Garuda - Garba Rujukan Digital

Tipologi Multiakad Dalam Fatwa Ekonomi Digital Dewan Syariah Nasional Majelis Ulama Indonesia Ulum, Kefi Miftachul; Fuad, Ahmad Zaky; Khairunnisa, Maulida; Mawadah, Atina Rahmah; Pratama, M. Rafirsa Agung
Adzkiya : Jurnal Hukum dan Ekonomi Syariah Vol 12 No 2 (2024): Adzkiya: Jurnal Hukum dan Ekonomi Syariah
Publisher : Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Negeri Meto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/adzkiya.v12i2.7431

This study aims to analyze the urgency of the typology of a contract which is commonly used by the community for fulfilling daily digital-based needs. Some contend that merging contracts breaches Sharia principles, while others believe it is permitted with limitations. Aside from the debate in the current digital-based era, muamalah transaction activities have evolved and grown towards a modern direction that is carried out online; however, due to low literacy and interest in reading, the general public is unaware that this involves multiple contracts. The fatwa given by the DSN MUI institution does not cover the complete scope of so many contracts. These concerns will be analyzed employing a normative legal research methodology that adopts a conceptual approach. The DSN MUI Fatwa and Community practices represent the study's primary data, while the literature on contract typology is used for secondary data. The research discovered that people practice muamalah or contract employing multiple agreements without realizing it. Additionally, the DSN MUI Fatwa does not cover it all in one integrated fatwa formulation. The findings of the present research can also be used to cluster muamalah or contract practices with multi-agreement typologies, which will facilitate the general public's understanding of the participating behaviors.

Tipologi Multiakad Dalam Fatwa Ekonomi Digital Dewan Syariah Nasional Majelis Ulama Indonesia Ulum, Kefi Miftachul; Fuad, Ahmad Zaky; Khairunnisa, Maulida; Mawadah, Atina Rahmah; Pratama, M. Rafirsa Agung
Adzkiya : Jurnal Hukum dan Ekonomi Syariah Vol 12 No 2 (2024): Adzkiya: Jurnal Hukum dan Ekonomi Syariah
Publisher : Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Negeri Meto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/adzkiya.v12i2.7431

This study aims to analyze the urgency of the typology of a contract which is commonly used by the community for fulfilling daily digital-based needs. Some contend that merging contracts breaches Sharia principles, while others believe it is permitted with limitations. Aside from the debate in the current digital-based era, muamalah transaction activities have evolved and grown towards a modern direction that is carried out online; however, due to low literacy and interest in reading, the general public is unaware that this involves multiple contracts. The fatwa given by the DSN MUI institution does not cover the complete scope of so many contracts. These concerns will be analyzed employing a normative legal research methodology that adopts a conceptual approach. The DSN MUI Fatwa and Community practices represent the study's primary data, while the literature on contract typology is used for secondary data. The research discovered that people practice muamalah or contract employing multiple agreements without realizing it. Additionally, the DSN MUI Fatwa does not cover it all in one integrated fatwa formulation. The findings of the present research can also be used to cluster muamalah or contract practices with multi-agreement typologies, which will facilitate the general public's understanding of the participating behaviors.

INTEGRATION OF ISLAMIC PHILANTHROPY WITH FINANCIAL TECHNOLOGY: The Case Study of Waqf towards Sustainable Funding in Indonesia Ulum, Kefi Miftachul; Ariyanti, Sari; Witro, Doli; Nasyiah, Iffaty
Jurisdictie: Jurnal Hukum dan Syariah Vol 16, No 1 (2025): Jurisdictie
Publisher : Fakultas Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/j.v16i1.30447

The rapid expansion of Indonesia’s digital economy, bolstered by evolving financial regulations, presents a strategic opportunity to integrate Islamic philanthropy—particularly waqf—into fintech-based funding systems. This study explores the potential integration of waqf instruments within securities crowdfunding, as governed by OJK Regulation No. 57 of 2020 and its amendment, OJK Regulation No. 16 of 2021. The growth in sukuk issuances—from 59 in August 2023 to 105 by May 2024, comprising 30% of all securities—demonstrates a promising avenue for channeling waqf funds to support MSMEs and drive socio-economic development. Employing a normative legal research methodology, this study utilizes statutory and conceptual analysis, drawing on primary legal sources related to waqf and crowdfunding, as well as secondary data from the Financial Services Authority (OJK) and the Central Securities Depository (KSEI). Through descriptive-analytical methods and integrative legal theory, the research examines how regulatory frameworks can be aligned. The findings indicate a strong legal synergy between Islamic waqf law and fintech regulations, facilitating the development of a productive, Sharia-compliant waqf investment model. This study offers a conceptual and regulatory roadmap for leveraging waqf funds through digital platforms, enhancing their sustainability, accountability, and role in promoting inclusive Islamic economic growth. Ekspansi pesat ekonomi digital Indonesia yang didukung oleh regulasi keuangan yang terus berkembang menghadirkan peluang strategis untuk mengintegrasikan filantropi Islam—khususnya wakaf—ke dalam sistem pendanaan berbasis fintech. Studi ini mengeksplorasi potensi integrasi instrumen wakaf dalam skema securities crowdfunding sebagaimana diatur dalam Peraturan OJK Nomor 57 Tahun 2020 dan perubahannya, yakni Peraturan OJK Nomor 16 Tahun 2021. Peningkatan jumlah penerbitan sukuk—dari 59 pada Agustus 2023 menjadi 105 pada Mei 2024, yang mencakup 30% dari seluruh surat berharga—menunjukkan jalur yang menjanjikan untuk menyalurkan dana wakaf guna mendukung UMKM dan mendorong pembangunan sosial ekonomi. Dengan menggunakan metode penelitian hukum normatif, studi ini menerapkan pendekatan analisis yuridis dan konseptual, dengan merujuk pada sumber hukum primer terkait wakaf dan crowdfunding, serta data sekunder dari Otoritas Jasa Keuangan (OJK) dan Kustodian Sentral Efek Indonesia (KSEI). Melalui metode deskriptif-analitis dan pendekatan teori hukum integratif, penelitian ini mengkaji bagaimana kerangka regulasi dapat diselaraskan. Temuan menunjukkan adanya sinergi hukum yang kuat antara hukum wakaf Islam dan regulasi fintech, yang memungkinkan pengembangan model investasi wakaf yang produktif dan sesuai dengan prinsip syariah. Studi ini menawarkan peta jalan konseptual dan regulatif untuk memanfaatkan dana wakaf melalui platform digital, guna meningkatkan keberlanjutan, akuntabilitas, serta peranannya dalam mendorong pertumbuhan ekonomi Islam yang inklusif.

Leveraging Digital Cooperatives for Inclusive Finance: The Role of Securities Crowdfunding in Achieving the Sustainable Development Goals (SDGs) Ulum, Kefi Miftachul; Yazid, Azy Athoillah; Ariyanti, Sari; Biantoro, Bagus Rio; Maghfuroh, Nuril Laila; Izzati, Lia Wilda; Ulum, Mohammad Khoirul
Electronic Journal of Education, Social Economics and Technology Vol 5, No 2 (2024)
Publisher : SAINTIS Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33122/ejeset.v5i2.246

Digital financial innovation has resulted in many financial service products such as crowdfunding. Indonesia legitimised the commercial crowdfunding system through OJK Regulation Number 37 of 2018 on Equity Crowdfunding. The regulation was replaced through OJK Regulation Number 57 of 2020 concerning securities crowdfunding and added to streamline technical matters through OJK Regulation Number 16 of 2021. At the beginning of the regulation, the securities offered were limited to equity types. The change in regulation developed a variety of sukuk and debt securities. In May 2024, sukuk amounted to 105 securities, with a percentage control of 30% of the total 356 securities, consisting of 231 equity and 20 debt. The capitalisation of sukuk increased from the number of sukuk in August 2023, which amounted to 59, with a percentage control of 22% of the total securities. Growth is an opportunity to transform digital-based cooperatives that organise funding in securities crowdfunding services. This opportunity becomes a legal challenge in the aspect of legality, so it is necessary to examine the digital financial innovation to ensure its implementation. Normative legal research is the research method that will be used, collaborating with the statute approach and the conceptual approach as the research approach. Primary data in the form of Law of the Republic of Indonesia Number 17 of 2012 concerning Cooperatives, Law of the Republic of Indonesia Number 20 of 2008 concerning Micro, Small, and Medium Enterprises, and Financial Services Authority Regulation Number 57 of 2020 concerning Securities Offerings Through Information Technology-Based Crowdfunding Services. Secondary data in the form of securities crowdfunding growth and analysed using integrative legal theory with descriptive analysis and descriptive integrative methods. The research found that there is a potential transition of digital-based cooperatives as providers of securities crowdfunding services that have been legitimised through legal integration analysis.

Analysis of Securities Offering Regulations on Securities Crowdfunding Services Maslahah Approach Ulum, Kefi Miftachul
Studi Multidisipliner: Jurnal Kajian Keislaman Vol 11, No 1 (2024)
Publisher : Universitas Islam Negeri Syekh Ali Hasan Ahmad Addary Padngsidimpuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24952/multidisipliner.v11i1.10672

The acceleration of the Digital Era began with the spread of the COVID-19 virus, which caused the national economy to grow 2.5% in 2020, or down 5% from 2019. The lockdown policy was a factor in the slow turnaround of the economy. Another impact is digitalization in all aspects, including the financing sector and the formation of rules to regulate financing. Financial technology is an instrument that is experiencing accelerated growth because it is based on the internet of things (IOT). With the birth of the concept of crowdfunding securities, which has become an alternative funding source for business actors such as MSMEs, Initially, MSME funding activities in the crowdfunding cycle were limited to equity based on POJK 37 of 2018, then the regulation developed into POJK 57 of 2020 and became POJK 16 of 2021. These regulatory changes changed the funding mechanism, which was initially equity-based and then developed to be based on sukuk and debt securities. These regulatory changes became the focus of research after examining the impact of these regulations on the funding of MSMEs and legal business entities in Indonesia. Mas}lah}ah theory became the knife in analyzing these regulations using normative legal research methodology as the research method and descriptive analysis as the analytical method. The use of this theory is based on the impact of existing regulatory developments, which have reached funding worth $1 trillion and contain 481 business units, with funding sources coming from 160,368 investors. This funding achievement is a challenge to carry out comprehensive supervision regarding the distribution and use of capital by service-provider companies and the Financial Services Authority by paying attention to the principles of GCG, CSR, and open disclosure to guarantee and protect the rights of parties participating in related funding.

URGENCY OF FINANCIAL RATIO SCREENING REGULATION FOR MSMEs CO-FUNDING ON SECURITIES CROWDFUNDING SERVICE Ulum, Kefi Miftachul; Adi Surya Fathoni; Lia, Lia Wilda Izzati
Mu’amalah: Jurnal Hukum Ekonomi Syariah Vol. 4 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/muamalah.e38hmp88

As of May 7, 2024, the securities crowdfunding cycle has facilitated the funding of 356 securities, comprising 231 equity securities, 20 debt securities, and 105 sukuk securities. Sukuk experienced an increase in the share of sharia securities funding with a percentage of 30%, up from 22% in 2023. This increase in funding was not accompanied by a specific, legally binding screening standard for sharia securities issuers in the securities offering mechanism. Financial Services Authority or Otoritas Jasa Keuangan (OJK) Regulation Number 35 of 2017 cannot be legally applied as a screening standard for this funding. This research employs a library research methodology with a socio-legal approach to examine this regulatory void. Primary data consists of OJK Regulation No. 35 of 2017 and OJK Regulation No. 57 of 2020, supported by secondary data on offering mechanisms, funding growth, and relevant literature. The study found a lack of specific regulations governing screening standards (core business and financial ratio) for Sharia securities in the SCF cycle. Currently, guidelines are often informally drawn from OJK Regulation No. 35 of 2017, which is legally inappropriate as it is intended for the public-company setting of the Indonesia Stock Exchange. The findings highlight the need for a specific regulation governing screening standards for securities crowdfunding funding. Adopting an economic approach to legal science, this study proposes the development of a specific OJK Regulation (POJK) that provides clear screening criteria and permanent legal consequences for issuers or publishers who violate the Sharia securities criteria.

Title

Found 6 Documents
Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title Search

Found 6 Documents Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title

Found 6 Documents
Search