Acceleration of Islamic Finance Fatwa Legislation of the National Sharia Council of the Indonesian Ulema Council Based on Ijtihad Istinbati and Ijtihad Tatbiq

Abstract

pillar of the global economic system. This growth is not limited to Muslim countries, but also in Western countries, which are beginning to adopt Islamic financial principles as an ethical alternative to conventional systems. However, global dynamics characterized by technological disruption, financial crises, climate change, and social inequality demand a more resilient and sustainable Islamic financial system. Therefore, a robust and adaptive regulatory framework, including an accelerated program for issuing Islamic financial fatwas, is urgently needed to ensure the stability and sustainability of the Islamic financial system in the future. This research aims to analyze the future direction of Islamic business and finance, focusing on strengthening the regulatory framework that can ensure the resilience and sustainability of the Islamic financial system. The primary objective is to identify critical elements in developing regulatory policies that are compliant with Sharia principles while also responsive to developments in financial technology (fintech), economic digitalization, and market globalization. Furthermore, this research seeks to explore how moral, social, and environmental values inherent in society can be integrated into Islamic economic policies so that the Islamic financial system is not only financially stable but also contributes to social welfare and environmental preservation. The problem formulation raised in this study includes several main questions: (1) How is the integration of ijtihad istinbati and ijtihad tatbiqi in determining Islamic financial fatwas? (2) How are efforts to accelerate Islamic financial fatwa legislation by the DSN MUI? (3) What kind of regulatory model is ideal to ensure a balance between innovation, stability, and sharia compliance? These questions form the basis for examining the direction of developing futuristic and sustainable Islamic financial regulations. The study’s findings indicate that the future success of the Islamic financial system depends heavily on regulators’ ability to create an inclusive, collaborative, and innovative policy framework. Ideal regulations not only mandate compliance with Sharia principles but also encourage the development of ethically based financial technology, strengthen the governance of financial institutions, and increase financial inclusion. Other findings confirm that integrating the legal istinbat methodology into public policy can strengthen the social function of Islamic finance, making it an instrument for equitable and sustainable development. Therefore, the future of Islamic business and finance will be determined by the extent to which the regulatory system can harmonize spiritual values, economic innovation, and environmental sustainability within a robust and progressive policy framework.

Keywords : Fatwa, Ijtihad Istinbati, Ijtihad Tatbiqi.