Al-Muamalat: Journal of Islamic Economics Law

Implementation of the Micro-Scale Profit-Sharing Principle: Ethnography of Islamic Arisan and Farmer Group Financing in Rural Java

Muhammad An Naufar Prastyo — 2026-01-08

This ethnographic study examines the implementation of the profit-sharing principle at the micro level in two traditional financial schemes in rural Java: Islamic arisan (social savings) and musharaka-based farmer group financing. The issues raised relate to the difficulties formal Islamic microfinance institutions face in implementing profit-sharing contracts, while informal community financial practices have successfully implemented this principle for generations but have been under-researched. The methods used include participant observation over twelve months (July 2024–June 2025) in Taji Village, Karas District, Magetan Regency, East Java, semi-structured interviews with sixty-eight informants, observations of forty-eight arisan meetings and twenty-two cooperative farming activities, and analysis of group financial documents. Data were analyzed through thematic coding and re-verified through member checking and validation based on Islamic jurisprudence (fiqh muamalah). The results show that Islamic arisan applies a one-to-one ratio based on qardh hasan with a selapan cycle and open accountability rituals, while the farmer group uses a double musharakah model, namely a fifty percent profit sharing when the farmer only provides labor and seventy-thirty percent when the landowner also bears input costs. The community murāqabah mechanism through social sanctions and deliberation decisions effectively replaces written contracts. Both schemes recorded a zero percent arrears rate, a thirty-two percent increase in average income for arisan participants, and a forty-five percent decrease in irrigation conflicts. The novelty of the study lies in the conceptualization of community murāqabah as an informal monitoring mechanism and the integration of Javanese mutual cooperation values with sharia principles. The practical implications emphasize the need to formalize traditional mechanisms as wadiah yad dhamanah products in Baitul Maal wa Tamwil to expand sharia microfinance inclusion.

The Concept of Law and Market Mechanism According to Ibn Khaldun and Imam Al-Ghazali

Muhammad Rayhan — 2026-01-08

The market mechanism in Islamic Economics emphasizes the need for balance (iqtishad) between the market, the state, and the individual, rejecting the dominance of one over the others , which differs from conventional markets that often experience distortions. This research is a conceptual study that analyzes the market mechanism concepts of two Islamic economic scholars: Ibn Khaldun (through his Muqaddimah) and Imam Al-Ghazali (through Ihya’ Ulumuddin). The research findings indicate that according to Ibn Khaldun, a nation's wealth is determined by its production level , the value of a product is equal to the amount of labor it possesses , and prices are determined by the law of supply and demand. He views gold and silver as the most suitable measures of value and monetary standards. Furthermore, the product price is distributed into three factors: income (producer's wage), profit (merchant's compensation), and tax (compensation for state officials/rulers). Meanwhile, Imam Al-Ghazali links all economic activities to morals and ethics , explains market movements by describing the shape of the supply curve (rising from bottom left) and the demand curve (descending from top right) , and asserts that the motive for trading must be to seek profit in this world and the hereafter, not just worldly profit. He considers the production of basic necessities a social obligation (fard al-kifayah). Overall, both figures conclude that the market must operate justly according to norms and principles derived from the Qur'an and Hadith.

Share Trading in Limited Liability Companies According to the 2007 Law and Fatwa No. 40/DSN-MUI/X/2003

Muhammad Irkham Firdaus — 2026-01-08

**ENGLISH**A Limited Liability Company (Perseroan Terbatas/PT) is a legal entity whose assets are separate from the personal wealth of its shareholders, thereby limiting the shareholders' liability to the amount of shares they own. The share instrument in a PT functions not only as proof of ownership but also as an object of trading regulated by specific legal provisions. This research aims to analyze and compare the regulations regarding the practice of share trading in a PT, particularly concerning pre-emptive rights (hak preferensi), as stipulated in Law Number 40 of 2007 concerning Limited Liability Companies, with the Sharia law perspective contained in the Fatwa of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) Number 40/DSN-MUI/X/2003 on the Capital Market and General Guidelines for the Application of Sharia Principles in the Capital Market Sector. The research method employed is normative-comparative, which involves reviewing and comparing statutory regulations (the PT Law) with Sharia edicts (the DSN-MUI Fatwa). The findings indicate that Article 58 paragraph (1) of the PT Law regulates the pre-emptive rights of other shareholders when shares are transferred, a provision aimed at protecting the ownership structure. Although the DSN-MUI Fatwa focuses on the principles of permissible share transactions free from gharar (uncertainty) and maisir (gambling), no substantive conflict was found regarding the mechanism of share trading, provided that the transaction object (the shares) meets the Sharia criteria. The main difference lies in the philosophical foundation, where the PT Law focuses on legal and corporate protection, while the DSN-MUI Fatwa emphasizes compliance with Islamic muamalah (transactional) principles. This research contributes to the harmonization of corporate regulation in Indonesia with Sharia economic principles. **INDONESIA**Perseroan Terbatas (PT) merupakan badan hukum yang memiliki kekayaan terpisah dari kekayaan para pemegang sahamnya, sehingga tanggung jawab pemegang saham hanya terbatas pada jumlah saham yang dimiliki. Instrumen saham dalam PT tidak hanya berfungsi sebagai bukti kepemilikan, tetapi juga menjadi objek jual beli yang diatur secara spesifik. Penelitian ini bertujuan untuk menganalisis dan membandingkan ketentuan mengenai praktik jual beli saham PT, khususnya terkait dengan hak preferensi, sebagaimana diatur dalam Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas dengan perspektif hukum syariah yang tertuang dalam Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI) Nomor 40/DSN-MUI/X/2003 tentang Pasar Modal dan Pedoman Umum Penerapan Prinsip Syariah di Bidang Pasar Modal. Metode penelitian yang digunakan adalah normatif-komparatif, yaitu mengkaji dan membandingkan peraturan perundang-undangan (UU PT) dengan fatwa syariah (Fatwa DSN-MUI). Hasil penelitian menunjukkan bahwa UU PT Pasal 58 ayat (1) mengatur hak preferensi bagi pemegang saham lain ketika terjadi pemindahtanganan saham, sebuah ketentuan yang bertujuan melindungi struktur kepemilikan. Meskipun Fatwa DSN-MUI fokus pada prinsip-prinsip transaksi saham yang halal dan bebas dari gharar (ketidakjelasan) dan maisir (judi), tidak ditemukan konflik substantif terkait mekanisme jual beli saham, asalkan objek transaksi (saham) tersebut telah memenuhi kriteria syariah. Perbedaan utama terletak pada landasan filosofis, di mana UU PT berfokus pada perlindungan hukum dan korporasi, sementara Fatwa DSN-MUI menekankan kepatuhan terhadap prinsip muamalah Islam. Penelitian ini memberikan kontribusi dalam harmonisasi regulasi korporasi di Indonesia dengan prinsip-prinsip ekonomi syariah.