Fostering the Ummah's Economy Through the Stockinvestment System: The Views of the Mui for Sustainabledevelopment Goals (SDGS)

Abstract

Purpose: This study aims to investigate the role of the stock investment system in fostering the people's economy, focusing on the views of the Indonesian Ulema Council/ Majelis Ulama Indonesia (MUI) on its contribution to the Sustainable Development Goals (SDGs). This study also aims to identify factors that support or hinder the implementation of the stock investment system in the economic context of the people in PT Suryamu. Theoretical Framework: This study uses the Islamic economic framework and principles advocated by the Indonesian Ulema Council (MUI). The stock investment system is seen as a potential instrument to promote people's economic participation and support sustainable economic development, in accordance with Islamic values that prioritize justice, transparency, and common prosperity. Methods: The data in this study was collected through the analysis of fatwa documents or guidelines issued by the MUI related to stock investment, as well as related literature studies. The collected data were analyzed thematically to identify key patterns and significant findings. This research is a type of field research using a qualitative approach, where the data will be analyzed with the fatwa of the National Sharia Council of the Indonesian Ulema Council NO: 135 / DSN-MUI / V / 2020 concerning stocks. Results and Conclusion: The results of this study show that: 1) There is clarity of the contract at the beginning of the transaction, investors use the shirkah contract, some investors are chosen to be representatives of several investors using the wakalah bil istitsmar contract and the employees who work according to the work contract set by the company use the ijarah contract. 2) The parties who are associated are Muhammadiyah investors who already have a Muhammadiyah membership card as a condition to invest their funds in PT Suryamu. 3) The object of the contract is in the form of shares in the form of letters whose initial value of shares per share is Rp 100.000,-. From the point of view of the fatwa of the National Sharia Council of the Indonesian Ulema Council NO: 135/DSN-MUI/V/2020 regarding shares is by the criteria set by the fatwa. Research implications: The Company's stock investment meets sharia criteria with well-managed potential risks. So the implications and recommendations are to continue taking investment. Originality/value: Research on sharia stock investment with the fatwa approach of the Indonesian ulema council is very unique, specially studied in companies that carry out the concept of sharia.