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All Journal Journal of Regional Economics Indonesia Al-'Aqdu: Journal of Islamic Economics Law
Yanti, Hani Esa
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Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

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Challenging the Claim of Ijma' on the Prohibition of Bank Interest: A Critical Review of Murabahah Practices in Islamic Banking Yanti, Hani Esa; Aziz, Jamal Abdul
Al-'Aqdu: Journal of Islamic Economics Law Vol 5, No 1 (2025): June
Publisher : IAIN Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30984/ajiel.v5i1.3345

Abstract

The global Islamic finance industry is growing rapidly, with its primary legitimacy resting on the claim of ijmāʿ (scholarly consensus) regarding the prohibition of bank interest. However, murabahah contracts, which dominate 76.95% of Indonesian Islamic banking financing, have received structural criticism similar to that of the interest system. This study analyzes the validity of the ijmāʿ claim regarding the prohibition of bank interest, according to uṣūl al-fiqh (principles of Islamic jurisprudence), and examines whether murabahah practices contain elements that lead to the interest system. Qualitative research with descriptive-analytical and critical-evaluative library research approach using data from classical uṣūl al-fiqh texts (Khallaf, al-Shāfiʿī) and 33 journal articles (2000-2025). Analysis was conducted through data reduction, comparative analysis, critical-methodological evaluation, and source triangulation. The ijmāʿ claim regarding the prohibition of bank interest does not meet the requirement of an agreement among all mujtahids (qualified scholars capable of independent reasoning) without exception, due to ongoing disagreements and methodological debates; thus, it is more appropriately categorized as a jumhūr (majority) opinion. Murabahah practices contain three elements leading to the interest system: the bank's role as a disguised financier with risk transfer to customers, mark-up systems influenced by market interest rates and varying based on time period (implicit recognition of time value of money), and structural-functional similarity with interest-bearing financing confirmed by empirical studies (12.87% margin approaching conventional rates). The double inconsistency between methodologically invalid ijmāʿ claims and murabahah practices resembling interest creates risks of a credibility crisis. Reconstruction is necessary through genuine ownership, a real economy-based margin setting, transparency, reorientation towards PLS (Profit and Loss Sharing), and strengthened shari'ah supervision.
Integrating the Metaverse into the Halal Value Chain: A Maqāṣid-Based Digital Innovation Framework for Global Halal Market Leadership Yanti, Hani Esa; Sabila, Sasti Amar
Journal of Regional Economics Indonesia Vol. 7 No. 1 (2026): February 2026
Publisher : University Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jrei.v7i1.16793

Abstract

This study develops a Metaverse Halal Value Chain (MHVC) framework to integrate metaverse technology into Indonesia’s halal value chain in order to enhance global market competitiveness. Using a qualitative case study approach, data were collected from 25 key informants, including halal entrepreneurs, certification auditors, regulators, academics, and Muslim consumers. Semi-structured interviews, participatory observation, and document analysis were examined through thematic analysis. The findings reveal four key insights: (1) the halal metaverse is perceived as a new spiritual-economic space embedding maqāṣid al-sharīʿah values in digital transactions; (2) digital integration improves certification transparency and cross-sector collaboration; (3) legitimacy and trust remain critical challenges in virtual halal authentication; and (4) Indonesia holds strategic potential to become a global halal ecosystem hub through value-driven digital governance. The proposed MHVC model integrates technological efficiency, collaborative networks, and ethical principles, offering both theoretical advancement and practical guidance for sustainable halal digital transformation.
From Predictive Modeling to Strategic Execution: Integrating Decision Tree Analytics into SWOT Frameworks to Enhance Service and Security in Islamic Banking Sabila, Sasti Amar; Sochimin, Sochimin; Yanti, Hani Esa
Journal of Regional Economics Indonesia Vol. 7 No. 1 (2026): February 2026
Publisher : University Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jrei.v7i1.16794

Abstract

This study investigates the integration of Decision Tree analytics and SWOT analysis in enhancing service quality and information security in Islamic banking. Using a cross-sectional explanatory design, the research combines transaction-level customer data modeled through a Decision Tree classifier with survey data from 270 customers of Bank Syariah Indonesia. The Decision Tree model demonstrates strong classification performance, with satisfactory accuracy, sensitivity, and specificity in identifying customer risk profiles. Multiple regression analysis indicates that both Decision Tree utilization and SWOT implementation have positive and statistically significant effects on perceived service quality and security. The Decision Tree shows a stronger direct impact, while SWOT contributes strategically by translating predictive insights into structured planning actions. The findings highlight the complementary relationship between predictive analytics and strategic management. This study contributes to the literature by bridging machine learning applications and strategic frameworks in Islamic banking and provides managerial implications for data-driven governance and service optimization.
Co-Authors Jamal Abdul Aziz Sabila, Sasti Amar Sochimin Sochimin