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Regulatory Uncertainty as A Challenge to The Protection of Foreign Investors’ Legitimate Expectations from The Perspective of Indonesian Investment Law Arlansyah Harahap; Zulfikri Akramul Akbar; Duhita Driyah Suprapti; Sang Ayu Putu Rahayu
Journal of Human Interaction and Social Studies Vol. 1 No. 2 (2026): : May: Sapientia Diversalis: Journal of Human Interaction and Social Studies
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/2z49an03

This study examines the relationship between regulatory uncertainty and the protection of foreign investors’ legitimate expectations within the framework of Indonesian investment law. Employing a non empirical normative legal research design, the study integrates statutory, conceptual, and comparative approaches to evaluate the extent to which Indonesian investment regulations provide legal certainty consistent with internationally recognized investment protection standards. The analysis focuses on Law Number 25 of 2007 concerning Investment, Law Number 6 of 2023 concerning Job Creation, and Government Regulation Number 5 of 2021 concerning Risk Based Business Licensing, complemented by international investment law doctrines and comparative jurisprudence. The findings indicate that Indonesian law implicitly accommodates the protection of legitimate expectations through principles of legal certainty and equal treatment, yet lacks explicit normative recognition. Regulatory inconsistency, overlapping governance structures, policy transitions, and implementation disparities create conditions that weaken investor reliance and regulatory predictability. The study further identifies a normative gap between domestic regulatory practice and international standards of Fair and Equitable Treatment. Strengthening investor protection requires regulatory harmonization, evidence based regulatory review, institutional coordination, and investment governance mechanisms capable of ensuring greater stability, transparency, and legal coherence.

Derivative Actions As Legal Protection For Minority Investors In Public Companies In Indonesia Zulfikri Akramul Akbar; Arlansyah Harahap; Duhita Driyah Suprapti; Sang Ayu Putu Rahayu
Journal of Human Interaction and Social Studies Vol. 1 No. 2 (2026): : May: Sapientia Diversalis: Journal of Human Interaction and Social Studies
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/vchg3q50

This study examines the effectiveness of derivative actions as a legal protection mechanism for minority investors in Indonesian public companies. The research is motivated by the growing participation of retail investors in the capital market and the persistent limitations affecting shareholder access to derivative litigation under Indonesian company law. Employing a non empirical normative legal research design, the study analyzes statutory provisions, legal doctrines, and theoretical perspectives through statute and conceptual approaches. Primary legal materials consist of Law Number 40 of 2007 concerning Limited Liability Companies, Law Number 8 of 1995 concerning Capital Market, and Law Number 4 of 2023 concerning Financial Sector Development and Strengthening, complemented by scholarly literature and comparative legal sources. The findings demonstrate that the ten percent ownership threshold creates a structural incompatibility when applied to public companies characterized by dispersed share ownership and significant coordination barriers. The threshold transforms derivative actions into a procedurally inaccessible remedy for minority investors and weakens substantive access to justice. The study proposes a reconstructed framework based on threshold differentiation, leave of court mechanisms, regulatory derivative actions, and strengthened institutional involvement of the Financial Services Authority to achieve a more inclusive and effective system of investor protection.

Islamic Law and Social Change: Contemporary Applications of Fiqh in Muslim Societies Sahal Hanafi; Deo Renaldi Saputra; Elinda Novita Dewi; Alya Nabila Adistia; Yusril Ihza Mahendra; Zulfikri Akramul Akbar; Abdi Wijaya
Indonesian Journal of Sharia and Islamic Sciences Vol. 1 No. 1 (2026): January: Safīnah: Indonesian Journal of Sharia and Islamic Sciences
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

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Islamic law has long been perceived as a normative system rooted in classical jurisprudence, yet contemporary social developments have necessitated renewed interpretations and applications of fiqh. This article examines the relationship between Islamic law and social change by analyzing how contemporary fiqh responds to evolving social, economic, technological, and cultural contexts in Muslim societies. Employing normative legal research based on doctrinal analysis, this study explores classical legal principles alongside modern reformist approaches, including maqāṣid al-sharīʿah, ijtihād maqāṣidī, and collective ijtihād. The findings indicate that contemporary fiqh increasingly emphasizes public interest, legal objectives, and contextual reasoning to address modern challenges such as family law reform, healthcare ethics, digital transactions, and social justice. These developments reflect a shift from rigid textualism toward a more purposive and socially responsive jurisprudence. The article argues that this transformation does not undermine the authority of Islamic law but rather strengthens its legitimacy and relevance. By integrating ethical values with social realities, contemporary fiqh serves as an effective legal instrument for managing social change while preserving the core principles of Islamic jurisprudence.

The Influence of Social Media Influencers, Content Marketing Strategy and Trust on Interest in Using Sharia Fintech Ilham Akbar; Faishal Rahimi; Zulfikri Akramul Akbar
IJSM Vol 9 No 1 (2026): Indonesia Journal of Strategic Management
Publisher : Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/bxa9p589

This study aims to analyze the influence of social media influencers, content marketing strategies, and trust on the intention to use Islamic Fintech in Central Java, with a case study on Amanah Pay Syariah users. The growing penetration of Sharia-based Fintech platforms in Indonesia highlights the need to understand the digital marketing factors influencing consumers’ intentions to adopt ethical financial technology. This research applies a quantitative approach using a survey design of 150 active Islamic Fintech users. Data were collected through online questionnaires with a 5-point Likert scale and analyzed using multiple linear regression with SPSS version 26. The results show that social media influencers have a positive and significant effect on the intention to use Islamic Fintech. Content marketing strategy also has a positive and significant influence on user intention. Furthermore, user trust plays the most dominant role in encouraging people’s decisions to use AmanahPay Syariah services. These findings emphasize the importance of ethical and consistent digital communication strategies to build trust and strengthen the adoption of Sharia-based financial technology services.

REGULATORY UNCERTAINTY AS A CHALLENGE PROTECTION OF LEGITIMATE EXPECTATIONS FOREIGN INVESTORS: A LEGAL INVESTMENT PERSPECTIVE INDONESIA Zulfikri Akramul Akbar; Arlansyah Harahap
Law Research Review Quarterly Vol. 12 No. 6 (2026): Special Edition Part 2
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/lrrq.v12i6.51221

Foreign direct investment (FDI) is a strategic instrument for Indonesia’s economic growth. However, the protection of foreign investors’ legitimate expectations namely, the reasonable expectation that the legal framework in place at the time of investment will remain stable and reliable has not yet been explicitly accommodated in Indonesia’s domestic investment laws. This study aims to examine the regulation and recognition of the legitimate expectations doctrine from the perspective of Indonesian investment law and to identify ways to optimize its protection in the face of regulatory uncertainty. The method used is normative legal research employing legislative, conceptual, and comparative approaches. The findings indicate that although Law No. 25 of 2007 on Investment and various BITs ratified by Indonesia implicitly recognize the principle of Fair and Equitable Treatment (FET), its implementation remains dependent on the subjective interpretation of government officials. Regulatory uncertainty stemming from overlapping central and local regulations, policy inconsistencies, and sudden regulatory changes including those in the implementation of the Job Creation Law significantly erode the legitimacy of foreign investors’ expectations. Optimizing protection requires vertical and horizontal regulatory harmonization, the implementation of Regulatory Impact Assessments (RIAs), institutional strengthening of the Investment Coordinating Board (BKPM), and the inclusion of more rigid stabilization and compensation clauses in

REGULATORY UNCERTAINTY AS A CHALLENGE PROTECTION OF LEGITIMATE EXPECTATIONS FOREIGN INVESTORS: A LEGAL INVESTMENT PERSPECTIVE INDONESIA Zulfikri Akramul Akbar; Arlansyah Harahap
Law Research Review Quarterly Vol. 12 No. 5 (2026): Special Edition Part 1
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/lrrq.v12i5.51224

Foreign direct investment (FDI) is a strategic instrument for Indonesia’s economic growth. However, the protection of foreign investors’ legitimate expectations namely, the reasonable expectation that the legal framework in place at the time of investment will remain stable and reliable has not yet been explicitly accommodated in Indonesia’s domestic investment laws. This study aims to examine the regulation and recognition of the legitimate expectations doctrine from the perspective of Indonesian investment law and to identify ways to optimize its protection in the face of regulatory uncertainty. The method used is normative legal research employing legislative, conceptual, and comparative approaches. The findings indicate that although Law No. 25 of 2007 on Investment and various BITs ratified by Indonesia implicitly recognize the principle of Fair and Equitable Treatment (FET), its implementation remains dependent on the subjective interpretation of government officials. Regulatory uncertainty stemming from overlapping central and local regulations, policy inconsistencies, and sudden regulatory changes including those in the implementation of the Job Creation Law significantly erode the legitimacy of foreign investors’ expectations. Optimizing protection requires vertical and horizontal regulatory harmonization, the implementation of Regulatory Impact Assessments (RIAs), institutional strengthening of the Investment Coordinating Board (BKPM), and the inclusion of more rigid stabilization and compensation clauses in

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