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All Journal SEIKAT: Jurnal Ilmu Sosial, Politik dan Hukum Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah
Tri Nurhayati
Universitas Islam Negeri Walisongo Semarang
Arts Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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Stock Waqf as an Innovation of Productive Waqf in Strengthening Institutional Regulation and Economic Potential in Indonesia Alya Shofiana Rizka; Lathif Hanafir Rifqi; Tri Nurhayati
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 11 No. 1 (2026)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/r1em6074

Abstract

Stock waqf represents an innovation in productive waqf, connecting Islamic philanthropy with Sharia-compliant capital market instruments. However, its implementation in Indonesia remains constrained by fragmented regulations, unclear institutional responsibilities, uneven nazhir capacity, and capital-market risks. This study aims to analyze the legal construction, institutional governance, operational models, economic potential, and implementation challenges of stock waqf from the perspective of Islamic economic law. It employs a normative juridical method using statutory and conceptual approaches. Primary legal materials include Indonesian waqf legislation, implementing regulations, and DSN-MUI fatwas concerning shares and Islamic capital-market instruments, while secondary materials consist of books, journal articles, official reports, and relevant research. The materials were analyzed qualitatively through systematic legal interpretation and descriptive-analytical techniques. The findings demonstrate that the legality of stock waqf is constructed through the intersection of waqf law and Sharia capital-market regulation rather than through a specific stock-waqf regime. Indonesian law recognizes shares as movable waqf assets, but the operational rules governing custody, corporate actions, asset substitution, risk mitigation, reporting, and ongoing Sharia compliance remain incomplete. Stock waqf may be implemented through direct share endowment, dividend waqf, cash waqf invested in Sharia securities, and the endowment of Sharia mutual-fund units. Its optimization requires integrated institutional coordination, professional nazhir management, transparent reporting, digital security, and prudent investment governance. This study contributes an integrated legal-governance framework for balancing the preservation of the waqf corpus with sustainable public benefits.
Kemitraan Semu sebagai Bentuk Misclassification Hubungan Kerja: Analisis Yuridis terhadap Penyimpangan Perlindungan Tenaga Kerja di Indonesia Madania Qaulani Az-Zahra; Nur Hidayati Setyani; Tri Nurhayati
SEIKAT: Jurnal Ilmu Sosial, Politik dan Hukum Vol. 5 No. 4 (2026): SEIKAT: Jurnal Ilmu Sosial, Politik dan Hukum, Agustus 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/seikat.v5i4.3506

Abstract

Partnership arrangements in Indonesia's industrial relations landscape have frequently been weaponized as instruments of legal evasion (fraus legis), concealing subordinate employment relationships behind formally valid contractual structures. This study examines that phenomenon through a case study of the Cooperation Agreement (PKS) between PT HEJ as service user and PT DWP as driver labor supplier, signed on February 6, 2023, for a three-year period. Although the PKS explicitly declared the relationship to be neither an employment relationship nor outsourcing, investigation by the Tangerang Regency Manpower Office (Dinas Ketenagakerjaan) revealed that PT HEJ in practice issued direct daily work instructions, set operational schedules, enforced standard operating procedures, unilaterally altered the wage system from per-trip payments to a fixed monthly salary, and supervised drivers directly. Since the three cumulative elements of an employment relationship namely work, wages, and commands under Article 1 paragraph 15 of Law No. 13 of 2003 as amended by Law No. 6 of 2023 on Job Creation were satisfied, the relationship must be legally classified as employment. This study employs a sociological-juridical method with descriptive-analytical specifications. Data were collected through in-depth interviews with PT HEJ management, PT DWP's Director, driver-workers, and the Manpower Office mediator, supplemented by document analysis of the PKS and PKWT. Findings confirm that the PKS constitutes a pseudo-partnership embodying fraus legis, and that PT HEJ's unilateral wage amendment constitutes breach of contract in violation of Article 54 paragraph (2) of the Manpower Law and Article 8 of Government Regulation No. 35 of 2021. Mediation facilitated by the Manpower Office produced a Collective Agreement dated January 13, 2026, which converted the relationship into a lawful outsourcing arrangement with PKWTT status recognized for all drivers. The study concludes that the Job Creation Law lacks sufficiently explicit provisions against disguised partnerships, necessitating stronger regulation and proactive oversight to protect workers' normative rights.
Co-Authors Alya Shofiana Rizka Lathif Hanafir Rifqi Madania Qaulani Az-Zahra Nur Hidayati Setyani