HARMONISASI FATWA DSN-MUI DAN REGULASI OJK DALAM MENDORONG INKLUSI PASAR MODAL SYARIAH BERKELANJUTAN: STUDI DEKONSTRUKTIF
Keywords:
Regulatory Deconstruction, Sharia-ESG, Jasser Auda, Financial Inclusion, Islamic Capital Market.Abstract
This article examines the structural tensions and regulatory overlapping between the regulations of the Financial Services Authority (OJK) and the fatwas of the National Sharia Council of the Indonesian Council of Ulama (DSN-MUI) in the governance of a sustainable Islamic capital market. Employing a qualitative method with a deconstructive literature study approach, legal textual data are analyzed through the theoretical lenses of Jacques Derrida’s Deconstruction Theory, Lawrence M. Friedman’s Legal Effectiveness Theory, Jasser Auda’s Systems Approach to Maqasid al-Shariah, and Financial Inclusion Theory. The findings reveal that regulatory dualism generates internal contradictions (aporia) and bureaucratic rigidity, resulting in increased legal compliance costs for market participants. Furthermore, the existing fatwas are considered to remain atomistic and sector-oriented, focusing primarily on the legal validity of financial contract documentation while neglecting the openness of the system to ecological and Environmental, Social, and Governance (ESG) concerns. This legal friction contributes to financial exclusion by limiting the participation of retail investors and small and medium-sized enterprise (SME) issuers within the green financing ecosystem. As a reconstructive solution, this article proposes a "One-Stop Sharia-ESG Regulatory Model" through an integrated Single Regulatory Framework to establish an Islamic capital market that is open, inclusive, and oriented toward substantive public welfare.
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