Al Hisbah in Modern Era : Investor Protection Institution in Indonesian Islamic Capital Market

Authors

  • Mar'atus Sholikah Universitas Indonesia, Indonesia
  • Nurul Huda Universitas Yarsi, Indonesia
  • Nova Rini Universitas Teknologi Muhammadiyah Jakarta, Indonesia
  • Nur Fatwa Universitas Indonesia, Indonesia
  • Ranti Wiliasih Institut Pertanian Bogor, Indonesia

DOI:

https://doi.org/10.29040/jiei.v10i2.13145

Keywords:

Al Hisbah, Islamic Capital Market, Investor Protection

Abstract

This research aims to explore the evolution of the role of al hisbah in the financial sector, especially the capital markets industry. Along with the times and the increasing complexity of today's government bureaucracy, the role of al hisbah has been formed differently in each country according to their respective needs. This research uses an exploratory qualitative method with secondary data. The research results show that the role of al hisbah is very complex, one of which is in the financial sector of the capital market to carry out supervision in order to protect investors from both external and internal risks. In this case, the Financial Services Authority (OJK) plays the role of al hisbah which coordinates with the National Sharia Council (DSN) to ensure transactions and activities in the Indonesian Islamic capital market are safe and healthy.

References

Ateş, H. (2017). A PIONEERING INSTITUTION FOR OMBUDSMAN: HISBAH. Ombudsman Akademik, 6, 21–48.

Hamzah, & Ahmad, A. (2018). Capital Market Products and Investor Protection. EUROPEAN RESEARCH STUDIES JOURNAL, XXI(Issue 2), 714–727. https://doi.org/10.35808/ersj/1035

Hassan, R., & Ilias, I. (2019). Hisbah as a Consumer Protection Institution in Malaysia: A Special Reference to Islamic Consumer Credit Industry. In U. A. Oseni, M. K. Hassan, & R. Hassan (Eds.), Emerging Issues in Islamic Finance Law and Practice in Malaysia (pp. 69–87). Emerald Publishing Limited. https://doi.org/10.1108/978-1-78973-545-120191011

International Shariah Research Academy for Islamic Finance. (2012). Islamic financial principles and operations.

Jaafar, A. J., IBRAHIM, M. T., ISMAIL, H., & MOHMUD, M. S. (2021). HISBAH INSTITUTION AND ITS ROLE IN ENVIRONMENTAL CONSERVATION IN ISLAMIC CIVILIZATION. 22(1), 27–35.

Kasim, N., Mara, U., & Alam, S. (2013). SHARIAH GOVERNANCE FOR ISLAMIC CAPITAL MARKET: A STEP FORWARD. 1(6).

Khan, M. A. (1985). Al-Hisba and the Islamic economy. Public Duties in Islam.

Manurung, J. H. (2016). Investor Protection in the Indonesian Securities Market: Fact or Fiction?

Mutmainnah, D. (2023). Exploring Hisbah as a supervisory mechanism for promoting Sharia compliance in modern business contexts. 5(1).

Nasution, E. R. (2023). Investor protection in indonesia: A legal analysis of securities regulation. International Journal on Social Science, Economics and Art, 13 (2), 126–135.

Rahim, N. abdul, Laluddin, H., Mat Zain, M. N., & Zakaria, Z. (2012). A New Breed Of Islamic Accountants And Their Role In Islamic Institutions. 6(8), 1287–1295.

Shah, M. A. M. M., Shahudin, M. H., Mahzan, S., Othman, R. D., & Jody, J. M. (2013). The Institution of Hisbah: In the Purview of Its Significances and Development. GATR Global Journal of Business Social Sciences Review, 1(3), 60–68. https://doi.org/10.35609/gjbssr.2013.1.3(8)

Widiyanti, M., Jusoh, M., Tahir, Z., & Ismail, A. G. (2011). A Comparative Analysis of Corporate Governance in Indonesia and OECD.

Zada, N., Lahsasna, A., & Saleem, M. Y. (2016). EFFECTIVE CRISIS MANAGEMENT FOR ISLAMIC FINANCIAL INDUSTRY AND THE INSTITUTION OF HISBAH: LESSONS FROM GLOBAL FINANCIAL CRISIS. Share: Jurnal Ekonomi Dan Keuangan Islam, 5(1), 1. https://doi.org/10.22373/share.v5i1.907

Zakiyah, N., Prananingtyas, P., Disemadi, H. S., & Gubanov, K. (2019). Al-Hisbah Contextualization in the Business Competition Law in Indonesia. AL-’ADALAH, 16(2), 249–262. https://doi.org/10.24042/adalah.v16i2.5365

Downloads

Published

20-08-2024

How to Cite

Sholikah, M., Huda, N., Rini, N., Fatwa, N., & Wiliasih, R. (2024). Al Hisbah in Modern Era : Investor Protection Institution in Indonesian Islamic Capital Market. Jurnal Ilmiah Ekonomi Islam, 10(2), 2316–2320. https://doi.org/10.29040/jiei.v10i2.13145

Issue

Vol. 10 No. 2 (2024): JIEI : Vol.10, No.2, 2024

Section

Articles

Citation Check

License

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Most read articles by the same author(s)

1 2 > >>