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Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah
Published by Universitas Islam Negeri Siber Syekh Nurjati Cirebon
ISSN : 23550805     EISSN : 25494112     DOI : https://doi.org/10.24235
Core Subject :
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah publishes original and recent studies that focus on normative, empirical, and comparative analyses of Sharia economic law and its application across various modern economic sectors in different countries, particularly in Indonesia. The scope of the journal includes: Sharia law in economic activities, trade, the halal industry, and business governance. Regulation of Islamic finance, banking, the Islamic capital market, Islamic fintech, and other financial instruments. Contracts (aqd) from the perspectives of fiqh al-mu‘āmalāt and positive law, including issues of dispute resolution, Sharia compliance, and international regulatory standards. Business ethics and Sharia governance in corporations, financial institutions, and regulatory authorities. Islamic economic thought, legal theory, and interpretive methodologies (ijtihād) within contemporary economic contexts. Judiciary and dispute resolution in Sharia economic matters, including comparative studies between national (Indonesia) and international jurisdictions. Implementation of Sharia economic law in society. The journal encourages multidisciplinary approaches—covering law, economics, finance, and policy studies—provided that the primary analysis remains grounded in the framework of Sharia economic law.
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Articles 19 Documents
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Search results for , issue "vol. 10 no. 2 (2025)" : 19 Documents clear
Marketing Strategy for Hajj Savings at Bank Muamalat in Medan within the Framework of Sharia Economic Law Tsabitah Fadlilah Batubara; Uswah Hasanah
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.20254

Abstract

This study aims to analyze the marketing strategy for Hajj savings implemented by Bank Muamalat in Medan within the framework of Sharia Economic Law. The research uses a descriptive qualitative approach with data collected through observation, in-depth interviews, and documentation. The analysis emphasizes sharia principles, particularly related to the application of wadiah and mudharabah contracts and the importance of transparency in Hajj savings products. Findings indicate that Bank Muamalat applies a multi-dimensional marketing strategy, including public education on the advantages of iB Hajj Savings, the use of digital platforms such as BMI Mobile to facilitate registration and transactions, and the implementation of promotional programs such as cashback and direct prizes that avoid gharar and riba. These efforts have led to a significant increase in Hajj portion acquisition and customer interest in Sharia-compliant savings products. This study highlights how compliance with fatwas issued by the National Sharia Council (DSN-MUI) and regulations from the Hajj Financial Management Agency (BPKH) strengthens public trust in Islamic financial services. Academically, this research contributes to the development of Islamic financial marketing strategies that align with legal and ethical standards in Islamic economic law, particularly in the marketing of religious financial products such as Hajj savings.Keywords: Sharia Economic Law; Hajj Savings; Islamic Marketing; Bank Muamalat; Fatwa Compliance
Protection of Personal Data Abuse in Online Lending in Indonesia Sahrul Hanafi
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.20386

Abstract

The misuse of personal data in online lending in Indonesia has become an important issue alongside the rapid growth of the digital finance sector. This study aims to analyze personal data protection in the context of online lending, focusing on Law No. 27 of 2022 and POJK No. 22 of 2023. The method used is a normative legal approach with a descriptive-analytical approach, which includes an analysis of legislation and data protection practices in the industry. The research subjects include both regulations and how they are applied in practice. Data collection techniques were conducted through document studies, including analysis of laws, regulations, and related literature. The main theory used is the theory of personal data protection, which emphasizes individual rights and the responsibilities of data controllers. The results of the study show that Law No. 27 of 2022 and POJK No. 22 of 2023 provide a comprehensive legal framework for personal data protection in online lending, with an emphasis on individual rights and the responsibilities of data controllers. Although this legal framework is already strong, there are still challenges in its implementation, so further efforts are needed to ensure effective personal data protection in this sector. The academic contribution of this research is to provide new insights into the effectiveness of regulations in protecting personal data and to encourage discussion on improving data protection implementation in the digital finance sector.Keywords: Personal Data Protection, Online Lending.
Sharia Compliance of Crowdfunding Platforms for MSME Financing in Indonesia Tsubutul Iman; Mustofa Mustofa; Deasy Tantriana; Mugiyati Mugiyati
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.20667

Abstract

The rapid development of financial technology has introduced sharia crowdfunding as an alternative financing instrument for Micro, Small, and Medium Enterprises (MSMEs) that face limited access to conventional banking services. This study aims to examine the extent to which sharia crowdfunding platforms in Indonesia comply with Islamic economic principles, particularly in relation to contract structures, operational mechanisms, and alignment with maqāṣid al-Sharī‘ah. This research employs a qualitative normative–empirical approach using document analysis of DSN–MUI fatwas, regulatory frameworks issued by the Financial Services Authority (OJK), and operational disclosures of licensed sharia crowdfunding platforms. The findings indicate that most platforms have adopted sharia-compliant contracts such as mudhārabah, musyārakah, and qard al-ḥasan, which structurally eliminate elements of ribā, gharar, and maysir. From a maqāṣid perspective, sharia crowdfunding contributes to the protection of wealth (ḥifẓ al-māl), promotes economic justice, and enhances financial inclusion for MSMEs. However, substantive challenges remain, particularly regarding limited sharia financial literacy among MSME actors, uneven implementation of transparency standards, and potential moral hazard risks in fund utilization. This study contributes to Islamic economic scholarship by positioning sharia crowdfunding not merely as a digital financial innovation, but as an instrument of MSME empowerment that must be evaluated through both regulatory compliance and maqāṣid-oriented ethical outcomes. The findings provide policy-relevant insights for regulators, platform providers, and Islamic finance stakeholders in strengthening a sustainable and justice-based sharia crowdfunding ecosystem.Keywords: Sharia crowdfunding; MSME financing; Islamic economic law; maqāṣid al-Sharī‘ah; sharia fintech
Fraud in Trade Measurements and Weights from the Perspective of Sharia Economic Law Pani Akhiruddin Siregar; Sufitri Liana; Suryani Suryani
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.20931

Abstract

Buying and selling transactions constitute an essential part of daily economic activities in Muslim societies and are fundamentally governed by the principles of muʿāmalāt in Islamic law. Despite clear Qur’anic injunctions and prophetic traditions that command honesty and fairness, fraudulent practices such as reducing measurements and weights continue to occur and harm consumers. This study examines the practice of measurement and weight fraud by sellers and analyzes its legal and ethical implications from the perspective of Islamic economic law. The research employs a qualitative method using a normative legal approach, relying on library research that draws upon primary Islamic legal sources, including the Qur’an and Hadith, classical fiqh literature, as well as secondary sources such as scholarly works on Islamic economic law and Law Number 8 of 1999 on Consumer Protection. The data are analyzed descriptively and conceptually to identify the legal norms and principles governing honesty in trade. The findings demonstrate that reducing measurements and weights constitutes a form of fraud that violates the principles of muʿāmalāt, particularly honesty (ṣidq), trustworthiness (amānah), justice (ʿadl), and mutual consent (tarāḍī). Such practices infringe upon the protection of property rights (ḥifẓ al-māl), distort market fairness, and undermine consumer trust. This study concludes that honesty in measurements and weights is not merely an ethical virtue but a binding legal obligation in Islamic economic law, requiring legal firmness and ethical reform to ensure justice, social trust, and sustainable welfare in commercial life.Keywords: buying and selling; fraud in measurements; honesty principle; consumer protection; Islamic economic law.
Effectiveness of Zakat Distribution as a Sharia-Based Social Finance Instrument: Study BSI Scholarship Inspiration Program Rima Umami Hasibuan; Muhammad Syahbudi; Wahyu Syarvina
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.21307

Abstract

Poverty remains a significant barrier to economic development and access to higher education, particularly among underprivileged families. As a sharia-based social finance instrument, zakat has the potential to alleviate these barriers by supporting educational access through targeted programs. This study examines the effectiveness of zakat distribution managed by BSI Maslahat through its educational initiative, the BSI Scholarship Inspirasi program, aimed at underprivileged university students in North Sumatra. The research analyzes the program’s effectiveness using four key indicators: target accuracy, program socialization, goal achievement, and monitoring. Employing a qualitative approach combined with standard effectiveness measurement and Confirmatory Factor Analysis (CFA) via JASP software, the study uses purposive sampling to select student awardees as respondents. The results show that the overall implementation of the program is categorized as highly effective, with the highest achievement in the monitoring indicator (94%), followed by target accuracy (92%), goal achievement (91%), and program socialization (89%). These findings indicate that zakat distribution through the BSI Scholarship Inspirasi functions effectively as a sharia-compliant social finance tool and has a positive impact on its beneficiaries in higher education institutions across North Sumatra.Keywords: Scholarship; BSI Maslahat; BSI Scholarship Inspiration; Zakat Fund; Effectiveness
Individual and Technological Factors Influencing Islamic Investment Decisions: A Maqāṣid al-Sharī‘ah Perspective Suci Ramadhana S. Br Sembiring; Andri Soemitra; Juliana Nasution
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.21308

Abstract

The Islamic capital market is increasingly gaining attention as an investment alternative that aligns with Islamic principles. However, student participation in this market remains relatively low. This study aims to examine the influence of pocket money, technological innovation, and risk perception on investment decisions in the Islamic capital market. Employing a quantitative approach with a survey method, data were collected from 100 students at UIN North Sumatra through an online questionnaire distributed via Google Forms. The data were analyzed using Partial Least Squares (PLS) with the assistance of SmartPLS software. The results reveal that technological innovation has a positive and significant effect on investment decisions, indicating that advanced digital investment platforms, online education, and accessible information play a crucial role in encouraging student participation. In contrast, pocket money and risk perception do not exhibit significant influence, although both show moderate contributions. These findings suggest that enhancing technological access and digital literacy may be more effective in fostering Islamic investment behavior among students than focusing solely on financial capacity or risk attitudes. This study reflects how Islamic investment behavior among students supports the realization of Maqāṣid al-Sharī‘ah, particularly in preserving wealth (ḥifẓ al-māl) and intellect (ḥifẓ al-‘aql).Keywords:  Islamic Investment; Individual Factors; Technological Innovation; Risk Perception; Maqāṣid al-Sharī‘ah
The Influence of Service Quality, Price, and Brand on Customer Satisfaction in Hijab Fashion: An Islamic Law Perspective Syifa Maharani; Adi Mansah
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.21967

Abstract

This study examines how service quality, price, and brand shape customer satisfaction in the hijab fashion market and interprets the findings through an Islamic law lens (maqāṣid al-sharīʿah). Using a mixed-methods design, we surveyed hijab consumers who had purchased at least twice in the last six months (n = 120; purposive sampling) and complemented the statistics with brief interviews/document reviews. Instruments passed validity–reliability checks and classical assumptions (normality, multicollinearity, heteroskedasticity). Multiple linear regression shows that service quality, price, and brand each have a positive, significant effect; jointly they are significant (F = 13.957, p < 0.001) with R² = 0.265 (Adjusted R² = 0.246), indicating moderate explanatory power. Interpreted normatively, service quality aligns with iḥsān–samḥah (courteous, facilitative service), fair and transparent pricing reflects ‘adl, and trustworthy branding embodies ṣidq–amānah; satisfaction is framed as tarāḍin, supported by khiyār (clear return/exchange). These values cohere with the maqāṣid emphasis on protecting wealth (ḥifẓ al-māl) and avoiding harm while realizing benefit (dar’ al-mafāsid wa jalb al-maṣāliḥ). Managerially, firms should strengthen after-sales service, price transparency, and honest brand communication, and operationalize Sharīʿah-compliant policies (e.g., clear product information and accessible returns) to foster sustainable satisfaction and loyalty.Keywords: service quality; price; brand; customer satisfaction; Islamic law; maqāṣid al-sharīʿah
Data Forgery in Indonesian E-Commerce: Harmonizing Sharia Principles and Positive Law for Consumer Protection Ika Atikah; Hadiat Hadiat; Dian Febriyani
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.22089

Abstract

This article aims to analyze how the harmonization between Sharia principles and positive law can strengthen consumer protection against data forgery in Indonesian e-commerce transactions. The background of this study lies in the growing risks of identity manipulation, fictitious transactions, and consumer rights violations in the era of digital trade. Normatively, Sharia emphasizes honesty (sidq) and trustworthiness (amanah) as the foundation of contractual relations, while Indonesia’s positive law provides a formal framework through the ITE Law, the Consumer Protection Law, and the Personal Data Protection Law. The research applies a normative juridical method by examining legislation, fatwas, and relevant literature. The findings show that although positive law offers legal instruments, its enforcement remains weak; meanwhile, Sharia economic law underscores ethical compliance as the basis of protection. The academic contribution of this study is to offer a conceptual framework that integrates Sharia ethics with positive legal regulations to reinforce legal certainty, build consumer trust, and promote the sustainability of Indonesia’s digital economic growth.Keywords: Data Forgery; E-commerce; Consumer Protection; Sharia Economic Law; Positive Law
Human Trafficking as an Economic Crime in Aceh: An Islamic Economic Law Perspective on Qanun Jinayat and Gampong Justice Ayendri Serley Marcelia; Maskur Rosyid
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.22125

Abstract

Human trafficking constitutes a severe form of economic exploitation and fundamentally contradicts the principles of maqāṣid al-sharī'ah, particularly the preservation of wealth (ḥifẓ al-māl) and life (ḥifẓ al-nafs). This crime harms victims physically and psychologically while undermining their economic rights and disrupting social and economic justice. From the perspective of Islamic economic law, human trafficking is a grave violation of the obligation to uphold economic justice and equitable wealth distribution—core elements of maqāṣid al-sharī'ah. This study aims to analyze and compare the effectiveness of these two legal approaches and to formulate a cooperative and justice-oriented model of resolution. Employing a descriptive qualitative method, data were collected through in-depth interviews, field observations, and document analysis in several regions of Aceh. The findings reveal that the Qanun Jinayat does not explicitly regulate human trafficking offenses, resulting in suboptimal law enforcement. Meanwhile, the Musyawarah Gampong mechanism often fails to ensure adequate protection for victims, creating space for perpetrator impunity. Based on these findings, the study recommends revising the Qanun Jinayat to include specific provisions on human trafficking, enhancing legal training for village authorities, and strengthening legal literacy among the public to bridge the gap between legal norms and social practices. This study positions human trafficking as a violation of the principles of Islamic economic law, which demand distributive justice and the prohibition of exploitation in economic activities. Keywords: human trafficking, Qanun Jinayat, Musyawarah gampong, customary law, justice
Revitalizing Agricultural Waqf for Sustainable Food Security: A Comparative Study of Indonesia and Turkey Abdul Muizz; Salina Kassim; Nazrul Hazizi Noordin
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.22151

Abstract

Agricultural waqf represents a strategic instrument of Islamic social finance with the potential to support sustainable food security through asset-based and risk-sharing mechanisms. This study aims to analyze and compare agricultural waqf models in Indonesia and Türkiye, focusing on institutional governance, integration with Islamic finance, and their implications for food security outcomes. Using a qualitative comparative case-study approach, the research draws on document analysis, regulatory review, and semi-structured interviews with waqf stakeholders in both countries. The findings reveal that the effectiveness and scalability of agricultural waqf are determined less by land availability than by institutional quality, particularly nazhir professionalism, regulatory coherence, and state–market coordination. Indonesia’s agricultural waqf remains fragmented, characterized by weak documentation, limited financial integration, and reliance on voluntary management, while Türkiye demonstrates a more standardized and centralized governance legacy rooted in Ottoman waqf institutions. The study further finds that productive agricultural waqf requires a full-cycle financing architecture, in which zakat provides initial de-risking support, waqf functions as an asset-based risk absorber, and Islamic commercial finance supplies profit-sharing working capital through Shariah-compliant contracts such as muzāra‘ah and ijārah. Evaluated through the lens of maqāṣid al-sharī‘ah, particularly ḥifẓ al-nafs and ḥifẓ al-māl, agricultural waqf can contribute to sustainable food security when embedded within integrated value chains and outcome-oriented governance frameworks aligned with SDG 2.Keywords: agricultural waqf; sustainable food security; Islamic social finance; maqāṣid al-sharī‘ah; Indonesia–Türkiye comparison

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