Mitigating Gharar in Sharia Capital Market Volatility: Governance, Regulation, and Technology Mitigasi Gharar dalam Volatilitas Pasar Modal Syariah: Tata Kelola, Regulasi, dan Teknologi
Abstract
Abstract: This study analyzes the characteristics of gharar and the impact of market volatility on Sharia-compliant issuers in Islamic capital markets. In Islamic economics, gharar refers to uncertainty or ambiguity in transactions, which is prohibited as it can harm investors and create market instability. The study demonstrates that speculative activities, which frequently occur in capital markets, exacerbate gharar by causing irrational price fluctuations and high volatility. This can obscure the intrinsic value of stocks and increase uncertainty in investment decision-making by Sharia-compliant investors. Using a juridical-empirical-normative approach, the study evaluates relevant regulations aimed at reducing gharar, such as DSN-MUI Fatwa No. 80/2011 and OJK Regulation No. 15/POJK.04/2015. The empirical approach gathers and analyzes market data, while the normative approach examines Sharia principles to develop risk mitigation policies. The findings highlight the importance of implementing stricter policies to control speculative activities, such as limiting margin trading and banning short selling, as well as emphasizing the need for stronger corporate governance and transparency among Sharia-compliant issuers. This study is limited in terms of its empirical data, which focuses on the Islamic capital market in Indonesia. Future research is recommended to include comparative analysis of international Sharia capital markets and explore the role of financial technology (fintech) in enhancing transparency and efficiency in Islamic capital markets.
Abstrak: Penelitian ini menganalisis karakteristik gharar dan dampak volatilitas pasar terhadap emiten syariah di pasar modal syariah. Gharar dalam konteks ekonomi Islam merujuk pada ketidakpastian atau ambiguitas dalam transaksi, yang dilarang karena dapat merugikan investor dan menciptakan ketidakstabilan pasar. Penelitian ini menunjukkan bahwa aktivitas spekulatif, yang sering terjadi di pasar modal, memperburuk gharar dengan menyebabkan fluktuasi harga yang tidak wajar dan volatilitas tinggi. Hal ini dapat mengaburkan nilai intrinsik saham dan meningkatkan ketidakpastian dalam pengambilan keputusan investasi oleh investor syariah. Melalui pendekatan yuridis-empiris-normatif, penelitian ini mengevaluasi regulasi terkait untuk mengurangi gharar, seperti Fatwa DSN-MUI No. 80/2011 dan Peraturan OJK No. 15/POJK.04/2015. Pendekatan empiris digunakan untuk mengumpulkan dan menganalisis data pasar, sementara pendekatan normatif menelaah prinsip-prinsip syariah untuk mengembangkan kebijakan mitigasi risiko. Hasil penelitian ini menyoroti pentingnya penerapan kebijakan yang lebih ketat untuk mengendalikan aktivitas spekulatif, seperti pembatasan perdagangan margin dan larangan penjualan singkat, serta pentingnya penguatan tata kelola dan transparansi emiten syariah. Penelitian ini memiliki keterbatasan dalam hal cakupan data empiris, yang difokuskan pada pasar modal syariah di Indonesia. Penelitian di masa depan disarankan untuk mencakup analisis perbandingan pasar syariah internasional serta mengeksplorasi peran teknologi finansial dalam meningkatkan transparansi dan efisiensi pasar modal syariah.
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