Islamic Economics Research Articles

Relevansi Kebijakan Fiskal pada Masa Rasulullah dan Utsman Bin Affan di Indonesia

Islamic economics is an economic system based on sharia rules and the main legal references are the Qur'an and Sunnah. This system is constantly evolving. Sharia tax policies have existed since the time of the Prophet SAW. The profit-sharing mechanism for the Islamic State is fay', ghanima, kharaj, jizyah, ushur and khums, just like during the time of Caliph Ustman bin Affan. The purpose of this study is to reveal the Islamic economics in the Uthman bin Affan period. The research method used is library research. The results of the study show that the form of Islamic economics in the era of Ustman bin Affan (644-656) can be derived from the policies of zakat, kharaj, jizyah and price control.

Urgensi Sertifikasi Halal dalam Meningkatkan Pertumbuhan Ekonomi Syariah di Indonesia

This study aims to determine the extent of the urgency of halal product certification in increasing Islamic economic growth in Indonesia. The method used is library research. The results of the study show that the urgency of halal certification in the growth of the Islamic economy in Indonesia is: (1) Halal certification is an instrument in the halal chain in the Islamic economy; (2) Halal certification encourages Indonesia's achievements through the implementation of its sharia economic system, and (3) Halal certification plays a role in increasing the quantity of economic growth in Indonesia. The research implication is as a reference and motivation for stakeholders, government and society in accelerating halal certification for target products. The novelty of research is the urgency in the movement for halal certification to move to increase the growth of the Islamic economy in Indonesia.

Analisis Eksplorasi terhadap Pola Transaksi Ekonomi Syariah dalam Praktik Jasa Titip (Jastip) atau Personal Shopper

Personal Shopper or JASTIP is one of today's Islamic economic products. Where many people conduct economic transactions using this pattern because of its convenience and time efficiency. Of course, the progress and development of innovation in this economic field must be balanced with legal certainty in the field of Islamic economics. In general, buying and selling transactions through this JASTIP pattern are in accordance with the theory of wakalah and murobahah in Islamic economics. However, at the technical level, this JASTIP pattern has three methods of payment and procurement of goods, First, the order-pay-send method. Second, the order by request method. Third, the order first-pay later method. The JASTIP pattern with the Order-Pay-Send method includes a wakalah bil ujroh contract. While the JASTIP pattern with the Order by Request method includes a Murobahah contract. And the JASTIP pattern with the Order First-Pay Later method includes the Bai' dain bi al-dain contract.

Maqāsid al-Sharī‘a in Islamic Finance: A Critical Analysis of Modern Discourses

This study delves into the complexities surrounding the determination, interpretation, and application of maqāsid al-sharī‘a within modern Islamic economics and finance. By conducting an extensive review of classical and contemporary literature, this research explores the diverse methods and criteria employed for ascertaining maqāsid. It critically examines the inherent subjectivity involved in categorizing maqāsid, shedding light on the ambiguity in delineating their boundaries. Additionally, the study scrutinizes the unintended consequences of broader utilization of maqāsid, particularly in transactions such as bay‘ al-‘īnah, and evaluates the risks associated with prioritizing maslaha (utility) over textual evidence. The findings underscore the challenges posed by the subjective nature of maqāsid interpretation, illustrating how diverse perspectives can lead to differing conclusions. They emphasize the potential misuse of maqāsid for legitimizing practices contrary to the core principles of sharia. This research underscores the preservation of legislative intent and advocates a cautious approach to integrating maqāsid al-sharī‘a into Islamic economics and finance. The objective is to strike a balance that upholds Islamic principles. It highlights the essential need for collectively establishing standards for both macro and micro maqāsid and their usage in ijtihād, promoting responsible applications within contemporary Islamic finance for informed and ethical solutions.

Financial Sukuk: Concept, Legal Principles, and Types

Sukuk, often referred to as Islamic bonds, represent a unique and innovative financial instrument within the realm of Islamic finance. Originating from the principles of Shariah law, Sukuk offer a distinct alternative to conventional bonds by adhering to Islamic principles that prohibit the payment or receipt of interest (Riba). Instead of interest-bearing debt, Sukuk are structured as investment certificates, granting investors a share in the ownership of tangible assets or services. This adherence to Shariah principles ensures that Sukuk are compatible with Islamic ethical and legal standards, attracting a diverse range of investors seeking financial instruments aligned with their religious beliefs. As Sukuk continue to gain prominence in global financial markets, they contribute to the development of more inclusive and diverse investment options, catering to both Islamic and non-Islamic investors alike. This research paper presents a thorough literature review of Sukuk in the Islamic economy and showcases their definition, typologies and other aspects. Sukuk, often referred to as Islamic bonds, play a significant role in the Islamic economy. These financial instruments comply with Islamic law (Shariah) principles, which prohibit the payment or receipt of interest (Riba) and promote risk-sharing and asset backing. Sukuk provide an alternative means for raising capital that aligns with Islamic finance principles. The study herein is of significance for researcher as well as postgraduate researchers in the areas of Islamic banking, economy studies and accounting.

The dynamics of savings associations (ROSCA) in the operation of good loan funds in Islamic banks

The recent past years have witnessed an increasing interest among researchers in Islamic economics in financing with a good loan, especially with the increasing increase in interest rates in commercial banks and the increase in profitability in Islamic banks. Organizing this process, and also turning away from devising ways of financing with a good loan, and this is the basis of the problem of this research. The aim of this research is to identify the most important expected effects of applying the system of savings associations (ROSCA) in the operation of good loan funds in Islamic banks, and to suggest an idea for the work of this system within these funds, as it shows the importance and status of the good loan in Islamic law, and discusses the jurisprudential opinion that This system is opposed to considering the jurisprudential rule that says "any loan that brings a benefit is usury," and the research mentions the many benefits that Islamic banks and their customers benefit from if this system is applied within them. The importance of this research lies in the fact that it devises a method of financing in the form of a good loan in Islamic banks and gives a proposal to apply it in it, and it gives solutions to many people in finding suitable financing for their problems or for their economic projects. The researcher assumes that the system of savings associations (ROSCA) is suitable for working in good loan funds in Islamic banks, but rather that it is one of the necessities for the continuation and enrichment of Islamic banking work.

Kaidah Fiqhiyyah Terkait Syirkah dan Investasi

Islam has experienced the growth and development of the times, now it has reached the economy of contemporary Islam, with various renewable problems. Qawa'id Fiqhiyyah, qawa'id is carried out as a form of renewal of islamic economic problems, qawa'id fiqhiyyah provides practical guidelines derived from the Qur'an and Hadith that can be applied in society. This type of research uses literature research that takes data through information by obtaining library materials, data collection techniques for this research using documentation. data that has been obtained by reviewing and analyzing, both in the form of books, journals, research results. As well as by using descriptive analysis techniques. The principle of Murofiq tijari (trading facility) in Islam explains that there is freedom in the contract of transactions. The rule discussed is Al Ashlu Fil Musyarokati Wal Istitsmaroti Al Ibahatu. has two discussions, namely association and investment. then syirkah in the explanation is allowed if it is in accordance with the conditions, agreement of the parties, and does not carry out cooperation that is prohibited or makruh to be done. In investment, it is allowed under the applicable conditions, namely the rules that are carried out both in syirkah there must be agreement from the parties, move independently that realize the agreement together, and investments that must pay attention to the objectives of wanting to have an impact on positive and negative things that can benefit the community or can be detrimental.

Alternative Waqf Model for SDG-4 (Quality Education)

This study aims to determine the opinions and recommendations of experts regarding the waqf model integrated with sustainable development (SDGs) in the fourth goal, namely quality education. This research will explain the priority of the waqf model in achieving SDG 4 goals by considering Maqashid Syariah indicators. This research is conducted using primary data in the form of weighting questionnaire results from experts consisting of academics, practitioners and regulators with a background in Islamic economics. The data were analyzed using the Delphi method to find the main priorities and agreement of the experts. The results showed that in the SDGs aspect, the social element was the top priority with an average value of 8.07. In the maqashid sharia aspect, the element of preserving the intellect (aql) is the top priority with an average score of 8.33. As for the waqf model aspect, the Waqf & Zakat model is the top priority with an average score of 8.07. This research can be used as a reference in the implementation of waqf models that can support the realization of the fourth goal of SDGs by considering Maqashid Sharia with priorities according to the findings. This research is the first to comprehensively calculate the experts' assessment of the waqf model for the achievement of SDG 4 using the Delphi method and its priority recommendations.

Perspektif Hukum Islam terhadap Biaya Administrasi Transfer Dana melalui BSI Mobile

The presence of Islamic banks in Indonesia since the late 19th century and their development to the present day has helped us understand the importance of Islamic economics in Indonesia. This research uses library research methods, collecting data or scholarly writings as the research object, gathering library data, or studies conducted to solve a problem. The Fiqh Muamalah analysis shows that fund transfer transactions between banks through the BSI Mobile application are allowed because they avoid riba, maisir, gharar, tadlis, and facilitate fund transfer transactions between different banks. In addition, the contracts used are also in accordance with the Fatwa DSN MUI No. 10/DSN-MUI/IV/2000 on Wakalah and Fatwa DSN MUI No. 113/DSN-MUI/IX/2017 on Wakalah bi al-Ujrah.

Money in Islamic Economics Perspective

In the very simple stages of human civilization, the provision of the necessities of life was carried out by exchanging necessities (bartering). Money has a very strategic position in the world economic system, so it is not easy to replace it with other media. In Islamic economics, money is only seen as a medium of exchange, and not as a commodity. The role of money is intended to eliminate injustice, dishonesty, and exploitation in the barter economy. Initially, the function of money was namely as a medium of exchange. However, in its development, the main function began to shift. Economic system analysts view the function of money not only as a medium of exchange but also as a commodity so that money can be bought and sold like a commodity. In this research, the author formulates a problem as to what is the concept of money from an Islamic economic perspective and its function from an Islamic economic perspective. In this research, the author uses library research methods.
 Keywords: money, economy, Islam

Economic Philosophy as the Existence of the 5.0 Era Development in Sharia and Conventional Banking

With digital transformation and progress in technology, the 5.0 era has a huge impact on the industry of Islamic and conventional banking. Understanding the existence of Islamic and conventional banking in the 5.0 era relies heavily on economic philosophy. This study aims to understand the role of economic philosophy in maintaining and developing Islamic and conventional banking in the 5.0 era. This study used a descriptive analysis approach, and the data were collected from literature and other relevant sources. Conventional banking, on the other hand, relies on the philosophy of economy neoclassical, which focuses on the development products and services. Islamic and conventional banking are influenced by progress technology and digital transformation in the 5.0 era. Application mobile banking, digital payments, data analytics, artificial intelligence, and blockchain technology are several examples of very important technology or facing challenges and exploiting opportunities in this era. However, in the era of 5.0, economic philosophy is also challenging to apply in Islamic and conventional banking. Conventional banking can notice the difference between the social and financial aspects, but Sharia banking must consider current principles to integrate technology. Sharia and conventional banking need to keep going and develop relevant digital products and services, strengthen regulation and supervision, and guarantee security and privacy of customer’s information. Research results show that good Sharia banking as well conventional are based on economic philosophy. Islamic banking relies on philosophy of Islamic economics, which focuses on principles like prohibition of usury, justice, and sustainable environment.
 Keywords: philosophy, economics, Sharia, conventional

The Urgency of Optimizing Productive Waqf in Pesantren to Foster the Halal Industry Development

Indonesia rates fourth out of the top 15 countries in the global Islamic economic indicator nomination for the State of the Global Islamic Economy Report 2022. As the country with the largest Muslim population in the world, Indonesia has the potential to develop its halal industry. Islamic financial instruments, such as waqf, are vital to the halal industry. Many countries, including Indonesia, have demonstrated the effectiveness of employing productive waqf in Pesantren to provide financial support for education. With 37,614 Pesantren in Indonesia, these institutions can stimulate local economies through productive waqf and business ventures that correlate with local geographies and emerging potential, such as using waqf for capital business or Pesantren business units. Therefore, the economic growth in Pesantren positively affects the halal industry. However, several obstacles impede the development of a productive waqf in Pesantren, resulting in suboptimal performance. This study examines strategies to optimize productive waqf implementation in Pesantren to support the halal industry and strengthen the economy. This library-based study employs a descriptive methodology to collect data on literacy, which is then subjected to content analysis or other forms of scientific analysis. This study identified strategies to overcome obstacles in waqf management to establish a productive waqf in Pesantren and positively influence the development of the halal industry in Indonesia.
 Keywords: productive Waqf, Pesantren, halal industry

Implementation of Law Number 21 of 2008 Concerning Sharia Banking Against Sharia Financial Institutions

The role of Law Number 21 of 2008 concerning Islamic Banking for Islamic financial institutions is very large. This is because Islamic financial institutions (LKS) currently have legal certainty to be able to carry out Islamic economic activities in Indonesia. The existence of the Sharia Banking Law provides an answer to the sustainability of the Islamic economy in Indonesia as a whole, including the activities of Islamic financial institutions in the form of banks and non-banks. According to the normative juridical point of view, the legal basis for sharia economic dispute resolution in Indonesia is Law Number 3 of 2006 concerning the Religious Courts and Law Number 4 of 2004 concerning Judicial Power as a form of upholding legal justice for the community in carrying out economic activities.
 Keywords: financial, banking, Sharia institutions

Negara Sebagai Mediator Tumbuh Kembangnya Ekonomi Berbasis Syariah: Perspektif Filsafat

Islamic economics is an economic system that is a minority used in the world compared to other economic systems. Islam is a comprehensive religion and governs all aspects of life including economics. Islamic economics aims to create economic schemes that refer to Islamic principles, such as social justice, balance, avoiding usury, and sustainable growth. The economic sources of sharia come from the Quran, as Sunnah or al Hadith, the history of Islamic society, and empirical data. The state has an important role in supporting and regulating Islamic economic practices through appropriate regulations and policies. The state and the Islamic economy have the same interest in creating social justice, economic stability, and public welfare. The relationship between religion and state also affects the development of a country's sharia economy. In Indonesia, the government has supported the implementation of the sharia economy through various regulations and policies such as the Sharia Banking Law. With the right support from the state, the Islamic economy is expected to develop faster and provide benefits to the community.

Persepsi Mahasiswa Ilmu Ekonomi dan Keuangan Islam Terhadap Pembelajaran Bahasa Arab

Student perceptions are an important part of determining learning design, learning methods, and so on. The purpose of this research is to examine students' perceptions of Arabic language learning. The study was carried out descriptively using quantitative descriptive research methods. Survey techniques were chosen to obtain data from this research. The population was taken using a voluntary sampling technique consisting of students from the Islamic Economics and Finance study program at the Indonesian Education University who had taken or were currently taking Arabic language courses. The data obtained was analyzed using a descriptive statistical approach. Analysis using this approach was carried out to determine the frequency of respondents' answers and their percentages. The research results show that students' perceptions of Arabic language learning are relatively good. However, Arabic is considered a difficult subject.

Akad Wakalah bil Ujroh sebagai Solusi Transaksi Bisnis di Era Digital

This article aims to analyze the urgency of the wakalah bil ujroh contract in business transactions in the digital era. The research method in this article uses a qualitative method with literature study as the approach. The data source is in the form of library publications. The type of data is in the form of written narratives or documents contained in publication sources. Data collection techniques are carried out by tracking the sources of these publications. The data analysis technique is descriptive. Based on the research conducted, it was found that the wakalah bil ujroh contract can be one of the contracts used in business transactions in the digital era. This is because the use of the contract can prevent business transactions from elements that contain usury and garar. Wakalah bil ujroh contract is a representative contract made by a person to another person to carry out an action or transaction accompanied by a reward for the action or transaction. Based on this understanding, rewards that are included with payments for a transaction or reward for a need are allowed in Islamic economics and are not included as riba but as wages or ujroh.

Waqf Development in Indonesia: R Application

The paradigm shift in waqf development also occurred in Indonesia. This change was initiated by waqf reform from the legal-constitutional and institutional aspects, with the aim of improving the performance of waqf in the country. Legally-constitutionally, waqf reform is covered by Law (UU) No. 41/2004 on Waqf and Government Regulation (PP) No. 42/2006 as an implementation guideline for Law No. 41/2004. This study aims to determine the development of waqf development in Indonesia research trends published by leading journals on Islamic economics and finance. The data analyzed consisted of 58 indexed research publications. The data is then processed and analyzed using the R application to determine the bibliometric map of waqf development research development in Indonesia. Some analyzes such as word clouds, trend topics, thematic map and also thematic evolution on waqf development in Indonesia are also displayed.

Contracting Balance in Islamic Banking Mudharabah Agreements in Indonesia: Islamic Economic Perspective

The purpose of this study is to determine the position of mudharabah contracts in fiqh and the practice of mudharabah contracts in Islamic banking in Indonesia in general. The research method used by the author in this research is literature review, data collection through several journals, and several other references, then data analysis uses review analysis using data reduction, systematic and objective. The results of this study reveal that the mudharabah contract is a collaboration between the owner of the funds or investors (shaihb al-mal / rabb al-mal / investors) and the manager of capital (mudharib) to do business on the basis of a profit sharing ratio. Although mudharabah contracts have no basis in the Koran or implicit sunnah, they were used to carry out trade by the early generations of Muslims. Contracts are developed by the Fuqaha under conditions on his behalf based on general sharia principles of fairness. Islamic banking practices in carrying out mudharabah contracts as financing in the case of mudharabah contracts are one of the banking products, namely in the form of time savings, for example hajj savings, sacrifices, and special savings (special investments)

Strategic Management Methods in Islamic Economics and Finance Research

This study tries to review the application of research using the Strategic Management method in the theme of Islamic economics and finance. It uses descriptive statistical analysis based on selected 72 article publications. The entire sample publications have published from 2007 to 2019. The data is then processed and analyzed into 4 clusters using the VOSviewer application program to find out the bibliometric map of research development in the field of strategic management indexed by Scopus. The results show that research using the Strategic Management method is still dominated by Islamic banking followed by Halal Industry, and Islamic microfinance. The rest are issues about waqf, BMT, Islamic Finance, Islamic Economic Development, Sharia Compliance. Indonesia, Malaysia and Iran are the 3 countries with the most study areas compared to other countries. The most widely used method is the SWOT Analysis, IFE EFE method, Delphi Method, QSPM Method

Penta Helix A Strategy of Development of Womenpreneurs Creative Creations in The City of Tanjungbalai in The Islamic Economic Presfective

The aim of this research is to find out suitable development strategies to be carried out by stakeholders in developing creative craft womenpreneurs in Teluk Nibung sub-district. The method used is qualitative with the SOAR method as a determinant of the strategy proposed by the author. The result of the SOAR method is O-A, which is a strategy that uses all opportunities to develop creative seashell crafts. It has been suggested that the development of creative craft womenpreneurs in the city of Tanjungbalai really needs support from the government in the form of capital assistance, marketing and training to increase the potential of the creative economy in the city of Tanjungbalai.