Legitimasi Syariah dan Rasionalitas Pasar: Analisis Kritis Fatwa DSN-MUI pada Perdagangan Saham Syariah di Indonesia

Hanafi; Yuyu Yuniar; Arsyad Ali Fahmi; Mohammad Ismail

doi:10.55352/maqashid.v7i1.2816

Authors

Hanafi SekolahTinggi Ilmu Syariah Darul Ulum
Yuyu Yuniar
Arsyad Ali Fahmi
Mohammad Ismail

DOI:

https://doi.org/10.55352/maqashid.v7i1.2816

Abstract

Penelitian ini bertujuan menganalisis secara kritis konstruksi legitimasi syariah dalam fatwa yang dikeluarkan oleh Dewan Syariah Nasional Majelis Ulama Indonesia terkait perdagangan saham serta menelaah bagaimana rasionalitas pasar mempengaruhi interpretasi dan implementasinya dalam praktik pasar modal syariah di Indonesia. Penelitian menggunakan pendekatan kualitatif dengan desain normatif-kritis. Data dikumpulkan melalui studi dokumentasi terhadap fatwa DSN-MUI, regulasi pasar modal dari Otoritas Jasa Keuangan, serta literatur akademik mengenai ekonomi Islam dan sosiologi ekonomi. Pengumpulan data dilakukan melalui studi kepustakaan dan analisis dokumen, sedangkan analisis data menggunakan analisis isi dan analisis wacana kritis untuk mengkaji hubungan antara legitimasi syariah dan rasionalitas pasar. Hasil penelitian menunjukkan bahwa fatwa DSN-MUI berperan dalam membangun legitimasi religius terhadap perdagangan saham melalui reinterpretasi konsep kepemilikan, transaksi, dan mekanisme penyaringan saham. Namun, rasionalitas pasar tetap dominan sehingga fatwa dalam beberapa aspek berfungsi sebagai kompromi normatif antara prinsip syariah dan efisiensi pasar. Penelitian ini menunjukkan terbentuknya model hibrida antara norma syariah dan sistem pasar modern.

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