DSN MUI Research Articles

Analisis Fatwa DSN MUI No. 140 Tahun 2021 Terhadap Regulasi Dewan Pengawas Syariah pada Produk Securities crowdfunding

The purpose of this study is to determine and analyze the extent of the regulation of the Sharia Supervisory Board on securities crowdfunding products based on the DSN MUI fatwa No. 140 of 2021. The research method used is descriptive qualitative method which is focused on problems based on facts carried out by observation. This research focuses on analyzing data on the Shafiq.id website on the offering of Islamic securities in the form of sukuk through crowdfunding services reviewed through the provisions contained in the DSN MUI fatwa NO. 140 of 2021 concerning Islamic securities offerings through information technology-based crowdfunding services based on sharia principles. The results of this study indicate that the Sharia Supervisory Board (DPS) is tasked with ensuring that all activities in sharia fintech always comply with sharia principles, including in sharia crowdfunding activities. Islamic crowdfunding activities must be based on the spirit of helping in goodness (ta'awun) and must be based on Islamic rules and guided by the Qur'an and As-Sunnah. DPS oversees the information technology-based financing service model to ensure that the form of crowdfunding implementation does not conflict with sharia principles. In addition, DPS adjusts the contract according to the form of sharia crowdfunding that will be used by the parties. DPS is also tasked with providing advice to the parties and, in the event of a dispute, resolving it by consensus or through a sharia dispute resolution institution in accordance with the Fatwa of DSN-MUI.

ANALISIS FATWA DSN MUI NO: 123/DSN-MUI/XI/2018 TERHADAP PENGGUNAAN DANA TBDSP DI BTPN SYARIAH PERIODE TAHUN 2020-2023

Bank Tabungan Pensiunan Negara (BTPN) also develops BTPN with Sharia principles. Islamic banking management also has funds that cannot be recognized as income (TBDSP), the TBDSP funds are used for community social activities. In receiving and distributing TBDSP funds to Sharia Banks, the National Sharia Board (DSN) of the Indonesian Ulema Council (MUI) issued Fatwa Number 123/DSN-MUI/XI/2018. The purpose of this article is to analyze the implementation of Fatwa DSN MUI No. 123/DSN-MUI/XI/2018 against the use of TBDSP funds. This research uses qualitative methods with a literature study approach. The data used was obtained from BTPN Syariah's annual performance report for the 2020-2023 period, the website of the Indonesian Ulema Council (MUI), the website of the Financial Services Authority (OJK) and the Central Statistics Agency (BPS). As a result of this research, BTPN Syariah has implemented fatwa DSN MUI Number 123/DSN-MUI/XI/2018 in managing TBDSP funds for the 2020-2023 period by using these funds for social activities. In distributing TBDSP funds, BTPN Syariah helps communities affected by Covid 19 and assists the government in the recovery and empowerment of MSMEs after Covid 19. This implementation is that the use of TBDSP funds by BTPN Syariah does not contradict sharia principles, as stipulated in Fatwa DSN MUI Number 123/DSN-MUI/XI/2018.

SYARIAH STOCKS: A NORMATIVE ANALYSIS OF ISLAMIC LAW AND INVESTMENT PRACTICES IN INDONESIA

Syariah stocks have recently gained attention in the Islamic community, which relies on Shariah principles to guide investment decisions. Islam emphasizes the importance of profitable investments that benefit all parties involved, while prohibiting investments that involve uncertainty or exploitation. This article provides an overview of the position of stock shares in Islamic law. Using a normative legal research method, this study analyzed the relevant Islamic texts, including the Quran, Hadith, and Fatwas issued by scholars. Syariah stocks are specifically designed to meet the requirements of Islamic law, which emphasizes transparency, fairness, and ethics in financial transactions. The National Sharia Council of the Indonesian Ulama Assembly (DSN MUI) issued a Fatwa No. 80/DSN-MUI/III of 2011, outlining the implementation of Islamic principles in equity securities trading. The Fatwa stipulates that the means of payment must be known in terms of amount and form, whether in the form of money or goods, and that there should be no payment in the form of debt. Additionally, the time and place of delivery must be clearly specified based on the agreement between parties. This type of contract involves multiple parties, including banking institutions, and must be conducted in accordance with Islamic principles. The Fatwa has contributed to clarifying the terms of stock trading under Islamic law, providing a framework for Syariah stocks to operate within the boundaries of Islamic law.

Peran Fintech Peer to Peer Lending Syariah dalam Meningkatkan Akses Pembiayaan UMKM di Indonesia

This paper examines the role of Fintech Peer-to-Peer (P2P) Lending Sharia in enhancing financing access for Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. The objective is to explore how P2P Lending Sharia facilitates MSMEs in securing necessary capital and offers investment opportunities in compliance with Sharia principles. The methodology involves a review of existing literature and regulatory frameworks, including the principles outlined by the OJK and DSN MUI. Findings reveal that P2P Lending Sharia provides an efficient, cost-effective, and accessible financial solution, enabling MSMEs to expand their market reach and improve business capacity. It also offers investors a Sharia-compliant alternative to traditional financing. The significance of these findings lies in the potential of P2P Lending Sharia to support MSME growth, strengthen the real sector, and contribute to national economic development, while adhering to Islamic financial principles. This innovation is essential in bridging the financing gap and fostering economic inclusivity

MULTI LEVEL MARKETING DALAM ISLAM (ANTARA KEHALALAN DAN ETIKA BERTRANSAKSI BERDASARKAN FATWA MUI No. 75/DSN-MUI/VII/2009)

Multi Level Marketing (MLM) is a marketing innovation that often generates controversy. Some scholars declare that this system is permissible according to Sharia, while others highlight financial risks and ethical concerns in transactions, such as honesty, justice, and prudence. This study aims to analyze MLM practices in the context of Islamic economic law and transaction ethics, intending to provide a balanced perspective on the permissibility and ethical implications of MLM in Islam. The research employs a descriptive qualitative approach with a literature study. Data are collected from scholarly literature such as books, journals, articles, and fatwas from Islamic scholars related to MLM. Data analysis is conducted using content analysis methods, examining relevant texts about MLM. Source triangulation is used to ensure consistency and validity of the findings. MLM involves selling products through a network of distributors who earn commissions from direct sales and sales made by recruited members. Fatwa DSN MUI No. 75/DSN-MUI/VII/2009 states that MLM is permissible if the products sold are beneficial, transactions are conducted transparently without deception, commissions are based on product sales, and the recruitment system does not harm new members

Penerapan Akad Wadiah Pada Produk Simpanan Idul Adha Di Koperasi Syariah Masjid Al Arif Kota Bandung Dalam Perspektif Fatwa DSN MUI

The Shariah financial institutions in Indonesia are currently undergoing rapid and significant progress.This can be observed through the profiling of various financial institutions, both bank and non-bank, which actively contribute to the progress of the Indonesian economy.The research method used in this research is qualitative descriptive research method.Qualitative method is the method of research based on postpositive philosophy used to investigate on the conditions of natural objects to obtain data with a specific purpose of use on the product storage idol adha in KOPSYAR MAJTAMAS AL ARIF in using academic wadiah yad Trust compliance with the fatwa DSN MUI NO:86/DSN-MUI/XII/2012.The academic implementation of the academic Wadiah on KOPsYAR Majtamas AL ARif in the perspective of DSN- MUI can be said to be not in line with the principle of Shariah

Implementasi Fatwa DSN MUI Nomor 31/DSN-MUI/VI/2002 Tentang Pengalihan Utang Di Bank Syariah

The purpose of this study is to find out whether the application of the debt transfer contract is in accordance with Fatwa DSN MUI and to find out the supporting and obstacles in implementing the debt transfer contract. This type of research is field research using data collection methods in the form of interviews, observations and literature related with the problem under study, both as primary and secondary sources. While the method used is the qualitative description method. The results of this study explain that the application of debt transfer begins with the provision of qardh to customers the buyback process between customers with the bank until the end of the installment installment payment period. While the supporting factors are helping and facilitate customers who want to migrate from conventional banks to Islamic banks. For inhibiting factors is the lack of ability customers in paying installments, the customer's ability to provide the necessary funds related to financing in the debt transfer contract transfer of debt, the house that used as collateral is not feasible based on the appraisal assessment, did not get approval from the bank that will be transferred.

Determination of Murabahah Fines at Wates Jaya Phone According to Fatwa DSN MUI No. 17 of 2000

Wates Jaya Phone is one of the Wates Mulyo BUM Desa business units which is engaged in buying and selling smartphones and other electronic equipment, their buying and selling practices are based on sharia. This financing is murabahah which is used as a principle in buying and selling smartphones that are ordered on a firm basis without a down payment with competitive margins. Unfortunately, even though murabahah installment payments are made very easily, there are still customers who deliberately delay payments and cause significant problems for Wates Jaya Phone. This research aims to analyze the implementation of Murabahah transactions and the determination of Murabahah fines on Wates Jaya cell phones according to the MUI DSN Fatwa Number 17 of 2000. The research method used is descriptive with a qualitative approach using literature studies and case studies on Wates Jaya cellphones. The results of this research show that the murabahah contract carried out on Wates Jaya Phone is carried out with a single contract only (according to Islamic rules and legal rules), in contrast to other sharia institutions mentioned in previous research which camouflage murabahah and wakalah contracts, then determine Murabahah Fines on Wates Jaya Phone is also in accordance with the MUI DSN Fatwa Number 17 of 2000, namely the application of fines following the principle of ta'zir/fines in the form of money amounting to 1.5% of the transaction price plus a margin for each month, outside of transaction financing so that customers are more disciplined, in the future fines.

Developing Sustainable Muslim-Friendly Tourism Village Model Through Digital Tourism: Perspective of Shari’ah Economy

Using digital technology and social media is important in advancing sustainable tourism and expanding its appeal internationally. In this regard, the digitalization program for tourist villages needs to be encouraged because it has significant prospects in increasing the number of visitors while supporting the sustainability of tourism. This study aims to discuss the development of a sustainable tourist village model through a digital tourism approach carried out in the Provinces of West Java, the Special Region of Yogyakarta, and Lampung from an Islamic economic perspective. Data were obtained through observation and questionnaire methods from primary and secondary sources. The collected data were then processed and analyzed using triangulation and SWOT techniques. The study results show that the three provinces above have good internet access, making it possible to promote tourism potential through digital platforms. In terms of opportunities, adopting the digital tourism concept can open up great potential in increasing tourist engagement and market expansion. On the other hand, the lack of information and limited Human Resources must be addressed because they can hinder marketing potential and operational effectiveness. In addition, tight competition with other tourist areas must be anticipated because it can reduce investment interest and tourist visits. The sustainable tourism village model development through an environmentally friendly tourism approach has a strong foundation from a shari’ah perspective because it is supported by the Qur’an, Hadith, and the fatwa of the DSN MUI.

Analisis Hukum terhadap Joki Pinjaman Online Gagal Bayar Perspektif Fatwa DSN MUI No:112/DSN MUI/IX/2017: Studi Kasus pada Aplikasi Tiktok Live

cOnline loans have become one of the main forms of consumer financing in today's digital era. However, the growth of the online loan industry also raises concerns with the many polemics that occur within it. This research aims to find out what the legal provisions are for online loan jockeys who fail to pay in the view of DSN MUI NO: 19/DSN MUI/IV/2001. This research method was carried out using an empirical juridical method, so the method used was a field method, namely research carried out in the field aimed at obtaining information and describing events, events with facts found in the field. Data analysis was carried out qualitatively, namely involving observation and in-depth study of the data obtained. The primary data used comes from the field, these are interviews from several online loan jockeys who failed to pay and users of online loan jockey services who failed to pay.This research shows that there are many risks that arise if customers use this default loan jockey service, such as misuse of personal data, getting entangled in new debts and in the perspective of DSN MUI Fatwa NO: 19/DSN MUI/IV/2001 stated that the work carried out by the ajir was not in accordance with the principle of muamalah, namely directing jockey service users not to pay the online loan debt at all. Therefore, as an online loan user, do not use this service because it is detrimental to online loan users and in the Fatwa, the work of this service is considered to be contrary to sharia principles.

ANALISIS PERLINDUNGAN HUKUM ISLAM TERHADAP PEMBERIAN MAHAR PERNIKAHAN BERUPA SAHAM

Dowry is an essential aspect of marriage. Scholars agree that while there is no fixed amount for a dowry, it must be beneficial and valuable, reflecting sincerity and affection. This study is normative research using descriptive-analytical data analysis. It explains that dowry in the form of shares is permissible in Islam as long as it does not harm anyone, is agreed upon by both parties and benefits the wife. The shares given must have clear contracts and be within the realm of Sharia-compliant business, even though they cannot be physically displayed, and there must be original proof of ownership of the shares. Legal protection regarding shares is based on the DSN MUI fatwa No. 40 of 2003 article 2, which states: Article 2 (a) The capital market and all its mechanisms, particularly concerning issuers, types of securities traded, and trading mechanisms, are considered compliant with Sharia principles if they fulfil Sharia principles. (b) All securities comply with Sharia principles if they have obtained a Sharia compliance statement.

ANALYSIS OF THE DSN MUI FATWA ON SHARIA ELECTRONIC MONEY FROM THE PERSPECTIVE OF QIYAS (A STUDY ON LINKAJA SYARIAH APPLICATION)

This study aims to analyze the content of DSN MUI Fatwa No. 116/DSN-MUI/IX/2017 on Sharia electronic money from the perspective of qiyas, focusing on the case of the LinkAja Syariah application. The research method used in this study is descriptive qualitative, and the approach employed is library research. The findings of this study indicate that the LinkAja Syariah application is a development model of the LinkAja application designed to facilitate transactions while adhering to Sharia principles in its operational system. Similarly, the transactions follow the principles of cash payments and interbank transfers in Sharia banking, implementing Sharia financial principles. Thus, using the digital wallet application through LinkAja Syariah is legally permissible (mubah) as it fulfils the requirements and conditions of qiyas.

Murabahah Financing in Islamic Banks with Fiduciary Collateral Review from the Perspective of Legal Certainty and Utility

One of the financing contracts offered by Islamic banks is the Murabahah financing contract. The Murabahah financing contract functions to increase the utility of money and capital, as well as the utility of goods. Article 127 of the Compilation of Sharia Economic Law (KHES) allows the seller to request the buyer to provide collateral in the Murabahah contract. Fatwa DSN-MUI No. 03/DSN-MUI/IV/2000 regarding Murabahah permits banks to request collateral from financed customers. This provision aims to ensure that customers are serious about making payments. Based on KHES and the fatwa, banks are allowed to request collateral from customers to protect or ensure that their rights are not violated. In practice, to ensure that customers comply with payments, banks request collateral from customers. This collateral can be movable or immovable property. Collateral in the form of immovable property is called fiduciary collateral. Fiduciary collateral is regulated in Law No. 42 of 1999 concerning Fiduciary Collateral (UUJF). According to Article 5 paragraph 1 of UUJF, the imposition of collateral with fiduciary collateral "must" be made by a notarial deed. With this provision of UUJF, there is a difference. KHES and the fatwa of DSN MUI do not require financing contracts to be made using a notarial deed, while UUJF requires it to be made by a notarial deed. Islamic banks, some of which require financing contracts to be made by a notarial deed, while others do not. The adoption of UUJF in Islamic financing is considered inappropriate because it violates Sharia values. Objectives: (1) Explain the regulations used in Murabahah financing contracts in Islamic banks with fiduciary collateral according to the objectives of legal certainty and utility. (2) Describe the implementation of legal protection for customers using Murabahah financing contracts in Islamic banks with fiduciary collateral according to the objectives of legal certainty and utility. Research Method: Research approach: normative juridical. Research nature: descriptive analysis. Data types: secondary data and primary data. Sample determination technique: purposive sampling. Data collection technique: literature study and interviews. Data analysis technique: interpretation and legal analogy.

Hukum Top Up Pembelian Diamond Game Online Anak Dibawah Umur Prespektif Fatwa MUI No:110/DSN-MUI/IX/2017: Studi Kasus Jalan Batang Serangan Kecamatan Padang Tualang Kabupaten Langkat

Legal Top Up by Minors for Purchasing Online Game Diamonds Perspective of DSN MUI Fatwa No. 110 of 2017 (Case Study of Jalan Batang attack Padang Tualang District, Langkat Regency) Devi Amalia Putri Hasibuan, North Sumatra State Islamic University, Medan, Indonesia The aim of this research is to find out the view of Islamic law based on the mui fatwa no: 110/dsn-mui/ix/2017 regarding top up online games for minors. This research uses a qualitative method, because this qualitative method places more emphasis on aspects of in-depth understanding of a problem and tends to use analysis, this method is research that is in accordance with field data. Based on these results and discussion, buying and selling diamond top ups is a valid sale and purchase according to Islamic law because it complies with the legal conditions for buying and selling as explained in Islam. Based on this, it can be concluded that mobile legends diamond top ups are included in the Ba'I as Salam category. . In a sale and purchase agreement, payment is made first and delivery of the goods is made afterwards. In language, buying and selling means al-bai, al-tijarah and al-mubadalah.

Implikasi Pemberlakuan Sistem Perbankan Ganda Terhadap Penerapan Norma Hukum Islam Di Dalam Perbankan Syariah Di Indonesia

The Financial System is regulated in Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK). Dual banking system is the implementation of the banking system simultaneously, namely conventional banks and Islamic banks simultaneously. The implementation of the Dual banking system is based on Law No. 7 of 1992 concerning Banking, in which it regulates shortcuts about the system and is perfected by Law No. 10 of 1998. As a result of the implementation of the "dual banking system model", legal problems arise, especially in the intermediation function of Islamic banks as financial institutions that have differences in the variation of fund distribution to the public, with the intermediation function of conventional banks as financial institutions that can only channel funds to the public in the form of credit. The implications of implementing this dual banking system are the gateway to implementing Islamic economic legal norms in every Islamic bank product and business. To ensure compliance with sharia principles, DSN MUI issues fatwas. The MUI DSN fatwa was then formalized through PBI and POJKut selanjutnya diformalkan melalui PBI maupun POJK.

ANALYSIS OF FEASIBILITY OF MURABAHAH SELLING PRICES IN CONFORMITY TO THE MUI FATWA (Case Study of the Salimah Multi-Business Cooperative in Singkawang City)

This thesis is the result of research that discusses the appropriateness of the murabahah selling price for the suitability of the MUI DSN Fatwa in the Salimah multi-business cooperative (KUSUMA) in Singkawang City. This research refers to sharia cooperatives carrying out their business based on Islamic law in accordance with the applicable regulations issued by the MUI DSN Fatwa which is also regulated in Law No. 2 of 1992 article 87 paragraph 3 concerning cooperatives where cooperatives can run their business on the basis of economic principles. sharia. One of them is in buying and selling transactions that use the Murabaha selling price system. Sharia cooperatives must state the selling price held by both parties in principle which includes the range of initial value and margin desired as a profit from the sharia system. In order to avoid incidents that become risk factors in murabahah transactions, it is necessary to determine standard prices.Keywords: Sharia Cooperative; Murabahah Selling Price, Margin, DSN MUI Fatwa

Analysis of the Effectiveness of Waqf Policy Management for Tafakulink Salam Products at PT Tafakul Keluarga, Medan Branch, in Accordance with the Fatwa of DSN MUI Number 106 of 2016

Waqf in Islamic insurance, especially in products like Takafulink Salam, exhibits significant differences from conventional waqf, which typically involves the preservation of buildings or land by past communities. The research aims to analyze the role of waqf in Sharia-compliant insurance products and to comprehend the concept of waqf as a worship and social instrument in the context of Sharia insurance. The research methodology involves in-depth interviews and documentation techniques focusing on the waqf pledge within Sharia life insurance policies, fee provisions within policies, and other aspects regulated by relevant regulations and fatwas. The research findings indicate that waqf pledges are made on various occasions, such as the end of the agreement period, redemption by policyholders, or the death of the main participants. Financial aspects, including fees, are regulated by the Financial Services Authority Regulation (POJK) Number 69/POJK.05/2016. Fatwa DSN No.52/DSN-MUI/III/2006 provides guidelines regarding the contract of agency with a fee in Sharia insurance. The research concludes by emphasizing the important role of waqf in Sharia insurance, creating social and worship benefits, and illustrating the integration of waqf in Sharia insurance products such as Takafulink Salam. Although related to insurance, the concept of waqf remains distinct as a form of worship that supports social development.

Implementation Of Istishna 'Aqd In The Financial Investment Scheme Of Koperasi Syariah Benteng Mikro Indonesia

This research aims to examine the implementation of Istishna ‘aqd in investment financing at Koperasi syariah BMI, Ciawi branch. The issue addressed in this study is that the Istishna ‘aqd, substantively, is not an investment aqd but rather a sales aqd. Therefore, a comprehensive analysis is needed to determine the permissibility of utilizing the Istishna aqd in investment financing or to explore potential changes in the financing model or ‘aqd used. The research employs a qualitative descriptive method with data collection techniques through interviews and secondary data collection from the website, reports, and guidelines of Koperasi Syariah BMI. The study investigates how the Istishna ‘aqd is implemented in investment financing and its compliance with Sharia principles, aiming to conclude the feasibility of applying the Istishna ‘aqd in investment financing at Koperasi Syariah BMI. Based on the research findings, it is observed that the Istishna ‘aqd scheme applied in investment financing at Koperasi Syariah BMI is more aligned with the Fatwa DSN MUI No 06/DSN MUI/IV/2000 on Istishna, which involves a regular Istishna ‘aqd between two consenting parties. This approach deviates from the guidance of Fatwa DSN MUI No 32/DSN-MUI/IX/2002 on Sharia bonds, where Istishna is used in investment schemes, and is also inconsistent with Fatwa DSN MUI No 22/DSN MUI/III/2002 on parallel Istishna, as the cooperative already possesses a company engaged in building material provision. Despite the compliance of Istishna-based financing in Koperasi Syariah BMI with Fatwa DSN MUI No 06/DSN MUI/IV/2000, it is recommended that the cooperative adopt terminologies such as consumptive financing, productive financing, property ownership financing, or other terms in financing schemes involving Istishna ‘aqd. This suggestion is made due to the fact that cooperative members do not function as investors but as buyers seeking financing for development schemes such as housing, sanitation, and the provision of clean water.

The Role of Digital Media Against Zakat Fundraising in The Perspective of Sharia Economic Law (Research Study at the IZI Institute)

This study explores the use of digital media for zakat fundraising at IZI, explains its implementation within the framework of Sharia economic law, and its impact on increasing zakat collection. IZI's approach to digital media-based zakat fundraising is not only interesting but also educational and diverse. The purpose of this study is to investigate and analyze the strategy and effectiveness of using digital media in collecting zakat funds by zakat institutions, focusing on the Indonesian Zakat Initiative (IZI). Methodologically, the study used a variety of techniques, including interviews with relevant personnel at IZI, literature review within the institution, direct observation of zakat contributors to IZI, and qualitative analysis through graphical representation of zakat collections over time. This method is carried out meticulously in collaboration with IZI staff to ensure data accuracy. The result of this study is that the adoption of zakat fundraising through digital media at IZI has proven effective and diverse. Collaboration with Tokopedia through "zakatpedia" has helped increase the zakat collection significantly. Fundraising through digital media by Sharia principles provided that it does not harm other parties, supported by references to the Quran, Hadith, Ijma', Qiyas, and Fatwa DSN MUI, and the role of digital media-based fundraising in IZI has become a key factor in collecting zakat. This is evidenced by the consistent increase in zakat collection, an average of 20% per year since the adoption of digital media. In conclusion, it is important to embrace digital platforms for zakat fundraising within the scope of the Islamic economy. The innovative approach taken by IZI not only enhances zakat collection but also upholds the ethical and legal principles integral to Islamic finance.

Behavior Intention Analysis of E-Money Users: A Study Based on Maqashid Sharia and Fatwa DSN MUI

E-money can be used for various purposes such as online purchases, fund transfers, and financial transactions, providing convenience and efficiency in transactions by eliminating the need for physical cash. The development of new technologies and lifestyle changes have significantly influenced the development of electronic payment systems, also known as non-cash payments. The use of electronic money must adhere to Islamic principles of ethics and morality, avoiding transactions that are prohibited or harmful to others and prioritising the security and privacy of user data. This research involves a document review of electronic money instruments in Indonesia and the current advantages of electronic money with data collection by reading related literature. This article aims to analyse the behaviour intention of e-money users using maqhasid shariah approach and DSN MUI fatwa. The attitude of e-money users determines in carrying out economic activities, of course, what will be considered is the benefit for themselves and others, besides that the implementation of economic activities using e-money is influenced by the environment and the people around them, this is called subjective norms, (normative belief) and perceived behavioural control, There are two indicators to assess hifdz al-mal, namely macro indicators with a top-down approach, and micro focusing on a bottom-up approach, hifdz al-mal can be implemented in various aspects of life in the realm of finance and business practices, this concept emphasises ethical and responsible behaviour in acquiring, managing and distributing wealth, ensuring the welfare of individuals and society.