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Muhammad Irkham Firdaus
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Al-Muamalat: Journal of Islamic Economics Law
Published by Universitas Darussalam Gontor
ISSN : 26215403     EISSN : 31094082     DOI : https://doi.org/10.21111
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice
Al-Muamalat: Journal of Islamic Economics Law is a high-quality open accessible peer-reviewed research journal managed by the Department of Islamic Economics Law, Faculty of Sharia, published by Universitas Darussalam Gontor, Ponorogo, East Java, Indonesia. Aiming to communicate original research and relevant current issues, this journal regularly publishes articles twice a year every June and December. This journal warmly welcomes contributions from scholars with related disciplines. Novelty and recency of issues, however, are the priority in publishing. Those interested in subscribing to the journal, advertising in the journal, submitting manuscripts to the journal, or otherwise communicating with the journal, should contact almuamalat@unida.gontor.ac.id
Arjuna Subject : Seni dan Humaniora - Seni dan Humaniora (Lain-Lain)
Articles 5 Documents
 1 
Share Trading in Limited Liability Companies According to the 2007 Law and Fatwa No. 40/DSN-MUI/X/2003 Muhammad Irkham Firdaus; Theo Aditya Pradhana
Al-Muamalat: Journal of Islamic Economics Law Vol. 8 No. 2 (2025): Vol. 8 No. 2 (2025): Al-Muamalat: Journal of Islamic Economic Law
Publisher : Al-Muamalat: Journal of Islamic Economics Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/muamalat.v8i2.1

Abstract

ENGLISH A Limited Liability Company (Perseroan Terbatas/PT) is a legal entity whose assets are separate from the personal wealth of its shareholders, thereby limiting the shareholders' liability to the amount of shares they own. The share instrument in a PT functions not only as proof of ownership but also as an object of trading regulated by specific legal provisions. This research aims to analyze and compare the regulations regarding the practice of share trading in a PT, particularly concerning pre-emptive rights (hak preferensi), as stipulated in Law Number 40 of 2007 concerning Limited Liability Companies, with the Sharia law perspective contained in the Fatwa of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) Number 40/DSN-MUI/X/2003 on the Capital Market and General Guidelines for the Application of Sharia Principles in the Capital Market Sector. The research method employed is normative-comparative, which involves reviewing and comparing statutory regulations (the PT Law) with Sharia edicts (the DSN-MUI Fatwa). The findings indicate that Article 58 paragraph (1) of the PT Law regulates the pre-emptive rights of other shareholders when shares are transferred, a provision aimed at protecting the ownership structure. Although the DSN-MUI Fatwa focuses on the principles of permissible share transactions free from gharar (uncertainty) and maisir (gambling), no substantive conflict was found regarding the mechanism of share trading, provided that the transaction object (the shares) meets the Sharia criteria. The main difference lies in the philosophical foundation, where the PT Law focuses on legal and corporate protection, while the DSN-MUI Fatwa emphasizes compliance with Islamic muamalah (transactional) principles. This research contributes to the harmonization of corporate regulation in Indonesia with Sharia economic principles. INDONESIA Perseroan Terbatas (PT) merupakan badan hukum yang memiliki kekayaan terpisah dari kekayaan para pemegang sahamnya, sehingga tanggung jawab pemegang saham hanya terbatas pada jumlah saham yang dimiliki. Instrumen saham dalam PT tidak hanya berfungsi sebagai bukti kepemilikan, tetapi juga menjadi objek jual beli yang diatur secara spesifik. Penelitian ini bertujuan untuk menganalisis dan membandingkan ketentuan mengenai praktik jual beli saham PT, khususnya terkait dengan hak preferensi, sebagaimana diatur dalam Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas dengan perspektif hukum syariah yang tertuang dalam Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI) Nomor 40/DSN-MUI/X/2003 tentang Pasar Modal dan Pedoman Umum Penerapan Prinsip Syariah di Bidang Pasar Modal. Metode penelitian yang digunakan adalah normatif-komparatif, yaitu mengkaji dan membandingkan peraturan perundang-undangan (UU PT) dengan fatwa syariah (Fatwa DSN-MUI). Hasil penelitian menunjukkan bahwa UU PT Pasal 58 ayat (1) mengatur hak preferensi bagi pemegang saham lain ketika terjadi pemindahtanganan saham, sebuah ketentuan yang bertujuan melindungi struktur kepemilikan. Meskipun Fatwa DSN-MUI fokus pada prinsip-prinsip transaksi saham yang halal dan bebas dari gharar (ketidakjelasan) dan maisir (judi), tidak ditemukan konflik substantif terkait mekanisme jual beli saham, asalkan objek transaksi (saham) tersebut telah memenuhi kriteria syariah. Perbedaan utama terletak pada landasan filosofis, di mana UU PT berfokus pada perlindungan hukum dan korporasi, sementara Fatwa DSN-MUI menekankan kepatuhan terhadap prinsip muamalah Islam. Penelitian ini memberikan kontribusi dalam harmonisasi regulasi korporasi di Indonesia dengan prinsip-prinsip ekonomi syariah.
The Concept of Law and Market Mechanism According to Ibn Khaldun and Imam Al-Ghazali Muhammad Abdul Aziz; Muhammad Rayhan; Muhammad Isa
Al-Muamalat: Journal of Islamic Economics Law Vol. 8 No. 2 (2025): Vol. 8 No. 2 (2025): Al-Muamalat: Journal of Islamic Economic Law
Publisher : Al-Muamalat: Journal of Islamic Economics Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/muamalat.v8i2.2

Abstract

ENGLISH The market mechanism in Islamic Economics emphasizes the need for balance (iqtishad) between the market, the state, and the individual, rejecting the dominance of one over the others , which differs from conventional markets that often experience distortions. This research is a conceptual study that analyzes the market mechanism concepts of two Islamic economic scholars: Ibn Khaldun (through his Muqaddimah) and Imam Al-Ghazali (through Ihya’ Ulumuddin). The research findings indicate that according to Ibn Khaldun, a nation's wealth is determined by its production level , the value of a product is equal to the amount of labor it possesses , and prices are determined by the law of supply and demand. He views gold and silver as the most suitable measures of value and monetary standards. Furthermore, the product price is distributed into three factors: income (producer's wage), profit (merchant's compensation), and tax (compensation for state officials/rulers). Meanwhile, Imam Al-Ghazali links all economic activities to morals and ethics , explains market movements by describing the shape of the supply curve (rising from bottom left) and the demand curve (descending from top right) , and asserts that the motive for trading must be to seek profit in this world and the hereafter, not just worldly profit. He considers the production of basic necessities a social obligation (fard al-kifayah). Overall, both figures conclude that the market must operate justly according to norms and principles derived from the Qur'an and Hadith. INDONESIA Mekanisme pasar dalam Ekonomi Islam menekankan perlunya keseimbangan (iqtishad) antara pasar, negara, dan individu, serta menolak dominasi satu pihak atas pihak lain, yang berbeda dengan pasar konvensional yang sering mengalami distorsi. Penelitian ini merupakan studi konseptual yang menganalisis konsep mekanisme pasar dari dua cendekiawan ekonomi Islam: Ibnu Khaldun (melalui Muqaddimah) dan Imam Al-Ghazali (melalui Ihya’ Ulumuddin). Temuan penelitian menunjukkan bahwa menurut Ibnu Khaldun, kekayaan suatu bangsa ditentukan oleh tingkat produksinya, nilai suatu produk setara dengan jumlah tenaga kerja yang dimilikinya, dan harga ditentukan oleh hukum permintaan dan penawaran. Ia memandang emas dan perak sebagai ukuran nilai dan standar moneter yang paling sesuai. Selanjutnya, harga produk didistribusikan ke dalam tiga faktor: pendapatan (upah produsen), keuntungan (kompensasi pedagang), dan pajak (kompensasi untuk pejabat negara/penguasa). Sementara itu, Imam Al-Ghazali mengaitkan semua aktivitas ekonomi dengan moral dan etika, menjelaskan pergerakan pasar dengan mendeskripsikan bentuk kurva penawaran (naik dari kiri bawah) dan kurva permintaan (turun dari kanan atas), serta menegaskan bahwa motif berdagang haruslah untuk mencari keuntungan di dunia dan akhirat, bukan hanya keuntungan duniawi. Ia menganggap produksi kebutuhan pokok sebagai kewajiban sosial (fardhu kifayah). Secara keseluruhan, kedua tokoh tersebut menyimpulkan bahwa pasar harus beroperasi secara adil sesuai dengan norma dan prinsip yang bersumber dari Al-Qur'an dan Hadis.
Implementation of the Micro-Scale Profit-Sharing Principle: Ethnography of Islamic Arisan and Farmer Group Financing in Rural Java Muhammad An Naufar Prastyo; Yeni Maratus Solekah
Al-Muamalat: Journal of Islamic Economics Law Vol. 8 No. 2 (2025): Vol. 8 No. 2 (2025): Al-Muamalat: Journal of Islamic Economic Law
Publisher : Al-Muamalat: Journal of Islamic Economics Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/muamalat.v8i2.5

Abstract

ENGLISH This ethnographic study examines the implementation of the profit-sharing principle at the micro level in two traditional financial schemes in rural Java: Islamic arisan (social savings) and musharaka-based farmer group financing. The issues raised relate to the difficulties formal Islamic microfinance institutions face in implementing profit-sharing contracts, while informal community financial practices have successfully implemented this principle for generations but have been under-researched. The methods used include participant observation over twelve months (July 2024–June 2025) in Taji Village, Karas District, Magetan Regency, East Java, semi-structured interviews with sixty-eight informants, observations of forty-eight arisan meetings and twenty-two cooperative farming activities, and analysis of group financial documents. Data were analyzed through thematic coding and re-verified through member checking and validation based on Islamic jurisprudence (fiqh muamalah). The results show that Islamic arisan applies a one-to-one ratio based on qardh hasan with a selapan cycle and open accountability rituals, while the farmer group uses a double musharakah model, namely a fifty percent profit sharing when the farmer only provides labor and seventy-thirty percent when the landowner also bears input costs. The community murāqabah mechanism through social sanctions and deliberation decisions effectively replaces written contracts. Both schemes recorded a zero percent arrears rate, a thirty-two percent increase in average income for arisan participants, and a forty-five percent decrease in irrigation conflicts. The novelty of the study lies in the conceptualization of community murāqabah as an informal monitoring mechanism and the integration of Javanese mutual cooperation values with sharia principles. The practical implications emphasize the need to formalize traditional mechanisms as wadiah yad dhamanah products in Baitul Maal wa Tamwil to expand sharia microfinance inclusion. INDONESIA Penelitian etnografis ini mengkaji implementasi prinsip bagi hasil dalam skala mikro pada dua skema keuangan tradisional di pedesaan Jawa, yakni arisan syariah dan pembiayaan kelompok tani berbasis musyarakah. Permasalahan yang diangkat berkaitan dengan kesulitan lembaga mikrofinansial syariah formal menerapkan kontrak bagi hasil, sementara praktik keuangan komunitas informal telah berhasil menjalankan prinsip tersebut secara turun temurun namun kurang diteliti. Metode yang digunakan meliputi observasi partisipan selama dua belas bulan (Juli 2024–Juni 2025) di Desa Taji Kecamatan Karas Kabupaten Magetan Jawa Timur, wawancara semi terstruktur dengan enam puluh delapan informan, pengamatan empat puluh delapan pertemuan arisan dan dua puluh dua kegiatan pertanian bergotong royong, serta analisis dokumen keuangan kelompok. Data dianalisis melalui pengodean tematik dan diverifikasi kembali melalui member checking serta validasi fiqh muamalah. Hasil menunjukkan bahwa arisan syariah menerapkan nisbah satu banding satu berdasarkan qardh hasan dengan siklus selapan dan ritual akuntabilitas terbuka, sedangkan kelompok tani menggunakan model musyarakah ganda yaitu pembagian hasil lima puluh persen saat petani hanya menyediakan tenaga dan tujuh puluh tiga puluh persen saat pemilik lahan juga menanggung biaya input. Mekanisme murāqabah komunitas melalui sanksi sosial dan keputusan musyawarah efektif menggantikan kontrak tertulis. Kedua skema mencatat angka tunggakan nol persen, peningkatan pendapatan rata rata tiga puluh dua persen bagi peserta arisan, serta penurunan konflik irigasi empat puluh lima persen. Kebaruan penelitian terletak pada konseptualisasi murāqabah komunitas sebagai mekanisme pengawasan informal dan integrasi nilai gotong royong Jawa dengan prinsip syariah. Implikasi praktisnya menegaskan perlunya memformalkan mekanisme tradisional sebagai produk wadiah yad dhamanah di Baitul Maal wa Tamwil untuk memperluas inklusi keuangan mikro syariah.
Between The Indonesian Bankruptcy Law and Fiqh Ibnu Qudamah’s about Ahkam Iflas in Al-Mughni Muhammad Rusydianta
Al-Muamalat: Journal of Islamic Economics Law Vol. 8 No. 2 (2025): Vol. 8 No. 2 (2025): Al-Muamalat: Journal of Islamic Economic Law
Publisher : Al-Muamalat: Journal of Islamic Economics Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/muamalat.v8i2.6

Abstract

ENGLISH Research Main Problem: This article begin from the researchers similarities finding, such as Lubis found that various bankruptcy provisions in Bidayatu Al-Mujtahid are similar to Indonesian Bankruptcy Law, and Western bankruptcy regulations (Common Law and Civil Law) as Abed and Michael found in their research, Al-Mughni’s bankruptcy provisions (Ibn Qudamah’s book) similar with the United States Bankruptcy Act. Then, it might be worth examining Indonesian Bankruptcy Law in comparison with Ibn Qudamah’s fiqh;  Research Objectives: To discover the similar post-modern bankruptcy provisions analogous to Islamic Law “ahkam iflas” discussed in Ibn Qudamah’s book since eighth century earlier. Especially, how does the legal substance of iflas in this work of jurists compare with Law No. 37 of 2004 concerning Bankruptcy and Delayment of Debt Payment Obligations; Methodology: Utilising legal semiotics and a comparison approach to analysing primary and secondary legal material from the statute, Ibn Qudamah’s book, and others. This article will qualitatively discuss the object of the research descriptively; and Results: Found several similarities, including: the understanding of bankruptcy, the exclusion of debtors, preferential rights, types of creditors, to the delayment of debt payment obligations. Some of the differences include: bankruptcy status; the presence or absence of bankruptcy revocation; the absence of recommendations for creditors to grant a payment delay during the debtor’s difficult times; to differences in paradigms between anthropocentric and theocentric materialism. Might this finding contribute to lighten the load of Islamisation of knowledge, as several provisions are already analogous to “Ahkam Iflas,” conjecturally derived from prophetic tradition. INDONESIA Permasalahan Utama Penelitian: Artikel ini berawal dari temuan kesamaan para peneliti sebelumnya, seperti temuan Lubis bahwa berbagai ketentuan kepailitan dalam Bidayatu Al-Mujtahid serupa dengan Hukum Kepailitan Indonesia, dan peraturan kepailitan Barat (tradisi hukum Common Law dan Civil Law Eropa Kontinental) seperti temuan Abed dan Michael dalam penelitian mereka, ketentuan kepailitan Al-Mughni (karya Ibn Qudamah) serupa dengan Undang-Undang Kepailitan Amerika Serikat. Untuk itu, ada baiknya meneliti Hukum Kepailitan Indonesia dibandingkan dengan fikih Ibn Qudamah; Tujuan Penelitian: Untuk menemukan ketentuan hukum kepailitan post-modern yang similar dan mirip dengan hukum kepailitan Islam “ahkam iflas” yang dibahas dalam kitab Ibn Qudamah sejak delapan abad sebelumnya. Secara khusus, untuk menyingkap bagaimana substansi hukum Iflas dalam karya ahli hukum tersebut dibandingkan dengan Undang-Undang No. 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang; Metodologi: Menggunakan pendekatan legal-semiotika dan perbandingan untuk menganalisis bahan hukum primer dan sekunder dari undang-undang, buku Ibn Qudamah, dan lainnya. Artikel ini akan membahas objek penelitian secara deskriptif dan kualitatif; dan Hasil: Ditemukan beberapa kesamaan, termasuk: pengertian kebangkrutan, pengecualian debitur, hak preferensial, jenis kreditur, hingga penundaan kewajiban pembayaran utang. Beberapa perbedaannya meliputi: status kebangkrutan; ada atau tidaknya pencabutan kebangkrutan; tidak adanya rekomendasi bagi kreditur untuk memberikan penundaan di masa-masa sulit debitur; dan perbedaan paradigma antara materialisme antroposentris dan teosentris. Seomga temuan ini berkontribusi untuk meringankan beban tugas Islamisasi pengetahuan, karena beberapa ketentuan hukum kepailitan sudah sesuai dengan ahkam Iflas,, diduga berasal dari tradisi profetik.
The Effect of Promotion and Addiction Attitudes in the Use of Tiktok on Impulse Buying Behavior Review of Maslahah (Empirical Study of the Hamlet Community Butuh Sidowarno Wonosari) Mohammad Syifa urrosyidin; Rihan Nurulaini
Al-Muamalat: Journal of Islamic Economics Law Vol. 8 No. 2 (2025): Vol. 8 No. 2 (2025): Al-Muamalat: Journal of Islamic Economic Law
Publisher : Al-Muamalat: Journal of Islamic Economics Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/muamalat.v8i2.7

Abstract

ENGLISH The Tiktok application is the application with the most users in the world as well as in Indonesia, which is 106.52 million users in October 2023 and continues to increase. The promotion of the sale of goods and sales techniques that cause most of its users (especially in the Butuh Sidowarno Wonosari Hamlet Community) in the end cannot be separated from the application or in other words addicted to its use. This study mixes methods with The Explanatory Sequential Design method. SPSS 25 application, Sample taken 10% of the population of 100 people. The technique used was quantitative data analysis in the context of empirical studies with multiple linear regression analysis. With the results of 1) Addiction Attitude (X1) has a significant effect on Impulse Buying Behavior. 2) Promotion has a positive influence on impulse buying behavior on the Tiktok application. 3) Addiction and Promotion Attitude Variables can affect Impulse Buying Behavior together. And if we look at the law of maslahah, then, the second part of promotion and attitude of addiction does not include maslahah because it leads to more mudharat. Based on the results of this study, it can be proven that the attitude of addiction or promotion has a significant effect on impulse buying behavior in people in Butuh Hamlet. 2) Promotion and Addiction Attitude that affects Impulse Buying behavior is not part of Maslahah because it is not in accordance with the provisions contained in Islam INDONESIA Aplikasi Tiktok adalah aplikasi dengan pengguna terbanyak di dunia juga di Indonesia yaitu 106,52 juta pengguna pada Oktober 2023 dan terus meningkat. Promosi penjualan barang dan teknik penjualan yang menyebabkan kebanyakan penggunanya (terkhusus pada Masyarakat Dusun Butuh Sidowarno Wonosari) pada akhirnya tak bisa terlepas dari aplikasi tersebut atau dengan kata lain kecanduan dalam penggunannya.  Penelitian ini Mix Methods dengan metode The Explanatory Sequential Design. Aplikasi SPSS 25, Sampel yang diambil 10% dari populasi 100 orang. Teknik yang digunakan analisis data kuantitatif dalam konteks studi empiris dengan analisis regresi linear berganda. Dengan hasil 1) Sikap Adiksi (X1) berpengaruh signifikan terhadap Perilaku Impulse Buying. 2) promosi memiliki pengaruh positif terhadap perilaku impulsive buying pada aplikasi Tiktok. 3) Variabel Sikap Adiksi dan Promosi dapat mempengaruhi Perilaku Impulse Buying secara bersama-sama. Dan apabila ditinjau dari hukum maslahah maka, kedua dari promosi dan sikap adiksi tidak termasuk kepada Maslahah karena lebih banyak membawa kepada hal mudharat.Berdasarkan hasil penelitian ini dapat dibuktikan bahwasanya Sikap adiksi ataupun Promosi berpengaruh secara signifikan terhadap perilaku Impulse buying pada masyarakat yang berada di Dusun Butuh. 2) Promosi dan Sikap Adiksi yang mempengaruhi perilaku Impulse Buying ini bukanlah bagian dari Maslahah dikarenakan tidak sesuai dengan ketentuan yang terdapat dalam Islam.

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