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Sharia Oikonomia Law Journal
Published by Yayasan Adra Karima Hubbi
ISSN : 29885191     EISSN : 29885205     DOI : 10.70177/solj
Core Subject : Economy, Humanities, Social,
Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice
Sharia Oikonomia Law Journal discusses various issues in the fields of Economic Law, Islamic Economics & Business Dispute Resolution, Contemporary Economic Law, Sharia Economic Law, Islamic Business Law, Islamic Business Ethics, Islamic Socio-Economy/Welfare System, Sharia Business Management, Accounting, as well as more specialized topics, all of which fall within its scope. The journal publishes state-of-the-art papers in fundamental theory, experiments, and simulations, as well as applications, with a systematic proposed method, sufficient review of previous works, expanded discussion, and a concise conclusion. As part of our commitment to the advancement of science and technology, the Sharia Oikonomia Law Journal Benefit adheres to an open access policy, which makes published articles freely available online without the need for a subscription. Submitted papers must be written in English for the initial review stage by editors and the further review process by a minimum of two international reviewers.
Arjuna Subject : Umum - Umum
Articles 5 Documents
 1 
Search results for , issue "Vol. 2 No. 4 (2024)" : 5 Documents clear
The Role of Regulation in the Development of Sharia Fintech: A Review of Contemporary Islamic Economic Law Asyiqin, Istianah Zainal; Mareto, Irvan; Beltrán Genovés, Manuel
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1241

Abstract

This research explores the intricate relationship between regulation and the development of Sharia-compliant financial technology (fintech) within the framework of contemporary Islamic economic law. As Sharia fintech emerges as a significant sector in the global financial landscape, the alignment of innovative financial technologies with Sharia principles becomes crucial. The paper delves into the challenges and opportunities posed by regulatory fragmentation, the impact of technological advancements, and the importance of international coordination and harmonization. Regulatory fragmentation, characterized by diverse interpretations of Sharia law and differing national regulations, complicates cross-border operations, stifles innovation, and leads to a lack of standardization in financial products. Technological advancements, such as blockchain, artificial intelligence, and digital currencies, offer immense potential for enhancing transparency, efficiency, and inclusivity in Islamic finance but also introduce complex regulatory challenges. The paper argues for a proactive and collaborative regulatory approach, emphasizing the need for international standards and greater harmonization to ensure that Sharia fintech can thrive globally. By addressing these issues, the paper highlights the critical role of regulation in shaping the future of Sharia-compliant fintech, ensuring its growth, scalability, and adherence to Islamic ethical principles.
Al 'Adah Muhakkamah Rules and Their Applications Regarding the Contemporary Era Share Purchase and Sale Agreement Akbar, Muhamad Iqbal; Bakri, Mohamad Fikri bin Mohd
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1501

Abstract

The principles of "Al-'Adah Muhakkamah" within Islamic law, particularly its relevance to contemporary financial practices such as share trading. It highlights the significance of customs (al-'adah) as a legitimate source of law in Islamic jurisprudence, allowing for flexibility and adaptability in financial transactions. The study outlines the essential conditions for valid share buying and selling, emphasizing mutual consent, the halal nature of the objects involved, and the avoidance of prohibited elements like usury (riba) and excessive uncertainty (gharar). Utilizing qualitative research methods, literature reviews, and content analysis, the research investigates how these principles are applied in modern contexts, especially through digital platforms. The findings indicate that while the rules of Al-'Adah Muhakkamah provide necessary flexibility to accommodate social and economic developments, there are concerns regarding overly lenient interpretations that may stray from core Islamic principles. The document advocates for a balanced approach that honors traditional Islamic values while addressing contemporary financial practices, ensuring that adaptations remain aligned with Sharia principles. This study serves as a valuable resource for scholars, practitioners, and policymakers in the field of Islamic finance, offering insights into the dynamic interplay between tradition and modernity in financial transactions.
Artificial Intelligence Governance Strategy in the Indonesian Regulation System, Offensive or Defensive? Maria, Indri; Riswadi, Riswadi
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1643

Abstract

The Indonesian government unveiled its National Strategy on Artificial Intelligence (AI) in 2020, known as “Strategi Nasional Kecerdasan Artifisial”. This comprehensive plan addresses various aspects of AI, including ethical considerations, policy frameworks, workforce development, data ecosystems, and infrastructure for AI advancement. It’s important to note, however, that National Strategy serves as a guiding policy document rather than a legally enforceable set of regulations. However, this does not mean that the Indonesian government is absent from regulating AI technology. In Indonesia, there are currently applicable regulations relating to the use of AI, although not directly confronting AI Technology. This qualitative journal aimed to analyze comparative strategies for drafting government regulations in the era of Artificial Intelligence. This journal was prepared using a normative approach, with laws and other valid legal bases as sources. The data for writing this article were obtained from a document or library study by studying and analyzing library materials and related regulations related to research problems. In conclusion, we will compare offensive strategies that focus on driving positive outcomes, such as increased opportunity and profitability, and defensive strategies that aim to prevent negative outcomes and reduce risks. The government can develop a comprehensive strategy that enables both offensive and defensive objectives or choose between offensive and defensive strategies.
Banks’ Strategies to Face Fintechs’ Attacks Ihsan, Dedy; Murti, Wahyu; Sungkowati, Sri
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1644

Abstract

Globalization has changed the playing field within industries, which were traditionally limited by size, country of origin, industry type, and past success. Now, those boundaries have become blurred and no longer clearly defined. Internet connectivity and technology have changed the face of businesses. These changes will always continue on an ongoing basis. For example, fintech (startups) that used to serve only one business segment have started to enter the banking industry, through online lending or peer to peer lending (P2P lending), products of savings, payment systems, and pay later. The latter is like a credit card in banking. Startups have become a very strong-new competitor for banks. Instead, their loan impressively grows with low non-performing loans (NPLs). Therefore, banks must be aware of this competitive situation. Banks should no longer use the old ways to compete, but should find and do new ways. For this reason, this paper is prepared to provide answers on how banks should respond, so that the competitive pressure from fintech can be carefully anticipated.
Urbanization and its Effects on Environment and Socio-economic Sustainability; Evidence from Dire Dawa, Ethiopia Mekonnen, Dawud Chane; Legass, Habtamu Alebachew
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1748

Abstract

The impact of urbanization on environmental sustainability is a critical issue that requires careful planning and management to ensure positive outcomes. This study aims to assess the effects of urbanization on urban environmental sustainability. A descriptive research design was employed to achieve this objective. Out of nine urban kebeles, five were purposively selected based on their relevance to the study. The sample size consisted of 394 respondents selected from a total target population of 29,932. Both primary and secondary sources of data were utilized, including questionnaires, interviews, observations, and document reviews. Data analysis involved the use of percentages, frequencies, diagrams, and charts. The findings revealed that rural-urban migration was a primary driver of urbanization, leading to rapid urban growth and associated challenges. Sustainable urban development initiatives were found to be inadequately implemented, resulting in the overconsumption of natural resources, improper waste disposal, and deforestation. While urbanization brought positive effects such as job opportunities and improved infrastructure access, negative consequences like informal settlements, crime, and high living costs were also evident. The study highlighted a lack of government focus on urban sustainability, emphasizing the need for increased agricultural development in rural areas to curb migration. Recommendations included stricter enforcement of laws, community training on environmental conservation, and the implementation of sustainable practices such as tree planting and waste recycling. Encouragingly, supporting underprivileged communities to improve their livelihoods was also advised to enhance overall urban sustainability.

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