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Lina Kushidayati
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Tawazun: Journal of Sharia Economic Law
Published by Universitas Islam Negeri Sunan Kudus
ISSN : 26559021     EISSN : 26559579     DOI : http://dx.doi.org/10.21043/tawazun
Core Subject :
Tawazun: Journal of Sharia Economic Law is a double-blind peer-reviewed journal published by Sharia Economic Law Department, Sharia Faculty, State Islamic Institute of Kudus, Kudus, Indonesia Focus Tawazun: Journal of Sharia Economic Law emphasizes the study of Sharia Economic Law and Islamic law in Islamic countries in general and specifically in Indonesia by emphasizing the theory of Sharia Economic Law and Islamic law and its practice in the Islamic world that developed in attendance through publications of articles and book reviews. Scope Tawazun: Journal of Sharia Economic Law specializes in studying the theory and practice of Sharia Economic Law and Islamic law in Islamic countries and is intended to express original researches and current issues. This journal welcomes the contributions of scholars from related fields warmly that consider the following general topics; Sharia economic law Sharia business law Sharia management law Sharia banking law Law of sharia financial institutions Non-bank financial industry law Law Sharia economics Islamic law
Arjuna Subject : -
Articles 136 Documents
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Navigating Sharia Business Regulation in the Era of Sustainable Development: A Maqashid al-Shariah and SDGs-Based Approach Nahdhah, Nahdhah; Megasari, Indah Dewi; Hidayatullah, Rahmad Ade
TAWAZUN: Journal of Sharia Economic Law Vol 9, No 1 (2026): Tawazun: Journal of Sharia Economic Law
Publisher : Sharia Faculty Islamic Economic Law Study Department

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/tawazun.v9i1.35170

Abstract

The growing global concern for sustainable development has prompted a major transformation in legal systems and financial regulation, including the Islamic banking sector. Conceptually, maqashid al-shariah and the Sustainable Development Goals (SDGs) share a normative orientation toward promoting public welfare, social justice, and sustainable development. Despite this philosophical convergence, the integration of these two frameworks into Indonesia’s Islamic banking regulatory system continues to face significant normative challenges. The existing legal framework remains predominantly focused on formalistic sharia compliance and the prudential principle, whereas the sustainability dimension has not yet been comprehensively operationalized within Islamic banking regulation. This study aims to analyse the normative gaps in Islamic banking regulation that impede the integration of maqashid al-shariah and the SDGs, while formulating a legal reform model capable of addressing such obstacles. This research adopts a normative legal method, or doctrinal legal research, using statutory, conceptual, and philosophical approaches. It examines several principal regulatory frameworks, including Law Number 6 of 2023 on Job Creation, Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector, sustainable finance regulations, sources of Islamic law, and contemporary legal doctrine. The data are analysed through a normative gap analysis model supported by systematic, teleological, and maqashid-based legal interpretation. The findings indicate that the barriers to integration arise not only from normative deficiencies, but also from regulatory fragmentation, institutional design, and a legal culture that continues to prioritize a formalistic fiqh-based compliance approach. Through the lens of Law and Development Theory, this study argues that Indonesia’s legal structure remains in a transitional phase and does not yet fully support the operational integration of maqashid al-shariah and sustainability principles. Accordingly, this study proposes a legal-operational framework based on maqashid compliance indicators as an adaptive model of legal reform to strengthen the integration of Islamic ethical values and sustainability principles within Islamic banking regulation.
Digital Transformation and Institutional Governance in Sharia Investment Markets: A Computational Perspective on Emerging Financial Ecosystems Firmaningtyas, Renovalia Satya; Apriantoro, Muhamad Subhi
TAWAZUN: Journal of Sharia Economic Law Vol 9, No 1 (2026): Tawazun: Journal of Sharia Economic Law
Publisher : Sharia Faculty Islamic Economic Law Study Department

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/tawazun.v9i1.37836

Abstract

The rapid growth of the Islamic finance industry and the increasing use of digital platforms have encouraged the emergence of virtual academic events discussing Sharia investment. Webinars, online seminars, and panel discussions generate large volumes of unstructured digital data that can serve as valuable sources for understanding contemporary Sharia investment discourse. However, the utilization of such data in academic research remains limited. Therefore, this study aims to analyze the discourse on Sharia investment emerging from virtual academic events through a netnographic approach. The study employs netnography supported by text mining techniques to explore dominant themes and discussion patterns related to Sharia investment in digital environments. Data were purposively collected from six virtual academic events conducted between 2020 and 2025, involving nine Sharia investment experts from five countries. The dataset consists of 23,386 words obtained through automated speech-to-text transcription and manually verified for accuracy. The findings reveal that Sharia compliance, investment governance, business ethics, and digitalization are the dominant themes, reflecting the growing relevance of Sharia investment in the digital era.
Unregulated Gatekeepers: Oversight Independence Gaps in Indonesia's Sustainable Sukuk Framework Albana, Muhammad Abdur Rosyid; Heradhyaksa, Bagas; Pamesti, Pas Ingrid; Bawana, Tate Agape
TAWAZUN: Journal of Sharia Economic Law Vol 9, No 1 (2026): Tawazun: Journal of Sharia Economic Law
Publisher : Sharia Faculty Islamic Economic Law Study Department

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/tawazun.v9i1.37135

Abstract

The issuance of sustainable sukuk has emerged as a critical mechanism for financing projects aligned with environmental and social objectives. In Indonesia, the Financial Services Authority (OJK) regulates such instruments through POJK No. 18 of 2023, which mandates independent external reviewers to assess sustainability frameworks and ensure transparency. However, this study demonstrates that Articles 13 and 46 of the regulation lack detailed provisions regarding reviewer independence, competence, and accountability, particularly in relation to accreditation standards, selection procedures, and oversight mechanisms. Employing a normative legal method with statutory and conceptual approaches, the analysis reveals significant legal and institutional gaps that compromise the integrity of sustainability assessments. These gaps increase greenwashing risks due to insufficient oversight mechanisms and the absence of accreditation standards for ESG reviewers. Comparative analysis with international standards, including the ICMA Green Bond Principles, ASEAN Green Bond Standards, and the EU Green Taxonomy, confirms that Indonesia's current provisions are inadequate, particularly in requiring accredited reviewers, mandatory conflict-of-interest disclosure, and post-issuance verification. This study proposes three main recommendations: regulatory revision to specify reviewer qualifications, responsibilities, and conflict-of-interest rules; establishment of an independent oversight unit within OJK; and adoption of accreditation systems aligned with international ESG assurance frameworks. Theoretically, this research contributes to integrating oversight independence theory into Islamic capital market regulation by demonstrating that structural separation and institutional safeguards are essential to prevent conflicts of interest—thereby complementing agency theory and governance assurance frameworks.
Menuju Industri Halal yang Berkeadilan: Integrasi Kesejahteraan Pekerja dalam Sistem Hukum Sertifikasi Halal di Indonesia Tarmidzi, Tarmidzi; Inayati, Anindya Aryu; Tanzilullah, Muhammad Ilham; Saleh, Hairus; Humaida, Medina Janneta
TAWAZUN: Journal of Sharia Economic Law Vol 9, No 1 (2026): Tawazun: Journal of Sharia Economic Law
Publisher : Sharia Faculty Islamic Economic Law Study Department

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/tawazun.v9i1.35169

Abstract

Despite the rapid growth of the halal sector globally in the food, cosmetics, pharmaceuticals, and finance sectors, the industry faces significant labor rights issues. This study aims to analyze how labor exploitation persists in the global halal supply chain and examines this issue through two lenses: Islamic law and international human rights. Using a normative legal research methodology, this study examines various cases of labor exploitation in the halal industry in Indonesia, Malaysia, the Middle East, and Brazil using both a comparative and contextual approach. The comparative study in Indonesia, Malaysia, and the halal industry in Asia reveals similar structural patterns, including persistent labor exploitation practices such as excessive working hours, precarious employment systems, and minimal social protection. This indicates that current halal certification regulations remain focused on halal compliance in production and have not yet integrated legal protection and worker welfare norms as essential components of halal standards. Such exploitation contradicts the Islamic legal principle of justice ('adl), and violates the values of al-kulliyyat al-khamsah in the maqāṣid al-shari'ah, particularly hifdz al-nafs and hifdz al-maal. From a human rights perspective, labor exploitation violates the global convention on decent work as stipulated in international labor standards established by the ILO and the UDHR. Ultimately, this paper proposes integrative reforms that guarantee labor welfare directly into halal certification standards, thereby ensuring the industry upholds Islamic integrity and universal human rights.
Wakaf Digital: Analisis Hukum Ekonomi Syariah, Akuntabilitas, dan Tata Kelola Nazhir Purmini, Siti; Aulia, Rahma
TAWAZUN: Journal of Sharia Economic Law Vol 9, No 1 (2026): Tawazun: Journal of Sharia Economic Law
Publisher : Sharia Faculty Islamic Economic Law Study Department

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/tawazun.v9i1.37362

Abstract

The development of digital technology has significantly transformed the practice of Islamic philanthropy, particularly in the management of waqf through digital platforms and Islamic financial technology. Digital waqf has emerged as an innovative model that facilitates the collection and distribution of waqf funds more effectively, efficiently, and inclusively. However, the implementation of digital waqf also raises several legal issues related to the validity of digital contracts, accountability of nazhir, and governance mechanisms in accordance with Islamic Economic Law principles. This study aims to analyze the validity of digital waqf from the perspective of Islamic Economic Law, examine the accountability of nazhir in managing digital waqf, and evaluate digital waqf governance based on maqāṣid syariah and Indonesian regulations. This research employs a normative juridical method with a qualitative descriptive-analytical approach through library research using primary, secondary, and tertiary legal materials. The findings reveal that digital waqf is legally permissible as long as it fulfills the pillars and conditions of waqf and complies with sharia principles such as transparency, mutual consent, and the absence of gharar and fraud. Furthermore, digital technology contributes to enhancing transparency and accountability in waqf management, although challenges remain regarding regulatory gaps, digital security, and human resource competence. Therefore, strengthening regulations, digital supervision systems, and professional governance standards are necessary to optimize sustainable digital waqf management in Indonesia.
Implementation of the Musharakah Mutanaqisah Agreement in Sharia Housing Financing Anshara, Jessenia Hayfa
TAWAZUN: Journal of Sharia Economic Law Vol 9, No 1 (2026): Tawazun: Journal of Sharia Economic Law
Publisher : Sharia Faculty Islamic Economic Law Study Department

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/tawazun.v9i1.36513

Abstract

The Musharakah Mutanaqisah (MMQ) contract is one of the alternative sharia housing financing that is conceptually designed to reflect the principles of partnership, joint ownership, and proportionate risk sharing between Islamic banks and customers. However, the implementation of the MMQ contract in Islamic banking practices in Indonesia still raises various legal and sharia issues. This study aims to analyze the legal position of the Musharakah Mutanaqisah contract in sharia housing financing, examine its suitability with the principles of muamalah fiqh and positive law, and assess its implementation from the perspective of maqāṣid al-syarī'ah. The research method used is normative juridical research with legislative, conceptual, and analytical approaches. Data were obtained through literature studies on Islamic banking regulations, fatwa of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI), and relevant scientific literature. The results of the study show that normatively the Musharakah Mutanaqisah contract has strong legal legitimacy both according to Islamic law and positive law. However, in the practice of sharia housing financing, substantive discrepancies are still found, especially related to risk sharing, rent determination (ujrah), and the use of standard agreements that have the potential to weaken the legal position of customers. From the perspective of maqāṣid al-syarī'ah, the implementation of MMQ that is too oriented towards the certainty of bank profits risks obscuring the value of partnership, justice, and benefits. Therefore, it is necessary to strengthen sharia supervision and improve regulations so that the implementation of the Musharakah Mutanaqisah contract better reflects the principles of justice and the purpose of sharia housing financing.

Page 14 of 14 | Total Record : 136

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