Peran OJK dalam Menjamin Kepatuhan Prinsip Syariah di Pasar Modal

Abstract

This study aims to examine the role of the Financial Services Authority (OJK) in ensuring that all activities in the Indonesian capital market comply with sharia principles. As a supervisory and regulatory body, the OJK has a crucial role to ensure that all sharia capital market activities comply with fatwas issued by the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) and applicable laws and regulations. This study uses a qualitative approach with descriptive analysis methods to explore the implementation of sharia supervisory policies, the cooperation mechanisms between the OJK, DSN-MUI, and the Sharia Supervisory Board (DPS), and the various challenges faced in maintaining the quality and fairness of the sharia capital market. The results indicate that the OJK plays a significant role in increasing transparency, accountability, and coordination of the sharia supervisory system through the use of RegTech technology and strengthening public understanding of sharia finance. However, the main challenges faced are the limited number of sharia experts and the suboptimal alignment of applicable regulations. Therefore, better cooperation between institutions and a more comprehensive strengthening of the supervisory system are needed to create a trustworthy, fair, and sustainable sharia capital market.