Jurnal Ilmu Multi Syariah

Integration of fiqh and digital finance: difficulties and potential in the Islamic Fintech Era

2025-06-12T21:52:58+07:00

The advancement of digital financial technology (fintech) poses both obstacles and significant potential for the integration of fiqh with the contemporary financial system, particularly within the realm of Islamic banking. Sharia fintech is a promising innovation aimed at enhancing financial access, promoting financial inclusion for the ummah, and bolstering the economic standing of Muslims, all while adhering to sharia values such as fairness, transparency, and the prohibition of usury. This integration is inherently linked to obstacles, including the constraints of rules pertaining to Islamic fintech, the insufficient comprehension of contemporary fiqh among industry stakeholders, and the necessity for new fatwas that are responsive to technological advancements. On the other hand, there is a chance to improve by developing digital Islamic financial products, such as sharia-compliant crowdfunding, halal peer-to-peer lending, and smart contracts based on fiqh agreements. This paper thoroughly examines the interplay between fiqh and financial technology while presenting strategic methods for establishing an innovative and sharia-compliant fintech sector. The collaboration among scholars, regulators, and industry stakeholders is anticipated to yield a viable solution for integrating fiqh and digital finance in response to the expanding global digital economy

Creation of sharia-compliant financing options for the micro, small, and medium enterprises (MSMEs) sector

2025-06-12T22:02:25+07:00

Limited access to institutional funding hinders the MSME sector, which is an essential economic foundation. Sharia financing serves as an equitable option, adhering to Islamic principles that prohibit usury. This essay delineates the optimization of current sharia financing methods and the innovations required to enhance the financial inclusion of MSMEs. The objective is to evaluate the efficacy of current models, discern difficulties and opportunities, and suggest novel and cohesive Sharia funding frameworks. This research is new due to its integration of a full sharia financing model that encompasses digital elements, hybrid contracts, value chains, mentoring, and social funds. The discourse encompassed an assessment of current models, obstacles, and proposed integrated models anticipated to enhance the competitiveness of MSMEs. In conclusion, sharia financing possesses significant potential, although it requires optimization through innovation in products and ecosystems

The Efficacy of Zakat and Infak as Digital Poverty Alleviation Mechanisms: A Case Study of Crowdfunding Platforms

2025-06-12T22:19:18+07:00

Poverty is a significant issue in Indonesia, and zakat and infak serve as instruments of Islamic philanthropy with substantial potential to address it; yet, traditional distribution methods sometimes face limitations in reach and efficiency. This research seeks to evaluate the efficacy of zakat and infak as digital mechanisms for poverty alleviation via crowdfunding platforms. The research gap exists due to the absence of an exhaustive analysis about the efficacy of sharia crowdfunding platforms in the realm of digital poverty alleviation. The most recent research emphasises the amalgamation of digital crowdfunding technology with Zakat and Infak mechanisms to enhance social effects comprehensively and efficiently. The discourse encompassed operational processes, the advantages of enhancing openness and efficiency, and the obstacles encountered by digital platforms. In conclusion, digital crowdfunding possesses significant promise as a contemporary and inclusive mechanism for poverty alleviation; nonetheless, it necessitates regulatory enhancement and improved digital literacy

Sharia compliance on sustainable investment (ESG) and green sukuk

2025-06-13T08:40:15+07:00

Global sustainability challenges promote the incorporation of Environmental, Social, and Governance (ESG) concepts in investment practices. Nonetheless, a complete framework ensuring sharia compliance for ESG and green sukuk investments is absent, resulting in a deficiency in the sharia financial literature. This study seeks to examine the intersections and possible synergies between sharia principles and ESG criteria while also assessing the sharia compliance of Green Sukuk as a sustainable finance mechanism. The invention consists of a conceptual model that amalgamates sharia maqasid with the ESG pillar, guaranteeing that investments are not only halal but also thayyib and yield a good impact. The findings discussion delineates the profound alignment, screening obstacles, and advantages of Green Sukuk in mobilising Sharia financing for sustainable development. In conclusion, significant potential exists for harmonisation, accompanied by proposals for standardisation and education to enhance the role of Islamic finance in the global sustainability agenda

This analysis examines the implementation of fiqh muamalah in digital financial transactions, specifically assessing sharia compliance in e-wallets, sharia fintech, and cryptocurrency assets

2025-06-13T08:48:13+07:00

The swift advancement of information technology has transformed the realm of financial transactions, leading to the emergence of innovations such as e-wallets, Islamic fintech, and cryptocurrency assets. This invention provides convenience, efficiency, and accessibility, although it also presents new issues for fiqh muamalah. This essay seeks to examine the degree of application of fiqh muamalah principles in diverse digital financial transactions. This research employs a qualitative methodology, incorporating literature reviews and comparative analyses of the operational attributes of several digital financial instruments. The study's findings indicate that e-wallets necessitate rigorous oversight of fund origins and the possibility of concealed usury. Islamic fintechs, being fundamentally sharia-compliant, must provide comprehensive adherence from upstream to downstream processes. Crypto assets pose intricate issues about intrinsic value, gharar, and speculative potential that do not align with Sharia principles, notwithstanding attempts to create Sharia-compliant cryptocurrencies. This article advocates for a definitive regulatory framework and fatwas from Sharia authorities to guarantee adherence and promote sustainable and ethical digital financial innovation in alignment with Islamic values