Integrasi Maqashid Syariah dalam Regulasi dan Pengembangan Instrumen Pasar Modal Syariah: Kajian Konseptual Hukum dan Ekonomi - Ningsih, Dian Wirna; Muhammad Albahi; Rozi Andrini (Fakultas Syariah IAIN madura, 2025)
Pasar modal syariah menjadi salah satu instrumen strategis dalam memperkuat perkembangan ekonomi Islam, yang berorientasi pada penerapan prinsip-prinsip syariah serta berlandaskan pada tujuan fundamental maqashid syariah. Penelitian ini berfokus pada analisis integrasi prinsip-prinsip maqashid syariah dalam perumusan regulasi serta pengembangan instrumen pasar modal syariah di Indonesia, ditinjau melalui perspektif hukum dan ekonomi Islam. Pendekatan penelitian yang digunakan bersifat kualitatif dengan metode studi kepustakaan, yang menelaah berbagai regulasi Otoritas Jasa Keuangan (OJK), fatwa Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI), serta sumber-sumber literatur relevan lainnya. Hasil penelitian menunjukkan bahwa penerapan maqashid syariah telah membentuk model maqashid-oriented regulation, di mana regulasi pasar modal tidak hanya menekankan kepatuhan hukum formal, tetapi juga nilai kemaslahatan, keadilan, dan perlindungan investor. Integrasi antara OJK dan DSN-MUI memperkuat legitimasi hukum dan moral pasar modal syariah serta mendorong inovasi produk keuangan seperti green sukuk dan social sukuk yang berorientasi pada kesejahteraan sosial. Penelitian ini merekomendasikan penguatan indikator kinerja maqashid dan peningkatan literasi keuangan syariah sebagai dasar pengembangan pasar modal yang etis, inklusif, dan berkelanjutan. (The Islamic capital market is a strategic instrument for strengthening the development of the Islamic economy, oriented towards the application of sharia principles and based on the fundamental objectives of maqashid sharia. This research focuses on analyzing the integration of maqashid sharia principles in the formulation of regulations and the development of sharia capital market instruments in Indonesia, viewed from the perspective of Islamic law and economics. The research approach used is qualitative with a literature study method, which examines various regulations of the Financial Services Authority (OJK), fatwas of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI), and other relevant literature sources. The results show that the application of maqashid sharia has formed a maqashid-oriented regulation model, where capital market regulations emphasize not only formal legal compliance but also the values of welfare, justice, and investor protection. The integration between the OJK and DSN-MUI strengthens the legal and moral legitimacy of the Islamic capital market and encourages innovation in financial products such as green sukuk and social sukuk that are oriented towards social welfare. This study recommends strengthening maqashid performance indicators and increasing Islamic financial literacy as a basis for developing an ethical, inclusive, and sustainable capital market.)Pasar modal syariah menjadi salah satu instrumen strategis dalam memperkuat perkembangan ekonomi Islam, yang berorientasi pada penerapan prinsip-prinsip syariah serta berlandaskan pada tujuan fundamental maqashid syariah. Penelitian ini berfokus pada analisis integrasi prinsip-prinsip maqashid syariah dalam perumusan regulasi serta pengembangan instrumen pasar modal syariah di Indonesia, ditinjau melalui perspektif hukum dan ekonomi Islam. Pendekatan penelitian yang digunakan bersifat kualitatif dengan metode studi kepustakaan, yang menelaah berbagai regulasi Otoritas Jasa Keuangan (OJK), fatwa Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI), serta sumber-sumber literatur relevan lainnya. Hasil penelitian menunjukkan bahwa penerapan maqashid syariah telah membentuk model maqashid-oriented regulation, di mana regulasi pasar modal tidak hanya menekankan kepatuhan hukum formal, tetapi juga nilai kemaslahatan, keadilan, dan perlindungan investor. Integrasi antara OJK dan DSN-MUI memperkuat legitimasi hukum dan moral pasar modal syariah serta mendorong inovasi produk keuangan seperti green sukuk dan social sukuk yang berorientasi pada kesejahteraan sosial. Penelitian ini merekomendasikan penguatan indikator kinerja maqashid dan peningkatan literasi keuangan syariah sebagai dasar pengembangan pasar modal yang etis, inklusif, dan berkelanjutan. (The Islamic capital market is a strategic instrument for strengthening the development of the Islamic economy, oriented towards the application of sharia principles and based on the fundamental objectives of maqashid sharia. This research focuses on analyzing the integration of maqashid sharia principles in the formulation of regulations and the development of sharia capital market instruments in Indonesia, viewed from the perspective of Islamic law and economics. The research approach used is qualitative with a literature study method, which examines various regulations of the Financial Services Authority (OJK), fatwas of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI), and other relevant literature sources. The results show that the application of maqashid sharia has formed a maqashid-oriented regulation model, where capital market regulations emphasize not only formal legal compliance but also the values ​​of welfare, justice, and investor protection. The integration between the OJK and DSN-MUI strengthens the legal and moral legitimacy of the Islamic capital market and encourages innovation in financial products such as green sukuk and social sukuk that are oriented towards social welfare. This study recommends strengthening maqashid performance indicators and increasing Islamic financial literacy as a basis for developing an ethical, inclusive, and sustainable capital market.)