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All Journal AT-TASYRI' Jurnal Ilmiah Prodi Muamalah Journal of Islamic Law (EJIL)
Rafif Hawari
UIN Sunan Gunung Djati Bandung
Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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Legal and Ethical Dimensions of Pension Fund Management: The Role of DSN-MUI Fatwas in Sharia and Conventional Systems Rafif Hawari; Akbar Muhamad Ashoni
AT-TASYRI': JURNAL ILMIAH PRODI MUAMALAH Vol. 17 No. 2 (2025): At-Tasyri': Jurnal Ilmiah Prodi Muamalah
Publisher : Prodi Hukum Ekonomi Syariah STAIN Teungku Dirundeng Meulaboh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47498/4bahxh16

Abstract

Indonesia’s pension fund system operates within a dual financial framework consisting of conventional and Sharia-based schemes. While conventional pension funds prioritize investment flexibility and return maximization, Sharia pension funds emphasize compliance with Islamic legal and ethical principles. This duality raises important legal and ethical questions, particularly regarding the role of DSN-MUI fatwas as normative instruments within Indonesia’s positive legal system. This study employs a qualitative descriptive approach based on literature review, regulatory analysis, and examination of relevant fatwas and statutory regulations. Primary and secondary data were analyzed to compare the legal foundations, governance structures, investment mechanisms, and ethical dimensions of conventional and Sharia pension fund management in Indonesia. The findings reveal that conventional pension funds are primarily regulated by Law No. 11 of 1992 and OJK regulations, focusing on financial efficiency and market-based returns. In contrast, Sharia pension funds are governed by an additional normative framework derived from DSN-MUI fatwas, particularly Fatwa No. 88/DSN-MUI/XI/2013, which mandates the avoidance of riba, gharar, and maysir. Although DSN-MUI fatwas are not legally binding in a formal sense, their integration into regulatory policies and operational requirements—such as the establishment of Sharia Supervisory Boards—significantly influences governance practices, transparency, and participant protection. The study highlights that the incorporation of Sharia ethical principles through DSN-MUI fatwas enhances accountability, trust, and long-term sustainability in pension fund management. While conventional pension funds benefit from broader investment diversification, Sharia pension funds offer stronger ethical safeguards and lower risk exposure. The findings suggest that a synergistic legal framework integrating state regulation and Sharia ethics can strengthen Indonesia’s pension fund system by balancing financial performance with moral responsibility.
Dualisme Pengaturan Dana Pensiun Konvensional dan Syariah Perspektif Keadilan Hukum dan Kepatuhan Syariah Rafif Hawari; Mia Amanatul Fitriyah; Akbar Muhamad Ashoni; Ending Solehudin
Equality: Journal of Islamic Law (EJIL) Vol. 4 No. 1 (2026): Equality: Journal of Islamic Law (EJIL)
Publisher : Islamic Law Doctoral Study Programme, Postgraduate UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/ejil.v4i1.2107

Abstract

Keberadaan sistem dana pensiun konvensional dan dana pensiun syariah dalam kerangka hukum nasional menunjukkan adanya dualisme pengaturan yang bertujuan untuk memberikan pilihan layanan keuangan sesuai dengan kebutuhan dan keyakinan peserta. Namun, dualisme tersebut menimbulkan persoalan normatif terkait kesetaraan perlindungan hukum, kepastian regulasi, efektivitas pengawasan, dan konsistensi penerapan prinsip-prinsip syariah dalam pengelolaan dana pensiun. Penelitian ini bertujuan untuk menganalisis dualisme pengaturan dana pensiun konvensional dan syariah di Indonesia perspektif keadilan hukum dan kepatuhan syariah, dan mengidentifikasi tantangan yang dihadapi dalam mewujudkan sistem dana pensiun yang adil, inklusif, dan berkelanjutan. Penelitian ini menggunakan metode penelitian hukum normatif dengan pendekatan komparatif terhadap regulasi dana pensiun nasional dan fatwa Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI) yang mengatur dana pensiun syariah. Hasil penelitian menunjukkan bahwa meskipun regulasi telah mengakomodasi penyelenggaraan dana pensiun syariah melalui pengaturan khusus dan mekanisme pengawasan kepatuhan syariah, masih ditemukan disparitas pada aspek kelembagaan, instrumen investasi, tata kelola, dan harmonisasi antara hukum positif dan prinsip syariah yang berpotensi memengaruhi tingkat perlindungan dan kepercayaan peserta. Karena itu, diperlukan penguatan harmonisasi regulasi, integrasi prinsip keadilan substantif, dan optimalisasi mekanisme kepatuhan syariah untuk menciptakan sistem dana pensiun yang memberikan kepastian hukum, perlindungan yang setara, dan kemaslahatan bagi seluruh peserta dalam mendukung pembangunan ekonomi dan keuangan syariah nasional.
Co-Authors Akbar Muhamad Ashoni Ending Solehudin Mia Amanatul Fitriyah