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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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ISLAMIC FINANCE AND CRISIS MANAGEMENT IN KAZAKHSTAN: LESSONS FROM THE COVID-19 PANDEMIC Maria Alexandrovna; Sergey Kuznetsov; Viktoria Sokolova
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.v3i3.2200

Abstract

The COVID-19 pandemic exposed structural vulnerabilities in financial systems worldwide, prompting renewed interest in ethical and resilient financing models. In Kazakhstan, where Islamic finance is still nascent, the crisis highlighted both challenges and opportunities for faith-based financial instruments to contribute to national crisis response mechanisms. This study examines the role of Islamic finance in Kazakhstan’s financial resilience during the COVID-19 pandemic, assessing its potential integration into broader economic recovery frameworks. A mixed-methods approach was adopted, combining doctrinal review of Kazakhstan’s Islamic finance legislation with semi-structured interviews involving policymakers, Shariah scholars, and financial practitioners. The findings indicate that while Islamic finance institutions remained limited in size and scope, their emphasis on risk-sharing, social solidarity (zakat, waqf), and asset-backed structures offered valuable alternatives during economic shocks. Islamic microfinance and charitable models proved especially relevant for supporting vulnerable populations. The study concludes that with regulatory development, institutional support, and public awareness, Islamic finance can enhance Kazakhstan’s financial system diversification and crisis response capability. The research contributes to the discourse on ethical finance as a complementary mechanism for economic resilience in emerging markets.
BEHAVIORAL ECONOMICS AND ISLAMIC BUSINESS ETHICS: A STUDY OF CONSUMER DECISION-MAKING IN DUBAI’S HALAL ECONOMY Khaled Al-Mansoori; Aisha Al-Suwaidi; Ahmed Al-Khalil; Françoi Tchoffo
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.v3i3.2201

Abstract

The intersection of behavioral economics and Islamic business ethics offers new insights into consumer behavior within rapidly expanding halal markets. In Dubai, a global hub for Islamic finance and halal commerce, consumer decision-making is influenced not only by economic rationality but also by religious values and ethical frameworks. This study investigates how Islamic ethical principles and cognitive biases interact in shaping consumer choices within Dubai’s halal economy. A mixed-methods approach was employed, combining behavioral experiments with survey data from 412 Muslim consumers across food, fashion, and finance sectors. The study analyzed the effects of ethical priming, religiosity, and framing on purchase intentions, brand loyalty, and risk aversion. Findings indicate that consumers exhibit strong ethical sensitivity, especially when religious cues are salient, and that Islamic ethical commitments often moderate conventional behavioral anomalies such as loss aversion and hyperbolic discounting. The research concludes that behavioral interventions aligned with Islamic ethics can enhance trust, compliance, and long-term loyalty in halal markets. The study contributes to both behavioral economics and Islamic business ethics by integrating moral reasoning with behavioral modeling to better understand decision-making in value-driven economies.
HARMONIZING ISLAMIC ECONOMIC LAW WITH COMMON LAW IN AUSTRALIA: A COMPARATIVE LEGAL ANALYSIS Sarah Taylor; Thomas Mitchell; Zoe Johnson
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.v3i3.2202

Abstract

The increasing presence of Muslim communities and the growing interest in ethical finance have sparked debates over the integration of Islamic economic principles within secular legal systems, particularly in Western common law jurisdictions such as Australia. Despite Australia’s multicultural legal ethos and openness to financial innovation, Islamic economic law—particularly in areas such as profit-sharing, interest prohibition, and zakat-based finance—faces challenges related to enforceability, recognition, and legal compatibility. This study aims to explore the extent to which Islamic economic principles can be harmonized with Australian common law, without undermining the secular character of its legal system. Employing a comparative legal methodology, the research analyzes statutory and case law frameworks in Australia alongside primary Islamic legal sources and interpretive jurisprudence (fiqh muamalat). The findings reveal areas of convergence in contract law, trust structures, and ethical investment, but also identify conflicts in areas such as riba, gharar, and dispute resolution. The study concludes that partial harmonization is feasible through legal pluralism and regulatory accommodation, particularly in the domain of commercial transactions. The research contributes to ongoing discussions on legal inclusivity, multicultural jurisprudence, and the future of Islamic finance in Western legal systems.
ZAKAT AND ISLAMIC MICROFINANCE INTEGRATION FOR RURAL POVERTY ALLEVIATION IN NORTHERN NIGERIA Ifeoma Okechukwu; Uchechi Akinyi; Samuel Ayodele; Chinonso Onyema
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.v3i3.2203

Abstract

Poverty remains a persistent challenge in Northern Nigeria, where rural communities face limited access to formal financial services, weak economic infrastructure, and high unemployment rates. Zakat, as a pillar of Islamic social finance, has historically served as a mechanism for wealth redistribution, while Islamic microfinance offers interest-free financial inclusion tools for underserved populations. Despite their individual strengths, these instruments are often implemented in isolation, limiting their long-term impact on poverty alleviation. This study aims to investigate the integration of zakat and Islamic microfinance as a comprehensive and sustainable model for rural poverty reduction in Northern Nigeria. A mixed-methods approach was adopted, combining qualitative interviews with zakat administrators, microfinance practitioners, and rural beneficiaries, alongside a survey of 250 households across three rural districts. Results indicate that the combined model enhances both short-term welfare and long-term financial independence by linking zakat-based capital injection with microfinance schemes focused on capacity building, entrepreneurship, and risk-sharing. The study concludes that zakat-microfinance integration is not only feasible but essential for achieving inclusive economic development in Islamic contexts. Policy recommendations emphasize institutional coordination, regulatory support, and community engagement to scale the model.
THE APPLICATION OF BLOCKCHAIN FOR SMART CONTRACTS IN MURABAHAH FINANCING: A SHARIA COMPLIANCE AND LEGAL ENFORCEABILITY STUDY Nopita Sari; Nurul Ain Safrizon; Basarudin Basarudin; Adam Idris
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.v3i3.2473

Abstract

The increasing adoption of blockchain technology in Islamic finance has prompted growing interest in its application for smart contracts within murabahah financing structures. The digital transformation of financial transactions raises important questions regarding Sharia compliance, contractual validity, and legal enforceability in decentralized systems. This study aims to examine how blockchain-based smart contracts can enhance transparency, efficiency, and trust in murabahah financing while maintaining strict adherence to Islamic legal principles. A qualitative-doctrinal research method was employed, integrating analysis of classical fiqh al-mu’?mal?t with contemporary regulatory frameworks governing digital transactions and smart contract implementation. The study utilized comparative analysis of existing blockchain platforms and Islamic financial models to identify areas of alignment and potential conflict. The findings indicate that blockchain technology supports murabahah transactions by automating contract execution, eliminating asymmetrical information, and ensuring compliance with Sharia requirements for ownership transfer and cost disclosure. However, challenges remain in achieving legal recognition of decentralized contracts within conventional judicial systems. The study concludes that blockchain-based smart contracts can be considered Sharia-compliant when developed under proper legal supervision and governance mechanisms, offering a promising pathway for digital transformation in Islamic finance.
THE ROLE OF GREEN SUKUK IN FINANCING RENEWABLE ENERGY PROJECTS IN INDONESIA: A LEGAL AND FINANCIAL FRAMEWORK ANALYSIS Indah Dwiprigitaningtias; Mona Al Johani; Omar Ahmad
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.v3i4.2476

Abstract

The increasing global demand for sustainable energy has positioned Green Sukuk as an innovative Islamic financial instrument to support renewable energy development while adhering to Sharia principles. Indonesia, as the largest issuer of sovereign Green Sukuk among Muslim-majority countries, demonstrates significant potential in aligning environmental sustainability with Islamic finance. This study aims to analyze the legal and financial frameworks governing Green Sukuk issuance in Indonesia and evaluate its effectiveness in financing renewable energy projects. A qualitative-descriptive method was employed using a doctrinal legal approach combined with case study analysis of Indonesia’s Green Sukuk programs between 2018 and 2023. The study examines regulatory documents, Ministry of Finance reports, and project financing data to assess compliance with both Sharia standards and environmental governance frameworks. The findings reveal that Green Sukuk has successfully mobilized capital for renewable energy and sustainable infrastructure, particularly in solar, geothermal, and hydropower projects. However, challenges persist regarding project selection transparency, verification standards, and the integration of international green finance taxonomy. The research concludes that strengthening the legal architecture, enhancing cross-sectoral governance, and developing standardized Green Sukuk evaluation mechanisms are essential to maximize its role in achieving Indonesia’s energy transition and sustainability goals.
INTEGRATING THE SUSTAINABLE DEVELOPMENT GOALS (SDGS) INTO MAQASID AL-SHARI'A: A FRAMEWORK FOR MODERN ISLAMIC ECONOMIC LAW Muh. Nur; Shahinur Rahman; Emma Clark; Mutiara M
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.v3i4.2478

Abstract

The growing global emphasis on sustainable development has prompted renewed interest in aligning the United Nations’ Sustainable Development Goals (SDGs) with Islamic legal and ethical principles. This study explores the conceptual integration of the SDGs within the framework of Maqasid al-Shari‘a (the higher objectives of Islamic law), focusing on how Islamic economic law can operationalize sustainability through justice, equity, and human welfare. The research aims to construct a normative and practical framework that harmonizes the ethical imperatives of Maqasid al-Shari‘a with the multidimensional targets of the SDGs, particularly in areas of poverty alleviation, environmental protection, and social inclusion. A qualitative doctrinal approach is employed, combining textual analysis of classical Islamic legal sources with comparative evaluation of contemporary economic policies and global sustainability reports. The findings indicate that Maqasid al-Shari‘a naturally aligns with SDG principles through shared values such as preservation of life, intellect, wealth, lineage, and faith, forming a moral foundation for sustainable economic governance. The proposed framework demonstrates that integrating SDGs into Islamic legal thought can strengthen policy legitimacy, bridge ethical and developmental paradigms, and foster a holistic model for modern Islamic economic law.
HARMONIZING IFRS AND AAOIFI STANDARDS: A LEGAL AND ACCOUNTING ANALYSIS FOR CROSS-BORDER ISLAMIC FINANCIAL INSTITUTIONS Ahmed Al-Mansoori; Ahmed Al-Sabah; Andi Andi
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.v3i3.2489

Abstract

The increasing globalization of Islamic finance has created an urgent need to harmonize the International Financial Reporting Standards (IFRS) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards. This study explores the legal and accounting dimensions of convergence between these two frameworks to ensure transparency, comparability, and Shariah compliance in cross-border Islamic financial institutions. The research aims to analyze the conceptual and operational differences between IFRS and AAOIFI, identify areas of conflict in financial reporting practices, and propose a harmonization model that accommodates both international accounting principles and Islamic jurisprudence. A qualitative legal-accounting approach was employed, combining comparative document analysis and expert interviews with Shariah auditors, regulators, and financial accountants across selected jurisdictions. The findings indicate that while IFRS emphasizes fair value and investor orientation, AAOIFI prioritizes justice and ethical accountability rooted in Islamic law. The harmonization process requires adaptive regulatory mechanisms, mutual recognition frameworks, and integrated training for practitioners. The study concludes that convergence is feasible through a hybrid model aligning IFRS transparency with AAOIFI’s Shariah-based ethics, promoting both global standardization and religious authenticity.
THE LEGALITY OF CRYPTOCURRENCY (ASET KRIPTO) AS A WAQF ASSET: A CONTEMPORARY ISLAMIC LAW ANALYSI Hubbul Wathan; Aisha Al Suwaidi; Miriam Hofer
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.v3i4.2490

Abstract

The rapid growth of digital finance has introduced cryptocurrency as a novel asset class, raising profound legal and ethical questions within the framework of Islamic law. The emergence of crypto-based endowments (waqf) has sparked debates among scholars concerning the legitimacy, permanence, and Shariah compliance of digital assets as charitable instruments. This study aims to examine the legality of cryptocurrency as a potential waqf asset by exploring its compatibility with classical jurisprudential principles and contemporary Islamic financial regulations. A qualitative-deductive methodology was employed, combining doctrinal analysis of fiqh al-mu??mal?t (Islamic commercial law) with comparative evaluation of modern fatwas and regulatory policies issued by national Shariah authorities. The findings reveal that while cryptocurrencies possess economic value (m?l) and transferability, their volatility and speculative nature pose significant challenges to fulfilling the waqf requirement of asset stability and perpetuity (istibq?’ al-?ayn). However, under certain governance mechanisms—such as tokenization backed by tangible or stable assets—cryptocurrency may be conditionally recognized as a legitimate waqf instrument. The study concludes that cryptocurrency’s inclusion in Islamic endowment frameworks is permissible only through rigorous regulatory oversight, ensuring transparency, value preservation, and adherence to Shariah objectives.
LEGAL PROTECTION FOR CONSUMERS OF SHARIA FINTECH LENDING (PINJOL SYARIAH) IN INDONESIA: A REGULATORY AND ETHICAL REVIEW Emmi Rahmiwita Nasution; Michael Turner; Elvis Ewane
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.v3i4.2491

Abstract

The rapid expansion of Sharia-compliant Financial Technology (Fintech) lending in Indonesia offers significant opportunities for financial inclusion. However, this growth has outpaced the development of a comprehensive regulatory framework, exposing consumers to considerable risks, including data privacy breaches, unclear contract terms, and unethical debt collection practices that may contravene Islamic principles. This study aims to critically analyze the adequacy of the current legal framework in providing protection for consumers of Sharia Fintech lending services in Indonesia, identifying key regulatory gaps and ethical inconsistencies. This research utilizes a normative juridical method. It involves a systematic analysis of primary legal sources, including laws and regulations from Indonesia’s Financial Services Authority (OJK), alongside secondary sources like academic literature and relevant case law. The analysis is further enriched by an ethical review based on foundational principles of Islamic law (Sharia). The findings reveal significant deficiencies in the existing legal infrastructure. While OJK regulations are in place, critical gaps persist concerning personal data protection, the transparency of digital contracts (akad), and effective dispute resolution mechanisms. Several prevalent industry practices, particularly in debt collection, were found to be misaligned with Sharia principles of justice (al-’adl) and the prohibition of harm (dharar). Legal protection for consumers in Indonesia’s Sharia Fintech lending sector is currently insufficient. Urgent regulatory reforms are necessary to strengthen data privacy laws, enforce transparent and fair contracts, and ensure that all operational practices strictly adhere to Sharia ethics to build a sustainable and trustworthy digital Islamic economy.

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