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Al Urwah : Sharia Economics Journal
Published by PT. Takaza Innovatix Labs
ISSN : -     EISSN : 30259398     DOI : https://doi.org/10.61536/alurwah
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
Al Urwah is a peer-reviewed journal that aims to advance islamic economies in emerging markets, namely economies in emerging countries and economies in emerging areas in developed countries. The scope of Al Urwah are but strictly limited to: Islamic Economics Sharia Accounting Zakat Management, Infaq, Shodaqoh and Waqf, Entrepreneurship and Islamic Business Islamic Economic Law Islamic Economic Thought Sharia Insurance.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 42 Documents
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Disharmony in Supervision of OJK–DSN-MUI in Implementation of the Murabahah Fatwa Anisa Prabowo; Fiana Suryaningtyas Wibowo; Nadia Rizqa Setyaningrum; Baidhowi
Al Urwah : Sharia Economics Journal Vol. 2 No. 3 (2025): Al Urwah : Sharia Economics Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i3.482

Abstract

The murabahah fatwa is the primary guideline for ensuring compliance of Islamic financial institutions' practices with sharia principles. However, its implementation in Indonesia still faces challenges in the form of disharmonious supervision between the Financial Services Authority (OJK) and the National Sharia Council–Indonesian Ulema Council (DSN-MUI). This difference in authority and oversight mechanisms has the potential to lead to inconsistent fatwa implementation in practice. This study aims to analyze this disharmony and its implications for sharia compliance. The method used is normative juridical with a statutory and conceptual approach. The results indicate that weak coordination and lack of integrated supervision have resulted in suboptimal implementation of the murabahah fatwa, potentially leading to deviations from sharia principles. Therefore, strengthening synchronized supervision is necessary to ensure more effective sharia compliance.
Analysis of Sharia Economic Law on the Digital Consumptive Credit Model: the Potential of Usury in Buy Now Pay Later Antika Yuni Arsita; Shofiah Nur Hikmah; Dwi Liza Salsabila; Katon Adin Novaga; Baidhowi
Al Urwah : Sharia Economics Journal Vol. 2 No. 3 (2025): Al Urwah : Sharia Economics Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i3.486

Abstract

Advances in digital technology are currently driving the birth of a buy-now pay later-based digital financing model that is increasingly popular in people's consumptive transactions. This scheme offers easy access to financing without a credit card but through a payment deferral mechanism with an additional fee. However, from the perspective of sharia economic law, this practice raises juridical problems related to the potential for usury, especially in the aspect of adding value required for the suspension of payment. This research was conducted using a normative juridical method with a legislative and conceptual approach. The purpose of this study is to analyze and find out whether the financing mechanism in the buy now pay later scheme substantively represents the practice of riba that is prohibited in sharia economic law. In addition, this study also aims to examine how the perspective of Islamic economic law on the transformation of digital consumptive credit based on buy now pay later in the context of financial technology developments. The results of the study show that the buy now pay later scheme does provide easy access to credit for consumers. However, in practice, there is still a potential for elements of riba and gharar that are not in accordance with the principles of sharia economic law. Some buy now pay later platforms have been proven to impose interest and late fines that are substantially contrary to the principle of the qardh contract. Therefore, based on the perspective of sharia economic law, the buy now pay later mechanism needs to be reviewed and adjusted to better reflect the principles of transparency, fairness and balance of the parties so that it can meet sharia compliance standards..

Page 5 of 5 | Total Record : 42

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