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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 238 Documents
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Understanding Usury and Its Influence on Interest in Using Bank Syariah Indonesia (BSI) Products: Case Study in Beganding Village Himmatul Ulia Br Sitepu; Rahmayati Rahmayati
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.v10i1.20134

Abstract

This study aims to determine the effect of understanding of usury on the interest in using Bank Syariah Indonesia (BSI) products among Aisyiyah mothers in Beganding Village. Public understanding of the concept of usury is an important factor in encouraging participation in the Islamic banking system, which is based on Islamic financial principles. This study uses a quantitative approach with data collection techniques through questionnaires, which were distributed to 30 respondents. Data analysis was carried out using SPSS software. The results showed that understanding of usury had a significant effect on interest in using BSI products, with a calculated F value of 93.715 and a significance of 0.000 (p <0.05). The correlation coefficient value of 0.877 and the R² value of 0.770 indicate that 77% of the variation in interest can be explained by the variable of understanding usury. This finding indicates that the better a person's understanding of the prohibition of usury in Islam, the higher their interest in using Islamic banking services. This study provides academic contributions to the field of Islamic economics by emphasizing the importance of education related to usury as a strategy to increase literacy and participation in the Islamic banking industry at the community level.Keywords: Understanding of Usury; Interest in Using Products; Bank Syariah Indonesia.
Marketing Strategy and Islamic Business Ethics in Promoting Mudharabah Deposits at Bank Muamalat Sukaramai Nurul Feni Saputri; Isra Hayati
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.v10i1.20135

Abstract

This study explores the marketing strategy and application of Islamic business ethics in promoting mudharabah deposit products at Bank Muamalat KCP Sukaramai, Medan. The research aims to analyze how marketing strategies are implemented at the branch level and identify key challenges in attracting public interest to sharia-compliant investment products. A qualitative descriptive approach was used, employing case study methods through interviews, observation, and documentation. Data analysis was conducted using the interactive model of Miles and Huberman, covering data reduction, display, and conclusion drawing. The findings reveal that Bank Muamalat Sukaramai applies a marketing mix strategy consisting of product development, profit-sharing–based pricing, personal and digital promotion, and local community engagement. Ethical Islamic values such as honesty, transparency, and fairness are consistently upheld throughout the marketing process. The bank also integrates educational efforts to increase public understanding of mudharabah principles through seminars, profit-sharing simulations, and social media content. However, several challenges remain, including low public literacy on sharia finance, tight competition with conventional banks, shifting customer preferences toward digital platforms, and regulatory constraints. This study contributes to the literature on Islamic banking marketing by highlighting practical, ethical-based strategies that are adaptive to local branch contexts. The study offers insights for other Islamic financial institutions seeking to enhance the appeal of profit-sharing deposit products and foster consumer trust in line with Islamic principles.Keywords: Marketing Strategy; Mudharabah Deposit; Islamic Business Ethics; Sharia Banking; Marketing Mix.
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
Sharia Economic Law Analysis of Paylater Features in Online Marketplace Transactions Abdul Fatakh; Eka Rosanti; Toto Suharto; Dila Annisa
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.v10i1.20292

Abstract

The advancement of digital technology has significantly transformed buying and selling systems, particularly through online marketplace platforms. One notable innovation is the paylater payment scheme, which allows consumers to defer payments after completing transactions. While this method offers practical convenience, it raises critical concerns from the perspective of Sharia economic law, especially regarding the elements of riba (interest), gharar (uncertainty), and transactional justice. This study aims to analyze the implementation of paylater features in the Hijabequlla marketplace by examining their compliance with Sharia economic principles. Using a qualitative descriptive method, data were collected through observation, interviews, and literature review. The findings reveal that although the paylater scheme facilitates online purchases, its current implementation shows potential violations of Sharia provisions—particularly those outlined in the DSN-MUI Fatwa No. 1 of 2004 concerning interest-based transactions. The novelty of this research lies in its contextual analysis of a contemporary marketplace platform using the framework of Islamic economic law, offering insights into the alignment—or misalignment—between digital consumer financing and Sharia norms. The study concludes that a reconstruction of the paylater system is needed to ensure compliance with Islamic legal standards, thereby promoting fair and ethical digital transactions.Keywords: Marketplace; Paylater; DSN-MUI Fatwa; Digital Transactions; Sharia Economic Law.
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
Fiqh Muamalah Review of the Object of Akad (E-Commerce) on Defective Goods Cut Anggraini; Tri Inda Fadhila Rahma; Atika Atika
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.v10i1.20753

Abstract

This study examines the application of Fiqh Muamalah to buying and selling practices in e-commerce, with a focus on the seller's responsibility for defective goods. Using a qualitative method through literature review and normative analysis, the research draws upon scholarly works, journal articles, and relevant Islamic legal sources. The study aims to provide a conceptual framework that aligns Islamic commercial ethics with contemporary online transaction practices. The findings reveal that e-commerce transactions can be considered valid under Fiqh Muamalah if they fulfill essential sharia principles, including justice (‘adl), honesty (ṣidq), and transparency (bayān). The use of Salam and Istishna’ contracts is permissible provided the object of sale is clearly defined, halal, and free from gharar (uncertainty). Furthermore, the study highlights the relevance of khiyār al-‘ayb (option due to defect) and khiyār al-syarth (conditional option) as Islamic legal mechanisms that offer fair resolutions in cases involving defective products. This research supports the growth of sharia-compliant digital commerce by offering practical, jurisprudential solutions and emphasizing key ethical values—trust, accountability, and consumer protection—to promote fair, transparent, and sustainable e-commerce in line with Islamic principles.Keyword: Muamalah Fiqh; Contract Objects; E-Commerce; Defective Goods.  
A Comparative Analysis of the Legal System on the Performance of Islamic Banks: A Study in the United Kingdom, Malaysia and Indonesia Roqiyul Ma’arif Syam; Mabruri Andatu; Abdul Muiz Abdul Wadud
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.v10i1.20924

Abstract

This research is motivated by the issue of the influence of the legal system on the performance of Islamic banks in three countries with different legal and social backgrounds, namely the United Kingdom (UK), Malaysia and Indonesia. A qualitative-comparative approach is used by focusing on the substantive and procedural legal system aspects that affect the operation of Islamic banks, as well as on performance indicators such as financial stability, operational efficiency, and the level of public trust. The results show that Malaysia has the most supportive legal system for the development of Islamic banks through its dual banking system framework, formal recognition of sharia principles, and integrated regulatory and supervisory institutions. While Indonesia has made progress in the regulatory aspect, it still faces challenges in harmonization between national law and sharia principles, as well as supervisory effectiveness. On the other hand, the UK, despite having a stable legal system, has not provided a sufficient legal basis to support the full operation of Islamic banks, as its regulatory approach is religion-neutral. This research also emphasizes the importance of legal culture and socio-religious context in supporting the performance of the Islamic finance industry. The practical implications of this research include the need for regulatory harmonization, institutional capacity building, and the establishment of international sharia law standards. Thus, strengthening the legal system that is responsive to sharia principles is a strategic key in strengthening the competitiveness of Islamic banks globally.Keywords: Legal system; United Kingdom; Indonesia; Malaysia; Islamic Bank.
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.
Time-Limited Waqf in Indonesian and Yemeni Law: A Comparative Study Based on National Legislation and Fiqh Approaches Mohsen Farid Abdulrahman Al-Baiti; Ahmad Khoirudin
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.v10i1.20933

Abstract

This study compares the regulation of time-limited waqf berjangka in Indonesia and Yemen, focusing on Indonesia's Law No. 41 of 2004 on Waqf and Yemen's Qānūn al-Waqf al-Sharʿī of 1992. The primary objective of this study is to analyze the validity of temporary endowments (mu'aqqat) within both legal systems and how national regulations affect the acceptance of time-limited endowments. In Indonesia, time-limited endowments are explicitly accommodated in the law, allowing for more flexible management of endowments. In contrast, Yemen's regulations prioritize the permanent (taʾbīd) nature of waqf, limiting the possibility of time-limited endowments. This study employs a cross-mazhab fiqh approach, comparing the views of the Maliki school, which permits temporary endowments, with the Shafi'i and Hanbali schools, which tend to reject them. The findings of this study reveal a shift in the legal paradigm of waqf, from traditional practices to a more modern model, influenced by the social, political, and economic dynamics in each country. The novelty of this research lies in the direct comparison of two different legal systems, offering a new perspective on the acceptance and application of time-limited waqf in the context of socio-economic development. These findings contribute to a deeper understanding of the role of waqf in contemporary legal dynamics.Keywords: time-limited waqf; waqf law; Indonesia; Yemen; Fiqh; Comparative Law

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