Abstract Looking at the historical record, the process of Islamization of economy in Indonesia has faced enormous challenges. The challenges, for instance, come from politics, in which the Islamization of economy was initially rejected before it finally gained acceptance in 1991. The challenges also emerge from law where it was initially not supported by the existing legal rules. The law dealing with Islamic economy in the country first existed in 1992, concerning the Islamic banking operations. This article examines the Islamization of economy in Indonesia in terms of politics and law. Using a qualitative method with historical perspective on politics and law, the writer first describes the journey of the Islamization of economy from a number of literatures, and then analyzes it from political and legal perspective. He argues that politics in Indonesia has an important influence on the recognition and acceptance of the Islamization of economy. Likewise, law in Indonesia has an important role regarding legal certainty of the Islamization of economy in the country.

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Islamic banks are the fastest growing Islamic financial institutions in Indonesia. In fact, Islamic Banks already have special regulations, namely Law Number 21 of 2008. This article aimed to analyze how important the Sharia Banking Law is in maintaining the plurality and sacredness of Islamic law in every sharia banking operational activity. The method used in this article is qualitative with a normative approach. This article found that Sharia Banking Law supports the sacredness of Islamic law, namely to realize the benefit. The existence of the Sharia Banking Law indirectly shows its capacity as a legal product that provides a plurality space so that the law can be enjoyed by all humans and all religions based on community beliefs. In addition, the existence of the Sharia Banking Law can also be a reference for other Islamic law products to provide a plurality value space behind the sacredness of Islamic law in Indonesia.