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All Journal Al-Qisthu: Jurnal Kajian Ilmu-Ilmu Hukum Tawazun: Journal of Sharia Economic Law
Albana, Muhammad Abdur Rosyid
Unknown Affiliation
Religion Law, Crime, Criminology & Criminal Justice

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Perubahan Regulasi tentang Penanaman Modal di Bidang Industri Minuman Beralkohol Perspektif Sadd al-Dzariah Sabila, Farahda Meitsa; Junaidi, Mohamad Hakim; Albana, Muhammad Abdur Rosyid
Al-Qisthu Vol 22 No 2 (2024): Al-Qisthu: Jurnal Kajian Ilmu-Ilmu Hukum
Publisher : Institut Agama Islam Negeri Kerinci

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32694/qst.v22i2.4407

Abstract

The government initially attempted to liberalize the alcoholic beverage industry by opening investment opportunities; however, public opposition prompted regulatory changes that ultimately closed investment in this sector. This study focuses on analyzing investment regulations in the alcoholic beverage industry from the perspective of sadd al-dzariah, aiming to evaluate the extent to which these regulations prevent harm. Employing a normative legal research method through document analysis, this study examines the regulatory shift from Presidential Regulation No. 10 of 2021 to Presidential Regulation No. 49 of 2021. The findings reveal that the liberalization of investment in this sector posed significant risks of moral and social degradation, while the regulatory amendments closing investment opportunities reflect preventive measures aligned with the sadd al-dzariah principle. This corrective action by the government underscores the relevance of Islamic legal principles in maintaining a balance between economic interests and public welfare in investment regulation policies.
Unregulated Gatekeepers: Oversight Independence Gaps in Indonesia's Sustainable Sukuk Framework Albana, Muhammad Abdur Rosyid; Heradhyaksa, Bagas; Pamesti, Pas Ingrid; Bawana, Tate Agape
TAWAZUN: Journal of Sharia Economic Law Vol 9, No 1 (2026): Tawazun: Journal of Sharia Economic Law
Publisher : Sharia Faculty Islamic Economic Law Study Department

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/tawazun.v9i1.37135

Abstract

The issuance of sustainable sukuk has emerged as a critical mechanism for financing projects aligned with environmental and social objectives. In Indonesia, the Financial Services Authority (OJK) regulates such instruments through POJK No. 18 of 2023, which mandates independent external reviewers to assess sustainability frameworks and ensure transparency. However, this study demonstrates that Articles 13 and 46 of the regulation lack detailed provisions regarding reviewer independence, competence, and accountability, particularly in relation to accreditation standards, selection procedures, and oversight mechanisms. Employing a normative legal method with statutory and conceptual approaches, the analysis reveals significant legal and institutional gaps that compromise the integrity of sustainability assessments. These gaps increase greenwashing risks due to insufficient oversight mechanisms and the absence of accreditation standards for ESG reviewers. Comparative analysis with international standards, including the ICMA Green Bond Principles, ASEAN Green Bond Standards, and the EU Green Taxonomy, confirms that Indonesia's current provisions are inadequate, particularly in requiring accredited reviewers, mandatory conflict-of-interest disclosure, and post-issuance verification. This study proposes three main recommendations: regulatory revision to specify reviewer qualifications, responsibilities, and conflict-of-interest rules; establishment of an independent oversight unit within OJK; and adoption of accreditation systems aligned with international ESG assurance frameworks. Theoretically, this research contributes to integrating oversight independence theory into Islamic capital market regulation by demonstrating that structural separation and institutional safeguards are essential to prevent conflicts of interest—thereby complementing agency theory and governance assurance frameworks.
Co-Authors Bawana, Tate Agape Heradhyaksa, Bagas Junaidi, Mohamad Hakim Pamesti, Pas Ingrid Sabila, Farahda Meitsa