Implementation of Fatwa DSN-MUI as a Basis for Regulation in Islamic Finance in Indonesia

Authors

  • Loso Judijanto IPOSS Jakarta, Indonesia
  • Mega Ilhamiwati Institut Agama Islam Negeri (IAIN) Curup
  • Rais Abdullah Universitas Mulawarman
  • Indah Winarni STAI BUMI SILAMPARI LUBUK LINGGAU
  • KMT Lasmiatun Universitas Muhammadiyah Semarang

DOI:

https://doi.org/10.58812/wsiss.v3i01.1611

Keywords:

DSN-MUI Fatwas, Islamic Finance, Sharia Compliance, Regulatory Framework, Indonesia

Abstract

This study examines the implementation of Fatwas issued by the National Sharia Council-Indonesian Ulema Council (DSN-MUI) as a foundational regulatory framework for Islamic finance in Indonesia. Through a literature review analysis, the research explores the role of these Fatwas in shaping Sharia-compliant financial practices, their integration into regulatory frameworks, and the challenges associated with their application. Key findings highlight the dual role of DSN-MUI Fatwas as theological and regulatory tools, their contribution to ensuring Sharia compliance, and the need for standardized enforcement mechanisms. Drawing lessons from global practices, this study emphasizes the importance of institutional capacity and collaboration in enhancing the effectiveness of DSN-MUI Fatwas. These insights provide a valuable roadmap for advancing Islamic finance in Indonesia, fostering alignment between religious principles and regulatory frameworks.

References

N. A. H. Angganita and E. F. Novitasari, “Analysis of sharia economic development in the era of globalization in Indonesia: Opportunities & challenges,” Gorontalo Dev. Rev., pp. 104–117, 2024.

D. Ambarwati and A. Abroza, “Tinjauan Literatur Tentang Etika Pemasaran Syariah: Prinsip, Implementasi, Dan Tantangan Dalam Bisnis Modern,” AL-MIKRAJ J. Stud. Islam dan Hum. (E-ISSN 2745-4584), vol. 5, no. 01, pp. 592–609, 2024.

R. N. Setiawan, “Understanding Riba, Profit, And Fines in Sharia Banking,” Paradigma, vol. 21, no. 2, pp. 259–273, 2024.

A. Novanilia and E. Syarief, “Quo Vadis Penyelesaian Perkara Kepailitan dan Penundaan Kewajiban Pembayaran Utang (Pkpu) Pada Lembaga Keuangan Syariah,” J. Law Policy Transform., vol. 6, no. 2, pp. 55–71, 2021.

I. Z. Asyiqin, I. Mareto, and M. B. Genovés, “The Role of Regulation in the Development of Sharia Fintech: A Review of Contemporary Islamic Economic Law,” Sharia Oikonomia Law J., vol. 2, no. 4, pp. 255–270, 2024.

S. Hamidah and G. W. Saputra, “The Obligation of The State to Realize Sharia-Compliant Certainty in Islamic Banking Financing,” Batulis Civ. Law Rev., vol. 5, no. 1, pp. 32–44, 2024.

N. T. Nasution and Z. Zulham, “PERTANGGUNGJAWABAN BANK SYARI’AH ATAS KEHILANGAN DANA NASABAH PERSPEKTIF PERATURAN OTORITAS JASA KEUANGAN,” Leg. Standing J. Ilmu Huk., vol. 8, no. 1, pp. 239–249, 2024.

E. Sugianto, “The Role Of Islamic Banking In The Development Of Islamic Economic Progress In Indonesia,” EKOMBIS Rev. J. Ilm. Ekon. Dan Bisnis, vol. 12, no. 3, pp. 3307–3316, 2024.

E. T. P. Saratian, I. R. Aysa, and U. Sudiana, “The Effect of Implementing Sharia Principles in the Financial Industry on Economic Stability: Case Study at Bank BTPN Syariah,” Al Urwah Sharia Econ. J., vol. 2, no. 01, pp. 50–57, 2024.

P. M. Pane, B. B. Bangun, F. Rahmadani, and H. Hasyim, “Pengaruh Regulasi Keuangan Islam terhadap Pertumbuhan Bank Syariah,” As-Syirkah Islam. Econ. Financ. J., vol. 3, no. 2, pp. 555–562, 2024.

M. H. Wasim and M. B. Zafar, “Shariah governance and Islamic banks: A systematic literature review,” J. Islam. Account. Bus. Res., 2024.

I. H. Iqbal and M. C. Kassim, “Regulatory and Innovation Challenges: Strengthening the foundations of the islamic economy for sustainable growth,” Ser. Ekon., vol. 1, no. 2, pp. 21–33, 2024.

J. Tarantang and N. N. A. Astiti, “The Legal Argumentation Regulatory Framework for Management of Sharia Funding and Risk Loans in Indonesia,” J. Ilm. Al-Syir’ah, vol. 21, no. 1, pp. 72–85, 2023.

C. BASIR, “Sharia Principles in the Material Law of the National Banking Legal System,” Int. J. Environ. Sustain. Soc. Sci., vol. 4, no. 3, pp. 842–846, 2023.

T. Hidayat, R. M. Majdidin, Y. R. Habibi, and H. Noviarita, “Implementation of Law Number 21 of 2008 Concerning Sharia Banking Against Sharia Financial Institutions,” KnE Soc. Sci., pp. 445–457, 2024.

M. Adinugroho, T. Herlambang, M. S. Hakiki, and F. Yudianto, “The Role of The Sharia Supervisory Board In Sharia Banking In Indonesia,” Islam. Bank. J. Pemikir. dan Pengemb. Perbank. Syariah, vol. 9, no. 1, pp. 51–64, 2023.

S. Avazkhodjaev, M. Askarova, N. Achilova, M. Jalolova, S. Amirdjanova, and C. Otajonova, “Assessing the Role of Sharia-Compliant Investments in Promoting Clean Energy and Sustainable Economic Development: A Study of Asia’s Financial and Renewable Energy Sectors,” Int. J. Energy Econ. Policy, vol. 14, no. 6, pp. 513–522, 2024.

A. A. Suvil, F. Firdaus, M. A. Ramadhan, W. D. Putra, and D. P. Lestarika, “Implementasi Perlindungan Data Pribadi Berdasarkan Undang-Undang Nomor 11 Tahun 2020,” J. HUKUM, Polit. DAN ILMU Sos., vol. 3, no. 4, pp. 70–80, 2024.

M. I. Irfany et al., “Islamic Finance and Environmental Sustainability: Empirical Insight from OIC Countries,” Int. J. Energy Econ. Policy, vol. 14, no. 6, pp. 707–715, 2024.

M. A. Risanti, F. A. Alwyni, and P. S. Nadya, “Peran green sukuk dalam mewujudkan pembangunan yang berkelanjutan,” Pros. Konf. Nas. Ekon. Manaj. Dan Akunt., vol. 1, no. 1, 2021.

G. Fasya, “Peran Hukum Ekonomi Syariah Dalam Pembangunan Ekonomi Berkelanjutan,” J. Ekon. Dan Bisnis, vol. 1, no. 2, pp. 88–92, 2021.

A. Ariawan, L. Judijanto, M. Y. Bahtiar, F. Akbarina, and M. Syafri, “The role of sharia economics in supporting the realization of sustainable development goals and islamic development,” ProBisnis J. Manaj., vol. 15, no. 1, pp. 87–91, 2024.

I. Rucevska et al., Waste crime–waste risks: gaps in meeting the global waste challenge. 2015.

M. C. Jena, S. K. Mishra, and H. S. Moharana, “Challenges and the Way Forward for Management and Handling of Hazardous Waste,” Glob. Environ. Eng., vol. 10, pp. 13–17, 2023.

I. Zahida et al., “Perencanaan Pengelolaan Limbah Medis Kota Jambi dari Pengangkutan sampai dengan Penimbunan di Tempat Pemrosesan Akhir (TPA),” J. Teknol. Lingkung. Lahan Basah, vol. 11, no. 2, pp. 450–459, 2023.

A. Rudyanto, “Kerangka kerjasama dalam pengelolaan sumberdaya pesisir dan laut,” Makal. Disampaikan pada Sos. Nas. Progr. MFCDP, vol. 22, 2004.

Downloads

Published

2025-01-31

How to Cite

Judijanto, L., Ilhamiwati, M., Abdullah, R., Winarni, I., & Lasmiatun, K. (2025). Implementation of Fatwa DSN-MUI as a Basis for Regulation in Islamic Finance in Indonesia. West Science Islamic Studies, 3(01), 12–18. https://doi.org/10.58812/wsiss.v3i01.1611