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Adam Mudinillah
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adammudinillah@staialhikmahpariangan.ac.id
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adammudinillah@staialhikmahpariangan.ac.id
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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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THE ROLE OF ISLAMIC LAW IN REGULATING CRYPTOCURRENCY AND BLOCKCHAIN TECHNOLOGY: A CASE STUDY OF INDONESIA’S REGULATORY FRAMEWORK Marloni Anggita; Bilal Aslam; Sara Hussain
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.2086

Abstract

significant legal and ethical questions, particularly in Muslim-majority countries like Indonesia, where Islamic law (Shariah) plays a central role in financial regulation. This study examines the role of Islamic law in regulating cryptocurrency and blockchain technology, focusing on Indonesia’s regulatory framework. The research aims to assess the compatibility of these technologies with Shariah principles and identify gaps in the current regulatory approach. By doing so, it seeks to provide recommendations for developing a Shariah-compliant regulatory framework that balances innovation with ethical and legal considerations. Using a mixed-methods approach, this study combines legal analysis of Indonesia’s regulatory framework with qualitative interviews with Islamic scholars, regulators, and industry experts. Data were analyzed to evaluate the alignment of cryptocurrency and blockchain technology with Shariah principles, such as the prohibition of riba (interest) and gharar (uncertainty). The findings reveal that while blockchain technology has potential applications in Islamic finance, cryptocurrencies face significant challenges due to concerns over volatility, speculation, and lack of intrinsic value. The study concludes that Indonesia’s regulatory framework must be adapted to address the unique challenges posed by cryptocurrency and blockchain technology while ensuring compliance with Shariah principles.
SHARIAH LAW AND ISLAMIC FINANCE AS TOOLS FOR ECONOMIC EMPOWERMENT IN RURAL INDONESIA Amila Yanti; Seo Jiwon; Lee Jiwon
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.2087

Abstract

Shariah law and Islamic finance have emerged as powerful tools for promoting economic empowerment, particularly in rural areas where poverty and financial exclusion are prevalent. In Indonesia, the world’s largest Muslim-majority country, Islamic finance offers unique opportunities to address economic disparities and foster inclusive growth. This study examines the role of Shariah law and Islamic finance in empowering rural communities in Indonesia, focusing on their impact on poverty alleviation, financial inclusion, and sustainable development. The research aims to identify the challenges and opportunities associated with implementing Islamic finance in rural areas and propose strategies for enhancing its effectiveness. Using a mixed-methods approach, this study combines quantitative analysis of socio-economic data with qualitative interviews with rural communities, Islamic financial institutions, and policymakers. Data were analyzed to assess the impact of Islamic finance on income levels, access to financial services, and community development. The findings reveal that Islamic finance, particularly through instruments such as zakat, waqf, and microfinance, has a positive impact on economic empowerment in rural areas. However, challenges such as lack of awareness, limited infrastructure, and regulatory gaps hinder its full potential. The study concludes that enhancing the role of Shariah law and Islamic finance in rural Indonesia requires targeted strategies, including education, infrastructure development, and regulatory reforms.
THE COMPATIBILITY OF SHARIAH LAW AND MODERN CAPITALISM: A CASE STUDY OF INDONESIA'S ISLAMIC BANKING SECTOR Thandar Htwe; Soe Thu Zaw; Ali Reza
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.2088

Abstract

The integration of Shariah law with modern capitalism has been a subject of significant debate, particularly in the context of Islamic banking. In Indonesia, the world’s largest Muslim-majority country, Islamic banking has grown rapidly, offering a unique case study to explore this compatibility. This study examines the alignment of Shariah principles with the practices of modern capitalism in Indonesia’s Islamic banking sector, focusing on issues such as profit-sharing, risk management, and ethical investment. The research aims to identify the challenges and opportunities associated with integrating Shariah law into a capitalist financial system and propose strategies for enhancing this compatibility. Using a mixed-methods approach, this study combines quantitative analysis of financial performance data with qualitative interviews with Islamic banking practitioners, Shariah scholars, and regulators. Data were analyzed to assess the adherence of Islamic banks to Shariah principles, their financial performance, and their role in promoting ethical finance. The findings reveal that while Islamic banks in Indonesia generally comply with Shariah principles, challenges such as profit-driven practices and limited product innovation hinder their full alignment with Islamic ethics. The study concludes that enhancing the compatibility of Shariah law and modern capitalism requires a balanced approach that prioritizes ethical finance while maintaining competitiveness.
SHARIAH-COMPLIANT VENTURE CAPITAL: EXPLORING FINANCING MODELS FOR STARTUPS IN INDONESIA Gusti Dewi; Aylin Erdogan; Ammar Al-Momani
Sharia Oikonomia Law Journal Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i2.2089

Abstract

The rise of startups in Indonesia has created a growing demand for innovative financing models that align with Shariah principles. Shariah-compliant venture capital (SCVC) offers a unique opportunity to support startups while adhering to Islamic ethical standards, such as the prohibition of riba (interest) and gharar (uncertainty). This study explores the potential of SCVC as a financing model for startups in Indonesia, focusing on its alignment with Shariah principles, its impact on startup growth, and the challenges faced by stakeholders. The research aims to identify effective strategies for implementing SCVC and propose recommendations for enhancing its role in fostering ethical and sustainable entrepreneurship. Using a mixed-methods approach, this study combines quantitative analysis of startup financing data with qualitative interviews with venture capitalists, Shariah scholars, and startup founders. Data were analyzed to assess the compatibility of SCVC with Shariah principles, its financial performance, and its contribution to startup success. The findings reveal that SCVC can effectively support startups while adhering to Islamic ethics, but challenges such as limited awareness, regulatory gaps, and risk-sharing complexities hinder its widespread adoption. The study concludes that promoting SCVC in Indonesia requires targeted strategies, including education, regulatory reforms, and capacity-building for stakeholders.
NAVIGATING SHARIA COMPLIANCE IN FINTECH STARTUPS: LEGAL CHALLENGES AND OPPORTUNITIES IN THE UNITED KINGDOM Daniel Wilson; Lucy Taylor; Thomas Harris
Sharia Oikonomia Law Journal Vol. 3 No. 4 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i4.2194

Abstract

The rapid growth of fintech innovation in the United Kingdom has created new pathways for financial inclusion, particularly among Muslim consumers seeking Sharia-compliant alternatives. However, the integration of Islamic financial principles within a secular regulatory framework presents legal ambiguities and operational challenges for fintech startups. The existing legal environment in the UK does not explicitly accommodate Sharia compliance, creating uncertainties for emerging Islamic fintech ventures. This study aims to examine the legal barriers and institutional opportunities for achieving Sharia compliance in UK-based fintech startups. A qualitative legal research methodology was employed, involving doctrinal analysis of UK financial regulations, Islamic jurisprudential sources, and policy reports, complemented by expert interviews with fintech entrepreneurs, Sharia scholars, and legal professionals. The findings reveal a significant regulatory gap concerning the certification, standardization, and recognition of Sharia-compliant fintech models. However, opportunities exist through regulatory sandboxes, ethical finance frameworks, and collaboration with private Sharia advisory boards. The study concludes that legal innovation, inter-institutional dialogue, and policy refinement are critical to fostering a viable ecosystem for Islamic fintech in the UK. Recommendations include developing a hybrid compliance model and enhancing regulatory clarity to support both innovation and religious integrity.
TOWARDS A UNIVERSAL FRAMEWORK FOR SHARIA ECONOMIC LAW IN GLOBAL RESEARCH ZONES: THEORETICAL INSIGHTS FROM ANTARCTICA GOVERNANCE MODELS Isabel Lopez; Francisco Lopez; Ratu Baurake; Moana Tarema
Sharia Oikonomia Law Journal Vol. 3 No. 4 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i4.2195

Abstract

The pursuit of a universal framework for Sharia economic law faces complex jurisdictional challenges in transnational and extraterritorial contexts. Antarctica, governed under the Antarctic Treaty System as a demilitarized and non-sovereign research zone, presents a unique legal landscape to explore how Islamic economic principles might operate in legally pluralistic, cooperative environments. This study examines the theoretical viability of implementing Sharia economic law within global research zones, using Antarctica as a conceptual testbed for non-territorial legal harmonization. The research applies a comparative legal methodology, synthesizing principles of international law, Sharia economic jurisprudence (fiqh muamalah), and environmental governance. Key findings highlight shared values between Sharia law and Antarctic governance, including non-exploitative resource management, communal benefit, and equitable stewardship. The absence of territorial sovereignty in Antarctica provides a neutral platform to theorize models of ethical finance and contract law that transcend nation-state limitations. The study concludes that Antarctica’s cooperative governance structure offers valuable theoretical insights for developing a universal, ethically grounded framework for Sharia economic law in transnational zones. This research contributes to debates on global legal pluralism, ethics in frontier economies, and the adaptability of Islamic law in novel legal environments.
BLOCKCHAIN-BASED WAQF MANAGEMENT: A SHARIA-COMPLIANT INNOVATION FOR TRANSPARENT GOVERNANCE IN MALAYSIA Zain Nizam; Rashid Rahman; Aiman Fariq
Sharia Oikonomia Law Journal Vol. 3 No. 4 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i4.2196

Abstract

The governance of waqf institutions in Malaysia has faced persistent challenges related to transparency, accountability, and public trust. Traditional waqf management practices often lack systematic reporting, real-time monitoring, and effective stakeholder engagement, leading to inefficiencies and potential misuse of assets. In response to these issues, this study explores the implementation of blockchain technology as an innovative and Sharia-compliant solution to enhance waqf governance. The aim of this research is to examine the potential of blockchain-based systems to provide transparent, immutable, and decentralized management mechanisms for waqf assets within the Malaysian context. Employing a qualitative methodology, data were gathered through interviews with Islamic finance experts, waqf practitioners, and blockchain developers, complemented by document analysis of regulatory frameworks and case studies. The findings indicate that blockchain technology can significantly improve waqf transparency, traceability of donations, and real-time auditability, while ensuring compliance with Islamic legal principles. However, successful adoption requires legal reform, stakeholder digital literacy, and standardized technical frameworks. This research contributes to the evolving discourse on Islamic financial innovation, highlighting the transformative potential of blockchain for ethical and transparent asset management in Muslim societies.
PROSPECTS OF GREEN SUKUK FOR ENVIRONMENTAL FINANCING IN BRAZIL: A LEGAL AND SHARIAH PERSPECTIVE Bruna Costa; Rafaela Lima; Thiago Rocha
Sharia Oikonomia Law Journal Vol. 3 No. 4 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i4.2197

Abstract

Brazil, as one of the world's most biodiverse countries, faces mounting environmental challenges requiring sustainable financing mechanisms aligned with global climate objectives. Green bonds have gained traction in Brazil, yet Shariah-compliant financial instruments remain largely unexplored, despite their global expansion. Green sukuk—Islamic bonds structured to finance environmentally beneficial projects—offer a unique opportunity to bridge Brazil’s sustainability goals with ethical finance practices grounded in Shariah principles. This study explores the legal and Shariah viability of introducing green sukuk as an alternative instrument for environmental financing in Brazil. Employing a qualitative legal research design, the study analyzes Brazil’s existing environmental finance framework, sukuk-related laws in key Islamic finance jurisdictions, and Shariah standards from bodies such as AAOIFI and IFSB. Interviews with Islamic finance scholars, legal experts, and Brazilian regulators supplement the doctrinal analysis. Findings indicate that while Brazil’s regulatory environment permits green financial instruments, legal reforms and institutional support would be necessary to accommodate Shariah-compliant structures. The study concludes that green sukuk could be a viable tool in Brazil’s sustainable finance arsenal, provided that cross-jurisdictional legal harmonization and Shariah alignment are proactively addressed.
ISLAMIC MICROFINANCE FOR MARGINALIZED COMMUNITIES IN THE CARIBBEAN: A CASE STUDY FROM TRINIDAD AND TOBAGO Lydia James; Nadia Williams; Michel Sylvain
Sharia Oikonomia Law Journal Vol. 3 No. 4 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i4.2198

Abstract

Islamic microfinance offers an alternative, ethical approach to financial inclusion, especially for marginalized populations traditionally excluded from conventional banking systems. In the Caribbean context, where economic disparities persist and Muslim minorities face systemic challenges, the potential for Islamic microfinance remains underexplored. This study investigates the role of Islamic microfinance in empowering marginalized Muslim and non-Muslim communities in Trinidad and Tobago. The research employs a qualitative case study approach, combining semi-structured interviews with microfinance practitioners, community leaders, and beneficiaries across three local institutions offering Shariah-compliant financial services. Findings reveal that Islamic microfinance models—particularly those based on qard al-hasan (benevolent loans) and murabaha (cost-plus financing)—are perceived as more culturally inclusive, trust-based, and ethically appealing than their conventional counterparts. However, institutional limitations, lack of regulatory clarity, and insufficient awareness among beneficiaries restrict broader scalability. The study concludes that Islamic microfinance, when locally adapted and supported by policy and education, holds significant promise for advancing socio-economic empowerment in Caribbean plural societies. This case contributes to the growing discourse on Islamic social finance in non-Muslim-majority regions and highlights its relevance in fostering inclusive development models.
SHARIA-COMPLIANT INVESTMENT FUNDS IN THE U.S. MARKET: NAVIGATING SEC REGULATIONS AND ETHICAL FINANCE DEMANDS Jessica Anderson; William Lee; Jennifer Taylor
Sharia Oikonomia Law Journal Vol. 3 No. 3 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v3i3.2199

Abstract

The rising demand for ethical and faith-based investment products in the United States has prompted increased interest in Sharia-compliant investment funds. These funds seek to align financial returns with Islamic principles, including the prohibition of interest (riba), avoidance of excessive uncertainty (gharar), and investment in halal sectors. However, integrating such models within the U.S. financial system presents regulatory challenges, particularly under the oversight of the Securities and Exchange Commission (SEC). This study examines how Sharia-compliant investment funds navigate U.S. regulatory frameworks while maintaining theological legitimacy and investor confidence. Utilizing a qualitative legal research methodology, the study analyzes SEC rules on mutual funds and ETFs, including disclosure, diversification, and fiduciary obligations, alongside Shariah governance standards issued by AAOIFI and other global Islamic finance authorities. Interviews with fund managers, legal counsel, and Shariah advisors provide practical insights. Findings indicate that although structural compatibility is possible, regulatory ambiguities around Shariah governance, purification processes, and ethical screening create operational tensions. The study concludes that successful integration requires interpretive flexibility, SEC engagement, and investor education to ensure both compliance and religious authenticity. The research contributes to broader discussions on financial inclusion, ethical finance, and legal pluralism in global markets.

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