Sharia Economic Law Regulation In Indonesia And Malaysia: Implementation And Challenges
Introduction: This article explores the implementation and regulatory challenges of Sharia economic law in Indonesia and Malaysia, two key players in Islamic finance. Both countries have integrated Islamic principles into their economic frameworks, but their approaches differ due to legal, historica...
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| Format: | Article |
| Language: | English |
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Universitas Pattimura, Fakultas Hukum
2024-12-01
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| Series: | SASI |
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| Online Access: | https://fhukum.unpatti.ac.id/jurnal/sasi/article/view/2312 |
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| author | Umi Khusnul Khotimah |
| author_facet | Umi Khusnul Khotimah |
| author_sort | Umi Khusnul Khotimah |
| collection | DOAJ |
| description | Introduction: This article explores the implementation and regulatory challenges of Sharia economic law in Indonesia and Malaysia, two key players in Islamic finance. Both countries have integrated Islamic principles into their economic frameworks, but their approaches differ due to legal, historical, and political factors.
Purposes of the Research: The purpose of this article is to analyze and compare the regulatory frameworks governing Sharia economic law in Indonesia and Malaysia. It aims to highlight both the successes and obstacles in implementation, while offering potential recommendations for improvement.
Methods of the Research: This study employs a comparative legal research methodology, analyzing primary legal sources such as laws, regulations, and official guidelines from Indonesia and Malaysia. Secondary sources, including academic articles and government publications, provide context for understanding how these frameworks are implemented.
Results of the Research: The research finds that Malaysia’s centralized regulatory system, led by the Sharia Advisory Council (SAC), provides clear guidelines for Sharia-compliant financial products. In contrast, Indonesia’s regulatory framework is more fragmented, with overlapping responsibilities between institutions, creating challenges for effective implementation. |
| format | Article |
| id | doaj-art-7bc1af2a8f374b5da253d8cb7a097a80 |
| institution | DOAJ |
| issn | 1693-0061 2614-2961 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Universitas Pattimura, Fakultas Hukum |
| record_format | Article |
| series | SASI |
| spelling | doaj-art-7bc1af2a8f374b5da253d8cb7a097a802025-08-20T02:52:58ZengUniversitas Pattimura, Fakultas HukumSASI1693-00612614-29612024-12-0130440241510.47268/sasi.v30i4.23121163Sharia Economic Law Regulation In Indonesia And Malaysia: Implementation And ChallengesUmi Khusnul Khotimah0Faculty of Sharia and Islamic Economics, Institut Ilmu Al Qur'an Jakarta, Jakarta SelatanIntroduction: This article explores the implementation and regulatory challenges of Sharia economic law in Indonesia and Malaysia, two key players in Islamic finance. Both countries have integrated Islamic principles into their economic frameworks, but their approaches differ due to legal, historical, and political factors. Purposes of the Research: The purpose of this article is to analyze and compare the regulatory frameworks governing Sharia economic law in Indonesia and Malaysia. It aims to highlight both the successes and obstacles in implementation, while offering potential recommendations for improvement. Methods of the Research: This study employs a comparative legal research methodology, analyzing primary legal sources such as laws, regulations, and official guidelines from Indonesia and Malaysia. Secondary sources, including academic articles and government publications, provide context for understanding how these frameworks are implemented. Results of the Research: The research finds that Malaysia’s centralized regulatory system, led by the Sharia Advisory Council (SAC), provides clear guidelines for Sharia-compliant financial products. In contrast, Indonesia’s regulatory framework is more fragmented, with overlapping responsibilities between institutions, creating challenges for effective implementation.https://fhukum.unpatti.ac.id/jurnal/sasi/article/view/2312sharia economic lawregulatory frameworkislamic financeindonesiamalaysia. |
| spellingShingle | Umi Khusnul Khotimah Sharia Economic Law Regulation In Indonesia And Malaysia: Implementation And Challenges SASI sharia economic law regulatory framework islamic finance indonesia malaysia. |
| title | Sharia Economic Law Regulation In Indonesia And Malaysia: Implementation And Challenges |
| title_full | Sharia Economic Law Regulation In Indonesia And Malaysia: Implementation And Challenges |
| title_fullStr | Sharia Economic Law Regulation In Indonesia And Malaysia: Implementation And Challenges |
| title_full_unstemmed | Sharia Economic Law Regulation In Indonesia And Malaysia: Implementation And Challenges |
| title_short | Sharia Economic Law Regulation In Indonesia And Malaysia: Implementation And Challenges |
| title_sort | sharia economic law regulation in indonesia and malaysia implementation and challenges |
| topic | sharia economic law regulatory framework islamic finance indonesia malaysia. |
| url | https://fhukum.unpatti.ac.id/jurnal/sasi/article/view/2312 |
| work_keys_str_mv | AT umikhusnulkhotimah shariaeconomiclawregulationinindonesiaandmalaysiaimplementationandchallenges |