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The Position of Smart Contracts in the Light of Islamic Contract Theory Ahmad, Azlin Alisa; Mat Zain, Mat Noor; Amanina Zakaria, Nur Diyana
Samarah: Jurnal Hukum Keluarga dan Hukum Islam Vol 8, No 1 (2024): Samarah: Jurnal Hukum Keluarga dan Hukum Islam
Publisher : Islamic Family Law Department, Sharia and Law Faculty, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/sjhk.v8i1.16372

Smart contracts are simply programs stored in a blockchain that run under predetermined conditions; however, they are yet to be implemented commercially in the financial industry, including the Islamic financial industry. It has not been entirely implemented in the Islamic financial industry because it is unstable and there are debates regarding its conformity with Shariah principles. Since the development of the smart contract is still in the preliminary stages, its position in an Islamic contract is yet to be determined. Does a smart contract blockchain comply with Islamic contract theory? This qualitative study aims to analyse the smart contract’s position based on Islamic contract theory. Data were obtained using content analysis and interview methods, in which the semi-structured interview involved Islamic financial experts and industryplayers. Data were then analysed using the QDA Miner version 5.0.31 software. Findings indicate that a smart contract differs from other contracts because it records every transaction using hash cryptography and computer codes known as solidity. Besides that, transactions did not adhere to two principles of an Islamic contract, namely the existence of autonomy in the contracting parties and the ability to manipulate the contract. Hence, Shariah-based risks in a smart contract can be decreased by improving the Shariah compliance aspect in the transaction to solve autonomy issues and the manipulation of contracts. The study implies that a smart contract has the potential to become an innovation in the Islamicfinancial industry if it can adhere to the principles of an Islamic contract and it can be monitored by relevant authorities.

The Impact of Mosque-Based Economic Activities on Local Communities: A Case Study in Sarawak Md Radzi, Mohamad Bazli; Yaacob, Salmy Edawati; Ahmad, Azlin Alisa
El-Usrah: Jurnal Hukum Keluarga Vol 7, No 2 (2024): EL-USRAH: Jurnal Hukum Keluarga
Publisher : Universitas Islam Negeri Ar-Raniry Banda Aceh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/ujhk.v7i2.26674

The mosque has a comprehensive function covering the spiritual, educational, economic, and social aspects. However, the potential of mosques as centers for economic development within local communities remains underexplored and underutilized. Many mosques lack the strategic framework and resources to effectively implement economic activities that could benefit their communities. This study aimed to examine the impact of economic activities in mosques on the local community. Furthermore, this study also analyzes the implementation of economic activities through Waqf. The qualitative methodology was chosen for this study, where a selection of respondents was made by purposive sampling. Therefore, the sampling involved 20 informants, including officers from the religious Islamic department and a committee from 10 mosques throughout the Sarawak state. These have been identified as actively carrying out economic activities. The list of mosques is derived from the Sarawak Islamic Religious Department. The instruments used for this study are semi-structured interviews and content analysis, whereas the data obtained is analyzed using an atlas.ti software. The finding shows that economic activities at the mosque can be implemented and impact the community. Besides that, waqf helps the mosque enhance its economic activity. The positive impact of the economic activities carried out in the mosque undeniably improves the community's standard of living and increases the mosque’s funds. Moreover, it indirectly attracts more people to come to the mosque.

RESPON ULAMA NAHDLATUL ULAMA MADURA TERHADAP FATWA MAJELIS ULAMA INDONESIA TENTANG WAKAF UANG Harisah, Harisah; Gultom, Mitra Sami; Hosen, Muhammad Nadratuzzaman; Kusairi, Ah.; Ahmad, Azlin Alisa
Ekonomi Islam Vol. 15 No. 2 (2024): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v15i2.14564

This research was aimed at examining the response made by the ulama (Islamic religious scholars) of the Madura Branch of the NU and to find out their reactions to the MUI fatwa concerning cash wakaf. This research was classified as qualitative. The sample for this research consisted of 101 religious scholars of the Madura branch of the NU. The research was conducted in the form of surveys and interviews with these Madura NU members, to ascertain their arguments. The results of the research obtained showed convincingly that the majority of NU religious scholars accept and agree with the MUI Fatwa concerning cash wakaf, in that the response “agree” (Setuju – S) received the highest percentage return for all items, recording positive results between 40% and 60%, whilst the percentages for the response “strongly agree” (sangat setuju - SS) was the second strongest, receiving between 19% and 48% support. Based upon the results of the interviews conducted by the researchers with the NU Madura theologians, it was their opinion that the MUI Fatwa concerning cash wakaf fulfils the requirements of Islamic religious law. Not only that, but these scholars were also of the opinion that a cash wakaf can be a beneficial social instrument and may assist in overcoming social problems in their regions. The implication of this study is that the validity of the MUI fatwa can be widely accepted among local scholars, providing a strong legal foundation for the development of cash waqf in Indonesia, particularly in Madura. This fatwa is not only recognized as valid according to Islamic law, but also serves as a basis for the acceptance of cash waqf by the public as a legitimate and effective charitable instrument Keywords: Nahdhatul Ulama’, Fatwa Commission, Cash Wakaf, Madura.

RESPON ULAMA NAHDLATUL ULAMA MADURA TERHADAP FATWA MAJELIS ULAMA INDONESIA TENTANG WAKAF UANG Harisah, Harisah; Gultom, Mitra Sami; Hosen, Muhammad Nadratuzzaman; Kusairi, Ah.; Ahmad, Azlin Alisa
Ekonomi Islam Vol. 15 No. 2 (2024): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v15i2.14564

This research was aimed at examining the response made by the ulama (Islamic religious scholars) of the Madura Branch of the NU and to find out their reactions to the MUI fatwa concerning cash wakaf. This research was classified as qualitative. The sample for this research consisted of 101 religious scholars of the Madura branch of the NU. The research was conducted in the form of surveys and interviews with these Madura NU members, to ascertain their arguments. The results of the research obtained showed convincingly that the majority of NU religious scholars accept and agree with the MUI Fatwa concerning cash wakaf, in that the response “agree” (Setuju – S) received the highest percentage return for all items, recording positive results between 40% and 60%, whilst the percentages for the response “strongly agree” (sangat setuju - SS) was the second strongest, receiving between 19% and 48% support. Based upon the results of the interviews conducted by the researchers with the NU Madura theologians, it was their opinion that the MUI Fatwa concerning cash wakaf fulfils the requirements of Islamic religious law. Not only that, but these scholars were also of the opinion that a cash wakaf can be a beneficial social instrument and may assist in overcoming social problems in their regions. The implication of this study is that the validity of the MUI fatwa can be widely accepted among local scholars, providing a strong legal foundation for the development of cash waqf in Indonesia, particularly in Madura. This fatwa is not only recognized as valid according to Islamic law, but also serves as a basis for the acceptance of cash waqf by the public as a legitimate and effective charitable instrument Keywords: Nahdhatul Ulama’, Fatwa Commission, Cash Wakaf, Madura.

Setting the Readiness of Law to Implement Central Bank Digital Currency in Indonesia Suwardiyati, Rumi; Ahmad, Azlin Alisa; Reka Dewantara; Dwi Benny Satria; Ranitya Ganindha
Arena Hukum Vol. 17 No. 3 (2024)
Publisher : Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.arenahukum2024.01703.3

The shift in behaviour from conventional to technology-based patterns has led to technological transformation, giving rise to an emerging digital currency: crypto. Crypto assets have great potential to develop financial system inclusion and efficiency while it can pose various risks affecting economic, monetary and financial system stability. The Indonesian government's strategic step to curb the use of cryptocurrencies is to issue Central Bank Digital Currency (CBDC). To date, 109 countries have begun to adopt the use of CBDC. The adoption of CBDC in Indonesia has not yet reached the implementation stage, but is still at the research stage. In line with this, this research aims to examine the readiness of Indonesian law to welcome the enactment of CBDC and to prepare an ideal legal construction in regulating CBDC in Indonesia. This paper employs a normative juridical research method with statutory and comparative approaches. The statutory approach involves examining the norms relating to CBDC, while the comparative approach aims to compare the norms applicable in China and the Bahamas regarding the use of CBDC. The results of this study reveal that the Indonesian government's legal readiness to implement CBDC will begin to enter the experimental stage after the P2SK Law recognises CBDC as a legal payment instrument and BI as the authority authorised to manage CBDC in Indonesia. The results of the comparison with China and the Bahamas show that the determination of the CBDC distribution model and the technology used is an important aspect that needs to be considered in preparing the ideal legal construction because it relates to the technological access capabilities of the community to use CBDC.

The Relationship of Disaster to the Islamic Economic System: An Analysis on Aspect of Maqāṣid Shari‘āh Framework Muttaqin, Aris Anwaril; Samsudin, Muhammad Adib; Salleh, Ahmad Dahlan; Ahmad, Azlin Alisa
Samarah: Jurnal Hukum Keluarga dan Hukum Islam Vol 7, No 1 (2023): Samarah: Jurnal Hukum Keluarga dan Hukum Islam
Publisher : Islamic Family Law Department, Sharia and Law Faculty, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/sjhk.v7i1.16014

Disasters occurring in recent years across various parts of the world have affected the economy and social life of the global community. Although disaster economics has received prominent attention from scholars, studies adopting the maqāṣid shari‘āh approach remain limited. Therefore, this study aims to analyze the relationship between disasters and the economic system contained in Surah Yusuf based on the maqāṣid methodology and framework. The data were collected via document analysis and in-depth interviews with three experts from different disciplines to assess the reliability of the findings based on Cohen’s Kappa test. The data analysis was based on the maqāṣid methodology involving four stages: identification of verses concerning disasters and economic system, a reflection of the verses using themaqāṣid framework, critical literature studies, and formation of principles about disasters in the Islamic economic system. The findings show that the relationship between disasters to the Islamic economic system can be understood based on maqāṣid shari‘āh. In this regard, disasters that are detrimental to the community's economy from a positive economics perspective have provided many lessons to improve the economic agents’ behavior from a normative economics view based on the maqāṣid framework. The findings further depict that, the majority of past studies on disaster economics were conducted using a positive-materialist approach. Therefore, this study offers a new perspective on the relationship between disasters and the economic system by understanding the material and non-material reality based on the guidance of revelation.

Utilizing Waqf in Enhancing Islamic Finance Contributions for Overcoming Research and Innovation Funding Challenges in TVET Education Sector Kamarzaman, Norshahira; Ahmad, Azlin Alisa; Muda, Mohd Zamro
Samarah: Jurnal Hukum Keluarga dan Hukum Islam Vol 9, No 1 (2025): Samarah: Jurnal Hukum Keluarga dan Hukum Islam
Publisher : Islamic Family Law Department, Sharia and Law Faculty, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/sjhk.v9i1.26381

Waqf, Islamic perpetual charitable trusts, established in accordance with Sharia principles, have emerged as formidable financial instruments for sustaining diverse socio-educational initiatives throughout Malaysia. Technical and Vocational Education and Training (TVET), forming a critical component within the educational ecosystem, serves a fundamental function in developing skilled labor resources and responding to evolving industrial requirements. Financial limitations, especially regarding research advancement and innovation activities, present considerable obstacles for institutions delivering TVET programs, impeding technological progress and overall education quality. This investigation examines Islamic endowments as a strategic solution embedded within Islamic economic frameworks to address these financial constraints affecting research initiatives and innovation domains within TVET. By consolidating information from diverse sources, including scholarly articles, reports, and statistical analyses, this paper elaborates on the waqf concept in Islam, examines its contribution to economic development in Malaysia, and explores its potential as an innovative funding source for TVET research and innovation. The study also addresses management challenges associated with waqf assets and compares waqf with traditional educational endowments. The research findings underscore the critical importance of Islamic perpetual endowments as a strategic financial reservoir capable of mitigating resource deficiencies in Technical and Vocational Education research and innovation spheres, consequently strengthening human resource development while simultaneously advancing Islamic economic paradigms toward enhanced sustainability and broader inclusiveness. The findings of this study hold significant relevance for Indonesia, offering valuable insights into leveraging waqf for educational development in the world's largest Muslim-majority country, where TVET plays a crucial role in workforce development and economic growth.

Mapping Maqāṣid Sharia Models in Islamic Economics: A Scoping Review of Literature (2018-2022) Muttaqin, Aris Anwaril; Samsudin, Muhammad Adib; Salleh, Ahmad Dahlan; Ahmad, Azlin Alisa; Hawa, Nabila Nurul
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.2025.15.1.66-82

Maqāṣid Sharia is a foundational epistemological framework for developing Islamic economics. Despite increasing scholarly attention, prior studies have inadequately mapped the diversity of Maqāṣid Sharia models employed in the discipline. This study aims to address that gap through a scoping literature review of publications from 2018 to 2022 indexed in Scopus and Web of Science, identifying the primary models applied by researchers. The analysis reveals four dominant conceptualizations: maṣlaḥah and mafsadah, kulliyāt al-khams, contemporary maqāṣid, and ḥifẓ al-māl. While the overarching term "Maqāṣid Sharia" is prevalent, the application of its methodological elements—particularly the maqāṣid framework (al-suba‘iyyah al-taṣawwuriyyah)—remains underutilized. This study contributes significantly to the global discourse by offering a structured map of Maqāṣid-based models in Islamic economics, thereby enhancing theoretical clarity and bridging methodological gaps. It recommends further exploration of the Maqāṣid methodology to enrich the development of Islamic economic theory, especially in areas such as economic epistemology, Islamic finance, the halal industry, and Islamic fintech. Future research should incorporate diverse language sources and extended databases to ensure broader analytical representation and to support a more globally integrated approach to Maqāṣid-oriented Islamic economic development.

PHILANTHROPY FOR WIDOWS AT ISLAMIC UNIVERSITY-BASED ISLAMIC MICROFINANCE INSTITUTIONS IN MADURA INDONESIA AFTER THE COVID-19 PANDEMIC Harisah, Harisah; Arief, Zaenal; Dahlan, Rahmat; Rahmawati, Rahmawati; Ahmad, Azlin Alisa
JURNAL ILMU SYARIAH Vol 12 No 1 (2024): JUNI
Publisher : IBN KHALDUN BOGOR

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/mizan.v12i1.20375

Universities perform a role beyond the enhancement of knowledge in modern society. During the epidemic, however, numerous institutions contributed to the improvement of the community's economy, and this trend persisted after the outbreak. The financial institutions established on the campuses of Madura's Islamic universities govern philanthropy as one of the instruments for economic development. Utilizing interviews, observation, and documentation, this research was conducted using a qualitativemethodology. The study's findings indicate that Islamic universities in Madura, through Islamic financial institutions and Islamic boarding schools, contribute to the improvement of the community's economy from the pandemic to the post-pandemic era through the use of philanthropic instruments, one of which is a widow. Widows are viewed as one of the categories that must be aided by the economy because it is usual for widows, especially those with children, to encounter economic hardships. In Islamic microfinance institutions founded on Islamic colleges in Madura, types of generosity include building houses, supplying meals on a blessed Friday, offering zakat maal and zakat fitrah, waqf in the form of daily necessities, and productive economic forms including capital aid.

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