Formalization of Sharia Fiduciary Based on DSN Fatwa Number 92/DSN-Mui/Iv/2024

Kholifah Nur Ayunda, Isman Isman, Lukmanul Hakim

Abstract


Abstract: Fiduciary guarantee regulations in Indonesia, which still refer to Law No. 42 of 1999, present challenges for sharia financing practices because they are not in accordance with the principles of sharia justice. Although Fatwa DSN-MUI No. 92/DSN-MUI/IV/2014 outlines Islamic fiduciary, there remains a legal gap between positive law and Islamic principles that must be addressed. This study aims to formalize Islamic fiduciary as a legal norm within Indonesia's national legal system, replacing the morally and legally flawed conventional fiduciary system. Using a normative legal approach, this study analyzes the legal principles contained in the DSN-MUI Fatwa, such as justice, transparency, and the avoidance of usury. The study concludes that the conceptual framework of the Sharia Fiduciary Law must integrate the principles in Fatwa DSN-MUI No. 92/DSN-MUI/IV/2014, by adapting murabahah and qardh contracts as primary contracts leading to fiduciary relationships as accessory contracts. This synchronization requires legislative revisions, including regulations on the execution of collateral based on the principles of Sharia justice, transparency, and dispute resolution through Sharia forums, rather than unilateral execution. Emphasis on the separation of profit and non-profit contracts and the principle of legal certainty must ensure harmony with the objectives of Sharia in the application of fiduciary.

Abstract:FiduciaryguaranteeregulationsinIndonesia,whichstillrefertoLawNo.42of1999, present challenges for sharia financing practices because they are not in accordance with the principles of sharia justice. Although Fatwa DSN-MUI No. 92/DSN-MUI/IV/2014 outlines Islamic fiduciary, there remains a legal gap between positive law and Islamic principles that must be addressed. This study aims to formalize Islamic fiduciary as a legal norm within Indonesia's national legal system, replacing the morally and legally flawed conventional fiduciary system. Using a normative legal approach, this study analyzes the legal principles containedintheDSN-MUIFatwa,suchasjustice,transparency,andtheavoidanceofusury.The studyconcludesthattheconceptualframeworkoftheShariaFiduciaryLawmustintegratethe principles in Fatwa DSN-MUI No. 92/DSN-MUI/IV/2014, by adapting murabahah and qardh contracts as primary contracts leading to fiduciary relationships as accessory contracts. This synchronization requires legislative revisions, including regulations on the execution of collateral based on the principles of Sharia justice, transparency, and dispute resolution through Sharia forums, rather than unilateral execution. Emphasis on the separation of profit and non-profit contracts and the principle of legal certainty must ensure harmony with the objectives of Sharia in the application of fiduciary.

Keywords


Fiduciary, Islamic Law, Fiduciary Law.

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References


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