Islamic Economic Law Research Articles

Reconstruction of the Concept of Bank Interest in Islamic Economic Law: Normative Approach and Implementation in Islamic Financial Institutions to Increase Financial Inclusion

Penelitian ini bertujuan untuk merekonstruksi konsep bunga bank dalam perspektif hukum ekonomi Islam, dengan fokus pada pendekatan normatif dan implementasi di lembaga keuangan syariah. Bunga bank sering menjadi isu kontroversial dalam sistem keuangan Islam karena dianggap tidak sesuai dengan prinsip syariah. Artikel ini menawarkan model baru yang mampu meningkatkan inklusi keuangan melalui pengembangan produk keuangan syariah berbasis nilai-nilai Islam. Hasil penelitian menunjukkan bahwa rekonstruksi konsep bunga bank dapat memberikan solusi strategis untuk memperkuat daya saing lembaga keuangan syariah sekaligus mendukung tujuan inklusi keuangan global yang berkelanjutan.

Pendanaan Pembangunan Ekonomi Indonesia Melalui Sukuk Negara Ritel

Sukuk Ritel (SR) is one of the sovereign sukuk whose main purpose is to fund economic development, especially infrastructure development. To accelerate infrastructure development, the government issued Sukuk Ritel in 2009 as a funding source. This study was conducted to determine how the law of economic development funding in Indonesia sourced from Sukuk Ritel is viewed from the perspective of Islamic economic law. Data was collected through a literature review which was then analyzed using a normative approach. The results of this study indicate that borrowing or funding for infrastructure development through Sukuk Ritel is legally permissible (mubah), and Sukuk Ritel is better than borrowing directly. However, the government needs to continue taking precautionary steps when the state debt is approaching the normal threshold for borrowing funds.

Analisis Penerapan Sistem Konsinyasi Menurut Hukum Ekonomi Islam pada Produk Jajanan Basah di Pasar Pagi Bandar Kabupaten Batang

This study aims to determine and analyze the application of the consignment system according to Islamic economic law on wet snack products in the Bandar morning market, and to analyze the role of the principles or basis of Islamic economic law in the marketing strategy of wet snack products in the Bandar morning market. This research uses qualitative research methods, the data used are primary data and secondary data, primary data obtained from interviews with market managers, snack traders and buyers, the analytical tool used is qualitative methods with the type of field research. The results of this study indicate that the practice of consignment contracts for wet snack products in the Bandar morning market in general, the contracts used in Islamic economics have fulfilled the pillars and conditions, because in the practice of consignment contracts, several pillars and conditions have been fulfilled in transactions including Shighat (memorization), Aqid (the person in the contract), Ma'qud alaih (commoditized goods). However, in its application related to Ma'qud alaih there are still a few that do not meet the requirements, the hawker traders have not fully implemented these terms and conditions in conducting transactions, because there are still many hawker traders who ignore the contract and do not record the administration of the consignment contract.

Tinjauan Yuridis Terhadap Shopee Pinjam Pada Marketplace Berdasarkan Ekonomi Islam

Shopee borrows from the marketplace, which is one of the products offered by Shopee to give to users so they can get cash loans with easy procedures. The reciprocity that users must provide is by paying the loan in installments every month. In this case, Shopee will pay interest to borrowers and if there is a delay in repaying the loan, the borrower will be subject to a fine. The research carried out was field research, this research was descriptive in nature, data analysis in this research used a qualitative descriptive approach. The approach in this research is to obtain and collect data directly or directly from shopee loan users. Shopee's practice of borrowing from the Shopee application is that loans start from 500,000 – 1,500,000.- with monthly installments and with different interest starting from 10%-30% and if you are late in paying you will be subject to a fine of 3% of the nominal amount to be repaid. Review of Islamic Economic Law regarding the practice of borrowing hope from the Shopee application applies qardh conditions, namely the existence of borrowers, lenders, goods/debts, ijab and qabul. But in this practice there is interest which gives rise to usury, so this practice is a practice that is clearly prohibited in Islam. Based on this research, it can be stated that the practice of debts and receivables in the Shopee loan application including usury. The reason is because interest is in addition to the principal of the loaned capital. Keywords: Shopee Borrow, Marketplace, Islamic Economy

Economic Development And Growth In Indonesia According To Law Sharia Economy

Banking has an important role in the development and support of the country's economy, especially after the enactment of Law Number 10 of 1998 concerning Banking. Islamic economics in Indonesia has now begun to be recognized and approved by the public, given the proliferation of Islamic-based banks making people understand the systems in Islamic economics. The establishment of the Islamic Development Bank (IDB) in 1975 triggered the establishment of Islamic banks around the world including Indonesia. The birth of Law Number 21 of 2008 concerning Islamic Banking is a guarantee for the existence and legal protection of Islamic banking after the last decade of its existence which only regulates one of the principles of profit sharing which does not definitively and comprehensively regulate bank activities based on sharia principles. The method used in this research uses qualitative research methods using interview, observation and documentation techniques. This type of research uses descriptive analysis. The development of Islamic economic law in the future must increasingly refer to the protection of the benefit of the people by using maqashid sharia as a methodology and perspective. To establish economic law that falls within the scope of muamalah fiqh, a comprehensive mastery of ushul fiqh is absolutely necessary, especially to find and determine the legal illat for ongoing economic practices. Failure to determine the illat leads to failure to master the source of the problem. The current Islamic economics only talks a lot about distribution and consumption, such as the distribution of money and capital claimed to be without usury and halal product certification, and does not appear to talk much about production and all aspects related to it, such as ownership of land, resources, capital and by the private sector and conglomerates, including the fulfillment of labor rights, destruction of nature by production activities, and so on. The determination of the illat and maqashid of sharia in the economic field is also expected to pay more attention to the material conditions in which unequal production relations between community groups have resulted in economic colonization and which are very detrimental to society, especially those who are in a weak position in terms of capital, resources and power.

The Position of The Underlying Asset System in Musyarakah Mutanaqisah (MMq) Contract in Islamic Banking

This research aims to analyze the substance of related jurisprudence underlying asset in islamic economic law, analyzing the position of the system underlying asset in the financing agreement musharakah mutanaqisah (mmq) in the perspective of islamic economic law, and analyzing the application of the system underlying assets in the agreement musharakah mutanaqisah on sharia banking. This type of research is an empirical research type. Data is qualified as primary data and secondary data. Primary data was obtained through interviews and secondary data was obtained through literature study. The data collected was then processed using a qualitative analysis approach. The research results show that: 1) Underlying Asset position is based on the substance of fiqh as the basis for cooperation in an MMq contract, 2) Position Underlying Asset in the Musyarakah Mutanaqisah Agreement it can be categorized as the basis for cooperation in an MMq contract. In Islamic economic law, regarding the issue of musyarakah objects or MMQ objects being used as collateral, Islam prohibits goods used as transaction objects from becoming collateral/guarantee for the implementation of a mutual agreement, when the rental object has not beentangible when the contract is made, 3) The application of collateral in sharia banking is absolutely unavoidable. Requests for guarantees by banks from recipients of financing facilities are not only intended to ensure the return of the capital borrowed, but to ensure that recipients of financing facilities actually carry out everything that has been agreed upon in the contract, including Underlying Assets as a basis in the issuance of MMq contracts.

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

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.

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.

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.

Analysis of marketing channels and income of catfish farming business of Sangkuriang Bhakti farm perspective of islamic economic law

Analysis of marketing channels and income of catfish farming business of Sangkuriang Bhakti farm perspective of islamic economic law

Islamic Economic Law Review: Application of Khiyar Rights to Brick Purchases

Islamic Economic Law Review: Application of Khiyar Rights to Brick Purchases

Cyber Security and Legal Protection for Dropshipping Transactions in Indonesia: between State Law and Islamic Law

This study aims to explain the cybersecurity and legal protection of dropshipping transactions from the Indonesian and Islamic economic law perspective. The normative and comparative judicial approaches were applied to achieve the research objectives. Descriptive and prospective analysis methods are used, and data are collected through primary and secondary sources. The findings revealed that despite the continuous growth of dropshipping contracts, Indonesia has no direct laws and regulations that particularly deal with the dropshipping mechanism and provide this cyber security to the system. In Islam, the dropshipping mechanism is linked with three types of contracts: Salam, Samsarah, and Wakalah. However, each type carries certain limitations as per Islamic/Sharia principles. Simultaneously, along with the cyber security laws available in financial transactions, the Islamic Fatwa can be regarded as a guide for dealing with dropshipping agreements and preventing cyber security. Furthermore, considering the increasing trend of dropshipping businesses, which is beneficial for the economic system, the existing cybersecurity laws and regulations must be amended to explicitly cover drop-shipping mechanisms.

ANALYSIS OF THE ROLE OF UMKM TO IMPROVE THE PROSPERITY OF THE COMMUNITY FROM THE PERSPECTIVE OF ISLAMIC ECONOMIC LAW (STUDY ON THE NATURAL TOURISM OF SUMBERINGIN, TUMPANG DISTRICT, MALANG REGENCY)

The existence of MSMEs is expected to provide prosperity for owners and the surrounding community. Welfare can be understood as equal distribution of life at a higher level from life itself. However, this goal is not in line with the conditions at the Sumberingin Bathing Nature Tourism. The existence of these destinations has not been able to achieve the goals of MSMEs. The aim of this research is to analyze the concept and role of MSMEs for the welfare of society from the perspective of Islamic law (study of the natural tourism of Sumberingin baths, Tumpang District, Malang Regency). This research is empirical research. The research approaches used are the Analytical Approach and the Case Approach. Data collection for this research used library study techniques and the data that had been processed systematically was then analyzed descriptively and evaluatively. The research results showedthe concept of MSMEs for the welfare of society in the perspective of Islamic economic law, namelyfulfilling physical needs and halal sustenance and the blessings of sustenance received and creating a sense of security and love for others. Furthermore,The role of the Sumberingin Bathing Nature Tourism MSME is to improve the welfare of the community from the perspective of Islamic economic law, namely creating jobs, meeting economic needs and helping other people in need.Based on the results of an indicator survey that measures welfare from an Islamic economic perspective, it can be concluded that the majority of MSMEs feel that their needs are met, they are helped to obtain halal sustenance, they do business with a sense of security and peace.

The Analysis of Wadiah Contract in Sharia Savings Products According to Islamic Economic Law

This research aims to analyze wadiah contracts in sharia savings products based on the perspective of Islamic economic law. The method used in this research is a literature review, where data is collected from various relevant literature, including scientific journals, textbooks and official documents. This research examines the basic concepts and principles of wadiah contracts, as well as their application in sharia savings products in various financial institutions. In addition, this research also evaluates the suitability of wadiah contracts with the principles of Islamic economic law regulated by the National Sharia Council-Indonesian Scholars Council (DSN-MUI). The analysis results show that wadiah contracts, when implemented correctly, are in line with sharia principles, provide benefits to customers and financial institutions, and increase trust and participation in the sharia banking system. However, there are several implementation challenges that need to be overcome to ensure full compliance with sharia. This research is expected to provide insight for practitioners and academics in understanding and implementing wadiah contracts in sharia savings products.

Causes of Groundwater Resource Decline in The City of Bandung Perspective of Islamic Economic Law

This study aims to examine the causes of the decline in groundwater resources in the perspective of the concept of Islamic economic law, through selected article sources. This research uses a normative doctrinal approach or normative juridical legal research that examines the internal aspects of law or positive regulations. Data collection techniques are carried out through literature studies in the form of secondary data in the form of published articles in journals as basic research material. The condition of the Groundwater Basin (CAT) in Bandung City is now entering a critical condition, one of the visible indications is the decline in groundwater levels by 60-80 percent each year. According to Islamic economic law, everything related to water resources management is believed to be a trust from Allah SWT that must be managed and utilized properly. Islam allows freedom for humans to utilize water resources that are public (general) on the condition that the management must be fair and balanced, not damaging and polluting the environment and natural resources.

NATENG KEBUN KOPI DALAM HUKUM EKONOMI SYARIAH

This thesis is entitled "A Juridical Review of Nateng Coffee Plantations in Sharia Economic Law in Muara Semah Village, Muara Pinang District, Empat Lawang Regency", with the background of the problem of the customary custom of the people of Muara Semah Village is that they often pawn their gardens for urgent needs but in Most of the pawns carried out by the local community do not have a time period for repayment so that the pawn recipient can take advantage of the garden produce pawned by the community. In this study, there are two things that are the focus of the author's study. First, how is the Nateng (pawn) mechanism for coffee plantations in Muara Semah Village. Second, how about the juridical review and settlement of sharia economic law regarding the Nateng mechanism for coffee plantations in Muara Semah Village. The research method is field research and this research method uses qualitative data based on primary data and secondary data. The primary data in this study are the results of interviews, observations, and direct documentation of objects related to research. As for the secondary data used in this study in the form of primary books which are considered representative of the research results as a complement to the primary data. From the results of the research conducted, it can be concluded that the system used in Nateng coffee plantations in Muara Semah Village is a system obtained from their ancestors, where Nateng does not have a maturity date provided that every year the yield from the coffee plantation harvest is divided into two and the coffee plantation can be returned when the pawnbroker has paid off all of his debts. The implementation of Nateng in Muara Semah Village is not in accordance with Islamic religious teachings because Murtahin is exploiting it which is detrimental to Rahin because Murtahin asks for half of the harvest from the coffee plantation without financial or manpower assistance from Murtahin and the money lent is not in accordance with the size the garden. The results of this study are expected to be useful for adding insight related to the science of sharia economic law, and are also expected to be able to contribute an understanding regarding problems that often occur, especially in the people of Muara Semah Village so that they can understand scientific matters related to pawning in Islamic Economic Law. Keywords: Nateng (Pawn), Coffee Plantation, Sharia Economic Law

Tinjauan Kehalalan Produk Susu Etawa: Studi Kasus HALT Corpora

This research aims to evaluate the compliance of the production and distribution processes at CV. Halt Corpora with the regulations stipulated in Law Number 33 of 2014 concerning Halal Product Assurance. The research method employed is field research, focusing on the owner and Production Chairperson of CV. Halt Corpora as the research subjects. Data were collected through interviews, observations, and documentation, and subsequently analyzed descriptively. The results indicate that the production and distribution processes at CV. Halt Corpora adhere to the principles of Islamic Economic Law and Law Number 33 of 2014 concerning Halal Product Assurance. However, attention should be given to aspects such as justice, honesty, and transparency in transactions, as well as maintaining public trust. The presence of the MUI Halal Certificate signifies compliance with halal principles, but special attention is needed regarding the extension and renewal of the certificate to preserve and enhance consumer confidence in the produced products.

Analysis of Buying, Selling, and Leasing Virtual Land in the Metaverse: A Perspective from Sharia Economic Law

This research aims to analyze the position of virtual land buying, selling, and leasing practices using cryptocurrency in the metaverse from the perspective of Islamic economic law. This study uses a descriptive analysis method with a normative juridical approach and data analysis techniques through three stages of analysis: focusing the data, presenting the data, and drawing conclusions. The research found that the practice of buying, selling, and leasing virtual land in the metaverse is permissible because it meets the conditions and pillars of a valid contract. The transactions carried out involve intangible assets, namely virtual land and cryptocurrency. In these transactions, there is an expansion of the object of the ijarah (lease) contract, which typically involves the benefit of tangible objects or assets but can also include the benefit of intangible objects or assets, provided that the intangible asset requires another object (a tangible object) or a process that enables the asset to have utility, thus fulfilling the purpose of the contract in accordance with the principles of muamalah maliyyah (financial transactions). The development of the object of the ijarah contract is a scientific contribution to the development of Islamic economic law theory. Therefore, further research is needed on the status of intangible assets as objects of contracts to explore their benefits and legal status in accordance with Sharia principles.