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This study conceptually analyzes how blockchain technology reshapes the mechanisms of transparency and trust in global Islamic trade from the perspective of Islamic economics. The digitization of financial systems encourages a shift from trust based on social integrity and human relations, which traditionally form the foundation of muamalah practices, to an algorithmic trust model governed by code. In this context, this study examines how core values such as amanah and 'adl can be supported and even strengthened when economic interactions are increasingly mediated by technology. The research approach employs a qualitative-descriptive method, based on a literature review, with Miles and Huberman's analysis used to interpret the data and combine it with the normative principles of Islamic economics, thereby supporting the substance of Sharia. The main findings of this article show that blockchain has significant potential to enhance transparency, efficiency, and accountability through distributed ledgers and smart contracts, aligning with the objectives of maqāṣid al-sharī‘ah. However, despite its ability to reduce informational gharar, this technology also gives rise to new uncertainties that are technical, epistemic, and social in nature. Cases such as the DAO hack and the Terra–Luna failure confirm that technical transparency does not automatically lead to substantive justice. As a contribution, this study offers a Digital-Trust Maqāṣidiyyah framework, which positions blockchain as a means to strengthen Sharia ethics through adaptive contracts, Sharia oracles, decentralized arbitration, digital literacy, and Sharia regulatory sandboxes.

This study analyzes the mechanism of money creation in Islamic financial institutions by highlighting its relationship to the principle of prudence and the intermediation function. The research background is based on the growth of Indonesia's sharia capital market which by 2025 will reach a capitalization of IDR 5,060 trillion, but still faces conceptual challenges regarding how money is created according to the principles of maqashid al-shariah. The method used is Systematic Literature Review (SLR) with PRISMA guidance on 38 relevant scientific articles. The results of the study show that money creation in the sharia system only occurs through real asset-based economic activities, in contrast to the conventional system that relies on credit and interest expansion. The intermediation function is carried out through partnerships that prioritize proportional sharing of risk and profit, while the prudential principle ensures that monetary expansion remains under control. In addition, research has found that sharia contracts such as murabahah, mudarabah, and musharakah play a role in encouraging productive money circulation while suppressing speculative activities. This study concludes that the integration between the moral and economic dimensions forms a just, stable, and sustainable Islamic monetary paradigm. These findings make a conceptual contribution to strengthening Islamic financial policy in Indonesia, especially in formulating a monetary regulatory framework that is in line with the principles of distributive justice, transparency, and protection of the stability of the national financial system.

This study aims to describe how the use of Islamic banking services contributes to enhancing shariah financial inclusion among students of Universitas Muhammadiyah Makassar. The research employed a qualitative descriptive approach involving eight student informants from various faculties selected through purposive sampling. Data were collected through in-depth interviews, non-participant observations, and documentation during May-July 2025. Data analysis followed the stages of reduction, presentation, and conclusion drawing in an interactive manner. The findings indicate that most students understand the basic principles of Islamic finance (prohibition of riba, profit-sharing, clarity of contracts, and transparency), although financial literacy is not evenly distributed. Experiences in using Islamic banking services were generally positive, with account opening procedures and contractual clarity being well appreciated.

This study examines in depth the concepts of maysir, gharar, and riba as three practices that are prohibited in sharia economics because they are considered to cause injustice and imbalance in economic activities. Through an analysis of the postulates of the Qur'an and Hadith, this study confirms that the prohibition of maysir is based on the element of excessive speculation that harms one of the parties, gharar is rejected because it contains ambiguity in the object and contract, while riba is prohibited because it creates an unequal addition in financial transactions. In addition, the study highlights how other religions and various modern economic systems have paid attention to the principles that are in line with the prohibition of these three concepts, especially related to business ethics, social justice, and economic risk mitigation. A cross-faith perspective shows that universal values such as honesty, transparency, and balance are essential foundations for building a sustainable economic order. By combining normative perspectives and cross-tradition comparisons, this study seeks to provide a comprehensive understanding of the dangers of maysir, gharar, and usury, as well as the implications of the implementation of their prohibition in modern economic life. The results of the study are expected to be a reference in formulating economic practices that are fair, stable, and able to be widely applied in various communities.

This study aims to reflect on the Islamic business ethics values contained in QS Al-Jumu’ah verses 9–10 and their relevance in fraud prevention from the perspective of Sharia accounting. Fraudulent actions in business, such as falsifying financial reports and arranging transactions, are very dangerous issues because they undermine the economic system as a whole. This study uses a literature research method with a thematic interpretation (tafsir maudhu’i) approach to understand the meaning of Surah Al-Jumu’ah verses 9 to 10, as well as analyze scholarly works related to Sharia accounting and Islamic business ethics. The results of the study indicate that these verses provide ethical guidance that balances the obligation to worship with economic activities, so that every business transaction must be based on principles of honesty, transparency, trustworthiness, and responsibility. The integration of the values contained in the Qur’an is very important in preventing fraudulent actions because it shapes. The awareness that Allah always watches over all human actions. This study contributes theoretically by strengthening the literature on Sharia accounting based on Islamic values, and practically provides guidance for business practitioners and accountants in building a fair, honest, and integrity-driven trade system. Keywords: Sharia Accounting, QS Al-Jumu'ah Verses 9-10, Fraud, Islamic Business Ethics.

This study aims to examine how Islamic financing contributes to the empowerment of micro, small, and medium enterprises (MSMEs), particularly in the trade sector. MSMEs play a crucial role as one of the main pillars of the national economy; however, they continue to face various challenges such as limited access to capital, inadequate managerial skills, and low levels of financial literacy. Islamic financing emerges as a solution by applying fundamental Islamic principles, including the prohibition of usury (riba), fairness, and transparency in all financial transactions.The research employs a descriptive qualitative method based on a literature review from various reliable sources. The findings reveal that Islamic financing, through contracts such as murabahah, musyarakah, mudharabah, and ijarah, not only provides access to capital but also offers mentoring and training programs to help entrepreneurs manage their businesses more professionally.The positive impact of Islamic financing can be seen in the improvement of business performance, increased turnover, and enhanced welfare among MSME actors. Furthermore, this system contributes to the stability of the Islamic banking industry and promotes sustainable national economic growth. Therefore, further development of Islamic financing is necessary to expand its reach and benefit a greater number of small and medium enterprises across Indonesia.

This study aims to analyze the practice of price determination in the buffet system without price labels at Café Santiniketan, Pondok Modern Darussalam Gontor, Campus 4 Banyuwangi, from the perspective of mashlahah mursalah and Islamic economic principles. The research employs a descriptive qualitative approach with data collection techniques including observation, in-depth interviews, Focus Group Discussions (FGD), and documentation. The data were analyzed using an interactive analysis model consisting of data reduction, data presentation, and conclusion drawing. The results indicate that Café Santiniketan has implemented the principles of fairness, honesty, and transparency in its transaction system. Payments are made before consumption to avoid elements of uncertainty (gharar), while pricing is based on the types of food selected and mutual consent (al-ridha). The buffet system provides flexibility for consumers to choose menu portions according to their needs. This practice aligns with the concept of mashlahah mursalah because it provides benefits for public interest and supports the economic independence of the pesantren community. However, challenges arise regarding the inconsistency between price and portion size, which has led to criticism from some customers. This condition highlights the need to improve price clarity to ensure compliance with the principle of fairness in Islamic economics. Overall, the implementation of the buying and selling system at Café Santiniketan has demonstrated good sharia-based economic practices, yet requires ongoing evaluation and development to ensure trust and customer satisfaction.

This study aims to analyze and compare the implementation of the rahn contract at Pegadaian Syariah and Bank Syariah from the perspectives of sharia compliance and customer satisfaction. Using a qualitative approach with in-depth interviews with 15 informants, consisting of institution management, sharia supervisors, and customers, the study found that Pegadaian Syariah excels in service aspects, cost transparency, and process convenience, resulting in higher customer satisfaction. On the other hand, Bank Syariah stands out in terms of internal supervision and collateral security, although its administrative process is more complex. Both institutions have adhered to sharia principles in accordance with DSN-MUI fatwas, but there are differences in the technical implementation and service strategies. This study highlights the importance of synergy between service efficiency and sharia compliance in managing rahn products, and contributes to the development of more inclusive and sustainable sharia pawn practices in Indonesia. The findings are expected to provide guidance for sharia financial institutions in improving service quality while maintaining sharia principles.

Islamic financial institutions have emerged as an alternative within the modern financial system, founded on Islamic values and principles. Their main objective is to realize justice, sustainability, balance, and collective welfare in economic activities. This study aims to provide an in-depth explanation of the Sharia principles underlying the operations of Islamic financial institutions, including the prohibition of riba (interest), gharar (uncertainty), and maysir (speculation), as well as the implementation of profit-sharing, justice, transparency, and trustworthiness in all business activities. The research employs a library study method with a qualitative-descriptive approach by analyzing relevant primary and secondary literature sources. The findings indicate that the implementation of Sharia principles not only differentiates Islamic financial institutions from conventional financial systems but also adds significant value through Islamic business ethics, social responsibility, economic sustainability, and protection of customer and community interests. Therefore, a comprehensive understanding of Sharia principles is essential to maintaining the integrity, public trust, and long-term sustainability of Islamic financial institutions in today’s era of global economic development.

The phenomenon of using non-Hajj visas for pilgrimage has deprived many pilgrims of legal protection, with numerous cases of arrests by Saudi authorities resulting in deportation and even a ten-year ban on entering Saudi Arabia. This study adopts a qualitative case study design with an empirical legal research approach. Data were collected through interviews and document analysis at PT Mirbath Tour and Travel Palu. The primary data source was an interview with the Director of PT Mirbath, while secondary sources included the Qur’an, Hadith, legislation, journals, articles, theses, dissertations, and reference books. Data analysis employed reduction, presentation, and conclusion drawing. The findings highlight three key points. First, PT Mirbath facilitated Hajj departures using multiple-entry visas with significant limitations, such as the absence of tents in Mina and Muzdalifah, restricted access to facilities, and alternative routes from Riyadh to bypass checkpoints. Second, the use of non-Hajj visas indicates that the implementation of Law of the Republic of Indonesia No. 8 of 2019 on the Administration of Hajj and Umrah has not been effectively enforced, with policy gaps and weak operational oversight remaining apparent. Third, although the contractual arrangements applied appear consistent with the principles of Islamic jurisprudence (fiqh muamalah), they conflict with the foundations of sharia economic law, as the use of non-Hajj visas involves elements of gharar (uncertainty), lack of transparency, and contractual objectives inconsistent with maqasid al-shariah.

This research analyzes the fundamental conflict between state regulation and Sharia principles regarding cryptocurrency in Indonesia, aiming to explore the views of Islamic scholars and the legal perspective in the Qur'an and its interpretations. Cryptocurrency has become a popular investment trend, especially among the youth. While the Bank Indonesia (BI) prohibits its use as a legal payment instrument, its trading activity is legalized as an investment asset under the supervision of OJK and BI. Conversely, the MUI Fatwa and the majority of scholars declare crypto transactions as forbidden (haram) due to the presence of elements prohibited in Islamic economics: riba (usury) and gharar (uncertainty). Gharar is linked to the extreme price volatility that encourages speculation (maysir) and the non-physical nature of crypto. Riba, on the other hand, is associated with the potential for unfair profit in lending and staking mechanisms. This prohibition is rooted in the interpretation of the Qur'an (QS. Al-Baqarah: 275 and QS. An-Nisa: 29), which strictly forbids riba and consuming others' wealth through bathil (unlawful) means. Consequently, although legally accepted as an investment asset, many scholars view crypto as violating the principles of justice and transparency in Islamic economics.

Islamic insurance (takaful) is a financial instrument that functions not only as risk protection but also as an investment tool based on sharia principles. So far, the most commonly applied tijarah contracts in Islamic insurance are limited to wakalah bil ujrah and mudharabah. In fact, the development of modern society’s needs requires the diversification of contracts so that the offered products become more varied and competitive. This study aims to analyze the potential optimization of other tijarah contracts, such as musyarakah, murabahah, ijarah, and istishna’, in the development of Islamic insurance products. The research method used is library research with a descriptive qualitative approach, which involves reviewing literature, journals, DSN-MUI fatwas, and related regulations. The findings indicate that the application of other tijarah contracts has the potential to enrich Islamic insurance product variations, enhance transparency in fund management, and strengthen the competitiveness of Islamic insurance compared to conventional insurance. Furthermore, the diversification of contracts can provide solutions to the limited and monotonous business models of Islamic insurance. However, several challenges arise, including the absence of specific regulations governing these contracts, limited public understanding, and technical complexities in implementation. This study recommends the active role of regulators, especially DSN-MUI and OJK, in formulating clearer regulations and encouraging Islamic insurance companies to innovate by applying diverse sharia-based contracts. Thus, the optimization of other tijarah contracts will not only strengthen the existence of Islamic insurance in Indonesia but also fulfill society’s demand for financial products that are halal, innovative, and competitive.

This study aims to analyze the implementation of the murabahah contract in the Home Ownership Credit (KPR) financing product at Bank Syariah Indonesia (BSI) Cimahi Branch Office. This study uses a descriptive qualitative method with data collection through interviews, observation, and documentation. The results show that the KPR financing mechanism at BSI Cimahi Branch Office has been running in accordance with sharia principles established by the National Sharia Council (DSN-MUI). The process starts from customer application, wakalah contract, to the implementation of the murabahah contract with the principle of transparency of the principal price and profit margin agreed in advance and fixed throughout the financing tenor. The implementation of this system provides payment certainty for customers and protects against the risk of interest rate fluctuations. In terms of performance, Murabahah KPR financing at BSI Cimahi Branch Office has contributed significantly to the financing portfolio with a low level of Non-Performing Financing (NPF) and positive growth every year. However, challenges still exist in the amount of the down payment and the attachment of a fixed margin that can be a burden for customers with limited financial capabilities. Overall, the murabahah contract has proven to be an effective, transparent, and sharia-compliant instrument in supporting home ownership for the Muslim community in Indonesia.

This study employs a qualitative library research method with the aim of analyzing fiqh muamalah in the practice of online buying and selling transactions from the perspective of Islamic law and sharia. The development of digital technology has given rise to various new models of transactions that require Islamic law to remain adaptive and relevant. Online trade is one form of contemporary muamalah that raises several issues, such as the validity of contracts, price transparency, clarity of goods, and the potential for fraud. In fiqh muamalah, the validity of a sale and purchase contract is determined by the fulfillment of its pillars and conditions, namely the presence of contracting parties, a clearly defined object of transaction, and a legitimate agreement. The findings indicate that online buying and selling transactions are valid as long as they comply with sharia principles such as justice, transparency of information, clarity of goods, and the absence of gharar (uncertainty), maysir (gambling), or riba (usury). Thus, Islamic law does not reject technological innovation as long as the substance of the contract remains in line with sharia. This research emphasizes that fiqh muamalah is capable of providing practical and relevant solutions in addressing the challenges of the modern digital economy.  

This study examines the philosophy of Islamic economics and the legal principles underlying the implementation of the mudharabah muqayyadah contract in Islamic financial institutions. The mudharabah muqayyadah contract is a form of partnership contract involving the shahibul maal (capital owner) and mudharib (business manager), with provisions limited to a certain scope, so that the implementation of this contract must be based on sharia principles that regulate all forms of financial transactions. This study focuses on how ethical values in Islam are integrated with the legal principles of sharia contracts, particularly in maintaining fair relations between the two parties. Through a normative qualitative approach, data were collected from classical and contemporary literature as well as regulations applicable in the Islamic financial sector. The results show that the mudharabah muqayyadah contract is a manifestation of maqashid al-shariah in economic practice, which aims to safeguard assets, uphold justice, and create balance in economic transactions. The legal principles applied in this contract include freedom of contract, good faith, and fairness, which serve to ensure transparency, accountability, and justice between the parties involved. However, the biggest challenges in implementing the mudharabah muqayyadah contract are the aspects of supervision and compliance with sharia principles, as well as technical practices that are often influenced by conventional systems. Therefore, this study recommends the need to strengthen education on sharia philosophy for practitioners in the Islamic financial sector, as well as the need for regulatory harmonization to ensure the fair implementation of the contract, in accordance with the transcendental values taught in Islam. Furthermore, harmonization of regulations governing the mudharabah muqayyadah contract is also crucial to create uniformity in practice across Islamic financial institutions. Clear and firm regulations will reduce the potential for misinterpretation that can lead to bias against the interests of one party.

This conceptual study examines how Islamic Da’wah institutions can be strategically transformed to effectively contribute to the achievement of Sustainable Development Goals (SDGs), particularly Goal 4 on quality education and Goal 16 on peace, justice, and strong institutions. Grounded in strategic management principles and the ethical foundations of Islamic thought, especially maqashid shariah (the objectives of Islamic law), the paper presents a model that integrates religious values into institutional planning and reform. By conducting a thorough review of existing literature, the study identifies and synthesizes essential components for transformation, including visionary leadership that prioritizes long-term impact, ethical governance rooted in transparency and accountability, and inclusive education that is both accessible and values-based. The analysis reveals that aligning Islamic ethical frameworks with global development goals can enhance the operational effectiveness and social relevance of Da’wah institutions. Moreover, the incorporation of maqashid shariah in organizational strategy promotes a holistic approach to development that balances spiritual and material objectives. The study argues that by embracing strategic planning processes that reflect both Islamic values and modern development practices, Da’wah institutions can play a crucial role in advancing educational equity and institutional integrity. This not only strengthens the legitimacy and sustainability of these organizations but also positions them as key partners in the broader development agenda. Ultimately, the paper contributes to ongoing discussions about the role of faith-based organizations in global development by offering a conceptual framework that bridges Islamic governance principles with the pursuit of sustainable development outcomes, encouraging a more integrated and ethically grounded approach to institutional reform.

This study analyzes the application of the principles of gharar (uncertainty) and ‘adl (justice) in the subsidized LPG supply chain at Pangkalan Fawaid, Gondanglegi District, using the Maqashid Syariah approach. The primary focus of this research is to identify issues related to the distribution of subsidized LPG that involve Islamic economic principles, particularly concerning uncertainty and injustice that may disadvantage the public, especially low-income households. The main issues identified include the uncertainty of distribution schedules, price fluctuations, limited supply, and a lack of transparency in information, leading to unequal access for low-income households. The research employs a qualitative-empirical method with data collection techniques such as in-depth interviews, participatory observation, and document analysis. Five key informants were selected through purposive sampling to provide comprehensive insights into the issues surrounding subsidized LPG distribution. The data analysis used the interactive model by Miles & Huberman, with triangulation validation to ensure the accuracy and consistency of the findings. The results indicate the presence of gharar in several aspects, such as price uncertainty, quotas, and distribution schedules. Price uncertainty causes subsidized LPG prices to often exceed the Highest Retail Price (HET), while uneven distribution leads to injustice in access for households in need. Violations of the ‘adl principle are evident from the unequal and uneven distribution, which leads to access disparities among low-income households. Based on these findings, it is crucial to digitalize the LPG distribution system to make it more transparent, enhance supervision of distribution practices, and strengthen consumer literacy so they better understand their rights and obligations in accordance with Islamic economic principles. With these measures, uncertainty and injustice in subsidized LPG distribution can be minimized, leading to a more equitable and transparent distribution system.

Indonesia’s Islamic capital market has experienced remarkable growth in recent years, evidenced by the increasing number of investors and the rising market capitalization of Sharia-compliant stocks. This article aims to analyze the performance and management strategies of Sharia stock portfolios by reviewing academic literature published in Indonesia between 2019 and 2024. Utilizing a literature review methodology, the study compares the return and risk characteristics of Sharia stocks with those of conventional stocks. It also evaluates the applicability and effectiveness of classical portfolio theories—namely, the Markowitz Model and the Single Index Model—in managing Sharia-compliant investments. The findings reveal that Sharia stock portfolios often perform competitively and tend to exhibit greater resilience and stability during financial crises. This resilience is attributed in part to the rigorous stock screening mechanisms that comply with Islamic principles, excluding sectors and companies that do not meet Sharia criteria. Additionally, various macroeconomic factors such as inflation, interest rates, exchange rates, and global economic fluctuations are found to impact the performance of Islamic stock portfolios. The article highlights that while Sharia investments align with ethical and religious values, they also offer practical advantages in risk management and diversification. Furthermore, digital technology and fintech innovation are seen as essential tools to enhance transparency, accessibility, and investor engagement in the Islamic capital market. The study concludes that the development of Sharia-compliant stock investments in Indonesia holds promising potential, especially if accompanied by improved financial literacy, inclusive investor education, and stronger technological infrastructure. This paper offers valuable insights for policymakers, market regulators, and investors interested in promoting sustainable and faith-based financial practices within Indonesia’s rapidly evolving capital market ecosystem.

Indonesia, as the country with the largest Muslim population, has great potential in developing Islamic philanthropy, particularly through the stock waqf instrument. Stock waqf allows sharia stocks to be managed to generate dividends or capital gains, which are then distributed to social programs. This study aims to analyze the effectiveness of digital stock waqf management through MotionTrade by PT MNC Sekuritas, as well as to identify the challenges and opportunities in its implementation. The research method used is qualitative, with a field approach for data collection using semi-structured interviews, non-participant observation, and documentation at PT MNC Sekuritas Surabaya and waqf institutions such as BWI and RZI. The research results show that through the MotionTrade application, donation management is carried out based on the POAC principles (Planning, Organizing, Actuating, Controlling) in accordance with sharia, with transparency and professionalism through the philanthropic features of MotionTrade. Collaboration with trusted nazhir institutions such as BWI, RZI, and BAZNAS ensures that the donations are properly targeted, covering assistance for Gaza, orphans, healthcare services, qurban (animal sacrifice), and scholarships. However, there are still challenges such as digital literacy, resource management, and continuously evolving regulations. With proper management and cross-institutional support, stock waqf and digital philanthropic donations through MotionTrade have the potential to become strategic instruments for improving the welfare of the Muslim community in Indonesia.

This study aims to analyze the financial performance of Bank Syariah Indonesia (BSI) Bandung Asia Afrika Branch Office using solvency ratios, including Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR). The research emplyos a descriptive quantitative approach using secondary data obtained from financial reports for the years 2023-2024. Solvency ratios serve as crucial indicators in assessing the bank’s ability to meet long-term obligations and manage its capital structure. The analysis refers to the principles of sharia-based financial reporting as outlined in PSAK 401, which emphasize transparency and accountability. The results show that BSI KC Bandung Asia Afrika experienced improved solvency, as indicated by decreasing DER ratio, along with the presentation of financial statements that comply with Islamic accounting standards.