An Islamic Criminal Law Study of Financial Crimes in Modern Sharia Businesses
Main Article Content
Liantha Adam Nasution
Mhd Yadi Harahap
The increasing complexity of modern finance requires a strong ethical and legal framework. Islamic law offers a foundation such as Sharia principles that can effectively curb economic violations. This study develops an integrative framework by integrating fiqh al-jinayah into corporate management and offers targeted policy recommendations. Using a normative-doctrinal methodology, this research combines a comprehensive literature review with thematic content analysis of corporate Sharia policies and a comparative examination of Sharia-compliant and non-Sharia-compliant practices. The study's findings indicate that empowering the Sharia Supervisory Board (DPS) and conducting internal Sharia audits to institutionalize the values of amanah, siddiq, and ta'zir significantly enhances transparency and accountability. These measures help prevent embezzlement, fraud, and money laundering while promoting profit-sharing financing models. The moral approach of Sharia law complements the existing legal regime by addressing the root causes of corporate misconduct, linking divine accountability with procedural rigor. The research contribution seeks to align corporate regulations by incorporating ta'zir-based sanctions for financial violations, explicitly granting the Sharia Supervisory Board (DPS) sanctioning authority, and implementing ethics-based capacity-building programs for executives and board members. This initiative paves the way for integrating Islamic legal principles into modern business processes and strengthening corporate governance with a Sharia-based value orientation.
Abbas, Aamir, Qasim Ali Nisar, Mahmood A. Husain Mahmood, Abderrahim Chenini, and Ahsan Zubair. “The Role of Islamic Marketing Ethics towards Customer Satisfaction.” Journal of Islamic Marketing 11, no. 4 (2019): 1001–18. https://doi.org/10.1108/JIMA-11-2017-0123.
Abdullah, Fuady, and Moh. Mukhlas. “Dissenting Approaches of Islamic Economics: The Contemporary Juristic Discussion of Riba.” Justicia Islamica 17, no. 1 (2020): 1–16. https://doi.org/10.21154/justicia.v17i1.1925.
Abiad, Hiba Al, and Ayman Masadeh. “Law Comparison as a Research Method in Legal Studies, and Its Importance in Promoting Uniformity in Legal Systems.” In BUiD Doctoral Research Conference 2023. Lecture Notes in Civil Engineering, edited by Khalid Al Marri, Farzana Asad Mir, Solomon Arulraj David, and Mostafa Al-Emran, 473:446–54. Cham: Springer Cham, 2024. https://doi.org/10.1007/978-3-031-56121-4_42.
Al-Khatib, Mahmoud Abed. “The Concept of Justice in Islam: A Socio-Pragmatic Analysis.” Journal of Ethnic and Cultural Studies 10, no. 5 (2023): 45–66. https://doi.org/10.29333/ejecs/1749.
Alnamlah, Abdullah, M. Kabir Hassan, Asem Alhomaidi, and Edib Smolo. “A New Model for Screening Shariah-Compliant Firms.” Borsa Istanbul Review 22, no. 1 (2022): S10–23. https://doi.org/10.1016/j.bir.2022.10.011.
Alotaibi, Hajed A. “The Challenges of Execution of Islamic Criminal Law in Developing Muslim Countries: An Analysis Based on Islamic Principles and Existing Legal System.” Cogent Social Sciences 7, no. 1 (2021). https://doi.org/10.1080/23311886.2021.1925413.
Alwi, Zulfahmi, Rika Dwi Ayu Parmitasari, and Alim Syariati. “An Assessment on Islamic Banking Ethics through Some Salient Points in the Prophetic Tradition.” Heliyon 7, no. 5 (2021): e07103. https://doi.org/10.1016/j.heliyon.2021.e07103.
Amiruddin, Muhammad Majdy. “Proposing Strategic Maqashid Management Framework (SMMF) to Sustainable Islamic Business: Integrating Maqashid Principles with Strategic Management Theories.” In Strategic Islamic Business and Management: Solutions for Sustainability, edited by Ahmad Rafiki, Veland Ramadani, Léo-Paul Dana, and Sutan Emir Hidayat, 185–99. Cham: Springer Cham, 2024. https://doi.org/10.1007/978-3-031-61778-2_10.
Bintoro, Rahadi Wasi. “Basic Principles of Sharia Economy for Community Economic Empowerment (Study of the Sharia Principles Application in Indonesia).” Problems of Legality, no. 153 (2021): 199–213. https://doi.org/10.21564/2414-990X.153.222847.
Button, Mark, Branislav Hock, and David Shepherd. “Economic Crime and Economic Criminology.” In Economic Crime, 1st ed., 1–30. London: Routledge, 2022. https://doi.org/10.4324/9781003081753-1.
Button, Mark, and David Shepherd. “The Case for Economic Criminology.” Journal of Economic Criminology 1 (2023): 100015. https://doi.org/10.1016/j.jeconc.2023.100015.
Cheong, He-in, Agnieszka Lyons, Robert Houghton, and Arnab Majumdar. “Secondary Qualitative Research Methodology Using Online Data within the Context of Social Sciences.” International Journal of Qualitative Methods 22 (2023): 160940692311801. https://doi.org/10.1177/16094069231180160.
Christou, Prokopis A. “How to Use Thematic Analysis in Qualitative Research.” Journal of Qualitative Research in Tourism 3, no. 2 (2022): 79–95. https://doi.org/10.4337/jqrt.2023.0006.
D’Alvia, Daniele. “Risk, Uncertainty and the Market: A Rethinking of Islamic and Western Finance.” International Journal of Law in Context 16, no. 4 (2020): 339–52. https://doi.org/10.1017/S1744552320000154.
Deif (أحمد ضيف), Ahmed M., and Logan Cochrane (لوجان كوكران). “A Values-Based Approach for Development: An Islamic Perspective [نهج التنمية القائم على القيم: منظور إسلامي].” Journal of Islamic Ethics 6, no. 2 (2022): 284–310. https://doi.org/10.1163/24685542-12340082.
Djalaluddin, Muhammad Mawardi, Bulqia Mas’ud, Dedy Sumardi, Isnawardatul Bararah, and Kamus Kamus. “The Implementation of Ta’zīr Punishment as an Educational Reinforcement in Islamic Law.” Samarah: Jurnal Hukum Keluarga Dan Hukum Islam 7, no. 1 (2023): 399. https://doi.org/10.22373/sjhk.v7i1.15101.
Eggen (نورة س. أگّين), Nora S. “Trust, Trusting and Trustworthiness in Ethical Discourse [الأمانة والثقة وحسن الظن في الخطاب الأخلاقي].” Journal of Islamic Ethics 5, no. 1–2 (2021): 194–222. https://doi.org/10.1163/24685542-12340059.
Fahlefi, Rizal, Asyari Hasan, and Alimin Alimin. “Management Model of Zakat Collection and Its Distribution for Zakat Agency.” Uluslararası Ekonomi İşletme ve Politika Dergisi 3, no. 2 (2019): 171–82. https://doi.org/10.29216/ueip.561657.
Faza’, Mustafa, and Nemer Badwan. “Compliance of Sharia Audit in Islamic Banks and Islamic Financial Institutions in Palestine: A Literature Review.” Journal of Islamic Economics and Finance Studies 5, no. 1 (2024): 42–66. https://doi.org/10.47700/jiefes.v5i1.7712.
Firdaus, Achmad, and Khaliq Ahmad. “Islamic Economic System: Maslahah in a Muslim State Economy.” In Islamic Business and Performance Management: The Maslahah-Based Performance Management System, edited by Achmad Firdaus and Khaliq Ahmad, 1st ed., 8–30. London: Routledge, 2023. https://doi.org/10.4324/9781003390947-2.
Ghafran, Chaudhry, and Sofia Yasmin. “Ethical Governance: Insight from the Islamic Perspective and an Empirical Enquiry.” Journal of Business Ethics 167, no. 3 (2020): 513–33. https://doi.org/10.1007/s10551-019-04170-3.
Gillner, Sandra, Katharina Elisabeth Blankart, Florence Tanya Bourgeois, Ariel Dora Stern, and Carl Rudolf Blankart. “The Challenges of Regulatory Pluralism.” Health Policy 149 (2024): 105164. https://doi.org/10.1016/j.healthpol.2024.105164.
Hassan, M. Kabir, Sirajo Aliyu, Makeen Huda, and Mamunur Rashid. “A Survey on Islamic Finance and Accounting Standards.” Borsa Istanbul Review 19 (2019): S1–13. https://doi.org/10.1016/j.bir.2019.07.006.
İmamoğlu, Özkan, and Osman Çevik. “A Conceptual View of Behavioral Finance.” European Journal of Managerial Research Dergisi 4, no. 7 (2020): 246–63. https://dergipark.org.tr/tr/pub/eujmr/issue/57882/844082.
Jan, Ahmad Ali, Fong-Woon Lai, and Muhammad Tahir. “Developing an Islamic Corporate Governance Framework to Examine Sustainability Performance in Islamic Banks and Financial Institutions.” Journal of Cleaner Production 315 (2021): 128099. https://doi.org/10.1016/j.jclepro.2021.128099.
Jones, David Seth. “1MDB Corruption Scandal in Malaysia: A Study of Failings in Control and Accountability.” Public Administration and Policy 23, no. 1 (2020): 59–72. https://doi.org/10.1108/PAP-11-2019-0032.
Kamali, Mohammad Hashim. “Just Retaliation (Qiṣāṣ).” In Crime and Punishment in Islamic Law: A Fresh Interpretation, 201–12. New York: Oxford University Press, 2019. https://doi.org/10.1093/oso/9780190910648.003.0015.
———. “Necessity (Darurah) and Forgetfulness (Nisyan).” In Shariah and the Halal Industry, 103–11. Oxford University Press, 2021. https://doi.org/10.1093/oso/9780197538616.003.0010.
Khan, Abidullah, Syeda Beena Zaidi, Abid Mahmood, and Shabeer Khan. “Achieving Social Well-Being and Financial Inclusion Through Islamic Microfinance: A Case Study of Akhuwat Islamic Microfinance.” In The Future of Islamic Finance, edited by Edib Smolo and Mohamed Mahees Raheem, 83–102. Leeds: Emerald Publishing Limited, 2024. https://doi.org/10.1108/978-1-83549-906-120241006.
Khan, Muhammad Imran, Nadia Saleem, and Sardar Ali. “Concept of Crime and Punishment in the Context of the Legal System of Islam and Public Policy Perspective.” Russian Law Journal 11, no. 5 (2023): 1337–41. https://www.russianlawjournal.org/index.php/journal/article/view/2824.
Khan, Muhammad, Dodik Siswantoro, and Abid Ur Rahman. “The Obstacle Factors of Musharakah and Mudharabah Application in Pakistan.” Jurnal Akuntansi Dan Keuangan Indonesia 17, no. 2 (2020): 183–96. https://doi.org/10.21002/jaki.2020.11.
Leena Haniffah, Noor, Mohammed Sharaf Shaiban, and Pervaiz Ahmed. “Development and Validation of a Performance Measurement System Based on Islamic Principles.” Heliyon 9, no. 5 (2023): e16095. https://doi.org/10.1016/j.heliyon.2023.e16095.
Leone de Castris, Arcangelo. “Types of Platform Transparency: An Analysis of Discourse Around Transparency and Global Digital Platforms.” Public Integrity, 2024, 1–15. https://doi.org/10.1080/10999922.2024.2304741.
Mamun, Md. Abdullah Al, M. Kabir Hassan, Md. Abul Kalam Azad, and Mamunur Rashid. “A Hybrid Review of Islamic Pricing Literature.” The Singapore Economic Review 67, no. 01 (2022): 477–509. https://doi.org/10.1142/S0217590821420029.
Menne, Firman, Batara Surya, Muhammad Yusuf, Seri Suriani, Muhlis Ruslan, and Iskandar Iskandar. “Optimizing the Financial Performance of SMEs Based on Sharia Economy: Perspective of Economic Business Sustainability and Open Innovation.” Journal of Open Innovation: Technology, Market, and Complexity 8, no. 1 (2022): 18. https://doi.org/10.3390/joitmc8010018.
Mishra, Saurabh, Ishani Tewari, and Siavash Toosi. “Economic Complexity and the Globalization of Services.” Structural Change and Economic Dynamics 53 (2020): 267–80. https://doi.org/10.1016/j.strueco.2020.03.002.
Mukhibad, Hasan, Prabowo Yudo Jayanto, Risanda Alirastra Budiantoro, Bayu Bagas Hapsoro, Aas Nurasyiah, and Ayatulloh Michael Musyaffi. “Equity-Based Financing and Risk in Islamic Banks: A Cross-Country Analysis.” Cogent Economics & Finance 11, no. 2 (2023): 2235117. https://doi.org/10.1080/23322039.2023.2235117.
Negara, Tunggul Ansari Setia. “Normative Legal Research in Indonesia: Its Originis and Approaches.” Audito Comparative Law Journal (ACLJ) 4, no. 1 (2023): 1–9. https://doi.org/10.22219/aclj.v4i1.24855.
Nobanee, Haitham, Osama F. Atayah, and Charilaos Mertzanis. “Does Anti-Corruption Disclosure Affect Banking Performance?” Journal of Financial Crime 27, no. 4 (2020): 1161–72. https://doi.org/10.1108/JFC-04-2020-0047.
Nur, Iffatin, Syahrul Adam, and M. Ngizzul Muttaqien. “Maqāṣid Al-Sharī‘at: The Main Reference and Ethical-Spiritual Foundation for the Dynamization Process of Islamic Law.” AHKAM : Jurnal Ilmu Syariah 20, no. 2 (2020): 331–60. https://doi.org/10.15408/ajis.v20i2.18333.
Putra, Nandha Risky, and Rosa Linda. “Corruption in Indonesia: A Challenge for Social Changes.” Integritas : Jurnal Antikorupsi 8, no. 1 (2022): 13–24. https://doi.org/10.32697/integritas.v8i1.898.
Rohmah, Mufidatur, and Sri Trisnaningsih. “Analysis Violation of Professional Ethics in Manipulation Report Finance (Study The Case of PT Garuda Indonesia).” International Journal of Management Science and Information Technology 3, no. 1 (2023): 8–15. https://doi.org/10.35870/ijmsit.v3i1.844.
Santos, Karine da Silva, Mara Cristina Ribeiro, Danlyne Eduarda Ulisses de Queiroga, Ivisson Alexandre Pereira da Silva, and Sonia Maria Soares Ferreira. “O Uso de Triangulação Múltipla Como Estratégia de Validação Em Um Estudo Qualitativo.” Ciência & Saúde Coletiva 25, no. 2 (2020): 655–64. https://doi.org/10.1590/1413-81232020252.12302018.
Sichali, J.M., C. Bunn, D. McGee, V.K. Marionneau, J.S. Yendork, F. Glozah, M. Udedi, and G. Reith. “Regulation of Gambling in Sub-Saharan Africa: Findings from a Comparative Policy Analysis.” Public Health 214 (2023): 140–45. https://doi.org/10.1016/j.puhe.2022.07.018.
Surya, Reni. “Klasifikasi Tindak Pidana Hudud Dan Sanksinya Dalam Perspektif Hukum Islam.” Samarah: Jurnal Hukum Keluarga Dan Hukum Islam 2, no. 2 (2019): 530–47. https://doi.org/10.22373/sjhk.v2i2.4751.
Syarif, Fazlurrahman. “Regulatory Framework for Islamic Financial Institutions: Lesson Learnt between Malaysia and Indonesia.” Journal of Halal Product and Research 2, no. 2 (2019): 79. https://doi.org/10.20473/jhpr.vol.2-issue.2.79-85.
Tallenbach, Silvia. “Islamic Criminal Law.” In The Oxford Handbook of Criminal Law, edited by Markus D. Dubber and Tatjana Hörnle, 248–268. Oxford University Press, 2015. https://doi.org/10.1093/oxfordhb/9780199673599.013.0012.
Tiran, Melisa. “Islamic Economics: Principles and Applications in Contemporary Finance.” International Journal of Science and Society 5, no. 3 (2023): 180–88. https://doi.org/10.54783/ijsoc.v5i3.735.
Wijaya, Ibrahim Fatwa, and Andrea Moro. “Trustworthiness and Margins in Islamic Small Business Financing: Evidence from Indonesia.” Borsa Istanbul Review 22 (2022): S35–46. https://doi.org/10.1016/j.bir.2022.10.010.
Wijayanti, Rita, and Doddy Setiawan. “The Role of the Board of Directors and the Sharia Supervisory Board on Sustainability Reports.” Journal of Open Innovation: Technology, Market, and Complexity 9, no. 3 (2023): 100083. https://doi.org/10.1016/j.joitmc.2023.100083.
Zakariyah, Luqman. “4 Legal Maxim Regarding Certainty and Doubt: ‘Certainty Cannot Be Overruled by Doubt’ (Al-Yaqīn Lā Yazūl Bi-Sh-Shakk).” In Legal Maxims in Islamic Criminal Law: Theory and Applications, 80–135. Leiden, The Netherlands: Brill | Nijhoff, 2015. https://doi.org/10.1163/9789004304871.
———. “6 Legal Maxim Regarding Elimination of Harm: ‘No Injury/Harm Shall Be Inflicted or Reciprocated’ (Lā Ḍarar Wa-Lā Ḍirār).” In Legal Maxims in Islamic Criminal Law: Theory and Applications, 158–172. Leiden, The Netherlands: Brill | Nijhoff, 2015. https://doi.org/10.1163/9789004304871.
Zulfahmi, Affan Muhammad Hasibuan, Pebriyanti Pebriyanti, Abdul Haris Nasution, and Asrofi Asrofi. “Criminal Sanctions for Extortionists in the Perspective of Positive Law and Islamic Criminal Law: A Comparative Analysis.” Al-Rasῑkh: Jurnal Hukum Islam 14, no. 1 (2025): 1–16. https://doi.org/10.38073/rasikh.v14i1.1978.
