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RIZKI JUM'AIDIL MUSTHOFA
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rizkijumaidilmusthofa@gmail.com
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+6283854003553
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INDONESIA
HUKUM EKONOMI ISLAM
ISSN : 25494872     EISSN : -     DOI : -
Core Subject : Economy,
Pasar modal syariah merupakan salah satu sektor keuangan yang beroperasi berdasarkan prinsip-prinsip syariah Islam, yang menghindari unsur riba, gharar, dan maysir. Pasar ini menyediakan instrumen investasi seperti saham syariah, sukuk, dan reksa dana syariah yang telah diseleksi dan diawasi oleh Dewan Syariah Nasional-Majelis Ulama Indonesia (DSN-MUI) agar sesuai dengan fatwa syariah. Dengan prinsip keadilan, transparansi, dan kepatuhan terhadap hukum Islam, pasar modal syariah menawarkan solusi investasi yang tidak hanya menguntungkan secara finansial tetapi juga halal dan etis. Selain berperan sebagai sumber pendanaan bagi perusahaan, pasar modal syariah juga mendorong partisipasi masyarakat dalam kegiatan ekonomi yang produktif dan berkelanjutan. Oleh karena itu, pasar modal syariah menjadi alternatif investasi yang relevan dan penting bagi umat Islam di era modern.
Articles 122 Documents
The Concept of Digital Rupiah (Central Bank Digital Currency) as a Medium of Exchange in the Context of Sharia Economic Law Zayida, Muhammad Fakhriel; Naafisah, Didah Durrotun; Asro, M.; Athoillah, M. Anton
Jurnal Hukum Ekonomi Syariah Vol. 9 No. 1: Juni 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/j-hes.v9i1.17695

Abstract

The development of digital technology has prompted central banks to develop Central Bank Digital Currency (CBDC), including in Indonesia with the introduction of Digital Rupiah. Although it has been legally recognized through Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK Law), its compatibility with Sharia Economic Law is still being debated. Therefore, this study aims to analyze the Digital Rupiah as a medium of exchange from the perspective of Islamic Economic Law, particularly in relation to public interest and the objectives of Sharia law. This study employs a descriptive-analytical qualitative method with a normative approach, examining relevant regulations and comparing the concept of the Digital Rupiah with principles in Islamic Economic Law based on literature reviews from academic sources, scientific journals, and official documents from the Bank of Indonesia. The results of the study indicate that the Digital Rupiah is consistent with the objectives of Sharia law, particularly in terms of hifzh al-mal (preserving wealth) through value stability and hifzh al-aql (preserving intellect) through transaction transparency and technology-based financial inclusion. Additionally, the Digital Rupiah enhances hifzh an-nafs (preserving life) through a safer financial system. The Digital Rupiah can be accepted under Islamic Economic Law, provided its implementation remains within the framework of justice, public interest, and is free from riba gharar and maisir. However, there are still several challenges faced by the Digital Rupiah, such as the need for further regulation regarding distribution, ownership, user protection, transaction mechanisms, and conversion, the need for digital security updates, and educating the public to ensure optimal distribution and usage.
Peran Kepuasan Anggota dalam Memediasi Pengaruh Etika Bisnis Islam dan Kualitas Pelayanan terhadap Loyalitas pada Koperasi Syariah farizal, achmad
Jurnal Hukum Ekonomi Syariah Vol. 9 No. 1: Juni 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/v9sqjg20

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Etika Bisnis Islam dan kualitas pelayanan terhadap loyalitas anggota, dengan kepuasan anggota sebagai variabel mediasi pada KSPPS BMT Mutiara Umat Sejahtera Kudus. Sampel penelitian berjumlah 168 anggota dengan data diperoleh melalui kuesioner. Analisis dilakukan menggunakan metode Structural Equation Modelling (SEM) dengan bantuan software AMOS 24.0. Uji validitas dan reliabilitas mencakup convergent validity, average variance extracted (AVE), discriminant validity, dan construct reliability. Hasil penelitian menunjukkan bahwa Etika Bisnis Islam tidak berpengaruh langsung terhadap loyalitas, namun berpengaruh signifikan terhadap kepuasan anggota. Sebaliknya, kualitas pelayanan berpengaruh signifikan terhadap kepuasan dan loyalitas anggota. Kepuasan anggota terbukti memediasi secara penuh hubungan antara Etika Bisnis Islam dan loyalitas, serta secara parsial antara kualitas pelayanan dan loyalitas. Temuan ini mengindikasikan bahwa peningkatan Etika Bisnis Islam dan kualitas pelayanan mampu mendorong kepuasan yang berdampak pada loyalitas anggota.
The Transformation of Zakat in Indonesia: Integrating Religious Obligation and State Responsibility in Pursuit of Economic Justice Gustiana, Restia; Akhyati, Najikha; Ulfa, Maria
Jurnal Hukum Ekonomi Syariah Vol. 9 No. 1: Juni 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/j-hes.v9i1.18528

Abstract

This research aims to analyze the regulation of zakat in the Indonesian legal system as well as evaluate its implementation as an instrument of community economic justice, by examining the balance between religious obligations and the role of the state in the management of zakat. The research uses normative-empirical approach with descriptive-qualitative analysis method. Primary data is obtained from the study of Law No. 23/2011 on Zakat Management, its derivative regulations, and court decisions related to zakat disputes. Secondary data include reports of the National Amil Zakat Agency (BAZNAS), scientific articles, and previous research on the effectiveness of zakat in economic development. Data collection is done through document study and literature review. Data analysis uses content analysis of zakat regulations and policies to identify gaps between theory and practice. The results show that zakat regulation in Indonesia has provided strong legal legitimacy, but its implementation still faces obstacles such as institutional fragmentation between BAZNAS and LAZ. Religiously, there is still low compliance of Muslim society to give zakat. In addition, Zakat has the potential to be an effective economic redistribution tool, but its distribution has not been optimal in reducing social inequality. The role of the state in supervision and standardization of zakat management needs to be strengthened to ensure transparency and accountability. This study concludes that the integration of religious obligation and state responsibility in zakat regulation has not fully achieved the goal of economic justice, so more progressive policy reforms are needed.
Urgensi Pencabutan Label Halal pada Produk Terafiliasi Israel: Tinjauan Hukum Islam dan Fatwa MUI No. 83 Tahun 2023 Akhyati, Najikha
Jurnal Hukum Ekonomi Syariah Vol. 9 No. 1: Juni 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/qgzmj825

Abstract

Artikel ini membahas urgensi pencabutan label halal terhadap produk-produk yang terafiliasi dengan Israel dalam perspektif hukum Islam dan ditinjau berdasarkan Fatwa Majelis Ulama Indonesia (MUI) No. 83 Tahun 2023 tentang Dukungan terhadap Perjuangan Palestina. Fatwa tersebut menegaskan bahwa mendukung perjuangan Palestina adalah kewajiban moral dan keagamaan umat Islam, serta menyatakan haram mendukung pihak yang secara langsung maupun tidak langsung membantu agresi Israel, termasuk melalui transaksi ekonomi. Dalam konteks ini, produk terafiliasi Israel meskipun memenuhi syarat kehalalan zat dan proses, dinilai tidak layak menyandang label halal karena bertentangan dengan prinsip maslahah dan nilai-nilai keadilan dalam Islam. Melalui pendekatan normatif dan yuridis, artikel ini mengkaji peran otoritas sertifikasi halal serta landasan hukum dalam mengaitkan aspek spiritualitas, etika konsumsi, dan solidaritas kemanusiaan. Hasil analisis menunjukkan bahwa pencabutan label halal atas produk-produk tersebut bukan hanya relevan secara fiqhiyyah, tetapi juga mendesak sebagai bentuk implementasi nyata dari prinsip al-wala’ wa al-bara’, serta sebagai upaya strategis menekan dominasi ekonomi Israel. Dengan demikian, perlunya peninjauan ulang terhadap standar sertifikasi halal menjadi bagian penting dalam mendukung perjuangan kemerdekaan Palestina.
Buying and Selling Boycott Products and Maslahah Mursalah An Analysis of MUI Fatwa No. 83 of 2023 Rufaida, Erty Rospyana; Alamsyah, Alamsyah
Jurnal Hukum Ekonomi Syariah Vol. 9 No. 1: Juni 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/j-hes.v9i1.18601

Abstract

The issuance of Fatwa No. 83 of 2023 by the Indonesian Ulema Council (MUI), which calls on Muslims to avoid products affiliated with Israel, has triggered a wide social, economic and religious discourse in Indonesia. The fatwa is not merely a moral call, but rather a normative directive in Islamic law rooted in the principle of maslahah mursalah - a consideration of the public good that is not explicitly mentioned in sacred texts, but is in line with the objectives of sharia. This study analyzes the fatwa through the perspective of contemporary Islamic fiqh and assesses its broader socio-economic implications. The research uses a descriptive qualitative method with a normative-theological approach, relying on literature study as the main technique of data collection, and supported by content analysis and critical review. The results show that this fatwa is based on strong theological foundations and strengthens the collective solidarity of Muslims towards the Palestinian cause. It introduces a model of non-violent resistance through economic jihad, encouraging Muslim consumers to practice ethical consumption. However, its implementation faces challenges, including limited access to information regarding product affiliations, consumer dependence on global brands, and economic risks for small businesses. This fatwa reflects a dynamic form of contemporary ijtihad, demonstrating the active engagement of scholars in responding to global injustices. Although not legally binding, these fatwas have strong normative authority in shaping Muslim consciousness towards justice, humanity and public good. This study emphasizes the importance of policy synchronization and public education to increase the practical impact of this fatwa in Indonesia's pluralistic society.
Analysis of Production Factors on Agro Industry Production Value in Central Lombok Regency from an Sharia Economic Perspective Kasih, Baiq Sufia; Syawahid, Syawahid; Purwati, Nining
Jurnal Hukum Ekonomi Syariah Vol. 9 No. 1: Juni 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/64rdwg08

Abstract

This study aims to analyze the function of production factors on the agro industry production value in Central Lombok Regency from an islamic economic perspective. It was hypothesized that an increase in production factors such as labor, capital, and raw materials would align with an increase in production value. The research employed a quantitative descriptive approach using secondary data from 2018-2022. The analysis included descriptive statistics, Compound Annual Growth Rate (CAGR), Pearson correlation, economic ratios, and productivity analysis. The results indicate a very strong correlation among production factors (r=0.944-0.999), with raw materials and production value showing the highest correlation (r=0.999). Labor productivity experienced an average decrease of 0.38% per year, while investment grew by 1.015% annually. The proportion of labor costs was only 4.72% of the production value, indicating a capital intensive characteristic. Raw material efficiency remained stable at 2.42, with value added reaching 58.66%. From an Islamic economic perspective, this industry demonstrates alignment with tawhid, but requires improvements in distributive justice ('adl) and maslahah optimization. This research contributes theoretically to the integration of Islamic economics with industrial analysis and offers practical recommendations for the development of a just and sustainable agro industry.
Dinamika Hukum Pembiayaan Komoditi Murabahah pada Perbankan Syariah: Tinjauan Fiqh Muamalah Akbar, Muhamad Faizal
Jurnal Hukum Ekonomi Syariah Vol. 9 No. 1: Juni 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/wfr9fs65

Abstract

Perbankan Syariah merupakan Lembaga keuangan yang berbasis pada prinsip-prinsip syariah dalam produk akad yang digunakannya. Tujuan penelitian ini adalah meninjau lebih dalam tentang hukum pembiayaan komoditi murabahah pada perbankan syariah dengan meninjau dari perspektif fiqh muamalah, dengan melihat dari segi penerapan dan batasan yang telah ditentukan oleh regulasi perbankan syariah. Penelitian ini bertujuan untuk mengetahui validitas keabsahan akad pembiayaan komoditi murabahah dengan melihat regulasi di tiga negara yaitu Arab Saudi, Malayasia dan Indonesia. Artikel ini tergolong pada penelitian lapangan yang berbasis kualitatif. Metodologi yang digunakan adalah hukum normatif yang dikemas secara deskriptif analitis. Hasil penelitian menyimpulkan Pada dasarnya pembiayaan komoditi murabahah tidak sepenuhnya bersifat makruh dan haram. Beberapa konsep tawarruq di perbankan syariah seperti Arab Saudi, Malaysia dan Indonesia diperbolehkan untuk diimplementasikan dengan ketentuan masing-masing negara terkhusus pada nasabah yang dalam keadaan darurat ataupun terdesak maupun pada perbankan syariah yang sedang mengalami defisit pada perusahaannya. Penerapan akad tawarruq ini menjadikan tingkat kepercayaan Masyarakat kepada perbankan syariah untuk memenuhi kebutuhan pokok dari nasabah itu sendiri dan tetap terjaga sesuai dengan prinsip-prinsip syariah dalam kegiatannya.
Business Law Ethics in the Perspective of Muhammadiyah Values: The Challenge of Applying Business Ethics in the Modern Era Mutiara Sirait, Resmaya Agnesia; Yuliastini, Anita; Yus, Thadeus; Annurdi
Jurnal Hukum Ekonomi Syariah Vol. 9 No. 2 (2025): Desember 2025 (In Process)
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/hck7aq11

Abstract

The rapid development of information and communication technology in Indonesia's business sector has made the existing business sector increasingly complex and competitive. The application of strong ethics is very important to maintain integrity and trust among business actors, considering that the challenges faced by business actors are also based on Islamic principles. The perspective of Muhammadiyah values, which are based on Islamic teachings that prioritize justice and ethics, has an important point in making a significant contribution to overcoming the challenges that exist in business ethics today. This study aims to identify and analyze the principles of business law ethics from the perspective of Muhammadiyah values, exploring the challenges faced in the application of business ethics from the perspective of Muhammadiyah values in the modern era. This research uses a literature study research method, which is a series of activities related to collecting library data, reading and recording, and managing research materials. The context of this research is important to examine in order to strengthen the position of business ethics from the Muhammadiyah perspective.
Integrating Sharia Contracts and Digital Technology in Indonesian Digital Wallet Platforms Robbani, Muhammad Robbani Ridho; Rosyadi, Imron
Jurnal Hukum Ekonomi Syariah Vol. 9 No. 2 (2025): Desember 2025 (In Process)
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/j6yjsc52

Abstract

Digitalization in the field of Islamic finance is now a top priority, along with the rapid development of technology. This research discusses the implementation of digital contracts that comply with Sharia principles, while examining the challenges of integrating Islamic law with digital technology on electronic wallet platforms. Using a qualitative and descriptive-exploratory approach, data was collected thru literature studies and interviews with Islamic financial institutions, fintech practitioners, and users. The results show significant progress in the implementation of digital contracts, but there are still gaps in aligning Sharia rules with digital systems. The main challenges include the legal validity of digital contracts, the protection of personal data, and transaction security. This research emphasizes the importance of clear and flexible regulations to ensure that digital financial transactions remain in accordance with Sharia principles. Additionally, it is recommended to strengthen the legal framework, improve public understanding of Sharia-compliant fintech, and improve security infrastructure. Thru the analysis of real-world cases such as GoPay and LinkAja Syariah, this research proposes a model for developing digital contracts that are transparent, secure, and fully compliant with Sharia law. Overall, this research contributes to the broader discussion on Islamic digital finance by providing insights into the suitability of regulations and ethical digitalization, thus supporting the growth of a sustainable and inclusive Islamic financial ecosystem.
Tinjauan Hukum Islam Terhadap Penentuan Harga Dalam Jual Beli Alat Pertanian Dengan Pembayaran Tunda Studi Di Desa Damarpura Kecamatan Buana Pemaca Kabupaten Oku Selatan Zahara, Rita; Edi, Relit Nur; Maraliza, Helma
Jurnal Hukum Ekonomi Syariah Vol. 9 No. 2 (2025): Desember 2025 (In Process)
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/5wne9j94

Abstract

Praktik jual beli di pedesaan kerap berjalan sederhana dan berdasarkan kepercayaan, namun di balik kesederhanaan tersebut sering muncul persoalan kejelasan harga yang berpotensi menimbulkan ketidakadilan. Penelitian ini bertujuan untuk menganalisis sistem penentuan harga dalam jual beli alat pertanian di Desa Damarpura, Kecamatan Buana Pemaca, Kabupaten OKU Selatan, serta meninjau kesesuaiannya dengan prinsip hukum Islam. Metode penelitian yang digunakan adalah pendekatan kualitatif dengan desain studi kasus melalui observasi langsung dan wawancara terhadap satu orang penjual serta sebelas orang pembeli. Hasil penelitian menunjukkan bahwa terdapat dua sistem pembayaran, yaitu tunai dan tunda. Harga tunai disepakati di awal akad, sedangkan harga tunda baru diinformasikan saat pelunasan dengan selisih harga yang signifikan tanpa adanya pencatatan tertulis. Praktik ini mengandung unsur gharar (ketidakjelasan) yang bertentangan dengan prinsip kejelasan harga (jahl bi al-tsaman), keadilan (‘adl), dan kerelaan (tarādhī) dalam fiqh muamalah, karena menimbulkan ketidakseimbangan informasi antara penjual dan pembeli. Kesimpulan penelitian ini menegaskan pentingnya penetapan harga secara jelas di awal akad, pencatatan transaksi, serta edukasi fiqh muamalah agar transaksi berjalan transparan, adil, dan sesuai prinsip syariah. Kata Kunci: Jual Beli, Harga Tunda, Fiqh Muamalah, Gharar, Keadilan Ekonomi Islam.

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