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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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ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) CRITERIA IN SHARIA-COMPLIANT STOCK SCREENING: A COMPARATIVE STUDY OF GLOBAL ISLAMIC INDICES Daniyar Satybaldy; Azamat Nazarov; Henrik Johansen; Aryo Prakoso
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.v3i4.2558

Abstract

The convergence of Islamic finance and sustainable investing presents a significant area of interest, driven by shared ethical principles. However, the extent to which Environmental, Social, and Governance (ESG) criteria are formally integrated into sharia-compliant stock screening remains unclear across global indices. This study aims to comparatively analyze the methodologies of leading global Islamic stock indices to determine the scope and nature of ESG integration within their sharia screening frameworks. A qualitative comparative analysis was conducted on the methodology documents of major indices, including MSCI, FTSE, S&P, and Dow Jones Islamic Markets. The findings reveal significant heterogeneity. While all indices inherently cover certain social and governance aspects through traditional sharia screening (e.g., excluding sin stocks, debt limits), explicit and comprehensive ESG frameworks are not uniformly applied. Environmental criteria, in particular, are often not systematically integrated. The study concludes that while a natural alignment between sharia principles and ESG values exists, the formal integration of ESG criteria into global Islamic indices is still nascent and inconsistent. This highlights an opportunity to develop a more holistic screening framework that explicitly combines both ethical paradigms, enhancing the appeal of Islamic finance to sustainable investors.
A COMPARATIVE STUDY OF SHARIA ECONOMIC LAW AND ENGLISH COMMON LAW IN GOVERNING FINANCIAL CONTRACTS Masyhur Masyhur; Maria Clara Reyes; Ruby King
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.v3i3.2610

Abstract

The proliferation of hybrid financial contracts, intended to be Sharia-compliant yet governed by English Common Law, creates significant legal ambiguities and conflicts regarding their enforceability. This study conducts a comparative doctrinal analysis to identify foundational conflicts between Sharia Economic Law and English Common Law, and to critically examine the judicial interpretation of these hybrid instruments by English courts. The research employs a qualitative, doctrinal methodology. A comparative analysis of primary legal sources including fiqh texts, statutes, AAOIFI standards, and key judicial precedents was conducted, anchored by landmark case law analysis. The findings reveal a fundamental, non-convergent divergence, particularly regarding riba (interest) and gharar  (uncertainty). The analysis confirms English courts prioritize the explicit “governing law” clause over Sharia compliance, creating a significant ‘enforcement gap’ where contractual intent is superseded by Common Law remedies. This study concludes that the prevailing legal hybridity model functions as a ‘legal fiction,’ posing systemic risks to the Islamic finance industry’s integrity. It demonstrates that the “nesting” of Sharia within Common Law is unsustainable, necessitating new “trans-systemic” legal frameworks.
DIGITALIZATION OF ZAKAT MANAGEMENT FOR ENHANCED TRANSPARENCY AND POVERTY ALLEVIATION A CASE STUDY OF BAZNAS INDONESIA Syukrawati Syukrawati; Nadiah Ismail; Chinonso Onyema
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.v3i4.2631

Abstract

Traditional Zakat management often faces a significant institutional trust deficit, hindering its potential for poverty alleviation. The digitalization of Zakat, as exemplified by Indonesia’s BAZNAS, presents a strategic solution, yet its empirical impact on transparency and social outcomes is under-evaluated. This research aims to empirically evaluate the impact of BAZNAS’s digitalization strategy on enhancing institutional transparency, rebuilding stakeholder trust, and improving the effectiveness of poverty alleviation programs. A mixed-methods explanatory sequential case study of BAZNAS was employed. The study analyzed longitudinal institutional data (2018-2024), structured surveys (n=1000 muzakki and mustahik), and 55 semi-structured stakeholder interviews. Findings reveal a profound positive impact: Zakat collection increased by 153.1% and fund distribution time decreased by 72.3%. ‘Perceived Transparency’ (? = .55, p < .001) was confirmed as the strongest predictor of ‘Institutional Trust’. A statistically significant reduction in mustahik poverty scores was also observed (p < .001). However, a critical ‘Digital Access Gap’ affecting 22% of recipients was identified. Digitalization is empirically validated as a powerful tool for resolving the institutional trust deficit and enhancing Zakat’s effectiveness in poverty reduction. This success is, however, contingent upon developing hybrid strategies to address the digital divide and ensure inclusivity.
RECONFIGURING SHARIAH ECONOMIC LEGALITY: A NORMATIVE–JURIDICAL ANALYSIS OF ISLAMIC FINANCIAL GOVERNANCE Amin Zaki; Ahmed Al Fahad; Sarah Williams
Sharia Oikonomia Law Journal Vol. 4 No. 1 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v4i1.3553

Abstract

Islamic finance has expanded rapidly within diverse regulatory environments, raising critical questions about how Shariah economic legality is constructed and maintained. Legal interpretations in this field are shaped not only by formal compliance mechanisms but also by normative jurisprudence, institutional arrangements, and market dynamics, creating a complex and often fragmented governance landscape. This study aims to examine how Shariah legality is configured and to propose a reconfigurative framework that integrates normative and juridical perspectives within Islamic financial governance. A qualitative normative–juridical research design is employed through systematic analysis of 85 legal documents, including fatwas, regulatory frameworks, and international standards across multiple jurisdictions. Analytical matrices and coding techniques are used to identify patterns of legal reasoning, institutional structures, and interpretive authority. The findings reveal that centralized governance systems enhance consistency and innovation, while decentralized systems preserve interpretive diversity but increase legal fragmentation. Compliance-based standardization improves procedural clarity yet fails to eliminate epistemological divergence. These results indicate that Shariah economic legality is a dynamic construct shaped by continuous negotiation between doctrinal principles and institutional practices. The study concludes that effective Islamic financial governance requires integrative models that balance normative integrity with regulatory functionality, supporting both coherence and adaptability in a rapidly evolving financial environment.
BETWEEN DOCTRINE AND REGULATION: LEGAL PLURALISM IN CONTEMPORARY SHARIAH ECONOMIC LAW Nurul Huda; Faisal Razak; John Smith
Sharia Oikonomia Law Journal Vol. 4 No. 1 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v4i1.3586

Abstract

Contemporary Shariah economic law operates within a pluralistic legal landscape shaped by the interaction between classical jurisprudence and modern regulatory frameworks. The expansion of Islamic finance across diverse jurisdictions has intensified tensions between doctrinal authority and institutional regulation, producing varying interpretations and governance practices. This study aims to examine how legal pluralism is constructed and managed within contemporary Shariah economic law, with particular attention to the relationship between doctrinal reasoning and regulatory structures. A qualitative normative–juridical research design is employed through systematic analysis of 92 legal documents, including fatwas, national regulations, and international standards across multiple jurisdictions. Analytical matrices and thematic coding are used to identify patterns of legal interaction, institutional integration, and interpretive divergence. The findings reveal that legal pluralism is a structural characteristic of Islamic financial governance, where integrated systems enhance coherence while decentralized arrangements increase fragmentation. Hybrid governance models demonstrate greater effectiveness in balancing doctrinal diversity with regulatory consistency. The study concludes that legal pluralism should be understood as a dynamic and productive condition rather than a problem to be eliminated, requiring governance frameworks that facilitate coordination between competing authorities while preserving epistemological diversity.
MAQASID AL-SHARI'AH REVISITED: REASSESSING LEGAL RATIONALITY IN ISLAMIC ECONOMIC TRANSACTIONS Ahmed Al Fahad; Fatimah Al Rashid; Emma Brown
Sharia Oikonomia Law Journal Vol. 4 No. 1 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v4i1.3587

Abstract

Maq??id al-Shar??ah has re-emerged as a central framework for evaluating the ethical and legal dimensions of Islamic economic transactions amid increasing complexity in global financial systems. Contemporary practices often emphasize procedural compliance, creating a gap between formal legality and substantive justice. This study aims to reassess legal rationality by examining how maq??id can function as a foundational framework for guiding economic transactions beyond rule-based validation. A qualitative normative–juridical research design is employed through systematic analysis of 88 legal and regulatory documents, including classical jurisprudential texts, fatwas, and institutional guidelines across multiple jurisdictions. Analytical matrices and thematic coding are used to identify patterns of maq??id application, institutional integration, and interpretive variation. The findings reveal that maq??id is unevenly operationalized, with stronger integration in policy-oriented frameworks and centralized governance systems, while doctrinal and case-based applications remain selective and inconsistent. Institutional embedding of maq??id enhances coherence and ethical alignment, whereas fragmented application reinforces formalistic tendencies. The study concludes that reconfiguring legal rationality requires transforming maq??id from a conceptual ideal into an operational governance tool capable of aligning legal form with ethical substance in contemporary Islamic finance.
NORMATIVITY UNDER MARKET PRESSURE: THE JURISPRUDENTIAL LIMITS OF SHARIAH COMPLIANCE IN ISLAMIC FINANCE Fatima Malik; Ahmed Shah; Oliver Harris
Sharia Oikonomia Law Journal Vol. 4 No. 1 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v4i1.3588

Abstract

Islamic finance has expanded within increasingly competitive global markets, intensifying tensions between Shariah normativity and economic pragmatism. Contemporary practices often prioritize formal compliance, raising concerns about whether legal structures genuinely reflect underlying ethical principles. This study aims to examine the jurisprudential limits of Shariah compliance by analyzing how market pressures influence legal reasoning and the construction of permissible financial practices. A qualitative normative–juridical research design is employed through systematic analysis of 96 legal documents, including fatwas, regulatory frameworks, and international standards across multiple jurisdictions. Analytical matrices and thematic coding are used to identify patterns of normativity, compliance, and market adaptation. The findings reveal that Shariah compliance operates as a dynamic spectrum, where hybrid frameworks dominate by balancing formal legality with market competitiveness. Normative alignment tends to weaken under high market pressure, leading to selective interpretation of jurisprudential principles. Institutional governance plays a critical role in mediating this tension, with centralized systems showing greater resistance to purely market-driven adaptations. The study concludes that Shariah compliance cannot be equated with substantive normativity and must be reconceptualized as a negotiated process shaped by jurisprudential flexibility and economic constraints.
FROM FIQH TO POLICY INSTRUMENT: THE LEGAL TRANSFORMATION OF ISLAMIC ECONOMIC PRINCIPLES Omar Al Fahim; Fatima Al Mazrouei; Sarah Williams
Sharia Oikonomia Law Journal Vol. 4 No. 1 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v4i1.3589

Abstract

Islamic economic principles have undergone significant transformation as they move from classical fiqh-based reasoning into contemporary policy instruments within modern governance systems. This shift reflects increasing institutionalization, regulatory demands, and integration into global financial frameworks, raising questions about how normative legal doctrines are reinterpreted and operationalized. This study aims to examine the nature of this legal transformation and to analyze how jurisprudential principles are translated into enforceable policy frameworks across different institutional contexts. A qualitative normative–juridical research design is employed through systematic analysis of 94 legal documents, including classical texts, fatwas, and regulatory standards from multiple jurisdictions. Analytical matrices and thematic coding are used to identify patterns of doctrinal adaptation, institutional mediation, and policy codification. The findings reveal that legal transformation is a multi-layered process involving doctrinal preservation, interpretive mediation, and regulatory abstraction, often resulting in reduced normative depth as principles become standardized. Institutional governance plays a critical role in shaping the extent to which ethical foundations are retained or simplified. The study concludes that the transformation from fiqh to policy instrument requires integrative governance models that balance interpretive richness with regulatory functionality, ensuring alignment between normative objectives and contemporary economic realities.
CONTRACTUAL JUSTICE IN ISLAMIC LAW: A CRITICAL EXAMINATION OF EQUITY AND RISK ALLOCATION Ahmed Al Mohannadi; Mariam Al Thani; Tim Bauer
Sharia Oikonomia Law Journal Vol. 4 No. 1 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v4i1.3590

Abstract

Contractual justice is a foundational principle in Islamic law, emphasizing equity, fairness, and balanced risk allocation in economic transactions. Contemporary Islamic finance, however, operates within complex market environments that often prioritize formal compliance and financial efficiency, raising concerns about whether contractual practices genuinely reflect these normative ideals. This study aims to critically examine the relationship between equity and risk allocation in Islamic financial contracts and to assess the extent to which current practices align with foundational Shariah principles. A qualitative normative–juridical research design is employed through systematic analysis of 90 legal documents, including classical jurisprudential texts, fatwas, and regulatory frameworks across multiple jurisdictions. Analytical matrices and thematic coding are used to identify patterns of contractual structuring, risk distribution, and normative alignment. The findings reveal a divergence between equity-centered risk-sharing models and dominant risk-transfer structures, with compliance-oriented frameworks mediating between the two. Market pressures and institutional constraints significantly influence contractual design, often leading to reduced emphasis on substantive justice. The study concludes that contractual justice in Islamic law must be reconceptualized as a dynamic and context-dependent construct, requiring integrative governance approaches that align legal form with ethical substance.
SHARIAH ECONOMIC LAW IN A GLOBALIZED MARKET: LEGAL ADAPTATION, HARMONIZATION, AND RESISTANCE Zeynep Toprak; Cemil Kaya; Eva Janssen
Sharia Oikonomia Law Journal Vol. 4 No. 1 (2026)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/solj.v4i1.3591

Abstract

Shariah economic law is increasingly shaped by the dynamics of globalization, where cross-border finance, international standards, and regulatory convergence influence how Islamic legal principles are interpreted and applied. Expanding integration into global markets raises critical questions about the balance between legal adaptation, harmonization, and resistance, particularly in maintaining normative integrity while ensuring economic competitiveness. This study aims to examine how these three legal orientations interact in shaping contemporary Islamic economic law across different jurisdictions. A qualitative normative–juridical research design is employed through systematic analysis of 98 legal documents, including jurisprudential texts, regulatory frameworks, and international standards. Analytical matrices and thematic coding are used to identify patterns of legal transformation, institutional mediation, and interpretive diversity. The findings reveal that Shariah economic law evolves through a dynamic interplay of adaptation, harmonization, and resistance, with hybrid frameworks emerging as dominant responses to global pressures. Harmonization enhances regulatory coherence, adaptation ensures contextual flexibility, and resistance preserves doctrinal authenticity. The study concludes that effective governance requires integrative approaches that balance global alignment with normative preservation, ensuring that Islamic economic law remains both relevant and ethically grounded in a globalized financial system.

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