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Al Wajiz: Journal of Sharia and Economics Studies
Published by Ma'had Aly Sunan Drajat
ISSN : -     EISSN : 31107427     DOI : https://doi.org/10.65887/alwajiz.v1i2
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Al Wajiz: Journal of Sharia and Economics Studies is a scientific journal that focuses on publishing research findings, theoretical studies, and conceptual thoughts related to Islamic Law (Sharia) and Economics. This journal aims to serve as an academic platform that bridges classical and contemporary perspectives, thereby contributing to the advancement of knowledge, practice, and policy in the fields of Islamic law and economics. Published twice a year, namely October and April.
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Articles 10 Documents
 1 
Membangun Mental Entrepreneur Santri melalui Perspektif Maqashid Syariah Sunaji Sunaji
Al Wajiz: Journal of Sharia and Economics Studies Vol. 1 No. 1 (2025): Al Wajiz: Journal of Sharia and Economics Studies
Publisher : LPPM Ma'had Aly Sunan Drajat Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65887/alwajiz.v1i1.1

Abstract

This study explores the role of Maqashid Syariah in shaping the entrepreneurial mindset of santri (Islamic boarding school students). In the modern era, fostering entrepreneurship among santri is crucial for developing independence, creativity, and ethical business practices. Maqashid Syariah, which emphasizes the protection of religion (hifz al-din), life (hifz al-nafs), intellect (hifz al-‘aql), lineage (hifz al-nasl), and wealth (hifz al-mal), provides a moral and ethical framework for building character-based entrepreneurship. This research uses a qualitative descriptive-analytical approach with a case study method, involving observations, interviews, and documentation at selected pesantren with active entrepreneurship programs. The results reveal that integrating Maqashid Syariah principles into santri activities enhances their ethical awareness, creativity, and resilience in entrepreneurial ventures. Santri learn to manage resources responsibly, innovate products ethically, and balance profit-making with social responsibility. The study concludes that Maqashid Syariah not only supports spiritual development but also strengthens entrepreneurial character, preparing santri to become ethical, competent, and socially responsible entrepreneurs. This research provides insights for pesantren educators to develop curriculum and programs that effectively combine Islamic principles with entrepreneurial training
Risk Management Strategy of Sharia Microfinance Institutions Challenges, Innovation, and Sustainability in the Era of Digital Disruption Siswadi Siswadi; Wilda 'Ainun Najihah
Al Wajiz: Journal of Sharia and Economics Studies Vol. 1 No. 1 (2025): Al Wajiz: Journal of Sharia and Economics Studies
Publisher : LPPM Ma'had Aly Sunan Drajat Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65887/alwajiz.v1i1.2

Abstract

Sharia Microfinance Institutions (MFIs) have an important role in supporting the community's economy, especially in developing countries such as Indonesia. LKMS exists as an alternative financing based on sharia principles and aims to increase financial inclusion for small and medium community groups. However, in its operations, MFIs face various risks, including credit risks, liquidity risks, and operational risks that can affect the sustainability of the institution. This study aims to examine the implementation of risk management in MFIs using a qualitative approach through a literature study. The results of the study show that the implementation of risk management is able to help MFIs minimize potential losses, strengthen financial stability, and increase institutional competitiveness. However, there are challenges in the form of limited resources, lack of managerial expertise, and regulatory complexity that often hinder the effectiveness of risk management. In addition, the application of technological innovations, especially Artificial Intelligence (AI), is considered to be able to support the effectiveness of risk management through improving transaction security, service efficiency, and financing risk control. This study recommends the need to strengthen the capacity of human resources, adaptive regulatory support, and the use of digital technology to strengthen the sustainability of MFIs in the face of global economic dynamics.
Peran Pesantren dalam Pembentukan Karakter Religius di Kalangan Remaja Milenial (Studi Konseptual di Pondok Pesantren Sunan Drajat Lamongan) Wanto Wanto
Al Wajiz: Journal of Sharia and Economics Studies Vol. 1 No. 1 (2025): Al Wajiz: Journal of Sharia and Economics Studies
Publisher : LPPM Ma'had Aly Sunan Drajat Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65887/alwajiz.v1i1.3

Abstract

The development of digital technology and the influence of global culture have significantly affected the formation of the religious character of millennial youth, as reflected in the shifting values of spirituality and morality. In this context, Islamic boarding schools (pesantren) as traditional Islamic educational institutions hold a strategic role in preserving and instilling strong religious values amid the currents of modernization. This study aims to analyze the role of pesantren in shaping the religious character of millennial youth, focusing on the educational system and character-building practices at Pondok Pesantren Sunan Drajat Lamongan. This research employs a descriptive qualitative method with a conceptual study approach through literature reviews and analysis of educational concepts relevant to religious character formation in the digital era. The findings indicate that pesantren play a central role in the internalization of religious values through the habituation of worship, the exemplary conduct of kiai (religious leaders), and a disciplined, spiritual environment. However, challenges arise from the influence of social media and global culture, which often conflict with Islamic values. The results of this study demonstrate that pesantren remain a moral and spiritual fortress for the millennial generation. The constructive use of digital media is an essential strategy to strengthen the effectiveness of religious character development amid the challenges of the digital era.
The Right of The Guardian to Ijbar And The Principle of Consent in Islamic Law Zainul Mushthofa; Siti Aminah
Al Wajiz: Journal of Sharia and Economics Studies Vol. 1 No. 1 (2025): Al Wajiz: Journal of Sharia and Economics Studies
Publisher : LPPM Ma'had Aly Sunan Drajat Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65887/alwajiz.v1i1.4

Abstract

Phenomenon wedding early in Bluri Village, District Solokuro, Lamongan Regency, reflects reality social where tradition matchmaking and pressure economy Still become factor dominant in determine age marriage. Research This aim For analyze background behind social, views figure society, as well as implications law and religion of practice wedding early consequence parental coercion. Approach used is qualitative descriptive with method interviews, observations, and documentation. Research results show that practice wedding early in Bluri Village driven by four factor main, namely economy, tradition matchmaking, low education, and moral concerns. Although public look at wedding as form not quite enough responsibility and honor, in a law practice This contradictory with Constitution Number 16 of 2019, as well as religiously not reflect principle ridha ( willingness ) and the benefits that arise base wedding in Islam. Therefore that, is necessary effort awareness proportional law and religious education For prevent occurrence wedding children under future age.
Market Maker Movements in Sharia Stocks from the Perspective of Maqaṣid Syariah and Fiqh Muamalah Akmal Falasifa; Muhyidin Muhyidin; Nashihin Nashihin
Al Wajiz: Journal of Sharia and Economics Studies Vol. 1 No. 1 (2025): Al Wajiz: Journal of Sharia and Economics Studies
Publisher : LPPM Ma'had Aly Sunan Drajat Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65887/alwajiz.v1i1.5

Abstract

This study aims to analyze the practice of bandar movement (market maker activity) in Islamic stocks from the perspective of fiqh mu‘āmalah and maqāṣid al-sharī‘ah. The phenomenon of market maker activity is important to examine because it can affect price stability, market fairness, and investor trust in the Islamic economic system. This research employs a qualitative approach based on library research, examining primary sources such as the Qur’an, hadith, classical fiqh books, and DSN-MUI Fatwa No. 80/DSN-MUI/III/2011, as well as secondary literature related to the Islamic capital market and stock price manipulation. The results show that not all bandar activities are negative; practices such as market making and price stabilization can be justified as they help maintain market liquidity and efficiency. However, other forms such as pump and dump, wash trading, spoofing, cornering, and front running are considered contrary to the principles of honesty (ṣidq), trustworthiness (amānah), and justice (al-‘adl) in fiqh mu‘āmalah, and they violate the objectives of maqāṣid al-sharī‘ah in preserving wealth (ḥifẓ al-māl) and intellect (ḥifẓ al-‘aql). This study emphasizes the need for more ethical and maqāṣid-based supervision of the Islamic capital market to safeguard public welfare in modern investment practices.
The ‘Illah of Riba on Money in Classical Fiqh Perspective and Its Relevance to Modern Money (A Comparative Study of al-Fawākih ad-Dawānī, Ḥāsyiyah al-‘Adawī, and Ḥāsyiyah al-Bājūrī) Moh. Mahfud Ali Amari Sya’roni; Advan Navis Zubaidi
Al Wajiz: Journal of Sharia and Economics Studies Vol. 1 No. 2 (2026): Al Wajiz: Journal of Sharia and Economics Studies
Publisher : LPPM Ma'had Aly Sunan Drajat Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65887/alwajiz.v1i2.11

Abstract

This study aims to analyze the ‘illah (legal cause) of riba on money from the perspective of classical fiqh and examine its relevance to modern financial systems, including paper money, digital currencies, and cryptocurrencies. The main focus is on the differing views of scholars regarding two key concepts: ghalabat ats-tsamaniyyah (dominance of the function as a medium of exchange) and muṭlaq ats-tsamaniyyah (general function as a medium of exchange). This research employs a qualitative library research method, with three classical texts as primary sources: al-Fawākih ad-Dawānī, Ḥāsyiyah al-‘Adawī, and Ḥāsyiyah al-Bājūrī. Analysis was conducted using a descriptive-comparative approach and conceptual synthesis. The results show that the difference in determining the ‘illah of riba stems from two methodological approaches: textual versus functional, with Ḥāsyiyah al-‘Adawī emphasizing the maqāṣid dimension and Ḥāsyiyah al-Bājūrī affirming the role of ‘urf. Based on the synthesis of these three texts, it can be concluded that the muṭlaq ats-tsamaniyyah approach is more relevant to modern financial systems because it accommodates various forms of money, including paper money, digital currencies, and cryptocurrencies such as Bitcoin and other crypto assets, provided they function as widely recognized media of exchange. This study contributes to integrating classical fiqh thought with contemporary economic realities, ensuring that riba rulings remain applicable and aligned with the objectives of Shariah in preserving justice and economic welfare.
Downstreaming of Natural Resources in the Perspective of Islamic Jurisprudence (Fiqh): Weighing Its Maslahah and Mafsadah for the Ecosystem, Environment, and Humanity Zumrotus Sholikatun Nurjanah; Ah. Soni Irawan; Yayan Musthofa
Al Wajiz: Journal of Sharia and Economics Studies Vol. 1 No. 2 (2026): Al Wajiz: Journal of Sharia and Economics Studies
Publisher : LPPM Ma'had Aly Sunan Drajat Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65887/alwajiz.v1i2.14

Abstract

Downstreaming of natural resources has become a strategic policy in many developing countries, including Indonesia, as an effort to increase commodity value through domestic processing and reduce dependence on raw material exports. However, downstreaming practices—particularly in the mining and plantation sectors—often present a dilemma between economic gains and environmental damage as well as social injustice. This research examines natural resource downstreaming from the perspective of environmental fiqh, grounded in sharia principles such as trusteeship over the earth, social justice, and ecosystem preservation, with a focus on weighing maslahah and mafsadah for the ecosystem, environment, and local communities. A qualitative approach based on literature study is employed, including analysis of downstreaming policies in Indonesia, empirical studies of environmental and social impacts, and fiqh literature related to the ethics of natural resource management. Data were collected from three main sources: classical and contemporary fiqh books related to hifẓ al-bī’ah (environmental preservation), government policy reports on natural resource downstreaming in Indonesia, and academic literature and international journals on natural resource management and environmental sustainability. The analysis was conducted using a descriptive-critical method, which allows the researcher to connect fiqh principles with downstreaming practices and to assess the maslahah and mafsadah for the community. The findings indicate that natural resource downstreaming has significant maslahah potential including increased economic added value, job creation, and regional welfare development. For example, the downstreaming policy for minerals such as nickel has contributed to national and regional income. However, if not balanced with environmental regulations and ethical implementation, downstreaming can cause mafsadah in the form of environmental degradation, deforestation, pollution, and inequality in benefit distribution. Therefore, this paper recommends the integration of environmental fiqh norms into natural resource downstreaming policies, including distributive justice, sustainable management, and participatory community oversight. With such an approach, natural resource downstreaming becomes not merely an economic strategy but a sustainable, just, and responsible development effort in order to preserve the maslahah of the people, the ecosystem, and the environment. 
A Legal Analysis of the Sale of Sacrificial Animal Skin in the Nahdliyin Tradition: Perspectives from I‘ānat Al-Ṭālibīn and Al-Majmū‘ Syarḥ Al-Muhadzdzab Muhammad Royyan Faqih Azhary; Abdulazeem Abozaid
Al Wajiz: Journal of Sharia and Economics Studies Vol. 1 No. 2 (2026): Al Wajiz: Journal of Sharia and Economics Studies
Publisher : LPPM Ma'had Aly Sunan Drajat Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65887/alwajiz.v1i2.15

Abstract

The ritual of animal sacrifice in Islam carries both spiritual and social significance, yet contemporary practices of selling sacrificial skins have raised legal questions among Muslim communities, particularly within the Nahdliyin tradition in Indonesia. This research examines the legal ruling on selling sacrificial animal skins within the Shafi'i school of Islamic jurisprudence, focusing specifically on two authoritative classical texts, I'ānat Al-Ṭālibīn and Al-Majmū' Syarḥ Al-Muhadzdzab, and their relevance to contemporary societal practices. This study employs a library research method with a descriptive-analytical approach. Primary sources are the two aforementioned fiqh texts, while secondary sources include academic journals, fiqh books, and previous studies. Data analysis was conducted using content analysis to understand scholarly views and their application to modern practices. The findings reveal that the Shafi'i school explicitly prohibits the sale of sacrificial animal skins, as all parts of the sacrificial animal are considered integral to an act of worship and cannot be commercialized. The skin may only be used personally, lent, or given in charity without any buying and selling element. This prohibition also extends to giving the skin to a butcher as payment for slaughtering services. Although other schools, such as the Hanafi, permit selling the skin for social purposes, the Shafi'i school maintains its prohibition as a form of precaution and preservation of the sacrificial ritual's sanctity. This research underscores the importance of educating Muslims on the fiqh of sacrifice to ensure community practices align with Islamic legal principles. It offers sharia-compliant alternatives for managing sacrificial skin and analyzes the implications of the prohibition within contemporary Muslim society.
Distinguishing Dalālah, 'Illat, and Manāṭ al-Ḥukm in Uṣūl al-Fiqh and Their Relevance to Contemporary Ijtihād with Special Reference to Islamic Economics Tarig Mansour
Al Wajiz: Journal of Sharia and Economics Studies Vol. 1 No. 2 (2026): Al Wajiz: Journal of Sharia and Economics Studies
Publisher : LPPM Ma'had Aly Sunan Drajat Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65887/alwajiz.v1i2.17

Abstract

Within the discipline of uṣūl al-fiqh, three fundamental concepts—dalālah, 'illat, and manāṭ al-ḥukm—are frequently misunderstood or conflated by students and even practitioners of Islamic law. This conceptual ambiguity poses a serious methodological challenge to accurate legal reasoning.  This study aims to analyze the epistemological differences between dalālah, 'illat, and manāṭ al-ḥukm, and to implement this analytical framework within contemporary ijtihād, with a particular focus on issues in Islamic economics and muamalah. This research employs a qualitative-descriptive approach using library research. Primary sources include classical and contemporary uṣūl al-fiqh literature, including works by Al-Ghazali, Al-Amidi, Al-Shatibi, Ibn Qayyim, Wahbah al-Zuhayli, and Jasser Auda. Data analysis was conducted using comparative-conceptual analysis and content analysis methods. The findings reveal that dalālah operates within the textual-semantic domain concerning linguistic meanings from sacred texts; 'illat operates within the domain of legal causality representing the rational-syar'i reason behind a ruling; and manāṭ operates within the domain of empirical reality concerning the actual application of law to concrete cases. These three concepts form a hierarchical epistemological structure: dalālah → 'illat → manāṭ.  An integrated yet differentiated understanding of these three concepts is a methodological prerequisite for valid, adaptive, and responsive contemporary ijtihād, particularly in addressing modern economic and financial transactions not explicitly mentioned in classical texts.
The Formation of Classical Islamic Law: Tracing the Development of Legal Sources, Methodologies, and Madhhabs Mohammad Ahsanul Khuluqi; Chuzaimatus Saadah; Darmawan
Al Wajiz: Journal of Sharia and Economics Studies Vol. 1 No. 2 (2026): Al Wajiz: Journal of Sharia and Economics Studies
Publisher : LPPM Ma'had Aly Sunan Drajat Lamongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65887/alwajiz.v1i2.18

Abstract

Classical Islamic law represents the foundation of Islamic legal thought and has significantly influenced the development of Islamic jurisprudence from the formative period to the present. Understanding its historical formation is essential for explaining the evolution of Islamic legal methodology and its contemporary relevance. This study aims to analyze the historical formation of classical Islamic law by examining the development of legal sources, methods of legal reasoning (istinbāṭ), and the emergence of the major Islamic legal madhhabs. This research employs a normative legal research design using a library research approach. Historical and conceptual approaches were applied to examine primary sources, including the Qur’an, Hadith, and classical turāth literature, as well as secondary academic publications on Islamic legal history and uṣūl al-fiqh. The collected data were analyzed qualitatively using a descriptive-analytical method. The findings reveal that classical Islamic law developed progressively from the Prophetic period through the era of the Rightly Guided Caliphs, the Umayyad Dynasty, and reached methodological maturity during the Abbasid period. The expansion of legal sources from the Qur’an and Sunnah to ijmāʿ, qiyās, istiḥsān, and maṣlaḥah mursalah, together with the emergence of the Hanafi, Maliki, Shafiʿi, and Hanbali madhhabs, established a comprehensive legal tradition characterized by methodological diversity and intellectual dynamism. The historical formation of classical Islamic law demonstrates that Islamic jurisprudence evolved through the interaction of revelation, juristic reasoning, and socio-political realities. This methodological legacy continues to provide a significant foundation for addressing contemporary legal challenges within the framework of maqāṣid al-sharīʿah.addressing the challenges of modern society.

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