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Azhar Alam
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Journal of Islamic Economic Laws
Published by Universitas Muhammadiyah Surakarta
ISSN : 26559609     EISSN : 26559617     DOI : https://doi.org/10.23917/jisel
Core Subject : Religion, Economy, Humanities, Social,
Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences
Journal of Islamic Economic Laws (JISEL) is published by the Department of Islamic Economic Laws, Faculty of Islamic Studies, Universitas Muhammadiyah Surakarta. The journal provides a platform for scholarly research that bridges theoretical perspectives and practical developments in the field of Islamic economic laws. JISEL welcomes contributions from diverse disciplines, encouraging academic dialogue among researchers, scholars, and practitioners who are engaged in the study of Islamic economics, law, finance, business, philanthropy, and halal-related sectors. The journal is committed to advancing interdisciplinary knowledge and promoting the development of Islamic economic thought in contemporary contexts. Published online using the Open Journal Systems (OJS), JISEL ensures broad and easy access to its content for researchers and readers worldwide. The journal has been nationally accredited by the Ministry of Research, Technology, and Higher Education of the Republic of Indonesia and is indexed in DOAJ and other reputable scholarly databases.
Arjuna Subject : Ilmu Sosial - Ilmu Sosial (Lain-Lain)
Articles 90 Documents
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Legal Certainty of Tarim Cream Use: A Consumer Protection Law and Maqashid Sharia Perspective Ababil, Bella; Alamudi, Ichwan Ahnaz; Abdillah, Muhammad Torieq; Umairoh, Noor Sifa
Journal of Islamic Economic Laws Vol. 8 No. 02 (2025): July
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v8i02.10612

Abstract

This study analyzes the legal certainty of Tarim cream under Consumer Protection Law and maqashid sharia principles. Tarim cream has gained popularity, particularly through social media promotion by religious influencers, despite lacking official BPOM and halal certification from BPJPH. This normative legal research employs a statutory and Islamic legal approach grounded in maqashid sharia. The findings reveal that Tarim cream violates consumer rights, particularly those related to safety, information transparency, and honest marketing. From the sharia perspective, the product potentially harms the five fundamental objectives of Islamic law: protection of religion, life, intellect, wealth, and lineage. This study underscores the need for stronger regulations and public education to ensure the circulation of halal and safe products in Indonesia. It contributes to strengthening consumer protection frameworks in the halal industry and emphasizes the importance of maqashid-based consumer awareness.
The Impact of Financial Technology on Advancing Banking Services and Promoting Financial Inclusion in Libya Etorbi, Mustafa
Journal of Islamic Economic Laws Vol. 8 No. 02 (2025): July
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v8i02.10073

Abstract

This research examines the impact of Financial Technology (FinTech) on advancing banking services and financial inclusion in Libya. The study aims to foster financial inclusivity and advance fintech development in Libya, relying on the Innovation Diffusion Theory. Utilizing a quantitative approach in this research, data is collected from Libyan bank customers through structured questionnaires and is analyzed using the Statistical Package for Social Sciences (SPSS). The findings of this research support the hypothesis that the adoption of Alternative Payment Methods (APMs) and automation by banks positively impacts financial inclusion and service quality. The results of this study intend to assist policymakers and financial institutions in devising targeted plans to support Libya’s recovery through FinTech, modernizing its banking system, and improving the quality of services offered to citizens. This study informs the debate on developing technology-based mechanisms to tackle the specific banking problems in Libya, improve financial inclusion and assists the key stakeholders by providing them with an elaborate roadmap on enhancing service delivery.
Islamic Circular Economy in Business Practice and Islamic Finance: A Systematic Literature Review Fathma, Azizah; Thoriq Alfarisi, Muhammad; Darwanto
Journal of Islamic Economic Laws Vol. 8 No. 02 (2025): July
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v8i02.11697

Abstract

Global environmental crises, including climate change, natural resource degradation, and increasing waste, pose significant challenges to conventional linear economic systems. In response, the circular economy has emerged as an alternative model emphasizing resource reduction, reuse, and recycling. However, scholarly work examining its integration with Islamic values remains fragmented. This study addresses this gap through a systematic literature review of 11 Scopus-indexed publications (2019-2024) conducted according to PRISMA guidelines. The method employed in this research is a literature review, which aims to describe the existing research landscape on the circular economy from an Islamic perspective, drawing on relevant and current academic literature. The analysis reveals two themes in circular economy research from an Islamic perspective: First, the concept of Islamic Circular economy in business practice, such as khalifah fil ardh (stewardship), tawazun (balance), maslahah (public benefit), and the prohibition of israf (waste), demonstrates intrinsic compatibility with circular economy goals. Second, the Islamic finance sector, with its blended financial models, Islamic social finance instruments, and green sukuk, offers viable financing alternatives for circular economy initiatives. The findings provide a foundational mapping for future research to further develop Islamic circular economy models, particularly through empirical validation and practical implementation strategies in both financial and business domains.
Integrating Religiosity and Public Policy to Foster Green Behavior: A Muslim Perspective Al Hadi, Qoshid
Journal of Islamic Economic Laws Vol. 8 No. 02 (2025): July
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v8i02.13105

Abstract

Plastic pollution has become one of the most pressing environmental challenges of our time, yet the role of faith and knowledge in driving sustainable consumer behavior remains underexplored. This study investigates how   religiosity, green knowledge, and plastic ban policies interact to shape green behavior among Muslim consumers. By integrating the Norm Activation Theory (NAT) and Institutional Theory, it develops a novel framework for understanding sustainability within a religious context. A survey of 210 Muslim consumers in Banjarmasin, Indonesia, was conducted using a five-point Likert scale to measure green knowledge, religiosity, perceptions of plastic ban policies, and green behavior, with data analyzed through structural equation modeling (SEM) to assess causal relationships. The results show that green knowledge is a strong predictor of green behavior, reinforcing personal norms aligned with Islamic values. In contrast, religiosity demonstrates a negative association with green behavior, reflecting barriers such as higher costs and limited access to eco-friendly products. Plastic ban policies strengthen social norms but, when interacting with religiosity, reduce individual responsibility. The originality of this study lies in its integration of religious values into NAT and Institutional Theory, providing new insights into how personal norms and institutional pressures interact to drive sustainability. The study is limited by its reliance on self-reported data and a localized sample, and future research is encouraged to expand to cross-cultural contexts and incorporate observed behavioral data.
The Impact of Zakat on the Economy and Poverty in Indonesia Runtiningsih, Sri; Alirastra Budiantoro, Risanda; Syahrul Fauzi, Ahmad; Mustofa, Ubaedul; Syarifah, Lailatis; Rahmayani, Dwi
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.10461

Abstract

This study aims to examine the impact of zakat and various socio-economic factors on regional economic growth and poverty levels in Indonesia. Using panel data from 34 provinces in Indonesia for the period 2019-2021. This study examines the complex relationships between zakat distribution and key macroeconomic indicators within an Islamic economic framework, using a common effects model for the economic growth equation and a fixed effects model for the poverty equation. The results indicate that zakat has a positive significant effect on economic growth and has a negative  significant effect on poverty. This research provides valuable insights into the potential role of zakat in addressing economic inequality and promoting sustainable development in Indonesia.
Assessing Shariah Compliance: An Analysis of Ijārah Financing Practices in Sri Lanka's Islamic Banking Sector against AAOIFI Standards Hayathu Mohamed, Ahamed Hilmy; Ahamed Lebbee, Abdul Rauf; Mohamed Casim, Abdul Nazar
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.13319

Abstract

This study critically examines the extent to which Ijārah nancing practices in Sri Lanka's Islamic banking sector conform to the principles delineated in the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standard No. 9. Employing a qualitative, descriptive, and exploratory methodology grounded in a comprehensive literature review, this study synthesises information from peer reviewed journals, regulatory reports, and institutional documents. It establishes AAOIFI standards as the benchmark for compliance and systematically analyzes Sri Lankan practices, identifying key areas of convergence and divergence. The findings reveal a significant reliance on institutional-level Shariah governance, in the absence of a robust national regulatory framework. The analysis further uncovered critical gaps, particularly in the operational mechanics of Ijārah products, which may functionally resemble conventional nancing in some instances, thereby raising concerns about adherence to the higher objectives of Islamic law (Maqāṣid al-Sharīʿah). This study provides a comparative perspective on international best practices. It offers strategic recommendations for policymakers and financial institutions to enhance Shariah compliance, strengthen transparency, and foster sustainable growth in the Sri Lankan Islamic nance industry.
Green Waqf as Social Movement: Millennial Participation and Islamic Ecological Activism in Indonesia Efendi, Mansur; Rosari, Reni; Akbar Susamto, Akhmad; Kurnianto Tjahjono, Heru; Budi Santoso, Claudius
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.11426

Abstract

Green waqf offers an innovative philanthropic model that bridges economic development with environmental sustainability. Despite its potential, most existing literature frames it within economic or traditional Islamic paradigms, leaving a gap in understanding its sociocultural dynamics. This study addresses that gap by analyzing the green waqf movement through the lens of social movement theory, focusing on the millennial-driven Bogor Waqf Forest in Indonesia. Employing a qualitative single-case study and hybrid thematic analysis, the research reveals that the green waqf is articulated as an embodiment of Islamic universalism integrated with ecological ethics. This articulation fosters religious and humanitarian motivations that drive millennial engagement. The movement is expressed through participatory, innovative, and digitally mediated waqf practices. These findings highlight a shift from conventional charity to ecologically conscious Islamic philanthropy. Future studies could explore comparative cases or apply quantitative methods to examine the influence of digital literacy on youth participation in green waqf initiatives.
A Comparative Study of Financial Distress in Sharia-Listed Transportation and Logistics Companies: Insights from the Altman Z - score Model During and After COVID-19 Syahidin, Muhammad Ramizal; Hakimi, Fifi; Maf'ula, Faricha; Kusumaningtyas, Dita Pratiwi; Assadam, Elvina
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.11964

Abstract

This study aims to analyze and compare the financial distress conditions of transportation and logistics sector issuers listed on the Sharia Securities List (Daftar Efek Syariah/DES) using the Altman Z-Score model during and after the COVID-19 pandemic (2021–2024). The novelty of this research lies in the selected period and research object. Employing a quantitative approach, the study examines quarterly financial reports of 14 issuers listed on the Indonesia Stock Exchange (BEI). Data analysis includes descriptive statistics, the Kolmogorov-Smirnov normality test, and the Wilcoxon Signed Rank difference test. The results reveal no statistically significant difference in financial distress levels between the pandemic and post-pandemic periods. Most issuers remained in the Altman Z-Score “red zone,” indicating persistently high bankruptcy risk. Nevertheless, these Sharia-compliant issuers demonstrated considerable financial resilience by consistently maintaining interest-based debt below 45% of total assets in accordance with DES criteria. Government stimulus policies and effective risk management practices further reinforced their stability. This study enriches the Islamic capital market literature by evidencing the relative resilience of Sharia-compliant companies amid prolonged crisis.
From Legal Compliance to Spiritual Authenticity: The Role of Halal Certification in Shaping Muslim Tourists’ Experiences Sumpena, Mochamad; Hikmah, Nurul; Annisa, Fina; Warsidi
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.13598

Abstract

This study examines how halal regulations function as a moral and legal bridge between faith and consumer rights in religious tourism. Using a qualitative descriptive case study in Surabaya, Indonesia, this study explores how halal certification shapes Muslim tourists’ perceptions of trust, authenticity, and spiritual experience. Data were collected through in-depth interviews with eight key informants, including local and international Muslim tourists, business owners, hotel managers, and government officials, supported by document analysis of halal policies and certification frameworks. The findings indicate that halal regulations significantly strengthen tourists’ sense of spiritual security, ethical trust, and overall satisfaction. Halal certification is perceived not merely as legal compliance with Islamic principles, but also as a symbol of integrity, transparency, and respect for religious identity. Nevertheless, the study identifies key challenges, such as weak institutional coordination, limited halal literacy, and the risk of excessive commercialization of religious symbols. These issues highlight the importance of integrating legal, ethical, and spiritual dimensions within halal governance. The study concludes that sustainable halal tourism requires a careful balance between formal regulatory assurance and genuine spiritual authenticity. By integrating halal regulatory frameworks, perceived spiritual authenticity, and consumer trust, this study contributes to the halal tourism literature and offers strategic insights for policymakers and destination managers to strengthen institutional collaboration, enhance halal literacy, and promote ethical governance to support credible and sustainable halal tourism development.
What Reduces Switching Behavior in Indonesian Islamic Banking? The Mediating Role of Customer Satisfaction Meliyana, Hildah; Adiba, Elfira Maya; Dahruji
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.13794

Abstract

Switching behavior is a marker of customer loyalty, particularly among Islamic bank customers. Therefore, a strategy is needed to reduce the rate of customer switching from an Islamic bank to other banks. This study aims to analyze the determinants of switching behavior in Indonesian Islamic banks, using customer satisfaction as a mediating variable. This study employed a quantitative approach using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). This study successfully collected primary data from 265 customers of an Indonesian Islamic bank. The results of this study indicate that none of the antecedent variables directly influence switching behavior, but they do significantly influence customer satisfaction. Customer satisfaction effectively mediates switching behavior, indicating that more satisfied customers are less likely to switch banks. The findings of this study indicate that Islamic bank customers act rationally by evaluating all antecedent variables before switching to another bank. This research theoretically contributes to the literature regarding the importance of customer satisfaction in explaining customer behavior. In practice, this research emphasizes the need for appropriate strategies to provide a positive experience of transacting with Islamic banks, thereby satisfying customers and minimizing switching behavior. Therefore, banks must maintain and improve customer satisfaction through optimizing competitive profit-sharing schemes, service strategies, sharia compliance, and technological innovation to increase customer loyalty and reduce switching behavior. This strategy is expected to strengthen Islamic banks’ long-term competitiveness.

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