Indonesia–Malaysia Export-Import and Islamic Economic Growth

2025-08-11T14:50:52+07:00

Purpose: This study analyzes the contribution of exports and imports to Gross Domestic Product (GDP) from an Islamic economics perspective, using a comparative study between Indonesia and Malaysia (2019–2024).

Methodology/approach: A quantitative approach using panel data regression analyzes annual secondary data from BPS, DOSM, and the World Bank through OLS, FEM, and REM, with the best model determined by the Hausman test.

Results/findings: The study finds that exports and imports together significantly affect national income in both countries. The Random Effects Model (REM) is the most suitable, with an R² of 0.997. From an Islamic economic perspective, halal and productive exports are commendable as they reflect maslahah and ikhtiar, while productive imports are permissible but consumption-driven imports should be regulated to maintain istiqlal (economic independence).

Conclusions: Simultaneous export and import activities significantly affect both countries’ national income, though individually insignificant. In Islamic economics, productive exports are encouraged, and productive imports are allowed as long as they do not undermine the ummah’s economic independence.

Limitations: The study spans six years and two countries, limiting analytical significance, and excludes key variables such as investment, fiscal policy, and political stability.

Contribution: This study enriches the literature by integrating empirical trade analysis with Islamic principles, providing insights for policymakers to develop value-based trade strategies that foster ethical growth and economic sovereignty.

Assessing Crypto-Zakat’s Legal and Sharia Validity in Indonesia’s Digital Economy

2025-08-13T14:33:06+07:00

Purpose: This study investigates the legal and Sharia perspectives on the use of cryptocurrency in Indonesia’s digital economy, with a focus on its potential application for zakat payments.

Methodology/Approach: The study adopts a legal-normative and doctrinal approach, analyzing Indonesian regulations and fatwas from major Islamic organizations. Secondary sources, including academic articles and classical Islamic jurisprudence, are reviewed to understand the intersection of cryptocurrency with both legal frameworks and Sharia law.

Results/Findings: The findings reveal that while Indonesian law acknowledges cryptocurrency as a digital asset, it is not recognized as legal tender. In terms of Sharia law, there are differing opinions, with some Islamic scholars viewing cryptocurrency as haram due to the uncertainty (gharar) involved, while others accept it as a permissible asset if backed by tangible goods. However, the use of cryptocurrency for zakat payments is not authorized, though crypto-assets themselves could be subject to zakat if they meet specific conditions.

Conclusion: For cryptocurrency to be utilized for zakat, a comprehensive regulatory framework aligning both legal and Sharia principles must be established. Close collaboration among legal authorities, religious scholars, and zakat institutions is crucial.

Limitations: The study is based on a theoretical analysis and lacks empirical data from zakat institutions, which limits its applicability in real-world scenarios.

Contribution: This research adds to the field of Islamic digital finance by offering a dual legal-religious perspective and providing recommendations for the integration of cryptocurrency into Indonesia’s zakat system.

Bukhori: Kajian Ekonomi dan Keuangan Islam

Indonesia–Malaysia Export-Import and Islamic Economic Growth

Assessing Crypto-Zakat’s Legal and Sharia Validity in Indonesia’s Digital Economy