| dc.description.abstract | Indonesian Islamic securities trading in the secondary market on general is
of commonly done. Moreover, the securities trading activities from the Islamic
aspect are answered by National Shari'ah Board - Committee of Ulama Indonesia
(hereinafter referred to as DSN-MUI). DSN-MUI has been issued fatwa on the
Shari’ah trading mechanism Number 80/DSN-MUI/III/2011 about the application
of Shari’ah principles in trading mechanism of equity securities at stock exchange
regular market.This study will discuss on the regulatory framework applied to
Shari'ah capital market on the trading mechanism of secondary market securities
in Indonesia. In addition it is also seeking issues pertaining to Shari’ah
compliance related to the trading mechanism of secondary market securities. This
study is also needed as a means to give a trust to investors who concerned about
Shari’ah principles in investing in the capital market.
This research is using secondary data which are primary legal material,
secondary legal materials, and tertiary legal material. Secondary data also
collected from library research and document study such as act, text books, and
article. This research is used normative research which identifies legal norms and
views. The objective is to understand and answer the object of study" by using
juridical normative approach method.
The trading mechanism of secondary market securities on Shari’ah capital
market in Indonesia, in compliance with Shari’ah principles if they meet specific
requirements. Securities that can be traded are only stocks in the List of Islamic
Securities (Daftar Efek Shariah–DES) that published by Bapepam-LK or
constituent stocks of Indonesia Sharia Stock Index (ISSI). Trading must refrain
from activities that are prohibited by Islamic principles. According to the Fatwa,
there are 14 activities that fall into categories not in accordance with Islamic
principles, for examples insider trading (ghabn fahisy), short selling (bai’ alma’dum),
margin trading (riba), etc.
Fatwa on stock trading Shari’ah mechanism is the answer for people who
still question the Shari’ah level of stock transactions in regular market on the
Stock Exchange. The fatwa was expected to give a trust to investors who
concerned about sharia principles in investing in the capital market.
Recommendations this study is need develop accounting standards that adequately
and appropriately reflect the nature of Islamic financial transactions and
consideration relates to the level of awareness and understanding of investors with
regards to Islamic capital market products." Hence, it may wish to consider an
expansion of the pool of Islamic capital market experts covering subject matters
such as corporate finance, legal, accounting and tax as well as the Shari’ah. | en_US |
