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TINJAUAN YURIDIS TERHADAP PENGAWASAN OJK PADA SCREENING DAN AKTIVITAS PERDAGANGAN SAHAM DI PASAR MODAL SYARI’AH
The development of the Islamic capital market in Indonesia has shown significant growth, with the number of investors increasing over the past five years, particularly in Islamic stocks. However, the challenge of Sharia compliance by issuers remains a crucial issue. Amid this growth, the screening mechanism for Islamic stocks and their trading within the Financial Services Authority (OJK) supervisory system is a crucial aspect for maintaining Sharia integrity and compliance. This study aims to examine the OJK's supervisory mechanism for screening and trading activities of Islamic stocks and analyze the implementation of legal and Sharia compliance by issuers within the regulatory framework of POJK No. 35/2017 and DSN-MUI fatwa No. 80/2011. This study uses a normative juridical approach with library research, analyzing secondary data in the form of laws and regulations, DSN-MUI fatwas, reports, and POJK regulations. The theoretical basis of this research is based on H.C. Kelman's legal compliance theory and Sharia compliance theory to analyze issuers' compliance with OJK supervision at three levels: compliance, identification, and internalization. The results show that the OJK's screening mechanism is implemented through two stages: business screening, which prohibits activities contrary to Sharia, and financial screening, with a maximum interest-based debt ratio threshold of 45% and a maximum non-halal income threshold of 10%. The implementation of compliance shows that the majority of issuers remain at the compliant level, as evidenced by the 16 issuers removed from the DES for the 2024-2025 period due to financial ratio violations. Integrating legal and Sharia compliance requires the OJK to not only enforce formal regulations but also ensure compliance with Ribā, Maisîr, and garar through collaboration with the DSN-MUI and the IDX.
FAKULTAS SYARIAH DAN HUKUM, UIN SUNAN KALIJAGA YOGYAKARTA
TINJAUAN YURIDIS TERHADAP PENGAWASAN OJK PADA SCREENING DAN AKTIVITAS PERDAGANGAN SAHAM DI PASAR MODAL SYARI’AH (Text)
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297.273 Islam dan Ilmu Ekonomi, Perbankan Syariah, Lembaga Keuangan Syariah