Implementasi Fatwa Dsn Mui tentang pasar modal syariah di PT Trimegah Sekuritas Asset Management Kota Bandung

Sudirja, Anwar (2026) Implementasi Fatwa Dsn Mui tentang pasar modal syariah di PT Trimegah Sekuritas Asset Management Kota Bandung. Masters thesis, UIN Sunan Gunung Djati Bandung.

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Abstract

The Islamic capital market is an integral part of the Islamic financial system that contributes significantly to national economic development by providing investment instruments that comply with Sharia principles. In practice, all Islamic capital market activities must adhere to the Sharia principles stipulated by the National Sharia Council–Indonesian Ulema Council (DSN-MUI), particularly DSN-MUI concerning the Capital Market and General Guidelines for the Application of Sharia Principles in the Capital Market and DSN-MUI Fatwa Number 80/DSN-MUI/III/2011 concerning the Application of Sharia Principles in Equity Securities Trading Mechanisms on the Regular Market of the Stock Exchange. However, several issues remain, including limited investors' understanding of Sharia principles, inadequate dissemination of information regarding Islamic investment mechanisms, and the need to strengthen Sharia compliance in the company's operational activities. These issues constitute the background of this research. This study aims to analyze the implementation of DSN-MUI Fatwas on the Islamic capital market in the management and operational activities of Islamic investment at PT Trimegah Sekuritas Asset Management, Bandung City, to identify the factors influencing their implementation, and to examine such implementation from the perspective of Islamic Economic Law. The theoretical framework of this research is based on theory of legal effectiveness, compliance theory, the principles of Islamic Economic Law, and the provisions of DSN-MUI Fatwa Number 40/DSN-MUI/X/2003 and DSN-MUI Fatwa Number 80/DSN-MUI/III/2011 as the normative foundation for the implementation of Islamic capital market activities. This framework is employed to assess the conformity between normative provisions and their practical implementation within the company. This research employs an empirical juridical method with a qualitative approach. The data were collected through interviews with representatives of PT Trimegah Sekuritas Asset Management, Bandung City, field observations, and documentation studies involving legislation, DSN-MUI Fatwas, and relevant academic literature. The data were analyzed descriptively using qualitative analysis through data reduction, data presentation, and conclusion drawing. The findings indicate that the implementation of the DSN-MUI Fatwas at PT Trimegah Sekuritas Asset Management has generally been carried out by providing Islamic investment products based on the Sharia Securities List (Daftar Efek Syariah), implementing Sharia-compliant transaction mechanisms, and conducting supervision through the Sharia Supervisory Board. Nevertheless, the implementation has not been fully optimized due to limited educational outreach to prospective investors regarding Sharia principles, varying levels of investor understanding of Islamic investment characteristics, and internal as well as external factors affecting the effectiveness of the Fatwas' implementation. From the perspective of Islamic Economic Law, the implementation reflects the principles of justice, transparency, public benefit (maslahah), and the avoidance of riba, gharar, and maysir. However, further efforts are required to enhance investor education.

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