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Indonesian Journal of Islamic Economic Law
Published by Universitas Muhammadiyah Surakarta
ISSN : -     EISSN : 30314275     DOI : https://doi.org/10.23917/ijoel
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice
Indonesian Journal of Islamic Economic Law is a peer-reviewed journal dedicated to publishing the scholarly study of the islamic economic law many different perspectives. Particular attention is paid to the works dealing with application of Islamic Finance: Islamic finance has been increasingly applied in various sectors and industries, including banking, insurance, investment, and real estate. Islamic finance promotes risk-sharing and profit-sharing arrangements, as well as ethical and socially responsible investment practices, which can contribute to greater financial stability and sustainable economic growth. Application of Zakat and Waqf: Zakat and Waqf are important tools in promoting social justice and alleviating poverty in Islamic societies. Zakat is a form of obligatory charity, which is collected from the wealth of those who are able to pay and distributed to the needy and vulnerable members of society. Waqf, on the other hand, is an endowment that is used for charitable purposes, such as funding education, healthcare, and social welfare programs. These forms of charitable giving can play a significant role in reducing poverty and promoting social welfare. Application of Islamic Economic Social Justice: Islamic economic social justice emphasizes the fair and just distribution of wealth, as well as the promotion of social welfare and equal opportunities for all members of society.
Arjuna Subject : Seni dan Humaniora - Studi Agama
Articles 24 Documents
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Best Practice Review: Enhancing the Quality of Shariah Economist Scholars Mubarak, Jaih; Mahfudz, Shaifurrokhman
Indonesian Journal of Islamic Economic Law Vol. 1 No. 1 (2024): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v1i1.3433

Abstract

This research aims to overcome important gaps in the development of Islamic economic scholars' human resources (HR), including limited understanding of Fiqh Muamalah, unclear profiles of graduates, and lack of linkages with the Islamic industry. The implications of current conditions include the quality of Islamic products and services, the sustainability of industry growth, and the relevance of graduates. This research will provide guidance and best practice strategies to connect graduate profiles with the dynamics of the sharia industry, strengthen the human resources of sharia economic scholars, and support the development of a better sharia industry.
Economic Compatibility of Islamic Economy and Pancasila: Implications for the Postgraduate Curriculum Amalia, Euis; Musa, Eltom Ishaq Osman
Indonesian Journal of Islamic Economic Law Vol. 1 No. 1 (2024): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v1i1.3434

Abstract

This article aims to develop the Sharia Economics Curriculum in Indonesia which has a unique relationship between religion and state and the compatibility of both in the postgraduate curriculum in Indonesia. The integration of Islamic Economic values into the Pancasila economic framework supports the Islamic economic industry in Indonesia. The analytical method in this study will utilize literature studies by collecting and evaluating relevant theoretical sources to understand the compatibility between Pancasila economics and Islamic economics. The data will be analyzed through classification, synthesis, and pattern tracing in the literature to fill the research gap. The research concluded that there are several critical points in the alignment of the curriculum of the Master of Sharia Economic Law in Indonesia, including discrepancies in the integration of the economic values of Pancasila and Islamic Economics, a focus on legal aspects rather than ethics, a lack of concretomatic details on the redistribution of wealth and property rights, and a lack of emphasis on social welfare. The recommendations involve developing detailed strategies to integrate these values into the curriculum, collaboration with Islamic economic experts, practitioners, and experts, and ongoing monitoring and evaluation to ensure comprehensive alignment. It is necessary to create graduates with a holistic understanding of the compatibility of Islamic Economics and Pancasila in Islamic economic law.
Best Practices in Interconnecting Sharia Arbitration Norms: A Comparative Analysis of Indonesia and Europe Suadi, Amran; Affandi, Muchammad Taufiq
Indonesian Journal of Islamic Economic Law Vol. 1 No. 1 (2024): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v1i1.3435

Abstract

This paper explores the intricate process of interconnecting Sharia law with the legal systems of Europe, with a focus on the theoretical perspectives presented by Robert Alexy and H.L.A. Hart. It delves into the complexity and challenges associated with this integration and identifies key points of contention and opportunities. Notable challenges include overcoming the negative perceptions of Sharia law within Western legal circles, recognizing the diverse interpretations of Sharia, and harmonizing capitalist and Shariacompliant economic principles. The paper emphasizes the significance of interconnecting Sharia law with European legal systems, particularly within the realm of economic law, where concepts of justice, ethics, and Sharia's intricate provisions come into play. Using the theoretical frameworks of Alexy and Hart, the paper operationalizes the variables of "cause" and "effect" through comparative analysis to facilitate an effective and fair interconnection. It concludes by highlighting the importance of embracing an approach that balances the relevant aspects while minimizing legal uncertainties. In achieving this balance, the paper suggests strategies such as defining clear Sharia arbitration rules and ensuring the coexistence of Islamic banking practices with public interests. The evolving interaction between the two legal systems driven by the growing relevance of Islamic law necessitates a diverse legal landscape with various implications for Europe's everevolving legal framework.
Legal Disruption and Sharia Arbitration: Navigating Change, Measuring Impact, and Fostering Innovation Hossein, Zainal Arifin; Mahmudulhassan, M
Indonesian Journal of Islamic Economic Law Vol. 1 No. 1 (2024): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v1i1.3436

Abstract

This article evaluates the doctrinal challenges encountered by the law amid technological advancements, specifically in the areas of blockchain technology, smart contracts, digital assets, and data privacy. Certain conventional legal doctrines, including intellectual property law, privacy, and evidence, and the principle of nonrefoulement, may no longer be applicable amidst the introduction of disruptive technological developments. We present methods for identifying irrelevant legal issues using the TRIZ approach, which enables the identification, evaluation, and updating of legal doctrine. Additionally, this article illustrates how TRIZ principles can develop more adaptable contract principles in response to technologies such as smart contracts. By applying these principles, the law can more effectively manage change, promote innovation in consumer protection, and support the use of smart contracts.
Innovative Legal Modeling for Interdisciplinary Studies on Law and Economic Behavior Isman, I; Muttaqin, Ahmad Zainul
Indonesian Journal of Islamic Economic Law Vol. 1 No. 1 (2024): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v1i1.3437

Abstract

This study introduces a new paradigm for interdisciplinary empirical legal research by presenting a groundbreaking perspective on the integration and interconnectedness of law and economics. Our research argues for the necessity of this shift. The conventional pragmatic paradigm, which risks fragmenting concepts and methods by reducing meaning to mere data and facts, is eschewed in favor of an integrationinterconnection theory. This paper investigates the theoretical foundations of the proposed paradigm through library research and philosophical inquiry. Our research uncovers two distinct approaches within the new empirical legal studies paradigm. Firstly, the historical approach requires a restructuring of the theory, leading to multidimensional and holistic models. Secondly, the philosophyasasystem approach necessitates method restructuring by utilizing cognitive, holistic, open, and purposeful models. The integration aspect of the paradigm necessitates a comprehensive theoretical restructuring, while the interconnection aspect requires a broadened viewpoint. The historical approach is demonstrated by historical reformation, which encompasses multidimensional and holistic models. In contrast, the philosophyasasystem approach entails methodical reforms through the incorporation of models that focus on cognition, wholeness, openness, and purposefulness. The historical and methodical restructuring prototypes can be seen in the Integrative Legal Theory Model and the Critical Legal Functionalism Model. Our study highlights the significance of incorporating economic behavior into the interdisciplinary framework of empirical legal studies. This will enable a more comprehensive understanding of the complex connections between law and economic dynamics.
Social Funding Programs in Non-Depository Credit Cooperatives: A Perspective on Positive Law and Sharia Principles Hambali, Ahmad Imam; Ali, Aisha Bahaaeldin Eprahim
Indonesian Journal of Islamic Economic Law Vol. 1 No. 1 (2024): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v1i1.3439

Abstract

The aim of this study is to investigate the social funding scheme used by non-depository lending cooperatives to satisfy the monetary demands of their patrons. This theme is of great importance for discussion as, historically, no established plan has been implemented to meet these financial needs, especially considering that non-depository lending cooperatives do not support financial lending transactions. Traditional lending and borrowing models have typically been linked with deposit and loan-based cooperatives. This study uses a qualitative descriptive methodology with a normative approach. The primary data sources are transaction records from the cooperatives and their members, while secondary data sources include significant journal articles and books. The study reveals that the optimal social funding program for non-depository lending cooperatives to fulfill the financial requirements of their members is a blended scheme involving qardhul hasan and mudharabah protocols. The maximum permissible loan is equal to 50% of the member's overall pension savings, while the loan tenure must not surpass five years. These loan conditions take account of potential credit and operational hazards. From a theological standpoint, social funding aligns with the commendable teachings of Islam as outlined in the Quran and Sunnah. Exploring the beneficial legal aspects applicable to Indonesia, social funding is an integral part of the Indonesian identity and has been present for centuries, predating the proclamation of the Indonesian state on August 17, 1945. This is enshrined in the Republic of Indonesia's 1945 Constitution, Article 33, Paragraphs (1) and (2). Article 33, paragraph (1), states that the economy is structured as a collective effort based on the principle of family unity. Paragraph (2) stipulates that the state must control industries that are vital to the country and essential for the welfare of the public.
Effectiveness of Halal Traceability and Self-Declared Certification on Indonesian MSMEs Performance Sadiyah, Siti; Erawati, Emi
Indonesian Journal of Islamic Economic Law Vol. 1 No. 2 (2024): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v1i2.4816

Abstract

This study aims to examine in depth the effectiveness of halal tracea-bility in Indonesia and identify the impact of self-declared halal certifi-cation on the performance of small and medium-sized enterprises (SMEs) in the country. The research method used is qualitative, which is reinforced by statistical analysis through survey data from the Popu-lix application as well as a comprehensive literature review. Data anal-ysis was conducted through various techniques, including regression tests, correlation tests, chi-square tests, and content analysis. The re-search findings confirm that the effectiveness of the halal tracking sys-tem significantly contributes to improving the resilience and competi-tiveness of MSMEs. Moreover, self-declared halal certification has been proven to increase consumer confidence in halal products and their integrity. This research makes an important contribution by high-lighting the urgency of integrating efficient halal supply chain man-agement practices, including reliable tracking systems and credible cer-tification. Furthermore, this research underscores the necessity of en-hancing consumer awareness of halal products, thereby facilitating in-formed purchasing decisions and fostering the growth of a more resili-ent halal ecosystem in Indonesia.
Fund Placement and Loan Financing in Sharia Micro-finance: Credit risk analysis (2022-2023) Rahmat, Rahmat; Abdani, Abdani; Yanuri, Yusuf Rohmat
Indonesian Journal of Islamic Economic Law Vol. 1 No. 2 (2024): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v1i2.4877

Abstract

The purpose of this study is to analyse the credit risk associated with Sharia Microfinance Institutions (MMFIs) in Indonesia. In particular, the study examines the risk associated with fund placement and loan financing over the 2022-2023 period. A qualitative method with statistical analysis is employed to evaluate the relationship between fund placement (the independent variable) and loan financing (the dependent variable). The findings indicate a positive correlation between the two variables, with an increase in fund placement resulting in an increase in loan financing. The analysis also identified downward and upward trends in the Coefficient Adequacy Ratio (CAR) of BPRS, underscoring the significance of risk management with regard to fund placement and microfinance. A decline in the quality of financing could potentially impact liquidity and increase credit risk. This study indicates a negative and symmetrical relationship between NPL BPRS and economic growth in Central Java. However, further investigation is required to ascertain the relationship between NPL BPRS and economic growth in West Java. The findings may assist the OJK and BI in formulating policies to enhance financial stability and safeguard customer funds..
The Renewing of Usul al-Fiqh: Challenges, Limitations and Future Directions Bakar, Alyasa Abu; Sahman, S
Indonesian Journal of Islamic Economic Law Vol. 1 No. 2 (2024): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v1i2.5334

Abstract

This research aims to explore and analyse the renewing of the usul fiqh method in Indonesia, which expands the sources of law and aligns the methods of interpretation of Islamic law. The research method used is a qualitative ap-proach involving data collection techniques through literature studies and analy-sis of classical and contemporary texts. The data analysis included descriptive and critical analyses of the legal sources of the Qur'an, Hadith and the practices of companions and istinbath methods. The findings of this research are that the classical usul fiqh method requires revision, especially in terms of the criteria for determining legal verses and the much-debated concept of nasikh-mansukh, so that the application of maqashid sharia and Hadith matan criticism is essential to ensure the relevance and validity of Islamic law in the contemporary context. In addition, this research highlights the dilemmas of legal istinbath authority, in-cluding the challenges of implementing just and humane laws in a country with a diverse Muslim population. The contribution of this research is the recommenda-tion of an integrative and holistic approach to the renewal of usul fiqh through the selective acceptance of new methods of thinking, such as hermeneutics and statistics, as a basis for formulating legal facts so that the validity of Islamic law and its application not only remain rooted in originality but also relevant to con-temporary life.
Principle of Islamic Law and Moral Dilemmas of Religious Organisation's Involvement in Mining Fanani, Ahwan; Budiman, Mamdukh
Indonesian Journal of Islamic Economic Law Vol. 1 No. 2 (2024): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v1i2.5459

Abstract

This paper aims to bridge the moral dilemmas that arise from government policies granting mining concessions to religious organisations and the role of refligious organisations as social controls on the policy and practice of mining against the moral of law. Moral dilemmas revolve around the risks of involvement, the formation of new oligarchies, economic equity, economic actor diversification, and increased bargaining power for natural resource access. This exploratory study employs the Islamic legal maxim and maqȃṣid shari'a as ethical references. The data, such as legal acts and government regulations, were obtained from the literature. The findings indicate that the real problems of mining and other natural resource exploitation are mismanagement and environmental degradation. Islamic ethics based on the Islamic legal maxim and maqȃṣid shari'a can be used as guidance for civil society organisations to address natural exploitation. However, biocapacity deficit and mismanagement due to overlapping rules and authorities in Indonesia are major obstacles to applying Islamic ethics. This paper suggests that hifẓ bi'ȃh may act as a benchmark for state resource management policies to guide private rights in natural resource management to promote renewable energy industry capacity and ecosystem balance.

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