DSN-MUI Regulatory and Fatwa Synergy: The Application of Tawhid String Relation in Sharia Financial Governance
DOI:
https://doi.org/10.70550/ecif.v3i1.206Keywords:
Sharia Fatwa, Sharia Regulations, Tawhid String Relation, Governance, Sharia FinanceAbstract
This study examines the synergy between DSN-MUI regulations and fatwas in strengthening Islamic financial governance through the Tawhid String Relation (TSR) perspective. Although Islamic financial institutions in Indonesia have developed significantly, governance practices still face challenges in transforming formal sharia compliance into substantive implementation based on justice, accountability, and maqasid al-shariah values. This study employs a descriptive qualitative approach using document-based content analysis of academic literature, DSN-MUI fatwas, and regulatory documents. The findings indicate that DSN-MUI fatwas provide an essential normative foundation, while TSR functions as a philosophical framework that connects institutional governance with tawhid values. A comparative analysis with Malaysia demonstrates differences between Indonesia’s fatwa-based governance approach and Malaysia’s regulator-driven framework under IFSA 2013 and Bank Negara Malaysia’s Sharia Governance Framework.
Downloads
References
AHMAD, J., LUCKY, N., & YOSI, M. (2023). Fenomenologis Pinjaman Online di Kalangan Mahasiswa Santri Pondok Pesantren Al Falah Mojokerto, Jawa Timur. MENAWAN: JURNAL RISET DAN PUBLIKASI ILMU EKONOMI, 1(6), 290–307.
Arifta, A. Y., & Nugroho, L. (2025). Indonesia’ s Halal Export Codification Strategy : Value Evaluation and Policy Implementation. The 2nd International Students Conference on Economics and Business Excellence (ISCEBE) 2025, 2(1), 74–81.
Awass, O. (2019). Contending With Capitalism: Fatwas and Neoliberal Ideology. Journal of World-Systems Research, 25(1), 145–168. https://doi.org/10.5195/jwsr.2019.843
Dhiah, B. W., & Nugroho, L. (2025). Inclusive Zakat In Indonesia’s Pluralistic Society. The 2nd International Students Conference on Economics and Business Excellence (ISCEBE) 2025, 2(1), 49–55.
Diani, T. M., & Nugroho, L. (2025). The Effect of Intellectual Capital Components on Financial Performance of Islamic Commercial Banks in Indonesia. Research Horizon, 05(06), 2503–2516.
Elouaer Ben Njima, N., & Makni Zouari, S. (2012). Enjeux Et Opportunités Du Développement De La Finance Islamique en Tunisie. Journal of Academic Finance, 3(1). https://doi.org/10.59051/joaf.v3i1.14
Erviana, N., & Nugroho, L. (2025). Digital Muamalah Transaction Transformation: Fintech Integration with TSR Principles. Economics & Islamic Finance Journal (ECIF), 2(2), 107–116. https://doi.org/10.70550/ecif.v2i2.211
Fitriani, A., & Nugroho, L. (2025). Integritas Pengungkapan Syariah melalui TSR (Tawhid String Relationship). Proceeding Seminar Nasional Indonesia Mendunia, 1(1), 1–17.
Fitrianti, D., & Nugroho, L. (2025). Building The Islamic Economic Character of Elementary Students in The Digital Era. Proceeding of International Students Conference of Economics and Business Excellence, 2(1), 41–48.
Hassan, A. F. S., Karbhari, Y., & Ahmed, H. (2021). Central Bank Regulation, Religious Governance and Standardisation: Evidence From Malaysian Islamic Banks. International Journal of Business Governance and Ethics, 15(1), 61. https://doi.org/10.1504/ijbge.2021.112332
Istianingsih, I., Adiandari, A. M., Arafah, W., Doktoralina, C. M., & Nugroho, L. (2025). Symbolic Literacy and Sharia Pseudo-Inclusion: A Paradoxical Analysis and TSR-Maqasid Strategy in Indonesia. Pelita Jurnal Penelitian Terapan Dan Aplikatif, 2(2), 107–121. https://doi.org/10.70550/pelita.v2i2.180
Karni, A. S., Setyowati, R., & Sa’adah, N. (2025). Post-Omnibus Law Consolidation of Sharia Authority in Supporting Fatwa-Based Environmentally Friendly Finance. Iop Conference Series Earth and Environmental Science, 1537(1), 12033. https://doi.org/10.1088/1755-1315/1537/1/012033
Kitamura, H. (2022). The Historical Contingency of Religious Normativity. Hau Journal of Ethnographic Theory, 12(2), 513–524. https://doi.org/10.1086/720511
Murphy, M. J., & Smolarski, J. (2018). Religion and CSR: An Islamic “Political” Model of Corporate Governance. Business & Society, 59(5), 823–854. https://doi.org/10.1177/0007650317749222
Nugroho, L. (2022). The Relationship between Maqasid Sharia and Profitability Ratio in Islamic Banking Industries Performance. Sosyoekonomi, 30(53), 243–259. https://doi.org/10.17233/sosyoekonomi.2022.03.13
Nugroho, L., Badawi, A., & Hidayah, N. (2019). The contribution of sukuk placement and securities to the islamic bank profitability. Tazkia Islamic Finance and Business Review, 13(2).
Nugroho, L., Fachri, S., AR, D. P., Fakhrurozi, M., Sentosa, D. S., Aziz, L. H., Nugroho, M., Atiah, I. N., Akbar, T., Sari, S. P., Koni, A., & Hasan, S. S. El. (2024). MANAJEMEN INVESTASI SYARIAH. In CV WIDINA MEDIA UTAMA. CV WIDINA MEDIA UTAMA.
Nugroho, L., Fajarsari, I. M., Solikin, A., Yusdita, E. E., Fatriansyah, A. I. A., Irwanto, I., Atiningsih, S., Susilawati, N., Gainau, P. C., Hippy, M. Z., Rahmadi, H., Januarsi, Y., & Faisol, I. A. (2023). Metodologi Penelitian Akuntansi dan Praktik Penulisan Artikel Bidang Akuntansi. In N. Rismawati (Ed.), Widina Bhakti Persada. Widina Bhakti Persada Bandung.
Nugroho, L., Harnovinsah, H., Putra, Y. M., & Prinoti, P. (2020). Analysis of Comparison of Islamic Banks With Online Micro in Disbursements of Micro-Financing Based on Requirements, Services Speed and Margin (Case Study of Micro-Finance at Bank Mandiri Syariah and Micro Credit Uangteman.com). Journal of Islamic Economics and Social Science (Jiess), 1(1), 1. https://doi.org/10.22441/jiess.2020.v1i1.001
Nugroho, L., Putra, Y. M., Doktoralina, C. M., & Purnama, A. (2025). Strategic Transformation of the Muhammadiyah Islamic Organisation through BPRS Matahari in Strengthening Sharia Financial Inclusion. Social and Economic Bulletin, 2(2), 76–92.
Nugroho, L., Utami, W., & Sugiarti, D. (2022). Tawhid String Relation and Itsar Concept of Islamic Bank in Covid-19 Pandemic on Value Creation Perspective (Indonesia Evidence). BİLTÜRK Journal of Economics and Related Studies, 1–13. https://doi.org/10.47103/bilturk.1174770
Ramdani, M. R., Khosyarina, Q., Hawadinar, P. R., Chaniago, N., & Nugroho, L. (2024). Pelita Diskursus Optimalisasi Pengelolaan Wakaf Tunai di Era Digital : Integrasi Good Corporate Governance dan Tawhid String Relationship di BWUT MUI DIY. Pelita Jurnal Penelitian, Terapan Dan Aplikatif, 1(3), 195–203. https://doi.org/10.22441/pelita.v1i3.78
Rhenaldy, Nugroho, L., & Sugiarti, D. (2022). Kajian Jasa Endorsement Media Sosial Tiktok Berdasarkan Perspektif Syariah. Jurnal Cakrawala Ilmiah, 2(3), 1179–1188.
Rohilah, R., & Nugroho, L. (2025). Digitalisasi Akad Jual Beli Syariah: Murabahah, Salam, dan Istishna dalam Kerangka TSR. Proceeding Seminar Nasional Indonesia Mendunia, 1(1), 18–28.
Santoso, S., Sabila, N., Nurhidajat, R., Nugroho, L., Dewandaru, G., Marfatah, M. R., & Pamungkas, R. A. (2024). ANALYSIS OF DEVELOPMENT OF ADDED VALUE OF COOPERATIVE BUSINESS ECOSYSTEMS AL-ITTIFAQ ISLAMIC BOARDING SCHOOL, CIWIDEY, BANDUNG DISTRICT. An-Nisbah: Jurnal Ekonomi Syariah, 11(1), 1–13.
Shen, H.-Y., Lina, Z., Wang, H., Qiu, L., & Shao, S. (2022). Design and Practice of Infiltrative Course Ideology and Politics Education in Physical Chemistry Laboratory. University Chemistry, 0(0), 2112040–2112047. https://doi.org/10.3866/pku.dxhx202112047
Utami, W., Chairunisa, M., Nugroho, L., & Ali, A. J. (2022). Knowledge for Investment in Islamic Capital Market and Islamic Stocks for The Young Generation to Mitigate Fraudulent Investment. JMM (Jurnal Masyarakat Mandiri), 6(4), 1–8.
Wulandari, P., Putri, N. I. S., Kassim, S., & Sulung, L. A. (2016). Contract agreement model for murabahah financing in Indonesia Islamic banking. International Journal of Islamic and Middle Eastern Finance and Management, 9(2), 190–204. https://doi.org/10.1108/IMEFM-01-2015-0001
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Economics & Islamic Finance Journal (ECIF)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
