Perbandingan Fikih Akad Syariah pada Kontrak Tunggal dan Multi Kontrak dalam Pasar Modal Syariah Di Indonesia
Keywords:
akad syariah, pasar modal syariah, kontrak tunggal, multi kontrak, fikih muamalahAbstract
Perkembangan pasar modal syariah di Indonesia telah memunculkan beragam inovasi produk keuangan yang membutuhkan struktur akad yang semakin kompleks. Penelitian ini bertujuan menganalisis perbandingan implementasi fikih akad syariah antara kontrak tunggal (single contract) dan multi kontrak (hybrid contract) dalam instrumen pasar modal syariah, dengan fokus pada aspek kepatuhan syariah dan efektivitas operasionalnya. Menggunakan metodologi kualitatif dengan pendekatan analisis komparatif, penelitian ini mengkaji dokumen fatwa DSN-MUI, literatur fikih muamalah klasik dan kontemporer, serta studi kasus implementasi akad pada berbagai produk pasar modal syariah. Hasil penelitian menunjukkan bahwa kontrak tunggal memiliki keunggulan dalam hal kesederhanaan struktur dan minimalisasi risiko ketidakpatuhan syariah, sementara multi kontrak menawarkan fleksibilitas lebih besar dalam pengembangan produk inovatif namun dengan tantangan kompleksitas yang lebih tinggi. Penelitian ini menemukan bahwa keberhasilan implementasi kedua jenis kontrak bergantung pada keseimbangan antara inovasi produk dan kepatuhan syariah, dengan
implikasi signifikan terhadap pengembangan regulasi dan standardisasi dokumentasi akad di pasar modal syariah Indonesia.
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