What does this research mean for the field?

The failure of PT Dana Syariah Indonesia reveals a severe discongruence between formal sharia compliance and substantive justice, demonstrating that the absence of independent sharia audits is a critical factor enabling fraud. Novelty: ClaimNovelty.INCREMENTAL. Consensus alignment: ConsensusAlignment.NEUTRAL.

What question did this study set out to answer?

The analysis aims to explore the failure of sharia funds in Indonesia and its alignment with the values of sharia economic law.

May 19, 2026Open Access

Case Analysis of Indonesian Sharia Funds Through the Perspective of Sharia Economic Law: Discongruence Between Formalities of Contracts and Substantive Justice

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Authors

KMKamto1*, Fadhil Ghani Lusaputra2, Pujiono3, Muchimah4

Discussion

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Implication

Literature research analyzes sharia funds failures, highlighting gaps in justice values and implications for compliance.

Key Points

The analysis aims to explore the failure of sharia funds in Indonesia and its alignment with the values of sharia economic law.
Normative-philosophical approach with five main principles: justice, transparency, prohibition of gharar, trust, and sustainability.
Analysis of literature including the Qur'an, Hadith, academic literature, fatwas, regulations, and investigative reports.
Development of a framework distinguishing formal and substantive compliance in sharia economics.
Identified a serious gap between the formal use of sharia labels and the application of justice values.
Highlights that the absence of independent sharia audits significantly contributes to enabling fraud.
Recommends policies for independent sharia audits and enhanced consumer protection schemes.

Cite This Study

Kamto1*, Fadhil Ghani Lusaputra2, Pujiono3, Muchimah4 (2026) studied this question.

synapsesocial.com/papers/6a0bfde8166b51b53d3793b2 https://doi.org/10.5281/zenodo.20250839

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Case Analysis of Indonesian Sharia Funds Through the Perspective of Sharia Economic Law: Discongruence Between Formalities of Contracts and Substantive Justice

Discussion

Member takes

Implication

Key Points

Cite This Study

Case Analysis of Indonesian Sharia Funds Through the Perspective of Sharia Economic Law: Discongruence Between Formalities of Contracts and Substantive Justice

Discussion

Member takes

Implication

Key Points

Cite This Study

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