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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
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.
Arjuna Subject : -
Articles 238 Documents
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Legal Maxims in Sharia Economic Law: Epistemology and Methodological Roles of Qawāʿid al-Fiqhiyyah Mualim Mualim; Beni Ahmad Saebani; Aulia Naufal
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.v10i2.22268

Abstract

Abstract     The rapid development of the Islamic economic system in Indonesia has highlighted the urgency of a solid legal framework, particularly through the application of Islamic legal maxims (Qawāʿid al-Fiqhiyyah). This study aims to analyze the concept, epistemology, and implementation of legal maxims within Sharia economic law. Using a qualitative descriptive approach through library research and normative juridical analysis, the study examines primary sources such as the Qur’an, Sunnah, juristic consensus, and classical as well as contemporary scholarly works. The findings reveal that Qawāʿid al-Fiqhiyyah function as an epistemic tool that bridges normative texts and contemporary economic practices, offering methodological flexibility to address modern financial transactions. The discussion demonstrates their practical application in Islamic financial contracts, fatwa formulation by the National Sharia Council (DSN-MUI), and judicial considerations in Sharia Economic Courts. This study concludes that legal maxims are not merely theoretical constructs but a vital epistemological foundation for developing adaptive, contextual, and solution-oriented Sharia economic law in line with maqāṣid al-sharīʿah.  Keywords: Islamic Economic Law; Qawāʿid al-Fiqhiyyah; Islamic Legal Epistemology; Islamic Economics; Contemporary Sharia Regulation. 
Islamic Law Analysis of Nazir Roles in Managing Waqf Assets in Indonesia Deonard Faishal Ghazy; Khoiruddin Khoiruddin; Herlina Kurniati
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.v10i2.22388

Abstract

Waqf governance in Indonesia has a strong legal basis, yet many waqf assets remain underutilized because nazir performance often stays administrative rather than welfare-oriented. This study examines the normative–empirical gap between Islamic legal expectations for nazir and actual waqf management practices in Lampung Province. The study applies a qualitative juridical-empirical approach, integrating Islamic law and Indonesia’s waqf legal framework with field evidence. Data were gathered through in-depth interviews with key stakeholders (BWI Lampung, the Regional Office of the Ministry of Religious Affairs, and a nazir from PW Muhammadiyah Lampung) and supported by institutional documents. Nazir practice generally fulfills basic custodial functions and conventional utilization (religious and educational purposes) but remains conservative, with limited productive development. Persistent weaknesses appear in incomplete certification, fragmented documentation, weak reporting routines, and the largely formal use of SIWAK, which constrain transparency, accountability, and legal certainty. These patterns indicate that compliance is often minimal-formal and does not yet reflect Islamic governance values emphasizing amānah, mas’ūliyyah, and benefit maximization (maqāṣid al-waqf). Strengthening nazir capacity, reporting standards, and governance supervision is essential to unlock waqf’s socio-economic potential.Keywords: waqf governance; nazir; Islamic law; SIWAK; Lampung Province
Legal Political on Worker Protection in The Provision of Religious Holiday Allowances Nurikah Nurikah; H.E Rakhmat Jajuli; Muhammad Rizki
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.v10i2.22474

Abstract

The Religious Holiday Allowance (THR) represents a normative right that employers are legally obligated to fulfill as part of fair labor practices. Nevertheless, violations and legal ambiguities persist, particularly following the enactment of Law Number 11 of 2020 on Job Creation, which altered the structure of labor protection in Indonesia. This study employs a doctrinal (normative juridical) research method, combining statutory and conceptual approaches, supported by a comparative analysis of Malaysia, Saudi Arabia, and the Netherlands to examine convergences and divergences in THR regulation. Data were drawn from primary, secondary, and tertiary legal materials and analyzed descriptively and analytically. The results show that Indonesian law, especially the Job Creation Law, does not explicitly regulate THR but delegates it to subordinate instruments such as Government Regulation No. 36 of 2021 and Ministerial Regulation No. 6 of 2016, resulting in weak legal protection and the absence of criminal sanctions for non-compliance. In contrast, Malaysia and Saudi Arabia apply policy-based holiday bonuses grounded in administrative and cultural frameworks, while the Netherlands integrates holiday pay into its statutory wage system (vakantiegeld), ensuring stronger legal certainty. The legal-political analysis highlights a continuing tension between worker protection and employer flexibility within Indonesia’s investment-oriented legal reforms. Strengthening THR governance through clearer statutory mandates and enforceable sanctions is essential to reaffirm THR as a constitutional right consistent with the 1945 Constitution and ILO standards.Keywords: legal politics; worker protection; religious holiday allowance; Job Creation Law; comparative law.
Integration of Maqashid Sharia in the Operations of Chemical Manufacturing Companies in Indonesia Lisma Humaidah; A’rasy Fahrullah; Khusnul Fikriyah
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.v10i2.22659

Abstract

Manufacturing activities increasingly face demands for ethical governance, worker protection, and environmental responsibility, yet maqāṣid al-sharīʿah is still more frequently operationalized in Islamic finance than in the real sector. This study examines chemical manufacturing operations at PT JM Mutu Utama through a maqāṣid al-sharīʿah review to clarify how operational policies align with maqāṣid objectives and what welfare-related performance implications emerge. A qualitative descriptive–analytical design was employed using semi-structured interviews with five purposively selected informants (QHSE Manager, HR Manager, and three operational staff), field observations, and document analysis (ISO-related certificates, SOPs, and internal reports). Data credibility was strengthened through source and technique triangulation, and analysis followed the Miles–Huberman interactive model. Findings indicate alignment across six maqāṣid dimensions (ḥifẓ al-dīn, al-nafs, al-ʿaql, al-nasl, al-māl, and al-bi’ah), reflected in OHS governance, structured welfare and compensation schemes, competency development, family-supportive policies, and environmental management practices. Welfare-related performance implications appear through enhanced economic security, improved workplace safety and comfort, and strengthened psychosocial well-being. Distributional gaps remain, particularly the limited institutionalization of religious programs for warehouse employees, indicating inclusivity challenges. The study proposes an operational linkage framework connecting manufacturing instruments to maqāṣid objectives to support employee welfare and corporate sustainability in the chemical manufacturing context.Keywords: chemical manufacturing; corporate sustainability; employee welfare; maqāṣid al-sharīʿah; occupational health and safety
Strategic Mapping of Sharia Fintech Development in Indonesia: A SWOT-Based Analysis Luthfi Hidayat Siregar; Saparuddin Siregar; Muhammad Syahbudi
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.v10i2.22811

Abstract

This study examines sharia fintech development in Medan City, Indonesia, amid growing fintech adoption and persistent concerns about literacy, trust, and cybersecurity in urban financial ecosystems. Using a qualitative descriptive design with SWOT scoring, data were collected from 25 purposively selected informants (academics, active users, and sharia fintech practitioners) through open-ended questionnaires and semi-structured interviews, supported by document and literature review. Findings from the IFAS/IFE and EFAS/EFE matrices indicate a supportive internal environment (IFAS = 3.000000) and a favorable external environment (EFAS = 3.543854), positioning Medan in Cell I of the IE matrix (Growth). Key strengths center on perceived sharia compliance and the availability of sharia-based digital financial products, while major constraints include weak regulatory socialization, low public literacy, and uneven IT infrastructure. External threats are dominated by cybersecurity vulnerabilities, conventional fintech dominance, and persistent perceptions that sharia fintech is indistinguishable from conventional services. The strategic map suggests that sustainable growth requires “vertical integration” interpreted as institutional consolidation—strengthening governance and sharia assurance, literacy and user education, security-by-design practices, and reliable service delivery. These priorities align with POJK-based market conduct and the sharia parameters articulated in DSN–MUI fatwas, supporting user trust and the ethical objective of protecting wealth (ḥifẓ al-māl).Keywords: sharia fintech; SWOT analysis; institutional trust; cybersecurity; Medan City
Legal Protection of Minority Shareholders in Good Corporate Governance at Bank Syariah Indonesia Nur Rodiyah; Rudi Hermawan; Ahmad Musadad
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 11 No. 1 (2026)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/p7j7vj12

Abstract

This study examines the legal protection of minority shareholders at Bank Syariah Indonesia (BSI) and evaluates the implementation of Good Corporate Governance (GCG) in ensuring fair, transparent, and Sharia-compliant corporate governance. The study employs a normative-empirical legal approach by analysing Law Number 40 of 2007 concerning Limited Liability Companies, Law Number 21 of 2008 concerning Islamic Banking, OJK regulations, GCG principles, and relevant legal literature, supported by observation and interviews at BSI Bangkalan Branch. The findings show that minority shareholder protection has been normatively recognized through several concrete rights, including the right to obtain corporate information, attend and vote in the General Meeting of Shareholders, file objections, initiate legal action, request company audits, and exercise appraisal rights when corporate actions are detrimental. However, the implementation of these rights remains suboptimal due to the dominance of majority shareholders under the “one share one vote” mechanism, limited access to strategic information, and the insufficient effectiveness of Independent Commissioners, supervisory committees, and the Sharia Supervisory Board. From a Sharia law perspective, GCG at BSI should not be understood merely as formal regulatory compliance, but as an integrated framework combining OJK regulations, corporate governance mechanisms, and Islamic values such as justice, trustworthiness, transparency, accountability, and protection of wealth. This study recommends strengthening regulatory enforcement, information disclosure, minority shareholder participation, and Sharia-based supervision to create a more equitable and accountable Islamic banking governance system.
Digital Halal Assurance: A Comparison of Consumer Protection in Indonesia and Malaysia Karimatul Khasanah; Ainul Yaqin; Neng Vivie Nurfauziah Rukmini
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 11 No. 1 (2026)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/9bnkcm96

Abstract

The digitalization of commerce has transformed the distribution of halal products and created new challenges for consumer protection in digital marketplaces. This article aims to comparatively analyze how Indonesia and Malaysia regulate and implement halal consumer protection in e-commerce, particularly regarding platform verification, consumer information rights, and access to dispute resolution. This study employs a normative-comparative legal method supported by statutory, conceptual, and comparative approaches. The analysis examines primary legal materials, including Indonesia’s Halal Product Assurance Law and Malaysia’s Trade Descriptions Act 2011, as well as secondary legal materials and semi-structured interviews with representatives of BPJPH Indonesia and JAKIM Malaysia. The findings show that Indonesia has a strong de jure halal assurance framework, but its implementation in digital marketplaces remains weak due to unclear platform liability, the absence of mandatory integration with BPJPH’s SIHALAL database, and the limited adaptability of consumer dispute mechanisms. In contrast, Malaysia provides a more integrated model by defining halal as a trade description, strengthening JAKIM’s certification authority, supporting platform-based verification through MyEHalal and Halal Lane initiatives, and providing accessible redress through the Tribunal for Consumer Claims. This study contributes to the development of digital halal governance by emphasizing the need for platform due diligence, integrated verification systems, and adaptive dispute resolution mechanisms to strengthen halal consumer protection in Indonesia.
Indonesia's Nickel Export to China After the 2020 Ban: Prospects, Challenges, and the Islamic Trade Policy Perspective Annisa Nurul Hayati
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 11 No. 1 (2026)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/vfk1f966

Abstract

Indonesia’s raw nickel ore export ban, implemented in January 2020, has reshaped the structure of Indonesia–China nickel trade from raw ore dependence toward processed nickel production and downstream industrialization. Five years after the ban, however, the policy requires not only economic assessment but also normative evaluation, particularly regarding value distribution, foreign capital dominance, environmental harm, and labour protection. This article examines whether Indonesia’s post-ban nickel downstreaming policy aligns with Islamic trade policy principles. Using a qualitative normative approach, the study analyzes secondary data and policy literature through the principles of ‘adl, ta‘awun, prohibition of exploitation, amanah, maslahah, and la dharar. The findings show that the export ban corrected a structurally unequal trade pattern by reducing raw ore exports, encouraging domestic processing, and strengthening Indonesia’s position in the global nickel value chain. The policy also reflects state amanah by seeking to manage strategic mineral resources for public welfare. Nevertheless, the post-ban structure remains ethically incomplete. Chinese-affiliated firms continue to dominate refining capacity, raising concerns over unequal value capture, while environmental degradation and labour issues challenge the principles of maslahah and la dharar. The article concludes that nickel downstreaming is broadly consistent with Islamic trade ethics, but its ethical legitimacy depends on fair ownership structures, stronger environmental governance, labour protection, and equitable benefit-sharing with local communities. 

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