Progressiveness of Islamic Economic Law in Indonesia: The Murā‘at Al-‘Ilal wa Al-Maṣāliḥ Approach
Abstract
Islamic economic law is unresponsive and tends to be legal-formal in supervising Sharia finance and economic development. Economics, in fact, emphasizes the aspects of flexibility and convenience. This study aims to reveal the response of fatwas to economic and financial developments using the murā‘at al-‘ilal wa al-maṣāliḥ approach. The study use qualitative research method. The study used qualitative research methods, analyzed using the proposed fiqh and fiqh approaches. The data studied is the fatwa of the National Sharia Council (Dewan Syariah Nasional/DSN) of the Indonesian Ulema Council (Majelis Ulama Indonesia/MUI). This fatwa is examined by comparing chronologically the time, the opinion of the clergy, and economic developments. The three fatwas became the focus and debate of scholars examined to find patterns in responding to the needs of financial and economic transactions. As a result, fatwas are dynamic and responsive to industry needs. The law can change since the legal reasons (‘illat) behind it also changes. The existence of a law lies in how the cause of the law works; hence, in fatwa, there are things changing and some are permanent legal provisions. This finding has implications for corrections to previous legal provisions and changes to contracts made between financial institutions and clients.
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Regulation and Fatwa
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Fatwa DSN-MUI Nomor 77/DSN-MUI/V/2010 tentang Jual-Beli Emas Secara Tidak Tunai
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Fatwa DSN-MUI Nomor 96/DSN-MUI/IV/2015 tentang Transaksi Lindung Nilai Syariah (al-Tahawwuth al-Islami/Islamic Hedging)
Peraturan OJK Nomor 33 /POJK.04/2019 tentang Penerbitan dan Persyaratan Reksa Dana Syariah
Peraturan Menteri Keuangan Nomor 125/PMK.08/2018 tentang Penerbitan dan Penjualan Surat Berharga Syariah Negara Ritel di Pasar Perdana Domestik
Peraturan Bank Indonesia (PBI) Nomor 11/33/PBI/2009 tentang Pelaksanaan Good Corporate Governance Bagi Bank Umum Syariah dan Unit Usaha Syariah
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DOI: http://dx.doi.org/10.22373/sjhk.v7i2.17601
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