PORTALJABAR, BANDUNG CITY - One of the economic systems used in the world is sharia economics. Even though it is based on Islamic law, it does not mean that only Muslims can use this system.

Head of the Indonesian Stock Exchange (BEI) West Java Representative Office, Achmad Dirgantara, said that people of any religion can adopt sharia financial products. One of the advantages of the sharia economic system is the principle of justice and balance in the business world.

"The capital market is part of the financial industry which also provides an alternative sharia system to the public," said Achmad, Friday (19/4/2024).

According to Achmad, the terminology of the sharia capital market can be interpreted as activities in the capital market as regulated in Law Number 8 of 1995 concerning Capital Markets (UUPM), which do not conflict with sharia principles.

"The Islamic capital market in Indonesia is not a system that is separate from the capital market system as a whole," he said.

"In general, sharia capital market activities are no different from conventional capital markets, however there are several special characteristics of the sharia capital market, namely that the products and transaction mechanisms do not conflict with sharia principles," explained Achmad.

The application of sharia principles in the capital market is based on sources of Islamic law, including the Al-Quran and Hadith as the main sources.

Achmad explained that one of the things regulated in Islamic law is related to muamalah fiqh, namely the law that regulates relationships between human beings, including laws regarding economics and commerce.

"One of the rules of jurisprudence that is commonly used in muamalah jurisprudence is that the original law of all muamalah is that it is permissible until there is an argument that shows its haraam. Based on these rules of jurisprudence and the laws of muamalah fiqh, sharia capital market activities in Indonesia are being developed," he explained.

In the sharia capital market, there are restrictions aimed at maintaining fairness and balance in the business world. This prohibition is explained in the fatwa of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) Number 80/DSN-MUI/III/2011 concerning the application of sharia principles in the equity securities trading mechanism on the stock exchange's regular market.

The following are things that are prohibited in the Islamic capital market. First, Tadlis, namely the act of hiding defects in the object of the contract carried out by the seller to deceive the buyer as if the contract is not defective.

Second, taghrir, namely efforts to influence other people, either with words or actions that contain lies, so that they are encouraged to carry out transactions. Third, Gharar, namely uncertainty in a contract, both regarding the quality or quantity of the object of the contract or regarding its delivery.

Fourth, Tanajusy or Najsy, namely the act of bidding for goods at a higher price by parties who do not intend to buy them, to create the impression that many parties are interested in buying them. Fifth, ikhtikar, which means buying an item that people really need when the price is high and hoarding it with the aim of reselling it when the price is high. (rep no)