Milkiyah: Jurnal Hukum Ekonomi Syariah

Determinants of Investment Decision Through Sharia Financial Technology

Fitria Novianti — 2024-02-29

The level of investment through Islamic Peer-to-Peer (P2P) Lending ascends. This study aims to determine the direct effect of perceived behavioural control, perceived benefit, perceived easiness, and perceived risk on investment decision through sharia peer-to-peer lending. The further purpose is to find out the indirect effect of perceived behavioural control, attitude toward investment, and subjective norm on investment decision through sharia peer-to-peer lending intervened by investment intention. Through primary data distributed using online questionnaire to residents who live in Indonesia and investing through Sharia Financial technology peer-to-peer lending platform, final sample was 135 respondents. The data analysis technique used is Structural Equation Modelling Partial Least Square (SEM-PLS). The result of this study finds that there is a significant effect on the perceived behavioural control, perceived easiness, and perceived risk on investment decision through sharia peer-to-peer lending while the insignificant effect of sharia compliance and perceived benefit on investment decision through sharia peer-to-peer lending has been found. Subsequently, perceived behavioural control, attitude toward investment, and subjective norm have no effect at all on investment decision through sharia peer-to-peer lending intervened by investment intention.

How did its Charity Go? The Practice of Zakat Management in e-Commerce Platforms

Nely Rahmawati Zaimah — 2024-02-29

This study delves into the application of zakat within the realm of e-commerce platforms, specifically focusing on the accuracy and accountability of zakat calculation. It underscores the significance of assessing the precision and transparency of zakat collection and distribution within the digital landscape, particularly through platforms like Tokopedia. By employing a qualitative approach with investigative inquiry, the research facilitates a comprehensive comprehension of zakat practices within e-commerce. Data were gathered through thematic exploration, observation, and scrutiny of pertinent documents to ensure conformity with Sharia law. The research underscores the challenges associated with precise zakat calculation and accountability in reporting. Users necessitate clear guidelines for accurate zakat computation, including distinct benchmarks for gold and silver with regularly updated price parameters. Moreover, e-commerce platforms must guarantee transparency in zakat fund reporting. The establishment of policies for monitoring and supervising e-commerce platforms and integrated philanthropic entities is imperative. Additionally, the researcher advocates for further investigations to delve into user preferences concerning zakat practices and recommends collaborative endeavours among philanthropic bodies, governmental entities, and users to enhance charitable practices amidst the dynamic digital landscape.

The Standard for Allocating Zakat Social Funds as An Operational Expense of Nonprofit Organizations in Indonesia, Sudan and Algeria

Nur Rizqi Febriandika — 2024-02-29

Zakat in the socio-economic structure of society needs to be managed productively and professionally so that it leads the welfare of society. This study aims to reveal standards for the allocation of zakat social funds as an operational expense for nonprofit organizations. This research uses a descriptive qualitative type. We analyse secondary data retrieved in nonprofit organizations in three different countries (Indonesia, Sudan and Algeria). The result of the study revealed that Indonesia has two types of zakat management institutions, the National Amil Zakat Agency (BAZNAS) and Amil Zakat Institute (LAZ). Furthermore, Sudan possesses the Sudanese Zakah Chamber (SZC) or the Zakat Council and Algeria has Kotak Zakat. The pattern of zakat collection in Indonesia applies payments with a voluntary principle, however the zakat has been integrated with taxes so that they can submit claims for zakat payments. In Sudan, payments are made on the principle of mandatory for its citizens accompanied by sanctions for those who ignore it and nonmuslims are obliged to pay a social solidarity tax. Meanwhile, in Algeria, payments are made on a mandatory basis for private companies and voluntary for individuals. In addition, in the pattern of zakat distribution, the three countries distribute according to the guidance of the Qur'an (8 Asnaf) but have slight differences in the priority scale in which Indonesia prioritizes distribution to the poor, Sudan prioritizes the needs of each Mustahik and Muzakki is allowed to distribute to relatives as much as 20% of the obligatory zakat, meanwhile Algeria which prioritizes the poor, people in need and Fisabilillah. Then, the standard for the allocation of zakat social funds that may be taken as operational costs for nonprofit organizations handling zakat in the three countries is 12.5%.

Zakat and Waqf Managament in Indonesia and Pakistan: A Comparative Study

Silvya Eka Marenza — 2024-02-29

Zakat and waqf should be managed well so that they benefit society. This comparative study aims to analyse and compare the management practices of zakat and waqf in Indonesia and Pakistan. This study employs descriptive-comparative approach by analysing relevant literature, policies, and institutional frameworks in the management of zakat and waqf between Indonesia and Pakistan. Findings of this this study reveal that both countries focus on strengthening transparency and accountability in the collection, distribution, and utilization of zakat and waqf funds. Nevertheless, there is a need for increased collaboration and coordination between government institutions, non-governmental organizations, and other stakeholders involved in zakat and waqf management in Indonesia and Pakistan. This study is significant because it has the potential to inform policies and strategies that can maximise the positive impact of zakat and waqf funds, resulting in more inclusive and equitable societies in both countries.

Food Buying and Selling without Halal Labels: Case Review in BPJPH of South Sumatera

Muhammad Bobby — 2024-02-29

This study has conducted a small survey at the mini market in Palembang. There are so many foods in circulation that do not yet have a halal label and there are also foods that are labelled halal but contain many dangerous ingredients. This case should be questioned to the Halal Product Guarantee Agency known as BPJPH so that the aim of this study is to examine the legality of purchasing and selling non-halal food products and demonstrate it under the perspective of Sharia Economic Law. In this study, field research was used, using data through interviews with related parties and collecting documentation, then the data was built and analysed using qualitative research methods. The finding of the study discloses that the opinion of the Halal Product Guarantee Agency of the Ministry Religious Affairs in South Sumatera, still allows food that has not been halal-labelled to be sold. Products that do not yet have a halal certificate are not immediately punished but are still given the opportunity to take care of halal certification until 17 October 2024 and have been regulated in Article 33 of the Law of the Republic of Indonesia No. 33 of 2014. The Halal Product Guarantee policy is needed by the community. Therefore, the government continues to strive to accelerate Halal Certification, especially MSME perpetrators. Also, this certification aims to benefit the community so that they consume food and drinks that have legal certainty.

Online Donation for Charitable Giving: The Case of Yayasan Kebaikan Ummat

Selvi Apriliani — 2024-02-29

The burgeoning trend of online donations has assumed prominence within society. This research endeavors to elucidate the intricacies involved in the collection, management, and distribution of online donation by Yayasan Sinergi Kebaikan Ummat. It seeks to identify the contractual frameworks employed in the online donation process, while also examining the legal dimensions of online donations through the lens of Sharia Economic Law. The type of this research is qualitative. Data collection techniques encompass indirect observation, interviews, and documentation review. The data analysis is underpinned by the premise that muamalah activities, whether conducted directly or indirectly, are permissible unless explicitly proscribed. The legal framework governing muamalah derives from the Qur'an and Hadith, which establish the principles congruent with Sharia, aimed at fostering societal justice. The findings of this research reveal that Yayasan Kebaikan Ummat, acting as a campaigner, assumes the role of a third-party intermediary in the donation process. Here, the donor represents the first party, while the online platform serves as the second party. The process of raising donations involves several contractual arrangements, including ijarah, wakalah bil ujrah, and jualah contracts, all of which entail the provision of wages (ujrah). The administration fee established by the platform, termed ujrah, serves as compensation for the campaigner's fundraising assistance. Consequently, online donations facilitated through these platforms are permissible, primarily due to the incorporation of the tabarru' contract within the arrangement.