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Reka Dewantara
Faculty Of Law Universitas Brawijaya
Religion Aerospace Engineering Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Neuroscience Public Health Social Sciences Other

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TRANSPARENCY OF BPI DANANTARA IN MANAGING THE DIVIDENDS OF STATE-OWNED ENTERPRISES Zita Humairoh; Reka Dewantara; Amelia Sri Kusuma Dewi
Journal of International Islamic Law, Human Right and Public Policy Vol. 4 No. 1 (2026): March
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21212179

Abstract

The transformation of Indonesian State-Owned Enterprises (SOEs) through the establishment of the Danantara Investment Management Agency (BPI Danantara) marks a paradigm shift toward a Sovereign Wealth Fund (SWF) model. This research aims to analyze the transparency mechanisms of dividend management under the framework of Law No. 16 of 2025 concerning SOEs, specifically in mitigating the risk of "financial contagion" caused by high-debt strategic projects such as the Jakarta-Bandung High-Speed Railway (Whoosh). Using a normative legal research method with a case study approach, this study examines the legal protections provided by the new regulation against the improper use of dividends to bail out distressed entities. The results of this study indicate that Law No. 16/2025 establishes a "legal firewall" that separates state-separated assets for investment purposes from public service obligations. The study concludes that BPI Danantara’s commitment to allocating dividends solely for productive reinvestment is a crucial manifestation of fiduciary duty. Furthermore, the adoption of international reporting standards, such as the Santiago Principles, is essential to ensure that SOE profits are utilized for long-term national capital accumulation rather than as a non-transparent instrument for debt restructuring of inefficient projects.
Reinterpretation and Development of Effective Risk Management in Indonesian Peer-to-Peer Lending Ramadhani, Rona Almas; Dewantara, Reka; Ruslijanto, Patricia Audrey
International Journal of Business, Law, and Education Vol. 7 No. 1 (2026): International Journal of Business, Law, and Education
Publisher : IJBLE Scientific Publications Community Inc.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56442/ijble.v7i1.1445

Abstract

This study examines the reinterpretation and development of effective risk management in Indonesia’s peer-to-peer lending regulation under Financial Services Authority Regulation Number 40 of 2024, which replaces the previous 2022 regulatory framework. The study aims to address the persistent ambiguity in defining “effective risk management,” which may result in inconsistent implementation among platform providers. Using a normative juridical method and a comparative analysis of international regulatory frameworks, this study identifies key elements of risk management relevant to digital financial services. The findings indicate that, although the updated regulation emphasizes governance and risk control, it still lacks clear technical indicators and measurable operational standards, thereby limiting its implementation effectiveness. This study concludes that more detailed legal standards and operational guidelines are required to enhance legal certainty, strengthen consumer protection, and support financial system stability within the evolving fintech ecosystem.
Legal Certainty for The Reading and Signing of The Deed through Teleconferencing Media During The Covid 19 Fahrul Ramadan; Reka Dewantara; M. Sudirman
Jurnal Hukum Prasada Vol. 9 No. 1 (2022): Jurnal Hukum Prasada
Publisher : Magister of Law, Post Graduate Program, Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/jhp.9.1.2022.7-19

Abstract

The Covid 19 pandemic hit Indonesia, in the hampering of notary work in carrying out their duties and positions due to the establishment of large-scale social restrictions (PSBB). As a result, many notaries closed their offices and conducted deed-making services using electronic technology and teleconferencing media. The problem studied in this study is 1) How is the validity of the reading and signing of deeds implemented through teleconferencing media during the Covid 19 pandemic? 2) How to reconceptualization of the arrangement of reading and signing of deeds implemented through teleconferencing media in realizing legal certainty during the Covid 19 pandemic period and after the Covid 19 pandemic period ends? This type of normative research uses statute approach, conceptual approach, and case approach. The results of this study were found: It needs to be written in the head of the deed regarding the reading of the deed using teleconferencing media, at the end of the deed is written a description of the use of digital signatures. At the time of reading the deed through the teleconference media Notary must be in his position for the creation of legal certainty where the deed is made. The need for the expansion of the meaning of the face in article 16 paragraph (1) letter m UUJN to face directly or use teleconferencing media. The meaning of signatures in UUJN needs to be expanded in meaning with digital signatures. The anatomy of the deed in Article 38 of UUJN needs to be changed in the form of deeds made through teleconferencing media and using digital signatures. Recommendations for the government need to harmonize article 5 paragraph (2) of the UU ITE with UUJN for the creation of legal certainty on deeds made by and before notaries digitally both the results and the process of making deeds
REFORMULATION OF THE REQUIREMENTS FOR THE ESTABLISHMENT OF LIMITED LIABILITY COMPANIES AND THE POSITION OF SINGLE-MEMBER COMPANIES IN REALIZING MASLAHAH-BASED LEGAL CERTAINTY Ariyanto Soewondo Geni; Budi Santoso; Sihabudin Sihabudin; Hero Samudra; Reka Dewantara
Jurisdictie: Jurnal Hukum dan Syariah Vol 17, No 1 (2026): Jurisdictie
Publisher : Fakultas Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/j.v17i1.37754

Abstract

The reform of the establishment of Limited Liability Companies (Perseroan Terbatas, PT) through the Job Creation Law and Government Regulation No. 8 of 2021 introduced the Single-Member Company (Perseroan Perorangan) as a new form of legal entity. However, this regulatory framework gives rise to a normative gap, reflected in the ambiguity of the position of the Single-Member Company within Indonesian legal entity theory, its inconsistency with the two-party principle in civil law, and the weakness of creditor protection and internal oversight. These shortcomings generate problems of legal certainty and public maslahah. This study aims to evaluate the historical–normative foundations of the requirements for establishing a PT, assess the relevance of the single-member establishment model, and formulate recommendations for legal reconstruction based on the principles of legal certainty and maslahah. Employing normative legal research with statutory, comparative, and conceptual approaches, the study compares the structure of Single-Member Companies across various jurisdictions to identify international standards and normative gaps within Indonesian law. The findings indicate that the Single-Member Company model is compatible with modern legal entity theory, yet it has not provided adequate instruments of governance, reporting, and legal protection to prevent moral hazard and the commingling of assets. The contribution of this study lies in offering a normative reconstruction of PT establishment requirements that balances procedural simplification with the strengthening of maslahah-based legal certainty, so that PTs, whether founded by two or by a single founder, may function as institutional instruments that are fair and secure for the public.Reformasi pendirian Perseroan Terbatas melalui Undang-Undang Cipta Kerja dan Peraturan Pemerintah No. 8 Tahun 2021 memperkenalkan Perseroan Perorangan sebagai bentuk badan hukum baru. Namun, regulasi ini menghadirkan gap normatif berupa ketidakjelasan posisi Perseroan Perorangan dalam teori badan hukum Indonesia, ketidaksinkronan dengan asas dua pihak dalam hukum perdata, serta lemahnya perlindungan bagi kreditur dan pengawasan internal, sehingga menimbulkan persoalan kepastian hukum dan kemaslahatan publik. Penelitian ini bertujuan mengevaluasi dasar historis-normatif syarat pendirian PT, menilai relevansi model pendirian satu orang, dan merumuskan rekomendasi rekonstruksi hukum berbasis prinsip kepastian hukum dan maslahah. Menggunakan metode penelitian hukum normatif dengan pendekatan perundang-undangan, komparatif, dan konseptual, penelitian ini membandingkan struktur Single-Member Company/Perseroan Perorangan di berbagai yurisdiksi untuk mengidentifikasi standar internasional dan kekosongan dalam hukum Indonesia. Hasil penelitian menunjukkan bahwa model Perseroan Perorangan selaras dengan teori badan hukum modern, namun belum menyediakan instrumen tata kelola, pelaporan, dan perlindungan hukum yang memadai untuk mencegah moral hazard dan pencampuran aset. Kontribusi penelitian ini adalah memberikan rekonstruksi normatif syarat pendirian PT agar seimbang antara simplifikasi prosedural dan penguatan kepastian hukum berbasis maslahah, sehingga PT baik dua pendiri maupun satu pendiri, dapat menjadi instrumen kelembagaan yang adil dan aman bagi publik.
Halal Certification of Cryptocurrency: A Framework for Strengthening Trust in Shariah-Compliant Digital Finance Muchammad Aqib Junaidi; Reka Dewantara; Nur Chanifah
International Journal of Social Science and Religion (IJSSR) 2025: Volume 6 Issue 3
Publisher : Indonesian Academy of Social and Religious Research (IASRR)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53639/ijssr.v6i3.382

Abstract

Cryptocurrency has emerged as a significant global innovation that continues to stimulate debates regarding its permissibility within the framework of Islamic finance. This study examines Islamic legal perspectives on cryptocurrency by analyzing contemporary fatwas, academic discussions, and authoritative literature in the fields of ushul fiqh and Islamic economics. Using a qualitative descriptive method, the research identifies key legal considerations such as the presence of gharar, maysir, and riba, which determine the Shariah status of digital assets. The findings reveal that, in principle, cryptocurrency may be considered halal as a digital asset when it has straightforward utility, is transparent, and used for lawful economic activities. Several scholars view cryptocurrency as permissible when supported by reliable technology, adequate regulatory structures, and mechanisms that prevent fraud and speculation. Conversely, other scholars classify it as haram due to its extreme price volatility, speculative trading practices, lack of tangible underlying value, and inadequate regulatory oversight in many jurisdictions. To bridge these differing views, the study proposes developing Shariah-based assessment frameworks and halal certification mechanisms to provide greater legal clarity for Muslim investors. Furthermore, it underscores the urgent need for stronger regulatory policies and the advancement of Shariah-compliant blockchain systems that ensure ethical, transparent, and stable digital financial transactions.
Harmonisasi Pengaturan Penilaian Pajak Sektor Pedesaan dan Perkotaan Hendry Tholabah Ilman Naif; Reka Dewantara; Shinta Hadiyantina
IBLAM LAW REVIEW Vol. 6 No. 1 (2026): IBLAM LAW REVIEW
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM IBLAM)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52249/ilr.v6i1.666

Abstract

Penelitian ini mengkaji disharmoni regulasi dalam pengaturan penilaian Pajak Bumi dan Bangunan Perdesaan dan Perkotaan (PBB-P2) pasca berlakunya Undang-Undang Nomor 1 Tahun 2022 tentang Hubungan Keuangan antara Pemerintah Pusat dan Pemerintahan Daerah (UU HKPD). UU HKPD memberikan kewenangan penuh kepada pemerintah daerah dalam pengelolaan PBB-P2, yang menandai perubahan signifikan dari sistem sebelumnya yang merujuk pada Peraturan Menteri Keuangan Nomor 186/PMK.03/2019. Meskipun PMK 186/2019 masih berlaku, substansinya hanya mengatur sektor PBB selain PBB-P2, sehingga menimbulkan potensi disharmonisasi norma, khususnya terkait kewenangan penilaian dan metodologi penetapan Nilai Jual Objek Pajak (NJOP). Penelitian ini menggunakan metode yuridis normatif dengan pendekatan peraturan perundang-undangan dan konseptual, melalui kajian terhadap peraturan, doktrin, dan literatur ilmiah. Hasil penelitian menunjukkan bahwa UU HKPD dan PMK 186/2019 belum mengatur secara komprehensif mengenai kedudukan hukum, kompetensi, dan independensi penilai pajak pada sektor PBB-P2. PMK 186/2019 masih menempatkan penilai sebagai aparatur administratif, sementara UU HKPD menuntut profesionalisme tanpa mekanisme pelaksana yang jelas. Oleh karena itu, diperlukan harmonisasi regulasi melalui revisi PMK 186/2019 atau pembentukan regulasi turunan baru guna menjamin kepastian hukum dan meningkatkan kualitas penilaian PBB-P2 di daerah.
Regulatory Mitigation of Digital Bank-Run Risk in Indonesia's Rupiah Digital: A Normative Legal Framework for Monetary and Financial Stability Mochamad Ilham Fatahillah; Adi Kusumaningrum; Reka Dewantara
International Journal of Business, Law, and Education Vol. 7 No. 2 (2026): International Journal of Business, Law, and Education (on progres)
Publisher : IJBLE Scientific Publications Community Inc.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56442/ijble.v7i2.1503

Abstract

Indonesia's development of the Rupiah Digital, the country's prospective central bank digital currency (CBDC), offers a strategic opportunity to modernise the payment system, strengthen monetary sovereignty in the digital sphere, and broaden access to central-bank money. Yet a retail CBDC also creates a distinctive financial-stability risk: a digital bank run in which depositors rapidly migrate funds from commercial bank deposits to risk-free central-bank liabilities. This article examines the urgency of regulating digital bank-run risk in the circulation of the Rupiah Digital and reconstructs an ideal regulatory model for Indonesia. Using normative legal research with statutory, conceptual, and comparative-institutional approaches, the article analyses the 1945 Constitution, the Currency Law, the Banking Law, the Bank Indonesia Law, the Financial System Crisis Prevention and Resolution Law, the Financial Services Authority Law, and Law No. 4 of 2023 on Financial Sector Development and Strengthening. The study finds five structural gaps in Indonesia's existing legal framework: the absence of retail CBDC holding limits, tiered remuneration rules, digital-run crisis protocols, CBDC-specific emergency liquidity arrangements, and ecosystem-wide cyber-risk governance. These gaps are legally significant because the Digital Rupiah's status as a direct liability of Bank Indonesia may accelerate systemic disintermediation under conditions of panic. The article proposes a five-pillar regulatory architecture comprising dynamic holding limits, tiered remuneration, statutory crisis protocols and circuit breakers, an emergency CBDC liquidity facility, and cyber-risk governance. It argues that these safeguards should be enacted at the statutory level and integrated into the Financial System Stability Committee framework before full public deployment of the Rupiah Digital.
Co-Authors Abdul Rachmad Budiono Adi Kusumaningrum Agatha, Bimarceline Airin Liemanto Amelia Sri Kusuma Dewi, Amelia Amimakmur, Satria Amiputra Anestu Cahayoni Rahayu, Anestu Cahayoni Annisa, Yusifa Nur Ariyanto Soewondo Geni Ayu, Tirsa Berliana, Dina Budi Santoso Devi Atikawati Diah Aju Isnuwardhani Dien Nufitasari Dien Nufitasari Dina Mardiana Djajadikerta, Hadrian Geri Dyah Aju Wisnuwardhani Erma Defiana Putriyanti Fadli, Moh. Fahri Gunawan Siagian Fahrul Ramadan Fahrul Ramadan Faizin Sulistio Fines Fatimah Hanif Nur Widhiyanti Hendry Tholabah Ilman Naif Hero Samudra Hutahayan, Benny I Gusti Ngurah Parikesit, I Gusti Ngurah Ikaningtyas Ikaningtyas Jauharoh, Arini M. Sudirman Mahandhani Wahyu Ibrahim Mardiana, Yusni Fitri Meidiana Indah Lestari Mochamad Ilham Fatahillah Mohamad Fajri Mekka Putra Muchammad Aqib Junaidi Muhammad Alfan Thoriq Muhammad Fajaruddin Shiroth Mukhamad Khabib Risvian Mutiarawati, Intan Nadya Rizki Emeralda Nanin Koeswidi Astuti, Nanin Koeswidi Natsir Asnawi Nufitasari, Dien Nugroho, Hayyu Rahmanda Adi Nur Chanifah Nurfitriyani Nurfitriyani Nurul Ula Ulya Nurul Ula Ulya Pandansari, Rekyan Patricia Audrey Ruslijanto Putri, Cyndiarnis Cahyaning Ramadhani, Rona Almas Ranitya Ganindha raodiah Rekyan Pandansari Rika Kurniaty Rumi Suwardiyati Santoso, Budi Santoso, Ike Cyntia Putri Septianes Nora Kartika Setiawan Wicaksono, Setiawan Shafira Sheffy R. R Shinta Hadiyantina Sihabuddin Sihabudin Sihabudin Sihabudin Sihabudin Sihabudin Sihabudin, Sihabudin Siti Hamidah Sitorus, Hany Ayunda Mernisi Sukarmi Sukarmi Sukarmi Sukarmi Sukarmi Sukarmi, Sukarmi Sukarmi, Sukarmi Syafi’i, R. Imam Rahmat Tanti Rachmawati Tobing, Dwinoven Lumban Tumanggor, Manumpan S. Wandita Pramesthi Widhiawati, Dyah Wisnuwardhani, Diah Aju Yenny Eta Widyanti Yuniar, Lisa Mega Zita Humairoh Zora Febriena Dwithia Hidayat Putri