scholarly journals REGULASI INVESTASI PASAR MODAL SYARIAH DI INDONESIA

2020 ◽  
Vol 2 (2) ◽  
pp. 77-88
Author(s):  
Habib Iman Nurdin Sholeh
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Legal Basis ◽  
Legal Certainty ◽  
State Institutions ◽  
Academic Literature ◽  
Existing Problems ◽  
Positive Law ◽  
Legal Standing ◽  
Islamic Investment

This article explains about Islamic investment and capital markets in a juridical-normative perspective. Investment and capital markets are part of muamalah activities, so all activities must have a legal basis to be used as guidelines in its implementation. Investment and capital market activities, with all types, types and contracts in it are one derivative of the framework of muamalah activities in the field of Islamic economics. Juridical-normative perspectives on investment activities and Islamic capital markets, rarely found in academic literature, therefore it is important to examine the extent to which Islamic principles are adopted into positive law to serve as a legal umbrella in investment business activities. In this article, the method used by the author is a normative juridical method, which uses a problem approach with the intent and purpose of studying and reviewing applicable laws and competent regulations to be used as a basis for discussion of existing problems. Sharia norms and principles regarding investment and capital markets that can be guided have been codified in various Fatwa Dewan Syariah Nasional (DSN-MUI). Until now, DSN-MUI has issued at least 19 (nineteen) fatwas relating to investment activities and Islamic capital markets. However, in the life of the state also needs a legal umbrella so that investment activities and capital markets have the power of law, legal certainty, and justice. The legislation and regulations that have been legalized by relevant state institutions that have legal standing are 2 (two) pieces of Law and 9 (nine) Otoritas Jasa Keuangan (OJK) Regulations. Keywords: Investasi, Pasar Modal, Regulasi.

scholarly journals MELACAK INVESTASI SYARIAH: STUDI PERKEMBANGAN SUKUK BAGI PASAR MODAL SYARIAH DI INDONESIA

2020 ◽  
Vol 8 (10) ◽  
pp. 1551
Author(s):  
Afifatul Munawiroh ◽  
Rumawi Rumawi
Keyword(s):  
Content Analysis ◽  
Literature Review ◽  
Ethnic Groups ◽  
Capital Markets ◽  
Capital Market ◽  
Analysis Approach ◽  
Muslim Population ◽  
Historical Approach ◽  
The Impact ◽  
Islamic Investment

Sukuk (Obligasi syariah) merupakan investasi yang ada dalam lingkup pasar modal syariah yang sangat menguntungkan. Oleh Karena itu, perlu adanya penelitian lanjutan supaya sukuk bisa meluas ke seluruh penjuru negeri. Paper ini adalah penelitian yang berbasis pada kajian pustaka, tema yang diambil dalam penelitian ini adalah Sukuk dalam Pasar Modal Syariah. Ada tiga pertanyaan penting: pertama, bagaimana kondisi pasar modal syariah di Indonesia? Kedua, bagaimana investasi syariah dalam mengelola perkembangan sukuk di Indonesia? Ketiga, bagaimana impact adanya sukuk bagi pasar modal syariah di Indonesia? Dengan pendekatan historis untuk mengkaji kondisi pasar modal syariah di Indonesia. Sedangkan, investasi syariah dalam mengelola perkembangan sukuk dan impact adanya sukuk bagi pasar modal syariah di Indonesia dijelaskan melalui pendekatan content analysis. Hasil dari pembahasan ini adalah penurunan dan peningkatan suku di Indonesia sangat berpengaruh terhadap kebutuhan dalam pengembangan Indonesia, terlebih negara ini dihuni oleh mayoritas penduduk muslim. Sehingga, dalam penyebarannya akan semakin cepat dan mudah. Sukuk (Islamic bonds) are investments that exist within the scope of the Islamic capital market which is very profitable. Therefore, further research is needed so that Sukuk can be spread throughout the country. This paper is a research-based on a literature review, the theme taken in this study is Sukuk in the Islamic Capital Market. There are three important questions: first, what is the condition of the Islamic capital market in Indonesia? Second, how is Islamic investment in managing the development of Sukuk in Indonesia? Third, what is the impact of the existence of Sukuk for the Islamic capital market in Indonesia? With a historical approach to assessing the condition of Islamic capital markets in Indonesia. Meanwhile, Islamic investment in managing the development of Sukuk and the impact of the existence of Sukuk for the Islamic capital market in Indonesia is explained through a content analysis approach. The result of this discussion is the decline and increase in ethnic groups in Indonesia is very influential on the needs in the development of Indonesia, moreover, the country is inhabited by a majority of the Muslim population. Thus, the spread will be faster and easier.

scholarly journals PENETAPAN PENGADILAN AGAMA ‎BOJONEGORO TENTANG PENOLAKAN ‎PERMOHONAN WALI ADHAL KARENA ‎PENGINGKARAN ANAK ‎

AL-HUKAMA ◽  
2016 ◽  
Vol 6 (2) ◽  
pp. 474-501
Author(s):  
Asyari Mursyid
Keyword(s):  
Main Topic ◽  
General Nature ◽  
Legal Basis ◽  
Legal Certainty ◽  
Minimum Threshold ◽  
Positive Law ◽  
Setting Process ◽  
The Status ◽  
Descriptive Method

Abstract: This study is a juridical analysis to the determination of Bojonegoro Islamic Court petition concerning with the rejection of an adhol guardian caused by a child guardian denial. The judge’s legal consideration of the determination of PA Bojonegoro No. 64/Pdt.P/2014/PA.Bjn regarding with the rejection of the application of an adhol guardian due to a child guardian denial is to be the main topic of the research. The data are obtained through documentation and interview. They are the documentations in the form of the decision of the Islamic Court of Bojonegoro itself and those from judge. Furthermore, the data are analyzed using descriptive method and deductive mindset, which put forward the theory or the arguments of a general nature about the status of guardian and carer of child and setting process of adhol guardian in positive law. It is then drawn conclusions concerning with the establishment of the adhol guardian request. This study concludes that judge rejected the adhol guardian because of the denial of child is still lacking a legal basis, so that a legal certainty in this matter has not reached a minimum threshold of proof.Abstrak: Penelitian ini merupakan analisis yuridis terhadap penetapan Pengadilan Agama Bojonegoro perihal penolakan permohonan wali adhol karena pengingkaran anak. Bagaimana pertimbangan hukum hakim terhadap penetapan PA Bojonegoro No. 64/Pdt.P/2014/PA.Bjn perihal penolakan permohonan wali adhol karena pengingkaran anak menjadi bahasan utama penelitian. Data penelitian diperoleh melalui dokumentasi dan interview. Dokumentasi yang berupa putusan Pengadilan Agama Bojonegoro dan data hasil wawancara dengan hakim yang memutus perkara tersebut. Selanjutnya data dianalisis menggunakan metode deskriptif dengan pola pikir deduktif, yaitu mengemukakan teori atau dalil-dalil yang bersifat umum tentang wali nikah dan kedudukan anak serta proses penetapan wali adhol dalam hukum positif. Kemudian ditarik kesimpulan mengenai penetapan permohonan wali adhol tersebut. penelitian ini menyimpulkan, bahwa Majelis Hakim dalam menetapkan penetapan menolak permohonan wali adhol karena pengingkaran anak ini masih kurang dasar hukumnya, sehingga kepastian hukum dalam perkara ini belum mencapai batas minimal pembuktian.Kata kunci: Analisis Yuridis, Wali Adhal dan Pengingkaran Anak.

scholarly journals Islamic Financing Instrument Under Indonesia Positive Law

2018 ◽  
Vol 2 (2) ◽  
pp. 187-203
Author(s):  
Supardan Mansyur ◽  
Usman Usman ◽  
Lalu Sabardi
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Banking Industry ◽  
Human Life ◽  
The Other ◽  
Islamic Banking ◽  
Role Of Government ◽  
Capacity Enhancement ◽  
Positive Law

Islam governs all aspects of human life. It is not regulate the human relation to Allah only but also between human each other, among other economy like financing comply with shari’ah. The issues are: (1) how is the regulation of financing comply with shari’ah regulated ini positive law in Indonesia; and (2) handicap   faced in its application in Indonesia. The purposes of this research are to know: (1) its regulation on positive law, and (2) its handicap in its application Indonesia. Its results are: (1) Islamic financing in Indonesia is regulated in various rules and regulation and their implementation strengthening its existing in positive law in Indonesia as   Act No.7/1992 on Banking (amended by  Act No. 10/1998), Act No. 23/ 1998 on Indonesia Bank  (amended by Act No. 3/2004), and Act  No. 21/ 2008 on Islamic banking, particular to Shari’ah Capital Market its regulation is regulated by OJK Decision and DSN-MUI Fatwas; (2) murabahah based financing) dominating all financing of Indonesian banking industry is considered  as the cause of Islamic Banking avoided to use Mudharabah and Musharakah is their higher risk. Related to these difficulties is recommended to be: (1) expected to Government and DPR to enact the statute on Islamic on Islamic Capital Market putting the Islamic Capital Market equal to the Conventional Capital Markets (2) The role of Government and the other institutions to cope handicap faced as highlight the capacity enhancement of Islamic financing institutions, regulations,  and development of infrastructures   supporting the Islamic financing application, are absolutely needed.

scholarly journals Penilaian Kinerja Badan Arbitrase Pasar Modal Indonesia Dengan Metode Total Quality Management (TQM)

2016 ◽  
Vol 4 (2) ◽  
Author(s):  
Yuke Rahmawati
Keyword(s):  
Interest Rate ◽  
Total Quality Management ◽  
Capital Markets ◽  
Capital Market ◽  
Public Capital ◽  
Security Level ◽  
Total Quality ◽  
Breach Of Contract ◽  
Fraud Risk ◽  
Existing Problems

Abstract: The existence and development of the capital markets can not be separated from the tidal existing problems, both managerial and management of transactions related to capital market investment. Infringement cases and disputes that occur are oftenresolved, either through Bapepam LK and through the Indonesian Capital Market Arbitration Board. Fraud risk, interest rate, breach of contract, misappropriation or embezzlement of funds is a problem that often arises in capital market transactions. FSAprovides two authorities on BAPMI, the first; authority is a consumer protection and public capital markets and, secondly; receipt of the notification to the implementation of the Arbitration Award. TQM is used in measuring the performance of BAPMI provide a preliminary picture that its existence can encourage security level of capital market transactions to be better for the development of capital markets in Indonesia.  Abstrak: Keberadaan dan perkembangan pasar modal tidak terlepas dari pasang surut permasalahan yang ada, baik yang bersifat pengelolaan secara manajerial maupun yang terkait dengan berbagai transaksi investasi pasar modal. Kasus pelanggaran dan sengketa yang terjadi seringkali terselesaikan, baik melalui Bapepam LK maupun melalui Badan Arbitrase Pasar Modal Indonesia. Risiko kecurangan, tingkat suku bunga, wanprestasi, penyelewengan dan atau penggelapan dana adalah diantara permasalahan yang sering muncul di dalam transaksi pasar modal. OJK memberikan dua kewenangan pada BAPMI, yakni pertama; kewenangan adalah perlindungan terhadap konsumen pasar modal dan masyarakat dan, kedua; adalah penerimaan notifikasi jika ada pihak dalam sengketa tidak melaksanakan Putusan Arbitrase. TQM yang digunakan peneliti dalam mengukur kinerja BAPMI memberikan gambaran awal bahwa eksistensinya dapat mendorong tingkat keamanan transaksi pasar modal menjadi lebih baik untuk perkembangan pasar modal itu sendiri di Indonesia. DOI : 10.15408/jch.v4i2.3671

scholarly journals The Role of Jurisprudence as Form of Legal Prescriptions: a Case Study of Notaries in Indonesia

2021 ◽  
Vol 17 ◽  
pp. 75-80
Author(s):  
Irfan Iryadi ◽  
Teuku Syahrul Ansari ◽  
Jumadil Saputra ◽  
Teuku Afrizal ◽  
Ahmad Syauqi Thirafi
Keyword(s):  
Primary Source ◽  
Qualitative Approach ◽  
Test Material ◽  
Legal Basis ◽  
Legal Certainty ◽  
Public Officials ◽  
Legal Concept ◽  
Positive Law

As a primary source of law, jurisprudence is a reference in constituting legal prescriptions for notaries in their works as public officials. Due to strengthening jurisprudence in the Indonesian legal system, jurisprudence cannot be ignored by the notary officeholders. Therefore, the main issue is whether jurisprudences have a role in constituting legal prescriptions for notaries in their works as public officials or not. This study was designed using a qualitative approach. Data analysis was conducted in a deductive-qualitative approach with a writing model carried out by "writing in contexts. The results showed that state law (laws) is the primary legal basis for doing authentic deeds by notaries. The implementation of the law must take precedence to achieve the goal of legal certainty in doing authentic deeds. As a result of strengthening the role of jurisprudence in Indonesia, notaries should also attend to the existence of jurisprudence. The purpose of enforcing jurisprudence by the notary is as an effort to (i) fill the legal avoidance, (ii) complete the applicable legal procedures, (iii) become a legal prescription for notaries, (iv) become a source of positive law, (v) keep abreast of legal developments in society, (vi) serve as test material for notaries and (vii) get a new legal construction that replaces the old legal concept. In conclusion, jurisprudence is one of the sources of law which must also be considered and paid attention to by notaries.

Determinants of Trading Decision: An Experiential Examination

GIS Business ◽  
2018 ◽  
Vol 13 (1) ◽  
pp. 1-9
Author(s):  
Gunjan Sharma ◽  
Tarika Singh ◽  
Suvijna Awasthi
Keyword(s):  
Stock Market ◽  
Capital Markets ◽  
Capital Market ◽  
Capital Mobility ◽  
Influential Factors ◽  
Herd Behavior ◽  
Human Beings ◽  
The Past ◽  
The Government ◽  
Indian Stock Market

In the midst of increasing globalization, the past two decades have observed huge inflow of outside capital in the shape of direct and portfolio investment. The increase in capital mobility is due to contact between the different economies across the globe. The growing liberalization in the capital market leads to the growth of various financial products and services. Over the past decade, the Indian capital market has witnessed numerous changes in the direction of developing the capital markets more robust. With the growing Indian economy, the larger inflow of funds has been fetched into the capital markets. The government is continuously working on investor’s education in order to increase retail participation in the Indian stock market. The habits of the risk-averse middle class have been changing where these investors started participating in the Indian stock market. It is an explored fact that human beings are irrational and considering this fact becomes imperative to investigate factors that influence the trading decisions. In this research, ‘an attempt has been made to investigate various factors that affect the individual trading decision’. The data has been collected from various stockbroking firms and from clients of those stockbroking firms their opinions were recorded by means of a questionnaire. Data collected through the structured questionnaire, 33 questions were prepared which was given to the 330 respondents on the basis of convenience sampling out of which 220 individuals filled questionnaire, the total of 200 questionnaires was included in the study after eliminating the incomplete questionnaire. Various factors are being explored from the literature and then with the help of factor analysis some of the most influential factors have been explored. Factors like overconfidence, optimism, cognitive bias, herd behavior, advisory effect, and idealism are the factors which influenced the trading decision of the investors the most. Such kind of a study is contributing in the area of behavioral finance as a trading decision is an important aspect while investing in the stock market. And this kind of study would be helping and assisting financial advisors to strategies for their clients in making the right allocation and also the policy maker and market regulators to come up with better reforms for the Indian stock markets.

Rajeev Pundir

2021 ◽  
Vol 17 (2) ◽  
pp. 105-113
Author(s):  
Rajeev Pundir
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Poverty Line ◽  
Vital Role ◽  
Capital Inflows ◽  
Share Price ◽  
Stock Index ◽  
Recent Past ◽  
Indian Government ◽  
Asset Class

Put not your trust in money, but put your money in trust.”A capital market can provide huge impetus to the development of any economy .so, it can be said that the growth and sustainability of capital markets plays an important role towards the development of the economy. It is being observed that huge fluctuations are happening in Indian capital market in recent past, but with the help of proper mechanism, which is being observed in India and after examining various risk factors involved in capital markets, we attempt to say that the growth which has been observed in Indian capital market in recent past is a realty, but not a myth. Right from the independence, thanks to steps initiated by the Indian government especially after the post liberalization era. A huge growth has been observed in the aspects of quality and quantity. Huge increase has been observed in the volumes of trade. We know that capital markets play a vital role in Indian economy, the growth of capital markets will be helpful in raising the per-capita income of the individuals, decrease the levels of un-employment, and thus reducing the number of people who lies below the poverty line. With the increasing awareness in the people they start investing in capital markets with long-term orientations, which would provide capital inflows to the sectors requiring financial assistance.“Hedge risk; make the derivatives market your investment option”Derivative is finally engineered instruments which derive its value from price of a specific asset. Value of Equity Derivatives is derived from share price of any company or share index. In India trading of two types of derivatives are permitted – Futures and Options. Derivatives trading desks face a growing number of challenges – more sophisticated derivative instruments, fiercer competition, and stricter risk reporting and compliance requirements. It is now common to trade options with multi-asset-class underlying instruments quoted in different currencies, such as an option offering the best return between a Brazilian bond and a U.S. stock index. Investor uses the derivatives as an edged sword. Derivatives instruments are like a mother’s womb that cares of her baby (Investor) from volatility in the market. In nutshell this study is an effort to analyze the trading mechanism which has been followed by the investors in current scenario.

Rule of law and preventing fraud in Nigeria’s capital market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Uchechukwu Nwoke ◽  
Ibenaku Harford Onoh
Keyword(s):  
Rule Of Law ◽  
Capital Markets ◽  
Capital Market ◽  
Critical Evaluation ◽  
Subject Area ◽  
The Body ◽  
Content Type ◽  
The Rule Of Law ◽  
Body Of Knowledge ◽  
Fresh Insight

Purpose The purpose of this paper is to critically analyse the correlation between the rule of law and the efficient functioning of capital markets. It attempts to examine the Nigerian capital market and how the rule of law can be used to prevent fraud and promote the proper functioning of the market. Design/methodology/approach The paper adopts the doctrinal approach through a critical evaluation of concepts. Using existing literature in the subject area, it evaluates the inter-connectedness between law and the capital market and how the rule of law is an important instrument in capital market development. Findings The paper finds that there have been numerous infractions of the rule of law by capital market actors, leading to stultification in the growth and development of this sector of the Nigerian economy. Originality/value The paper offers a fresh insight into the correlation between the rule of law and capital markets. By critically assessing the inter-connectivity between the two concepts, it extends the body of knowledge in this area by showing how the operations of the Nigerian capital market could be improved through the proper application of the rule of law.

The Capital Market Authority Effectiveness in the Regulation of Financial Markets perspectives from the financial sector actors

2012 ◽  
Vol 02 (11) ◽  
pp. 15-24
Author(s):  
Charles Kombo Okioga
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Financial Regulation ◽  
International Standards ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Market Participants ◽  
New Business

Capital Market Authority in Kenya is in a development phase in order to be effective in the regulation of the financial markets. The market participants and the regulators are increasingly adopting international standards in order to make the capital markets in sync with those of developed markets. New products are being introduced and new business lines are being established. The Capital Markets Authority (Regulator) is constantly reviewing existing regulations and recommending changes to regulate the market properly. Business lines and activities are being harmonized by market participants to provide a one stop solution in order to meet the financial and securities services needs of the investors. The convergence of business lines and activities of market intermediaries gives rise to the diversity of a firm’s business operations to meet multiplicity of regulations that its activities are subject to. The methodology used in this study was designed to examine the relationship between capital markets Authority effective regulation and the performance of the financial markets. The study used correlation design, the study population consisted of 30 employees in financial institutions regulated by Capital Markets Authority and 80 investors. The study found out that effective financial market regulation has a significant relationship with the financial market performance indicated by (r=0.571, p<0.01) and (r=0.716, p≤0.01, the study recommended a further research on the factors that hinder effective financial regulation by the Capital Markets Authority.

Evaluation of Blockchain in Capital Market Use-Cases

2018 ◽  
Vol 10 (1) ◽  
pp. 54-76
Author(s):  
Sinsu Anna Mathew ◽  
Abdul Quadir Md
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Use Cases ◽  
Third Party ◽  
Global Capital ◽  
Distributed Ledger ◽  
The World ◽  
High Integrity ◽  
Middle Man ◽  
Financial Transactions

This article describes the “Blockchain” which is an upcoming technology in the current leading world and which serves as a capital market use-cases for many of the global Fintech industries across the world, is a distributed ledger of economic transactions which not only used for recording financial transactions but mostly everything of value in this world. In the current world, mostly all the transactions are done through online which mainly includes the bank as a “middle man,” which could be untrustworthy at times. Blockchain comes into the picture which eliminates the need of a middle man or third party between the users who are involved in the transactions. Represents a financial ledger entry of data structure which consists of record of transactions which is digitally signed and cannot be tampered as authenticity is ensured in which the ledger is considered to be of high integrity. One of the leading and highly valued platform of blockchain is “Hyperledger Fabric” which is meant for securing transactions and serves a powerful container technology for smart contract development in the global capital firms. The potential of Blockchain and DLT in capital markets in this upcoming world could remove many of the inefficiencies and costs inherent in the global capital markets across the world and could be considered as a viable technology which enable to settlement.

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