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All Journal Nomico Journal of Islamic Economy
Muflih Adi Laksono
STISNU Nusantara Tangerang
Economics, Econometrics & Finance

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Upper and Lower Auto Rejection (ARA-ARB) Policy on the Indonesia Stock Exchange: an Analysis of its Compliance with the Principles of Islamic Economic Law Muflih Adi Laksono
Nomico Vol. 2 No. 9 (2025): Nomico - October
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/vacej127

Abstract

High stock price volatility can trigger market instability and increase the risk of investor losses. To manage such fluctuations, the Indonesia Stock Exchange (IDX) implements the Auto Rejection Upper and Lower (ARA–ARB) policy as a daily price movement limit. In the context of the Islamic capital market, it is essential to examine whether this policy aligns with Islamic economic law and the objectives of maqāṣid al-sharī‘ah, particularly in promoting justice (‘adl), avoiding excessive uncertainty (gharar), and ensuring public welfare (maslahah). This study aims to analyze the conformity of the ARA–ARB mechanism with these principles. The research employs a normative-doctrinal approach through document analysis of regulatory texts, including IDX Board of Directors’ Decrees, OJK regulations, and DSN-MUI Fatwas, complemented by literature review and synthesis of empirical studies from 2020 to 2023. The findings indicate that, from a normative perspective, the ARA–ARB policy is consistent with maqāṣid al-sharī‘ah as it helps reduce extreme volatility, minimizes gharar, ensures fairness and transparency, and is free from elements of riba. Empirically, ARA–ARB provides positive signals toward abnormal returns under certain conditions, although often followed by a short-term decline in trading volume. This implies a trade-off between price stability and market liquidity. The study recommends regular sharia compliance evaluations, enhanced involvement of the Sharia Supervisory Board, and improved transparency and investor literacy to ensure that the implementation of ARA–ARB remains consistent with Islamic principles while supporting a stable and resilient capital market in Indonesia.  
Digital transformation in the Islamic economy: Innovations and challenges in 2025 Muflih Adi Laksono; Rahmat Setiawan; Nurhasanah Pasaribu
Journal of Islamic Economy Vol. 2 No. 1 (2025): MARCH-JOIE
Publisher : Pt. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/9sjn2h36

Abstract

This study aims to examine the role of digital transformation in supporting the development of the sharia economy, especially in terms of technological innovation and the challenges of its implementation until 2025. Digital transformation is considered an important element in driving operational efficiency, expanding financial inclusion, and strengthening the sustainability of an economic system based on Islamic values. This study uses the Systematic Literature Review (SLR) method, which is a systematic and structured approach to identifying, evaluating, and analyzing relevant scientific literature. The SLR process includes formulating research questions, determining inclusion and exclusion criteria, selecting databases such as Scopus, Google Scholar, and ScienceDirect, and thematic analysis of the results of the literature review. The results of the study show that various digital innovations such as sharia fintech, blockchain, and artificial intelligence (AI) have made significant contributions to increasing the efficiency and transparency of sharia financial services. However, this digitalization also presents a number of challenges such as unpreparedness of regulations, minimal technological fatwas, and low sharia digital literacy among the public. Therefore, collaboration between regulators, practitioners, academics, and scholars is needed to build a digital sharia economic ecosystem that is inclusive, safe, and in accordance with the principles of maqashid sharia
Co-Authors Nurhasanah Pasaribu Rahmat Setiawan