<![CDATA[This study examines the legal certainty issues surrounding Islamic banking investment products before and after the enactment of Financial Services Authority Regulation No. 4 of 2026 on the Implementation of Islamic Banking Investment Products. The primary issue is the lack of a clear distinction between investment and deposit products, which may lead to misunderstandings about the status of funds, returns, risk-sharing arrangements, and banks’ responsibilities. This study aims to analyze the regulation of Islamic investment products under POJK No. 4 of 2026 and assess its legal certainty in light of Gustav Radbruch’s theory and its compatibility with the principles of Islamic economic law. This research employs a normative legal method, using statutory, conceptual, and analytical approaches, and draws on primary and secondary legal materials analyzed qualitatively. The findings indicate that POJK No. 4 of 2026 establishes an investment legal relationship distinct from fund collection activities by regulating investor customers, underlying assets, a two-stage contract structure, returns based on investment performance, the segregation of investment funds from Third-Party Funds, and obligations relating to governance, risk management, transparency, and investor protection. This regulation strengthens normative clarity, risk predictability, and the limits of banks’ liability, while remaining consistent with the principles of justice, trustworthiness, transparency, risk sharing, and hifz al-mal. Nevertheless, its effectiveness remains dependent on banks’ compliance, investor literacy, information transparency, and regulatory supervision]]>
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