Al-Mudiju: Muamalah Discussion Journal

https://pdpijournals.org/index.php/mdj/issue/feed Al-Mudiju: Muamalah Discussion Journal 2025-09-10T00:00:00+00:00 Open Journal Systems <p><em><strong>Al-Mudiju: Muamalah Discussion Journal</strong></em> is an open-access, peer-reviewed journal dedicated to the study of Islamic economics and Shariah-compliant economic systems. The journal provides a platform for scholars and researchers to engage with contemporary issues and explore how Islamic economic principles can address modern challenges while promoting sustainable growth within the framework of Shariah law. The journal covers a broad range of topics related to Islamic economics, including Islamic Finance and Banking, Shariah-based Investments, Zakat, Waqf, Islamic Social Finance, Islamic Microfinance, Islamic accounting, Islamic business ethics, Islamic economic thoughts, Islamic human resource management, Islamic development economics, Islamic monetary economics, Islamic fiscal economics, Islamic capital market, Islamic Economic Systems, Shariah economic policies, Halal Economy. and other relevant themes.</p> https://pdpijournals.org/index.php/mdj/article/view/52 Islamic Business Ethics and their Application in Contemporary Corporate Governance 2025-09-08T07:15:51+00:00 Riska Ariyanti rskaary@gmail.com

<p>This study explores the application of Islamic business ethics in shaping contemporary corporate governance, focusing on how timeless ethical principles are translated into modern institutional practices. Drawing on a qualitative approach, the research analyzed secondary sources including classical Islamic texts, governance reports, regulatory guidelines, and corporate disclosures from Islamic financial institutions. The findings reveal that principles such as justice (</p> <div><em>‘adl</em></div> <p>), trust (</p> <div><em>amanah</em></div> <p>), truthfulness (</p> <div><em>siddiq</em></div> <p>), and public welfare (</p> <div><em>maslahah</em></div> <p>) remain central to governance structures, particularly through mechanisms such as Shariah Supervisory Boards (SSBs), Islamic Corporate Social Responsibility (ICSR), and risk-sharing contracts like</p> <div><em>mudarabah</em></div> <p>and</p> <div><em>musharakah</em></div> <p>. These practices underscore the multidimensional accountability framework in Islamic governance, which extends responsibility beyond shareholders to God, society, and the environment. The study also highlights the role of international standard-setting bodies such as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB) in institutionalizing ethics across jurisdictions. Despite these achievements, the research identifies persistent challenges, including superficial CSR disclosures, uneven adoption of standards, overreliance on debt-like financial instruments, and tensions between ethical integrity and profit imperatives. By situating these findings within the broader discourse of governance, the study concludes that Islamic business ethics offer a distinct paradigm capable of enriching corporate governance globally. However, realizing their full potential requires stronger institutional commitment, greater harmonization of regulatory practices, and a deeper internalization of ethics within organizational culture.</p>

2025-09-10T00:00:00+00:00 Copyright (c) 2025 Al-Mudiju: Muamalah Discussion Journal https://pdpijournals.org/index.php/mdj/article/view/50 Monetary Policy in Islamic Economics and Its Application in Modern Financial Systems 2025-09-08T06:40:30+00:00 Rahmat Wijaya rahmtwjy@gmail.com

<div><span lang="EN-US">This study explores monetary policy in Islamic economics and its application in modern financial systems, emphasizing ethical, social, and economic dimensions. Unlike conventional interest-based monetary systems, Islamic monetary policy is grounded in Sharia principles, which prohibit riba (interest) and promote justice, risk-sharing, asset-backed financing, and equitable wealth distribution. This qualitative study employs a descriptive-analytical approach, drawing on secondary data sources, including scholarly literature, policy documents, and case studies from countries implementing Islamic financial systems such as Malaysia, Indonesia, and Gulf Cooperation Council (GCC) states. The findings reveal that Islamic monetary policy offers practical mechanisms, such as sukuk, profit-and-loss sharing arrangements, and Sharia-compliant liquidity tools, that facilitate economic growth and financial stability while adhering to ethical principles. Despite these advantages, the study identifies challenges in implementation, including regulatory harmonization in dual banking systems, alignment with international financial standards, and limited public awareness of Islamic financial instruments. At the same time, the growing global interest in ethical and socially responsible finance presents opportunities for wider adoption of Islamic monetary tools beyond Muslim-majority countries.</span></div>

2025-09-10T00:00:00+00:00 Copyright (c) 2025 Al-Mudiju: Muamalah Discussion Journal https://pdpijournals.org/index.php/mdj/article/view/49 Waqf as a Sustainable Financing Model for Education and Health Services 2025-09-08T05:28:54+00:00 Raihan Malik rhnmlk@gmail.com

<p>This study explores the role of waqf as a sustainable financing model for education and health services, with a focus on its contemporary application in Indonesia. Traditionally regarded as a religious and philanthropic practice, waqf has evolved into a critical mechanism for funding social services, yet its potential remains underutilized due to institutional and managerial constraints. Using a qualitative approach, this research examines the current role of waqf institutions, governance practices, challenges faced, and emerging innovations in sustaining education and healthcare. The findings reveal that waqf continues to play a vital role by supporting schools, scholarships, and hospitals, particularly in underserved communities. However, the study also identifies significant challenges, including weak professional capacity among waqf managers, fragmented regulatory enforcement, and limited public awareness of waqf’s socio-economic potential. Despite these obstacles, innovations such as cash waqf, productive waqf, digital platforms, and public–private partnerships are reshaping the landscape, offering promising pathways to enhance sustainability and impact. The discussion highlights the need for stronger governance frameworks, professional training for nazir, and greater public engagement to ensure the productive use of waqf assets. The study concludes that waqf, when effectively managed, represents a hybrid institution that bridges religious values and modern financial practices, aligning with the Sustainable Development Goals (SDGs) in promoting inclusive education and equitable healthcare. These findings underscore the importance of revitalizing waqf institutions as a reliable, long-term mechanism for advancing social welfare and sustainable development.</p>

2025-09-10T00:00:00+00:00 Copyright (c) 2025 Al-Mudiju: Muamalah Discussion Journal https://pdpijournals.org/index.php/mdj/article/view/48 Exploring the Evolution of Islamic Economic thought from Classical Scholars to Modern Frameworks 2025-09-08T03:57:15+00:00 Syarif Hidayatullah syrfhdy@gmail.com

<p>This study explores the evolution of Islamic economic thought, tracing its intellectual journey from the classical contributions of scholars such as Al-Ghazali, Ibn Taymiyyah, and Ibn Khaldun to the emergence of modern frameworks in Islamic finance and economics. Employing a qualitative historical and interpretive approach, the research analyses primary sources from classical scholarship alongside contemporary literature, with the aim of identifying both continuities and transformations in economic principles over time. The findings reveal that classical Islamic economic thought was deeply rooted in ethical and moral values derived from the Qur’an and Sunnah, emphasizing justice, fairness, and the welfare of the community. These principles guided discussions on taxation, market regulation, labour, and prohibition of Riba, forming the foundation of Islamic economic ethics. In the modern era, the discipline has adapted to new institutional settings through the development of Islamic banking, zakat management, and Sharia-compliant financial instruments. While these frameworks demonstrate the flexibility and relevance of Islamic economics in addressing contemporary challenges, they also highlight ongoing tensions between maintaining ethical authenticity and meeting the demands of global economic integration. Ultimately, the study underscores Islamic economics as a dynamic tradition, simultaneously preserving its foundational moral commitments while fostering innovation to address the complexities of modern socio-economic realities</p>

2025-09-10T00:00:00+00:00 Copyright (c) 2025 Al-Mudiju: Muamalah Discussion Journal https://pdpijournals.org/index.php/mdj/article/view/11 Business Ethics and Corporate Social Responsibility from an Islamic Perspective in Halal Enterprises 2024-11-05T04:54:10+00:00 Dermana Agustina marjan.drakel@umi.ac.id

<div><span lang="EN-US">This study examines the relationship between Islamic business ethics, corporate social responsibility (CSR), and business performance within the Halal industry in Southeast Asia. By adopting both quantitative and qualitative approaches, it investigates how adherence to Islamic ethical principles in CSR practices influences organizational outcomes. Data were collected from 200 Halal-certified companies in Malaysia and Indonesia, covering sectors such as food, finance, and cosmetics. Hypotheses derived from the literature were tested using Structural Equation Modeling (SEM), while qualitative insights helped explain how Islamic ethics shape business conduct. The findings indicate that Islamic business ethics positively impact CSR engagement, with CSR acting as a mediator between ethical practices and business performance. Firms that integrate Islamic values into their CSR strategies not only enhance competitiveness and credibility with stakeholders but also achieve improved financial performance. The research highlights the significance of aligning business practices with religious and ethical principles, particularly in the Halal industry, where consumer trust and Sharia compliance are crucial. This study contributes to existing scholarship by providing empirical evidence that Islamic ethics serve as the foundation for responsible business practices and sustainable economic growth</span></div>