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Musharakah Mutanaqisah in Indonesia and Malaysia: Fatwa Institution, Regulation, and Recent Practice Asyiqin, Istianah Zainal; Hamsin, Muhammad Khaeruddin; Anggriawan, Rizaldy; Fanani, Ahmad
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 13 No. 1 (2024): April
Publisher : LPPM, Universitas Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v13i1.2302

Musharakah Mutanaqisah (MMQ) is one of Musyarakah's contract-based product developments. The application of MMQ as an Islamic banking financing product allows for the gradual purchase or commercial transfer of a portion of one partner's share to the other partner. The article aims to investigate the regulatory frameworks pertaining to MMQ in Indonesia and Malaysia. It also compares the associated institutions with the authority to issue regulations and policies surrounding the practice of MMQ. Furthermore, it analyzes and investigates a number of critical issues concerning the implementation of MMQ in both countries. This study is doctrinal legal research. It comprises the principle of law, legal systematics, synchronization of law, and legal history. The author also used statutory, conceptual, and comparative approaches. The result of the study shows that the regulatory framework in both countries was quite sufficient to accommodate the needs of MMQ customers and practitioners. Therefore, the study's novelty lies in its comprehensive comparative analysis of the regulatory frameworks and practices surrounding MMQ in Indonesia and Malaysia.

Musyarakah Mutanaqisah: Strengthening Islamic Financing in Indonesia and Addressing Murabahah Vulnerabilities Asyiqin, Istianah Zainal; Alfurqon, Fe Fikran
Jurnal Media Hukum Vol 31, No 1: June 2024
Publisher : Fakultas Hukum Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jmh.v31i1.20897

The article analyses to examine the practice of murabahah and musyarakah mutanaqisah financing in sharia banking in Indonesia. Islamic finance plays an important role in the Indonesian economy, contributing to financial inclusion and encouraging ethical practices and sharia compliance. Among the various Islamic financing models, musyarakah mutanaqisah has become famous as an alternative to conventional financing methods. The aticle method used is qualitative research with secondary data and doctrinal legal study methods. This article uses sustainable product innovation, modernization, and compliance with sharia principles. The results of the article found that the implementation of murabahah has several weaknesses, including: it is considered not in accordance with sharia, the nature of the contract is fixed, the down payment for sharia housing loans by murabahah is high, it is based on sharia, and cannot be used for refinancing, takeovers, and securing assets. The advantages of musyarakah mutanaqisah can be a solution to murabahah's weaknesses, because musyarakah mutanaqisah is safe according to sharia, suitable for long-term financing, down payments for sharia mortgages by musyarakah mutanaqisah are low, and according to sharia, musyarakah mutanaqisah can also be used for refinancing, takeovers and securing assets.

Mushārakah Mutanāqiṣah (Diminishing Partnership) Regulation for Housing Finance in Indonesian and Malaysian Law Asyiqin, Istianah Zainal; Akbar, M. Fabian; Onielda, Muhammad Daffa Auliarizky; Farid, Adriana Maisarah binti Mohd
Al-Ahkam Vol 34, No 1 (2024): April
Publisher : Faculty of Sharia and Law, Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/ahkam.2024.34.1.20133

The housing business continues to grow along with the increasing need for the fulfillment of housing. This research delves into the application of mushārakah mutanāqiṣah in housing finance within Indonesia and Malaysia, scrutinizing their regulations and relevant governing institutions. Employing a normative legal approach, it explores legal principles, systematics, synchronization, and historical context about this financing method. Employing inductive, deductive, and comparative methods, it analyzes regulations and practices in both countries. By offering insights into the potential and challenges of implementing mushārakah mutanāqiṣah in housing finance, the study aims to provide recommendations for regulatory enhancements, fatwa institutions, product development, and adherence to sharī’ah principles. This research is crucial for deepening understanding and facilitating improvements in various sectors related to housing finance within the context of Islamic finance in Indonesia and Malaysia.

Cryptocurrency as a Medium of Rupiah Exchange: Perspective Sharia Islamic Law and Jurisprudential Analysis Asyiqin, Istianah Zainal; Akbar, M. Fabian; Beltrán Genovés, Manuel
Volksgeist: Jurnal Ilmu Hukum dan Konstitusi Vol. 7 Issue 2 (2024) Volksgeist: Jurnal Ilmu Hukum Dan Konstitusi
Publisher : Faculty of Sharia, Universitas Islam Negeri (UIN) Profesor Kiai Haji Saifuddin Zuhri Purwokerto, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24090/volksgeist.v7i2.10975

The rapid advancement of the digital age has driven significant developments in payment systems, influencing financial decisions and fostering economic activity. This study explores the use of cryptocurrencies as digital currencies in financial transactions, particularly in the context of investments, while assessing their compatibility with Islamic law. Employing a normative legal approach and a descriptive-analytical method, the research examines legal principles and facts concerning cryptocurrency regulation in Indonesia. The findings reveal that, despite the potential benefits of cryptocurrencies, their usage remains contentious from both regulatory and Islamic law perspectives. In Islamic law, cryptocurrency transactions are classified as haram lighairihi due to elements of uncertainty (gharar) and speculative risks, making them non-compliant with Sharia principles. As a solution, this study proposes a framework for integrating cryptocurrency exchanges with Rupiah transactions in accordance with Sharia economic principles. This integration aims to mitigate risks while maintaining the flexibility of digital transactions, ensuring they align with both regulatory standards and Islamic legal frameworks.

Strengthening the Understanding of Aisyiyah Residents of North Tamantirto Branch regarding Cash Waqf Law Asyiqin, Istianah Zainal; Yunita, Ani; Marwa, Muhammad Habibi Miftakhul
Berdikari: Jurnal Inovasi dan Penerapan Ipteks Vol. 12 No. 2: August 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/berdikari.v12i2.22293

Law Number 41 of 2004 on Waqf defines waqf as an act in which the wakif separates or transfers part of his assets for the purposes of worship and/or public welfare in accordance with Sharia principles. Cash waqf, as a form of waqf, allows the wakif to entrust a certain amount of funds to the nadzir, who is tasked with managing them productively for the benefit of the mauquf alaih. Aisyiyah, a leading organisation in the religious, educational, social, and health fields, has become one of the main recipients of cash waqf in Indonesia. This organisation, in collaboration with Universitas Muhammadiyah Yogyakarta, initiated a program to increase public understanding of the law and concept of cash waqf. This program consists of lectures, studies, and discussions involving up to 50 participants, with the ultimate goal of spreading awareness through scientific publications, mass media, and educational videos. Post-program evaluation showed a significant increase in participants' understanding of legal aspects, basic concepts, and cash waqf management mechanisms in accordance with the fatwa of the Indonesian Ulema Council (MUI). These findings confirm the effectiveness of the program in increasing cash waqf literacy, as well as having the potential to encourage more optimal waqf management in society.

The Role of Regulation in the Development of Sharia Fintech: A Review of Contemporary Islamic Economic Law Asyiqin, Istianah Zainal; Mareto, Irvan; Beltrán Genovés, Manuel
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1241

This research explores the intricate relationship between regulation and the development of Sharia-compliant financial technology (fintech) within the framework of contemporary Islamic economic law. As Sharia fintech emerges as a significant sector in the global financial landscape, the alignment of innovative financial technologies with Sharia principles becomes crucial. The paper delves into the challenges and opportunities posed by regulatory fragmentation, the impact of technological advancements, and the importance of international coordination and harmonization. Regulatory fragmentation, characterized by diverse interpretations of Sharia law and differing national regulations, complicates cross-border operations, stifles innovation, and leads to a lack of standardization in financial products. Technological advancements, such as blockchain, artificial intelligence, and digital currencies, offer immense potential for enhancing transparency, efficiency, and inclusivity in Islamic finance but also introduce complex regulatory challenges. The paper argues for a proactive and collaborative regulatory approach, emphasizing the need for international standards and greater harmonization to ensure that Sharia fintech can thrive globally. By addressing these issues, the paper highlights the critical role of regulation in shaping the future of Sharia-compliant fintech, ensuring its growth, scalability, and adherence to Islamic ethical principles.

Islamic Economic Law in the Digital Age: Navigating Global Challenges and Legal Adaptations Asyiqin, Istianah Zainal
Media Iuris Vol. 8 No. 1 (2025): MEDIA IURIS
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/mi.v8i1.61800

This study examines the challenges and adaptations of Islamic economic law in addressing global economic transformations in the digital era, particularly in Indonesia. The research aims to analyze how Islamic legal frameworks respond to the rise of fintech, blockchain, and smart contracts while maintaining compliance with Sharia principles. Employing a qualitative approach with doctrinal legal research, this study utilizes primary legal sources such as the Quran, Sunnah, Ijma’, and Qiyas, along with national regulations, including the Sharia Banking Law, Financial Services Authority (OJK) regulations, and fatwas from the Indonesian Ulema Council (MUI). Data are collected through legal document analysis and case studies on the implementation of Islamic finance in digital transactions. The findings indicate that while Indonesia has made significant progress in integrating Sharia-compliant financial technologies, challenges remain in ensuring regulatory clarity, consumer protection, and the prevention of Sharia non-compliance risks. The study concludes that continuous legal adaptation and regulatory innovation are essential to uphold Islamic economic principles in the evolving global digital economy.

The Principle of Self-Submission in Sharia Economic Dispute Resolution: A Critical Examination through Friedman’s Legal System Theory Asyiqin, Istianah Zainal; Akbar, M. Fabian; Onielda, Muhammad Daffa Auliarizky
Jambura Law Review VOLUME 7 NO. 2 JULY 2025
Publisher : Universitas Negeri Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33756/jlr.v7i2.27075

The principle of self-submission refers to the voluntary acceptance of a specific legal framework, particularly within Sharia economic dispute resolution. Law No. 3 of 2006 expanded the jurisdiction of Indonesia’s Religious Courts to adjudicate Sharia economic disputes, allowing non-Muslim litigants to participate under the condition of self-submission. While this legal provision promotes inclusivity, its practical application remains underexplored, particularly concerning its consistency with fundamental legal principles and its effectiveness in ensuring legal certainty. This study addresses this gap by critically examining the normative foundations and implementation of self-submission in Sharia economic dispute resolution through the lens of Lawrence M. Friedman’s legal system theory, which evaluates legal substance, legal structure, and legal culture. Employing a normative juridical approach, this research analyses statutory regulations, legal precedents, and court decisions to assess self-submission's coherence, adaptability, and limitations in Sharia economic adjudication. The findings indicate that while the principle of self-submission is structurally embedded within the legal system, its enforcement faces challenges in judicial interpretation, procedural inconsistencies, and the extent of its applicability to non-Muslim litigants. Furthermore, the study identifies gaps in legal certainty and harmonization with broader national and international legal frameworks. As a contribution to the discourse on Sharia economic law, this research proposes normative refinements and procedural enhancements to improve the clarity and effectiveness of self-submission, thereby strengthening Indonesia’s Sharia economic dispute resolution mechanism. These findings have broader implications for legal pluralism and the evolution of Sharia economic law in multi-religious societies.

Ethical Contracts vs. Commercial Realities in Indonesian Sharia Insurance Asyiqin, Istianah Zainal
Fiat Justisia: Jurnal Ilmu Hukum Vol. 18 No. 4 (2024)
Publisher : Universitas Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25041/fiatjustisia.v18no4.3635

This article examined legal issues within Indonesia's Sharia insurance industry, focusing on implementing dual contracts combining tabarru’ (voluntary) and tijarah (business) agreements. The qualitative study used secondary data and a taxonomic technique to identify legal challenges. Ideally, the contract structure should separate the management of these two agreements, with tabarru’ as the primary contract and tijarah as supplementary. However, the findings revealed that Indonesia's takaful industry prioritized the supplementary tijarah contract over the primary tabarru’. This issue resulted in inadequate separation of tabarru’ and tijarah funds, leading to the mixing of returns from both sectors. This practice contradicted the fatwas issued by the National Sharia Council-The Indonesian Ulama Council (DSN-MUI) regarding Islamic insurance.Additionally, the article identifies ambiguities within some DSN-MUI guidelines. To address these issues, the article proposed an alternative contract scheme from the perspective of fiqh al-mu'amalah (Islamic economic law), suggesting that tabarru’ could be based on a fee (ujrah). In contrast, other contracts could be structured around profit and loss-sharing investment agreements.

Mushārakah Mutanāqiṣah (Diminishing Partnership) Regulation for Housing Finance in Indonesian and Malaysian Law Asyiqin, Istianah Zainal; Akbar, M. Fabian; Onielda, Muhammad Daffa Auliarizky; Farid, Adriana Maisarah binti Mohd
Al-Ahkam Vol. 34 No. 1 (2024): April
Publisher : Faculty of Sharia and Law, Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/ahkam.2024.34.1.20133

The housing business continues to grow along with the increasing need for the fulfillment of housing. This research delves into the application of mushārakah mutanāqiṣah in housing finance within Indonesia and Malaysia, scrutinizing their regulations and relevant governing institutions. Employing a normative legal approach, it explores legal principles, systematics, synchronization, and historical context about this financing method. Employing inductive, deductive, and comparative methods, it analyzes regulations and practices in both countries. By offering insights into the potential and challenges of implementing mushārakah mutanāqiṣah in housing finance, the study aims to provide recommendations for regulatory enhancements, fatwa institutions, product development, and adherence to sharī’ah principles. This research is crucial for deepening understanding and facilitating improvements in various sectors related to housing finance within the context of Islamic finance in Indonesia and Malaysia.

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