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Time-Limited Waqf in Indonesian and Yemeni Law: A Comparative Study Based on National Legislation and Fiqh Approaches Al-Baiti, Mohsen Farid Abdulrahman; Khoirudin, Ahmad
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol 10, No 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.20933

This study compares the regulation of time-limited waqf berjangka in Indonesia and Yemen, focusing on Indonesia's Law No. 41 of 2004 on Waqf and Yemen's Qānūn al-Waqf al-Sharʿī of 1992. The primary objective of this study is to analyze the validity of temporary endowments (mu'aqqat) within both legal systems and how national regulations affect the acceptance of time-limited endowments. In Indonesia, time-limited endowments are explicitly accommodated in the law, allowing for more flexible management of endowments. In contrast, Yemen's regulations prioritize the permanent (taʾbīd) nature of waqf, limiting the possibility of time-limited endowments. This study employs a cross-mazhab fiqh approach, comparing the views of the Maliki school, which permits temporary endowments, with the Shafi'i and Hanbali schools, which tend to reject them. The findings of this study reveal a shift in the legal paradigm of waqf, from traditional practices to a more modern model, influenced by the social, political, and economic dynamics in each country. The novelty of this research lies in the direct comparison of two different legal systems, offering a new perspective on the acceptance and application of time-limited waqf in the context of socio-economic development. These findings contribute to a deeper understanding of the role of waqf in contemporary legal dynamics.Keywords: time-limited waqf; waqf law; Indonesia; Yemen; Fiqh; Comparative Law

A Legal Perspective on the Opportunities and Challenges of the Sharia Notary Profession in Indonesia Adil, Ustad; Arifin, Tajul
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol 10, No 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.18864

The demand for Sharia-based legal services in Indonesia is steadily increasing, highlighting the urgency of establishing the position of Sharia Notary as a bridge between Islamic law and positive law. This study employs a normative juridical approach with qualitative methods. Data were collected through literature review, regulatory analysis, and in-depth interviews with notaries, academics, and practitioners of Sharia law. The main findings indicate that despite significant opportunities for developing the Sharia Notary—particularly in supporting the national Sharia economic system—substantial challenges continue to hinder its implementation. These challenges include the absence of specific regulations, limited educational infrastructure and professional certification, and the lack of harmonious integration between Sharia law and the national legal system. This study presents a novelty in the form of a conceptual framework proposal for the legalization and institutionalization of the Sharia Notary position in Indonesia, through three strategic recommendations: establishing specific regulations, integrating Sharia legal curriculum into notarial education, and strengthening the supervisory role of Sharia oversight bodies. The Sharia Notary plays a strategic role in ensuring legal certainty in Sharia transactions and strengthening trust in a fair, inclusive legal system.Keywords: Sharia Notary; Islamic law; positive law; regulation; Sharia economy.

Socio-Spiritual Dimensions and Principles of Islamic Economic Law in Guidance of Pilgrims of the Wadi Fatimah Hajj Guidance Group Cirebon Muamar, Afif; Pangestu, Muhammad Feby Ridho
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol 10, No 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.18243

This study aims to analyze the spiritual motives of pilgrims as a driver of innovation in hajj guidance, the transformation of the meaning of hajj through the internalization of Sharia socio-economic values, and the integration of a holistic community-based hajj guidance model in the Wadi Fatimah Cirebon Hajj Guidance Group. This study uses an interpretive qualitative approach to understand the social and spiritual experiences of pilgrims in the Wadi Fatimah Cirebon Hajj Guidance Group. Data were collected through observation, interviews, and documentation, then analyzed using the Miles and Huberman model to capture the meaning, patterns, and relationships between social, spiritual, and legal aspects in hajj practice. The study finds that: (1) the spiritual motives of pilgrims in Wadi Fatimah are driven by personal awareness rather than social pressure or status seeking, with the group playing a key role in integrating maqāṣid al-syarī‘ah and Islamic economics, supported by ethical governance and community empowerment; (2) The meaning of hajj has evolved from being a ritual to a social practice, with the group fostering both spiritual piety and socio-economic awareness through Sharia values and collaboration with state law; (3) The effectiveness of hajj guidance lies in its ability to build a holistic institutional model responsive to social dynamics. Wadi Fatimah successfully integrates spirituality, education, economic literacy, and social networks to bridge maqāṣid al-syarī‘ah with state regulations.Keywords: Socio-Spiritual Dimension; Hajj Worship; Hajj Guidance Group; Muamalah; Maqāṣid al-Syarī‘ah

Analysis of Mitraguna Financing for Civil Servants through Take Over Mechanism at Bank BSI Rahmatullah, Nursalam
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol 10, No 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.18853

Bank Syariah Indonesia (BSI), as an Islamic financial institution, provides takeover financing services to facilitate the transition of customers from conventional banks to Sharia-compliant banking. One of its flagship products, the Mitraguna facility, has attracted significant public interest in switching to the Islamic financial system. This study aims to analyze the legal compliance of Bank Syariah Indonesia in implementing Fatwa No. 31/DSN-MUI/VI/2002 on Debt Transfer, issued by the National Sharia Council of the Indonesian Ulema Council (Dewan Syariah Nasional Majelis Ulama Indonesia / DSN-MUI), particularly in the context of takeover financing through the Mitraguna facility for civil servants. Using a normative-empirical method with a descriptive-analytical approach, data were collected through interviews with BSI employees (Basuki Rahmat Branch, Palu City), BSI’s official website, and library research. The findings indicate that the implementation of takeover financing at BSI through the Mitraguna facility aligns with the provisions of the fatwa, specifically through the use of the musyarakah mutanaqisah (MMQ) contract, which corresponds to Alternative II outlined in the DSN-MUI fatwa. This research is expected to contribute to the development of Sharia economic law and serve as a reference for ensuring Sharia compliance in Islamic financial institutions.Keywords: Mitraguna; Civil Servants; Takeover Financing; Bank Syariah Indonesia

The Impact of Intellectual Assets, Islamic Sustainability Reporting, and Green Performance on Sharia-Based Corporate Value Mayanti, Yuni; Setiawan, Iwan; Mulyawan, Setia
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol 10, No 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.18290

This study examines the impact of intellectual assets, Islamic sustainability reporting, and green performance on the corporate value of firms listed on the Jakarta Islamic Index (JII), with a particular focus on their alignment with Sharia principles. As key contributors to national economic growth, these firms face increasing competition that necessitates value creation grounded in ethical and sustainable practices. Employing a quantitative approach, this research utilizes purposive sampling to select 10 companies from a population of 30 Sharia-compliant firms. Data were analyzed using panel data regression with E-Views 12 software. The results reveal that individually, intellectual assets, Islamic sustainability reporting, and green performance do not significantly influence corporate value; however, collectively, these factors exert a significant and positive effect. This underscores the importance of integrating intangible resources with Sharia-based sustainability and environmental responsibility to enhance corporate valuation. The study highlights how adherence to maqāṣid al-sharī‘ah—particularly the preservation of wealth, life, and environment—can inform corporate strategies in Islamic capital markets. The findings provide empirical insights and a robust regression model useful for investors, regulators, and managers aiming to align financial performance with Sharia economic objectives.Keywords: Intellectual Assets; Islamic Sustainability Reporting; Green Performance; Corporate Value; Sharia Economics

Analysis of the Achievement of Zakat Distribution and Utilization by the BAZNAS from the Perspective of Maqashid Syariah Jaseer Auda Rosidah, A'immatur; Sholatiah, Lathifah; Lailaturrokhmah, Nurul
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol 10, No 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.19634

This article aims to evaluate the effectiveness of zakat property distribution and utilization by the National Amil Zakat Agency (BAZNAS) in contributing to poverty alleviation and community welfare in Indonesia. The research adopts a qualitative method with an empirical-normative approach. The subject of this study is BAZNAS, focusing on its ZIS-DSKL programs during 2023–2024. Data were collected through secondary sources, including official reports, academic literature, legal documents, and online publications. The analysis uses a content analysis method combined with Jasser Auda’s maqashid al-shariah theory, which emphasizes development and human rights as essential objectives of Islamic law. The results show that 93–94% of zakat funds were distributed for temporary, consumptive assistance, while only 6–7% were directed toward economic empowerment. This pattern reflects a limited contribution to sustainable mustahiq independence and indicates that the current distribution strategy aligns more with classical protective goals than progressive development-oriented objectives. Academically, this study contributes to the discourse on zakat reform by offering a theoretical framework for evaluating zakat policy effectiveness based on contemporary maqashid thinking.Keywords: Zakat Distribution; Utilization; BAZNAS; Maqashid al-Shariah; Jasser Auda.

Fiqh Muamalah Review of the Object of Akad (E-Commerce) on Defective Goods Anggraini, Cut; Rahma, Tri Inda Fadhila; Atika, Atika
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol 10, No 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.20753

This study examines the application of Fiqh Muamalah to buying and selling practices in e-commerce, with a focus on the seller's responsibility for defective goods. Using a qualitative method through literature review and normative analysis, the research draws upon scholarly works, journal articles, and relevant Islamic legal sources. The study aims to provide a conceptual framework that aligns Islamic commercial ethics with contemporary online transaction practices. The findings reveal that e-commerce transactions can be considered valid under Fiqh Muamalah if they fulfill essential sharia principles, including justice (‘adl), honesty (ṣidq), and transparency (bayān). The use of Salam and Istishna’ contracts is permissible provided the object of sale is clearly defined, halal, and free from gharar (uncertainty). Furthermore, the study highlights the relevance of khiyār al-‘ayb (option due to defect) and khiyār al-syarth (conditional option) as Islamic legal mechanisms that offer fair resolutions in cases involving defective products. This research supports the growth of sharia-compliant digital commerce by offering practical, jurisprudential solutions and emphasizing key ethical values—trust, accountability, and consumer protection—to promote fair, transparent, and sustainable e-commerce in line with Islamic principles.Keyword: Muamalah Fiqh; Contract Objects; E-Commerce; Defective Goods.

A Comparative Analysis of the Legal System on the Performance of Islamic Banks: A Study in the United Kingdom, Malaysia and Indonesia Syam, Roqiyul Ma’arif; Andatu, Mabruri; Wadud, Abdul Muiz Abdul
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol 10, No 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i1.20924

This research is motivated by the issue of the influence of the legal system on the performance of Islamic banks in three countries with different legal and social backgrounds, namely the United Kingdom (UK), Malaysia and Indonesia. A qualitative-comparative approach is used by focusing on the substantive and procedural legal system aspects that affect the operation of Islamic banks, as well as on performance indicators such as financial stability, operational efficiency, and the level of public trust. The results show that Malaysia has the most supportive legal system for the development of Islamic banks through its dual banking system framework, formal recognition of sharia principles, and integrated regulatory and supervisory institutions. While Indonesia has made progress in the regulatory aspect, it still faces challenges in harmonization between national law and sharia principles, as well as supervisory effectiveness. On the other hand, the UK, despite having a stable legal system, has not provided a sufficient legal basis to support the full operation of Islamic banks, as its regulatory approach is religion-neutral. This research also emphasizes the importance of legal culture and socio-religious context in supporting the performance of the Islamic finance industry. The practical implications of this research include the need for regulatory harmonization, institutional capacity building, and the establishment of international sharia law standards. Thus, strengthening the legal system that is responsive to sharia principles is a strategic key in strengthening the competitiveness of Islamic banks globally.Keywords: Legal system; United Kingdom; Indonesia; Malaysia; Islamic Bank.

Individual and Technological Factors Influencing Islamic Investment Decisions: A Maqāṣid al-Sharī‘ah Perspective S. Br Sembiring, Suci Ramadhana; Soemitra, Andri; Nasution, Juliana
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol 10, No 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.21308

The Islamic capital market is increasingly gaining attention as an investment alternative that aligns with Islamic principles. However, student participation in this market remains relatively low. This study aims to examine the influence of pocket money, technological innovation, and risk perception on investment decisions in the Islamic capital market. Employing a quantitative approach with a survey method, data were collected from 100 students at UIN North Sumatra through an online questionnaire distributed via Google Forms. The data were analyzed using Partial Least Squares (PLS) with the assistance of SmartPLS software. The results reveal that technological innovation has a positive and significant effect on investment decisions, indicating that advanced digital investment platforms, online education, and accessible information play a crucial role in encouraging student participation. In contrast, pocket money and risk perception do not exhibit significant influence, although both show moderate contributions. These findings suggest that enhancing technological access and digital literacy may be more effective in fostering Islamic investment behavior among students than focusing solely on financial capacity or risk attitudes. This study reflects how Islamic investment behavior among students supports the realization of Maqāṣid al-Sharī‘ah, particularly in preserving wealth (ḥifẓ al-māl) and intellect (ḥifẓ al-‘aql).Keywords: Islamic Investment; Individual Factors; Technological Innovation; Risk Perception; Maqāṣid al-Sharī‘ah

Marketing Strategy for Hajj Savings at Bank Muamalat in Medan within the Framework of Sharia Economic Law Batubara, Tsabitah Fadlilah; Hasanah, Uswah
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol 10, No 2 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v10i2.20254

This study aims to analyze the marketing strategy for Hajj savings implemented by Bank Muamalat in Medan within the framework of Sharia Economic Law. The research uses a descriptive qualitative approach with data collected through observation, in-depth interviews, and documentation. The analysis emphasizes sharia principles, particularly related to the application of wadiah and mudharabah contracts and the importance of transparency in Hajj savings products. Findings indicate that Bank Muamalat applies a multi-dimensional marketing strategy, including public education on the advantages of iB Hajj Savings, the use of digital platforms such as BMI Mobile to facilitate registration and transactions, and the implementation of promotional programs such as cashback and direct prizes that avoid gharar and riba. These efforts have led to a significant increase in Hajj portion acquisition and customer interest in Sharia-compliant savings products. This study highlights how compliance with fatwas issued by the National Sharia Council (DSN-MUI) and regulations from the Hajj Financial Management Agency (BPKH) strengthens public trust in Islamic financial services. Academically, this research contributes to the development of Islamic financial marketing strategies that align with legal and ethical standards in Islamic economic law, particularly in the marketing of religious financial products such as Hajj savings.Keywords: Sharia Economic Law; Hajj Savings; Islamic Marketing; Bank Muamalat; Fatwa Compliance

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Contact Name
-

Contact Email
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Phone
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Journal Mail Official
-

Editorial Address
-

Location
Kota cirebon,

Jawa barat

INDONESIA