Jurnal Ilmiah Ekonomi Islam
Vol. 12 No. 5 (2026): Jurnal Ilmiah Ekonomi Islam

MENUNGGANGI TREN ATAU TERJEBAK MANIPULASI? ANALISIS FIKIH MUAMALAH TERHADAP STRATEGI FOLLOW THE TREND SAHAM SYARIAH

Zia Firdaus Nuzula (Universitas Islam Bandung)
Abna Haniif Novel (Institut Hidayatullah Batam)



Article Info

Publish Date
28 Oct 2026

Abstract

This study aims to analyze the Islamic law and ethical perspectives of fiqh muamalah on the implementation of the follow-the-trend strategy in sharia stock trading within the secondary market, as well as to formulate the legal parameters of distinction between traders who are victims of market manipulation and those who intentionally exploit the trend. This study employs a qualitative-normative approach using the library research method. Data collection was conducted by reviewing classical fiqh muamalah literature, official fatwas, and related scientific journals, which were then analyzed descriptively and analytically using the framework of Fatwa DSN-MUI No. 80/DSN-MUI/III/2011 and the theory of contract-vitiating elements (mafasiq al-'aqd). The results indicate that the application of the follow-the-trend strategy based on objective technical indicators (such as Moving Average, RSI, MACD, and Support-Resistance) is mechanically permissible (mubah) because it serves as a rational analysis tool (ikhtiar) to mitigate risk and uncertainty (gharar). However, this legal status is conditional and shifts to prohibited when the trend originates from market manipulation (najasy/pump and dump). This study establishes a clear legal distinction: traders who purely rely on objective indicators but get trapped in artificial trends are categorized as deceived victims and are free from sin; conversely, traders who consciously trade "manipulated stocks" for rapid gains are categorized under ta'awun 'ala al-ithm (cooperating in sin) because their actions expand the volume of market manipulation. This study recommends the strict implementation of Sharia parameter boundaries encompassing stock objects, decision bases, mechanisms, and transaction purposes.

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Journal Info

Abbrev

jei

Publisher

Subject

Economics, Econometrics & Finance Social Sciences

Description

Jurnal Ilmiah Ekonomi Islam diterbitkan 3 (tiga) kali setahun (Maret, Juli dan November) oleh Lembaga Penelitian dan Pengabdian Kepada Masyarakat STIE AAS ...