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All Journal The Journal Of Socio Legal and Islam Law
Mutiara Apriliyani
Universitas Semarang
Religion Law, Crime, Criminology & Criminal Justice Social Sciences

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Dual Regulatory Governance in The Islamic Capital Market: Institutional Synergy Between Ojk and Sharia Supervisory Boards Roni Taufik Tafakkur; Wafda Vivid Izziyana; Mutiara Apriliyani; Imam Rifan
Socio Legal and Islamic Law Vol 4 No 2 (2025): The Journal of Socio-Legal and Islamic law
Publisher : Faculty of Law, Muhammadiyah University of Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jssl.v4i2.30657

Abstract

The rapid growth of the Indonesian Islamic capital market is constrained by institutional challenges and authority overlaps between the Financial Services Authority (OJK) as the state financial regulator and the Islamic Supervisory Board (DPS) as the Sharia authority. This study aims to analyze the scope, authority, and institutional coordination between OJK and DPS in supervising Islamic capital market activities and financial products. This study employs an empirical legal research method. The results demonstrate that while both institutions share the objective of market oversight, existing regulatory frameworks lack integrated coordination, resulting in ambiguous boundaries regarding enforcement and Sharia compliance verification. Field findings reveal that the separation of state financial supervision and religious compliance assessment frequently leads to legal uncertainty for market practitioners, creates operational inefficiencies, and causes significant delays in financial product approvals. Furthermore, the supervision of Sharia compliance remains suboptimal due to the limited executive and investigative power of the DPS compared to the binding regulatory and sanctioning authority of OJK. This structural disparity prevents proactive monitoring of ongoing market transactions, leaving Sharia enforcement vulnerable to administrative gaps. Consequently, inconsistent regulatory interpretations between state law and religious fatwas continue to emerge, weakening the overall oversight framework. This study concludes that establishing a synchronized regulatory framework, integrating Sharia oversight protocols directly into OJK digital systems, and formalizing a joint-coordination mechanism are imperative to eliminate institutional overlapping, strengthen legal certainty, enhance public trust, and foster the sustainable development of the Indonesian Islamic capital market.
Harmonization Of Procedural Law and Economic Substance Sharia In Dispute Resolution In The Religious Courts Religion Banja Bakti Marantasi; Mutiara Apriliyani; Nara Sayuki
Socio Legal and Islamic Law Vol 4 No 2 (2025): The Journal of Socio-Legal and Islamic law
Publisher : Faculty of Law, Muhammadiyah University of Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jssl.v4i2.30660

Abstract

This study examines the harmonization of procedural law with the substantive principles of Islamic economic law in the settlement of sharia economic disputes within Indonesia’s Religious Courts. The research addresses the gap between formalistic procedural mechanisms and the ethical, justice-oriented, and flexible nature of Islamic economic law. Using a normative juridical method with statutory, conceptual, and comparative approaches, the study analyzes Law Number 7 of 1989 on Religious Courts, as amended by Law Number 3 of 2006 and Law Number 50 of 2009, as well as Supreme Court Regulation (PERMA) Number 14 of 2016. It also compares Indonesia’s framework with sharia court practices in Malaysia and Brunei Darussalam. The findings indicate that existing procedural rules have not fully accommodated the objectives of Islamic law (maqāṣid al-sharī‘ah) and the principle of substantive justice (al-‘adl). Accordingly, procedural harmonization is required through22 the reformulation of procedural norms, strengthening judges’ interpretative authority as mujtahid qāḍī, and integrating maṣlaḥah mursalah into adjudication. Such reforms are expected to promote dispute resolution that ensures legal certainty while remaining consistent with the values and objectives of Islamic law.
Normative Dualism In The Indonesian Legal System: The Dynamics of The Relationship Between Sharia And Positive Law Terry Rongga Nugraha; Mutiara Apriliyani; Afendi Yosuf
Socio Legal and Islamic Law Vol 4 No 2 (2025): The Journal of Socio-Legal and Islamic law
Publisher : Faculty of Law, Muhammadiyah University of Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jssl.v4i2.30661

Abstract

This article examines the normative dualism arising from the coexistence of Islamic law and positive law within the Indonesian legal system. As a pluralistic legal state, Indonesia accommodates both religious norms and statutory regulations, creating challenges in achieving legal certainty and consistency. This study employs a normative juridical method through statutory and conceptual approaches to analyze the interaction between sharia principles and positive law. The findings indicate that normative dualism often leads to interpretative inconsistencies and institutional fragmentation, while simultaneously reflecting Indonesia’s commitment to legal pluralism. The study argues that legal harmonization through integrative interpretation and regulatory accommodation is necessary to bridge the gap between religious and state legal norms. Such harmonization is essential to strengthen legal certainty, preserve constitutional values, and support the development of a coherent national legal system
Regulatory Challenges in Supervising Digital Sharia Financial Product Innovation: Indonesia's Financial Services Authority After The Enactment of The P2SK Law Setya Wahyu Ningrum; Mutiara Apriliyani; Ali Bakhrom
Socio Legal and Islamic Law Vol 4 No 2 (2025): The Journal of Socio-Legal and Islamic law
Publisher : Faculty of Law, Muhammadiyah University of Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jssl.v4i2.30662

Abstract

This article analyzes the challenges faced by Indonesia’s Financial Services Authority (OJK) in supervising digital sharia financial product innovation following the enactment of the Law on Financial Sector Development and Strengthening (P2SK Law). The rapid expansion of digital sharia financial services, including fintech and digital banking, has generated complex regulatory issues concerning legal certainty, consumer protection, and compliance with sharia principles. This study employs a normative juridical method through the analysis of statutory regulations, OJK regulatory frameworks, and sharia governance mechanisms within Indonesia’s financial sector. The findings reveal that the P2SK Law has strengthened OJK’s supervisory mandate and provided a more comprehensive legal foundation for overseeing digital financial innovation. However, significant challenges persist in adapting regulatory frameworks to technological developments, ensuring effective sharia compliance, enhancing supervisory capacity, and strengthening institutional coordination among relevant stakeholders. These challenges may reduce the effectiveness of regulatory oversight and create legal uncertainty in the digital sharia finance ecosystem. The study concludes that an integrated, adaptive, and technology-oriented supervisory framework is essential to balance innovation, legal certainty, consumer protection, and adherence to sharia principles, thereby supporting the sustainable development of Indonesia’s digital sharia financial sector.
Co-Authors Afendi Yosuf Ali Bakhrom Banja Bakti Marantasi Imam Rifan Nara Sayuki Roni Taufik Tafakkur Setya Wahyu Ningrum Terry Rongga Nugraha Wafdah Vivid Iziyana