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Jefik Zulfikar Hafizd
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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
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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 238 Documents
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Analysis of Mitraguna Financing for Civil Servants through Take Over Mechanism at Bank BSI Nursalam Rahmatullah
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.18853

Abstract

Bank Syariah Indonesia (BSI), as an Islamic financial institution, provides takeover financing services to facilitate the transition of customers from conventional banks to Sharia-compliant banking. One of its flagship products, the Mitraguna facility, has attracted significant public interest in switching to the Islamic financial system. This study aims to analyze the legal compliance of Bank Syariah Indonesia in implementing Fatwa No. 31/DSN-MUI/VI/2002 on Debt Transfer, issued by the National Sharia Council of the Indonesian Ulema Council (Dewan Syariah Nasional Majelis Ulama Indonesia / DSN-MUI), particularly in the context of takeover financing through the Mitraguna facility for civil servants. Using a normative-empirical method with a descriptive-analytical approach, data were collected through interviews with BSI employees (Basuki Rahmat Branch, Palu City), BSI’s official website, and library research. The findings indicate that the implementation of takeover financing at BSI through the Mitraguna facility aligns with the provisions of the fatwa, specifically through the use of the musyarakah mutanaqisah (MMQ) contract, which corresponds to Alternative II outlined in the DSN-MUI fatwa. This research is expected to contribute to the development of Sharia economic law and serve as a reference for ensuring Sharia compliance in Islamic financial institutions.Keywords: Mitraguna; Civil Servants; Takeover Financing; Bank Syariah Indonesia
A Comparative Analysis of Consumption Theories by Harold Domar and Monzer Kahf and Their Impact on National Economic Policies Nurjamil Nurjamil; Anton Athoillah
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 9 No. 2 (2024)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v9i2.18863

Abstract

This study aims to compare the consumption theories of Harold Domar and Monzer Kahf, highlighting their differences and implications for national economic policies. The research uses a qualitative approach and a literature review method to analyse the theories through a descriptive-comparative framework. Harold Domar’s theory adopts a traditional economic perspective, emphasising the relationship between income, savings, and investment as drivers of consumption and economic growth. Domar’s model provides a solid foundation for fiscal and monetary policies that stimulate growth through investment and consumption. In contrast, Monzer Kahf’s theory presents a holistic approach rooted in Islamic principles, integrating psychological, social, and cultural factors into consumption behaviour. Kahf emphasises ethical consumption, moderation, and social justice, aligning economic activities with spiritual values and sustainability. His framework incorporates key Islamic concepts such as At-Tayyibat (all that is good) and Ar-Rizq (provisions from God), advocating for consumption that fulfils material and spiritual needs while avoiding extravagance (israf) and wastefulness (tabzir). The findings reveal that while Domar’s theory is highly relevant for data-driven economic analysis and traditional policy planning, Kahf’s approach offers an ethical and inclusive perspective that addresses contemporary challenges like environmental sustainability and social welfare. This study concludes that both theories when combined, provide a comprehensive basis for crafting sustainable and equitable national economic policies.Keywords: Harold Domar, Monzer Kahf, Consumption Theory, Economic Policy, Islamic Economics, Moderation, Sustainability
A Legal Perspective on the Opportunities and Challenges of the Sharia Notary Profession in Indonesia Ustad Adil; Tajul Arifin
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.18864

Abstract

The demand for Sharia-based legal services in Indonesia is steadily increasing, highlighting the urgency of establishing the position of Sharia Notary as a bridge between Islamic law and positive law. This study employs a normative juridical approach with qualitative methods. Data were collected through literature review, regulatory analysis, and in-depth interviews with notaries, academics, and practitioners of Sharia law. The main findings indicate that despite significant opportunities for developing the Sharia Notary—particularly in supporting the national Sharia economic system—substantial challenges continue to hinder its implementation. These challenges include the absence of specific regulations, limited educational infrastructure and professional certification, and the lack of harmonious integration between Sharia law and the national legal system. This study presents a novelty in the form of a conceptual framework proposal for the legalization and institutionalization of the Sharia Notary position in Indonesia, through three strategic recommendations: establishing specific regulations, integrating Sharia legal curriculum into notarial education, and strengthening the supervisory role of Sharia oversight bodies. The Sharia Notary plays a strategic role in ensuring legal certainty in Sharia transactions and strengthening trust in a fair, inclusive legal system.Keywords: Sharia Notary; Islamic law; positive law; regulation; Sharia economy.
Indonesia's Fiscal Policy in the Midst of Recession and Post-Pandemic Recovery Reviewed from an Islamic Fiscal Perspective Fauzan Romadhian Khairi
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 9 No. 2 (2024)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v9i2.18880

Abstract

The economic recession and public welfare challenges during 2020-2024 required Indonesia to implement comprehensive fiscal strategies to stabilize the economy and support recovery. This study evaluates Indonesia’s fiscal policies from the perspective of Islamic fiscal principles. Using a qualitative-descriptive approach, the research examines Indonesia’s fiscal policies, focusing on state revenue, spending, and deficit management. These policies are compared with Islamic fiscal principles derived from classical Islamic governance and the thoughts of modern Muslim economists. Indonesia’s fiscal policies align with Islamic principles in key areas, such as countercyclical spending to support public welfare and economic recovery, including allocations for health, social protection, and MSME support. However, significant gaps exist in revenue generation and deficit financing. While Indonesia relied on taxation and interest-based loans, Islamic fiscal principles advocate redistributive tools like zakat and sharia-compliant financing mechanisms, such as Sukuk. The findings highlight Indonesia’s partial alignment with Islamic fiscal principles, particularly in prioritizing welfare spending. Yet, the absence of zakat and reliance on interest-bearing debt underscore the need for adopting Islamic fiscal instruments. Integrating such tools could enhance fiscal equity and sustainability while adhering to maqasid al-shari’ah principles. Indonesia’s fiscal policies during the economic recession and recovery reflect efforts to address economic challenges and prioritize public welfare. However, adopting Islamic fiscal instruments like zakat and sukuk could strengthen alignment with Islamic principles, fostering more equitable and sustainable economic resilience.Keywords: Fiscal policy, economic recession, economic recovery, Islamic fiscal principles, Indonesia.
Islamic Financial Literacy and Regulatory Framework in the Implementation of Equity Crowdfunding in Indonesia Maieva Wulan Dari; Raden Arfan Rifqiawan
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.18932

Abstract

Sharia investment through Equity Crowdfunding (ECF) has become one of the main pillars in developing the Islamic financial system in Indonesia. Although it is regulated by OJK Regulation No. 57/POJK.04/2020 and strengthened by the DSN-MUI fatwa, the implementation of Sharia-compliant ECF still faces significant challenges. This study aims to analyse the legal framework of Sharia ECF in Indonesia, evaluate compliance with its principles in its practices, and identify challenges related to financial literacy and legal protection for investors and issuers. The research method used is a normative legal approach with qualitative analysis through a literature review of relevant regulations, fatwas, and legal documents. The findings show that the low level of financial literacy and inadequate supervision of ECF platforms affect investor participation and the effectiveness ..of legal protection. Based on these findings, the study recommends the massive enhancement of financial literacy, strengthening Sharia-based supervision, and developing Sharia dispute resolution mechanisms to create a fair, sustainable, and inclusive Islamic capital market.Keywords: Equity Crowdfunding; Islamic Investment; Financial Literacy; Regulation.
Economic Fiqh Analysis on Cryptocurrency as a Payment Instrument in Islam Nurul Qosimah Siregar; Nikma Sari Harahap; Anisa Tul Fitri; Hulwati Hulwati; Duhriah Duhriah
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.19105

Abstract

The use of cryptocurrencies as a payment instrument is an interesting social phenomenon to discuss. The use of cryptocurrencies as an official payment instrument is still prohibited by Bank Indonesia, but the use of cryptocurrencies continues to grow in Indonesia. BI limits the use of cryptocurrencies only as assets to be invested, not as legal tender. This research aims to analyze the law of cryptocurrency as a payment instrument from the perspective of economic fiqh. The data analysis technique in this study uses a qualitative analysis method that is descriptive-analytical. The researcher analyzed the suitability of the characteristics of cryptocurrency as a payment instrument with the principles of economic fiqh. A conceptual approach is used to explain the concept of cryptocurrency and a normative-theological approach is used to relate the concept to the provisions of Islamic law. The results of the study show that cryptocurrencies can, in principle, be recognized as objects of legal ownership (maal mutaqawwam) in Islam because they have value, can be owned and transferred. Cryptocurrencies can be used as a medium of exchange in Islam on a limited basis, if their use complies with Sharia principles: it is done transparently, free from speculation and usury, and supported by legitimate authorities and systems that guarantee clarity of value and security of transactions. This research emphasizes the importance of developing regulations that are adaptive to digital financial technology, as well as the need to emphasize transparency and avoidance of practices that are contrary to Islamic economic principles.Keywords: Cryptocurrency; Economic Fiqh; Payment Instrument.
Dispute Resolution in Consumer Protection in the Financial Services Sector Perspective Sadd al-Zari’ah Muhammad Taufiq
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.19570

Abstract

The misuse of personal data by third parties on fintech lending platforms—without consent through a written statement—poses a serious threat to data security and consumer rights. This study aims to offer a conceptual framework for financial service providers and the public concerning the regulation of personal data usage. Employing the Sadd al-Zari’ah approach, this research highlights the importance of preventing actions that may lead to disputes in the financial services sector. The study adopts a normative legal research method with two approaches: the statutory approach and the conceptual approach. The primary legal reference is Financial Services Authority Regulation (POJK) Number 22 of 2023. Data were obtained through literature review and analyzed qualitatively using descriptive techniques. The findings show that consumer protection dispute resolution in the financial services sector can be pursued through both preventive and repressive efforts by applying the concept of Sadd al-Zari’ah. This approach aims to block potential harm at its root by closing avenues that may lead to legal violations or injustice.Keywords: Dispute Resolution; Financial Services Sector; Sadd al-Zari’ah; Consumer Protection
Analysis of the Achievement of Zakat Distribution and Utilization by the BAZNAS from the Perspective of Maqashid Syariah Jaseer Auda A'immatur Rosidah; Lathifah Sholatiah; Nurul Lailaturrokhmah
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.19634

Abstract

This article aims to evaluate the effectiveness of zakat property distribution and utilization by the National Amil Zakat Agency (BAZNAS) in contributing to poverty alleviation and community welfare in Indonesia. The research adopts a qualitative method with an empirical-normative approach. The subject of this study is BAZNAS, focusing on its ZIS-DSKL programs during 2023–2024. Data were collected through secondary sources, including official reports, academic literature, legal documents, and online publications. The analysis uses a content analysis method combined with Jasser Auda’s maqashid al-shariah theory, which emphasizes development and human rights as essential objectives of Islamic law. The results show that 93–94% of zakat funds were distributed for temporary, consumptive assistance, while only 6–7% were directed toward economic empowerment. This pattern reflects a limited contribution to sustainable mustahiq independence and indicates that the current distribution strategy aligns more with classical protective goals than progressive development-oriented objectives. Academically, this study contributes to the discourse on zakat reform by offering a theoretical framework for evaluating zakat policy effectiveness based on contemporary maqashid thinking.Keywords: Zakat Distribution; Utilization; BAZNAS; Maqashid al-Shariah; Jasser Auda.
Implementation of Sharia Compliance in ZIS Distribution at BSI Maslahat Based on DSN-MUI Fatwas Salma Nadia Salsabilla; Arin Setiyowati; Luluk Latifah
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.19687

Abstract

The implementation of Sharia compliance in the management of zakat, infaq, and sadaqah (ZIS) funds is essential to ensure public trust and institutional accountability. This study aims to examine the extent to which BSI Maslahat, the official amil zakat institution affiliated with Bank Syariah Indonesia (BSI), complies with Sharia principles in distributing ZIS funds, particularly in terms of transparency and accountability. This research uses a qualitative method with a literature and documentary study approach. The data were sourced from BSI Maslahat’s annual reports from 2017 to 2023 and relevant fatwas issued by the National Sharia Council–Indonesian Ulema Council (DSN-MUI). Content analysis was applied to assess the alignment of ZIS distribution with Sharia principles, particularly DSN-MUI Fatwa No. 23/2020 and No. 71/2023. The findings indicate that ZIS distribution during the observed period did not fully comply with Fatwa No. 23/2020, as the riqab category was not included. However, improvements in transparency and reporting were evident in accordance with Fatwa No. 71/2023. These results are analyzed through Monzer Kahf’s Islamic Contract Theory, which emphasizes justice, transparency, and Sharia adherence. This study contributes to Islamic economic discourse by offering strategic recommendations to enhance ZIS fund management and compliance. It also serves as a reference for regulators and Islamic financial practitioners to improve institutional governance and public confidence in Islamic philanthropy.Keywords: BSI Maslahat; Sharia Compliance; ZIS Distribution; DSN-MUI; Islamic Contract Theory
The Transformation of Halal Certification Policy and Public Response: An Islamic Economic Law Perspective Eka Safitri; Suhadi Cholil
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 10 No. 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.19790

Abstract

This article aims to analyze the government's efforts in implementing halal certification policies in Indonesia and the public's response to the changes in these regulations. The study uses a qualitative approach with an ethnographic method, involving data collection from various digital media sources such as websites, YouTube, Instagram, Twitter, and Facebook. Data collection techniques include identifying primary sources, tracking, annotating, as well as gathering and presenting data. The primary theory used is Islamic economic law, focusing on the principles of justice, transparency, and public welfare within the context of halal certification regulations. The study's findings indicate that digital media plays a crucial role in accelerating the dissemination of information regarding the new halal certification regulations and facilitates two-way communication between the government and the public. Public response reveals complaints regarding the length of the certification process and the government's slow response to community grievances. This article contributes to the development of Islamic economic law research by offering a perspective on integrating sharia principles in public policy and the halal industry practices, aiming for greater justice and transparency.Keywords: public response; Islamic economic law; halal certification regulation; policy transformation.

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