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Soleh Hasan Wahid
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Invest Journal of Sharia & Economic Law
Published by Institut Agama Islam Negeri Ponorogo
ISSN : 27764982     EISSN : 27764354     DOI : http://dx.doi.org/10.21154/invest
Core Subject : Religion, Economy, Humanities, Social,
Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences
Invest Journal of Sharia & Economic Law, E-ISSN: published by the Sharia Faculty, IAIN Ponorogo, Indonesia. This journal is published every July and December. The Invest Journal focuses on the results of field studies and literature studies in Islamic economic law, especially the integrative study of Islamic economic law in Southeast Asia. This journal publishes original articles on current international issues and trends regarding Sharia economic law, policy, law, social issues to advance knowledge of the theory and practice of Sharia economic law. The Invest Journal of Sharia & Economic Law specializes in research results either theoretically, a particular approach, or geographically in the fields of: Sharia economic law Sharia business law Sharia banking law Sharia financial institution law Non-bank financial industry Fatwa Islamic economics Islamic law Economic Law Business Law Financial Law
Arjuna Subject : Ilmu Sosial - Hukum
Articles 130 Documents
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Developing Halal Tourism in Ngebel Lake Ponorogo: An Analysis of DSN MUI Fatwa Number 108/DSN-MUI/X/2016 Sodiq, Auliya Ja'far; Anggraini, Rooza Meilia
Invest Journal of Sharia & Economic Law Vol. 4 No. 1 (2024)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v4i1.8977

Abstract

This research aims to determine how to develop a Halal Tourism Area in Ngebel Lake Ponorogo in terms of DSN MUI Fatwa Number 108/DSN-MUI/X/2016. There are two discussions, namely: 1) How to implement halal tourism development in Ngebel Lake Ponorogo based on DSN-MUI Fatwa Number 108/DSN-MUI/X/2016 Guidelines for Organizing Tourism Based on Sharia Principles. 2) What is the inhibiting and supporting factors in the development of the Ngebel Lake Ponorogo tourism area based on the DSN-MUI Fatwa Number 108/DSN-MUI/X/2016 Guidelines for Organizing Tourism Based on Sharia Principles? The type of research carried out by the researchers is field research using qualitative methods. Data collection techniques included observation, interviews, and documentation. The data analysis method used by researchers is inductive. The research results show that, first, the implementation of development based on DSN-MUI Fatwa Number 108/DSN-MUI/X/2016 has not been fully carried out in accordance with the guidelines for implementing halal tourism, even though it has fulfilled several development aspects as stated in the fatwa, namely, related to the provision of tourist-friendly Muslim facilities and services. Second, the fulfillment of implementation factors in accordance with DSN-MUI Fatwa Number 108/DSN-MUI/X/2016 influenced the success factors in supporting halal tourism activities at Ngebel Lake Ponorogo. However, the non-implementation of some of the supporting factors has created an obstacle in developing halal tourism in the Ngebel Lake Ponorogo area because it has not been implemented, as stated in the implementation guidelines according to Fatwa.
A Jurisprudential Review of Business Competition Practices on the Shopee Platform: Unfair Practices and Their Impact on Small Businesses Munawaroh, Diyan
Invest Journal of Sharia & Economic Law Vol. 4 No. 1 (2024)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v4i1.9005

Abstract

The rapid development of technology has transformed conventional business practices, with digital platforms such as Shopee providing innovative features, such as live streaming and flash sales. However, these features have the potential to enable unfair business competition. This study examines the impact of live streaming on Shopee Live and Toko Saya flash sales on a Shopee platform from the perspective of business competition. Using a qualitative approach, this study focuses on the policies and practices surrounding these features. The findings reveal that while certain promotional practices are legitimate, the ongoing practice of providing conditional discounts and low prices may violate business competition laws and principles of business competition jurisprudence in Islam. Sellers and buyers have indicated that these practices are not based on the principles of honesty and balance and can be detrimental to smaller businesses with limited capital. This study highlights the need for businesses to prioritize moral ethics and adhere to religious and state rules to create a fair and competitive market that protects consumer rights. As digital platforms continue to grow, it is crucial to address the potential for unhealthy business competition and to ensure that all parties, including conventional business actors, can participate fairly in the market.
The Conceptualization of Religious Moderation in Islamic Economic Jurisprudence: A Study of Al-Risalah by Imam Al-Shafi’i Tanzilulloh, M Ilham; Saleh, Abdul Mun'im
Invest Journal of Sharia & Economic Law Vol. 2 No. 2 (2022)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v2i2.10379

Abstract

The concept of religious moderation has gained significant relevance in Islamic legal thought, particularly in addressing the contemporary challenges in Islamic economic law and governance. The rapid expansion of Islam to diverse regions and interactions with various cultural influences have shaped the evolving interpretations of revelation texts, including their application to economic activities. Imam al-Shafi'i, through Al-Risalah, developed foundational theories of fiqh (Islamic jurisprudence) that emphasized balancing adherence to sacred texts with rational flexibility to address new and complex cases, particularly in areas such as contracts, trade, and financial ethics. His methodology sought to reconcile the two intellectual tendencies of his time—ahl al-hadith (textualists) and ahl al-ra'y (rationalists)—by rejecting arbitrary reasoning (istihsan) and promoting analogical reasoning (qiyas) under the framework of divine law. This study explores how religious moderation, as conceptualized by al-Shafi'i, influenced the development of al-qawa'id al-fiqhiyyah (legal maxims), which remains central to resolving contemporary legal-economic issues. Through a philosophical qualitative approach, this research examines how al-Shafi'i’s legal thought provides a sustainable framework for balancing textual authority and adaptability in Islamic economic jurisprudence, ensuring that legal rulings are both divinely grounded and responsive to socioeconomic contexts.
Analysing Crime Waves in Contemporary Nigeria Through the Maqāṣid Al-Sharī‘ah Framework Sanni, Mubarak
Invest Journal of Sharia & Economic Law Vol. 5 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v5i2.10970

Abstract

The prevalence of crime is a significant socioeconomic challenge in Nigeria. While various studies have examined this issue, none have explored the economic importance of Maqāṣid al-Sharī‘ah (Objectives of Islamic Law) in addressing crime and promoting economic growth. This qualitative study used content analysis and thematic coding to investigate the economic implications of Maqāṣid al-Sharī‘ah for crime management in Nigeria, drawing on primary and secondary sources. The sources included government institutions’ reports, the Qur’ān, Aḥādīth (sayings of Prophet Muḥammad), semi-structured interviews, non-participatory observation, news reports, crime data, textbooks, and journal articles. Using Maqāṣid al-Sharī‘ah as a theoretical framework, this study evaluated Nigerian crime patterns, laws, and policies from an economic perspective. The study found that Nigeria's current system is ineffective in managing crime, particularly in relation to the protection of faith, life, intellect, lineage, and wealth, both in theory and practice, leading to significant economic losses for the country. However, the study revealed that Maqāṣid principles, such as promoting human well-being, preventing harm, and administering justice, have economic importance and can help solve crime waves, ensure economic security, and foster growth and development. The study concluded that incorporating Maqāṣid principles into Nigeria’s socioeconomic and legal systems could effectively address crime prevalence and associated economic losses. This suggests that a comprehensive understanding and implementation of Maqāṣid principles could serve as a model for tackling Nigeria's crime menace and promoting economic growth and development.
Reconstructing the Concept of Copyright as Al-Ḥuqūq Al-Māliyah in Islamic Law Tarmidzi, Tarmidzi; Inayati, Anindya Aryu; Asro, Muhmmad; Jumailah, Jumailah
Invest Journal of Sharia & Economic Law Vol. 5 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v5i2.11552

Abstract

Copyright, as part of intellectual property rights, has become a growing issue in Islamic law, especially regarding its ownership classification. While positive law recognizes copyright as an economic right that can be transferred and inherited, Islamic law presents differing views on whether it falls under huquq al-adabiyah (moral rights) or huquq al-mãliyah (economic rights with material value). This debate arises from the traditional Islamic view of ownership, which emphasizes tangible assets. With the rise of creative industries and technological advancements, there is an urgent need to reconstruct copyright as huquq al-mãliyah to ensure proper legal protection. Within the framework of maqasid al-shariah, acknowledging copyright as an economic right aims to safeguard individual ownership, prevent exploitation, and promote innovation. This study employs a qualitative method with a normative juridical approach, examining classical and contemporary fiqh literature alongside copyright regulations in Muslim-majority countries. The analysis applies inductive-deductive and comparative techniques between Islamic and positive law. Findings show that copyright meets the criteria of huquq al-mãliyah due to its economic value, transferability, and inheritability. Islamic legal sources—including the Qur’an, Hadith, and scholarly interpretations—support its recognition. This reconstruction offers significant implications for strengthening copyright protection within Islamic legal frameworks and developing shariah-compliant regulations suited to modern economic contexts.
"Delo Tombowata lo Tabu wau Labiya": Islamic Cultural Values Reflected in Capital Accounting Practices Mohamad Anwar Thalib; She Putri Chelonita Djelman; Priciliana N Mamonto
Invest Journal of Sharia & Economic Law Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v6i1.12723

Abstract

This study examines how local wisdom is reflected in capital accounting practices among ilabulo sellers in Gorontalo. The research aims to explain how cultural and familial values shape the way small businesses conceptualize and manage capital. Using a qualitative approach grounded in an Islamic paradigm and ethnomethodology, data were collected through structured and unstructured interviews. The analysis follows five interpretive stages: charity, knowledge, faith, revelation information, and courtesy, to understand how accounting practices are embedded within daily social interactions. The findings reveal that capital accounting among ilabulo sellers is strongly rooted in familial harmony, captured in the local expression delo tombowata lo tabu wau labiya (like a mixture of fat and sago), which symbolizes unity and interdependence within household-based businesses. These insights broaden the academic understanding of capital accounting by demonstrating how local wisdom and Islamic values shape financial practices in micro-enterprises. Practically, this study offers guidance for small businesses seeking to integrate cultural and religious values into their accounting processes and provides useful input for policymakers designing supportive programs for micro-enterprises. The study is context-specific to ilabulo sellers in Gorontalo, and its application may require adaptation to other settings.
The Concept of Fiqh Ecotheology Integrated with Maqāṣid al-Sharī`at and Sustainable Development Eny Latifah
Invest Journal of Sharia & Economic Law Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v6i1.12948

Abstract

This study focuses on how the concept of ecotheology can be integrated into Maqāṣid al-Sharī`at and SDGs and how spiritual and environmental values can be integrated to achieve sustainable development. This research used a qualitative literature study. Data were obtained through document analysis, such as the concepts of fiqh ecotheology, maqāṣid al-sharī`at, and Sustainable Development Goals (SDGs) in published scientific articles from 2020 to 2025 and other references that can support the research objectives. This study shows that the concept of fiqh ecotheology that can be integrated with maqāṣid al-sharī`at and SDGs is environmental stewardship as a religious obligation, reflecting MQS1,3,5 and SDGs 14,15; prevention of environmental damage, reflecting MQS1,3,5 and SDGs 14,15; wise use of resources, interpreted through MQS1,3,5 and SDGs 13,14,15; sustainable development, illustrated in MQS1,3,5 and SDGs 11,14,15; ethical consumption, illustrated in MQS1,2,3,5 and SDGs 12,14; protection of animals and plants, reflecting the goals of MQS1,3,5 and SDGs 14; cooperation in environmental conservation, illustrated in the goals of MQS1,3,5 and SDGs 8,14; awareness and education, illustrated in the goals of MQS1,2,3 and SDGs 4,14. The application of the principle of maṣlaḥat through the instrument of Islamic philanthropy has similarities contained in the objectives of MQS1,4,5 and SDGs1,2,3,10; and the paradigm of “Ecological Tawḥīd” has integration with the objectives of MQS1,5 and SDGs 4,13,15. The spiritual values that exist in the fiqh of ecotheology in Maqāṣid al-Sharī`at and SDGs are balance (Mīzān), responsibility (Amānat), prohibition of destruction (Fasād fī al-'Arḍ), maintenance (Ḥifẓ), and sustainability (Istidāmat).
Evaluating Muʿāmalah Principles in PSAK 101–106: Between Procedural Compliance and Sharia Ethical Values Raden Arfan Rifqiawan
Invest Journal of Sharia & Economic Law Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v6i1.13182

Abstract

This study evaluates the extent to which Indonesian Sharia Financial Accounting Standards (PSAK) 101–106 substantively represent the principles of mu‘āmalah or are limited to procedural compliance. The primary objective is to assess the reflection of Islamic ethical values ​​in Islamic financial reporting practices by examining how indicators of fairness, transparency, and maṣlaḥah are articulated in the structure and content of standards. This study adopts a qualitative approach with a document analysis design of PSAK 101–106, complemented by a critical normative analysis using the maqāṣid al-sharīʿah lens and a broader Islamic ethical framework as the basis for the evaluation. The analysis includes an examination of the standard's content, reporting structure, terminology construction, and prescribed implementation mechanisms to identify the relationship between technical compliance and ethical internalization. The findings indicate that the PSAK's structure, format, and reporting mechanisms largely emphasize technical and procedural compliance, while the ethical dimensions of mu‘āmalah are only partially operationalized in the reporting practices. In many cases, Sharia norms appear to function as formal symbols without being accompanied by substantive transformation of ethical values, so that reporting practices are more oriented towards complying with regulations than realizing broader ethical goals. These findings indicate that Indonesian Sharia Financial Accounting Standards (PSAK) 101–106 are still procedural in nature and have not fully embodied the mu ‘āmalah principle’s ethical spirit. Therefore, this study recommends reformulating accounting standards by strengthening ethical disclosures, refining the mu‘āmalah principle, and integrating the maqāṣid al-sharīʿah framework more operationally into the accounting profession.
Beyond Cognitive Satisfaction: Unveiling the Role of Spiritual Happiness and Store Image in Halal Retail Loyalty Fuad Hasyim; Ririn Tri Ratnasari; Budi Sukardi; Fuad Dhiya Ul Husaen; Ferdi Arifin
Invest Journal of Sharia & Economic Law Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v6i1.13593

Abstract

This study examines the association between brand positioning and service quality and halal retail loyalty through the mediating role of spiritual happiness and the moderating role of store image. Drawing on the Stimulus‑Organism‑Response framework, the study introduces transcendental loyalty as a novel construct that extends beyond cognitive satisfaction to encompass emotional and spiritual fulfillment. A quantitative explanatory design was employed, using a cross-sectional survey of 292 Muslim consumers in selected East Java cities in and around the Tapal Kuda retail corridor, with responses collected both online and offline to ensure contextual relevance. The findings indicate that spiritual happiness helps translate functional stimuli into enduring consumer–brand relationships, while store image is associated with a stronger pathway by validating consumer beliefs and reinforcing trust. Theoretically, this study advances Islamic marketing and sharia economic law by embedding transcendental constructs into loyalty models and linking halal retail behavior with fiqh muamalah and maqashid al-shariah concerns. Practically, it provides guidance for halal retailers to design strategies that integrate Shariah-compliant values, authentic brand positioning, and phygital store image management. These insights contribute to a deeper understanding of how halal retail may sustain long-term loyalty through the alignment of commercial practices with spiritual well-being.
Reconstructing the Evidentiary Framework for the Annulment of Arbitral Awards to Ensure Legal Certainty Mohamad Toha Hasan; Chairul Lutfi; Bintan Dzumirroh Ariny
Invest Journal of Sharia & Economic Law Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v6i1.14698

Abstract

Article 70 of Law Number 30 of 1999 on Arbitration and Alternative Dispute Resolution permits the annulment of an arbitral award on three specified grounds. Following Constitutional Court Decision Number 15/PUU-XII/2014, the elucidation requiring those grounds to be proven by a prior court judgment ceased to have binding force. Nevertheless, judicial decisions continue to diverge regarding the requirement of a prior criminal judgment. This normative legal study applies statutory, case, and conceptual approaches to South Jakarta District Court Decision Number 427/Pdt. Sus-Arbt/2021/PN JKT.SEL and Number 582/Pdt. Sus-Arbt/2021/PN Jkt.Sel in conjunction with Supreme Court Decision Number 244 B/Pdt. Sus-Arbt/2022, as well as the Central Jakarta District Court Decision Number 699/Pdt. G/2019/PN Jkt.Pst in conjunction with Supreme Court Decision No. 327 B/Pdt. Sus-Arbt/2021. The study finds a divergence between the criminal-judgment prerequisite and direct proof in annulment proceedings. It proposes a five-part evidentiary model: a specific allegation supported by initial evidence; allocation of the burden of proof to the applicant; differentiated proof for each ground in Article 70; prohibition on re-examining the merits of the arbitral dispute; and express judicial reasoning linking the proven procedural defect to the award. Statutory clarification and harmonization of Supreme Court guidance are necessary to improve legal certainty while preserving arbitration’s finality.

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