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Taufiq Ramadhan
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Maaliyah
Published by Universitas Darunnajah
ISSN : -     EISSN : 31097758     DOI : https://doi.org/10.61159/maaliyah
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences
Islamic Banking, Sharia Economic Law, Islamic Business Law, Contemporary Islamic Economic Law, Analysis of Islamic Bank Financial Reports, Financial Industry Banking and Non-Banking, Another section related to contemporary issues in Islamic economic law and Islamic Finance
Arjuna Subject : Ilmu Sosial - Hukum
Articles 26 Documents
 1   2   3 
Crowdfunding and Cash Waqf Linked Deposit: A Tech Integrated Model for Sustainable Development Muhammad Iman Kurniawan; Rifaldi Nurul Akbar; Aria Nur Akmal
Maaliyah: Journal of Islamic Economic Law and Islamic Finance Vol. 1 No. 2 (2025): Maaliyah: Journal of Islamic Economic Law and Islamic Finance
Publisher : Universitas Darunnajah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/maaliyah.v1i2.711

Abstract

This study analyzes the integration of Crowdfunding and Cash Waqf-Linked Deposits (CWLD) as a technology-based Islamic financial model supporting the Sustainable Development Goals (SDGs). Employing a Systematic Literature Review (SLR) with the PRISMA approach, it synthesizes findings from eight primary articles published over the past five years. The analysis indicates that this integration effectively addresses limitations of conventional cash waqf, such as low public literacy, minimal institutional innovation, and regulatory constraints. Crowdfunding expands the donor base, particularly among younger generations and the Muslim diaspora, via transparent, accountable, and participatory digital platforms. Concurrently, CWLD ensures sustainable benefits by adhering to capital preservation principles and channeling returns to social, educational, health, and economic empowerment sectors. Digital technologies, especially blockchain, smart contracts, and tokenization, serve as key catalysts for enhancing transparency, accountability, and fund management efficiency. This hybrid model not only meets financial needs but also fosters public trust, strengthens global Muslim solidarity, and promotes Islamic financial inclusion. Significant challenges remain, including cross-jurisdictional regulatory limits, cybersecurity risks, and low Islamic finance literacy. Therefore, successful implementation depends heavily on institutional innovation, adaptive regulations, and continuous education. This integration represents a structural transformation in the Islamic philanthropy ecosystem, aligning with Maqasid al-Shariah and the requirements of inclusive development in the digital era.
Analysis of Sharia Principles Implementation in Istishna' Contracts and Its Impact on Customer Satisfaction: A Qualitative Descriptive Study at PT. Mari Beri Faedah Aan Fajar Wijaya; Sri Hartono; Arif Hartono
Maaliyah: Journal of Islamic Economic Law and Islamic Finance Vol. 1 No. 2 (2025): Maaliyah: Journal of Islamic Economic Law and Islamic Finance
Publisher : Universitas Darunnajah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/maaliyah.v1i2.714

Abstract

This study analyzes the implementation of sharia principles in the istishna' contract and its impact on customer satisfaction at PT. Let's Give Benefits (MARIFA). This study aims to map the integration of the principles of Rabbaniyyah, Akhlaqiyyah, Waqi'iyyah, and Insaniyyah in the framework of istishna' and uncover their contribution in shaping holistic customer satisfaction. We used a descriptive qualitative approach with ethnographic methods, collecting data through participatory observation and in-depth interviews with 13 informants from directors, employees, and customers. Data analysis to obtain comprehensive findings. The results of the study revealed that MARIFA has succeeded in operationalizing the four sharia principles. The Rabbaniyyah principle gives rise to spiritual satisfaction through usury-free transactions and the creation of "houses of blessings". Akhlaqiyyah builds customer trust through integrity and professional responsibility. Waqi'iyyah allows for realistic adaptation to customer needs and constraints, while Insaniyyah fosters emotional loyalty through inclusive service and a personal touch. However, the study also identified operational friction points, such as internal coordination challenges and variations in principle understanding at the field level, that mediate ideality with practice. Our discussions highlighted that customers' perceived sharia compliance creates unique value that goes beyond mere functional satisfaction. In conclusion, the integration of sharia principles in the istishna' contract contributes significantly to the realization of holistic customer satisfaction. The implications of this study offer an operational roadmap for the Islamic property industry. Future research is suggested to conduct multi-case studies, quantitative data triangulation, and exploration of value internalization in employees to enrich the findings.
Implementation of Sharia Maqashid in Household Financial Management: A Study on Women Members of the Aisyiyah Ponorogo Regional Leadership Evilia Khoirun Nisa; Arif Hartono; Adib Khusnul Rois
Maaliyah: Journal of Islamic Economic Law and Islamic Finance Vol. 1 No. 2 (2025): Maaliyah: Journal of Islamic Economic Law and Islamic Finance
Publisher : Universitas Darunnajah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/maaliyah.v1i2.715

Abstract

This study examines the implementation of Maqashid Syariah principles in household financial management, focusing on women members of the Ponorogo Aisyiyah Regional Executive (PDA). The goal is to analyze financial practices, evaluate the application of Maqashid Sharia, and identify the role of Aisyiyah membership. This study uses a phenomenological qualitative approach by collecting primary data through in-depth interviews and observations of seven key informants who were purposively selected. The researcher analyzed the data through the stages of reduction, presentation, and conclusion verification. Key findings revealed that members implemented strategic financial management and aligned with the five goals of Maqashid Sharia. They diversify sources of income, prioritize spending (basic needs, religion, education), and invest in sharia instruments such as gold and land. The study also identifies mechanisms for operationalizing religious principles, such as the "logistics of faith" where religious obligations become a fixed budget post. Further analysis shows a model of collaborative financial stewardship between husband and wife and the strategy of building "layered resilience" through a combination of tangible and intangible assets. However, participants faced a "digital-sharia dilemma", which is the challenge of maintaining financial discipline in the era of digital consumerism. In conclusion, the principles of Maqashid Syariah have proven to be operationalized in household financial management, although contemporary Islamic financial literacy education is needed to answer digital challenges. This study recommends a follow-up study with a mixed-methods approach to explore the dynamics of the integration of the five aspects of hifz in maqashid sharia more comprehensively.
Development and Determinants of Islamic Capital Market Performance In Indonesia: A Systematic Literature Review Period 2019-2025 Dicky Aditya; Intan Kurnia Ningsih
Maaliyah: Journal of Islamic Economic Law and Islamic Finance Vol. 1 No. 2 (2025): Maaliyah: Journal of Islamic Economic Law and Islamic Finance
Publisher : Universitas Darunnajah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/maaliyah.v1i2.725

Abstract

Despite the significant growth of Indonesia's Islamic capital market, there remains a lack of comprehensive synthesis regarding research developments, performance determinants, and methodological approaches used in studying this market during recent years. This study aims to systematically review the development and determinants of Islamic capital market performance in Indonesia during 2019-2025. Using the PRISMA 2020 framework, we analyzed 100 empirical articles from Indonesian academic databases focusing on research trends, determinant factors, and empirical models. The results show a significant increase in publications, especially during the COVID-19 pandemic period (2021-2023). Macroeconomic factors (inflation, exchange rates, BI rate) and market-specific factors (liquidity, capitalization, volatility) are the main determinants consistently found across studies. GARCH family models and ARDL are the most frequently used methodological approaches. The findings indicate that the Indonesian Islamic capital market is influenced by both conventional economic factors and Sharia-specific screening mechanisms. This study contributes to the literature by providing a comprehensive synthesis of Islamic capital market performance research in Indonesia, identifying consistent determinants, evaluating methodological patterns, and highlighting research gaps for future studies in market microstructure, investor behavior, spillover effects, and ESG integration.
Halal MSME Empowerment Model through Sharia Financing Scheme and Crowdfunding Technology in the Digital Economy Ecosystem M. Maulana Aziz Purwanto; Ahmadun Najah
Maaliyah: Journal of Islamic Economic Law and Islamic Finance Vol. 2 No. 1 (2026): Maaliyah: Journal of Islamic Economic Law and Islamic Finance (On Progress)
Publisher : Universitas Darunnajah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/v91wjt18

Abstract

The halal MSME sector plays a critical role in national economic development due to its substantial contribution to job creation, business innovation, and value-based economic growth. Nevertheless, halal MSMEs continue to face structural challenges, particularly limited access to Sharia-compliant financing, low levels of Islamic financial literacy, and weak engagement with digital platforms for marketing and business expansion. This study aims to analyze a comprehensive empowerment model for halal MSMEs through the integration of Sharia financing schemes with technology-based crowdfunding as an alternative instrument for capital reinforcement and financial inclusion. This research employs a descriptive qualitative method with a literature-based approach, drawing on DSN-MUI fatwas, OJK regulations, and real-world practices of Islamic crowdfunding platforms in Indonesia. The findings indicate that combining Sharia contracts such as murabahah, mudharabah, musyarakah, and ijarah with digital crowdfunding mechanisms can create fair, transparent, and interest-free financing solutions. Furthermore, the proposed empowerment model, which encompasses partnership-based Sharia financing, digital crowdfunding utilization, and the enhancement of halal and digital literacy, has strong potential to strengthen the competitiveness of halal MSMEs within the digital economy ecosystem. This model offers an effective strategy for fostering business independence and advancing the development of Indonesia's Sharia economic landscape.
Sharia Governance in Islamic Financial Technology: A Systematic Literature Review and Future Research Agenda Taufiq Ramadhan; Wildan Sifaudin; Husnul Hotimah; MUhammad Iman Kurniawan; Arga Aditya Firmansyah
Maaliyah: Journal of Islamic Economic Law and Islamic Finance Vol. 2 No. 1 (2026): Maaliyah: Journal of Islamic Economic Law and Islamic Finance (On Progress)
Publisher : Universitas Darunnajah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/fw1aw377

Abstract

Sharia governance has long been treated as an internal compliance apparatus built around the Sharia supervisory board, yet the digitalisation of Islamic finance has moved the object of governance beyond the boundaries of the conventional Islamic bank. This study reviews how the literature has framed Sharia governance in the context of Islamic financial technology and identifies the conceptual, contextual and methodological gaps that remain. Following the PRISMA protocol, 319 records were retrieved from Scopus and screened against publication window, journal quartile, duplication and abstract availability, yielding 86 studies published between 2015 and 2026. The corpus was coded thematically and organised through the Context, Intervention, Mechanism and Outcome logic. The results show a field geographically concentrated in Indonesia, Malaysia and the Gulf and Middle East and North Africa region, epistemologically dominated by agency theory, and methodologically weighted towards panel regression on secondary disclosure data, with quantitative designs accounting for 48.8 per cent of the classifiable corpus. Three findings stand out. The intervention repertoire remains structural, centred on board composition and disclosure, while technology enabled instruments are asserted rather than tested. The mechanisms documented in qualitative work, including fatwa repositioning, impression management and identity drift, indicate that compliance is negotiated rather than enforced, which the dominant quantitative apparatus cannot capture. Reported outcomes stop at financial performance, risk mitigation and disclosure quality, leaving maqasid oriented outcomes unmeasured. The study proposes a research agenda organised around hybrid governance design, algorithmic accountability and cross jurisdictional harmonisation.

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