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All Journal Journal of Contemporary Accounting CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Jurnal Ekonomi, Teknologi dan Bisnis Indonesian Journal of Advanced Research (IJAR) IIJSE
Nurbaidah, Siti Umi
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Astronomy Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Mechanical Engineering Social Sciences

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The Dynamics of Indonesia’s Sharia Capital Market Development 2014–2024: Opportunities, Challenges, and Strategic Futures Nurbaidah, Siti Umi; Hidayat, Rahmat; Saharuddin, Desmadi
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 4 No. 3 (2025): APRIL
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v4i3.1888

Abstract

The Indonesian Islamic capital market has experienced significant growth over the past decade, both in terms of the number of Islamic stocks, market capitalisation, and increased investor participation. However, its contribution to the total national capital market remains limited. This study aims to comprehensively examine the dynamics of the development of Indonesia's Islamic capital market from 2014 to 2024 through a SWOT analysis approach and the principles of Islamic maqāṣid. The methodology used is a descriptive-qualitative approach based on literature review and secondary data analysis from the OJK, IDX, and relevant empirical sources. The findings indicate that the Islamic capital market has strengths in terms of ethical values and Islamic compliance, but faces structural challenges such as low literacy and liquidity. Strategic opportunities arise from the integration of Islamic fintech, the development of ESG products, and synergy with the national halal economy. This study contributes to the development of maqāṣid-based policies that not only pursue profitability but also ensure sustainability and socio-economic justice.
Evaluation of the substance of consumptive murabahah: Maqāṣid perspectives, regulation, and sharia accounting Nurbaidah, Siti Umi; Hidayah, Nur; Muhajirin, Muhajirin
Journal of Contemporary Accounting Volume 7 Issue 2, 2025
Publisher : Master in Accounting Program, Faculty of Business & Economics, Universitas Islam Indonesia, Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jca.vol7.iss2.art2

Abstract

This paper aims to evaluate the application of the Murabaha contract in consumer financing within Indonesian Islamic banks based on the substantive principles of sharia and the maqāṣid framework of Ibn ‘Āshūr. The study adopts a normative-qualitative and descriptive-comparative method analyzing PSAK 102/402, DSN-MUI fatwas, and real practices in Bank Syariah Indonesia (BSI). Data were collected through document review and interviews with practitioners. The findings reveal that current Murabaha practices emphasize administrative compliance over the substantive nature of sale transactions, with fixed margins often benchmarked to interest rates. This raises the potential for hidden riba and contradicts maqāṣid values such as ḥifẓ al-māl (wealth protection), al-‘adl (justice), and al-ṣidq (truthfulness). The paper proposes a margin determination model based on 'iwāḍ (legitimate compensation for risk and effort) and recommends reformulating financial reports aligned with maqāṣid principles. This study contributes to both conceptual and technical reform in Islamic finance, with significant implications for regulation and Islamic accounting education
Indonesian Islamic Banking and Finance: Responding to Digital Disruption Through Maqosid Integration and Product Innovation Nurbaidah, Siti Umi
Jurnal Ekonomi Teknologi dan Bisnis (JETBIS) Vol. 4 No. 10 (2025): Jurnal Ekonomi, Teknologi dan Bisnis
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/mrw92j79

Abstract

Indonesian Islamic banking and finance face major challenges amid digital disruption driven by fintech, blockchain, open banking, and crypto assets. These rapid developments create opportunities for financial inclusion and product innovation but also introduce risks of sharianon-compliance, weak regulation, and declining public trust. This study explores Islamic banking strategies in responding to these challenges through the integration of maqosid al syari'ah product innovation, while recommending therenewal of OJK regulations and DSN-MUI fatwas. Using a qualitative approach with SWOT analysis on academic literature, regulatory reports, and shariafatwas, this research identifies that the main strength of Islamic banking lies in its sharialegitimacy and support from the Muslim community. However, weaknesses persist in low shariadigital literacy and regulatory lag. Opportunities arise from blockchain technology, digital payments, and hybrid instruments like digital sukuk, whereas threats emerge from conventional fintech competition and shariareputation risks. Integrating maqosid al syari'ah strengthens digital product innovation through principles of property protection (hifz al-mal), intellectual protection (hifz al-mal), and life protection (hifz al-mal). The findings highlight the need for maqosid based, technology-adaptive regulations and responsive shariafatwasto ensure compliance and innovation. Consequently, Indonesian Islamic banking can sustain growth, enhance competitiveness, and strategically navigate the evolving digital landscape.
Integrated Sustainability Finance Model Based on Maqāṣid Ibnu 'Āshūr – ESG: Policy Recommendations for Regulators and the Islamic Banking Industry Nurbaidah, Siti Umi; Hasan, Asyari
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1: Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

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Abstract

This study proposes a conceptual model of sustainability finance that integrates the principles of maqāṣid al-sharīʿah from Ibn 'Āsyūr's perspective with the Environmental, Social, and Governance (ESG) framework, as a comprehensive value strategy in the Islamic financial system. This model is designed to address the challenge of weak integration between Islamic spiritual values and global sustainability policies, which have tended to be technocratic and symbolic. The research method uses a systematic literature review approach with the PRISMA protocol and thematic synthesis of 27 literatures from Scopus and SINTA journals, as well as official documents from the Financial Services Authority (OJK), the IMF, the BIS, and the World Bank. The result is the formulation of a three-dimensional model (normative, regulatory, practical) that recommends ESG indicators based on maqāṣid, as well as a sustainability policy framework that can be adopted by regulators, the Islamic banking industry, and academics. These findings reinforce the urgency of ESG as a long-term value strategy, aligned with the objectives of sharia and the role of humans as khalifah fil-ardh. This model also contributes to supporting the SDGs goals in a contextual and Islamic manner.
Implementation of Digital E-Procurement in the Sharia Banking Ecosystem Nurbaidah, Siti Umi
Indonesian Journal of Advanced Research Vol. 4 No. 11 (2025): November 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijar.v4i11.15744

Abstract

This study examines how e-Procurement implementation supports cost efficiency, strengthens sharia compliance, and addresses adoption challenges in Indonesian Islamic banks. Using a qualitative case study approach based on regulations, DSN-MUI fatwas, annual reports, and technological practices, the research highlights a conceptual gap in integrating maqāṣid al-sharī‘ah within digital procurement. Findings indicate that procurement digitization lowers transaction costs and enhances sharia compliance through digital hisbah-based audits. The study’s novelty lies in proposing a techno-fiqh integrative model that aligns economic efficiency with maqāṣid principles. Practical implications include recommendations for regulatory refinement, digital sharia auditing, and blockchain-based contract validation.
Co-Authors Asyari Hasan, Asyari Desmadi Saharuddin, Desmadi Muhajirin, Muhajirin Nur Hidayah Rahmat Hidayat