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Wahyu Abdul Jafar
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Journal of Nusantara Economy
Published by PT. Islamic Research Publisher
ISSN : -     EISSN : 29858259     DOI : https://doi.org/10.66325/nusantaraeconomy
Core Subject :
Aim and Scope Aim: Journal of Nusantara Economy is an international peer-reviewed journal dedicated to advancing scholarly research on economic transformation, business innovation, economic governance, and Islamic economic development in the Asia-Pacific and European regions. The journal provides a platform for interdisciplinary studies that examine the interaction between economic systems, business practices, legal frameworks, and public policies in addressing contemporary global challenges. Scope: The journal publishes original research and review articles in the following areas: Economic Transformation, Sustainable Development, and Public Policy Business Innovation, Entrepreneurship, and Digital Economy Economic Law, Financial Regulation, and Governance International Trade, Investment, and Asia-Pacific–Europe Economic Relations Islamic Economics, Islamic Finance, and Halal Economy Sustainable Finance, Financial Technology (FinTech), and Inclusive Growth Comparative and Interdisciplinary Studies on Contemporary Economic Issues in Asia-Pacific and Europe The journal particularly welcomes empirical, comparative, and policy-oriented research that contributes to understanding economic, business, and regulatory developments within the Asia-Pacific and European contexts.
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Articles 40 Documents
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Rethinking Supply Chain Resilience in Strategic Industries: Taiwan’s Semiconductor Sector under Geopolitical Uncertainty Ashri Ramadhan; Miguel González
Journal of Nusantara Economy Vol. 3 No. 1 (2024): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v3i1.122

Abstract

This study examines supply chain resilience strategies within Taiwan’s semiconductor industry amid intensifying geopolitical uncertainties. It explores how the industry manages supply chain vulnerabilities under geopolitical tensions, identifies adaptive strategies that ensure production continuity despite external pressures, and evaluates the implications of production diversification on Taiwan’s long-term technological competitiveness. A mixed-method approach is employed, combining qualitative interviews with industry executives and quantitative analysis of trade flow data to capture both strategic decision-making and structural supply chain dynamics. The findings reveal that Taiwanese semiconductor firms have developed multilayered resilience mechanisms, including geographical diversification of production facilities, advanced strategic inventory management, and the strengthening of international partnership networks that function as buffers against geopolitical disruptions. The study further shows that while production diversification enhances operational security, it also introduces strategic trade-offs, particularly concerning Taiwan’s innovation capacity. Maintaining competitiveness depends not only on risk dispersion but also on preserving high-density innovation clusters that have historically driven technological leadership in the semiconductor sector. Excessive fragmentation of production networks may therefore weaken the ecosystem’s innovative efficiency, despite improving short-term resilience. Academically, this study contributes to the literature on supply chain resilience and geopolitical risk by advancing a context-specific framework for understanding resilience in strategically critical high-tech industries. It integrates insights from international business, strategic management, and operations research to demonstrate that resilience is not merely a function of risk mitigation, but also of ecosystem-level innovation dynamics. Furthermore, it extends existing debates on supply chain diversification by highlighting the tension between geopolitical risk reduction and innovation concentration, offering a nuanced perspective on how firms and nations can balance security, efficiency, and technological leadership in an era of global fragmentation.
Reassessing the Implementation of Murābaḥah Contracts in Islamic Financial Institutions: Legal, Ethical, and Operational Challenge Sudarman; Amalia S. Tapparang; Sophie Miller
Journal of Nusantara Economy Vol. 3 No. 2 (2024): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v3i2.185

Abstract

Murābaḥah contracts constitute one of the most widely used financing instruments in Islamic financial institutions and are designed to provide a Sharia-compliant alternative to conventional credit-based transactions. Despite their dominance in Islamic banking practices, growing concerns have emerged regarding their legal compliance, ethical implications, and operational efficiency. This study aims to reassess the implementation of murābaḥah contracts by critically examining their legal, ethical, and operational challenges and by exploring strategies for reform that align these contracts with the objectives of Islamic law (Maqāṣid al-Sharī‘ah). The research adopts a qualitative research design employing a mixed qualitative approach that integrates systematic literature review, case studies from Islamic financial institutions across different regions, and semi-structured interviews with Islamic finance experts, practitioners, and regulators. Data were analyzed using thematic analysis and comparative analysis to identify recurring patterns and discrepancies in murābaḥah implementation across institutional contexts. The findings reveal three major challenges. First, legal challenges arise from inconsistencies in Sharia compliance and regulatory ambiguities, particularly concerning ownership transfer, agency arrangements, and the continued reliance on interest-based benchmarks for determining profit margins. Second, ethical challenges are reflected in the partial realization of Maqāṣid al-Sharī‘ah, where murābaḥah financing often prioritizes consumptive lending rather than promoting justice, social welfare, and productive economic development. Third, operational challenges include complex documentation procedures, high transaction costs, and institutional overdependence on murābaḥah financing, commonly described as the “murābaḥah syndrome.” The study further identifies the need for comprehensive reforms, including the reformulation of murābaḥah products, diversification toward partnership-based financing models, strengthening of regulatory frameworks, and the integration of financial technologies to improve transparency and compliance. This study contributes to the literature on Islamic finance by offering a holistic framework for reassessing murābaḥah practices and by proposing practical strategies to enhance their alignment with Islamic ethical principles and sustainable economic development.
Strengthening Domestic Competitiveness through Halal Industry Governance and Islamic Management Practices Desy Arum Sunarta; Riski Apriliani; Antonio Galli
Journal of Nusantara Economy Vol. 3 No. 1 (2024): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v3i1.186

Abstract

This study examines the role of halal industry governance and Islamic management practices in enhancing domestic competitiveness within the halal economy. It aims to synthesize and conceptualize existing scholarly evidence on how governance frameworks rooted in Islamic values contribute to strengthening the competitiveness of halal-based economic activities. Using a qualitative literature review approach, the study systematically analyzes peer-reviewed articles from reputable academic databases to identify dominant themes, theoretical orientations, and recurring empirical patterns. The findings indicate that effective halal industry governance, when supported by core Islamic management principles such as transparency, accountability, trustworthiness, and justice, plays a crucial role in strengthening institutional coordination, improving value chain efficiency, and enhancing market confidence. These interconnected factors collectively contribute to the reinforcement of domestic competitiveness in halal industries, particularly in emerging Muslim-majority economies where institutional maturity is still developing. The study concludes that the integration of Islamic management principles into halal governance frameworks not only ensures Sharia compliance but also generates measurable strategic and economic value. Academically, this research contributes to the literature by developing a synthesized conceptual framework that links halal governance, Islamic management principles, and domestic competitiveness within a single analytical structure. It extends existing discussions on halal industry development by moving beyond compliance-oriented perspectives toward a competitiveness-based paradigm. Furthermore, it enriches the fields of Islamic economics and management studies by demonstrating how value-based governance systems can function as drivers of institutional efficiency and market performance in emerging economies.
Legal Certainty in the Renewal of Mudharabah Contracts: An Analysis from the Perspective of DSN-MUI Fatwa Hidayat Darussalam; Ava Martin
Journal of Nusantara Economy Vol. 4 No. 1 (2025): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v4i1.193

Abstract

The dynamic nature of muamalah allows for legal adaptation and development (mutaghayyirāt) in response to contemporary economic realities. One of the contracts that has undergone significant ijtihād-based development is the mudharabah contract. In its classical conception, mudharabah is founded on trust (amanah) between the capital provider (shahib al-māl) and the entrepreneur (mudhârib), without requiring collateral as an essential element of the agreement. However, the growing complexity of modern Islamic financial institutions has led to the introduction of collateral requirements in mudharabah financing as a risk mitigation mechanism. This practice has generated scholarly debate regarding its compatibility with the original principles of mudharabah. As the authoritative body responsible for issuing collective legal opinions (fatwa jama'i) in Indonesia, the Indonesian Council of Ulama (Majelis Ulama Indonesia—MUI), through the National Sharia Council (DSN-MUI), plays a strategic role in guiding the development of Islamic economics, finance, and business. The DSN-MUI Fatwa concerning mudharabah financing provides legal justification for the use of collateral under specific circumstances, reflecting an adaptive form of contemporary Islamic legal reasoning. This study employs a normative legal research method with a library-based approach. It aims to analyze the renewal of the mudharabah contract through the ijtihād embodied in the DSN-MUI Fatwa on collateral in mudharabah financing and to examine its conformity with the objectives of Islamic law (maqāṣid al-sharī‘ah). The findings indicate that the inclusion of collateral in mudharabah contracts emerges from the need of Islamic financial institutions to safeguard entrusted funds, minimize moral hazard, and ensure contractual compliance. From the perspective of maqāṣid al-sharī‘ah, the collateral requirement can be justified as an instrument for protecting wealth (ḥifẓ al-māl) and promoting legal certainty, provided that it does not alter the fundamental nature of mudharabah as a profit-and-loss sharing contract. This study contributes to the contemporary discourse on Islamic contract law by demonstrating how collective ijtihād can reconcile classical fiqh principles with modern financial governance needs. Furthermore, it enriches the theoretical discussion on the flexibility of Islamic commercial law and provides a maqāṣid-based framework for evaluating contractual innovations in Islamic finance.
Shopee PayLater in Contemporary Digital Commerce: An Analysis Based on Maslahah Mursalah among University Students Saqofah Washillatul Rizqia; Daniel Walker
Journal of Nusantara Economy Vol. 3 No. 1 (2024): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v3i1.194

Abstract

This study examines the use of Shopee Pinjam, a digital lending service integrated into the Shopee marketplace, among students of UIN Fatmawati Sukarno Bengkulu through the perspective of maslahah mursalah. As one of the rapidly growing financial technology services in Indonesia, Shopee Pinjam offers quick access to funds, simplified application procedures, collateral-free borrowing, and flexible installment options. For university students, this service has emerged as an alternative source of short-term financing to address both urgent and routine financial needs. This research employs a qualitative field study approach, with data collected through in-depth interviews with eight student users of Shopee Pinjam. The findings reveal that students are primarily attracted to the service due to its accessibility, speed, minimal administrative requirements, and its ability to assist with educational expenses, accommodation costs, and daily living needs. From the perspective of maslahah mursalah, the utilization of Shopee Pinjam can be regarded as permissible insofar as it generates tangible benefits, facilitates the fulfillment of essential needs, and does not lead to greater harm, exploitation, or financial distress. The study argues that digital lending services may function as a practical and flexible financial instrument for students when used responsibly and within reasonable limits. Academically, this research contributes to the growing discourse on Islamic legal responses to financial technology (fintech) by contextualizing the concept of maslahah mursalah within contemporary digital lending practices. It further enriches the literature on Islamic economic law by providing empirical insights into how Muslim students negotiate financial necessity, technological convenience, and religious considerations in the digital economy era.
The Implementation of Wadiah Contracts in Islamic Banking: Safeguarding Customer Confidentiality and Institutional Trust Putri Ramadani Massora; Kateryna Shevchenko
Journal of Nusantara Economy Vol. 3 No. 2 (2024): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v3i2.206

Abstract

This study examines the implementation of the Wadiah contract in Islamic banking, with particular emphasis on the protection of customer data confidentiality and its conformity with Sharia principles and the regulatory framework established under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law). Within Islamic banking, the Wadiah contract embodies a fiduciary relationship that requires Islamic financial institutions to safeguard not only customers’ deposited funds but also the confidentiality of their personal and financial information. This research employs a normative legal approach, utilizing statutory, conceptual, and comparative analyses. Data were collected through an extensive review of relevant legal instruments, including DSN-MUI Fatwa No. 02/DSN-MUI/IV/2000 on Wadiah savings, Islamic banking regulations, and the provisions of the P2SK Law concerning consumer and data protection. The findings reveal that the Wadiah contract creates both legal and ethical obligations for Islamic banks to maintain customer confidentiality as an integral manifestation of the trust (amanah) principle embedded in Islamic commercial law. Furthermore, the P2SK Law strengthens this obligation by providing a more comprehensive framework for customer data protection and establishing legal consequences for violations of confidentiality. The study argues that effective implementation of the Wadiah contract contributes not only to regulatory compliance but also to the realization of the objectives of Islamic law (maqāṣid al-sharīʿah), particularly the protection of wealth (ḥifẓ al-māl) and human dignity (ḥifẓ al-ʿirḍ). Academically, this research contributes to the growing discourse on the intersection between Islamic contract law, financial governance, and data protection by positioning customer confidentiality as a substantive dimension of Wadiah rather than merely an administrative obligation. Strengthening this perspective is essential for enhancing public trust and promoting sustainable development within the Islamic banking sector.
Islamic Family Law and Household Financial Sustainability: Contemporary Challenges in the Asia-Pacific Region Wahyu Abdul Jafar
Journal of Nusantara Economy Vol. 4 No. 1 (2025): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v4i1.254

Abstract

The sustainability of household finances has emerged as a critical issue within contemporary Muslim societies, particularly in the Asia-Pacific region, where rapid economic transformation, digital financialization, changing family structures, and increasing living costs have significantly influenced family welfare. This study aims to examine the relationship between Islamic family law and household financial sustainability by analyzing contemporary challenges faced by Muslim families in the Asia-Pacific context. The research specifically explores how Islamic legal principles governing family rights and obligations, wealth management, maintenance (nafaqah), inheritance, and marital economic responsibilities contribute to the creation of sustainable household financial systems. This study employs a qualitative normative approach based on an extensive literature review of scholarly articles, legal documents, policy reports, and contemporary studies related to Islamic family law and family economics. Data were collected from reputable academic databases and analyzed using a thematic-content analysis framework to identify major patterns, emerging challenges, and legal responses across selected Asia-Pacific countries. The findings reveal that household financial sustainability is increasingly challenged by economic uncertainty, dual-income family dynamics, digital consumerism, rising household debt, gender role transformations, and disparities in financial literacy. The study demonstrates that Islamic family law provides a comprehensive framework for promoting financial resilience through principles of justice, shared responsibility, wealth preservation (hifz al-mal), balanced consumption, and intergenerational economic protection. However, the implementation of these principles often faces institutional, socio-cultural, and regulatory constraints within contemporary societies. The analysis further indicates that integrating Islamic legal values with modern financial governance and family welfare policies can strengthen household economic stability and social well-being. This study contributes to the growing discourse on Islamic family law by connecting classical legal doctrines with contemporary household financial sustainability challenges. It offers a multidisciplinary perspective that enriches discussions on family welfare, Islamic economics, and socio-legal reform, particularly within the diverse and rapidly evolving Asia-Pacific region.
Halal Economy and Global Market Expansion: Opportunities and Regulatory Challenges Pat Utomi Kareem
Journal of Nusantara Economy Vol. 4 No. 1 (2025): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v4i1.363

Abstract

This study examines the dynamics of the halal economy in the context of global market expansion, focusing on opportunities and regulatory challenges that shape its international development. It aims to analyze how halal economic practices interact with diverse regulatory systems across countries and how these interactions influence market access and competitiveness. The study employs a qualitative doctrinal and conceptual approach based on analysis of regulatory frameworks, policy documents, and relevant scholarly literature. Findings indicate that the halal economy demonstrates strong growth potential driven by rising demand for ethical consumption and expanding global trade networks. However, persistent regulatory fragmentation, inconsistent certification standards, and limited mutual recognition among authorities hinder full market integration. This study contributes by proposing an integrative governance framework for strengthening international coordination, harmonizing standards, and enhancing digital halal certification systems. It also highlights the strategic role of the halal economy as a driver of inclusive and sustainable global economic development in contemporary markets while emphasizing policy alignment between governments, industry actors, and certification bodies to improve transparency, trust, and efficiency in cross-border trade and supply chains worldwide. Overall, the halal economy is positioned as a strategic sector in the evolving global economic architecture, offering significant opportunities for sustainable development, ethical trade expansion, and inclusive growth, particularly for emerging markets and small and medium enterprises seeking access to international value chains, while simultaneously requiring stronger institutional cooperation, regulatory convergence, and technological innovation in certification systems to reduce barriers, enhance compliance efficiency, and strengthen consumer confidence across diverse jurisdictions in an increasingly interconnected and competitive global marketplace over the world.
Comparative Studies of Economic Resilience in Asia-Pacific and European Economies Valerii Heyets Jhoswa
Journal of Nusantara Economy Vol. 4 No. 1 (2025): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v4i1.364

Abstract

Economic resilience has become a critical concern in the era of global uncertainty characterized by financial volatility, geopolitical tensions, technological disruption, and post-pandemic recovery dynamics. This study aims to conduct a comparative analysis of economic resilience in Asia-Pacific and European economies by examining how structural factors, governance quality, and policy responses influence their capacity to withstand and recover from economic shocks. The research also seeks to identify key determinants that differentiate resilience patterns across advanced and emerging economies within both regions. A qualitative comparative approach is employed, drawing on secondary data from international organizations such as the World Bank, OECD, IMF, and Asian Development Bank, as well as peer-reviewed scholarly publications and policy reports. The data are analyzed using cross-regional comparative content analysis to identify similarities, divergences, and structural patterns in economic resilience strategies. The findings indicate that European economies demonstrate higher institutional coordination, stronger welfare-based policy mechanisms, and more stable regulatory frameworks, which contribute to sustained recovery capacity. In contrast, Asia-Pacific economies exhibit higher adaptability and growth-oriented resilience driven by industrial diversification, digital transformation, and export-led strategies, although with greater exposure to external shocks and institutional disparities. The study also reveals that digital infrastructure development and governance effectiveness are key mediating variables influencing resilience outcomes in both regions. Theoretically, this research contributes to the literature on comparative political economy by integrating institutional, digital, and policy dimensions of resilience. Practically, it offers policy implications for strengthening adaptive governance, enhancing regional cooperation, and improving crisis-response mechanisms. The study ultimately proposes an integrated resilience framework that bridges regional experiences and provides a foundation for more inclusive and sustainable economic recovery strategies in the global economy.
Interdisciplinary Approaches to Contemporary Economic Issues: Law, Policy, and Digital Transformation Hossein Askari Mattson
Journal of Nusantara Economy Vol. 4 No. 1 (2025): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v4i1.365

Abstract

The accelerating pace of globalization, technological innovation, and economic uncertainty has fundamentally reshaped contemporary economic systems, generating complex legal, regulatory, and governance challenges that cannot be adequately addressed through single-disciplinary perspectives. This study aims to examine how interdisciplinary approaches integrating law, public policy, and digital transformation contribute to resolving contemporary economic issues while promoting sustainable, inclusive, and resilient economic development. This study employs a qualitative research approach by examining scholarly publications, international policy reports, and regulatory frameworks related to digital economies, economic governance, innovation policy, and legal adaptation. Data were analyzed using thematic content analysis to identify recurring patterns, conceptual relationships, and emerging interdisciplinary frameworks. The findings reveal that effective responses to contemporary economic challenges require dynamic legal systems capable of adapting to technological disruption, evidence-based public policies that balance innovation with social protection, and digital transformation strategies that strengthen institutional transparency, market efficiency, and economic inclusion. Furthermore, the study demonstrates that interdisciplinary governance enhances regulatory coherence, improves stakeholder collaboration, and facilitates the development of adaptive policy mechanisms for addressing digital finance, platform economies, data governance, and sustainable economic growth. The analysis also indicates that integrating legal certainty with technological innovation is essential for mitigating regulatory fragmentation and fostering long-term economic resilience in both developed and emerging economies. This research contributes to the growing body of interdisciplinary scholarship by proposing an integrated analytical framework that bridges legal studies, economic policy, and digital governance within a unified perspective. The framework provides both theoretical insights and practical implications for policymakers, legal practitioners, and researchers seeking to formulate responsive economic regulations and governance models capable of addressing the evolving challenges of the digital economy in the twenty-first century.

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