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Jurnal Hukum Ekonomi Syariah
Published by Universitas Muhammadiyah Makassar
ISSN : 25494872     EISSN : 26544970     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Hukum Ekonomi Syariah ISSN 2549-4872 (print), ISSN 2654-4970 (Online)adalah media publikasi ilmiah yang fokus menyebarluaskan hasil penellitian di bidang ilmu Hukum Ekonomi, Fiqh Muamalah, dan Ekonomi Syariah. Jurnal ini diterbitkan oleh Program Studi Hukum Ekonomi Syariah Fakultas Agama Islam Universitas Muhammadiyah Makassar bekerjasama dengan LP3M Unismuh Makassar dan terbit secara berkala dua kali dalam setahun.
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Articles 142 Documents
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Al-‘Urf dan Al-‘Adah: Relevansi dan Tantangannya dalam Pembentukan Hukum Ekonomi Islam Ian ian Alfian; Nurhayati Nurhayati; Tuti Anggraini; Ahmad Riyansyah
Jurnal Hukum Ekonomi Syariah Vol. 8 No. 2 (2024): Desember 2024
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/j-hes.v8i2.16326

Abstract

This research discusses the relevance and challenges of al-‘Urf and al-‘Adah in the context of rapid fintech development and globalization. Al-‘Urf, the commonly accepted customs within society, and al-‘Adah, local traditional practices, serve as secondary sources of law in Islam that provide flexibility in adapting Sharia law to social and economic changes. The advancement of technology and globalization has created new dynamics in economic practices that do not always align with classical Islamic law. Challenges such as cashless transactions, peer-to-peer lending, and digital investments often require new assessments through the principles of al-‘Urf and al-‘Adah to remain by Sharia. This research uses a qualitative approach through interviews and literature studies to identify the relevance, challenges, and solutions for applying al-‘Urf and al-‘Adah in the digital context. The research findings indicate cross-sector collaboration between scholars, academics, and business practitioners is necessary to establish adaptive Sharia standards. By recognizing new practices that do not contradict Islamic principles, al-‘Urf and al-‘Adah have the potential to strengthen justice and ethics in fintech transactions, as well as support the sustainability of the sharia economy in the global era.
Implementasi Strategi Bauran Pemasaran Menurut Ekonomi Islam pada Bisnis Batik Lokal Khas Lebak Soleh Soleh; Budiman Budiman; Samudi Samudi
Jurnal Hukum Ekonomi Syariah Vol. 8 No. 2 (2024): Desember 2024
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/j-hes.v8i2.16448

Abstract

The marketing mix strategy according to Islamic economics must pay attention to the criteria and provisions of good and halal elements that have been determined in Islam, the goal is that the business carried out gets the pleasure of Allah. The current condition, the marketing mix strategy according to Islamic economics has been widely implemented in various businesses or businesses, one of which is in the local batik business typical of Lebak.The purpose of the research is to examine and analyze the implementation of the marketing mix strategy according to Islamic economics in the local batik business typical of Lebak. This research uses a qualitative method with a phenomenological research type, while the data collection technique uses observation and interviews. The results of this study found that the marketing mix strategy according to Islamic economics in the local batik business typical of Lebak has been implemented through aspects of product, price, place and promotion, although not yet optimal. Batik products are made from halal and good materials, have economic value and have many benefits for the community. The sales price of batik is set to regulate distribution and realize a balance between production and consumption levels, and is based on the prevailing market mechanism. The place where batik is sold is good, clean and safe and comfortable, does not interfere with public health or does not cause waste pollution. Batik marketing promotion has been carried out with good attitudes and behavior, cooperative relationships, good service and offering product choices according to consumer desires. The conclusion of this research is that the marketing mix strategy according to Islamic economics has been implemented in the local batik business typical of Lebak. The results of this study are expected to provide new understanding or solutions to the problems faced by local batik entrepreneurs in applying the principles of Islamic economics.
Kepatuhan Syariah, Manajemen Laba dan Kepemilikan Kas: Bukti Empiris pada Perusahaan Manufaktur di Indonesia Fitra Izzadieny; Nor Rahma Rizka; Kristianto Tricahya Prabowo
Jurnal Hukum Ekonomi Syariah Vol. 8 No. 2 (2024): Desember 2024
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/j-hes.v8i2.16453

Abstract

Penelitian ini menyelidiki apakah terdapat hubungan antara kepemilikan kas dan manajemen laba pada perusahaan yang patuh pada syariat atau Shariah Compliance Firms (SCF) dan perusahaan yang tidak patuh pada syariat atau Non-Shariah Compliance Firms (NSCF). Sampel kami terdiri dari Perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada tahun 2012 hingga 2019. Hasil kami menunjukkan bahwa terdapat hubungan yang lebih kuat antara praktik manajemen laba dan kepemilikan kas di SCF dibandingkan di NSCF.  Hasil ini menunjukkan bahwa SCF lebih mungkin untuk terlibat dalam manajemen laba yang meningkatkan kepemilikan kas dibandingkan NSCF.  Secara keseluruhan, penelitian kami memberikan bukti empiris yang mendukung free cash flow theory. Pembahasan mengenai SCF masih kurang dipelajari dibandingkan dengan penelitian yang banyak dilakukan pada sektor perbankan syariah. Meskipun penelitian sebelumnya telah menyelidiki perbandingan SCF dan NSCF, hubungan antara keduanya sangatlah kompleks. Permasalahan keagenan dalam manajemen SCF bersifat unik dan perlu diselidiki.
The Effect of Boycotts on Stock Volatility: An Event Study Nur Hishaly GH; Muh Ginanjar; Muhammad Nurhadi N; Wafiq Asizah
Jurnal Hukum Ekonomi Syariah Vol. 8 No. 2 (2024): Desember 2024
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/j-hes.v8i2.16501

Abstract

This research investigates the impact of the MUI (Majelis Ulama Indonesia) fatwa number 83 of 2023, which calls for a boycott of products affiliated with Israel, on the stock performance of targeted companies. The primary objective is to analyze market reactions to the fatwa announcement, employing an event study approach to measure abnormal stock returns before and after the announcement. Data was collected using purposive sampling from companies identified as boycott targets, including PT. Fast Food Indonesia Tbk, PT. Map Boga Adiperkasa Tbk, PT. Sarimelati Kencana Tbk, and PT. Unilever Indonesia Tbk. The findings reveal a significant decline in abnormal returns for the targeted companies following the fatwa announcement, indicating a negative investor reaction that led to increased selling activity. This study highlights the strategic implications for companies facing boycotts, emphasizing the need for risk mitigation strategies in response to consumer sentiment. Additionally, it suggests further research incorporating qualitative methods to delve deeper into investor behavior regarding such fatwas.
Muslim Consumer Protection in Buy Now Pay Later Transactions under Sharia Economic Law Haris Munandar
Jurnal Hukum Ekonomi Syariah Vol. 10 No. 1 (2026): Juni 2026 (In Progress)
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/332jh666

Abstract

This study examines Muslim consumer protection in Buy Now Pay Later (BNPL) transactions from the perspective of Sharia economic law. The rapid growth of digital marketplaces has encouraged the use of BNPL services as an alternative payment method that offers convenience, flexibility, and wider access to consumer financing. However, this system also raises legal and ethical concerns, particularly regarding transparency, late-payment penalties, potential riba, gharar, consumer vulnerability, and the adequacy of legal protection for Muslim consumers. This research employs a normative juridical method with a conceptual and statutory approach by analyzing Islamic legal principles, Sharia economic law, consumer protection regulations, and fintech-related legal frameworks. The study finds that BNPL transactions may be considered permissible if they fulfill the principles of fairness, transparency, mutual consent, and the absence of prohibited elements such as riba, excessive uncertainty, and exploitative clauses. Consumer protection in BNPL must therefore ensure clear disclosure of costs, fair contractual terms, responsible financing, data protection, and effective dispute resolution mechanisms. The study emphasizes the need for stronger Sharia compliance standards in digital financing practices to protect Muslim consumers while supporting innovation in the Islamic digital economy.
Traditional Market Resilience and Adaptation in Indonesia: A Systematic Literature Review from an Islamic Economics Perspective Rifki Ramadhan; Ega Saputra; Rizal Fahlefi
Jurnal Hukum Ekonomi Syariah Vol. 10 No. 1 (2026): Juni 2026
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/wvez5e36

Abstract

Traditional markets have faced mounting competitive pressure from the rapid expansion of modern retail over the past two decades. This study analyzes the resilience of Indonesian traditional markets against modern-market dominance from an Islamic economics perspective, identifying the factors shaping their competitiveness and formulating adaptation strategies aligned with justice, sustainability, and the public good. Using a qualitative Systematic Literature Review under the PRISMA 2020 protocol, we synthesized 25 selected sources from 185 initial records retrieved from Google Scholar, Garuda Portal, DOAJ, and SINTA. Thematic analysis identified seven dominant themes social capital and communal trust, operational digitalization, regulation and legal protection, physical revitalization and management, local product differentiation, the Islamic economics perspective, and policy advocacy with social capital and digitalization confirmed as the two primary determinants of resilience. Islamic economic values, including honesty, the prohibition of gharar, economic ukhuwah, and the protection of small businesses, emerged as the ethical foundation of that resilience. The study’s principal contribution is a Six-Dimension Adaptation Strategy Model, grounded in Islamic economic values, that integrates the social, economic, institutional, digitalization, regulatory, and public-welfare dimensions traditional markets need to strengthen their resilience and compete with modern markets
Legal Certainty of Islamic Banking Investment Products Under POJK No. 4 of 2026: A Sharia Economic Law Perspective Indah Fatmawati; Leli Joko Suryono
Jurnal Hukum Ekonomi Syariah Vol. 10 No. 1 (2026): Juni 2026
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/rkbwt543

Abstract

This study examines the legal certainty issues surrounding Islamic banking investment products before and after the enactment of Financial Services Authority Regulation No. 4 of 2026 on the Implementation of Islamic Banking Investment Products. The primary issue is the lack of a clear distinction between investment and deposit products, which may lead to misunderstandings about the status of funds, returns, risk-sharing arrangements, and banks’ responsibilities. This study aims to analyze the regulation of Islamic investment products under POJK No. 4 of 2026 and assess its legal certainty in light of Gustav Radbruch’s theory and its compatibility with the principles of Islamic economic law. This research employs a normative legal method, using statutory, conceptual, and analytical approaches, and draws on primary and secondary legal materials analyzed qualitatively. The findings indicate that POJK No. 4 of 2026 establishes an investment legal relationship distinct from fund collection activities by regulating investor customers, underlying assets, a two-stage contract structure, returns based on investment performance, the segregation of investment funds from Third-Party Funds, and obligations relating to governance, risk management, transparency, and investor protection. This regulation strengthens normative clarity, risk predictability, and the limits of banks’ liability, while remaining consistent with the principles of justice, trustworthiness, transparency, risk sharing, and hifz al-mal. Nevertheless, its effectiveness remains dependent on banks’ compliance, investor literacy, information transparency, and regulatory supervision
Strengthening Islamic Financial Inclusion Through Sharia Fintech: Implications for MSME Development in Parepare City, Indonesia Syamsul Ma'arif; Muzdalifah Muhammadun; Syahriyah Semaun; Andi Bahri S.; Andi Ayu Frihatni
Jurnal Hukum Ekonomi Syariah Vol. 10 No. 1 (2026): Juni 2026
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/s7kvd473

Abstract

The rapid growth of Sharia financial technology (fintech) has created significant opportunities to enhance Islamic financial inclusion and support the development of micro, small, and medium enterprises (MSMEs). However, empirical evidence regarding the mechanisms through which Sharia fintech influences MSME development remains limited, particularly in regional contexts in Indonesia. This study examines the mediating role of Islamic financial inclusion in the relationship between Sharia fintech services and MSME development. Using a quantitative approach, data were collected from 100 MSME owners in Parepare City, South Sulawesi, Indonesia, and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that Sharia fintech has a positive and significant effect on Islamic financial inclusion and MSME development. Islamic financial inclusion also positively influences MSME development. Furthermore, Islamic financial inclusion partially mediates the relationship between Sharia fintech and MSME development, suggesting that the benefits of fintech adoption are strengthened through broader access to Sharia-compliant financial services. The structural model explains 50.1% of the variance in MSME development. These findings underscore the strategic role of Sharia fintech in fostering an inclusive Islamic financial ecosystem and promoting sustainable MSME growth. While the findings provide valuable insights into Islamic digital finance, they are based on MSMEs operating in Parepare City and should therefore be interpreted within this local context. This study contributes to the literature on Islamic digital finance by providing empirical evidence on the mediating role of Islamic financial inclusion and offers practical implications for policymakers, Islamic financial institutions, and fintech providers.
A Recontruction of the Evaluative Approach to Islamic Philanthropy Based on Ibn ‘Ashur’s Maqasid Syariah Ibnu ‘Āshūr An Empirical Study of the Bina Mulia Bojonegoro Foundation Agil Mutiara Nurjannah -; Muhshonatun Nandhiroh; Ool Prasetyo; Shofa Rabbani
Jurnal Hukum Ekonomi Syariah Vol. 10 No. 1 (2026): Juni 2026
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/4rpe7654

Abstract

Islamic philanthropy is not only oriented toward the distribution of aid but also toward achieving sustainable public welfare, as mandated by the concept of Maqāṣid al-Sharī‘ah. However, the evaluation practices of Islamic philanthropic institutions still tend to focus on administrative aspects and have not yet fully integrated the values of maqāṣid into their operations. This study aims to analyze the concept of Islamic philanthropy from the perspective of Ibn ‘Āshūr, examine its implementation at the Bina Mulia Bojonegoro Foundation, assess its level of alignment with the principles of maqāṣid, and formulate a more practical maqāṣid-based evaluation framework. This study employs a qualitative approach using field research. Data were collected through in-depth interviews, documentation, and literature review, and were then analyzed using a descriptive-analytical method based on Ibn ‘Āshūr’s five maqāṣid parameters: rawāj al-amwāl, al-wuḍūḥ, ḥifẓ al-amwāl, an-nuzūl ‘alā al-ḥukm, and al-‘adālah The research findings indicate that the philanthropic practices of the Bina Mulia Foundation have reflected the principles of maqāṣid, particularly in terms of the distribution of benefits and social welfare. However, several weaknesses were still identified, specifically regarding public transparency, staff understanding of maqāṣid, and mechanisms for protecting institutional assets. Based on these findings, this study offers a preliminary framework for evaluating maqāṣid-based Islamic philanthropy that can serve as a reference for improving the accountability, transparency, and sustainability of philanthropic programs
The Impact of Ruralization on Regional Tax Revenue and Digital Infrastructure: A Maqashid Syariah Approach Shofa Robbani; Lailatul Nurul Qhotimah; Muntini Indah Sari; Melisa Agustin Maharani; Leni Isdian Nengrum
Jurnal Hukum Ekonomi Syariah Vol. 10 No. 1 (2026): Juni 2026
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/6tkvvz35

Abstract

The main problem in this study is how the phenomenon of ruralization, the movement of people from urban areas to rural areas, affects local government tax revenue and the development of digital infrastructure in rural areas, and how both aspects can be analyzed from the perspective of maqashid syariah. This study aims to analyze the relationship among ruralization, regional fiscal capacity, and rural digital development within the framework of maslahah (benefit). The method used is normative legal research with approaches including statutory (legislative) approach, conceptual approach, and maqashid syariah approach. Secondary data are collected through a literature review of relevant laws and regulations, books, journals, and other pertinent literature, and then analyzed qualitatively using descriptive-analytical methods. The main findings indicate that ruralization has the potential to expand the local tax base as regulated under Law Number 1 of 2022. However, on the other hand, it increases public spending needs for the provision of equitable digital infrastructure across rural areas. From the perspective of maqashid syariah, the development of digital infrastructure contributes to the protection of wealth (hifz al-mal), life (hifz al-nafs), and intellect (hifz al-‘aql). In brief, the conclusion of this study is that regional fiscal policies and rural digital infrastructure development need to be integrated synergistically within the framework of maqashid syariah to realize inclusive, fair, and sustainable welfare in the era of ruralization

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