Fahmi Makraja
Universitas Islam Negeri Sunan Kalijaga, Yogyakarta

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A Macroeconomic Framework without Interest: IS–LM Dynamics in Islamic Economics Abdul Mujib; Rahmatullah Rahmatullah; Kaipal Wahyudi; Fahmi Makraja; M. Fijar Ishlahul Ummah
Ulul Albab: Jurnal Studi dan Penelitian Hukum Islam Vol 9, No 2 (2026): Vol. 9, No. 2, April 2026
Publisher : Universitas Islam Sultan Agung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30659/jua.v9i2.46554

Abstract

Purpose - The reliance on interest rates in conventional macroeconomic models, particularly within the IS-LM framework, creates a fundamental incompatibility with Islamic economics, where interest (ribā) is strictly prohibited. This incompatibility gives rise to a theoretical gap in the development of macroeconomic models that are aligned with Islamic law (sharīʿah) principles while maintaining analytical robustness. This study aims to reformulate the IS-LM model into a sharīʿah-compliant macroeconomic framework by eliminating the interest rate variable. In its place, a profit-sharing rate (π) is introduced as the primary determinant of investment and money demand.Methodology/approach - To achieve this objective, the research adopts a theoretical and mathematical approach, reconstructing both the IS and LM curves. The proposed model integrates Islamic fiscal instruments, such as zakah, alongside interest-free monetary instruments, including Islamic bonds (sukuk). Concurrently, behavioural functions are modified to reflect incentives oriented toward the real sector, in line with the values of Islamic economics.Findings – This study demonstrate that macroeconomic equilibrium can be achieved without reliance on interest rates. Instead, equilibrium is driven by profitability mechanisms and asset-backed financing structures, which ensure a closer linkage between the financial sector and the real economy. The significance of these findings lies in providing an alternative analytical framework for policymakers, particularly in Muslim-majority countries. Such a framework enables the design of effective fiscal and monetary policies that are also consistent with sharīʿah principles.Conclusion - The proposed IS-π/LM model offers a viable and coherent macroeconomic framework. It replaces interest-based mechanisms with profit-sharing arrangements, thereby supporting the development of a distinct, ethical, and productivity-oriented Islamic economic paradigm. Moreover, the model contributes to the theoretical advancement of Islamic macroeconomics by offering a structured and operational alternative to conventional interest-based systems.
ABORSI DI PERSIMPANGAN HUKUM DAN AGAMA: Perspektif Politik Hukum Kesehatan dan Islam di Indonesia Maulida Khairunnisa; Kefi Miftachul Ulum Kefi; Fahmi Makraja; Rodhotun Nimah
Usrotuna: Journal of Islamic Family Law Vol. 1 No. 2 (2024): Usrotuna: Journal of Islamic Family Law
Publisher : PT Taskuliah Edukasi Indonesia

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Abstract

The majority of people consider abortion as an act of murder because the fetus in the mother's womb has the right to live. Pregnancy outside of marriage in Indonesia continues to increase every year, often resulting in unwanted children, including those resulting from rape. This condition often leads to unsafe abortion because the child is considered a burden. This study aims to explain the political view of health law on abortion in Indonesia as well as the Islamic perspective. This type of research is a literature study with a normative juridical approach. The research is descriptive-analytical by describing relevant concepts to be analyzed to produce conclusions. Data were collected through analysis of legislation such as the 1945 Constitution of the Republic of Indonesia, Law No. 17 of 2023 on Health, Government Regulation No. 61 of 2014 on Reproductive Health, and Government Regulation No. 28 of 2024 as the implementation of the Health Law, as well as secondary sources in the form of books, journals, and other scientific articles. The results show that the politics of health law is an effort by policymakers to protect women and their reproductive health through the regulation of safe, quality, and responsible abortion. The act of abortion is strictly regulated and can only be performed by qualified health personnel in cases of indications of medical emergencies or pregnancy due to rape that has the potential to cause psychological trauma. However, abortion without medical reasons remains prohibited, both in Indonesian positive law and in the perspective of Islamic law. In conclusion, the politics of health law in Indonesia has an important role to play in balancing the protection of women's health with legal constraints and religious values, although social and ethical challenges remain significant issues. [Mayoritas masyarakat menganggap aborsi sebagai tindakan pembunuhan karena janin dalam kandungan ibu memiliki hak untuk hidup. Kehamilan di luar perkawinan di Indonesia terus meningkat setiap tahunnya, sering kali menghasilkan anak yang tidak diinginkan, termasuk akibat pemerkosaan. Kondisi ini sering berujung pada aborsi tidak aman karena anak dianggap sebagai beban. Penelitian ini bertujuan untuk menjelaskan pandangan politik hukum kesehatan terhadap aborsi di Indonesia serta perspektif Islam. Jenis penelitian ini adalah studi kepustakaan dengan pendekatan yuridis normatif. Penelitian bersifat deskriptif-analitis dengan menggambarkan konsep-konsep yang relevan untuk dianalisis hingga menghasilkan kesimpulan. Data dikumpulkan melalui analisis peraturan perundang-undangan seperti Undang-Undang Dasar NRI 1945, Undang-Undang No. 17 Tahun 2023 tentang Kesehatan, PP No. 61 Tahun 2014 tentang Kesehatan Reproduksi, dan PP No. 28 Tahun 2024 sebagai pelaksanaan Undang-Undang Kesehatan, serta sumber sekunder berupa buku, jurnal, dan artikel ilmiah lainnya. Hasil penelitian menunjukkan bahwa politik hukum kesehatan adalah upaya para pembuat kebijakan untuk melindungi perempuan dan kesehatan reproduksinya melalui regulasi aborsi yang aman, bermutu, dan bertanggung jawab. Tindakan aborsi diatur secara ketat dan hanya dapat dilakukan oleh tenaga kesehatan yang memenuhi syarat dalam kasus indikasi kedaruratan medis atau kehamilan akibat perkosaan yang berpotensi menyebabkan trauma psikologis. Namun, aborsi tanpa alasan medis tetap dilarang, baik dalam hukum positif Indonesia maupun dalam perspektif hukum Islam. Kesimpulannya, politik hukum kesehatan di Indonesia memiliki peran penting dalam menyeimbangkan perlindungan kesehatan perempuan dengan batasan hukum dan nilai-nilai agama, meskipun tantangan sosial dan etis tetap menjadi isu yang signifikan].