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Lathif Hanafir Rifqi
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Program Studi Hukum Ekonomi Syariah, Fakultas Syariah dan Hukum, Universitas Islam Negeri Walisongo Semarang. Jl. Prof. Dr. H. Hamka Kec. Ngaliyan Kota Semarang, 50185.
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WiShEL
Published by Universitas Islam Negeri Walisongo Semarang
ISSN : 31237819     EISSN : 31235581     DOI : -
Core Subject :
WiShEL: Walisongo Journal of Sharia Economic Law e-ISSN: 3123-5581, p-ISSN: 3123-7819 is a peer-reviewed, open-access academic journal published biannually by the Department of Sharia Economic Law, Faculty of Sharia and Law, Universitas Islam Negeri Walisongo Semarang, Indonesia. The journal offers a scholarly platform for examining Islamic economic law and its contemporary legal, regulatory, philosophical, and ethical aspects, both within Indonesia and in the broader global context. This journal published twice in every volume April and October. WiShEL: Walisongo Journal of Sharia Economic Law is a peer-reviewed academic journal published by the Department of Sharia Economic Law, Faculty of Sharia and Law, Universitas Islam Negeri Walisongo Semarang, Indonesia. The journal aims to provide a scholarly platform for the study of Islamic economic law and its contemporary applications, focusing on legal, regulatory, philosophical, and ethical aspects within both national and global contexts. Published twice a year and written in English, WiShEL aspires to become an internationally recognized journal indexed in Scopus within the next three years. All submitted articles undergo a rigorous double-blind peer review process to ensure academic integrity, originality, and relevance to current issues in Islamic economic law.
Arjuna Subject : -
Articles 12 Documents
 1   2 
Review of Sharia Economic Law on Sharia Venture Capital Financing in the Digital Economy Sector Ahmad Ilham Ma'arif; Dewi Umi Kulsum
Walisongo Journal of Sharia Economic Law Vol. 1 No. 1 (2025): Walisongo Journal of Sharia Economic Law
Publisher : Department of Sharia Economic Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/wishel.2025.1.1.29295

Abstract

Abstract The rapid growth of the digital economy in Indonesia has created an increasingly urgent need for innovative financing models that are in line with sharia principles. Sharia venture capital, based on the principles of Musyarakah and Mudharabah contracts, offers a fair and riba-free financing alternative for digital startup s. This study aims to analyze how sharia venture capital regulations are applied in Indonesia's digital economy sector and identify the challenges faced by startup s in accessing sharia-based financing. The method used in this study is a qualitative approach with legal-normative analysis, involving a review of relevant literature on existing regulations, such as the Financial Services Authority (OJK) Regulation No. 35/POJK.05/2015 and the DSN-MUI Fatwa, as well as previous studies. The results of the study show that although regulations are in place, the implementation of sharia venture capital still faces various obstacles, such as low sharia financial literacy, limited applicable legal standards, and high risks for startup s. This study concludes that to optimize the potential of sharia venture capital in supporting the digital economy, it is necessary to strengthen regulations, improve sharia financial literacy, and develop better human resource (HR) capacity.
ANALYST OF THE BALANCE BETWEEN SHARIA PRINCIPLES AND THE PERFORMANCE OF SHARIA MUTUAL FUNDS IN INDONESIA: A PERSPECTIVE OF SHARIA ECONOMIC LAW Lisda Dwi Andini; Muhammad Alif Najiyya
Walisongo Journal of Sharia Economic Law Vol. 1 No. 1 (2025): Walisongo Journal of Sharia Economic Law
Publisher : Department of Sharia Economic Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/wishel.2025.1.1.29296

Abstract

This study aims to analyze the balance between the application of sharia principles and the performance of sharia mutual funds in Indonesia from the perspective of sharia economic law. In the context of the Islamic capital market, Islamic mutual funds are not only required to achieve competitive financial performance, but must also uphold sharia principles such as the halalness of the portfolio, the involvement of the Sharia Supervisory Board, and the fulfillment of the principles of fairness and transparency. This study uses a qualitative approach with a normative-empirical method. Data was obtained through the study of documents, regulations, and interviews with capital market practitioners and relevant authorities. The results of the study show that although most sharia mutual funds have followed the formal sharia provisions set by DSN-MUI and OJK, there are dynamics in management practices that show a tension between profitability orientation and commitment to sharia principles.  
Legal Analysis of the Regulation and Protection of Consumer Rights in Murabahah Financing Marta Dwi Astuti; Masnunah Alfatunnisa
Walisongo Journal of Sharia Economic Law Vol. 1 No. 1 (2025): Walisongo Journal of Sharia Economic Law
Publisher : Department of Sharia Economic Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/wishel.2025.1.1.29304

Abstract

Murabaha financing is one of the main instruments in Islamic banking in Indonesia, which has made a significant contribution to supporting the economic activities of the people. However, in practice, various problems are often encountered, particularly related to information transparency, legal certainty, and fairness for consumers. This study aims to analyze juridically how regulations in Indonesia govern and protect consumer rights in murabaha financing. The research method used is normative legal research with a legislative and conceptual approach, supported by secondary data in the form of laws, DSN-MUI fatwas, and academic literature. The results show that regulations in Indonesia have provided a basis for consumer protection, but there are still weaknesses in their implementation, particularly in the use of standard contracts and clauses that have the potential to harm consumers. This study concludes that there is a need to reformulate regulations to be more adaptive to consumer interests and in line with the principles of justice and maqashid al-shariah. Thus, this study provides theoretical and practical contributions to strengthening consumer protection in Islamic banking.
Development of Internal Supervision and Control System in The Management of Sharia Pawnshops Based on Sharia Economic Law Ali Akbar Rizki; Fendi Izza Fauza
Walisongo Journal of Sharia Economic Law Vol. 1 No. 1 (2025): Walisongo Journal of Sharia Economic Law
Publisher : Department of Sharia Economic Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/wishel.2025.1.1.29342

Abstract

Sharia pawnshops have a strategic role in providing financial services in accordance with Islamic sharia principles, especially in encouraging people's financial inclusion. However, practice in the field still faces a number of challenges, especially in terms of internal supervision and control. Problems such as inconsistencies in the implementation of contracts, low operational transparency, and the weak role of the Sharia Supervisory Board (DPS) are obstacles in creating accountable and effective governance. This research aims to develop a supervisory model based on sharia economic law that is adaptive and applicative. Using a qualitative case study approach, data was obtained through in-depth interview techniques, documentation, and direct observation at Sharia Pawnshop units in the Central Java region. The results of the study show that the integration of the principle of hisbah, the use of information technology, and the strengthening of the active role of DPS have the potential to create a supervisory system that is more responsive, measurable, and in line with sharia values. Implementing recommendations were also submitted to support sustainable institutional transformation.  
Legal and Regulatory Challenges in the Implementation of Blockchain-Based Waqf in Indonesia Siti Mustagfiroh; Nadya Nafiisah Khoirina
Walisongo Journal of Sharia Economic Law Vol. 1 No. 1 (2025): Walisongo Journal of Sharia Economic Law
Publisher : Department of Sharia Economic Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/wishel.2025.1.1.29407

Abstract

This research aims to identify and analyze legal and regulatory challenges in the implementation of blockchain technology-based waqf in Indonesia. Using a qualitative approach through case studies, data was obtained through in-depth interviews with Islamic financial regulators, academics in the field of law and technology, and digital waqf practitioners. This study also examines legal documentation and observations on digital waqf platforms that have implemented blockchain systems, such as Dompet Dhuafa and Waqf Chain. The results of the study show that the main obstacles lie in the absence of regulations that specifically regulate the use of smart contracts and digitization of waqf assets, doubts about sharia compliance, and low technological literacy among nazhir and the community. These findings indicate the need to strengthen legal and regulatory frameworks that are adaptive to technological developments, as well as to increase the capacity of waqf actors through training and socialization. The implications of this study emphasize the importance of synergy between legal authorities, waqf institutions, and technology developers to create a digital waqf ecosystem that is safe, transparent, and in accordance with sharia principles.  
The Urgency of Sharia Compliance in the Islamic Economic System in Indonesia Willy Sandy
Walisongo Journal of Sharia Economic Law Vol. 2 No. 1 (2026): WiShEL: Walisongo Journal of Sharia Economic Law
Publisher : Department of Sharia Economic Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/wishel.2026.2.1.29511

Abstract

This study examines the urgency of sharia compliance as a foundational element in strengthening the credibility, sustainability, and public trust in Islamic economic institutions in Indonesia. Sharia compliance is not merely a formal legal requirement but serves as a normative and strategic instrument rooted in the principles of maqāṣid al-syarī‘ah, emphasizing justice, transparency, accountability, and the protection of wealth and public welfare. The research highlights the central role of the National Sharia Council–Indonesian Ulema Council (DSN-MUI) in issuing fatwas that guide the operational practices of Islamic financial institutions, as well as the importance of harmonizing these fatwas with national regulations issued by the Financial Services Authority (OJK) and Bank Indonesia. The findings reveal several challenges in aligning DSN-MUI fatwas with state regulation, including normative dualism between Islamic law and positive law, structural differences in institutional priorities, and practical limitations within Islamic financial institutions in implementing fatwa-based governance. These challenges contribute to regulatory gaps and inconsistencies that may undermine the integrity of Islamic finance operations. The study emphasizes the need for strengthening sharia governance through empowering Sharia Supervisory Boards (DPS), enhancing institutional capacity, improving regulatory integration, and utilizing digital technologies for transparent and efficient sharia supervision. Furthermore, the research underscores that effective harmonization between fatwas and state regulations requires continuous collaboration among DSN-MUI, OJK, BI, policymakers, and academia. The study concludes that sharia compliance is essential not only for institutional legitimacy but also for achieving the broader goals of Islamic economics, such as justice, welfare, and economic empowerment. Ultimately, sharia compliance should be understood as a comprehensive normative and regulatory framework that ensures the competitiveness and sustainability of Indonesia’s Islamic financial system in both national and global contexts.
Embedding Business Ethics in Islamic Economic Jurisprudence: A Catalyst for Sustainable Islamic Banking Kharisma Bening; Wahyu Hamdani
Walisongo Journal of Sharia Economic Law Vol. 2 No. 1 (2026): WiShEL: Walisongo Journal of Sharia Economic Law
Publisher : Department of Sharia Economic Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/wishel.2026.2.1.29539

Abstract

The impact of integrating business ethics into Islamic economics systems' jurisprudence has been a major contributing factor to the continuing viability of Islamic banking institutions. This study examines the global contextual necessity for the integration of Sharia law-based ethics into the operational systems of Islamic financial institutions due to the global scrutiny of ethical banking. This research examines the extent to which Islamic banking is able to gain and/or retain enduring business credibility, resilience, and/or sustainability through the integration of business ethics. This research employs a qualitative research design through the use of doctrinal primary Islamic legal research, supplemented by a review of situational case studies, as well as, regulatory documents of select Islamic financial markets. This research reveals adherence to ethical principles of justice, transparency, social accountability, etc., while supporting the internal Sharia compliance of the institution, enhances stakeholder trust and social Sharia compliance, as well as, the institution's socioeconomic and sustainable advancement. This research asserts that the systemic incorporation of business ethics in Islamic banking systems jurisprudence is the primary underlying contributory factor for the socioeconomic advancement of Islamic banking institutions, while affording them a pronounced competitive prominence and articulating the primary underlying value proposition for Islamic economics systems’ jurisprudence.  This research has further continued the discourse on the impact of ethics to systems. Keyword : Islamic economic law, business ethics, Islamic jurisprudence, sustainable banking, Sharia governance, ethical ‍‌finance    
The Public Distrust and Its Impact on the Penetration of Islamic Banking: A Study of the Low Level of Interest in Sharia Financial Products in Indonesia Arianti Wulan Savitri Wulan; Jati Prihantono Jati
Walisongo Journal of Sharia Economic Law Vol. 2 No. 1 (2026): WiShEL: Walisongo Journal of Sharia Economic Law
Publisher : Department of Sharia Economic Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/wishel.2026.2.1.29562

Abstract

The development of the Islamic banking industry in Indonesia still faces serious challenges, one of which is the low level of public interest in Islamic financial products. This study aims to analyze the relationship between public distrust and public interest in using Islamic banking services, and to explore the factors that influence it. This study uses a descriptive qualitative approach through literature studies and secondary data reviews from financial reports, scientific literature, and national financial literacy surveys. The results of the study indicate that low levels of Islamic financial literacy, negative perceptions of transparency and compliance of Islamic banks, and lack of product innovation are the main causes of low public trust. This low level of trust has a direct impact on the low level of public interest in switching to Islamic financial products. The findings also emphasize the importance of the role of education, strengthening regulations, and marketing strategies based on Islamic values and digitalization to increase public participation.
The Importance of Customary Law in Guiding Indigenous Communities in General Elections an Islamic Legal Perspective Reicer Sumarno Siregar
Walisongo Journal of Sharia Economic Law Vol. 1 No. 1 (2025): Walisongo Journal of Sharia Economic Law
Publisher : Department of Sharia Economic Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/wishel.2025.1.1.29789

Abstract

This article examines the importance of customary law in guiding indigenous communities during general elections by integrating an Islamic legal perspective. Customary law functions as a normative framework that regulates communal behavior, strengthens social cohesion, and preserves traditional decision-making mechanisms within indigenous societies. In the context of elections, these customary norms play a crucial role in shaping political participation, maintaining harmony, and preventing conflict. From the viewpoint of Islamic law, the principles of ‘urf (custom), maslahah (public interest), and justice provide strong legitimating grounds for recognizing and accommodating indigenous customs within electoral governance, as long as they do not contradict fundamental Islamic values. By analyzing the intersection between customary law and Islamic jurisprudence, this study highlights how both normative systems can work synergistically to promote ethical electoral conduct, empower indigenous communities, and reinforce democratic integrity. The findings suggest that integrating Islamic legal principles with customary practices offers a culturally rooted and religiously justified foundation for enhancing electoral participation and safeguarding communal rights in pluralistic societies.        
Role of Ulama Ijma in Legitimizing and Validating Sharia Banking Practices in Indonesia Baidhowi Baidhowi; Chatrine Novianti Sitanggang; Dinda Merry Wijarningsih; Najua Rahmawati; Sahda Naura Salwa Taufiqi; Veny Gambini Tampubolon
Walisongo Journal of Sharia Economic Law Vol. 1 No. 1 (2025): Walisongo Journal of Sharia Economic Law
Publisher : Department of Sharia Economic Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/wishel.2025.1.1.30619

Abstract

This study discusses the role and position of ijma' ulama as the basis of Islamic law and its influence in determining the validity of Islamic banking practices in Indonesia. Ijma' means the consensus of scholars in determining the law on issues that are not directly explained in the Qur'an and hadith. In modern times, ijma' has become an important means of addressing new issues in the economic and financial fields in order to remain consistent with Islamic teachings. This study uses a literature review method by examining sources of Islamic law, Islamic banking regulations, and fatwas issued by the National Sharia Council-Indonesian Ulema Council (DSN-MUI). The results of the study show that ijma' ulama plays a major role in ensuring that Islamic banking activities are in accordance with Islamic principles. Through deliberations among Islamic scholars and economists, the DSN-MUI issues fatwas that serve as guidelines for Islamic banks in providing their products and services. These fatwas are also recognized by the state through Law No. 21 of 2008 on Islamic Banking, giving them official legal force. Thus, ijma' not only serves as a religious guideline, but also as a bridge between Islamic teachings and state law. Through the role of ijma', Islamic banking practices in Indonesia can be carried out in accordance with the values of justice, honesty, and balance as taught in Islam. Keywords: Ijma' Ulama, Islamic Law, DSN-MUI Fatwa, Islamic Banking, Legal Validity

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