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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 717 Documents
 68   69   70   71   72 
Unlocking Real Sector Growth through Sukuk: Regulatory Challenges and Developmental Impacts in Indonesia Desiana, Desiana; Salsabila, Raddine; Sarmigi, Elex
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 17 No. 1 (2025)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.44906

Abstract

This study explores how sukuk regulations boost investor participation and impact productive sectors in Indonesia. Using a normative juridical approach, it examines relevant laws and literature. Findings show that regulations from OJK, DSN-MUI, and the Ministry of Finance have supported sukuk market growth. However, complex issuance procedures and limited secondary market liquidity remain key challenges. Despite this, sukuk has contributed to infrastructure, green energy projects, and MSME development. The study recommends simplifying regulations, enhancing market liquidity, and innovating sukuk products to strengthen their role in driving sustainable economic growth. Keywords: sukuk; regulatory effectiveness; Islamic capital markets; infrastructure finance; MSMEs; green sukuk; productive sector   Abstrak Penelitian ini mengkaji efektivitas regulasi sukuk dalam mendorong partisipasi investor dan dampak ekonominya pada sektor produktif di Indonesia. Dengan pendekatan yuridis normatif, penelitian ini menelaah peraturan dan literatur terkait. Studi ini menunjukkan bahwa regulasi dari OJK, DSN-MUI, dan Kementerian Keuangan mendukung pertumbuhan pasar sukuk. Namun, prosedur penerbitan yang kompleks dan terbatasnya likuiditas pasar sekunder masih menjadi tantangan utama. Meski demikian, sukuk telah berkontribusi pada pembangunan infrastruktur, proyek energi hijau, dan pengembangan UMKM. Studi ini merekomendasikan penyederhanaan regulasi, peningkatan likuiditas pasar, dan inovasi produk sukuk untuk memperkuat perannya dalam mendorong pertumbuhan ekonomi berkelanjutan. Kata kunci: sukuk; efektivitas regulasi; pasar modal syariah; pembiayaan infrastruktur; UMKM; green sukuk; sektor produktif
Resisting Financial Predation: A Community-Based Financial Literacy Strategy to Mitigate Illegal Investment Risk in Coastal Indonesia Shalihah, Mar'atun; Amin, Deny Yarusain; Yaman, Afdhal; Waluyo, Bambang; Ningsih, Tri Fitria
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 17 No. 1 (2025)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.45438

Abstract

This study develops a financial literacy–based strategy to mitigate illegal investment risks in vulnerable coastal communities using a Financial Vulnerability Index (IKF) and a Multi-Criteria Decision-Making (MCDM) approach integrating AHP and TOPSIS. Conducted in three Central Maluku villages, the IKF combines economic vulnerability, financial literacy, and access to finance. Findings show Wailulu and Asilulu as highly vulnerable (IKF >0.90), while Tulehu is more resilient. AHP-TOPSIS results rank community- based training as the most effective strategy, followed by local media literacy and fishermen cooperative engagement. These findings validate the Community-Embedded Literacy Delivery Model (CELDM), highlighting the effectiveness of localized, participatory approaches. The study informs inclusive and adaptive financial literacy policies targeting high-risk populations. Keywords: illegal investment; financial literacy; community-based strategy; AHP-TOPSIS; coastal vulnerability; financial inclusion   Abstrak Penelitian ini mengembangkan strategi mitigasi investasi ilegal berbasis literasi keuangan bagi komunitas pesisir rentan dengan menggabungkan Indeks Kerentanan Finansial (IKF) dan pendekatan MCDM (AHP-TOPSIS). Studi dilakukan di tiga desa di Maluku Tengah, dengan IKF mencakup dimensi kerentanan ekonomi, literasi keuangan, dan akses keuangan. Wailulu dan Asilulu tergolong sangat rentan (IKF > 0,90), sementara Tulehu lebih tangguh. Hasil AHP-TOPSIS menunjukkan pelatihan komunitas sebagai strategi paling efektif, diikuti kampanye media lokal dan kemitraan koperasi nelayan. Temuan ini menguatkan Model Penyampaian Literasi Berbasis Komunitas (CELDM), dan memberikan dasar bagi kebijakan literasi keuangan yang inklusif dan kontekstual. Kata kunci: investasi ilegal; literasi keuangan; strategi berbasis komunitas; AHP-TOPSIS; kerentanan pesisir; inklusi keuangan
The IDRT (Indonesian Rupiah Token) Stablecoin Dilemma: Navigating the Intersection of Legal Monopolies and Islamic Ethical Norms in Digital Transactions Al Munawar, Faishal Agil; Rizky Syaputra, Abdul Wahid
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 17 No. 1 (2025)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.45734

Abstract

IDRT stablecoin is a digital financial innovation that is claimed to be a representation of the rupiah with a stable value. Although its use is increasing, the legality of IDRT in Indonesia is unclear because Law No. 7 of 2011 stipulates the rupiah as the only legal tender. In Islamic law, there is no specific fatwa regarding IDRT, thus creating uncertainty. This study uses a normative juridical approach to analyze the relationship between positive legal instruments and relevant Islamic legal views. As a result, IDRT is not recognized as a legal tender according to positive law, but meets the criteria of sil'ah (tradeable commodity) in Islamic law because it has a stable value, is supported by rupiah reserves, and is free from gharar (uncertainty), qimar (speculation), and ḍarar (harm). Through the principle of istihsan bil maslahah (juristic preference for public interest), IDRT may be conditionally accepted within a sharia-compliant framework, provided regulatory compliance is ensured. Keywords: IDRT stablecoin; transactional instrument; positive law; Islamic jurisprudence Abstrak Stablecoin IDRT merupakan inovasi keuangan digital yang diklaim sebagai representasi rupiah dengan nilai yang stabil. Meskipun penggunaannya semakin meningkat, legalitas IDRT di Indonesia masih belum jelas karena Undang-Undang Nomor 7 Tahun 2011 menetapkan rupiah sebagai satu- satunya alat pembayaran yang sah. Dalam hukum Islam, belum ada fatwa khusus mengenai IDRT sehingga menimbulkan ketidakpastian. Penelitian ini meng­gunakan pendekatan yuridis normatif untuk menganalisis hubungan antara instrumen hukum positif dengan pandangan hukum Islam yang relevan. IDRT tidak diakui sebagai alat pembayaran yang sah menurut hukum positif, tetapi memenuhi kriteria sil'ah (komoditas yang dapat diperjualbelikan) dalam hukum Islam karena memiliki nilai yang stabil, didukung oleh cadangan rupiah, dan bebas dari gharar (ketidakpastian), qimar (spekulasi), dan ḍarar (bahaya). Melalui prinsip istihsan bil maslahah (keutamaan hukum untuk kepentingan umum), IDRT dapat diterima dengan syarat sesuai terhadap peraturan. Kata kunci: stablecoin IDRT; instrumen transaksi; hukum positif; hukum Islam  
Faith, Law, and Resilience: Crisis Management Strategies among Indonesian Muslimahpreneurs in the Post-Pandemic Era Gusniarti, Gusniarti
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 17 No. 1 (2025)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.46240

Abstract

This study examines how Indonesian Muslim women entrepreneurs (Muslimahpreneurs) managed crises in the post-pandemic era through faith, legal frameworks, and resilience. Using a phenomenological approach, in-depth interviews with ten women-led MSMEs in South Tangerang reveal challenges, including limited access to Sharia-compliant financial services, shifting consumer behavior, reduced purchasing power, supply chain disruptions, technological limitations, and the dual role burden of managing households and businesses. Despite this, Muslimahpreneurs applied adaptive strategies grounded in family, ethics, and community. Their spiritual values, such as tawakkul, ṣabr, and maṣlaḥah, shaped their decisions and enhanced business resilience. This study also reveals a gap between regulatory provisions and practical accessibility. Keywords: Muslimahpreneur; post-pandemic recovery; sharia-compliant finance; legal accessibility; spiritual resilience   Abstrak Penelitian ini mengkaji strategi manajemen krisis yang dijalankan oleh pelaku usaha Muslimah (Muslimahpreneur) di Indonesia di fase pemulihan pascapandemi, dengan menitikberatkan pada dimensi hukum, spiritual, dan gender. Dengan pendekatan fenomenologis, wawancara mendalam dengan sepuluh Muslimahpreneur di Tangerang Selatan mengungkap berbagai tantangan yang dihadapi, seperti keterbatasan akses layanan keuangan syariah, pergeseran perilaku konsumen, penurunan daya beli, gangguan rantai pasok, keterbatasan teknologi, serta beban ganda dalam rumah tangga dan usaha. Meski demikian, mereka menerapkan strategi adaptif yang berakar pada nilai kekeluargaan, etika, dan solidaritas komunitas. Nilai spiritual seperti tawakkul, ṣabr, dan maṣlaḥah membentuk cara pengambilan keputusan dan menguatkan ketahanan bisnis mereka. Studi ini juga mengungkap adanya kesenjangan antara ketentuan regulasi dan aksesibilitas praktis di lapangan. Kata kunci: Muslimahpreneur; pemulihan pascapandemi; pembiayaan syariah; aksesibilitas hukum; ketahanan spiritual
Toward Shariah-Compliant Contract Governance in Islamic Banking Spin-Offs: Legal Reflections on Indonesia’s Law No. 4/2023 Mahfudz, Akhmad Affandi; Firdaus, Iqbal Maulana; Kuanova, Laura
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 17 No. 1 (2025)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.50882

Abstract

Indonesia’s Law No. 4/2023 requires Islamic banking units (UUS) to spin off into independent Islamic commercial banks (BUS), raising Shariah compliance concerns over ongoing contracts. This study examines three key contracts—musyārakah, muḍārabah, and ijārah—using qualitative analysis of laws, fatwas, and institutional documents. It identifies four key issues: early termination, defaults during restructuring, unclear asset transfers, and changes in contract objects. These issues threaten both Shariah integrity and legal certainty. The paper proposes a governance framework grounded in qawāʿid fiqhiyyah and maqāṣid al-sharīʿah to guide ethical contract transitions. The findings offer practical insights for regulators, Shariah boards, and industry stakeholders to align legal reforms with Islamic principles. Keywords: Islamic legal theory; contract governance; maqasid al-shariah; spin-off regulation; banking transformation   Abstrak. UU No. 4/2023 mengharuskan Unit Usaha Syariah (UUS) bertransformasi menjadi Bank Umum Syariah (BUS), menimbulkan persoalan kepatuhan syariah atas kontrak berjalan. Studi ini mengkaji tiga akad utama—musyarakah, mudharabah, dan ijarah—dengan analisis kualitatif terhadap regulasi, fatwa, dan dokumen kelembagaan. Ditemukan empat isu utama: pemutusan dini, gagal bayar saat restrukturisasi, pengalihan aset yang tidak jelas, dan perubahan objek akad. Masalah ini berisiko melemahkan kepastian hukum dan integritas syariah. Studi ini menawarkan kerangka tata kelola berbasis qawāʿid fiqhiyyah dan maqāṣid al-sharīʿah untuk menjamin transisi kontrak yang etis. Temuan memberikan panduan bagi regulator, DPS, dan industri agar reformasi hukum selaras dengan prinsip syariah.  Kata kunci: teori hukum Islam; tata kelola kontrak; maqāṣid al-sharīʿah; regulasi spin-off; transformasi perbankan
Governance Transformation in Indonesia’s Banking Sector: Regulatory Pressures and Institutional Dynamics in the Conversion of Bank Riau Kepri to Islamic Banking Megawati, Devi; Khairunisa, Madona; Zulkifli, Zulkifli
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 17 No. 1 (2025)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.50884

Abstract

This study investigates the governance transformation underpinning the conversion of Bank Riau Kepri (BRK) into Bank Riau Kepri Syariah (BRK Syariah), focusing on the interplay between regulatory pressure, institutional dynamics, and strategic intent. Using a qualitative case study design, the analysis reveals that the conversion was driven by a combination of internal aspirations for regional economic leadership and external pressures, including regulatory encouragement and alignment with national Islamic finance roadmaps. While institutional support and political endorsement facilitated the conversion, challenges remain in harmonizing Sharia principles with operational realities, including staff capacity, legacy systems, and market adaptation. The study contributes to the growing discourse on conventional-to-Islamic bank conversion by highlighting how regulatory ecosystems, institutional inertia, and governance reform intersect in shaping the trajectory of Islamic banking transformation in Indonesia.  Keywords: Islamic banking transformation; governance reform; regulatory pressure; institutional adaptation; conventional-to-Islamic conversion; Bank Riau Kepri    Abstrak. Studi ini menelaah transformasi tata kelola yang mendasari proses konversi Bank Riau Kepri (BRK) menjadi Bank Riau Kepri Syariah (BRK Syariah), dengan menyoroti interaksi antara tekanan regulasi, dinamika kelembagaan, dan strategi institusional. Melalui pendekatan studi kasus kualitatif, temuan penelitian menunjukkan bahwa proses konversi dipicu oleh aspirasi internal untuk menjadi pemimpin ekonomi regional serta dorongan eksternal berupa dukungan regulatif dan sinkronisasi dengan peta jalan keuangan syariah nasional. Meskipun konversi difasilitasi oleh dukungan kelembagaan dan legitimasi politik, tantangan tetap muncul dalam menyelaraskan prinsip-prinsip syariah dengan praktik operasional, termasuk kapasitas SDM, sistem warisan, dan adaptasi pasar. Studi ini memperkaya wacana tentang konversi bank konvensional menjadi bank syariah dengan menyoroti bagaimana ekosistem regulatif, inersia kelembagaan, dan reformasi tata kelola membentuk arah transformasi perbankan syariah di Indonesia. Kata kunci: Transformasi perbankan syariah; reformasi tata kelola; tekanan regulasi; adaptasi kelembagaan; konversi bank; Bank Riau Kepri
Waqf Asset Development through the Six Capitals and Sharia Principles: A Muhammadiyah Case Study Kusumawardani, Diyah Hesti; Suma, Muhammad Amin; Rini, Rini
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 17 No. 1 (2025)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.50885

Abstract

Waqf development faces substantial challenges, primarily due to limitations in financial capital. However, deficiencies in other forms of capital, including manufactured, human, intellectual, social, and natural capital, also impede progress. This study examines these issues through the dual lens of sharia compliance and sustainable finance assessment. Employing a qualitative case study approach, the research draws on primary data collected from a Focus Group Discussion (FGD) with six members of the Muhammadiyah Central Board (2015–2020), analyzed using NVivo software. Findings indicate that while Muhammadiyah demonstrates substantial social and human capital. However, there is a need to enhance environmental infrastructure, strengthen intellectual resources, and develop more effective financial strategies. These include establishing a dedicated waqf investment institution and formalizing the legal status of waqf assets. Holistic capital development is crucial to achieving effective and sharia-compliant waqf asset management. Keyword: sustainable waqf; organizational sustainability; six capitals; Islamic sustainable finance Abstrak. Pengembangan wakaf menghadapi tantangan besar akibat keterbatasan modal, terutama modal finansial. Namun, kekurangan dalam bentuk modal lainnya—seperti modal fisik, manusia, intelektual, sosial, dan alam—juga menghambat kemajuan. Permasalahan ini dianalisis melalui penilaian kepatuhan syariah dan keuangan berkelanjutan. Penelitian ini menggunakan pendekatan studi kasus kualitatif, dengan data primer yang diperoleh dari FGD bersama enam anggota Pimpinan Pusat Muhammadiyah periode 2015–2020, dan dianalisis menggunakan perangkat lunak NVivo. Muhammadiyah menunjukkan modal sosial dan manusia yang kuat, tetapi perlu meningkatkan fasilitas ramah lingkungan, modal intelektual, serta strategi keuangan, termasuk pembentukan lembaga investasi wakaf dan legalisasi aset wakaf. Pengembangan modal secara menyeluruh sangat penting untuk pengelolaan wakaf yang efektif dan sesuai syariah. Kata kunci: wakaf berkelanjutan; keberlanjutan organisasi; enam modal; keuangan Islam berkelanjutan

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