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Mu'adil Faizin
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muamalah@metrouniv.ac.id
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St. Ki Hajar Dewantara 15A Iring Mulyo, East Metro, Metro City, Lampung Province, Indonesia, Postcode 34111. Phone : 0725-41507, Fax: 0725-47296
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Mu'amalah : Jurnal Hukum Ekonomi Syariah
Published by Institut Agama Islam Negeri Metro Lampung
ISSN : -     EISSN : 29864712     DOI : https://doi.org/10.32332/muamalah
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice
Mu`amalah specializes in the study of sharia economic law, as well as conducting scientific publications containing research articles on sharia economic law to support the development of Islamic jurisprudence. This journal is published twice a year in the January-June period and the July-December period by the Metro State Islamic Institute.
Arjuna Subject : Ilmu Sosial - Hukum
Articles 8 Documents
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Search results for , issue "Vol. 4 No. 2 (2025)" : 8 Documents clear
PHILOSOPHICAL FOUNDATIONS FOR RESEARCH AND DEVELOPMENT OF SHARIA ECONOMIC LAW METHODOLOGY:: An Integrative Approach to Ontology, Epistemology, and Axiology Suaidi, Suaidi; Nasrudin, Muhamad
Mu’amalah: Jurnal Hukum Ekonomi Syariah Vol. 4 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/muamalah.j35g5g18

Abstract

This study examines the philosophical dimensions in the development of Sharia economic law methodology by highlighting three main aspects: ontological, epistemological, and axiological. The purpose of this research is to formulate a methodological framework capable of integrating the normative Islamic sources based on divine revelation with scientific rationality and empirical perspectives within the discipline of economics. Methodologically, this normative-legal study employs a qualitative approach through a philosophical–integrative library research method. This approach involves a critical analysis of classical and contemporary literature on Islamic law, economic theory, and the philosophy of science, to formulate the relationship between spiritual and material realities, as well as between transcendental values and the empirical realities of the economy. Through this approach, the research is not only descriptive of the methodology of Sharia economic law but also constructive in formulating the direction for developing an adaptive Sharia economic law methodology in response to modern socio-economic dynamics. The findings show that, ontologically, Sharia economic law is rooted in the integration of spiritual and material realities; epistemologically, it combines revelation, rationality, and empirical understanding as the foundation of legal knowledge; and axiologically, it emphasizes justice, balance, and public benefit (maṣlaḥah) as its normative orientation. Thus, this study contributes to strengthening the philosophical foundation while providing a conceptual direction for the development of Sharia economic law methodology that is holistic, adaptive, and grounded in Islamic ethical values consistent with the maqāṣid al-sharī‘ah, ensuring its continued relevance to contemporary global economic challenges.
URGENCY OF FINANCIAL RATIO SCREENING REGULATION FOR MSMEs CO-FUNDING ON SECURITIES CROWDFUNDING SERVICE Ulum, Kefi Miftachul; Adi Surya Fathoni; Lia, Lia Wilda Izzati
Mu’amalah: Jurnal Hukum Ekonomi Syariah Vol. 4 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/muamalah.e38hmp88

Abstract

As of May 7, 2024, the securities crowdfunding cycle has facilitated the funding of 356 securities, comprising 231 equity securities, 20 debt securities, and 105 sukuk securities. Sukuk experienced an increase in the share of sharia securities funding with a percentage of 30%, up from 22% in 2023. This increase in funding was not accompanied by a specific, legally binding screening standard for sharia securities issuers in the securities offering mechanism. Financial Services Authority or Otoritas Jasa Keuangan (OJK) Regulation Number 35 of 2017 cannot be legally applied as a screening standard for this funding. This research employs a library research methodology with a socio-legal approach to examine this regulatory void. Primary data consists of OJK Regulation No. 35 of 2017 and OJK Regulation No. 57 of 2020, supported by secondary data on offering mechanisms, funding growth, and relevant literature. The study found a lack of specific regulations governing screening standards (core business and financial ratio) for Sharia securities in the SCF cycle. Currently, guidelines are often informally drawn from OJK Regulation No. 35 of 2017, which is legally inappropriate as it is intended for the public-company setting of the Indonesia Stock Exchange. The findings highlight the need for a specific regulation governing screening standards for securities crowdfunding funding. Adopting an economic approach to legal science, this study proposes the development of a specific OJK Regulation (POJK) that provides clear screening criteria and permanent legal consequences for issuers or publishers who violate the Sharia securities criteria.
RELABELING BY INFLUENCERS IN THE DIGITAL MARKETPLACE: A Legal Analysis Under Indonesian Law, Islamic Commercial Ethics, and FTC Regulations Robbani, Shofa; Fitriani, Dinda Oktavia Bulan; Alias, Muhammad Nazir; Laili, Dwi Nur; Maulana, M. Iqbal; Afida, Yuni Salma Nur; Sholihah, Amaliatus
Mu’amalah: Jurnal Hukum Ekonomi Syariah Vol. 4 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/muamalah.ebst5p68

Abstract

This research is a normative legal study using a case study approach that analyzes the legal and ethical implications of relabeling practices conducted by influencers in Indonesia. The problem arises from the case of Shella Saukia and Umama Scarf, in which original hijab products were resold after their brand labels were replaced with a private “SS” label without authorization. This practice poses serious legal concerns regarding consumer deception, violation of trademark rights, and unfair business competition in digital commerce. The study relies entirely on secondary data through library research, using primary legal materials such as Law Number 8 of 1999 on Consumer Protection, Law Number 20 of 2016 on Trademarks and Geographical Indications, and Regulation of the Minister of Trade Number 73 of 2015 on Mandatory Labeling on Goods. The analysis applies a normative qualitative method by correlating Indonesian positive law with principles of fiqh muamalah—particularly ṣidq (honesty), bayān (transparency), and ‘adālah (justice). The findings show that unauthorized relabeling violates consumers’ rights to accurate information, infringes trademark protection, and distorts fair market competition. From an Islamic legal perspective, such practices constitute tadlīs (deception), gharar (uncertainty), and ghasb (unlawful appropriation), all of which are categorically prohibited. As a comparative framework, this study also refers to the United States Federal Trade Commission (FTC) regulations, which strictly mandate truth-in-labeling and prohibit deceptive or unfair marketing practices. These standards provide valuable insight for strengthening Indonesia’s regulatory safeguards. The study concludes that harmonizing positive law, Islamic legal principles, and international best practices is essential to ensuring a fair, transparent, and ethical digital trade ecosystem.      
FROM FATWA TO COMPLIANCE IN ISLAMIC FINANCIAL ENFORCEMENT: Designing Governance and Supervision Frameworks for Sharia Fintech in Indonesia Purnama, Noer; Sulistiani, Lies; Muttaqin, Zainal
Mu’amalah: Jurnal Hukum Ekonomi Syariah Vol. 4 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/muamalah.jg4ese80

Abstract

This study examines how DSN-MUI fatwas can be transformed into operational and binding legal norms within the governance of Sharia fintech in Indonesia. The main problem identified is the absence of an integration mechanism between fatwas and OJK regulations, resulting in a dualistic supervisory framework that creates legal uncertainty and weakens the enforcement of Sharia compliance. Using a normative legal research method with legislative, conceptual, and comparative approaches, this study analyzes regulatory gaps, supervisory structures, and governance practices across several countries. The findings indicate that the dual authority model hampers regulatory effectiveness and undermines public trust in Sharia fintech. This study recommends an integrated governance framework through normative harmonization, the establishment of an OJK-DSN-MUI coordination platform, and the incorporation of fatwa provisions into formal regulations to strengthen legal legitimacy, ensure Sharia compliance, and enhance consumer protection. Study analyzes the transformation of fatwas into enforceable legal frameworks within the governance of Sharia fintech in Indonesia. Using a normative and comparative legal approach, this study examines the relationship between the regulations of the Financial Services Authority (OJK) and the fatwas issued by the National Sharia Council–Indonesian Ulema Council (DSN–MUI).
LEGAL PROTECTION FOR CUSTOMERS IN MURABAHAH TRANSACTIONS WITHIN ISLAMIC BANKING Choliza, Tia; Zakiruddin, Muhammad Aziz
Mu’amalah: Jurnal Hukum Ekonomi Syariah Vol. 4 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/muamalah.z28svr77

Abstract

The rapid development of Islamic banking in Indonesia reflects the increasing public demand for financial services that comply with sharia principles. Among the most widely used financing instruments is the murabahah contract, a cost-plus sale agreement practiced by Islamic financial institutions. Although conceptually simple, the implementation of murabahah in banking frequently encounters legal and practical challenges that may reduce the effectiveness of customer protection. This research analyzes the legal protection mechanisms embedded in murabahah financing as regulated in Islamic law, the Sharia Banking Act, and DSN-MUI Fatwas. Using a normative juridical approach supported by statutory analysis and conceptual interpretation, the study examines how murabahah regulates asymmetric contractual relations in which banks possess superior information, technical capacity, and bargaining power compared to customers. The findings indicate that, in practice, several aspects of murabahah—such as transparency of cost and margin, ownership transfer, risk allocation, and default handling—do not always align with sharia principles and consumer protection standards. Strengthening regulatory enforcement, improving contract literacy, and ensuring compliance with sharia governance are essential to optimize legal protection for customers in murabahah transactions. This study contributes to the discourse on sharia-compliant financing by offering a comprehensive evaluation of existing legal frameworks and their practical implications.      
THE VALIDITY OF GOLD INSTALLMENT CONTRACTS IN ISLAMIC BANKS: : An Analysis of KHES and DSN-MUI Fatwas Hamdanil; Alwadipa, Bagus Pria
Mu’amalah: Jurnal Hukum Ekonomi Syariah Vol. 4 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/muamalah.6wkc7e35

Abstract

This study examines the dynamics of gold installment plans at Islamic banks with reference to the DSN-MUI fatwa as a legal basis, because this scheme attracts public interest as an alternative to sharia investment but still often causes uncertainty in the contract. The research method used is normative law of a qualitative nature and literature review, utilizing DSN-MUI Fatwa No. 77/DSN-MUI/VI/2010, contemporary fiqh literature, journal articles, and Islamic bank documents, which were analyzed using content analysis. The study revealed that the fatwa guarantees physical ownership of gold and the establishment of a fixed margin, but in practice, certificates are often issued without physical gold, margins are rarely explained transparently, and post-contract price fluctuations are not optimally accommodated. A comparison with contemporary fiqh scholars shows similarities in the principles of haqiqi, takhsis, and the prohibition of riba ‘uyuniyah, but the fatwa is less flexible regarding extreme price adjustments. An ideal operational model requires a gradual delivery mechanism, cost transparency, and customer protection in accordance with the maqashid syariah. Although the fatwa is consistent with Sharia principles, there is a gap between theory and practice that could potentially harm customers. Recommendations include the implementation of gradual physical delivery, transparent pricing, revision of fatwas related to market price references, and the development of bank SOPs to ensure Sharia compliance and asset protection.
SHARIA MICROFINANCE REFORMULATION TOWARDS AN INCLUSIVE ECONOMY: An Approach Maqashid al-Shariah fi Hifdz al-Mal Ubaidillah; Nurrohman, Dede; Anshor, Ahmad Muhtadi
Mu’amalah: Jurnal Hukum Ekonomi Syariah Vol. 4 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/muamalah.epmex470

Abstract

Economic inequality and high poverty rates remain crucial issues in many Muslim-majority countries. This is due to the unequal distribution of wealth, the low quality of public services, and the suboptimal utilization of Islamic economic instruments such as zakat and waqf. Sharia microfinance has emerged as a fair and inclusive financing solution. However, the current model tends to imitate conventional systems and does not fully reflect the values of maqasid al-shariah, particularly in the aspect of hifdz al-mal (protection of wealth). This research aims to rebuild the Sharia microfinance model based on maqashid al-shariah fi hifdz al-mal as an ethical and normative basis for creating an Islamic financial system that is fair, sustainable, and relevant to contemporary socio-economic challenges. Using an Islamic legal research case study approach, this research examines the principles of Islamic financial management, critiques the weaknesses of existing microfinance models, both conventional and Sharia-compliant, and proposes more comprehensive design alternatives. Primary data for this study were obtained through field surveys, in-depth interviews, and direct observation at several Sharia Microfinance Institutions and beneficiary communities. The research results indicate that the application of maqashid al-shariah in the context of asset protection can strengthen the contribution of Islamic financial institutions to empowering micro, small and medium enterprises, alleviating poverty, and achieving the Sustainable Development Goals (SDGs). The proposed model emphasizes the principles of justice, spiritual and material well-being, protection of fundamental rights, and institutional synergy based on Islamic values.        
THE PRACTICE OF ISLAMIC BUSINESS ETHICS IN SUSTAINING TRADITIONAL MSMES AMID DIGITAL TRANSFORMATION Sabina, Aliyyah Azzah; Bahari, Raha
Mu’amalah: Jurnal Hukum Ekonomi Syariah Vol. 4 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/muamalah.b1r1h812

Abstract

In the digital era, most businesses leverage technology to increase their competitiveness. However, many traditional MSMEs in Pondok Ungu Permai, Bekasi City, still operate conventionally without the support of digital technology, yet they are still able to survive. This situation prompted this study to identify the role of Islamic business ethics in maintaining the sustainability of traditional MSMEs amidst the challenges of digitalization. This research is a socio-legal (empirical) legal research that examines law in social practices through collecting field data in the form of observations, interviews, and documentation of MSME actors in Pondok Ungu Permai, Bekasi. Data analysis was conducted inductively using a qualitative-descriptive approach. The results indicate that MSME sustainability is influenced by the application of Islamic business ethics, including the values ​​of monotheism, balance between profit and blessings, freedom of business, and responsibility. For example, business owners maintain honesty in pricing and weighing, are fair to customers, and prioritize trust in transactions. These findings confirm that MSME success is determined not only by the use of technology, but also by spiritual and moral values. Furthermore, the support of the Bekasi City Government strengthens MSME resilience through business development and facilitation, thus contributing to the local economy and community welfare.

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