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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.

Peningkatan Pemahaman Warga Tundan, RT 04, Kalurahan Tamantirto mengenai Dampak Negatif dari Pernikahan di Bawah Umur Asyiqin, Istianah Zainal; Yunita, Ani; Miftakhul Marwa, Muhammad Habibi
Jurnal Surya Masyarakat Vol 7, No 1 (2024): November 2024
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/jsm.7.1.2024.112-122

Residents of Tundan, RT 04, Tamantirto, Kasihan, Bantul still often marry their sons and daughters under the age of 19 due to various considerations, for example, the bride who must be married immediately or because of the strong will of the parents. This service aims to solve the problem of underage marriage so that an intensive study is carried out in the form of material presentation, analysis, discussion, and case studies on the negative impacts of underage marriage. The method applied in this community service program is to organize studies and discussions at partner locations in Tundan, RT 04, Tamantirto, with 52 participants. Based on the results of the pre-test and post-test, the participants experienced an increased understanding of Law Number 16 of 2019 concerning Amendments to Law No. 1 of 1974 concerning marriage by 50%, an increased understanding of the minimum age for marriage by 25%, an increased understanding of the factors that cause underage marriages by 26%, understanding of the negative impact of underage marriages has increased by 21%, and increased understanding of legal procedures that must be followed if underage marriages are forced to be carried out by 40%. Hopefully, this increased understanding can suppress underage marriage.

Peningkatan Pemahaman Warga Tundan, RT 04, Kalurahan Tamantirto mengenai Dampak Negatif dari Pernikahan di Bawah Umur Asyiqin, Istianah Zainal; Yunita, Ani; Miftakhul Marwa, Muhammad Habibi
Jurnal Surya Masyarakat Vol 7, No 1 (2024): November 2024
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/jsm.7.1.2024.112-122

Residents of Tundan, RT 04, Tamantirto, Kasihan, Bantul still often marry their sons and daughters under the age of 19 due to various considerations, for example, the bride who must be married immediately or because of the strong will of the parents. This service aims to solve the problem of underage marriage so that an intensive study is carried out in the form of material presentation, analysis, discussion, and case studies on the negative impacts of underage marriage. The method applied in this community service program is to organize studies and discussions at partner locations in Tundan, RT 04, Tamantirto, with 52 participants. Based on the results of the pre-test and post-test, the participants experienced an increased understanding of Law Number 16 of 2019 concerning Amendments to Law No. 1 of 1974 concerning marriage by 50%, an increased understanding of the minimum age for marriage by 25%, an increased understanding of the factors that cause underage marriages by 26%, understanding of the negative impact of underage marriages has increased by 21%, and increased understanding of legal procedures that must be followed if underage marriages are forced to be carried out by 40%. Hopefully, this increased understanding can suppress underage marriage.

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.

Governance, business, legal, and technology: Strategies for addressing volatility and gharar in Sharia capital markets Asyiqin, Istianah Zainal; Auliarizky Onielda, Muhammad Dafa
Jurnal Hukum Novelty Vol. 16 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26555/jhn.v16i1.30505

Introduction to the Problem: This study explored the intertwined challenges of market volatility and gharar in Sharia capital markets, which jointly contribute to uncertainty and instability. Volatility and gharar are mutually reinforcing phenomena, while speculative behaviors such as margin trading and short selling intensify both factors, resulting in price distortions, obscured asset valuations, and reduced investor trust in Sharia-compliant instruments. Purpose/Study Objectives: The objective of this research is to examine the characteristics and legal dimensions of both volatility and gharar in Islamic capital markets, assess their collective impact on Sharia-compliant issuers, and propose integrated governance, legal, business, and technological strategies to mitigate associated risks and enhance market resilience. Design/Methodology/Approach: This study adopted a juridical-empirical-normative approach. The empirical aspect involved collecting and analyzing market data from the Indonesian Islamic capital market. At the same time, the normative analysis focused on evaluating regulatory instruments, including DSN-MUI Fatwa No. 80/2011 and OJK Regulation No. 15/POJK.04/2015, and within the context of Sharia principles and business law. Findings: The study finds that both gharar and market volatility contribute to structural weaknesses in Islamic capital markets. In addition, speculative trading practices amplify uncertainty and instability, demanding a regulatory response that limits such activities. Strengthening corporate governance, enhancing disclosure practices, and applying business law mechanisms are essential to risk mitigation. The study recommends future research into cross-border regulatory comparisons and the role of financial technology in improving market transparency and Sharia compliance. Paper Type: Research Article

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