SHARIA STOCK TRADING IN INDONESIA:  PRINCIPLES AND REGULATORY FRAMEWORK: PERDAGANGAN SAHAM SYARIAH DI INDONESIA: PRINSIP DAN KERANGKA REGULASI

Djaka Suryadi; Muhammad Nurul Alim

doi:10.36769/ibest.v4i1.1057

Authors

Djaka Suryadi Institut Asy-Syukriyyah
Muhammad Nurul Alim Institut Asy-Syukriyyah https://orcid.org/0000-0002-5370-2503

DOI:

https://doi.org/10.36769/ibest.v4i1.1057

Keywords:

Investment, Sharia Stock, Bursa Efek Indonesia

Abstract

This study explores the legal foundations and operational mechanisms of sharia-compliant stock trading in Indonesia. Using a normative juridical and qualitative approach, it examines how Islamic principles—particularly the prohibitions of riba, gharar, and maisir—are applied in the Indonesia Stock Exchange. Findings show that stock trading is permissible in Islam when conducted under contracts such as musyarakah and mudharabah, and regulated through fatwas like DSN-MUI No. 80/2011. The Sharia Online Trading System (SOTS) ensures compliance by prohibiting margin trading and short selling. Distinctions from conventional trading lie in sharia screening, real asset backing, and ethical restrictions. This research concludes that Indonesia’s Islamic capital market offers a viable halal investment platform. It recommends enhancing public literacy, transparency in screening criteria, and consistent enforcement to support ethical investing aligned with Islamic law.

References

Addury, Multazam Mansyur, Anton Priyo Nugroho, and Salehuddin Khalid. “The Intention of Investing Sharia Stocks on Millennials: The Role of Sharia Financial Literacy.” Ihtifaz: Journal of Islamic Economics, Finance, and Banking 3, no. 2 (2020): 89–104.

Afrida, Yenti. “Shariah Stock Screening Process: Perspectives on Sharia Economics and Practitioners.” JEBI (Jurnal Ekonomi dan Bisnis Islam) 1 (2019): 155–66.

Al-Suwailem, Sami. Islamic Economics and Finance: A Textbook. Jeddah: IDB Islamic Research and Training Institute, 2015.

Azhar, Jeihan Ali, and Resti Wulandari. “Stock Performance Based on Sharia Stock Screening: Comparison between Sharia Stock Indices of Indonesia and Malaysia.” Asian Management and Business Review 1, no. 1 (2021): 14–26.

Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI). Fatwa No. 80/DSN-MUI/III/2011 tentang Penerapan Prinsip Syariah dalam Mekanisme Perdagangan Efek Bersifat Ekuitas di Pasar Reguler. Jakarta: DSN-MUI, 2011.

Fitriansyah, Rahmat, and Mohamad Soleh Nurzaman. “Macroeconomic Determinants and Global Islamic Market Linkages of the Jakarta Islamic Index.” Share: Jurnal Ekonomi dan Keuangan Islam 14, no. 1 (2025): 258–84.

Indonesia Stock Exchange (IDX). Guidelines on Sharia Online Trading System (SOTS). Jakarta: IDX, n.d.

Kamali, M. H. Islamic Commercial Law: An Analysis of Futures and Options. Cambridge: Islamic Texts Society, 2002.

Muchlis, Mustakim, and Hamid Habbe. “Exploring Sharia Screening Review in Islamic Capital Market in Indonesia (Jakarta Islamic Index).” LAA MAISYIR: Jurnal Ekonomi Islam 8, no. 1 (2021): 40–54.

Muhammad Nurul Alim and Djaka Suryadi, “ Uang dan Moneter Islam dalam Sistem Moneter Ganda di Indonesia,” Jurnal Asy-Syukriyyah 22, no. 2 (November 29, 2021): 211–38, https://doi.org/10.36769/asy.v22i2.169.

Selasi, Dini. “Islamic Economics; Halal and Haram to Invest in Syaria Stocks.” Journal of Islamic Economics and Business 1 (2018).

Soemitro, Ronny Hanitijo. Metodologi Penelitian Hukum. Jakarta: Ghalia Indonesia, 1990.

Susanto, B. Sharia Capital Market (Legal Review). Yogyakarta: UIIPress, 2009.

Umam, K. Sharia Capital Market. Bandung: Faithful Library, 2013.

Wahyudi, Dian, and Abdul Qoyum. “Macroeconomic Variables and Jakarta Islamic Index (JII).” Sunan Kalijaga: Islamic Economics Journal 1, no. 2 (2022).

Zulkarnain, Azim, and Sufyati HS. “Pengaruh Faktor-Faktor Ekonomi Makro Terhadap Jakarta Islamic Index (JII).” Journal of Accounting and Finance Management 5, no. 4 (2024): 892–901.