Invest Journal of Sharia & Economic Law
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    67 research outputs found

    Presidential Discretion and Ministerial Inflation: A Normative Critique of the Amendment to Indonesia’s State Ministry Law

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    The amendment to Article 15 of the State Ministry Law, which eliminated the cap on ministries and replaced it with "as needed by the President," has introduced legal uncertainty in Indonesia. This change adversely affected the structuring and formation of state ministries. This study analyzes the factors influencing ministry formation and aims to reconstruct the regulatory framework by reinstating limitations on the number of ministries to mitigate negative impacts. Using a normative legal method with statutory, conceptual, and historical approaches, this study identifies regulatory gaps. The findings reveal that the amendment to the State Ministry Law, particularly the revision of Article 15, which allows ministry numbers to be determined by presidential discretion, creates legal uncertainty. This fails to meet two key indicators of legal certainty theory - lex stricta and lex certa - leading to detrimental implications for ministry formation. This study recommends a judicial review of the amendments and advocates for reinstating a maximum limit on ministry numbers within the legal framework. This regulatory provision enhances legal certainty and prevents potential abuse of authority

    Islamic Economic Principles in Healthcare: Analyzing the Impact on Islamic Hospitals through Bibliometrics

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    This study explores the application of Islamic economic principles in healthcare, specifically through Islamic hospitals. Employing bibliometric analysis and network visualization techniques, data from the Scopus database revealed 722 articles published between 1973 and 2024 were analyzed. Tools such as Microsoft Excel, R/RStudio, and VOSviewer were used to analyze these documents and visualize a network of keywords that highlight the economic aspects of Islamic hospitals. The findings indicate a steady growth in publications at a rate of 7.03% annually, with 2019 marking the highest number. Iran has emerged as a significant contributor to this body of research, particularly through the Tehran University of Medical Sciences, while the Eastern Mediterranean Health Journal has served as the primary publication outlet. Keyword network analysis uncovered four main clusters: financing models, cost-effectiveness, resource allocation, and ethical considerations in healthcare. This study sheds light on the integration of Islamic economic principles in healthcare settings and lays the groundwork for future research on optimizing economic practices in Islamic hospitals

    The Quadriptych of Rizq, Ḥabs, Maʿāsh, and ʿUmrān: Insights from Hājar's Statement on Water Rights

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    This article explores the meanings underlying Hājar’s statement “you have no right to the water” of Zamzam, based on a philological reading of the original Arabic text mentioned in Ṣaḥīḥ al-Bukhārī. In this respect, it is necessary to understand Hājar’s statement in the general context of the foundation of the Bayt (sacred house), its destruction following Noah's flood, the gushing of Zamzam water, and the rebuilding of the Bayt by Ibrāhīm and Ismāʿīl. From this exploration emerges a quadriptych composed of four key meanings: rizq (divine provision), ḥabs (what is intended for the benefit of everyone), maʿāsh (the world we live from), and ʿumrān (the world we live in). This perspective offers an opportunity to understand Hājar's perception of the interaction between humans and the living milieu beyond the contemporary conceptual language focused on individual ownership. Following her experience of the gushing forth of Zamzam, the human being appears as the steward of God on earth who does not own the goods that he uses. As such, he is supposed to make them bear fruit for his own benefit and that of the community, in harmony with the milieu. The ability to inhabit takes precedence over the ability to appropriate the resources. Focusing on the concept of individual ownership veils the deeper meaning of life that connects the world we live from with the world we live in. Hajar's message is to make choices in favor of life. Such meanings open new avenues for research to go beyond the conceptual frameworks established by Islamic economics and finance, the contemporary jurisprudence of financial transactions, and that of awqāf, embedded in a contract approach centered on individual ownership

    Türkiye Wealth Fund: A Review

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    Sovereign wealth funds (SWFs) are investment funds owned by states to implement various state objectives. SWFs date back to the 19th century, but their modern examples emerged in 1953 with the Kuwait Investment Authority. They have been extensively known in the financial world after the millennium but were not coined until 2005. They reached approximately 14 trillion USD, a paramount capacity for international financial markets. They originally stemmed from fossil fuel revenues with stabilization and saving aims. As states recognize them, their aims and resources have diversified. Currently, they appear to be a varied bulk of investment tools managed by sovereign states. Their sole collective feature is the state ownership. Although they could resemble each other to some degree in a specific group, they are not a homogeneous group of investors. The Türkiye Wealth Fund (TWF) is a distinctive SWFs. Türkiye has not had ample reserves to build an SWF, but it has used its enterprises and borrowing to build an SWFs. There is considerable controversy regarding TWF in Türkiye. In this article, I endeavored to present a general picture of TWF and the controversy surrounding it. Considering the best practices, I attempted to recommend some things to TWF to contribute to its improvement in the right way

    Understanding Islamic Banking Usage Continuance in Indonesia: A Relevance of Religiosity Perspective

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    This study explores and analyzes religiosity as a key factor in muamalah activities to boost Islamic banking customers' intention to continue using the service. This focus arises from the intense competition in Indonesia's Islamic financial industry. Despite this competition, the Islamic banking sector still has a relatively small percentage of loyal customers, contributing to its low market share in the country. Therefore, banks must devise strategies that leverage religious factors to enhance customers' continuance intention usage (CUI). This quantitative study employed a survey method, utilizing structural equation modeling (SEM-AMOS) to meet its research objectives. The study selected Islamic banking customers as its sample and gathered 403 participants through convenience sampling. The findings indicate that this study adjusted the religiosity indicator to assess economic activity, particularly customer behavior. Additionally, the model demonstrated that religiosity can significantly enhance Islamic banking customers' CUI. This study offers policy recommendations for regulators in the Islamic banking industry, emphasizing the importance of religious factors in attracting customer continuance intention usage, as most Indonesian Muslims exhibit greater confidence in such factors

    PENGARUH BEBAN KERJA TERHADAP TURNOVER INTENTION DENGAN PERCEIVED ORGANIZATIONAL SUPPORT (POS) DAN CONTINUANCE COMMITMENT SEBAGAI VARIABEL MODERASI: Analyzing Workload, Perceived Organizational Support, and Commitment at Baitul Maal wat Tamwil (BMT)

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    Human resources are an important aspect of an organization that cannot be separated from turnover problems. The high turnover rate remains a serious problem that organizations must minimize. One of the factors that can cause high turnover rates is the employee workload. Despite this, some factors can be highlighted to reduce turnover rates due to high workload, namely, perceived organizational support (POS) and continuance commitment. This study aimed to determine the effect of workload on turnover intention, with perceived organizational support (POS) and continuance commitment as moderating variables. This study used a quantitative method. Data were collected using questionnaires distributed to employees of BMT BIF Yogyakarta. The research respondents were 75 people collected using a saturated sampling method. Data analysis in this study used Structural Equation Modeling (SEM) in the Smart PLS 3.2.9 application. The results of the study show that there is an influence between workload and turnover intention. In addition, the perceived organizational support variable can also moderate the effect of workload on turnover intention, while continuance commitment cannot moderate the effect of workload on turnover intention. The managerial implications lead to the organization's role to always pay attention to the workload assigned to employees and to increase the perceived organizational support for employees so that turnover intention can be minimized.Sumber daya manusia merupakan salah satu aspek penting dalam organisasi yang tidak terlepas dari masalah turnover. Tingginya angka turnover masih menjadi masalah serius yang harus mampu diminimalisir oleh organisasi. Salah satu faktor yang dapat menyebabkan tingginya angka turnover adalah beban kerja karyawan. Maka dari itu diperlukan faktor untuk menurunkan tingkat turnover akibat tingginya beban kerja yaitu perceived organizational support (POS) dan continuance commitment. Penelitian ini bertujuan untuk mengetahui pengaruh beban kerja terhadap turnover intention dengan perceived organizational support (POS) dan continuance commitment sebagai variabel moderasi. Metode penelitian yang digunakan adalah metode kuantitatif, pengumpulan data dilakukan dengan kuesioner yang dibagikan kepada pegawai BMT BIF Yogyakarta, responden penelitian berjumlah 76 orang dengan menggunakan metode sampel jenuh. Analisis data dalam penelitian ini menggunakan Structural Equation Modeling (SEM) pada aplikasi SmartPLS 3.2.9. Hasil penelitian menunjukkan adanya pengaruh antara beban kerja terhadap turnover intention. Selain itu, variabel perceived organizational support juga mampu memoderasi pengaruh beban kerja terhadap turnover intention, sedangkan continuance commitment tidak mampu memoderasi pengaruh beban kerja terhadap turnover intention. Implikasi manajerial tersebut mengarah pada peran organisasi untuk selalu memperhatikan beban kerja yang diberikan kepada karyawan dan meningkatkan dukungan organisasi yang dirasakan terhadap karyawan sehingga keinginan untuk berpindah kerja dapat diminimalkan

    Moral Singularity, Consciousness, and Artificial Intelligence in The Algorithmic Age of Islamic Economics, Finance, Society, and Science

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    This paper analytically argues that received scientific doctrine and Islamic scholarship, by being methodologically independent of the principle of pairing the moral and material essence of events, have left a significant gap in understanding reality. Such a gap is referred to as exogenously independent, that is, as existing merely as a moral singularity in the methodological worldview of knowledge that otherwise pervades “everything.’ This latter essence pronounces the central role of Tawhid as the pervasiveness of the conscious continuum. The pervasive nature of the conscious continuum in Tawhidi unity of knowledge brings out the analytical power to explain the core of the socio-scientific methodology of pairing (complementarities). This study derives a logical formal model of the interrelations between the centerpiece of the unity of knowledge, consciousness, configuration of epistemic moral-materiality, and socio-scientific intellection in the post-modern algorithmic age. For example, this vastness is inherent in the new epistemic configuration of the AI regime of the algorithmic age. Such an intellectual vista of divinely induced formal inherences in the order of reality is pointed out in this paper as pertaining to the new episteme of socio-scientific moral-materiality holism. A comparative methodological approach was used. The emergent subtle areas of discourse form the originality of the paper, its focus, and its theme

    The Forfeiture of Corruption Assets and the Legal Position of Innocent Third Parties: Normative Challenges and Policy Gaps

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    The asset forfeiture of corruption proceeds is essential for recovering state losses and preventing criminals from benefiting economically from their crimes. However, this policy raises legal challenges when assets are in the hands of third parties acting in good faith. This study aims to explore the economic rights of such third parties and examine the legal protection of their rights during the seizure of assets derived from corruption. This study employs a normative juridical approach, utilizing statutory, conceptual, and case analyses. The findings reveal an imbalance between asset forfeiture policies and the principle of justice for third parties who acquire assets legally. Although regulations govern objections from good-faith third parties, practical implementation still faces difficulties in terms of proof and legal interpretation. Thus, this study suggests the need for more detailed regulatory reforms to ensure the fair protection of the economic rights of good-faith third parties while facilitating the recovery of state assets

    Establishing A Personal Data Protection Agency for E-Commerce in Indonesia: Legal Framework and Implementation Challenges

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    The rapid growth of e-commerce in Indonesia has led to a significant increase in the collection and processing of personal data, raising concerns regarding data security and privacy rights. This study analyzes the urgency of establishing a Personal Data Protection Agency (LPDP) specifically for e-commerce users in Indonesia, considering the increasing risks to personal data in the digital marketplace. This research focuses on addressing the limitations of the current legal framework, particularly the gaps in the Indonesian Personal Data Protection Law (UU No. 27 of 2022), and proposes an independent body with clear authority to regulate, monitor, and enforce data protection standards. This study employs a qualitative approach using normative legal analysis to evaluate existing regulations and assess the evolving needs of the e-commerce sector. The findings suggest that the absence of detailed implementation regulations and lack of a specific regulatory body create significant legal uncertainties, exposing users to potential data breaches. Establishing the LPDP is expected to strengthen data protection measures, enhance consumer trust, and provide legal certainty in Indonesia's digital economy. The proposed structure of the LPDP includes directorates for policy and regulation, supervision and audits, law enforcement, and public education and awareness. The implementation of effective personal data protection policies requires a comprehensive and coordinated approach, with the LPDP having sufficient authority and resources to perform its duties. This study highlights the importance of establishing an independent regulatory body to ensure the protection of personal data and privacy rights in Indonesia's rapidly expanding e-commerce sector

    With a Little Help from my Friends: Mining the Logic behind Israel-Jordan-UAE Water for Electricity Deal

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    In November 2021, Israel, Jordan, and the United Arab Emirates (UAE) began evaluating the feasibility of an agreement under which Israel would supply Jordan with desalinated drinking water and Jordan would provide Israel with electricity generated by solar systems located in Jordan and built by a UAE company. Since both water and electricity can be produced independently””Jordan can desalinate its own water, and Israel can generate electricity from solar power””the article questions the rationale behind this project. It concludes that the agreement’s foundation, both in terms of engineering and legal structure, is heavily rooted in political and psychological theories of trust building. If successful, this initiative could pave the way for broader regional cooperation and normalization

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