Capital Market In Perspective Law Of Sharia Economy

Abstract

Economic activity is currently experiencing a very rapid development, starting from the development of the market in such a way, penetrating in the field of capital markets which become the traffic of the world economy, connecting between capital owners (investors) and entrepreneurs. Capital markets are a promising investment, entrepreneurs also began to take part in the world of Islamic capital markets which are currently dominated by Islamic countries in the world. With the development of these economic activities, the legislation is not only a rule, but is able to make the implementation of the law directed, protect and make all stakeholders in the world of capital markets have knowledge of the market and how to run it properly without any violations or criminal act in the Capital Market. Legal reform and regulation on the capital market must continue to be enforced. The development of the Islamic capital market in Indonesia is still relatively slow, as a result of the lack of level of knowledge and understanding of market participants and investors, the limited availability of information on the sharia capital market, lack of human resources (professionals) who are experts in the field of Islamic finance, institutional patterns and institutions in the framework of supervision is still considered a "disincentive" by the perpetrators, Lack of "incentives" so that actors tend to issue conventional products, Limited sharia products that can be used as mutual fund portfolios (special constraints for Islamic mutual funds). In accordance with the MUI fatwa, the stock transaction is legalized as long as the company does not conduct a prohibited transaction, the issuer conducts business in accordance with sharia criteria and transactions are conducted at fair market prices. The fair market price of Islamic stocks must reflect the value of the actual conditions of the assets that are the basis for issuing securities in accordance with the regular, fair and efficient market mechanism and not engineered. Sharia capital market activities are some important institutions that are directly involved in supervision and trade activities, namely BAPEPAM, National Sariah Board (DSN), stock exchanges, securities companies, issuers, professions and capital market supporting institutions and other related parties. Especially for surveillance activities will be carried out jointly by BAPEPAM and DSN.