CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE

Reformulation of Criminal Policy on Sharia Economic Crimes: Integrating Maqāsid Principle into Contemporary Islamic Criminal Law

Zul Khaidir Kadir — 2026-01-12

This article examined the reformulation of criminal policy for sharia economic crimes through the perspective of maqāṣid al-sharīʿah, with particular attention to the protection of wealth (ḥifẓ al-māl) as a foundational objective of Islamic law. The study aimed to address the persistent gap between the ethical–normative commitments of Islamic finance and the predominantly positivist criminal justice frameworks applied to economic misconduct in sharia-compliant sectors. A qualitative normative legal method was employed with a critical examination of contemporary statutory regulations. The analysis focused on how criminal liability, sanctions, and procedural mechanisms are currently constructed and the extent to which they align with maqāṣid-based objectives. The findings demonstrated that existing criminal policies tend to treat sharia economic violations as generic financial offenses, thereby failing to account for their distinctive moral, social, and distributive harms. This misalignment weakens deterrence, obscures institutional responsibility, and undermines public trust in sharia economic institutions. The study proposed a maqāṣid-oriented criminal policy framework that redefines economic offenses under the Ta‘zīr paradigm, incorporates corporate criminal liability, and integrates preventive, corrective, and restorative dimensions into enforcement mechanisms. Such a framework strengthens normative coherence between Islamic legal principles and modern criminal justice systems while enhancing the integrity and sustainability of the sharia economy.

From Traditional Contract to Digital Practice: Examining Istishna Contracts Applications in MSMEs Furniture Online Transactions

Dwi Safitri — 2026-05-11

This study examines the implementation of the Istishna contract within a pre-order (PO) business model and evaluates its compliance with Sharia accounting standards, specifically PSAK 403 and PSAK 404, at UMKM Duta Rotan. Employing a qualitative descriptive approach, the research captures the actual business practices through semi-structured interviews, direct observation, and analysis of transactional and supporting documents. The findings reveal that the enterprise’s pre-order system substantively reflects the core characteristics of the Istishna contract, particularly in the customization of goods prior to production based on agreed specifications. However, significant gaps persist in the financial reporting framework. Accounting practices remain rudimentary, limited to basic order recording without the preparation of comprehensive financial statements. Revenue recognition is conducted on a cash basis, which diverges from the accrual-based approach prescribed under Sharia accounting standards. Additionally, the absence of systematic recording for production costs and inventory results in incomplete and potentially misleading financial information. This study highlights a critical disconnect between operational adherence to Islamic contractual principles and the formal accounting practices required for Sharia compliance. It underscores the urgent need for capacity building in Sharia-based financial reporting, particularly among micro, small, and medium enterprises (MSMEs). Strengthening accounting practices is essential not only to ensure regulatory compliance but also to enhance transparency, accountability, and long-term sustainability in line with Islamic economic principles.

The Role of Graduates of Arabian Universities in the Development of Maqasid al-Shari’ah in Nigeria

Mukhtar Umar Dagimun — 2026-05-16

The science of Maqasid al-Shari’ah did not emerge until in the 4^th century, however its concept is rooted in the Qur’an and Sunnah of the Prophet (SAW). It is based on wisdom and achieving people’s welfare. It is very essential in solving the numerous problems of the society particularly in the modern age. This paper examines the contribution of graduates of Arabian Universities to the advancement of the science of Maqasid al-Shari’ah in Nigiera. The main objective of this paper is to show how these graduates through their different programs assist in the development of the science which was mostly unknown to many people. The major finding of this paper revealed that though majority of these scholars do not take the science as a specialization, they however help in organizing lectures and Daurah on the science at various places in the country. This particularly helped in the spread and development of Maqasid al-Shari’ah in Nigeria. In writing this paper, both qualitative and library methods were adopted. In Qualitative method, oral interview was used to gather relevant data from the relevant stakeholders. In addition to interview, relevant library materials, theoretical works, audios and videos on Maqasid al-Shari’ah were also consulted and utilized.

Islamic Finance Integration in the Halal Wagyu Global Value Chain: Sharia-Compliant Instruments, Governance, and Policy Implications

Prima Gandhi — 2026-05-18

The global halal food market has evolved from a niche religious segment into a mainstream component of international agrifood trade, driven by demographic growth, rising middle-class incomes, and greater awareness of halal standards. Within this context, Japan occupies a distinctive position as a non-Muslim, high-income country with an advanced agrifood sector and strong branding around safety, quality, and traceability. Wagyu beef has become a flagship export, and the emergence of halal-certified wagyu has opened a high-value but still niche channel linking Japanese producers to Muslim markets in Southeast Asia and the Middle East, while facing governance and financing challenges such as fragmented certification, midstream bottlenecks, and limited Islamic finance integration. This article examines how halal-certified Japanese wagyu participates in global halal agrifood trade and how Islamic finance can support its development. Using qualitative document analysis of academic, policy, industry, and media sources, it maps the halal wagyu global value chain from upstream breeding and fattening in Japan to midstream slaughtering and processing, and downstream logistics, export, and retail in Muslim-majority markets. The findings show that halal governance relies on layered assurance across slaughter, processing, packaging, logistics, and food service, anchored in Japan’s beef traceability system and private halal certification and logistics standards. The study demonstrates that halal wagyu occupies a high-margin niche driven by affluent Muslim consumers but constrained by limited certified processing capacity, high compliance and logistics costs, and fragmented recognition of certifiers and regulations.