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All Journal Dalwa Islamic Economic Studies: Jurnal Ekonomi Syariah Jurnal of Islamic Economic Studies
Ahmad Zaki Al Fanani
Darussalam Gontor University, Indonesia
Religion Economics, Econometrics & Finance Other

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Sharia Label and Conventional Practice: A Critical Evaluation of the Islamic Pawnshop Rahn Contract Abdul Nafi' Nurfauzan; Ahmad Zaki Al Fanani; Irawan; Muhammad Mahalli Rofii
Journal of Islamic Economic Studies Vol. 2 No. 1 (2026): March 2026
Publisher : Yayasan Darussalam Patalassang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66274/

Abstract

The post-digitalization expansion of the Islamic pawnshop industry poses a dilemma for Islamic Financial Institutions (IFIs) between commercial imperatives and substantive compliance. A critical issue arises regarding the application of hybrid contracts (rahn and ijarah) in gold pawning products, which are prone to devolving into disguised usurious (ribawi) practices for the sake of revenue generation. This study aims to analyze the Sharia validity of these contract constructions and the consistency of the determination of the rental fee (ujrah) with Fatwa DSN-MUI No. 25/DSN-MUI/III/2002 and the principles of justice outlined in OJK Regulation (POJK) Number 39 of 2024. Utilizing a qualitative method with a normative juridical approach, alongside Maqasid Al-Shariah and Substance over Form analyses, this research identifies significant disparities in practice. Certain IFIs calculate ujrah based on the loan ceiling rather than the collateral's physical value. This practice materially contravenes the fatwa and indicates the use of legal stratagems (hilah) to replicate interest mechanisms amidst liquidity pressures. The study concludes that the Sharia label on gold pawning products is frequently confined to administrative formalities, lacking substantive justice. Consequently, regulators are urged to reform tariff regulations by explicitly prohibiting the use of loan ceiling variables in fee determination to ensure Sharia integrity.
Bridging the Financing Gap in Halal Tourism Infrastructure: A Legal and Economic Reconstruction of Cash Waqf Linked Deposit (CWLD) Imam Kamaluddin; Ahmad Zaki Al Fanani; Mushaq Syamsuar; Abdul Nafi' Nur Fauzan; Irawan Irawan
Dalwa Islamic Economic Studies: Jurnal Ekonomi Syariah Vol. 5 No. 1 (2026): June
Publisher : Program Studi Ekonomi Syariah Institut Agama Islam Darullughah Wadda'wah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38073/dies.v5i1.4952

Abstract

The global halal tourism industry serves as a strategic pillar that substantially contributes to Indonesia's Gross Domestic Product. Nevertheless, its development remains impeded by fundamental constraints, particularly a significant financing gap in infrastructure provision. This study aims to conceptually reconstruct the Cash Waqf Linked Deposit (CWLD) instrument to serve as an alternative legal and Islamic economic framework for financing macro-scale halal tourism infrastructure. Employing a qualitative library research approach, this study evaluates data sourced from academic journals, scholarly literature, and regulations of the Financial Services Authority through thematic analysis. The findings propose a multi-contract scheme encompassing Wadi'ah or Mudharabah Mutlaqah during the fund accumulation phase, Mudharabah Muqayyadah for project investment disbursement, and Wakalah bil Ujrah for the Nazhir. This model ensures the preservation of the waqf principal while facilitating highly cost-effective funding for developers. Furthermore, the investment yields are allocated to subsidize halal certification for local Micro, Small, and Medium Enterprises (MSMEs), thereby fostering an integrated and sustainable socio-economic ecosystem within the halal value chain. As a conceptual study, this proposed model has yet to undergo empirical validation. However, the study suggests that CWLD has the potential to serve as an alternative Islamic social finance instrument for supporting halal tourism infrastructure, provided that regulatory safeguards, professional nazhir governance, and project risk mitigation mechanisms are properly established. Future empirical validation utilizing Interpretive Structural Modeling (ISM) or Analytic Network Process (ANP) methodologies is highly recommended to operationalize this framework.
Co-Authors Abdul Nafi' Nurfauzan Abdul Nafi' Nur Fauzan Imam Kamaluddin Irawan Irawan Irawan Muhammad Mahalli Rofii Mushaq Syamsuar