Economic Law Research Articles

Application of Moderation Value on Legal Attitudes to Transact with Conventional Banks

This article aims to analyse the legal attitude of the community towards conventional bank interest and the application of this legal attitude in society. Islam forbids all forms of transaction applications of buying and selling or lending with usury systems. However, the mechanisms and systems of modern banking transactions are not yet known comprehensively in Islam and give rise to differences of opinion among Muslims. This difference of opinion is inseparable from their paradigm of thinking, namely textual and contextual ways of thinking. This case can be categorised as a matter of ijtihâdiyyah khilâfiyyah. This difference of opinion is very likely to occur because the rules of muamalah matters are actually allowed in sharia and become haram (forbidden) until there is evidence that prohibits it. Problems arise when the understanding that is believed to be related to sharia economic law, so that it feels that its understanding is the absolutely correct understanding, and then considers it a mistake if there are other people's opinions differ from it. The emergence of intolerant polemics like this can spark the fire of discord and cause distorted perceptions in the community related to religious harmony. Using a sociological approach, this article analyses the legal attitude towards conventional banks and its application in social life. The results of the study show that moderation is needed in viewing differences in legal attitudes related to bank interest so as to present a tolerant dogmatism of society and be able to avoid divisions due to intolerant attitudes.

Sharia Economic Law Criticism on Muhammad Syahrûr’s Hudûd Theory Regarding Bank Interes

n modern economics applied by conventional financial institutions, the interest system is inseparable. Economic system based on sharia principles emerged as a solution to riba-based (usury-based) transactional activities, which in sharia economic law is in the khilafiyyah (dissent) territory amongst scholars regarding whether the conventional bank interest is riba which is prohibited by Islamic law. A figure named Muhammad Syahrûr came up and offered his theory of limits (nazhariyyah al-hudûd) in providing riba limitations in the Quran. This research aims to describe M. Syahrûr's thoughts on bank interest based on his theory of limits, and to analyze it based on the review of sharia economic law (fiqh muamalah mâliyyah). this reseach is understood as a literary study research which is a research on secondary materials. The type of data used in this research is secondary data, which is literature focusing on the thoughts of a figure, which is Muhammad Syahrûr.The result of the research shows that Muhammad Syahrûr's opininion that allows the practice of bank interest based on his theory of limits (nazhariyyah al-hudûd) is a marjûh (weak) opinion, since it is not supported by valid arguments and it also contradicts the opinions of the jumhur ulama (the majority of the scholars).

Civil Liability of Airport Managers for Consumer Losses from The Perspective of The Compilation of Sharia Economic Law

Consumers often require effective and convenient air transportation to carry out their daily activities, both for work and personal purposes. Air transportation offers a fast and efficient solution to reach their destination. This research aims to evaluate the consequences of the negligence of Kualanamu Airport officers and managers and to examine how their responsibilities towards consumers based on the perspective of the Compilation of Sharia Economic Law. The method used is normative juridical legal research, which refers to international law and relevant legislation, and uses the Statute Approach (reviewing all regulations relevant to the legal issues discussed) and Conceptual Approach (based on views and doctrines developed in legal science). The results show that many airport facilities have not met functional standards, which causes negligence of officers to still threaten the safety and comfort of consumers. This negligence includes the operationalization of facilities that are not fit for use. In the context of KHES, responsibility includes providing compensation in accordance with the principles of Islamic law governing loss and compensation. Compensation or 'dhaman' aims to overcome the losses suffered by the injured party, both material and immaterial. This is regulated in Book II of the Compilation of Sharia Economic Law article 20 paragraph 37, which states that 'ta'widh' or compensation is reimbursement for real losses paid by the party who committed an unlawful act.

Analysis of the Role of Judicial Institutions in Sharia Economic Law Enforcement in Indonesia

This study aims to analyze the concrete role of judicial institutions in the enforcement of sharia economic law in Indonesia. The main focus is to understand how the Religious Courts, District Courts, and Supreme Courts handle sharia economic cases and identify the challenges faced in the process. The research method used is a qualitative approach with a case study design. Data were obtained through in-depth interviews, observations, literature studies, and documentation analysis. The results of the study show that the Religious Court has a central role in the application of sharia principles in banking, insurance, and sharia capital market cases. Collaboration between Religious Courts and District Courts is important in handling complex cases involving aspects of national law and sharia. However, several challenges such as the lack of special training for judges, limited resources, and unclear regulations are still the main obstacles in the enforcement of sharia economic law. This research makes a theoretical contribution by enriching the literature on sharia economic law and practicality by providing recommendations to increase the effectiveness of sharia economic law enforcement. The main recommendations include increasing training and capacity building of judges, harmonization of regulations, and the use of information technology in case management. Thus, this research is expected to support the creation of a fairer and more effective legal system in the enforcement of sharia economic law in Indonesia.

Dispute Resolution in International Economic Law

Dispute Resolution in International Economic Law

The Influence of Sharia Economic Law on the Growth of Micro, Small, and Medium Enterprises (MSMEs) in the Digital Era

The Influence of Sharia Economic Law on the Growth of Micro, Small, and Medium Enterprises (MSMEs) in the Digital Era

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

PEMBIAYAAN MURABAHAH DI KSPPS BMT NU JAWA TIMUR DALAM PANDANGAN EKONOMI SYARIAH

Islamic financial institutions in the midst of society have an important role in helping meet community needs, especially murabaha financing products. Where BMT NU already has a plan that has been designed to achieve common goals, before that product is everything that can be offered to customers to get a good response and be able to satisfy customer needs. And the product offered by the Tlogosari Branch of BMT NU is murabahah financing where the BMT NU provides financing to partners who apply for financing to buy goods but lack funds or even have no funds at all by way of installments. This study aims to find out how the murabaha financing contract is implemented at BMT NU Tlogosari Bondowoso branch and to find out the perspective of sharia economic law on murabaha financing contracts at BMT NU Tlogosari Bondowoso branch. This type of research uses qualitative methods to understand the discussion in question. The result of the discussion is that the implementation of the murabaha financing contract at BMT NU Tlogosari is based on the pillars of murabahah and is permissible because it is in accordance with sharia principles.

Editorial: The Workshop ‘Pursuing Fairness in Times of Crisis: Reflections on the Future of International Economic Law’ Held within the 2023 ESIL Annual Conference

This editorial reflects on the discussions held during the workshop 'Pursuing Fairness in Times of Crisis: Reflections on the Future of International Economic Law', organized by the Interest Group on International Economic Law of the European Society of International Law (ESIL). The workshop highlighted the challenges and ethical dilemmas related to fairness in international investment arbitration. The selection of five contributions for this special edition from a multitude of submissions underscores the diversity and complexity of the topics addressed. The editorial also highlights the decline in new investment treaties in recent years, analyzing factors such as economic nationalism, geopolitical tensions, and the reassessment of existing treaties. In the current context, investment treaties remain crucial but require ongoing reassessment to ensure a fair balance between investor protection and state sovereignty.

Is Early Marriage a Problem in Indonesia? Maqāṣid Al-Sharī‘ah, Economic and Quadruple Helix Analysis

Early marriage is a contributing factor to low levels of health, education, and family welfare. Early marriage is a worldwide occurrence that warrants the attention of all stakeholders, including UNICEF. The objective of this study is to address the issue of early marriage in Indonesia by employing the quadruple helix approach and doing legal and economic analysis to effectively reduce the prevalence of early marriages. The author employed a type of normative juridical study that incorporated both national law and the Islamic legal method approach known as maqāṣid al-sharī‘ah. This was done by utilizing the quadruple helix and economic analysis of law (EAL) theory. Ultimately, early marriage is influenced by ineffective regulations as well as cultural, economic, and educational factors. To address this issue, it is crucial to establish a strong collaboration between academics, businesses, government, and society. Additionally, raising awareness among the public about the benefits of delaying marriage until the appropriate age can contribute to the well-being of couples, families, and society as a whole. This approach can also incentivize the community by facilitating access to education, the economy, and healthcare and addressing issues such as stunting.

HIERARKI PERATURAN PERUNDANG-UNDANGAN HUKUM EKONOMI SYARIAH DALAM PERBANKAN SYARIAH

Legal hierarchy is a term used for a legal structure that is tiered to become the basis for the authorities authorized to form it. Low norms are based on high norms, so that low (inferior) norms do not conflict with higher (superior) norms. The basis of the highest hierarchical sharia law is Islamic law, then other laws refine and are formed based on previous laws. This research uses a library research approach, with a qualitative descriptive method, looking for relevant sources related to the problem and then describing the data to describe the regulatory framework for Islamic economic law for use in sharia banking. This article will discuss the hierarchy of sharia economic law and regulations used in sharia banking. The two legal bases used in sharia banking are normative law (Islam) and positive law (state). Sharia financial institutions and the public can use this hierarchy as a reference in carrying out sharia contract transactions and resolving sharia economic law disputes.

PENENTUAN SYARAT PADA PERTENGAHAN PERJANJIAN DALAM JUAL BELI KREDIT PERALATAN PERTANIAN

Buying and selling as a means of getting goods easily. Buying and selling credit is a sale and purchase transaction carried out by the community using the payment in installments (installments). Such as buying and selling credit carried out by villagers Payo Bay, Banyuasin district. The concept of buying and selling on credit is the element of time, element of risk, element of submission, element of trust, and element of approval. Buy and sell This credit helps the residents of Teluk Payo village. They can buy agricultural equipment by paying it off because they don't have enough money if buying in cash. By buying equipment for farming. This certainly makes it easier for them to farm and the results will be more Good.In writing a thesis using field research (field research) because this research was carried out in the field, namely about the practice of buying and selling credit agricultural equipment in Teluk Payo Village, Banyuasin Regency. As for analyzing the author's data using primary and secondary data methods, ie the method of analysis describes a situation or area of a particular population directly factual. Conclusions that can be drawn from the writing of this thesis is the result of the study, it can be concluded that in the practice of buying and selling credit this agricultural equipment there is a discrepancy that occurs between the parties involved, namely the additional of the amount of money that was not agreed upon. Which one This discrepancy occurs because of the failure of these farmers in farming. That application of intermediate conditions in the financing of agricultural equipment in the village Payo Bay, Banyuasin Regency is not yet fully following the principles of sharia economic law. This can be seen from several conditions that still violate sharia principles, such as adding a certain amount of money to maximize profit.

Actualizing Islamic Economic Law in the Digital Era: A Study of the Application of Khiyar al-Majlis in Electronic Contracts

This research was motivated by the emergence of electronic contracts, while every contract contains provisions and implementation of khiyar al-majlis, namely the right of the parties to the transaction to choose to continue or cancel a business transaction as long as the parties are still present at the transaction location. Due to the unclear existence and mechanism for implementing khiyar al-majlis in electronic contracts, this research was urgent. The aim of this research was to determine the existence and mechanism for implementing khiyar al-majlis in electronic contracts. The research method used was normative legal research with a systematic legal approach. Researchers use secondary data or legal materials obtained and processed using selective categorization. All of this legal material was grouped based on criteria that were appropriate to the problems and themes, then analyzed descriptively and analytically. The law of khiyar al-majlis was described and analyzed with explanation, study, systematization, interpretation, and evaluation. The results of this research showed that the existence of khiyar al-majlis in electronic contracts was only legal because the parties were not in the same transaction location as in conventional contracts. Then, the mechanism for implementing khiyar al-majlis could occur directly or indirectly in electronic contracts. This study contributes to the development and actualization of Islamic economic law in the digital era.

Penerapan Fungsi Retribusi Pasar Terhadap Layanan Infrastruktur Pedagang Pasar Tradisional di Desa Batetangngga (Perspertif Hukum Ekonomi Islam )

The research investigates the traditional market levy in Batetangngga Village from an Islamic legal perspective. The aim of this study is to understand the function of market levies in providing trading facilities in the market. With two problem formulations: 1) how is the application of traditional market levies in Batetangngga Village, 2) How is the economic legal review of traditional market levies in Batetangngga Village. This research is qualitative using interview and observation techniques, and the data processing and analysis methods used in compiling this thesis are editing and verification. The results show that market levies in traditional markets come from the collection of business rental fees, cleanliness levies, electricity levies, and parking levies. These levies vary for each trader and are divided into several groups. Facilities available in Batetangngga Village traditional market include toilets, parking areas, and waste disposal facilities. The collection of levies in this traditional market does not comply with Islamic economic law because there are conditions not met by market officials, namely responsibility for repair and maintenance. However, market officials are not responsible for repairing facilities that have been paid for by traders. Taking away others' rights and causing harm to traders whose rights are taken is akin to stealing others' property. Taking someone else's rights is tantamount to committing injustice, a prohibition mentioned in the Qur'an and the Hadith of the Prophet.

The Role of International Institutions in Enforcing International Economic Law: Analysis of Strength and Weaknesses

The Role of International Institutions in Enforcing International Economic Law: Analysis of Strength and Weaknesses

Актуализация подходов к определению устойчивости и сбалансированности развития экономической системы региона

The article reveals a theoretical approach to the determination of the stability and balance of the development of regional economic systems, considering the specified classification of factors influencing these processes, examines various approaches to the determination of the stability and balance of the economic system development of the region, and discusses the importance of these approaches, each of which contributes to the determination of the stability and balance of the economic system development of the region. The author presents the interpretation of the regional economic system as a mesoeconomical system and an integrity formed by industrial relations between economic agents regarding the production, distribution, and consumption of public goods within the spatial and territorial boundaries of the region. Production relations are dynamic and changeable because of the influence of common factors caused by the action of basic economic laws, which are typical of economic systems of any scale. A group of special factors that have a dominant effect on the dynamics of industrial relations in modern conditions is suggested, i.e., natural-geographical, ethno-confessional, socio-economic, and socio-cultural ones. These factors determine the stability and balance of economic systems’ development in the regions in the national economic division of labor. The results obtained determine the author’s theoretical and methodological approach to determining the stability and balance of the development of economic systems in certain regions of the Russian Federation, such as the Kaliningrad Region, the Republic of Crimea, Sevastopol, Kamchatka, Sakhalin, Murmansk Region, the Republics of Kalmykia, Buryatia, Tyva, and Altai, taking into account the specific factors of the prevailing realities and challenges of the future. The results also provide a better understanding of the problem areas and the potential for subsequent planning and development of policies and activities in order to stimulate sustainable and balanced development of the economic system of the region.

Factors that Influence the Profits of Takaful Companies in Indonesia and Malaysia

Islamic Financial Institutions were established as an application of Muslims' understanding of several principles in Islamic economic law and are developing every year. Takaful contributed 2 percent of total sharia financial assets in 2021; however, in 2019–2020, the development of takaful assets decreased compared to the previous year due to the COVID-19 pandemic. There are several factors that influence profit instability in takaful industry. This study will examine the factors that influence the level of profit in takaful in Indonesia and Malaysia throughout 2017–2022, acquired a sample of 11 firms and obtained secondary data for this study from the official websites of Bank Negara Malaysia (BNM) and the Financial Services Authority (OJK). Utilizing methods for quantitative research, specifically a purposive sampling approach and panel data regression modeling. The research results show that the variables premium, return on investment, risk-based capital, and claims expenses have a major favorable impact on takaful profitability, while liquidity has a major negative impact on the same. Simultaneously, the premium variables, investment returns, risk-based capital, liquidity, and claims costs simultaneously influence the profitability of takaful.

SOCIETAL BEHAVIOR TOWARDS ISLAMIC INSURANCE: A SOCIOLOGICAL AND ANTHROPOLOGICAL PERSPECTIVE ON SHARIA ECONOMIC LAW

Islamic insurance has become a popular investment choice among Muslim communities, as it offers a means to mitigate future risks. The success of Islamic insurance companies is closely linked to the community's understanding of the importance of Islamic insurance. This study aims to identify and analyze the factors influencing societal behaviour towards Islamic insurance from a sociological and anthropological perspective on Sharia economic law. The analytical methods include data reduction, fact presentation, and conclusion drawing. The study's findings indicate that the most significant factor influencing the decision to adopt Islamic insurance is the level of understanding of Sharia principles, followed by the quality of the products. However, indicators such as premiums and promotional activities are less known among respondents, suggesting that insurance companies must enhance their efforts to promote Islamic insurance to the public. This research provides a deeper understanding of the factors influencing societal behaviour towards Islamic insurance and offers relevant recommendations for developing effective marketing strategies for Islamic insurance in Indonesia from both sociological and anthropological perspectives.

OPTIMASI PENGGUNAAN MEDIA SOSIAL OLEH MAHASISWA HUKUM EKONOMI SYARIAH: ANALISIS STRATEGI EFEKTIF PADA PLATFORM YOUTUBE

This research aims to analyze effective strategies in optimizing the use of social media, especially on the YouTube platform, by students of Sharia Economic Law. The focus of the study is on students' efforts to utilize social media as a relevant and beneficial tool within the context of social media business from an Islamic perspective, while also identifying legal protection issues related to YouTube social media content. The qualitative research method involves strategy analysis through surveys, interviews, and observations of Sharia Economic Law students, particularly those who are content owners (youtubers) actively using YouTube as a platform for content uploads. The content produced by youtubers is acknowledged as copyright that needs protection. The obtained data is then analyzed to explore and document comprehensive aspects within the JABODETABEK region. The research findings provide profound insights into the optimization of social media usage by Sharia Economic Law students, revealing inadvertencies in mentioning and attributing specific parties disseminated in the public domain. This may lead to prohibited defamation in Islam and conflict with the ITE Law. Islam emphasizes the importance of conveying information truthfully and avoiding manipulation or exploitation of facts. Other findings indicate that the presence of hackers has an impact on the protection of YouTube by youtubers. The implications of this research can contribute to the development of innovative learning strategies and enrich the understanding of students regarding the implementation of Sharia Economic Law in the digital era.

The Practice of Buying and Selling Artificial Insemination Seeds in Cows Reviewed According to Sharia Economic Law

The Practice of Buying and Selling Artificial Insemination Seeds in Cows Reviewed According to Sharia Economic Law