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Adam Mudinillah
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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 10 Documents
 1 
Search results for , issue "Vol. 3 No. 1 (2025)" : 10 Documents clear
Islamic Financial Products and their Contribution to the Growth of SMEs in Hargeisa, Somaliland Legass, Habtamu Alebachew; Ahmed, Hudayfe Said
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.1697

Abstract

This study explores the impact of Islamic financing products, specifically Musharakah and Murabahah, on the growth of small and medium enterprises (SMEs) in Hargeisa, Somaliland. With an increasing demand for Shariah-compliant financing, the research highlights how these products contribute to the financial stability, operational efficiency, and business relationships of SMEs. A survey of 100 SMEs revealed that 90% expressed interest in Islamic financial products, yet 90% were dissatisfied with the current offerings, citing a lack of tailored products and high costs, particularly with Murabahah. The study further examined the role of Musharakah in fostering long-term growth through risk-sharing and strategic support, but also identified challenges such as complexity and limited availability. Murabahah, with its fixed cost structure, was found to be more popular, offering immediate access to capital but also creating financial strain due to high markup rates. The findings suggest a need for more diverse, flexible, and cost-effective Islamic finance options, as well as greater awareness and understanding of these products. The study concludes by recommending the expansion of Islamic finance offerings and further research into the long-term effects of these financing models on SME sustainability in emerging markets.
Implementation of the Mudharabah Contract at Ujung Gading Market, West Pasman Regency Bulek, Muhammad Jahar; Mursal, Mursal; Julhadi, Julhadi
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.1879

Abstract

Mudharabah is an Islamic economic contract based on cooperation between capital owners (shahibul mal) and business managers (mudharib). In practice, its application often faces challenges such as information imbalance, low Islamic financial literacy, and potential deviations from sharia principles. In Ujung Gading Market, West Pasaman Regency, mudharabah contracts have the potential to empower small and medium-sized traders. This study examines the implementation of mudharabah contracts in the market, their effectiveness in improving traders’ welfare, and the obstacles encountered. A qualitative approach was used with data collection through in-depth interviews, field observations, and documentation studies. Informants included traders, capital owners, and stakeholders managing mudharabah contracts. The findings show that mudharabah contracts contribute to increased income and strengthened business networks. However, obstacles such as low understanding of sharia principles, lack of local regulatory frameworks, and limited capital access hinder their full potential. This study is limited by its narrow area coverage and lack of quantitative data to support qualitative findings. Further research with a broader scope and quantitative methods is recommended to enhance the analysis of mudharabah contract effectiveness in local and global contexts.
The Role of Islamic Law in Shaping Sustainable Economic Models: Evidence from Indonesia’s Shariah-Compliant Investment Market Solihin, Dadin; Idris, Haziq; Farah, Rinah; Huda, Nurul; Hasanah, Siti
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.1950

Abstract

The global shift toward sustainable economic models has sparked interest in the potential of Islamic finance to promote ethical and environmentally friendly investments. Indonesia, as the world’s largest Muslim-majority country, has seen significant growth in its Shariah-compliant investment market. This study explores how Islamic law influences the development of sustainable economic models within this market. The research aims to analyze the role of Islamic law in shaping sustainable economic practices in Indonesia’s Shariah-compliant investment market, identifying key drivers, challenges, and opportunities for growth. A mixed-methods approach is employed, combining quantitative analysis of investment data from Shariah-compliant funds and qualitative interviews with industry experts, Shariah scholars, and investors. Data were analyzed using thematic analysis for qualitative insights and statistical tools for quantitative data. The findings reveal that Islamic law significantly influences sustainable economic practices by promoting ethical investments, risk-sharing, and environmental stewardship. Shariah-compliant funds in Indonesia increasingly prioritize green investments and social impact projects, aligning with global sustainability goals. 
Shariah-Compliant Financial Products in Indonesia: Analyzing Consumer Behavior and Market Demand Anderson, Jessica; Lee, William; Taylor, Jennifer
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.2077

Abstract

The rising demand for ethical and faith-based investment products in the United States has prompted increased interest in Sharia-compliant investment funds. These funds seek to align financial returns with Islamic principles, including the prohibition of interest (riba), avoidance of excessive uncertainty (gharar), and investment in halal sectors. However, integrating such models within the U.S. financial system presents regulatory challenges, particularly under the oversight of the Securities and Exchange Commission (SEC). This study examines how Sharia-compliant investment funds navigate U.S. regulatory frameworks while maintaining theological legitimacy and investor confidence. Utilizing a qualitative legal research methodology, the study analyzes SEC rules on mutual funds and ETFs, including disclosure, diversification, and fiduciary obligations, alongside Shariah governance standards issued by AAOIFI and other global Islamic finance authorities. Interviews with fund managers, legal counsel, and Shariah advisors provide practical insights. Findings indicate that although structural compatibility is possible, regulatory ambiguities around Shariah governance, purification processes, and ethical screening create operational tensions. The study concludes that successful integration requires interpretive flexibility, SEC engagement, and investor education to ensure both compliance and religious authenticity. The research contributes to broader discussions on financial inclusion, ethical finance, and legal pluralism in global markets.
Shariah Governance in Islamic Banking: A Study on the Challenges and Best Practices in Indonesia Sothy, Chak; Dara, Ravi; Alves, Livia
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.2078

Abstract

Shariah governance is a cornerstone of Islamic banking, ensuring compliance with Islamic principles and maintaining stakeholder trust. Indonesia, as a leading player in the global Islamic finance industry, faces unique challenges in implementing effective Shariah governance frameworks. This study examines the challenges and best practices in Shariah governance within Indonesia’s Islamic banking sector. The research aims to identify the key challenges in Shariah governance, analyze best practices, and provide recommendations for enhancing the effectiveness of Shariah governance frameworks in Indonesia’s Islamic banking sector. A mixed-methods approach is employed, combining document analysis of regulatory frameworks, case studies of leading Islamic banks, and in-depth interviews with Shariah scholars, regulators, and banking professionals. Data were analyzed using thematic analysis for qualitative insights and comparative analysis for quantitative data. The findings reveal that Indonesia’s Islamic banking sector faces challenges such as regulatory inconsistencies, limited expertise in Shariah governance, and weak enforcement mechanisms. However, best practices such as centralized Shariah boards, transparent reporting, and stakeholder engagement have been identified as effective strategies for enhancing Shariah governance. This study highlights the importance of addressing regulatory gaps, building capacity in Shariah governance, and adopting best practices to strengthen Indonesia’s Islamic banking sector. By improving
The Impact of Sharia Economic Law on Economic Growth in Muslim-majority Countries: A Global Perspective Natsir, Imron; Kiat, Ton; Som, Rit
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.2079

Abstract

The principles of Sharia economic law, rooted in Islamic jurisprudence, emphasize ethical and equitable economic practices. As Muslim-majority countries increasingly adopt Sharia-compliant financial systems, understanding their impact on economic growth has become crucial. This study examines the influence of Sharia economic law on economic growth in Muslim-majority countries from a global perspective. The research aims to analyze the relationship between Sharia economic law and economic growth, identifying key drivers, challenges, and opportunities for sustainable development in Muslim-majority countries. A mixed-methods approach is employed, combining quantitative analysis of macroeconomic data from 20 Muslim-majority countries and qualitative interviews with policymakers, economists, and Sharia scholars. Data were analyzed using regression models and thematic analysis. The findings reveal that Sharia economic law positively impacts economic growth by promoting ethical investments, financial inclusion, and risk-sharing mechanisms. However, challenges such as regulatory inconsistencies, limited financial literacy, and inadequate infrastructure hinder its full potential. Countries with robust Sharia governance frameworks and supportive policies reported higher economic growth rates. This study highlights the potential of Sharia economic law to drive sustainable economic growth in Muslim-majority countries. By addressing regulatory and infrastructural challenges, policymakers can enhance the contribution of Sharia-compliant systems to global economic development.
Islamic Microfinance and Poverty Alleviation: A Study of Shariah-Based Lending Practices in Indonesia Syarifuddin, Syarifuddin; Wiliams, Nadia; Sylvain, Michel
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.2080

Abstract

Islamic microfinance offers an alternative, ethical approach to financial inclusion, especially for marginalized populations traditionally excluded from conventional banking systems. In the Caribbean context, where economic disparities persist and Muslim minorities face systemic challenges, the potential for Islamic microfinance remains underexplored. This study investigates the role of Islamic microfinance in empowering marginalized Muslim and non-Muslim communities in Trinidad and Tobago. The research employs a qualitative case study approach, combining semi-structured interviews with microfinance practitioners, community leaders, and beneficiaries across three local institutions offering Shariah-compliant financial services. Findings reveal that Islamic microfinance models—particularly those based on qard al-hasan (benevolent loans) and murabaha (cost-plus financing)—are perceived as more culturally inclusive, trust-based, and ethically appealing than their conventional counterparts. However, institutional limitations, lack of regulatory clarity, and insufficient awareness among beneficiaries restrict broader scalability. The study concludes that Islamic microfinance, when locally adapted and supported by policy and education, holds significant promise for advancing socio-economic empowerment in Caribbean plural societies. This case contributes to the growing discourse on Islamic social finance in non-Muslim-majority regions and highlights its relevance in fostering inclusive development models.
Shariah and Corporate Social Responsibility: A Comparative Analysis of Shariah-Compliant Businesses in Indonesia and Malaysia Ode, Haruni; Natsir, Imron; Mayndarto, Eko Cahyo
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.2081

Abstract

The integration of Shariah principles with corporate social responsibility (CSR) has gained prominence as businesses strive to align ethical practices with Islamic values. Indonesia and Malaysia, as leading Muslim-majority economies with robust Islamic finance sectors, offer unique insights into how Shariah compliance influences CSR frameworks. However, comparative studies on CSR practices among Shariah-compliant businesses in these countries remain limited, particularly in addressing cultural, regulatory, and theological divergences. This study aims to analyze and compare CSR practices in Shariah-compliant businesses in Indonesia and Malaysia, focusing on their alignment with Islamic ethical principles, stakeholder engagement, and contributions to sustainable development. A mixed-methods approach is employed, combining quantitative analysis of CSR reports from 50 companies (25 per country) and qualitative interviews with 20 stakeholders (executives, Shariah scholars, and CSR experts). Data were analyzed using thematic analysis and comparative statistical tools. The findings reveal that Malaysian businesses exhibit more standardized CSR frameworks rooted in stringent Shariah governance, emphasizing environmental sustainability and ethical governance. Indonesian businesses prioritize community-driven initiatives, reflecting local socio-cultural contexts. Both countries align CSR with Islamic principles like zakat and maslahah, but Malaysia’s regulatory ecosystem enhances accountability, while Indonesia’s approach is more decentralized and adaptive.
The Legal Framework of Shariah Banking in Indonesia: Implications for Financial Regulation and Market Development Narud, Ahmad; Chan, Rachel; Joshi, Nikhil
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.2082

Abstract

The rapid growth of Shariah banking in Indonesia has prompted significant regulatory developments to align financial practices with Islamic principles. However, the legal framework governing Shariah banking remains complex, raising questions about its effectiveness in fostering financial regulation and market development. This study examines the legal structure of Shariah banking in Indonesia, focusing on its implications for financial regulation and its role in promoting sustainable market growth. The research aims to identify gaps in the current legal framework and propose recommendations for enhancing regulatory coherence and market competitiveness. Using a qualitative approach, this study analyzes legal documents, regulatory policies, and secondary data from authoritative sources, complemented by interviews with key stakeholders in the Shariah banking sector. The findings reveal that while Indonesia has established a comprehensive legal framework for Shariah banking, challenges such as regulatory fragmentation, limited enforcement mechanisms, and insufficient integration with global Shariah standards persist. These issues hinder the sector's potential to contribute fully to financial inclusion and economic development. The study concludes that strengthening the legal framework through harmonized regulations, enhanced enforcement, and greater alignment with international Shariah standards is crucial for the sustainable growth of Shariah banking in Indonesia. This research contributes to the discourse on Islamic finance by providing insights into the interplay between legal frameworks, financial regulation, and market development in emerging economies.
Shariah Law and Economic Justice: Analyzing the Impact of Zakat on Income Distribution in Indonesia Flores, Josefa; Santos, Luis; Tariq, Usman
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.2085

Abstract

Zakat, one of the five pillars of Islam, is a mandatory form of almsgiving aimed at redistributing wealth and promoting economic justice. In Indonesia, the world’s largest Muslim-majority country, zakat has the potential to significantly impact income distribution and reduce poverty. However, its effectiveness is often hindered by inefficiencies in collection, distribution, and utilization. This study examines the impact of zakat on income distribution in Indonesia, focusing on its role in reducing economic inequality and promoting social welfare. The research aims to identify the challenges and opportunities associated with zakat management and propose strategies for enhancing its effectiveness. Using a mixed-methods approach, this study combines quantitative analysis of income distribution data with qualitative interviews with zakat institutions, beneficiaries, and policymakers. Data were analyzed to assess the impact of zakat on poverty alleviation, income inequality, and economic empowerment. The findings reveal that zakat has a modest but positive impact on income distribution, particularly in rural areas. However, inefficiencies in collection and distribution, as well as a lack of transparency, limit its potential to achieve broader economic justice. The study concludes that improving zakat management through better governance, transparency, and targeted distribution strategies is essential for maximizing its impact on income distribution. This research contributes to the discourse on Islamic economics by providing practical recommendations for enhancing the role of zakat in promoting economic justice and social welfare in Indonesia.

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