Integrating Islamic Law into Indonesia’s Capital Market Framework
DOI:
https://doi.org/10.37035/mua.v17i1.12267Keywords:
Legal Framework, Islmaic Capital Market, RegulationAbstract
This study examines the integration of Islamic law into Indonesia's national legal framework, focusing on the Islamic capital market. As normative legal research, the study employs a statutory approach by analyzing existing regulations, legal principles, and authoritative sources related to both national and Islamic law. The purpose is to understand how Islamic law principles are incorporated into the regulatory framework of Indonesia's capital market and to assess the challenges and effectiveness of such integration. The research highlights the role of legal pluralism in shaping a cohesive and functional system that accommodates both Sharia law and secular laws within the national context. The findings suggest that while there have been significant efforts to harmonize Islamic law with national law, certain legal ambiguities and operational challenges persist. This calls for continuous reform to ensure that the Islamic capital market adheres to both national standards and Sharia principles effectively.
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