Problematika Obligasi Syariah dalam Perspektif Hukum Islam: Analisis terhadap Fatwa DSN-32-DSNMUI-IX-2002-2002: Problematika Obligasi Syariah dalam Perspektif Hukum Islam: Analisis terhadap Fatwa DSN-32-DSNMUI-IX-2002-2002

M.Rafi Zulkarnaen; Ashari Erlangga; Ridho Aflah Maulana

doi:10.51590/salsabil.v2i2.37

المؤلفون

M.Rafi Zulkarnaen Sekolah Tinggi Agama Islam As-Sunnah, Indonesia
Ashari Erlangga Sekolah Tinggi Agama Islam As-Sunnah, Indonesia
Ridho Aflah Maulana Sekolah Tinggi Agama Islam As-Sunnah, Indonesia

DOI:

https://doi.org/10.51590/salsabil.v2i2.37

الكلمات المفتاحية:

sukuk، DSN-MUI fatwa، mudharabah، riba، fiqh al-mu'amalat

الملخص

الملخص

تُعدّ الصكوك الإسلامية أداةً من أدوات السوق المالية صُمّمت كبديلٍ خالٍ من الربا. إلا أنّه في فتوى مجلس العلماء الإندونيسي رقم 32/2002، وُجدتْ مادة تُلزم المُصدِر بإرجاع أصل المال، مما يُفقد عقد المضاربة والمشاركة مبدأ تقاسم الأرباح والخسائر. وهذا الحكم في مضمونه يقترب من عقد القرض، وقد يتضمن شبهة الربا الخفي. تعتمد هذه الدراسة على المنهج النظري لتحليل هيكل الصكوك من منظور فقه المعاملات، وتُظهر النتائج أنّ تطبيق الصكوك في الواقع يميل إلى الشكلية، ولا يُجسّد بعدُ مبادئ العدالة وتقاسم المخاطر التي تُعد من جوهر مقاصد الشريعة. لذا، فإنّ من الضروري إعادة بناء مفهوم الصكوك بحيث لا تكون مشروعة قانونياً فقط، بل أيضًا متوافقة شرعياً.

المراجع

Al-Nawawi, Yahya ibn Sharaf. Al-Majmu’ Sharh Al-Muhadhdhab. Beirut: Dar al-Fikr, 1997.

Al-Suyuti, Jalal al-Din. Al-Ashbah Wa Al-Naza’ir. Beirut: Dar al-Kutub al-’Ilmiyyah, 1990.

Andriansyah, Yuli. “Analysis of Fatwas by the National Sharia Board-Indonesian Council of Ulama on the Stock Market.” Millah: Journal of Religious Studies 22, no. 2 (2023): 525–52. https://doi.org/10.20885/millah.vol22.iss2.art9.

Auwal Adam Sa’ad. “Structural Development of Ijarah Sukuk: An Appraisal.” Journal of Islamic Finance 8 (2019): 107–16. https://doi.org/10.31436/jif.v8i0.350.

Busari, Saheed Abdullahi, Haruna Babatunde Jaiyeoba, and Mohamad Sabri Zakaria. “Interest Rate versus Profit Rate in the Light of Islamic Maxim: Al-Ibratu Fil Uqūdi Lil Maqāsidi Wa Ma’ānī Lā Lil Alfāzi Wal Mabani.” Journal of Emerging Economies and Islamic Research 10, no. 3 (September 30, 2022). https://doi.org/10.24191/jeeir.v10i3.18796.

Dewan Syariah Nasional Majelis Ulama Indonesia. “Fatwa DSN-MUI No. 32/DSN-MUI/IX/2002 Tentang Obligasi Syariah,” 2002.

Ghurm, Ghunmu, Sharia Asset, and Guarantee Mechanisms. “Analysis of Sukuk Default from the Perspective of the Principle of Al-” 5, no. 2 (2026): 328–41.

Ibn Nujaym, Zayn al-Din. Al-Ashbah Wa Al-Naza’ir. Beirut: Dar al-Kutub al-’Ilmiyyah, 1999.

Ibn Qudamah, Abdullah ibn Ahmad. Al-Mughni. 4th ed. Cairo: Maktabah al-Qahirah, 1968.

Ibn Rajab al-Hanbali. Al-Qawa’id. Riyadh: Dar Ibn al-Jawzi, 1999.

Imam Al-Kasani. Bada’i as-Sana’i Fi Tartib Al-Shara’i, . Vol. Juz 7. Dar al-Kutub al-‘Arabiyyah, 1974.

Islami, Nafisatuzahra Raysa, Dinda Alya Purwaningrum, Zubarul Hadid, Dwi Sinta Febrian Wahyu Ningtyas, Agustin Hikmatusa’diyah, Nasya Almira Safitri, and Taufiq Kurniawan. “Akad Ariyah Dan Akad Qardh Serta Pengintergrasiannya Dalam Analisis Kasus Kontemporer.” AL-BAYAN: JURNAL HUKUM DAN EKONOMI ISLAM 5, no. 2 (2025): 178–97.

Manan, Abdul, and S SH. “Obligasi Syariah.” Direktorat Jenderal Badan Peradilan Agama: Http://Www. Badilag. Net/Data/ARTIKEL/EKONOMI% 20SYARIAH/OBLIG ASI% 20SYARIAH. Pdf (Diakses 20 Mei 2013), 2008.

Menteri Keuangan Republik Indonesia. “Keputusan Menteri Keuangan Republik Indonesia Nomor 1548/KMK.013/1990 Tentang Pasar Modal.” Jakarta, 1990.

———. “Keputusan Menteri Keuangan Republik Indonesia Nomor 775/KMK.001/1982.” Jakarta, 1982.

Muhammad Taqi Usmani. “Sukuk and Their Contemporary Applications.” Makkah, 2007. https://aaoifi.com/members-2/?lang=en.

Muslim ibn al-Hajjaj. Sahih Muslim. Edited by Muhammad Fu’ad ’Abd al-Baqi. 1st editio. Cairo: Dar Ihya al-Kutub al-’Arabiyyah, 1955.

Muslim ibn al-Ḥajjāj. Ṣaḥīḥ Muslim. Beirut: Dār Iḥyāʾ al-Turāth al-ʿArabī, n.d.

Nawaz, Tasawar. “Balancing Shariah Authenticity and Market Stability: A Scenario-Based Framework for Implementing AAOIFI Shariah Standard No. 62 in the Global Sukuk Market.” Journal of Risk and Financial Management 18, no. 11 (2025): 1–20. https://doi.org/10.3390/jrfm18110604.

Noor Iffatin Nadhifah, and Siti Imaniatul Muflihatin. “Obligasi Syari’ah : Antara Teori Dan Implikasi.” Jurnal Publikasi Manajemen Informatika 3, no. 2 (2024): 01–05. https://doi.org/10.55606/jupumi.v3i2.3675.

Putri, Gita Tiara Marhayu, and Bambang Santoso. “Sistem Investasi Di Indonesia.” TOMAN: Jurnal Topik Manajemen 1, no. 2 (2024): 303–16.

Sahban, and Zainuddin. “Risk Justice in Non-Profit Sharing Contracts in Indonesian Islamic Banking from the Perspective of Maqashid Shariah.” Vifada Assumption Journal of Law 3, no. 2 (2025): 74–86. https://doi.org/10.70184/zeqqbn18.

Sitorus, Tarmiden. Pasar Obligasi Indonesia: Teori Dan Praktik. PT. RajaGrafindo Persada-Rajawali Pers, 2023.

Sosial, Jurnal, Ade Kurniawan, Dede Satria Putra, Wahid Fathurohman, Mohammad Siyam, Amir Syarifudin, Abdullah Nasih Ulwan, et al. “The Concept Of Riba In Contemporary Business ( Maaliyah Fiqh Study ) Jurnal Sosial Sains Dan Komunikasi ( Ju-SoSAK )” 3 (2024): 3–4.

Tawfik Azrak, and Hani Hazaa. “The Profit/Gain from Islamic Law of Contract Perspective and The Issue Of Ownership Risk (Daman Al‐Milkiyyah).” Journal of Islamic Finance 10, no. 1 (2021): 111–16. https://doi.org/10.31436/jif.v10i.533.

Totok, Adhi Prasetyo. “Investasi Dalam Perspektif Ekonomi Islam.” At-Tawazun, Jurnal Ekonomi Syariah 11, no. 01 (2023): 47–67.

Wahbah ibn Mustafa al-Zuhayli. Al-Fiqh Al-Islami Wa Adillatuhu. 5th ed. Damascus: Dar al-Fikr, 2004.

Problematika Obligasi Syariah dalam Perspektif Hukum Islam: Analisis terhadap Fatwa DSN-32-DSNMUI-IX-2002-2002