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Analisis Unsur Gharar dalam Transaksi Saham Syariah: Antara Spekulasi dan Kepatuhan Etika Pasar Modal Syariah di Indonesia Taufik Darmawansyah, Trisna; Anwar, Rosihon; Najib, Moh; Harya pradyanegara, Arkananta; Aguspriyani, Yani
Manajemen Keuangan Syariah Vol 6 No 1 (2026): Journal of Islamic Financial Management
Publisher : Program Studi Manajemen Keuangan Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30631/makesya.v6i1.3794

Abstract

The Islamic capital market in Indonesia faces challenges due to speculative practices containing elements of Gharar (uncertainty), which contradict the principles of Islamic law. This reduces market stability and undermines public confidence in the Islamic financial system. This study aims to analyze the influence of Gharar in Sharia-compliant stock transactions, assess its ethical impact, and propose regulatory measures to curb detrimental speculative practices. This research adopts a qualitative normative-juridical approach with supporting case analysis to examine Gharar practices in the Islamic capital market., analyzing related regulations, such as DSN-MUI Fatwa No. 80/2011 and POJK No. 15/POJK.04/2015, as well as empirical data on market volatility. The study shows that excessive Gharar contributes to price distortion and market volatility. Mitigating speculative practices requires strengthening corporate governance, information transparency, and law enforcement consistent with Sharia principles.
Mengukur Tingkat Pertumbuhan Badan Layanan Umum (BLU) Dengan Alat Penilaian Dan Evaluasi Maturity Rating Repa Hudan Lisalam; Ilham Hibatullah; Mila Ayu Ardiani; Jesi Winarni; Sanawi Sanawi; Yani Aguspriyani; Trisna Taufik Darmawansyah
Studia Economica : Jurnal Ekonomi Islam STUDIA ECONOMICA: Jurnal Ekonomi Islam | Vol. 11 | No. 1 | 2025
Publisher : Universitas Islam Negeri Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30821/se.v0i1.23483

Abstract

This study explains how to Measure the Growth Rate of Public Service Agencies (BLU) from the Financial Aspect within a five-year period. The method used in this study is a quantitative method by analyzing the annual financial reports of Public Service Agencies (BLU). The object of this study is the Public Service Agency (BLU) of the education cluster, namely BLU UIN Sultan Maulana Hasanuddin Banten. The results of the study conducted at BLU UIN SMH Banten showed a very good liquidity aspect in terms of the current ratio. While the liquidity aspect of the cash optimization ratio is still low. The BLU Efficiency Aspect refers to the ratio of Operating Income to Operating Expenses (POBO), based on the results of calculations processed from the financial statements of BLU UIN Sultan Maulana Hasanuddin Banten from 2017 to 2022, there is no POBO value that reaches the target (90%). The BLU effectiveness indicator refers to Return On Asset (ROA) and Return on Equity (ROE), the target for each ratio is 9% and has generally been met. The level of independence generally shows a downward trend. Recommendations for finding short-term investment instruments with higher returns. Increasing Efficiency by reducing the burden of official travel. Managing Campus Assets optimally to increase the level of BLU independence. The analysis used is a combination of Financial Report Trend Analysis and Maturity Rating Assessment Tools and Evaluation Version 1.0.