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All Journal Minhaj: Jurnal Ilmu Syariah At-Tahdzib: Jurnal Studi Islam dan Muamalah
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Sekolah Tinggi Agama Islam At-Tahdzib Jombang
Religion Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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Reconstruction of Sharia Stock Law in Indonesia: A Normative Analysis of Musharakah Fiqh on the Jakarta Islamic Index Meri Piryanti
At-Tahdzib: Jurnal Studi Islam dan Muamalah Vol 13 No 2 (2025): At-Tahdzib
Publisher : Sekolah Tinggi Agama Islam At-Tahdzib, Ngoro, Jombang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61181/bzep8t26

Abstract

Background. The development of the Islamic capital market in Indonesia has positioned Islamic stocks as a primary investment instrument, normatively constructed based on the musharakah contract. However, the practice of Islamic stocks, represented by the Jakarta Islamic Index (JII), still raises issues regarding their compliance with the substantive principles of fiqh (Islamic jurisprudence) of musharakah, particularly regarding partnership, risk sharing, and fairness. Aim. This study aims to critically analyze the suitability of sharia shares in JII with the principles of fiqh musharakah and to formulate a conceptual reconstruction of sharia shares from the perspective of sharia economic law. Methods. This study uses a normative legal approach with a library research method. The analysis was conducted through a juridical-normative approach to muamalah (Islamic jurisprudence) and a juridical-normative approach by examining fatwas from Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI), Islamic capital market regulations, the Islamic Securities List, and academic literature related to Islamic stocks and musharakah. The data were analyzed qualitatively and descriptively using a critical analysis pattern to compare the principles of musharakah jurisprudence and Islamic stock practices in the Indonesian capital market. Results. Sharia-compliant stocks in the JII have met formal sharia compliance through regulatory screening mechanisms, but do not fully reflect the substantive principles of fiqh of musharakah. Partnership relations, real risk sharing, and the principle of fairness are still diminished due to the dominant capital gain orientation and the transactional nature of share ownership. This study offers a theoretical contribution in the form of a reconstruction of sharia-compliant stocks as partnership-based equity that emphasizes substantive sharia compliance, risk sharing, and a maqasid al-syariah orientation.
Jual Beli Saham Dalam Perspektif Syariah: Analisis Fiqh Muamalah dan Regulasi Pasar Modal Syariah di Indonesia Meri Piryanti
Minhaj: Jurnal Ilmu Syariah Vol. 6 No. 2 (2025): Juli
Publisher : Lembaga Penerbitan Jurnal Ilmiah Institut Agama Islam Bani Fattah Jombang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52431/minhaj.v6i2.4456

Abstract

Pasar modal syariah merupakan salah satu instrumen penting dalam pengembangan sistem ekonomi Islam modern. Salah satu produk utama yang berkembang pesat dalam pasar modal syariah adalah saham syariah. Namun demikian, hukum jual beli saham masih menjadi perdebatan di kalangan ulama, terutama terkait dengan kesesuaian akad, potensi spekulasi, dan unsur gharar dalam praktik perdagangan saham. Artikel ini bertujuan untuk mengkaji hukum jual beli saham dalam perspektif fiqh muamalah serta menelaah regulasi pasar modal syariah di Indonesia. Penelitian ini menggunakan metode kualitatif dengan pendekatan normatif melalui studi kepustakaan terhadap literatur fiqh muamalah, fatwa Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI), serta peraturan Otoritas Jasa Keuangan (OJK). Hasil kajian menunjukkan bahwa jual beli saham pada prinsipnya diperbolehkan dalam Islam dengan syarat saham tersebut berasal dari perusahaan yang menjalankan usaha halal, mekanisme transaksinya sesuai prinsip syariah, serta terhindar dari praktik spekulatif yang bertentangan dengan maqashid al-shariah. Kehadiran regulasi OJK dan fatwa DSN-MUI menjadi landasan penting dalam memastikan kepatuhan syariah dalam praktik pasar modal di Indonesia.
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