JURNAL KAJIAN ISLAM MODERN

Insurance Risk and Risk Transfer Mechanisms in the Modern Financial System: A Theoretical Review of Conventional and Islamic Insurance

Meli Diana Fitri — 2026-09-30

This study aims to analyze insurance risk and risk management mechanisms within the modern financial system through a literature review of conventional and Islamic insurance. The study focuses on the development of insurance risk concepts, the role of insurance in supporting financial stability, and the differences in risk management mechanisms implemented in conventional and Islamic insurance systems. A qualitative approach with a library research method was employed by reviewing relevant academic journals, books, insurance regulations, and previous studies. The findings indicate that insurance risk has become increasingly complex due to technological advancements, economic globalization, and the emergence of new risks such as cyber risk, pandemics, and climate change. Insurance serves as an essential risk mitigation instrument by providing financial protection for individuals, financial institutions, and businesses, while simultaneously contributing to financial system stability and economic growth. The study further reveals that conventional insurance applies a risk transfer mechanism, whereby risks are transferred to the insurance company, whereas Islamic insurance (takaful) adopts a risk sharing mechanism through a tabarru' fund managed based on the principle of ta'awun (mutual assistance). The effectiveness of risk management is influenced by several factors, including underwriting quality, capital adequacy, corporate governance, and the effectiveness of regulatory and supervisory frameworks. Therefore, strengthening risk management practices, promoting technological innovation, and enhancing corporate governance are essential to ensuring the sustainability of the insurance industry amid the growing complexity of the modern financial system.

Keywords: Insurance Risk, Risk Management, Modern Financial System, Conventional Insurance, Islamic Insurance.

COMPLIANCE RISK: DEFINITION, REGULATORY FRAMEWORK, CAUSES, AND MITIGATION STRATEGIES

Fitri Bahreni — 2026-09-30

Risiko kepatuhan merupakan salah satu risiko kritis yang dihadapi oleh perusahaan di berbagai sektor industri, terutama dalam lingkungan bisnis yang semakin kompleks dan dinamis. Artikel ini bertujuan untuk menganalisis secara komprehensif mengenai definisi risiko kepatuhan, kerangka regulasi yang mengatur kepatuhan di Indonesia dan internasional, faktor-faktor penyebab terjadinya risiko kepatuhan, serta strategi mitigasi yang efektif untuk meminimalkan dampak negatifnya. Penelitian ini menggunakan metode kajian literatur sistematis (systematic literature review) dengan menganalisis berbagai regulasi, standar internasional, serta hasil-hasil penelitian yang relevan. Hasil kajian menunjukkan bahwa risiko kepatuhan bersumber dari lemahnya sistem pengendalian internal, minimnya budaya kepatuhan organisasi, kompleksitas regulasi yang terus berkembang, dan keterbatasan kapasitas sumber daya manusia di bidang kepatuhan. Strategi mitigasi yang efektif mencakup pembangunan budaya kepatuhan yang kuat, penguatan fungsi compliance officer, pemanfaatan teknologi RegTech, serta integrasi kepatuhan ke dalam manajemen risiko enterprise. Temuan ini diharapkan menjadi acuan bagi praktisi bisnis, regulator, dan akademisi dalam pengelolaan risiko kepatuhan yang lebih baik.

THE PROCESS OF FORMING AND IMPLEMENTING AN ADAPTIVE ORGANIZATIONAL CULTURE BASED ON ISLAMIC VALUES: A CONTEMPORARY SHARIA MANAGEMENT PERSPECTIVE

Ega Saputra — 2026-09-30

This study aims to analyze the formation process, determinants, and implementation mechanisms of an adaptive organizational culture based on Islamic values from a contemporary sharia management perspective. The approach used was a qualitative one using the Systematic Literature Review (SLR) method of 20 reputable journal articles (Sinta, Scopus, Springer) in the period 2018–2026. The results show that the formation of an adaptive organizational culture based on Islamic values is a process involving the internalization of core values such as amanah (trust), justice, and ihsan (good deeds), which are strengthened by the role of sharia leadership and integrated into organizational systems and practices. The success of this process is influenced by several key factors, namely values-based leadership, organizational system alignment, adaptability to change, and continuous learning. Furthermore, the mechanisms for implementing organizational culture are implemented through value formulation, integration into policies, human resource development, implementation in work practices, and ongoing evaluation. This study also found that the integration between Islamic principles and the demands of organizational adaptability resulted in the concept of value-driven adaptability, which allows organizations to remain responsive to environmental dynamics without losing their ethical and spiritual foundations. This research contributes to the development of sharia organizational management literature by offering an integrative conceptual model and providing practical implications for organizations in building an adaptive and sustainable culture.

STRATEGI PEMBIAYAAN BERMASALAH DI BANK AMANAH UMMAH CABANG BOGOR

azizah musyidah — 2026-09-30

This study aims to analyze the causative factors of problematic financing and to evaluate the effectiveness of the handling strategies implemented by Bank Amanah Ummah Bogor Branch. Financing distribution is the core activity of Islamic banking which is highly vulnerable to default risk, directly affecting the stability of Third Party Funds (DPK) management. This study utilized a qualitative descriptive approach with a case study design. Primary data were obtained through in depth interviews with the Financing Manager and Account Officers, while secondary data were collected from historical reviews of customer collectability documents and Non Performing Financing (NPF) ratio reports. The results indicate that problematic financing is triggered by external factors (decline in business turnover and side-streaming practices) and internal factors (weak verification of 5C principles and lack of field monitoring intensity). In operational response, the bank implements a tiered strategy based on daily collectability status: persuasive preventive actions for collectability 1-2, restructuring (rescheduling and reconditioning) for collectability 3-4, and repressive actions such as collateral execution for collectability 5. This strategy has proven highly effective in suppressing the bank's NPF rate to 2.21% in 2024, which is well below the maximum tolerance threshold set by the Financial Services Authority (5%).

RECONSTRUCTION OF THE POSITION OF WA'AD IN SHARIA BANKING PRODUCTS: A COMPARATIVE ANALYSIS WITH AKAD AND ITS IMPLICATIONS FOR LEGAL CERTAINTY

Meli Diana Fitri — 2026-09-30

This study aims to reconstruct the position of wa'ad in Islamic banking products through a comparative analysis with contracts, both from the perspective of muamalah fiqh and Islamic financial industry practices. The research method used is a qualitative-normative approach, through an analysis of classical and contemporary literature, fatwas of Islamic authorities, and regulations related to Islamic banking. The results show that conceptually, wa'ad is a unilateral commitment that does not have the same binding force as a contract. However, in industrial practice, it often undergoes transformation into a quasi-contract with legal implications. This condition creates ambiguity between the moral and legal dimensions of wa'ad, and has the potential to violate the basic principles of contracts in Islam. This study proposes a reconstruction of the status of wa'ad as a pre-contract instrument with limited binding power (binding under certain conditions) while maintaining the fundamental distinction of the contract. The implications of this reconstruction are the creation of clear contractual structures in Islamic banking products, increased legal certainty, and the strengthening of the principle of Sharia compliance in industrial practices.

Integrasi Pendekatan Konstruktivisme Melalui Project - Based Learning dalam Meningkatkan Keaktifan dan Kebermaknaan Pembelajaran Siswa Di SMKN Nusantara Pamekasan

Irfan Maulana — 2026-09-30

This study aims to describe the integration of the constructivist approach through Project-Based Learning (PjBL) in enhancing students’ engagement and meaningful learning at SMKN Kesehatan Nusantara Pamekasan. This research employed a qualitative approach with a descriptive method. Data were collected through observation, interviews, and documentation, and were analyzed using an interactive data analysis model consisting of data condensation, data display, and conclusion drawing. The findings reveal that the integration of constructivism through PjBL enhances students’ engagement, as indicated by increased participation in discussions, the ability to express opinions, confidence in asking questions, collaboration in group work, and responsibility in completing project tasks. Furthermore, project-based learning creates more meaningful learning experiences by enabling students to connect theoretical knowledge with practical applications in the health sector, apply concepts to solve real-world problems, understand the relevance of learning materials to health-related professions, and gain authentic learning experiences that support their readiness for the workplace. The study findings indicate that the integration of the constructivist approach and Project-Based Learning serves as an effective instructional strategy for supporting the development of vocational competencies, 21st-century skills, and active, contextual learning in vocational education settings.

Rekonstruksi REKONSTRUKSI STRATEGI DAKWAH TERHADAP MASYARAKAT MODERN BERDASARKAN PRINSIP RAHMATAN LIL ALAMIN

melisa Melisawati — 2026-09-30

Dakwah pada era masyarakat modern menghadapi tantangan kompleksitas sosial yang menuntut adanya pendekatan inklusif sebagai antitesis terhadap fenomena dakwah eksklusif dan konfrontatif. Kecenderungan dakwah yang bersifat menghakimi memicu urgensi rekonstruksi strategi dakwah guna mengembalikan esensi ajaran Islam sesuai risalah kenabian. Penelitian ini bertujuan untuk merumuskan reposisi strategi dakwah yang relevan dengan problematika masyarakat kontemporer melalui nilai-nilai inklusivitas, kedamaian, dan kemaslahatan universal, selaras dengan paradigma Islam Rahmatan lil Alamin. Metode penelitian yang digunakan adalah studi pustaka (library research) dengan pendekatan deskriptif-kualitatif. Hasil penelitian menunjukkan bahwa rekonstruksi dakwah modern harus mengintegrasikan prinsip perdamaian dan universalitas kasih sayang sebagai instrumen solusi atas problematika umat. Wasilah dakwah perlu diaktualisasikan melalui penggunaan diskursus yang santun dan empatik (dakwah bil-lisan), serta manifestasi peran sosial nyata yang solutif (dakwah bil-hal). Dengan menginternalisasi prinsip rahmatan lil alamin, dakwah tidak lagi dipandang sebagai ancaman atau penghakiman, melainkan sebagai katarsis atas krisis spiritual dan disorientasi sosial pada masyarakat modern.

The Resilience of Traditional Markets in the Face of Modern Market Expansion: An Analysis from an Islamic Economic Perspective

Ega Saputra — 2026-09-30

This study aims to analyze the resilience of traditional markets in the face of modern market expansion and examine this phenomenon from an Islamic economic perspective. This study employed a qualitative approach with the Systematic Literature Review (SLR) method, referring to PRISMA guidelines for journals from Sinta, Scopus, Spinger, and Garuda published between 2018-2026. 19 journal articles were collected and analyzed. The research results show that the expansion of modern markets has had a significant impact on the existence and performance of traditional markets, marked by a decline in visitor numbers and trader turnover, as well as weakened competitiveness due to unequal access to capital, technology, and management. Nevertheless, traditional markets remain resilient through social capital, price flexibility, geographic proximity, and the cultural values inherent in community economic activities. Furthermore, adaptability through improved service, product diversification, and the use of simple technology are important factors in maintaining the sustainability of traditional markets. From an Islamic economic perspective, competition between traditional and modern markets must be understood within the framework of Maqasid Sharia, which emphasizes the principles of justice, balance, and welfare. Therefore, policies are needed that can create a balance between the efficiency of modern markets and the protection of traditional markets as part of a people's economy. This research contributes to enriching the literature on Islamic economics and provides recommendations for strengthening traditional markets sustainably and equitably.

DEVELOPMENT OF SYARIAH BUY NOW PAY LATER (BNPL) PRODUCTS AS AN ALTERNATIVE FOR DIGITAL FINANCING IN THE E-COMMERCE ECOSYSTEM: SYSTEMATIC LITERATURE REVIEW

Fitri Bahreni — 2026-09-30

This article presents the results of a Systematic Literature Review (SLR) to analyze the development, design, challenges, and opportunities of Buy Now Pay Later (BNPL) products based on Sharia principles as an alternative digital financing instrument within the e-commerce ecosystem. This study aims to explore the conceptual framework of Sharia-compliant BNPL, assess its alignment with Islamic legal contracts (akad), and examine its potential role in promoting ethical and inclusive digital financial services. This research employs a qualitative SLR approach by reviewing scholarly publications from 2020 to 2025, sourced from reputable databases such as Scopus, ScienceDirect, and Google Scholar. Using the PRISMA protocol, a total of N = 32 relevant articles were systematically selected and analyzed, indicating a rapid increase in academic interest in BNPL and Islamic fintech, particularly after 2021 in line with the acceleration of digital commerce. The key findings reveal that the development of Sharia-compliant BNPL primarily revolves around hybrid contract structures, such as murābaḥah, qard, and wakālah bil ujrah, which must be carefully structured to avoid elements of ribā, gharar, and prohibited multi-contract arrangements (ta’alluq). The study also finds that while BNPL offers significant potential in enhancing financial inclusion and consumer access in e-commerce, its current implementations often raise concerns regarding Sharia compliance, particularly in pricing transparency, penalty mechanisms, and behavioral manipulation through algorithmic systems. Moreover, the study identifies critical challenges, including regulatory gaps, the tension between business scalability and Sharia compliance, limited standardization of contract structures, and low levels of Islamic financial literacy among users. The integration of advanced technologies such as artificial intelligence in BNPL systems further complicates ethical considerations, as it may influence consumer decision-making in ways that conflict with the principles of fairness and transparency in Islamic finance. The main contribution of this study lies in emphasizing that the development of BNPL Sharia products requires a holistic and integrative approach grounded in maqāṣid al-sharī‘ah, ensuring that digital financing innovations not only comply with formal legal requirements but also uphold ethical values, promote justice, and prevent consumer exploitation within the rapidly evolving e-commerce landscape.

Navigating Digital Disruption Through Technopreneurial Leadership and Interdisciplinary Curriculum: A Structural Equation Modeling Approach in Islamic Universities

Ima Rahmawati — 2026-09-30

This study aims to examine the effects of technopreneurial leadership and interdisciplinary curriculum on navigating digital disruption in Islamic higher education. A quantitative explanatory design was employed. The study involved a population of 300 lecturers and academic managers from 10 Islamic higher education institutions, with 169 respondents selected through purposive sampling. Data were collected using a five-point Likert-scale questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that technopreneurial leadership has a positive and significant effect on interdisciplinary curriculum (β = 0.624; p < 0.001) and digital disruption navigation (β = 0.381; p < 0.001). Interdisciplinary curriculum also has a positive and significant effect on digital disruption navigation (β = 0.497; p < 0.001) and partially mediates the relationship between technopreneurial leadership and digital disruption navigation (β = 0.310; p < 0.001). The R² value of 0.642 indicates substantial explanatory power, confirming that integrated leadership and curriculum development are important for strengthening institutional responses to digital disruption