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Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics)
Published by Universitas Islam Negeri Syarif Hidayatullah Jakarta
ISSN : 2087135X     EISSN : 24078654     DOI : 10.15408/aiq.v14i1.
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
This journal focused on Islamic law on economics and finance studies and present developments through the publication of articles. Specifically, the journal will deal with topics, including but not limited to Islamic law on Islamic Banking, Islamic Marketing, Islamic Human Resources, Islamic Finance, Zakah, Waqf, Poverty Alleviation, Islamic Public Finance, Monetary Economics, Economic Development, Maqasid al-Shariah, Institutional Economics, Islamic management, Behavioural Economics and Finance, Corporate Governance, Risk Management, Shariah issues, Financial Engineering, Securitization and Sukuk, Islamic Capital Markets, Insurance and Takaful, Regulatory Issues, Corporate Social Responsibility in Islam and other topics which related to this area. The journal is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 707 Documents
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The Resilience of Sharia and Conventional Banks in Indonesia during the Covid-19 Pandemic Crisis Hidayah, Nur; Zamilah, Ainun; Rizal, Sofyan; Jaharuddin, Jaharuddin
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 13 No. 2 (2021)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v13i2.23964

Abstract

Abstract. This study aims to analyze the effect of COVID-19 on banking resilience in Indonesia and to investigate whether there are differences in the effect of COVID-19 on Islamic and conventional banks. Using panel regression with robust standard error on 38 conventional banks and sharia banks going public in Indonesia, covering the period before the COVID-19 pandemic (Q3 2018-Q4 2019) and during the COVID-19 pandemic (Q1 2020 – Q2 2021), it shows that the existence of the covid-19 crisis has a significant effect on all bank financial performance indicators, but not significant on all bank risk indicators. Using the independent t-Test test with the assumption of unequal variance and Welch correction, this study conducts a comparative test based on six panels of criteria and found that Islamic banks are more resilient than conventional banks.Keywords: Resilience, Bank Financial Performance, Bank Risk, Covid-19 Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh COVID-19 terhadap resiliensi perbankan di Indonesia dan menginvestigasi apakah terdapat perbedaan pengaruh COVID-19 terhadap resiliensi bank syariah dan konvensional. Menggunakan regresi panel dengan Robust standard error pada 38 bank konvensional dan bank syariah yang sudah ‘go public’ di Indonesia, meliputi periode sebelum pandemi COVID-19 (Q3 2018-Q4 2019) dan selama pandemi COVID-19 ( Q1 2020 – Q2 2021), studi ini menunjukkan bahwa keberadaan krisis covid-19 berpengaruh signifikan terhadap semua indikator kinerja keuangan bank, dan tidak signifikan terhadap semua indikator risiko bank. Dengan menggunakan uji Independent t-Test dengan asumsi unequal variance dan Welch correction, penelitian ini melakukan uji komparatif berdasarkan enam panel kriteria dan diperoleh kesimpulan bahwa bank syariah lebih tangguh dibandingkan bank konvensional.Kata kunci: Ketahanan, Kinerja Bank, Risiko Bank, Covid-19
Optimizing the Role of Cash Waqf Linked Sukuk for State Development Anindhita, Aulia Eka; Widana, IGN Oka
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 14 No. 1 (2022)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v14i1.24195

Abstract

The Indonesian government has issued retail and non-retail Cash Waqf Linked Sukuk (CWLS). However, the cash waqf collected has not been optimal. This shows that public interests in retail CWLS are still low. Therefore, this study discusses possible ways to increase public interest in retail CWLS and optimize it for state development. Data is obtained from a literature review, interviews, and Focused-Group Discussion (FGD) with informants from the Indonesian Waqf Board (BWI), the Ministry of Finance, and academics. The results show stakeholders can promote CWLS through a social marketing approach. This is in line with the purpose of CWLS products, which is for social programs (non-profit oriented) carried out by the government and voluntary organizations. Furthermore, the design thinking method can be used to optimize the role of CWLS in state developments. Design thinking is a logical, systematic, and creative process that a person takes to experiment, produce ideas and model prototypes, and collect feedback. In this context, public literacy issues should be addressed, and the social programs financed should be formulated.   AbstrakPemerintah menerbitkan CWLS non-ritel dan CWLS retail, namun jumlah wakaf uang yang terkumpul belum maksimal. Ini menunjukkan rendahnya animo masyarakat terhadap produk CWLS ritel. Penelitian ini membahas care meningkatkan minat masyarakat pada produk CWLS ritel dan mengoptimalkan pemanfaatan CWLS dalam pembangunan. Data penelitian ini berasal dari kajian literatur, wawancara, dan Focus Group Discussion, dengan informant dari Badan Wakaf Indonesia (BWI), Kementerian Keuangan, dan akademisi. Hasil penelitian menunjukkan bahwa stakeholder dapat memasarkan produk melalui pengembangan teori pemasaran sosial karena tujuan dari produk CWLS adalah untuk program sosial masyarakat dan dilakukan oleh pemerintah bersama organisasi sektor sukarela. Selanjutnya, untuk mengoptimalkan peran CWLS pada pembangunan negara dapat menggunakan metode design thinking. Design thinking adalah proses logis, sistematis, dan kreatif yang dilakukan seseorang untuk bereksperimen, menghasilkan ide dan model prototipe, serta mengumpulkan umpan balik. Para Stakeholder harus menyelesaikan masalah literasi masyarakat dan pemilihan program sosial yang akan dibiayai terlebih dahulu.
Comparative Analysis of Efficient Market for Sharia and Conventional Stocks in ASEAN countries Rodoni, Ahmad; Djauhari, Haikal; Rahma, Yusro; Alhassan, Alhussaini Alawad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 14 No. 1 (2022)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v14i1.25025

Abstract

This study analyzes and compares the weak forms of Islamic and conventional stock market efficiency in ASEAN countries. The data were taken from BEI Syariah (JKISSI), Jakarta Stock Exchange (JKSE), FTSE Bursa Malaysia EMAS Syariah (FTFBMS), FTSE Malaysia KLCI (KLSE), SET Index (SETI), and FTSE SET Syariah (FTFSTSH) from January 2015 to August 2021. To avoid analytical bias due to the COVID-19 Pandemic, the data is divided into two periods, January 2015 to December 2019 and January 2020 to August 2021. The contribution of this research is to compare the market efficiency of the weak form of Islamic and conventional stocks over two periods with different methods, namely Variance Ratio Test, Run Test, ARIMA Model, and Recurrent Neural Network (RNN). This study shows that Islamic stocks in these countries are more efficient from January 2015 to December 2019. On the other hand, conventional stocks are more efficient from January 2020 to August 2021 (during the COVID-19 Pandemic).  Abstrak Penelitian ini menganalisa dan membandingkan bentuk lemah dari efisiensi pasar saham syariah dan konvensional di negara-negara ASEAN. Data berasal dari BEI Syariah (JKISSI), Bursa Efek Jakarta (JKSE), FTSE Bursa Malaysia EMAS Syariah (FTFBMS), FTSE Malaysia KLCI (KLSE), SET Index (SETI), dan FTSE SET Syariah (FTFSTSH) dari Januari 2015 hingga Agustus 2021. Untuk menghindari bias analisa akibat pandemi COVID-19, data dibagi menjadi dua periode, Januari 2015 hingga Desember 2019 dan Januari 2020 hingga Agustus 2021. Penelitian ini membandingkan bentuk lemah dari efisiensi pasar saham syariah dan konvensional selama dua periode waktu dengan metode berbeda, yaitu Variance Ratio Test, Run Test, Model ARIMA, dan Recurrent Neural Network (RNN). Studi menunjukkan bahwa Saham Syariah di negara-negara tersebut lebih efisien pada periode Januari 2015 hingga Desember 2019. Di sisi lain, saham konvensional lebih efisien pada periode Januari 2020 hingga Agustus 2021 (selama pandemi COVID-19). 
Why do Asnaf Entrepreneurs Become Successful? The Role of Intention, Opportunity, and Resources Bahri, Efri Syamsul; Ali, Juhary; Aslam, Mohd Mizan Mohammad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 14 No. 1 (2022)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v14i1.25142

Abstract

Qardhawi's opinion on the 2009 zakah disbursement model related to the empowerment of productive aṣnāf has encouraged the development of productive zakah in poverty alleviation. This study aims to examine the effect of intentions, opportunities, and resources on successful aṣnāf entrepreneurs. The method used is the mono method, namely quantitative research. Data was obtained through a survey using purposive sampling. Primary data were examined using the PLS-SEM method and the SmartPLS application. This study found that the intention and opportunity factors had a positive and significant effect on the success of aṣnāf entrepreneurs. Meanwhile, resources have a negative impact on the success of aṣnāf entrepreneurs. This is evidence that the zakah resources given to aṣnāf entrepreneurs must be optimized so that they can have a significant impact. This finding provides recommendations to zakah management entities and policy makers to be able to increase the contribution of zakah funds in poverty alleviation through the aṣnāf entrepreneurial program.  AbstrakPendapat Qardhawi tentang model pencairan zakat tahun 2009 terkait pemberdayaan aṣnāf produktif telah mendorong berkembangnya zakat produktif dalam pengentasan kemiskinan. Penelitian ini bertujuan menguji pengaruh niat, peluang, dan sumber daya terhadap pengusaha aṣnāf yang sukses. Metode yang digunakan ialah metode mono yaitu penelitian kuantitatif. Data diperoleh melalui survei dengan menggunakan purposive sampling. Data primer diperiksa menggunakan metode PLS-SEM dan aplikasi SmartPLS. Penelitian ini menemukan bahwa faktor niat dan peluang berpengaruh positif dan signifikan terhadap keberhasilan wirausaha aṣnāf. Sementara itu, sumber daya berdampak negatif terhadap keberhasilan pengusaha aṣnāf. Hal ini menjadi bukti bahwa sumber daya zakat yang diberikan kepada pengusaha aṣnāf harus dioptimalkan agar mampu memberikan pengaruh signifikan. Temuan ini memberikan rekomendasi kepada entitas pengelola zakat dan pengambil kebijakan agar mampu meningkatkan kontribusi dana zakat dalam pengentasan kemiskinan melalui program wirausaha aṣnāf. 
Settlement Of Cross-Border Sharia Economic Disputes Through Arbitration Forum Lita, Helza Nova
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 14 No. 2 (2022)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v14i2.25177

Abstract

In the practice of national and international business contracts, the parties can choose the forum and choice of law that will be used if there is a dispute that occurs in the implementation of the contract. In the resolution of international business disputes, the choice of law chosen can use one of the material law provisions of a particular country, while the choice of forum can choose a particular institution such as the Court, arbitration or other dispute resolution institutions. In practice, the choice of forum for settlement through arbitration is widely used because it is relatively easy and fast. Arbitration institutions are generally used in the resolution of international business disputes. In this article, we will study further about the role of arbitration in the settlement of sharia economic disputes that cross national borders. This is certainly interesting to study because it is related to sharia aspects as well as national and international regulations. The analytical method used is normative juridical, with reference to the provisions of aspects of Islamic law, national law, and international law. In Islamic law, every form of agreement must be obeyed by the parties who make it as long as it does not conflict with sharia principles. In International Civil Law, there is a Choice of Law and Choice of Forum in the resolution of international business disputes. This can also be used by the parties to choose a sharia arbitration forum as a dispute resolution institution in their business which is stated in the contract clauses they have agreed to. Recognition of the implementation of foreign arbitral awards must first have an agreement between countries and the decision does not conflict with public order and the legal provisions of the country where the implementation of the arbitral award is implemented.AbstrakDalam penyelesaian sengketa ekonomi syariah lintas batas, para pihak dapat menyepakati pilihan hukum dan forum. Forum arbitrase dapat digunakan dalam kesepakatan, namun dalam praktiknya putusan tidak selalu dapat dilaksanakan karena bertentangan dengan hukum nasional. Artikel ini membahas pengaturan lembaga arbitrase ini dan penerapan prinsip hukum perdata internasional, hukum Islam, ketentuan hukum nasional maupun internasional. Dalam hukum Islam, setiap pihak harus melaksanakan perjanjiannya sepanjang tidak bertentangan dengan prinsip syariah. Dalam hukum perdata Internasional, para pihak dapat memilih hukum Islam sebagai choice of law, dan arbitrase syariah sebagai choice of forum. Untuk melaksanakan putusan arbitrase syariah, harus ada kesepakatan antar negara untuk saling mengakui putusan tersebut dan tidak boleh bertentangan dengan hukum nasional.
Akad Murokab on the DSN-MUI Fatwa and its Effect on Islamic Bank Funding Products Fatah, Dede Abdul; Muchtasib, Ach. Bakhrul; Rahmatullah, Indra; Soydan, Mustafa Zafer
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 14 No. 1 (2022)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v14i1.25620

Abstract

The study determines whether Islamic bank management understands hybrid contracts in the DSN-MUI funding fatwa and its influence on developing funding products in Islamic banks. The type of research used is normative juridical to examine the application of Islamic legal rules both at the methodological level (uṣul fiqh) and fiqh rules and at the product level (fiqh). The primary data of this study comes from the DSN-MUI fatwa and interviews to explore the understanding of Islamic bank management towards hybrid contracts in the DSN-MUI funding fatwa. This study indicates that from eight fatwas on DSN- MUI funding products, only fatwa No. 86 and 87 containing hybrid contracts. There are several theoretical frameworks, standards, and limitations (ḍawābiṭ) that the DSN-MUI has determined. The study also shows that the management of Islamic banks, generally, has understood the theoretical framework, standards and limitations of hybrid contracts on Islamic bank funding products only in textual concept. The textual understanding can increase the portfolio of funding products. This can be evidenced by the increasing portfolio of muḍārabah savings and income smoothing programs at Islamic banks.  Abstrak Penelitian ini mengkaji apakah manajemen bank syariah memahami kontrak hybrid dalam fatwa pendanaan DSN-MUI dan pengaruhnya terhadap pengembangan produk pendanaan di bank syariah. Metode yuridis normatif digunakan untuk mengkaji penerapan kaidah hukum Islam baik pada tataran metodologis (ushul fiqh) dan kaidah fikih maupun tataran produk (fikih). Data utama penelitian ini bersumber dari fatwa DSN-MUI dan wawancara untuk menggali pemahaman manajemen bank syariah terhadap multi akad pada fatwa pendanaan DSN-MUI. Penelitian ini menunjukan bahwa dari 8 fatwa produk pendanaan DSN-MUI hanya fatwa No. 86 dan 87 yang terdapat multi akad dengan beberapa kerangka teori, standar, dan batasan-batasan (ḍawābiṭ) yang telah ditentukan oleh DSN-MUI agar tidak terjeurumus pada multi akad yang dilarang. Penelitian ini juga menunjukan bahwa manajemen bank Syariah secara umum sudah memahami kerangka teori, standar dan batasan-batasan multi akad pada produk pendanaan bank Syariah pada konsep tekstual di mana dapat mempengaruhi peningkatan portofolio produk penadanaan. Hal ini dapat dibuktikan dengan meningkatnya portofolio tabungan mudharabah dan program income smoothing di bank Syariah.
Sharia Financial Institutions Compliance Towards Islamic Principles in Performing Intermediation Functions Usman, Mizaj Iskandar
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 14 No. 1 (2022)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v14i1.25632

Abstract

 This study aims to determine the factors of non-compliance with Islamic principles in Islamic Financial Institutions (IFIs). This article argues that IFIs must comply with Islamic principles based on the DSN-MUI fatwa, even though in the Indonesian legal hierarchy, DSN-MUI fatwas are not binding. IFIs show ambiguity in complying with Islamic principles when carrying out their intermediation function. Several other factors also cause IFIs' lack of compliance with sharia principles. These include the lack of applicability of the DSN-MUI fatwas, the conflict of interest of the Sharia Supervisory Board (SSBs), and competency issues among SSBs members. To address these issues, it is necessary to strengthen the regulations that make DSN-MUI an authoritative institution in establishing the sharia principles and the fatwas methodology. Thus, the fatwas are more applicable and avoid ambiguity. Furthermore, SSBs need re-structurization to be independent internal supervisory agencies. AbstrakPenelitian bertujuan mengetahui faktor-faktor ketidakpatuhan lembaga keuangan syariah (LKS) pada prinsip-prinsip Islam. Artikel ini menyebutkan LKS harus mematuhi prinsip-prinsip Islam sesuai fatwa DSN-MUI, walaupun dalam hierarki hukum Indonesia, DSN-MUI bukanlah sebuah lembaga otoritatif yang menerbitkan hukum mengikat. LKS tampak ambigu dalam mematuhi prinsip-prinsip Islam saat menjalankan fungsi intermediasinya. Ketidakpatuhan LKS kepada prinsip-prinsip syariah juga disebabkan oleh beberapa faktor lain, seperti: tidak aplikatifnya fatwa DSN-MUI; munculnya konflik kepentingan DPS; dan masalah kompetensi anggota DPS. Untuk mengatasi masalah-masalah tersebut, perlu adanya perbaikan regulasi yang menjadikan DSN-MUI sebagai lembaga otoritatif, agar fatwa yang dikeluarkan lebih aplikatif dan tidak menimbulkan multi tafsir. Sementara dari sisi DPS, perlu adanya regulasi merestrukturisasi organisasi DPS dengan menepatkannya sebagai lembaga pengawas internal yang independen.
Hybrid Contract in Islamic Financial Services Hasanudin, Hasanudin; Dewi, Nisrina Mutiara; Pertiwi, Gine Putri; Wijayanti, Feby
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 14 No. 1 (2022)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v14i1.25692

Abstract

The hybrid contract is needed to accommodate modern transactions unavailable in the classical Islamic period. The current financial service products use hybrid contracts, such as in debt transfer, import and export letters of credit, and credit cards. The evaluation of the use of contracts in these products reveals the use of multiple alternative contracts in debt transfer and Letters of Credit; and single contract alternative for credit card services. This study shows the complexity of contracts in modern financial products, requiring more complex documentation. The merger of several contracts in one transaction is based on the argument that there is no prohibition on using multiple contracts in one transaction, as long as it avoids usury (ribā).  AbstrakPenggabungan akad merupakan kebutuhan untuk mewadahi transaksi modern yang tidak ditemukan di masa Islam klasik. Bentuk penggabungan akad tersebut terjadi di antaranya pada produk jasa keuangan modern seperti pengalihan utang, Letter of Credit impor dan ekspor, dan kartu kredit. Dengan mengevaluasi penggunaan akad-akad dalam produk tersebut ditemukan beberapa alternatif penggabungan akad pada produk pengalihan hutang dan Letter of Credit, serta satu alternatif penggabungan akad untuk produk kartu kredit. Penggabungan akad tersebut didasarkan atas argumen tidak ada larangan penggabungan akad selama tidak menimbulkan ribā. Hasil penelitian ini menunjukkan kompleksitas akad pada produk keuangan modern yang pada praktiknya membutuhkan dokumentasi yang lebih kompleks.
Sharia Audit Challenges in Malaysian Islamic Financial Institutions Shahid, Mohammad; Khaliq, Ahmad; Hassan, Rusni
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 15 No. 1 (2023)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.26014

Abstract

Abstract. Sharia Auditing in Islamic Financial Institutions (IFIs) poses several challenges, for example, lack of standardization, harmonization in Sharia standards, and incompetent Sharia auditors. Addressing these challenges is critical to ensuring the sustainability and growth of IFIs in Malaysia. This study aims to discuss the problems and challenges of Sharia auditing in IFIs. This study used a qualitative method by distributing questionnaires to 40 practitioners from several IFIs engaged in Islamic audit services through a purposive sampling procedure. T he research findings show that the awareness of the Sharia audit is satisfactory in the absence of a separate audit report. In addition, Sharia audit should be integrated into college accounting; comprehensive Sharia audit framework and standards; regulatory/professional bodies; and professional certification in Sharia audit.Abstrak. Audit Syariah di Lembaga Keuangan Islam (LKI) menimbulkan beberapa tantangan, misalnya kurangnya standarisasi, harmonisasi dalam standar Syariah dan auditor Syariah yang tidak kompeten. Mengatasi tantangan ini sangat penting untuk memastikan keberlanjutan dan pertumbuhan LKI di Malaysia. Penelitian ini bertujuan untuk membahas masalah dan tantangan audit syariah di IFI. Penelitian ini menggunakan metode kualitatif dengan menyebar kuesioner kepada 40 praktisi dari beberapa LKI yang bergerak di bidang jasa audit Syariah melalui prosedur purposive sampling. Temuan penelitian menunjukkan bahwa kesadaran audit Syariah cukup memuaskan dengan tidak adanya laporan audit yang terpisah. Selain itu, audit Syariah harus diintegrasikan ke dalam akuntansi perguruan tinggi; kerangka dan standar audit syariah yang komprehensif; badan pengatur/profesional; dan sertifikasi profesi dalam audit Syariah.
Sharia Supervisory Board in Limited Company-Based Sharia Banks Nurhasanah, Nurhasanah
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 14 No. 2 (2022)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v14i2.26190

Abstract

Abstract. This paper aims to examine the function of the Sharia Supervisory Board (SSB) due to the inconsistency of laws and regulations concerning this body. Law No. 21 of 2008 on Sharia Banking has required every Sharia Bank and Sharia Business Unit in the Banks to form an SSB. However, Law No. 40 of 2007 on Limited Liability Companies has not regulated the SSB as a corporate organ. This paper analyzes laws and regulations on the SSB and court decisions on cases resulting from legal inconsistencies, with the organizational structure and fiduciary duty theories as analytical frameworks. This study finds out that legal ambiguity results in the absence of coordination between the SSB and other bodies in the organization. Thus, this prevents the SSB from optimally carrying out its functions and roles. Among the consequences is the inability to ensure sharia compliance in business contracts leading to lawsuits to cancel the contracts.Abstrak. Penelitian ini bertujuan menganalisis posisi Dewan Pengawas Syariah (DPS) di tengah inkonsistensi peraturan terkait dengan lembaga tersebut. UU No. 21 Tahun 2008 tentang Perbankan Syariah telah mewajibkan setiap Bank Syariah dan Unit Usaha Syariah pada Bank untuk membentuk DPS. Namun, UU No. 40 Tahun 2007 tentang Perseroan Terbatas tidak mengatur DPS sebagai organ perusahaan. Studi ini mengkaji berbagai peraturan tentang kedudukan DPS dan putusan pengadilan yang menunjukkan konsekuesi dari inkosistensi undang-undang tentang DPS, dengan menggunakan teori struktur organisasi dan fiduciary duty. Kajian ini menemukan bahwa inkonsistensi undang-undang membuat DPS tidak memiliki garis koordinasi dengan organ lain dalam organisasi bank dan tidak dapat sepenuhnya menjalankan fungsi dan perannya. Konsekuensinya adalah fungsi pengawasan tidak optimal, sehingga muncul tuntutan hukum untuk membatalkan kontrak yang dianggap tidak sesuai syariah.

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