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INDONESIA
JURISDICTIE Jurnal Hukum dan Syariah
ISSN : 20867549     EISSN : 25283383     DOI : -
Core Subject : Social,
Jurisdictie (print ISSN 2086-7549, online ISSN 2528-3383) is peer-reviewed national journal published biannually by the Law of Bisnis Syariah Program, State Islamic University (UIN) of Maulana Malik Ibrahim Malang. The journal puts emphasis on aspects related to economics and business law which are integrated to Islamic Law in an Indonesian context and globalisation context. The languages used in this journal are Indonesia, English and Arabic.
Arjuna Subject : -
Articles 223 Documents
STRENGTHENING INDONESIA’S GREEN INVESTMENT LAW: Legal Reconceptualisation toward Net-Zero Emissions under Green Constitution and Maslahah Supriyadi, Aditya Prastian; Lutfi, Mustafa; Bahagiati, Kurniasih
Jurisdictie: Jurnal Hukum dan Syariah Vol 16, No 2 (2025): Jurisdictie
Publisher : Fakultas Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/j.v16i2.35169

Abstract

Indonesia’s green investment legal framework continues to exhibit substantive and institutional deficiencies, directly impeding the achievement of Net Zero Emissions targets and the broader national sustainable development agenda. This study employs a normative legal research method, utilising conceptual and statutory approaches, reinforced by doctrinal analysis of Green Constitution principles, the Islamic legal doctrine of maslahah, and Indonesia’s green investment and environmental governance policies. The findings reveal that the green investment legal framework has not ensured legal certainty, effective enforcement, or measurable environmental benefits due to regulatory fragmentation, weak integration of Environmental, Social, and Governance principles, and the absence of operationalisation of maslahah as a foundation for public policy; consequently, a reformulation of the legal paradigm is required, emphasising transparency, institutional accountability, and risk-based regulatory approaches to strengthen environmental protection and climate justice, support the achievement of Sustainable Development Goal 13, enhance cross-sectoral green investment instruments, improve inter-institutional coordination, and align national policies with commitments under the Paris Agreement and the global sustainable development agenda in a consistent, measurable, adaptive, and socio-ecologically just manner. This research helps formulate a more climate-responsive and public welfare-oriented green investment legal model as a foundational framework for sustainable environmental policy-making in Indonesia, with implications for global environmental sustainability. Kerangka hukum investasi hijau di Indonesia masih menghadapi berbagai kelemahan substantif dan institusional yang berimplikasi langsung pada terhambatnya pencapaian target Net Zero Emissions dan agenda pembangunan berkelanjutan nasional. Penelitian ini menggunakan metode penelitian hukum normatif dengan pendekatan konseptual dan peraturan perundang-undangan, yang diperkaya melalui analisis doktrinal terhadap prinsip Green Constitution, doktrin maslahah dalam hukum Islam, serta kerangka kebijakan investasi hijau dan tata kelola lingkungan di Indonesia. Hasil penelitian menunjukkan bahwa kerangka hukum investasi hijau yang berlaku belum memberikan kepastian hukum, efektivitas penegakan, maupun manfaat lingkungan yang terukur akibat fragmentasi regulasi, lemahnya integrasi prinsip Environmental, Social, and Governance, serta belum teroperasionalisasinya nilai maslahah sebagai dasar kebijakan publik, sehingga diperlukan reformulasi paradigma hukum yang menekankan transparansi, akuntabilitas kelembagaan, dan pendekatan regulasi berbasis risiko dalam rangka memperkuat perlindungan lingkungan dan keadilan iklim, guna mendukung pencapaian Sustainable Development Goal 13 melalui penguatan instrumen investasi hijau lintas sektor, peningkatan koordinasi antar lembaga, penyelarasan kebijakan nasional dengan komitmen Paris Agreement dan agenda pembangunan berkelanjutan global secara konsisten, terukur, adaptif, dan berkeadilan sosial ekologis nasional berkelanjutan Indonesia. Kontribusi penelitian adalah perumusan model konseptual hukum investasi hijau yang proporsional, responsif terhadap perubahan iklim, berorientasi pada kesejahteraan umum sebagai fondasi kebijakan lingkungan berkelanjutan di Indonesia dan berimplikasi pada keberlanjutan lingkungan global.
INSOLVENCY WITHOUT BANKRUPTCY: Rethinking The Dissolution of Viable State-Owned Banks Dewantara, Reka; Parikesit, I Gusti Ngurah
Jurisdictie: Jurnal Hukum dan Syariah Vol 16, No 2 (2025): Jurisdictie
Publisher : Fakultas Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/j.v16i2.36034

Abstract

This article examines the normative inconsistency between the Bankruptcy and Suspension of Debt Payment Obligations Law (UUK–PKPU) and the Company Law (UU PT), which creates a risk of premature dissolution of state-owned banks that are still economically viable. The study aims to conduct an epistemological and normative analysis of the bankruptcy regime applicable to state-owned banks in Indonesia by examining insolvency tests through a comparative law perspective and elaborating the concept of epistemic failure within the framework of Lon Fuller’s legal philosophy. This research employs a normative juridical method, using statutory, conceptual, and comparative approaches. Legal norms and principles are analysed through hermeneutic interpretation to assess their coherence and practical implications. The findings reveal that Indonesia’s current bankruptcy framework fails to distinguish clearly, both conceptually and operationally, between balance-sheet insolvency and cash-flow insolvency. As a result, banks experiencing temporary liquidity problems may be treated as insolvent, leading to premature liquidation despite their underlying economic soundness. This condition highlights a significant normative inconsistency between the UUK–PKPU and the Company Law. Furthermore, Indonesian bankruptcy law remains predominantly liquidation-oriented and relies heavily on procedural formalism. This approach contrasts with the legal frameworks of the European Union and common law jurisdictions, which prioritise rescue and rehabilitation mechanisms as primary responses to financial distress. Accordingly, this article strengthens the argument for regulatory harmonisation and advocates the adoption of a dual insolvency test, as well as the institutionalisation of rescue and rehabilitation mechanisms as mandatory priorities before liquidation in Indonesia’s bankruptcy law. Artikel ini menganalisis adannya inkonsistensi normatif antara Undang-Undang Kepailitan dan Penundaan Kewajiban Pembayaran Utang (UUK-PKPU) dan Undang-Undang Perseroan Terbatas (UU PT) yang berpotensi menimbulkan pembubaran prematur bank yang secara ekonomi masih layak. Tujuan penelitian adalah melakukan pendekatan epistemologis dan normatif terhadap regulasi kepailitan Bank BUMN di Indonesia, melalui analisis uji insolvabilitas dengan pendekatan hukum perbandingan, serta memperdalam konsep epistemic failure menggunakan kerangka filosofi hukum Lon Fuller. Penelitian ini menggunakan metode yuridis normatif dengan pendekatan perundang-undangan, konseptual, dan komparatif, di mana norma dan prinsip hukum dianalisis melalui metode interpretasi hermeneutik. Hasil penelitian menunjukkan bahwa kerangka regulasi kepailitan di Indonesia saat ini gagal membedakan secara konseptual dan operasional antara insolvabilitas neraca dan insolvabilitas arus kas. Kegagalan tersebut mengakibatkan pembubaran prematur terhadap bank-bank BUMN yang sejatinya masih sehat secara ekonomi, serta mempertegas inkonsistensi normatif antara UUK-PKPU dan UU PT. Hukum kepailitan Indonesia masih berorientasi pada likuidasi berbasis formalitas procedural, berbeda dengan pendekatan Uni Eropa dan negara-negara common law yang menempatkan mekanisme penyelamatan dan rehabilitasi sebagai respons utama terhadap kesulitan likuiditas. Artikel ini berkontribusi pada penguatan argumentasi perlunya harmonisasi regulasi dan adopsi dual insolvency test untuk membedakan kesulitan likuiditas dari insolvabilitas struktural, serta guna melembagakan mekanisme penyelamatan dan jalur rehabilitasi sebagai prioritas sebelum likuidasi dalam hukum kepailitan di Indonesia.
SHARIAH GOVERNANCE OF CRYPTOCURRENCIES: Risks, Parameters and Regulatory Solutions Balarabe, Abubakar; Abdullah, Md. Faruk; Rahman, Md. Habibur; Daud, Mohd Zaidi
Jurisdictie: Jurnal Hukum dan Syariah Vol 16, No 2 (2025): Jurisdictie
Publisher : Fakultas Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/j.v16i2.35817

Abstract

The introduction of cryptocurrencies into Islamic finance raises critical Shariah issues that require systematic evaluation through the lens of maqāṣid al-sharīʿah, specifically ḥifẓ al-māl (protection of wealth) and darʾ al-mafāsid (prevention of harm). This study conducts an empirical legal analysis by examining how risks and uncertainties prevent cryptocurrencies from functioning as Shariah-compliant money and analyses the conditions or regulations that could enable Shariah-compliant cryptocurrency transactions and develop Shariah parameters. Focusing on the Malaysian context, the study conducts qualitative interviews with 12 experts, including Shariah scholars, regulators, academics, and fintech practitioners. The methodology provides an in-depth examination of this multifaceted topic and seeks to bridge the gap between Shariah, finance, and new technologies. The findings highlight major concerns such as gharar (uncertainty), maysir (speculation), lack of intrinsic value, and potential involvement in unlawful activities. Additional challenges include decentralisation, lack of transparency, weak public awareness, and contradictory fatwas. To address these issues, the study proposes a multi-level framework including Shariah certification, stablecoin development, asset protection mechanisms, risk mitigation tools, and institutional collaboration between regulators, scholars, and fintech developers. These findings contribute to the discourse on adapting new technologies to Islamic finance while providing practical guidance for policy development in Malaysia’s dual financial system. Masuknya mata uang kripto ke dalam sistem keuangan Islam menimbulkan sejumlah persoalan syariah yang krusial dan memerlukan evaluasi sistematis melalui perspektif maqāṣid al-sharīʿah, khususnya ḥifẓ al-māl (perlindungan harta) dan darʾ al-mafāsid (pencegahan kemudaratan). Penelitian ini melakukan analisis hukum empiris dengan mengkaji bagaimana risiko dan ketidakpastian menghambat mata uang kripto untuk berfungsi sebagai alat tukar yang sesuai dengan prinsip syariah, serta menganalisis kondisi atau regulasi yang dapat memungkinkan transaksi mata uang kripto yang patuh syariah sekaligus merumuskan parameter syariah yang relevan. Dengan berfokus pada konteks Malaysia, penelitian ini melaksanakan wawancara kualitatif terhadap 12 orang ahli yang terdiri atas ulama syariah, regulator, akademisi, dan praktisi teknologi finansial (fintech). Metodologi ini memungkinkan kajian yang mendalam terhadap isu yang bersifat multidimensional serta berupaya menjembatani kesenjangan antara prinsip syariah, sistem keuangan, dan perkembangan teknologi baru. Temuan penelitian menyoroti berbagai persoalan utama, seperti gharar (ketidakpastian), maysir (spekulasi), ketiadaan nilai intrinsik, serta potensi keterlibatan dalam aktivitas yang tidak sah menurut hukum. Tantangan tambahan meliputi sifat desentralisasi, kurangnya transparansi, rendahnya tingkat literasi publik, serta adanya fatwa yang saling bertentangan. Untuk mengatasi permasalahan tersebut, penelitian ini mengusulkan suatu kerangka kerja bertingkat yang mencakup sertifikasi syariah, pengembangan stablecoin, mekanisme perlindungan aset, instrumen mitigasi risiko, serta kolaborasi kelembagaan antara regulator, ulama, dan pengembang fintech. Temuan ini berkontribusi pada pengembangan wacana adaptasi teknologi baru dalam keuangan Islam sekaligus memberikan panduan praktis bagi perumusan kebijakan dalam sistem keuangan ganda Malaysia.