Al-Huquq: Journal of Indonesian Islamic Economic Law

Integrasi Maqashid Syariah dalam Regulasi dan Pengembangan Instrumen Pasar Modal Syariah: Kajian Konseptual Hukum dan Ekonomi

Dian Wirna Ningsih — 2025-12-31

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.)

Reconstruction of Forest Area Land Tenure in the Perspective of Maqashid Sharia (Hifz Al-Mal) in Ngadirenggo Village, Wlingi District, Blitar Regency

Rizky Rendyana Firmansyah — 2026-05-25

Conflicts over forest land ownership in Indonesia continue to recur due to the lack of synchronization between the agrarian and forestry regimes. This overlapping authority creates legal uncertainty and impacts the protection of the economic rights of communities living in and around forest areas. This situation occurs in Ngadirenggo Village, Wlingi District, Blitar Regency, where tensions between the community and Perhutani regarding the control and utilization of forest crops continue. This study aims to analyze the legal regulations for forest land ownership based on applicable laws and regulations in Indonesia and reconstruct its ownership policy from the perspective of maqashid sharia, specifically hifz al-mal, to support sustainable development in Ngadirenggo Village. The study used an empirical juridical method with a qualitative descriptive approach to examine the process of law working in society. The results of the study indicate that regulations on land ownership in forest areas have not been harmoniously integrated, giving rise to policy dualism and prolonged conflict. Policy reconstruction is directed at strengthening the recognition of local community rights, harmonizing agrarian and forestry regulations, strengthening land ownership resolution mechanisms, and orienting policies towards sustainable development that balances economic, social, and environmental aspects. In the perspective hifz al-mal, the policy update emphasizes certainty and protection of the results of community efforts without ignoring the sustainability of the ecological function of forest areas. The academic contribution of this article lies in integrating the maqashid sharia approach, particularly hifz al-mal, into the discourse of forest land governance and sustainable development, offering a conceptual framework for harmonizing agrarian and forestry policies while strengthening legal protection for local communities in forest areas

Implementasi Nilai Ekoteologi Islam dalam Pengelolaan Tambak Garam di Kabupaten Sampang: Kajian Hukum Ekonomi Syariah

Harisa Harisa — 2026-06-05

Perubahan iklim dan degradasi lingkungan pesisir di Kabupaten Sampang, Madura, telah berdampak nyata terhadap menurunnya kualitas ekosistem pesisir serta keberlanjutan mata pencaharian masyarakat lokal. Salah satu fakta sosial yang menonjol adalah meningkatnya kerentanan sektor tambak garam, yang selama ini menjadi sumber penghidupan utama masyarakat pesisir, akibat intrusi air laut, perubahan pola cuaca, dan degradasi lahan tambak. Dalam praktiknya, pengelolaan tambak garam masih didominasi oleh orientasi produksi ekonomi jangka pendek, sementara aspek keberlanjutan lingkungan dan ketahanan sosial belum terintegrasi secara memadai. Artikel ini menghadirkan analisis hubungan antara praktik pengelolaan tambak garam, dinamika sosial-ekonomi masyarakat pesisir, dan tantangan ekologis akibat perubahan iklim di Madura. Wilayah ini masih minim diteliti dalam literatur keberlanjutan pesisir. Berbeda dengan studi sebelumnya yang lebih fokus pada aspek teknis produksi garam, artikel ini melihat tambak garam sebagai ruang interaksi antara kepentingan ekonomi, ekologi, dan keberlanjutan sosial.. Penelitian ini bertujuan untuk menganalisis penerapan nilai-nilai ekoteologi Islam dalam pengelolaan tambak garam di Kabupaten Sampang. Selain itu, penelitian ini juga menelaah relevansinya dengan prinsip-prinsip hukum ekonomi syariah. Pendekatan yang digunakan adalah metode hukum empiris. Ini meliputi observasi lapangan, wawancara mendalam, dan analisis kebijakan serta peraturan daerah. Hasil penelitian menunjukkan bahwa nilai-nilai ekoteologi Islam mulai diinternalisasi dalam praktik sosial masyarakat pesisir. Namun, penerapannya masih parsial. Simpulan penelitian menegaskan perlunya rekonstruksi paradigma hukum ekonomi syariah yang berwawasan ekologis. Tujuannya adalah menuju pengelolaan tambak garam yang adil, berkelanjutan, dan berlandaskan nilai-nilai Islam.