Analisis Short Selling dalam perespektif Maqashid Shariah: Implikasi Etis dan Ekonomi
DOI:
https://doi.org/10.58518/al-musthofa.v1i9.4898Keywords:
Short selling, Maqasid ShariahAbstract
Tujuan dari penelitian ini adalah untuk mengkaji implikasi etis dan ekonomi dari short selling dari sudut pandang Maqasid Shariah, serta untuk menyelidiki bagaimana praktik ini bertentangan dengan prinsip-prinsip Islam tentang keadilan dan stabilitas pasar Short selling dalam pasar keuangan modern menimbulkan banyak kontroversi dari perspektif hukum Islam, khususnya mengenai prinsip maqashid syariah. Literatur menunjukkan bahwa short selling mengandung elemen riba, gharar, dan maisir, yang dilarang dalam Islam. Fakta lapangan mengindikasikan praktik ini dapat menyebabkan volatilitas pasar dan ketidakadilan ekonomi. Penelitian ini menggunakan studi literatur kualitatif, mengkaji kitab klasik dan sumber kontemporer. Pertanyaan penelitian utama adalah bagaimana elemen-elemen short selling bertentangan dengan maqashid syariah dan apa implikasi etis dan ekonominya. Temuan menunjukkan bahwa short selling melanggar prinsip keadilan dan stabilitas pasar dalam Islam, memerlukan regulasi ketat untuk memastikan kepatuhan syariah.
References
A. Dusuki W& A. Abozaid. 2008. Fiqh Issues In Short Selling As Implemented In The Islamic Capital Market In Malaysia. Islamic Economics, Vol. 21, No. 2, 2008.
Aldridge, I. "High-Frequency Trading: A Practical Guide to Algorithmic Strategies and Trading Systems." (John Wiley & Sons, Incorporated: 2013).
Archana Jain, Pankaj K. Jain, and Zabihollah Rezaee, “Value-Relevance of Corporate Social Responsibility: Evidence from Short Selling,” Journal of Management Accounting Research 28, no. 2 (June 1, 2016): 29–52, https://doi.org/10.2308/jmar-51439.
Bilqis Annisa Firdaus. "Analisis Larangan Transaksi Short Selling pada Pasar Modal Syariah serta Dampak Negatif yang Ditimbulkan dalam Pasar Modal Konvensional." Skripsi Universitas Negeri Surabaya (2013).
Boehmer, E., et al"Short Selling and the Efficiency of Price Discovery." Journal of Finance. January2010Review of Financial Studies 26(2)January 201026(2)DOI:10.1093/rfs/hhs097
Brunnermeier, Markus K., and Lasse Heje Pedersen. "Market liquidity and funding liquidity." The review of financial studies 22.6 (2009): 2201-2238.
Cholil Nafis, Teori Hukum Ekonomi Syariah, (Jakarta: Penerbit Universitas Indonesia (UI-Press), 2011.)
Dusuki, Asyraf Wajdi, and Said Bouheraoua. "The Framework of Maqasid Al-Shari'ah (Objectives of the Shari'ah) and Its Implications for Islamic Finance." ISRA Research Paper No. 22/2011, International Shari'ah Research Academy for Islamic Finance, 2011.
E Haruvy, & Noussair, C. N.,“The Effect of Short Selling On Bubbles and Crashes In Experimental Spot Asset Markets”, dalam The Journal of Finance, Vol. 61, No. 3, 2006.
Engelberg, J. E. ‘Short-Selling Risk’. Journal of Finance 73, no. 2 (2018): 755–86. https://doi.org/10.1111/jofi.12601.
Fang, V. W. ‘Short Selling and Earnings Management: A Controlled Experiment’. Journal of Finance 71, no. 3 (2016): 1251–94. https://doi.org/10.1111/jofi.12369.
Frank J. Fabozzi and Franco Modigliani. "Capital Markets: Institutions and Instruments." 4th ed. Upper Saddle River, (NJ: Pearson Education, 2009)
Gomber, P., et al. "Short Selling Regulation after the Financial Crisis: First Principles Revisited." International Review of Law and Economics (2017).
https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/short-selling diakses 17 Juli pukul 07:00
https://www.federalreservehistory.org/essays/great-depression diakses 17 Juli 2024 pukul 06:27
https://www.investopedia.com/ask/answers/012015/why-short-selling-illegal-some-countries-legal-us.asp diakses 17 Juli 2024 pukul 06:27
https://www.lse.ac.uk/Research/research-impact-case-studies/breaking-the-vicious-circle-of-the-eurozone-debt-crisis diakses 17 Juli 2024 pukul 06:34
Ibn Qudamah. Al-Mughni. (Beirut: Dar al-Kitab al-Arabi, 1968, Jilid 4)
J E Engelberg, “Short-Selling Risk,” Journal of Finance 73, no. 2 (2018): 755–86, https://doi.org/10.1111/jofi.12601.
Jain, Archana, Pankaj K. Jain, and Zabihollah Rezaee. ‘Value-Relevance of Corporate Social Responsibility: Evidence from Short Selling’. Journal of Management Accounting Research 28, no. 2 (June 2016): 29–52. https://doi.org/10.2308/jmar-51439.
Lawrence Harris. Trading and Exchanges: Market Microstructure for Practitioners. (New York: Oxford University Press, 2003)
M Jones Charles, Owen A Lamont, Short-sale constraints and stock returns,Journal of Financial Economics,Volume 66, Issues 2–3,2002,Pages 207-239,SSN 0304-405X,https://doi.org/10.1016/S0304-405X(02)00224-6.
M Jones Charles, Owen A Lamont, Short-sale constraints and stock returns,Journal of Financial Economics,Volume 66, Issues 2–3,2002,Pages 207-239,SSN 0304-405X,https://doi.org/10.1016/S0304-405X(02)00224-6.
M M M Panjaitan and R Apriani, “Manipulasi Pasar Dalam Perdagangan Saham Di Pasar Modal Ditinjau Dari Aspek Perlindungan Hukum Bagi Investor,” Jurnal Hukum Statuta, 2021, https://ejournal.upnvj.ac.id/statuta/article/view/2804.
M. Umer Chapra. The Future of Economics: An Islamic Perspective. (Leicester: The Islamic Foundation, 2000)
Mahmoud A El Gamal. Islamic Finance: Law, Economics, and Practice. (Cambridge: Cambridge University Press, 2006)
Markus K Brunnermeier and Lasse Heje Pedersen. "Market Liquidity and Funding Liquidity." Review of Financial Studies 22, no. 6 (2009): 2200.
Mohamad Akram laldin and Hafas Furqani. "Maqasid Al-Shariah and its Application in Islamic Finance." ISRA International Journal of Islamic Finance 5, no. 1 (2013)
Mohammad Hashim Kamali,. Shari'ah Law: An Introduction.( Oxford: Oneworld Publications, 2008)
Monzer Kahf. Islamic Finance: Principles and Practice. (Norwich: The Islamic Texts Society, 2005)
Muhammad Nejatullah Siddiqi. Teaching Economics in Islamic Perspective (Jeddah: International Centre for Research in Islamic Economics, 1996) Hal. 120-122.
Muhammad Samsul, Pasar Modal Dan Manajemen Portofolio (Jakarta: PT. Gelora Aksara Pratama, 2015).
Muhammad Samsul. Pasar Modal Dan Manajemen Portofolio. Jakarta: PT. Gelora Aksara Pratama, 2015.
Muhammad Taqi Usmani. "An Introduction to Islamic Finance." (The Hague: Kluwer Law International, 2002.)
Panjaitan, M. M. M., and R. Apriani. ‘Manipulasi Pasar Dalam Perdagangan Saham Di Pasar Modal Ditinjau Dari Aspek Perlindungan Hukum Bagi Investor’. Jurnal Hukum Statuta, 2021.
S S A Sihite, A Odelia, and ..., “Perlindungan Hukum Terhadap Praktik Market Manipulation Dalam Pasar Modal,” Causa: Jurnal Hukum …, 2024, https://ejournal.warunayama.org/index.php/causa/article/view/2846.
Sihite, S. S. A., A. Odelia, and ... ‘Perlindungan Hukum Terhadap Praktik Market Manipulation Dalam Pasar Modal’. Causa: Jurnal Hukum …, 2024.
V W Fang, “Short Selling and Earnings Management: A Controlled Experiment,” Journal of Finance 71, no. 3 (2016): 1251–94, https://doi.org/10.1111/jofi.12369.
Wahbah Zuhayli. Al-Fiqh al-Islami wa Adillatuhu. (Damascus: Dar al-Fikr, 1985) Jilid 5,
Wolfgang Bessler, Marco Vendrasco,Short-selling restrictions and financial stability in Europe: Evidence from the Covid-19 crisis,Journal of International Financial Markets, Institutions and Money,Volume 80, 2022, 101612, ISSN 1042-4431, https://doi.org/10.1016/j.intfin.2022.101612.
Yusuf Al-Qaradawi. Fiqh al-Zakah. (Cairo: Maktabah Wahbah, 1998)
Zubair Hasan. Islamic Finance: Principles and Practices. (Kuala Lumpur: Islamic Research and Training Institute, 2007)
Published
Issue
Section
License
Copyright (c) 2026 Muhammad Aly Mahmudi, Moh. Sahlul Khuluq, Shofiyah (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
2.png)
