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All Journal Jurnal Hukum Novelty Jurnal Ilmiah Hukum LEGALITY
Istianah Zainal Asyiqin
Faculty of Law, Universitas Muhammadiyah Yogyakarta, Indonesia
Law, Crime, Criminology & Criminal Justice

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Local Government’s role in Aceh’s sharia banking transition: legal and institutional perspectives Istianah Zainal Asyiqin; Yanis Rinaldi
Legality : Jurnal Ilmiah Hukum Vol. 33 No. 1 (2025): March
Publisher : Faculty of Law, University of Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/ljih.v33i1.39419

Abstract

This study examines the Aceh Government’s authority in converting conventional financial institutions into Sharia-compliant entities under Aceh Qanun No. 11 of 2018 and evaluates its practical implementation. Employing a normative legal research approach, the study analyses statutory regulations, legal principles, and doctrinal interpretations while incorporating historical context and relevant precedents. The findings confirm that the Aceh Government is legally mandated to oversee this financial transformation. However, several critical challenges impede its execution, including inadequate infrastructure, limited Sharia-compliant financial products, restricted access to Sharia banking capital, minimal adoption by non-banking financial institutions, and low financial inclusion. Among these, the lack of financial infrastructure and product diversity emerge as the most significant obstacles. To enhance the effectiveness of this transition, strategic interventions are necessary. These include expanding Sharia banking infrastructure, introducing diversified and innovative financial products, facilitating broader capital access for Sharia-compliant financial institutions, and strengthening financial literacy programs. A multi-stakeholder approach, integrating government agencies, financial institutions, and the community, is essential to establishing a robust and sustainable Sharia financial system in Aceh.
Governance, business, legal, and technology: Strategies for addressing volatility and gharar in Sharia capital markets Istianah Zainal Asyiqin; Muhammad Dafa Auliarizky Onielda
Jurnal Hukum Novelty Vol. 16 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26555/jhn.v16i1.30505

Abstract

Introduction to the Problem: This study explored the intertwined challenges of market volatility and gharar in Sharia capital markets, which jointly contribute to uncertainty and instability. Volatility and gharar are mutually reinforcing phenomena, while speculative behaviors such as margin trading and short selling intensify both factors, resulting in price distortions, obscured asset valuations, and reduced investor trust in Sharia-compliant instruments. Purpose/Study Objectives: The objective of this research is to examine the characteristics and legal dimensions of both volatility and gharar in Islamic capital markets, assess their collective impact on Sharia-compliant issuers, and propose integrated governance, legal, business, and technological strategies to mitigate associated risks and enhance market resilience. Design/Methodology/Approach: This study adopted a juridical-empirical-normative approach. The empirical aspect involved collecting and analyzing market data from the Indonesian Islamic capital market. At the same time, the normative analysis focused on evaluating regulatory instruments, including DSN-MUI Fatwa No. 80/2011 and OJK Regulation No. 15/POJK.04/2015, and within the context of Sharia principles and business law. Findings: The study finds that both gharar and market volatility contribute to structural weaknesses in Islamic capital markets. In addition, speculative trading practices amplify uncertainty and instability, demanding a regulatory response that limits such activities. Strengthening corporate governance, enhancing disclosure practices, and applying business law mechanisms are essential to risk mitigation. The study recommends future research into cross-border regulatory comparisons and the role of financial technology in improving market transparency and Sharia compliance. Paper Type: Research Article
Co-Authors Muhammad Dafa Auliarizky Onielda Yanis Rinaldi