Analisis Hukum Komparatif Model Mikrofinansial Syariah di Indonesia, Malaysia, Bangladesh, dan Pakistan
DOI:
https://doi.org/10.63321/jifsb.v3i2.167Keywords:
Sharia Microfinance;, Sharia Governance; Maqāṣid Al-Syarī'ahAbstract
This study aims to analyze and compare the Sharia microfinance legal frameworks in Indonesia, Malaysia, Bangladesh, and Pakistan, focusing on three dimensions: Sharia contracts/instruments, Sharia governance structures, and formal regulatory frameworks, and to evaluate their compliance with the principles of maqāṣid al-syarī'ah, particularly hifdz al-mal. This study employs a normative legal research method using a conceptual comparative legal approach, based on secondary data consisting of primary legal sources (legislation, fatwas from Sharia authorities, and court decisions) and secondary legal sources (academic journal articles and institutional reports). Indonesia grapples with the dual legal status of Baitul Maal wat Tamwil (BMT) institutions; Malaysia has strong Sharia governance at the banking level but inconsistent oversight at the microfinance level; Bangladesh lacks a stand-alone Sharia legal framework, with Sharia regulations still integrated within conventional banking legislation; while Pakistan demonstrates a paradox between the very high operational performance of Akhuwat and a persistently weak formal governance framework. None of the four countries has achieved ideal compliance with maqāṣid al-sharī'ah, and the regulatory challenges facing Sharia microfinance have proven to be contextual and path-dependent in each country.
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