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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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The Comparative Analysis of the Hiwalah Fatwa between Indonesia and Malaysia: دراسة المقارنة : الحوالة في ضوء فتوى الهيئة الشرعية الوطنية لمجلس العلماء الإندونيسي ولجنة الإفتاء بالولايات الفدرالية الماليزية Risdayani, Risdayani; Bachtiar, Muhammad Harsya; Ahyarudin, Ahyarudin
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.v1i2.5507

Abstract

The objective of this study is to examine the differences and similarities in the application and interpretation of the fatwa on hawalah contracts between the Indonesian Ulema Council and the Malaysian Fatwa Committee. The research methodology employed in this study is qualitative research, employing a comparative approach. Following the collection of data from fatwas, books, and other literature, the data is subjected to inductive analysis in order to yield the results of this study. The analysis of similarities and differences, as well as compatibility with Islamic law, conducted between the DSN-MUI fatwa and the Regional Mufti of Biscotuan's fatwa on hawalah has led to the following conclusions: DSN Fatwa No. 12/DSN-MUI/IV/2000: The aforementioned fatwa is in accordance with Shariah principles as it fulfils the elements and conditions of hawalah without an increase in rent or profit. Fatwa No. 58/DSN-MUI/V/2007: The aforementioned instrument is not fully compliant with Shariah principles because it allows for the imposition of fees in the context of a pending hawalah transaction, which may potentially lead to riba. In contrast, the Mufti of Persekutuan Province has issued a fatwa that is compatible with Shariah principles. This fatwa ensures that hawala transactions are only between two parties with a debt-to-debt relationship and that no fees are charged. Consequently, the instrument avoids the imposition of usury. In this context, the fatwa of the Pijapat Persekutuan Mufti is more rigorous in maintaining compliance with Sharia principles, particularly in preventing usury. Although Islamic financial institutions recognise hawalah as a practical necessity, they must exercise caution to ensure that they do not contravene the fundamental Shariah principle of prohibiting usury.
Istinbath Methodology of DSN-MUI: Integrating Classical Islamic Jurisprudence with Contemporary Needs Mubarak, Jaih; Mahfudz, Shaifurrokhman
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.v1i2.5570

Abstract

The objective of this paper is to examine the methodology employed by the National Sharia Board of the Indonesian Council of Ulama (DSN-MUI) in deriving legal rulings (istinbath) within the dynamic framework of the intersection between classical Islamic jurisprudence and contemporary societal needs. The study seeks to provide a detailed analysis of the approach adopted by the DSN-MUI, with a particular emphasis on its predominant utilization of the Intiqa’i or Takhyiri framework. This approach underscores the significance of considering maslaha (public interest) and makharij (solutions) over tarjih (preferential selection based on the strongest evidence). Employing a qualitative research methodology, the paper conducts a thorough content analysis of the fatwas issued by the DSN-MUI and relevant scholarly literature to delve into their istinbath process. The research findings suggest that the DSN-MUI occasionally resorts to collective ijtihad (ijtihad jama’i) in exceptional circumstances, diverging from the prevailing consensus on issues such as non-cash gold transactions and the conversion of tabarru’ contracts into mu`awadhat contracts. By shedding light on the application of the principles of tafriq al-halal wa-al-haram (differentiation between what is permissible and impermissible) and al-’ibrah fi al-’uqud bi al-alfazh wa al-mabani (legal reasoning in accordance with the teachings of Imam Shafii), this study significantly contributes to the field of Islamic jurisprudence. Moreover, this research offers a comprehensive analysis of the istinbath methodology of the DSN-MUI, providing valuable insights into how classical Islamic jurisprudence is adapted to address contemporary economic and social challenges in the Indonesian context.
The Impact of ZISWAF Funds, ROE, and MSR on Mudharabah Income in Indonesian Islamic Banking (Period: 2018–2023) Fahmi, Fahmi Ilham Fadjar; Wahyu Setya Budianto, Eka
Indonesian Journal of Islamic Economic Law Vol. 2 No. 1 (2025): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v2i1.5702

Abstract

This research aims to determine and test the effect of receiving ZISWAF, ROE and MSR funds on Mudharabah income with Firm size as a Moderating Variable. The samples used in this research are companies in the financial sector whose financial data is registered with the Central Statistics Agency. 2018 – 2023. The sampling technique used was purposive sampling, with a total sample of 5 banks in 5 years. The data analysis technique used is Panel Data Regression Analysis and Moderated Regression Analysis (MRA) with the Eviews 12 application. The research results show that ZISWAF funds have a significant positive effect on Mudharabah income for the 2018-2023 period. Return on Equity (ROE) has a significant positive effect on Mudharabah Income for the 2018-2023 period. Legal Reserve Requirement (LLR) has a positive effect on Mudharabah Income. Firm Size is able to moderate the influence of ZISWAF, ROE, LLR Funds on Mudharabah Income for the 2018-2023 period. In future research, it is hoped that other variables will be used as moderating variables, such as dividend policy, etc. and also use samples from other sectors so that the research results can also represent other sectors.
The Use of Midjourney in Design Buying and Selling Business from the Perspective of Ibn Ashur's Maqashid Sharia Hidayat, Febryan; Hanif, Khasnan; Miftakul Janah, Maratus Sholikhah
Indonesian Journal of Islamic Economic Law Vol. 2 No. 1 (2025): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v2i1.7109

Abstract

This research is motivated by the rapid development of artificial intelligence (AI) technology across various sectors, particularly in design. One widely used AI tool in design is midjourney. Although AI offers numerous benefits, such as production efficiency and flexibility for non-professional users, its use also raises issues related to design authenticity, third-party utilization, and the potential automation of human roles. Considering the importance of ethical and legal aspects in AI usage, this study aims to examine the role of AI in online design services from the perspective of maqashid syariah according to ibn ashur. This research employs a qualitative approach, specifically a library research method with a phenomenological approach and descriptive analysis techniques, to understand and explain the role of AI within the maqashid syariah framework. The findings reveal that midjourney, as an AI design platform, supports design efficiency and enhances designers’ creativity through text-based automation features. However, its application in commercial design poses copyright challenges, especially when designs are fully generated by AI. From a maqashid syariah perspective, AI in design services aligns with the principle of wealth circulation (Ar-Rawaj) and ownership clarity when using exclusive services. Collaborative use of AI that maintains the active role of designers is deemed more equitable and consistent with maqashid syariah, while excessive dependency may reduce originality.
Navigating Sharia Compliance in the Digital Age: An Examination of Bank Indonesia’s Hedging Swap Regulation (PBI 24/7/2022) Anggraeni, Sinta Thia; Bukhari, Imran; Dahmayanti, Andi
Indonesian Journal of Islamic Economic Law Vol. 2 No. 1 (2025): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v2i1.5257

Abstract

The present study aims to examine the alignment of Islamic values with the principles of efficiency and profitability, as contained in Bank Indonesia's Hedging Swap regulation, to ensure innovation in the digital financial sector. The objective of this study is to ascertain how the integration of contemporary banking law with fiqh can establish a framework that facilitates the development of Shariah compliant digital financial products that comply with financial law based on Islamic principles without compromising the capacity of banks to generate profits. This research adopted a qualitative methodology and a literature study approach, employing data processing techniques to collect and evaluate pertinent literature on digital financial products and Islamic jurisprudence. The data triangulation method was applied by sorting and extracting through a deductive approach to data interpretation specific to the research objectives. The study concluded that the al-tahawwuth al-murakkab contract successfully integrates Islamic principles, bank profits and the dynamics of the digital era. However, the approach is only relevant for commercial banks and does not fully support digital transformation in micro scale banks.
Analysis of Sharia Compliance in the Wakalah Contract for Zakat Payment on Tokopedia: تحليل مدى توافق الشريعة في تطبيق عقد الوكالة على قضية دفع الزكاة عبر توكوبيدي Rosyadi, Fazlur Rahman; Arif, Zainal; Rosyadi , Zidan Nayyiv
Indonesian Journal of Islamic Economic Law Vol. 2 No. 1 (2025): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v2i1.6144

Abstract

The objective of this study is to analyse the Sharia compliance of the wakalah contract applied in zakat payments via Tokopedia, in order to ascertain the validity of transactions between the muzakki and Tokopedia as an intermediary with zakat administrators (amil zakat). The study employs content analysis to understand Sharia compliance in the wakalah contract for zakat payments via Tokopedia. It adopts a deductive approach, testing Sharia compliance theory within this specific context. The data collection process involves a document study, wherein relevant fuqaha's opinions and related scholarly articles are analysed. Thematic analysis is then employed to identify patterns or specific meanings relevant to the research focus. The findings indicate that zakat payments via Tokopedia using a wakalah contract fulfil the essential pillars and conditions of the wakalah contract, thereby rendering them valid under Islamic law. However, a shortcoming is identified in the form of delays in updating zakat distribution reports. The novelty of this study lies in its comprehensive analysis of the implementation of the wakalah contract in digital zakat payments via Tokopedia, along with recommendations for enhancing the transparency of zakat distribution reporting on a regular basis.
Manhaj Tarjih: Navigating Ijtihad in The Disruption Era Fariadi, Ruslan; Ikasari, Aryani; Nafiza, Salwa
Indonesian Journal of Islamic Economic Law Vol. 2 No. 1 (2025): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v2i1.7044

Abstract

The objective of this study is to examine how the era of disruption is accommodated within the framework of Muhamamdiyah's ijtihad fiqh and how this framework is designed to navigate a responsive fiqh in the era of disruption. A qualitative normative research approach was employed to collect data through relevant literature studies, which were then analyzed comprehensively using content analysis, in conjunction with the takhrij of fiqhiyah principles derived from the manhaj methodology of Muhamadiyah's ijtihad fiqh. The findings indicate that the methodology of ijtihad fiqh employed by Muhammaddiyah extracts core concepts from ushul fiqh principles and fiqh maxims, thereby identifying the underlying rationale behind the selection of these principles. Furthermore, this study explores how existing fiqh rulings of muhammadiyah reflect responses to the challenges of the era of disruption. The study's findings reveal that the era of disruption, functioning as an independent variable, exerts a significant influence on the design of Muhamamdiyah's ijtihad fiqh methodology, which is a dependent variable. This methodology is meticulously structured to produce fiqh that is not only responsive but also adaptive to the demands of the contemporary era. The novelty of this research lies in its correlational description between the era of disruption and Muhamamd's ijtihad fiqh methodology, demonstrating how this ijtihad method functions as a compass in addressing the dynamics of rapid change
Islamic Jurisprudence on Women Reproductive Health (Indonesian Review) Qibtiyah, Alimatul; Andeska, Wika; Salsabila, Azka
Indonesian Journal of Islamic Economic Law Vol. 2 No. 1 (2025): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v2i1.6957

Abstract

This paper explores the role of Islamic jurisprudence (fiqh) in addressing women's reproductive health issues in Indonesia, particularly in emergency contexts where rising sexual violence is prevalent. Islamic jurisprudence, as part of the turats (heritage), provides a moral and legal framework that can bridge traditional Islamic principles with contemporary reproductive health challenges. The formulation of women's reproductive health jurisprudence in Islam must be grounded in the fundamental values of benefit (maṣlaḥah), justice, and freedom, which are in alignment with the principles of maqāṣid al-sharī’ah, particularly hifẓ al-nafs (protecting the soul) and hifẓ al-nasl (protecting offspring). Women's reproductive health encompasses not only the prevention of disease but also the safeguarding of reproductive rights in accordance with Islamic values, including the right of women to make medical decisions regarding their health. Consequently, access to safe and quality reproductive health services must be regarded as harmful practices such as child marriage, female genital mutilation/cutting (FGM/C), and restrictions on contraception that endanger the mother's health. It is imperative to recognize that all practices detrimental to women's reproductive health are considered haram, as they contradict the principle of benefit. To address this critical issue, there is a necessity to reformulate fiqh to align more closely with the contemporary needs of women. This reformulation must affirm women's rights to their reproductive health and ensure the development of inclusive health policies based on maqāṣid al-sharī’ah. These policies must protect women's health from harmful and discriminatory practices. This paper underscores the pressing need to integrate Islamic legal principles to safeguard women's reproductive rights, aligning Islamic jurisprudence with contemporary reproductive health needs, particularly during times of crisis, to achieve a more comprehensive approach to safeguarding women's health and dignity
Maqāṣid al-Sharī‘ah Insights on HDI and Islamic Economic Policy Arya, Prima Ariyo Widodo; Risdayani, Risdayani; Hidayat, Wahyu`; Ali Tjenra, Ahmad Raden
Indonesian Journal of Islamic Economic Law Vol. 2 No. 2 (2025): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/ijoel.v2i2.9943

Abstract

This study aims to analyse the influence of average years of schooling and life expectancy on Indonesia's Human Development Index (HDI) for the period 2021-2023 and its implications from an Islamic economic perspective based on maqāṣid al-Syarī'ah. This study employs a mixed-method approach, combining quantitative analysis through multiple linear regression tests to analyse the impact of average years of schooling and life expectancy on Indonesia's HDI for the 2021-2023 period, with qualitative analysis through content analysis from the perspective of maqāṣid al-Syarī‘ah. The results of this study indicate that average years of schooling and life expectancy have a positive and significant impact on the improvement of the Human Development Index (HDI) in Indonesia for the period 2021-2023, contributing 73.50 per cent to HDI variation. The increase in average years of schooling reflects improved access to education, thereby supporting workforce quality, while the stability of life expectancy indicates the success of healthcare services and improving living conditions for the population. From an Islamic economic perspective, these findings reinforce the connection between HDI indicators and the five objectives of maqāṣid al-Syarī‘ah, namely the protection of religion, life, intellect, lineage, and property, indicating that HDI improvement supports human development aligned with Sharia values. The implications of these findings underscore the importance of integrating education and health policies with environmental conservation policies to achieve a fair, sustainable, and prosperous Islamic economy for society.
الإجارة المنتهية بالتمليك وعلاقتها بعقد الهبة في المصارف الإسلامي: دراسة مقارنة : Comparative Study of IMBT and Gift Contract in Islamic Banking Tokan, Abdurrahman; Hidayat, Syamsul; Nirwana, Andri
Indonesian Journal of Islamic Economic Law Vol. 2 No. 2 (2025): Indonesian Journal of Islamic Economic Law
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Ijarah Muntahiya Bittamlik is a form of Islamic finance combining the contracts of I zev and sale or gift. Under this contract, the tenant (customer) leases the property from the lessor (bank) for a specified period of time with the promise that ownership of the property will be transferred at the end of the I zev period either through sale or gift. This contract is an alternative to traditional loans that rely on usurious interest, making it compliant with Islamic law, which prohibits usury. A key benefit of the Ijarah Muntahiya Bittamlik contract is that it allows the customer to benefit from assets such as movables, cars or real estate without the responsibility of direct ownership and the associated costs such as maintenance of the large property during the lease period, as the ownership of the property remains with the lessor until the end of the lease term. The transfer of ownership of the property occurs at the conclusion of the contract in accordance with the terms of the agreement, which may be facilitated by means of a gift, thereby obviating the need for the purchaser to incur the expense of ownership. Alternatively, the property may be sold at a nominal price. This transfer of ownership is an integral component of the mechanism that underpins the investment objectives of Islamic banks, as it ensures that both parties adhere to Shari'ah regulations and Shari'ah judgements in financial transactions. The hibah contract is a favoured method for transferring ownership in such contracts, as the gift from the bank to the customer is legitimate and available, and does not require any additional consideration at the end of the term. Consequently, the utilisation of hibah as a mode of transferring property ownership is not only accepted but also favoured by customers seeking to circumvent the prohibition of riba. It is evident that the gift contract constitutes a viable solution to the issue of transferring ownership in Ijarah Muntahiya Bittamlik, as it is consistent with the principles of Islamic Sharia. This is achieved by enabling customers to utilise the leased property in the event of non-payment of the full amount, without the necessity of direct borrowing with prohibited Riba interest.

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