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Adam Mudinillah
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INDONESIA
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 65 Documents
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Assessing the Performance and Economic Impact of Islamic Finance in the Horn of Africa: A Comparative Study. Hariri, Rami; Mansour, Nadine
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.1949

Abstract

Islamic finance has developed as an alternative to traditional financial systems, acquiring acceptance throughout the Horn of Africa due to its adherence to ethical and faith-based principles. The study assesses the effectiveness of Islamic finance in supporting economic growth, financial inclusion, and social development using a thorough analysis of financial data, economic indicators, and case studies. The study used a Simultaneous Equations Model (SEM) technique with panel data obtained from five Horn of Africa countries: Ethiopia, Somalia, Kenya, Sudan, and Djibouti from 2013 to 2022. The major findings demonstrate that Islamic finance has a positive and significant impact on economic growth, but a positive but insignificant impact on financial inclusion. This study suggests that governments in the sampled countries continue to strengthen the growth of Islamic financing in order to create greater developmental chances and gains, particularly through more inclusive economic growth. The regional government should provide concrete support for Islamic banking and finance operations through a strong institutional framework and long-term political backing.Islamic finance has enormous potential to foster long-term economic progress in the Horn of Africa. Targeted policy reforms and strategic investment decisions can help to unleash this potential, promoting growth, eradicating poverty, and achieving financial inclusion throughout the region.
Islamic Inheritance Laws and Their Economic Implications in Indonesia: A Legal and Financial Perspective Arni, Suyono; Gupta, Meera; Wei, Sun
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.2083

Abstract

Islamic inheritance laws, derived from Shariah principles, play a critical role in shaping wealth distribution and economic behavior in Muslim-majority countries like Indonesia. However, the implementation of these laws often faces challenges due to the coexistence of customary (adat) laws and national legal frameworks, leading to disputes and inefficiencies in wealth management. This study examines the legal and financial implications of Islamic inheritance laws in Indonesia, focusing on their impact on wealth distribution, family welfare, and economic development. The research aims to identify gaps in the current legal framework and propose recommendations for harmonizing Islamic inheritance laws with national regulations to enhance their economic effectiveness. Using a mixed-methods approach, this study analyzes legal documents, court rulings, and financial data, complemented by interviews with legal experts, religious scholars, and families affected by inheritance disputes. The findings reveal that while Islamic inheritance laws promote equitable wealth distribution, their implementation is often hindered by legal ambiguities, lack of public awareness, and resistance from customary law practitioners. These challenges result in prolonged disputes, unequal asset distribution, and reduced economic productivity. The study concludes that harmonizing Islamic inheritance laws with national legal frameworks and enhancing public education on inheritance rights are essential for maximizing their economic benefits. This research contributes to the discourse on Islamic law and economics by providing insights into the interplay between legal systems, wealth distribution, and economic development in Indonesia.
Shariah-Compliant Investment Funds: A Study on Investor Preferences and Portfolio Management in Indonesia Amlia, Nilam; Tanaka, Kaito; Sato, Haruko
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.2084

Abstract

Shariah-compliant investment funds have gained significant traction in Indonesia, driven by the growing demand for ethical and religiously aligned financial products. However, limited research exists on investor preferences and portfolio management strategies specific to these funds, particularly in the context of Indonesia’s dynamic Islamic finance market. This study explores the factors influencing investor preferences for Shariah-compliant funds and examines the portfolio management strategies employed by fund managers to align with Shariah principles. The research aims to provide insights into how Shariah-compliant funds can better meet investor expectations while maintaining compliance with Islamic principles. Using a mixed-methods approach, this study combines surveys of individual and institutional investors with interviews of fund managers and Shariah advisors. Data were analyzed to identify key preferences, such as risk tolerance, return expectations, and ethical considerations, as well as the challenges faced by fund managers in balancing Shariah compliance with financial performance. The findings reveal that investors prioritize ethical alignment and transparency, while fund managers emphasize diversification and adherence to Shariah screening criteria. The study concludes that Shariah-compliant funds in Indonesia must adopt innovative portfolio management strategies to attract a broader investor base while ensuring strict compliance with Shariah principles. This research contributes to the growing body of knowledge on Islamic finance by providing practical recommendations for fund managers and policymakers to enhance the competitiveness and appeal of Shariah-compliant investment funds.  
The Role of Islamic Law in Regulating Cryptocurrency and Blockchain Technology: A Case Study of Indonesia’s Regulatory Framework Anggita, Marloni; Aslam, Bilal; Hussain, Sara
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.2086

Abstract

The rapid growth of cryptocurrency and blockchain technology has raised significant legal and ethical questions, particularly in Muslim-majority countries like Indonesia, where Islamic law (Shariah) plays a central role in financial regulation. This study examines the role of Islamic law in regulating cryptocurrency and blockchain technology, focusing on Indonesia’s regulatory framework. The research aims to assess the compatibility of these technologies with Shariah principles and identify gaps in the current regulatory approach. By doing so, it seeks to provide recommendations for developing a Shariah-compliant regulatory framework that balances innovation with ethical and legal considerations. Using a mixed-methods approach, this study combines legal analysis of Indonesia’s regulatory framework with qualitative interviews with Islamic scholars, regulators, and industry experts. Data were analyzed to evaluate the alignment of cryptocurrency and blockchain technology with Shariah principles, such as the prohibition of riba (interest) and gharar (uncertainty). The findings reveal that while blockchain technology has potential applications in Islamic finance, cryptocurrencies face significant challenges due to concerns over volatility, speculation, and lack of intrinsic value. The study concludes that Indonesia’s regulatory framework must be adapted to address the unique challenges posed by cryptocurrency and blockchain technology while ensuring compliance with Shariah principles.
Shariah Law and Islamic Finance as Tools for Economic Empowerment in Rural Indonesia Yanti, Amila; Jiwon, Seo; Jiwon, Lee
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.2087

Abstract

Shariah law and Islamic finance have emerged as powerful tools for promoting economic empowerment, particularly in rural areas where poverty and financial exclusion are prevalent. In Indonesia, the world’s largest Muslim-majority country, Islamic finance offers unique opportunities to address economic disparities and foster inclusive growth. This study examines the role of Shariah law and Islamic finance in empowering rural communities in Indonesia, focusing on their impact on poverty alleviation, financial inclusion, and sustainable development. The research aims to identify the challenges and opportunities associated with implementing Islamic finance in rural areas and propose strategies for enhancing its effectiveness. Using a mixed-methods approach, this study combines quantitative analysis of socio-economic data with qualitative interviews with rural communities, Islamic financial institutions, and policymakers. Data were analyzed to assess the impact of Islamic finance on income levels, access to financial services, and community development. The findings reveal that Islamic finance, particularly through instruments such as zakat, waqf, and microfinance, has a positive impact on economic empowerment in rural areas. However, challenges such as lack of awareness, limited infrastructure, and regulatory gaps hinder its full potential. The study concludes that enhancing the role of Shariah law and Islamic finance in rural Indonesia requires targeted strategies, including education, infrastructure development, and regulatory reforms.
The Compatibility of Shariah Law and Modern Capitalism: A Case Study of Indonesia's Islamic Banking Sector Htwe, Thandar; Zaw, Soe Thu; Reza, Ali
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.2088

Abstract

The integration of Shariah law with modern capitalism has been a subject of significant debate, particularly in the context of Islamic banking. In Indonesia, the world’s largest Muslim-majority country, Islamic banking has grown rapidly, offering a unique case study to explore this compatibility. This study examines the alignment of Shariah principles with the practices of modern capitalism in Indonesia’s Islamic banking sector, focusing on issues such as profit-sharing, risk management, and ethical investment. The research aims to identify the challenges and opportunities associated with integrating Shariah law into a capitalist financial system and propose strategies for enhancing this compatibility. Using a mixed-methods approach, this study combines quantitative analysis of financial performance data with qualitative interviews with Islamic banking practitioners, Shariah scholars, and regulators. Data were analyzed to assess the adherence of Islamic banks to Shariah principles, their financial performance, and their role in promoting ethical finance. The findings reveal that while Islamic banks in Indonesia generally comply with Shariah principles, challenges such as profit-driven practices and limited product innovation hinder their full alignment with Islamic ethics. The study concludes that enhancing the compatibility of Shariah law and modern capitalism requires a balanced approach that prioritizes ethical finance while maintaining competitiveness. 
Shariah-Compliant Venture Capital: Exploring Financing Models for Startups in Indonesia Dewi, Gusti; Erdogan, Aylin; Al-Momani, Ammar
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Pendidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.2089

Abstract

The rise of startups in Indonesia has created a growing demand for innovative financing models that align with Shariah principles. Shariah-compliant venture capital (SCVC) offers a unique opportunity to support startups while adhering to Islamic ethical standards, such as the prohibition of riba (interest) and gharar (uncertainty). This study explores the potential of SCVC as a financing model for startups in Indonesia, focusing on its alignment with Shariah principles, its impact on startup growth, and the challenges faced by stakeholders. The research aims to identify effective strategies for implementing SCVC and propose recommendations for enhancing its role in fostering ethical and sustainable entrepreneurship. Using a mixed-methods approach, this study combines quantitative analysis of startup financing data with qualitative interviews with venture capitalists, Shariah scholars, and startup founders. Data were analyzed to assess the compatibility of SCVC with Shariah principles, its financial performance, and its contribution to startup success. The findings reveal that SCVC can effectively support startups while adhering to Islamic ethics, but challenges such as limited awareness, regulatory gaps, and risk-sharing complexities hinder its widespread adoption. The study concludes that promoting SCVC in Indonesia requires targeted strategies, including education, regulatory reforms, and capacity-building for stakeholders.
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

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