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All Journal Ahkam: Jurnal Ilmu Syariah Islam Futura LEGITIMASI: Jurnal Hukum Pidana dan Politik Hukum Dusturiah : Jurnal Hukum Islam, Perundang-undangan dan Pranata Sosial Diroyah : Jurnal Studi Ilmu Hadis Al-MARSHAD: Jurnal Astronomi Islam dan Ilmu-Ilmu Berkaitan Jurnal Ilmiah Al-Syir'ah Jurnal Justisia : Jurnal Ilmu Hukum, Perundang-undangan dan Pranata Sosial Media Syari'ah: Wahana Kajian Hukum Islam dan Pranata Sosial Shar-E: Jurnal Kajian Ekonomi Hukum Syariah Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora Al-Hilal: Journal of Islamic Astronomy USRAH: Jurnal Hukum Keluarga Islam El-Hadhanah: Indonesian Journal Of Family Law And Islamic Law Astroislamica: Journal of Islamic Astronomy Indonesian Research Journal on Education Al-Rasikh : Jurnal Hukum Islam As-Siyadah: Jurnal Politik dan Hukum Tata Negara JURISTA : Jurnal Hukum dan Keadilan Quru’: Journal of Family Law and Culture Al-Mudharabah
Riza Afrian Mustaqim
Universitas Islam Negeri Ar-Raniry Banda Aceh
Religion Arts Humanities Astronomy Chemistry Earth & Planetary Sciences Economics, Econometrics & Finance Education Energy Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Physics Social Sciences Other

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Journal : JURISTA : Jurnal Hukum dan Keadilan

 1 
THE EFFECTIVENESS OF THE INDONESIAN FINANCIAL SERVICES AUTHORITY SUPERVISION ON SHARIA FINANCIAL INSTITUTIONS IN ACEH PROVINCE OF INDONESIA Syariful Anami; Muhammad Iqbal; Riza Afrian Mustaqim
JURISTA: Jurnal Hukum dan Keadilan Vol. 9 No. 2 (2025): JURISTA: Jurnal Hukum dan Keadilan
Publisher : Centre for Adat and Legal Studies of Aceh Province (CeFALSAP)

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Abstract

Aceh Province is the only region in Indonesia that has fully implemented an Islamic financial system, as outlined in Qanun Aceh Number 11 of 2018, concerning Islamic Financial Institutions. This regulation mandates all financial institutions operating in Aceh to comply with Sharia principles. However, the effectiveness of the Financial Services Authority (OJK) in supervising substantial adherence to Islamic jurisprudence (fiqh muamalah) remains questionable. This study aims to assess the efficacy of OJK’s supervision over Islamic financial institutions in Aceh and to identify the main obstacles and challenges in its implementation. The research employs an empirical, juridical, and statutory approach, with data collected through interviews, field observations, and a literature review. The findings reveal that OJK's supervisory role remains primarily administrative and has not adequately addressed the substantive aspects of Sharia compliance. Key obstacles include low Sharia literacy among industry players, weak roles of internal Sharia Supervisory Boards (DPS), limited human resources within OJK knowledgeable in Islamic finance, underutilised digital supervision systems, and weak institutional coordination. Based on Soerjono Soekanto's theory of legal effectiveness, all five components—legal substance, legal structure, legal culture, infrastructure, and community—are found to be insufficiently developed to support the ideal implementation of Islamic finance. The study recommends reformulating the supervisory approach to adopt a more participatory, contextual, and locally grounded model, ensuring the authentic and sustainable application of Islamic financial systems in Aceh
Co-Authors Abdul Jalil Salam Akbar, Reza Al-Faiz, Muhammad Rozaan Ananda, Fadhillah Arifin Abdullah Aslan Aslan Aslan Aslan, Aslan Aulia, Raja Basrul Gunadi Batavia, Nada Boihaqi bin Adnan Bukhari Ali darlius, darlius Erizaldi Putra Faisal Yahya Fakhrurrazi M. Yunus Hadi, M Naufal Hasnul Arifin Melayu Hayana, Cut Diva Heryanti, Novi Ida Friatna Irwansyah Jamal, Irwansyah Muhammad Jamhir Hasan Khawatinnisa, Husnul Layyinatusy Syifa Mubarrak , Husni Muhammad Iqbal Mutia, Farah Nada Batavia Putra, Erizaldi Reza Akbar Reza Akbar Reza Akbar Rismayadi, Dedi Sausan, Rahma Dhiyaa Soderi, Ridhokimura Sulfanwandi, Tgk. Syariful Anami Yanti, julida Zaiyad Zubaidi Zulfa, Aindana Zumara Zumara