Legal and Ethical Challenges in Developing Islamic Financial Products : A Contemporary Perspective

Nawawi Yazid; Muhammad Nawawi

doi:10.47766/al-hiwalah.v4i1.4890

Authors

Nawawi Yazid Sunan Ampel State Islamic University of Surabaya
Muhammad Nawawi Sunan Ampel State Islamic University of Surabaya

DOI:

https://doi.org/10.47766/al-hiwalah.v4i1.4890

Keywords:

Legal Challenges, Sharia Ethics, Sharia Financial Products, Contemporary

Abstract

The development of Shariah-compliant financial products has become an integral part of the global banking and finance industry. This article examines the legal and ethical challenges faced in the development of Shariah-compliant financial products from a contemporary perspective. These challenges include strict adherence to Shariah principles, effective supervision and regulation, as well as ethical considerations in handling customer funds. In the context of the evolving financial technology (fintech) innovation, this article also explores how Shariah-compliant financial products can harness this technology without compromising the integrity of Shariah principles. Additionally, we identify recent trends and changes in Shariah-compliant financial products and analyze the social and economic impact of successful development in this area. This article also presents innovative approaches and solutions to address the legal and ethical challenges encountered, with the aim of promoting sustainable growth of Shariah-compliant financial products in line with Shariah principles. This research is expected to provide valuable insights to financial practitioners, regulators, and researchers interested in the development of Shariah-compliant financial products in the contemporary era.

References

Abdul Rachman, Dewi Putri Mandiri, Widi Astuti, and Siti Arkoyah. “Tantangan Perkembangan Perbankan Syariah di Indonesia.” Jurnal Tabarru’: Islamic Banking and Finance 5, no. 2 (September 30, 2022): 352–365. https://doi.org/10.25299/jtb.2022.vol5(2).9505

Adiyanto, Mochamad Reza, and Arie Setyo Dwi Purnomo. “Dampak Tingkat Literasi Keuangan Syariah Terhadap Minat Menggunakan Produk Keuangan Syariah” (n.d.).

Ahmad Syaichoni. “Ijarah Maushufah fi Al-Dzimmah dalam Kajian Muamalah Kontemporer.” Jurnal Syntax Transformation 1, no. 10 (December 23, 2020): 668–675. https://doi.org/10.46799/jst.v1i10.173

Andri Rivai. “Produk Jasa Pada Bank Syariah dan Aplikasinya.” WARAQAT : Jurnal Ilmu-Ilmu Keislaman 5, no. 1 (October 11, 2020): 25. https://doi.org/10.51590/waraqat.v5i1.101

Ayu, Dena, and Syahrul Anwar. “Etika Bisnis Ekonomi Islam dalam Menghadapi Tantangan Perekonomian di Masa Depan.” Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah 7, no. 1 (June 27, 2022): 42. 10.24235/jm.v7i1.10034

Fasa, Muhammad Iqbal. “Tantangan dan Strategi Perkembangan Perbankan Syariah di Indonesia” 2, no. 1 (2013).

Hidayat, Yayat Rahmat. “Analisis Peluang dan Tantangan Lembaga Keuangan Syariah untuk Meningkatkan Daya Saing Menghadapi Masyarakat Ekonomi Asean.” Amwaluna: Jurnal Ekonomi dan Keuangan Syariah 2, no. 2 (July 31, 2018): 13–32. https://doi.org/10.29313/amwaluna.v2i2.3755

Hidayatullah, Muhammad Syarif. “Urgensi Mempelajari Fikih Muamalah dalam Merespon Ekonomi dan Keuangan Kontemporer (Membangun Paradigma Ekonomi Syariah di Masyarakat)” 5 (2021).

Kholijah, Siti. “Akad Murakkab dalam Produk Keuangan Syariah.” Jurnal BAABU AL-ILMI: Ekonomi dan Perbankan Syariah 5, no. 1 (April 30, 2020): 104.

Kolistiawan, Budi. “Tantangan Lembaga Keuangan Syariah dalam Menghadapi Masyarakat Ekonomi ASEAN.” Muqtasid: Jurnal Ekonomi dan Perbankan Syariah 8, no. 1 (June 1, 2017): 54.

Mujib, Abdul. “Pendekatan Tafsir Produk Perbankan Syariah.” Muqtasid: Jurnal Ekonomi dan Perbankan Syariah 6, no. 1 (June 1, 2015): 41.

Mukhlishin, Ahmad. “Analisis Manajemen Risiko (Kajian Kritis Terhadap Perbankan Syariah di Era Kontemporer)” 05 (2018).

Najib, Mohamad Ainun. “Penguatan Prinsip Syariah pada Produk Bank Syariah.” Jurnal Jurisprudence 7, no. 1 (June 22, 2017): 15–28.

Nurfalah, Irfan, and Aam Slamet Rusydiana. “Digitalisasi Keuangan Syariah Menuju Keuangan Inklusif: Kerangka Maqashid Syariah.” Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan dan Akuntansi 11, no. 1 (May 31, 2019): 55.

Nurohman, Dede. “Undang-Undang Perbankan Syariah: Makna, Implikasi dan Tantangan.” La_Riba 2, no. 2 (July 31, 2008): 279–296.

Pujiyono, Arif. “(Suatu Kajian Terhadap Sistem Pembayaran Islam Kontemporer)” (n.d.).

Purnama, Hani Meilita, and Indri Yuliafitri. “Efektivitas Gerakan Literasi Keuangan Syariah dalam Mengedukasi Masyarakat Memahami Produk Keuangan Syariah.” Banque Syar’i : Jurnal llmiah Perbankan Syariah 5, no. 1 (July 15, 2019): 10.

Putritama, Afrida. “Penerapan Etika Bisnis Islam dalam Industri Perbankan Syariah.” Nominal, Barometer Riset Akuntansi dan Manajemen 7, no. 1 (April 19, 2018). Accessed October 3, 2023. https://journal.uny.ac.id/index.php/nominal/article/view/19356.

Soenjoto, Wening Purbatin Palupi. “Tantangan Bank Syariah di Era Globalisasi.” El-Barka: Journal of Islamic Economics and Business 1, no. 1 (June 20, 2018): 79.

Subandi, Subandi. “Problem dan Solusi Pengembangan Perbankan Syariah Kontemporer di Indonesia.” Al-Tahrir: Jurnal Pemikiran Islam 12, no. 1 (May 1, 2012): 1.

Sukardi, Budi. “Corporate Governance Engineering of Islamic Banking and Finance: Tantangan Globalisasi Sistem Ekonomi dan Pasar Bebas.” TSAQAFAH 9, no. 1 (May 31, 2013): 149.

Wibawa, Ginan, Rizal Muttaqin, and Fitriana Dewi Sumaryana. “Multiakad Pada Lembaga Keuangan Syariah Kontemporer: Prinsip dan Parameter Kesyari’ahannya.” Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan 3, no. 1 (October 13, 2021). Accessed October 3, 2023.https://journal.ikopin.ac.id/index.php/fairvalue/article/view/691.

Zulhamdi Zulhamdi, “Aspek Hukum Perjanjian Dalam Aktivitas Bisnis,” Al-Hiwalah: Journal Syariah Economic Law 1, no. 1 (2022): 75–84, https://doi.org/https://doi.org/10.47766/alhiwalah.v1i1.892.

Zulhamdi Zulhamdi, Hukum Bisnis (Indonesia: CV. Pusdikra Mitra Jaya, 2021).