Implementation of the Hiwalah Contract through Military Personnel Cooperatives as a Solution to Online Loan Debt Traps: An Islamic Economic Perspective

Sulaiha Nor Islamy; Sartika Abdul Jalil; Muhammad Yamin Bauw; Sayyid Muhammad

doi:10.63922/ijebir.v5i04.4697

Sulaiha Nor Islamy Universitas Muhammadiyah Teluk Bintuni, Teluk Bintuni, Indonesia
Sartika Abdul Jalil Universitas Muhammadiyah Teluk Bintuni, Teluk Bintuni, Indonesia
Muhammad Yamin Bauw Universitas Muhammadiyah Teluk Bintuni, Teluk Bintuni, Indonesia
Sayyid Muhammad Universitas Islam Negeri Madura, Pamekasan, Indonesia

DOI: https://doi.org/10.63922/ijebir.v5i04.4697

Keywords: hiwalah, military personnel cooperative, online loans, Islamic Economics, maqasid al-shariah

Abstract

This study examines the implementation of the hiwalah contract in military personnel cooperatives as a solution to online loan debt traps from the perspective of Islamic Economics. Online loans provide easier access to financing, but they also create risks such as high interest, penalties, unethical debt collection, and economic pressure on military personnel. This study uses a normative legal method with statutory and conceptual approaches. The study analyzes data through descriptive qualitative review of regulations, DSN-MUI fatwas, and relevant literature. The findings show that the hiwalah contract can serve as a sharia-compliant debt transfer mechanism when it meets the principles of consent, transparency, clarity of debt object, and freedom from riba. Military personnel cooperatives play preventive and curative roles through financial literacy, emergency funds, debt restructuring, and transfer of payment obligations. This model aligns with maqasid al-shariah because it protects wealth, life, intellect, religion, and lineage.

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