Determinan Pelarangan PraktikShort Selling dalam Lingkup Pasar Modal Syariah dan Realitasnya di Indonesia
Article Sidebar
Abstract
Capital market is an activity related to public offering and trading of securities, public companies relating to the issuance of securities, institutions and professionals associated with the effects. One of the most popular financial instruments and commonly used in conventional capital market, including in Indonesia Stock Exchange (Bursa Efek Indonesia) is short-selling. In regulation of Bapepam-LK No. V.D.6, short-selling is the sale of securities in which the securities are not owned by the seller when the transaction is executed. In general, this transaction clearly violated syariah guidance, as embodied in the Fatwa of DSN-MUI No. 20 Year 2001 and No. 40 year 2003, because of short-selling synchronized with the bay' ma'dum based on the hadith "You may not sell anything which are not your belongings". Therefore, this paper aims at studying the issues surrounding the interpretation and the reality of short-selling instruments. Three main results obtained were permissibility of shares as the object of the loan contract, the issue of bay 'ma'dum can be interpreted as a collateral of delivery which can be controlled by the rules of Bapepam-LK, and thirdly, the economic benefit from the imposition of a fee in the formof the loan contract is concluded as a forbidden usury.
Full text article
Generated from XML file
Authors
R. Adawiyah, W., & Najmudin, N. (2011). Determinan Pelarangan PraktikShort Selling dalam Lingkup Pasar Modal Syariah dan Realitasnya di Indonesia. Asy-Syir’ah: Jurnal Ilmu Syari’ah Dan Hukum, 45(1). https://doi.org/10.14421/ajish.v45i1.12
Asy-Syir'ah : Jurnal Ilmu Syari'ah dan Hukum by Faculty of Sharia and Law, UIN Sunan Kalijaga Yogyakarta is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.