Optimalisation of the Role of Basyarnas MUI in Dispute Resolution Sharia Capital Market

Abstract

In practice, investment activities within the Sharia Capital Market inevitably give rise to disputes. The National Sharia Arbitration Board of the Indonesian Ulema Council (BASYARNAS MUI) serves as a non-litigation arbitration institution authorized to resolve disputes in the field of sharia economics. This study aims to: (1) examine the legal foundations of the Sharia Capital Market; and (2) analyze the optimization of BASYARNAS MUI’s role in resolving disputes arising in the Sharia Capital Market. The method used in this research is library research. The findings indicate that: (1) Sharia Capital Market activities have not yet been specifically regulated through statutory law. Instead, their legal foundation is primarily based on fatwas issued by the Indonesian Ulema Council. Through the National Sharia Council (DSN MUI), the MUI has promulgated various fatwas governing the implementation of Sharia Capital Market practices in Indonesia. In addition to DSN MUI fatwas, Sharia Capital Market operations also refer to Financial Services Authority (OJK) Regulation Number 15/POJK.04/2015 concerning the Application of Sharia Principles in the Capital Market. (2) The optimization of BASYARNAS MUI’s role in resolving Sharia Capital Market disputes can be achieved through several measures, including: (a) enhancing the competence and expertise of sharia arbitrators, particularly in adjudicating disputes related to the Sharia Capital Market; and (b) intensifying the socialization of BASYARNAS MUI’s authority among Sharia Capital Market stakeholders, encouraging them to designate BASYARNAS MUI as the chosen dispute resolution forum through explicit choice-of-law clauses in Sharia Capital Market investment contracts.