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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 247 Documents
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The Legal Maxim al-Darurat Tubih al-Mahzurat in Innovative Zakat Utilization for the Economic Empowerment of the Ummah TB Rifat; Ahmad Hasan Ridwan; Dede Rohayati; Eid Abdul Aziz
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: 10.24235/0m7nqr60

Abstract

Structural poverty requires zakat institutions to move beyond short-term relief while continuing to protect the legal entitlements of mustahik. This study examines the legal boundaries for applying the maxim al-Ḍarurat Tubiḥ al-Maḥẓurat to innovative forms of productive zakat and formulates a Sharia-compliant implementation framework. It employs normative Islamic legal research using conceptual, comparative, statutory, fatwa, and maqāṣid al-Sharia approaches. Primary and secondary legal materials were collected through documentary analysis and examined through data condensation, data display, and conclusion drawing and verification. The findings demonstrate that the maxim does not provide a general justification for all productive zakat programs because productive zakat is not inherently prohibited. Nonrepayable business capital grants and capacity-building programs may be justified by tamlīk, maṣlaḥah, and maqāṣid al-Sharia. By contrast, delayed distribution, institutional investment, and collectively managed productive assets require stricter tests of necessity, proportionality, governance, and beneficiary protection. Repayable revolving schemes should primarily use infaq, sadaqah, waqf, or other non-zakat funds because zakat transferred through valid tamlīk becomes the property of the mustahik. The study proposes a Sharia legal test based on mustahik eligibility, fulfillment of basic needs, the form of tamlīk, degree of necessity, availability of lawful alternatives, proportionality, Sharia governance, and program evaluation. This framework enables zakat institutions to promote sustainable economic empowerment without diminishing the rights and dignity of mustahik.
Legal Analysis of Ijarah-Based Utilization of Waqf Rice Fields: A Case Study of Mosque Waqf Asset Management Neni Nuraeni; Sumiati
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: 10.24235/3yd6cr22

Abstract

This study examines the management of waqf rice fields through an oral ijarah contract at the Nurul Falah Mosque in Bolang Village, Tirtajaya District, Karawang Regency. It aims to analyze the leasing mechanism and assess its validity from the perspectives of Indonesian waqf law and Islamic economic law, particularly regarding contractual validity, evidentiary certainty, asset protection, and the nazhir's administrative responsibilities. The study employed empirical legal research using a qualitative descriptive-analytical approach. Primary data were collected through interviews, observation, and documentation, while secondary data were obtained from legislation, fatwas, books, and relevant scholarly literature. The findings show that the DKM, acting as nazhir, leases the waqf rice fields to local farmers for a specified planting period and rental payment, but the agreement is concluded orally and supported only by limited payment receipts. The arrangement is not automatically invalid because Indonesian waqf law permits cooperation with third parties, and Fatwa DSN-MUI Number 112/DSN-MUI/IX/2017 recognizes oral ijarah agreements when their essential terms are clearly understood. However, the absence of comprehensive written documentation undermines evidentiary certainty and poses governance risks regarding land boundaries, maintenance obligations, agricultural losses, supervision, reporting, and dispute resolution. This study concludes that the practice is substantively permissible but requires written contracts, transparent financial records, periodic supervision, and accountable reporting to strengthen professional waqf governance.
Stock Waqf as an Innovation of Productive Waqf in Strengthening Institutional Regulation and Economic Potential in Indonesia Alya Shofiana Rizka; Lathif Hanafir Rifqi
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/r1em6074

Abstract

Stock waqf represents an innovation in productive waqf, connecting Islamic philanthropy with Sharia-compliant capital market instruments. However, its implementation in Indonesia remains constrained by fragmented regulations, unclear institutional responsibilities, uneven nazhir capacity, and capital-market risks. This study aims to analyze the legal construction, institutional governance, operational models, economic potential, and implementation challenges of stock waqf from the perspective of Islamic economic law. It employs a normative juridical method using statutory and conceptual approaches. Primary legal materials include Indonesian waqf legislation, implementing regulations, and DSN-MUI fatwas concerning shares and Islamic capital-market instruments, while secondary materials consist of books, journal articles, official reports, and relevant research. The materials were analyzed qualitatively through systematic legal interpretation and descriptive-analytical techniques. The findings demonstrate that the legality of stock waqf is constructed through the intersection of waqf law and Sharia capital-market regulation rather than through a specific stock-waqf regime. Indonesian law recognizes shares as movable waqf assets, but the operational rules governing custody, corporate actions, asset substitution, risk mitigation, reporting, and ongoing Sharia compliance remain incomplete. Stock waqf may be implemented through direct share endowment, dividend waqf, cash waqf invested in Sharia securities, and the endowment of Sharia mutual-fund units. Its optimization requires integrated institutional coordination, professional nazhir management, transparent reporting, digital security, and prudent investment governance. This study contributes an integrated legal-governance framework for balancing the preservation of the waqf corpus with sustainable public benefits.
Formal and Substantive Compliance of Nazhir in the Use of Waqf Principal Funds for Operational Costs Ahmad Wahyudi; Bagas Heradhyaksa; Pas Ingrid Pamesti; Zulkarnaen Ahmad
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/mmpsxc93

Abstract

This study aims to evaluate the formal and substantive legal compliance of a Nazhir in using waqf principal funds for institutional operational expenses. It employs an empirical legal method with a socio-legal approach and a critical single-case study of Waqf Institution X in Jakarta. Primary data were obtained through a semi-structured interview with a Nazhir involved in fundraising, fund management, and institutional decision-making, while secondary data were derived from waqf regulations, Indonesian Waqf Board guidelines, fatwas, fiqh literature, scholarly publications, and publicly available institutional documents. The data were analysed qualitatively by comparing law in books with law in action through formal and substantive compliance frameworks. The findings indicate that the institution demonstrates elements of formal compliance through its reported registration, organizational structure, and productive waqf activities. However, the reported option to deduct operational expenses directly from the initial waqf contribution raises a substantive compliance problem because Nazhir remuneration should derive from management returns rather than be deducted from the designated principal. Contractual consent does not, by itself, legitimize such deductions because it remains subject to mandatory norms protecting waqf perpetuity. Limited written documentation and unclear separation between principal, returns, and operational expenses also create risks to legal certainty, transparency, and wakif protection. This study contributes a formal–substantive compliance framework for evaluating operational financing practices in contemporary waqf governance.
Compliance of Halal-Certified Business Actors with Environmentally Friendly Business Management from the Perspective of Islamic Business Ethics Jumailah Jumailah; Khafid Abadi; Tarmidzi; Elsayed Mohamed Salem Elawadi
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/v4jnfs26

Abstract

This study is motivated by a paradox in the micro and small-scale food industry, where halal certification is often not directly proportional to environmental management responsibility. Halal labeling should cover all aspects of halalan thayyiban, but in practice, production waste is often neglected and pollutes the ecosystem. This study aims to analyze the level of compliance of halal-certified businesses with environmental management standards and to examine this phenomenon through the perspective of Islamic business ethics, particularly the principles of khalifah (stewardship of the earth) and hifz al-bi'ah (preservation of the environment). The research method used was descriptive qualitative with a sociological-legal approach. Data was collected through in-depth interviews with MSME actors, field observations of waste disposal systems, and documentation of relevant regulations. The research location focused on food businesses in the Pekalongan area that already had halal certificates, either through the regular scheme or self-declaration. The results of the study show that business actors' compliance with environmental management is still administrative in nature and has not yet become a substantial ethical awareness. Most business actors view halal certification as limited to the ritual cleanliness of raw materials, while the ecological impact of post-production is considered a separate entity. From the perspective of Islamic business ethics, this practice shows that the value of thayyib has not been fully internalized. This study recommends the integration of halal product assurance instruments with environmental management standards in order to create a sustainable halal industry ecosystem that is beneficial to nature.
The Integration of Hanafi Mazhab Qawā'id Fiqhiyyah into Indonesia's Halal Certification System Fithri Dzikrayah; Hasan Bisri; Ayi Yunus Rusyana; Hasna Safira
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/b5074y18

Abstract

Indonesia’s halal certification system possesses a strong positive legal foundation, but its normative relationship with Hanafi legal principles and its implications for business governance require further clarification. This study aims to analyse Hanafi legal principles as a normative framework for evidentiary verification, legal certainty, prevention of harm, and responsible business governance in Indonesia’s halal certification system. It employs normative legal research using statutory and conceptual approaches. Primary legal materials include Law Number 33 of 2014, Law Number 6 of 2023, and Government Regulation Number 42 of 2024, while secondary materials comprise classical and contemporary Hanafi jurisprudence, literature on qawāʿid fiqhiyyah, and studies on halal certification and corporate compliance. The findings demonstrate three principal functions. First, the evidentiary principle of al-ithbāt, supported by al-aṣl baqāʾ mā kāna ʿalā mā kāna, legitimises the verification of ingredients, suppliers, production processes, and contamination risks while maintaining certified status until valid evidence proves a relevant change. Second, al-yaqīn lā yazūlu bi al-shakk protects legal certainty from unsupported doubt. Third, darʾ al-mafāsid muqaddam ʿalā jalb al-maṣāliḥ positions certification as a preventive mechanism against Sharia violations and legal uncertainty. The study concludes that halal certification represents a functional normative correspondence with Hanafi jurisprudence and operates as a modern Islamic legal and business-governance instrument supporting compliance, risk mitigation, market trust, and sustainable business practices.
Government Intervention in Price Regulation: A Sharia Review of Afghanistan’s Pricing Policy After 2021 Abdullah Farooqi; Nur'aini
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/g87jtt79

Abstract

Afghanistan’s political transition in August 2021 generated severe economic disruption, weakened household purchasing power, and increased vulnerability to food insecurity and market instability. This study aims to evaluate government intervention in Afghanistan’s post-2021 pricing policy through the principles of tasʿīr, ḥisbah, and maqāṣid al-sharīʿah, with particular attention to market fairness and public welfare. The study employs normative qualitative legal research combined with statutory, conceptual, and policy approaches. Data were collected through documentary analysis of Afghan government regulations, ministerial policies, official reports, international institutional publications, classical Islamic legal works, and recent academic studies. The findings show that Afghanistan’s pricing policy does not primarily operate through comprehensive compulsory price fixing but through a mixed model of corrective market regulation, including market inspections, reductions in import-related costs, trade facilitation, consumer protection, and control of unsafe or unfair commercial practices. These measures are broadly consistent with Islamic economic law when they respond to genuine market failure, are implemented proportionately, protect both traders and consumers, and contribute to ḥifẓ al-nafs and ḥifẓ al-māl. However, their contribution to public welfare remains limited by unemployment, weak household income, declining international assistance, fragile financial institutions, and persistent food insecurity. This study contributes a Sharia-based policy-evaluation framework that distinguishes arbitrary price fixing from legitimate corrective market intervention in a fragile post-conflict economy.

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