-00316/BEI/11-2023 tentang Peraturan No. II-X, POJK No. 15/POJK.04/2015, Fatwa DSN-MUI No. 80/DSN-MUI/III/2011, serta literatur fikih yang relevan. Hasil analisis menunjukkan bahwa ketidakpastian muncul selama proses pembentukan harga, sebelum pesanan dipadankan. Karena harga transaksi telah pasti pada saat eksekusi, ketidakpastian tersebut tidak dengan sendirinya membatalkan akad dan dapat dikategorikan sebagai gharar yasīr. Penelitian ini mengusulkan konsep gharar sistemis untuk mengkaji ketidakpastian yang timbul dari desain sistem perdagangan FCA, bukan dari objek akad atau investor secara individual. Temuan ini berkontribusi pada perluasan konsep gharar dalam pasar modal syariah. Penelitian ini juga menyarankan agar para pemangku kepentingan meninjau mekanisme FCA secara menyeluruh untuk memperbaiki desainnya, terutama dengan mengutamakan transparansi.
Co-Authors Nurul Mu'minaati Idris Titiek Muthmainnah