: The Legal Reasoning and Socio-Legal Impact of the Fatwās of the Council of Indonesian Ulama on Economic Issues. This article examines the economic fatwās of the Council of Indonesian Ulama (MUI) represented by the National Board of Sharia (DSN) at two levels: legal reasoning and socio-legal impact. Out 82 fatwās, some 17 are discussed covering: banking, insurance, capital market, and pawn issues. The study found that DSN's fatwās are consistent in making references to the Quran and Hadith, and often to ijmā', qiyās, and the views of ulama, but too anxious to offer “confirmation” to every conventional banking instrument through ḥīlah and multiple ‘aqds which are prohibited by Rasulullah. The study also found that the socio-legal impact of those fatwās on laws and government regulations are identifiable.