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Adam Mudinillah
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Jorong Kubang Kaciak Dusun Kubang Kaciak, Kelurahan Balai Tangah, Kecamatan Lintau Buo Utara, Kabupaten Tanah Datar, Provinsi Sumatera Barat, Kodepos 27293
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INDONESIA
Sharia Oikonomia Law Journal
Published by Yayasan Adra Karima Hubbi
ISSN : 29885191     EISSN : 29885205     DOI : 10.70177/solj
Core Subject :
The Sharia Oikonomia Law Journal explores various aspects of Sharia economic law and the evolving economic challenges. Its primary focus includes the impact of digital transformation on Islamic finance, such as fintech and blockchain, as well as the role of Sharia financial instruments (zakat, waqf, sukuk) in achieving sustainable development goals. The journal also addresses the harmonization of Sharia economic law with national legal systems, Islamic business ethics, and social finance in promoting economic inclusion. Furthermore, it examines the application of Sharia economic systems in emerging markets and the role of Sharia finance in crisis management. With an interdisciplinary perspective, Sharia Oikonomia Law Journal aims to be a leading reference for academics, practitioners, and policymakers in the field of Sharia economic law.
Arjuna Subject : -
Articles 102 Documents
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Development of Sharia Business Models for Technology Startups Agus Zainul Arifin; Christine Dewi Nainggolan; Haryanto Tanuwijaya; Wolnough Cale
Sharia Oikonomia Law Journal Vol. 2 No. 3 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i3.1406

Abstract

Indonesia has seen rapid growth of technology startups in recent years. However, many startups have yet to capitalize on the sharia business model, which can be an attractive alternative to address social and economic challenges. The main objective of this study is to develop a sharia business model that is suitable for technology startups in Indonesia. Specifically, this study aims to identify the key elements of a sharia business model that are relevant for technology startups, analyze the benefits and barriers of implementing a sharia business model in the technology industry, and formulate an effective implementation strategy for technology startups to adopt a sharia business model. This study uses a combination of qualitative and quantitative methods. In the first stage, the literature was thoroughly studied and interviews were conducted with sharia business experts and technology startup activists to determine the main components of the sharia business model. The results of the study indicate that the main components of the relevant sharia business model for technology startups include the principle of profit sharing (profit sharing), prohibition of riba (interest-free financing), and fairness and transparency in transactions. The survey results also show that most technology startup founders see the sharia business model as an alternative that can attract investors and consumers. This study found that technology startups in Indonesia have great potential to implement a sharia business model if there is a strong effort to educate and provide resources.
Analysis of the Influence of Contemporary Economic Law on Public Policy in Muslim Majority Countries Amin Zaki; Scherschligt Oscar; Morse Kathryn
Sharia Oikonomia Law Journal Vol. 2 No. 3 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i3.1407

Abstract

Modern economic law is very dynamic and covers a lot of things about markets, investment, fiscal policy, and international trade. Sharia principles that emphasize fairness, transparency, and prohibition of usury often influence the implementation of economic law in Muslim-majority countries. The main objective of this study is to analyze the impact of modern economic law on public policy in Muslim-majority countries. Specifically, this study aims to identify the principles of modern economic law that are relevant to Muslim-majority countries, evaluate how these principles are incorporated into public policy, and assess the impact of the application of modern economic law on increasing democratic expectations. This study uses a qualitative approach with a case study method. Data were collected through in-depth interviews with legal and economic experts, public policy observations in several Muslim-majority countries such as Indonesia, Malaysia, and Saudi Arabia. The results of the study show that Muslim-majority countries face various difficulties in integrating sharia values with the principles of modern economic law.  This study finds that modern economic law influences public policy in Muslim-majority countries. It is possible to promote inclusive and sustainable economic growth by incorporating Sharia principles into the structure of modern economic law. However, successful implementation depends largely on the government’s ability to balance market rules with religious principles.
Critique of the Neoclassical Economic Model from an Islamic Economic Perspective Syamsu Rijal; Murphy Xavier; McCarty Elliot
Sharia Oikonomia Law Journal Vol. 2 No. 3 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i3.1408

Abstract

For many years, the neoclassical economic model has been the basis of modern economic analysis. This model is based on the assumptions of individual rationality, market equilibrium, and resource allocation based on market prices. This study examines and evaluates the neoclassical economic model from an Islamic economic perspective. Specifically, it seeks a deeper understanding of how Islamic economic principles and values can offer alternatives or adjustments to the currently dominant neoclassical model. Using a qualitative approach, this study analyzes relevant literature on Islamic and neoclassical economics. In addition, this study involves a comparative study of the basic principles of both paradigms; in addition, this study explores the theoretical and practical perspectives offered by Islamic economists. This study shows that the criticism of the neoclassical economic model from the perspective of Islamic economics has a strong and reasonable basis. Social justice and fair distribution in the distribution of resources are often overlooked by the neoclassical economic model. In conclusion, this study shows that there is great potential to create a more inclusive and sustainable economic model by combining Islamic economic principles with the neoclassical economic framework. Although there are fundamental differences between the two paradigms, incorporating Islamic economic principles in a judicious manner can result in a more equitable and effective economic system.
Patent Law in Islamic Economics Challenges and Opportunities Muhammad Ilyas Marwal; Syafiq Amir; Rina Farah
Sharia Oikonomia Law Journal Vol. 2 No. 3 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i3.1409

Abstract

One important way to protect intellectual property rights is to use patent law to encourage creativity and innovation. In Islamic economics, the application of patent law raises several issues. This is because there are fundamental differences between the principles of Shari'a and some elements of conventional patent law. Since Islamic economics emphasizes justice, public interest, and equitable distribution of wealth, patent law must reflect these values. This study aims to identify and analyze the challenges and opportunities in the implementation of patent law in Islamic economics. Specifically, this study aims to understand the concepts and principles of patent law from an Islamic economic perspective, identify the main problems faced in the implementation of patent law in Muslim countries, explore opportunities for developing a patent legal framework that is in accordance with sharia principles, and provide. This research was conducted using qualitative methods, using literature studies and document analysis. Data were obtained from various sources, such as scientific journals, books, laws, fatwas, and other documents. The results of the study indicate that patent law in Islamic economics must balance individual rights and societal benefits. Some of the main problems identified include lack of knowledge about the importance of patents, inconsistencies between some aspects of conventional patent law and sharia principles, and resistance to changes in current regulations. According to this study, patent law in Islamic economics faces many challenges and opportunities. By incorporating sharia principles into the patent legal system, innovation and technological progress that benefit society can be increased.
Al 'Adah Muhakkamah Rules and Their Applications Regarding the Contemporary Era Share Purchase and Sale Agreement Muhamad Iqbal Akbar; Mohamad Fikri bin Mohd Bakri
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1501

Abstract

The principles of "Al-'Adah Muhakkamah" within Islamic law, particularly its relevance to contemporary financial practices such as share trading. It highlights the significance of customs (al-'adah) as a legitimate source of law in Islamic jurisprudence, allowing for flexibility and adaptability in financial transactions. The study outlines the essential conditions for valid share buying and selling, emphasizing mutual consent, the halal nature of the objects involved, and the avoidance of prohibited elements like usury (riba) and excessive uncertainty (gharar). Utilizing qualitative research methods, literature reviews, and content analysis, the research investigates how these principles are applied in modern contexts, especially through digital platforms. The findings indicate that while the rules of Al-'Adah Muhakkamah provide necessary flexibility to accommodate social and economic developments, there are concerns regarding overly lenient interpretations that may stray from core Islamic principles. The document advocates for a balanced approach that honors traditional Islamic values while addressing contemporary financial practices, ensuring that adaptations remain aligned with Sharia principles. This study serves as a valuable resource for scholars, practitioners, and policymakers in the field of Islamic finance, offering insights into the dynamic interplay between tradition and modernity in financial transactions.
Artificial Intelligence Governance Strategy in the Indonesian Regulation System, Offensive or Defensive? Indri Maria; Riswadi Riswadi
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1643

Abstract

The Indonesian government unveiled its National Strategy on Artificial Intelligence (AI) in 2020, known as “Strategi Nasional Kecerdasan Artifisial”. This comprehensive plan addresses various aspects of AI, including ethical considerations, policy frameworks, workforce development, data ecosystems, and infrastructure for AI advancement. It’s important to note, however, that National Strategy serves as a guiding policy document rather than a legally enforceable set of regulations. However, this does not mean that the Indonesian government is absent from regulating AI technology. In Indonesia, there are currently applicable regulations relating to the use of AI, although not directly confronting AI Technology. This qualitative journal aimed to analyze comparative strategies for drafting government regulations in the era of Artificial Intelligence. This journal was prepared using a normative approach, with laws and other valid legal bases as sources. The data for writing this article were obtained from a document or library study by studying and analyzing library materials and related regulations related to research problems. In conclusion, we will compare offensive strategies that focus on driving positive outcomes, such as increased opportunity and profitability, and defensive strategies that aim to prevent negative outcomes and reduce risks. The government can develop a comprehensive strategy that enables both offensive and defensive objectives or choose between offensive and defensive strategies.
Banks’ Strategies to Face Fintechs’ Attacks Dedy Ihsan; Wahyu Murti; Sri Sungkowati
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1644

Abstract

Globalization has changed the playing field within industries, which were traditionally limited by size, country of origin, industry type, and past success. Now, those boundaries have become blurred and no longer clearly defined. Internet connectivity and technology have changed the face of businesses. These changes will always continue on an ongoing basis. For example, fintech (startups) that used to serve only one business segment have started to enter the banking industry, through online lending or peer to peer lending (P2P lending), products of savings, payment systems, and pay later. The latter is like a credit card in banking. Startups have become a very strong-new competitor for banks. Instead, their loan impressively grows with low non-performing loans (NPLs). Therefore, banks must be aware of this competitive situation. Banks should no longer use the old ways to compete, but should find and do new ways. For this reason, this paper is prepared to provide answers on how banks should respond, so that the competitive pressure from fintech can be carefully anticipated.
ISLAMIC FINANCIAL PRODUCTS AND THEIR CONTRIBUTION TO THE GROWTH OF SMES IN HARGEISA, SOMALILAND Habtamu Alebachew Legass; Hudayfe Said Ahmed
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.1697

Abstract

This study explores the impact of Islamic financing products, specifically Musharakah and Murabahah, on the growth of small and medium enterprises (SMEs) in Hargeisa, Somaliland. With an increasing demand for Shariah-compliant financing, the research highlights how these products contribute to the financial stability, operational efficiency, and business relationships of SMEs. A survey of 100 SMEs revealed that 90% expressed interest in Islamic financial products, yet 90% were dissatisfied with the current offerings, citing a lack of tailored products and high costs, particularly with Murabahah. The study further examined the role of Musharakah in fostering long-term growth through risk-sharing and strategic support, but also identified challenges such as complexity and limited availability. Murabahah, with its fixed cost structure, was found to be more popular, offering immediate access to capital but also creating financial strain due to high markup rates. The findings suggest a need for more diverse, flexible, and cost-effective Islamic finance options, as well as greater awareness and understanding of these products. The study concludes by recommending the expansion of Islamic finance offerings and further research into the long-term effects of these financing models on SME sustainability in emerging markets.
Urbanization and its Effects on Environment and Socio-economic Sustainability; Evidence from Dire Dawa, Ethiopia Dawud Chane Mekonnen; Habtamu Alebachew Legass
Sharia Oikonomia Law Journal Vol. 2 No. 4 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v2i4.1748

Abstract

The impact of urbanization on environmental sustainability is a critical issue that requires careful planning and management to ensure positive outcomes. This study aims to assess the effects of urbanization on urban environmental sustainability. A descriptive research design was employed to achieve this objective. Out of nine urban kebeles, five were purposively selected based on their relevance to the study. The sample size consisted of 394 respondents selected from a total target population of 29,932. Both primary and secondary sources of data were utilized, including questionnaires, interviews, observations, and document reviews. Data analysis involved the use of percentages, frequencies, diagrams, and charts. The findings revealed that rural-urban migration was a primary driver of urbanization, leading to rapid urban growth and associated challenges. Sustainable urban development initiatives were found to be inadequately implemented, resulting in the overconsumption of natural resources, improper waste disposal, and deforestation. While urbanization brought positive effects such as job opportunities and improved infrastructure access, negative consequences like informal settlements, crime, and high living costs were also evident. The study highlighted a lack of government focus on urban sustainability, emphasizing the need for increased agricultural development in rural areas to curb migration. Recommendations included stricter enforcement of laws, community training on environmental conservation, and the implementation of sustainable practices such as tree planting and waste recycling. Encouragingly, supporting underprivileged communities to improve their livelihoods was also advised to enhance overall urban sustainability.
IMPLEMENTATION OF THE MUDHARABAH CONTRACT AT UJUNG GADING MARKET, WEST PASMAN REGENCY Muhammad Jahar Bulek; Mursal Mursal; Julhadi Julhadi
Sharia Oikonomia Law Journal Vol. 3 No. 1 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i1.1879

Abstract

Mudharabah is an Islamic economic contract based on cooperation between capital owners (shahibul mal) and business managers (mudharib). In practice, its application often faces challenges such as information imbalance, low Islamic financial literacy, and potential deviations from sharia principles. In Ujung Gading Market, West Pasaman Regency, mudharabah contracts have the potential to empower small and medium-sized traders. This study examines the implementation of mudharabah contracts in the market, their effectiveness in improving traders’ welfare, and the obstacles encountered. A qualitative approach was used with data collection through in-depth interviews, field observations, and documentation studies. Informants included traders, capital owners, and stakeholders managing mudharabah contracts. The findings show that mudharabah contracts contribute to increased income and strengthened business networks. However, obstacles such as low understanding of sharia principles, lack of local regulatory frameworks, and limited capital access hinder their full potential. This study is limited by its narrow area coverage and lack of quantitative data to support qualitative findings. Further research with a broader scope and quantitative methods is recommended to enhance the analysis of mudharabah contract effectiveness in local and global contexts.

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