Tinjauan Hukum Ekonomi Syariah Terhadap Jual Beli Saham Indeks Idx Sharia Growth (Idxshagrow) Secara Short Term (Studi Pada Aplikasi Stockbit Sekuritas)

Aditiya, Reza (2026) Tinjauan Hukum Ekonomi Syariah Terhadap Jual Beli Saham Indeks Idx Sharia Growth (Idxshagrow) Secara Short Term (Studi Pada Aplikasi Stockbit Sekuritas). Undergraduate Thesis thesis, UIN. K. H. Abdurrahman Wahid Pekalongan.

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Abstract

Perkembangan pasar modal syariah di Indonesia mendorong lahirnya instrumen investasi berbasis syariah, salah satunya Indeks IDX Sharia Growth (IDXSHAGROW) yang memuat saham-saham syariah berkategori pertumbuhan. Kemudahan akses melalui aplikasi Stockbit Sekuritas mendorong semakin banyak investor Muslim aktif bertransaksi secara short term. Namun praktik ini menimbulkan persoalan hukum, terutama berkaitan dengan konsep qabdh dalam sistem penyelesaian transaksi T+2 serta potensi adanya unsur riba, maysir, dan tadlis. Penelitian ini bertujuan mendeskripsikan praktik jual beli saham IDXSHAGROW secara short term melalui Stockbit Sekuritas, menganalisis dampaknya, serta mengkaji kesesuaiannya dengan prinsip hukum ekonomi syariah. Penelitian ini menggunakan jenis penelitian yuridis empiris dengan pendekatan kualitatif deskriptif-analitis. Data primer diperoleh melalui wawancara dengan enam informan investor short term pengguna aktif Stockbit Sekuritas yang memperdagangkan saham konstituen IDXSHAGROW serta observasi mekanisme transaksi pada platform tersebut. Data sekunder bersumber dari literatur hukum ekonomi syariah, fatwa DSN-MUI, dan peraturan perundang-undangan yang relevan. Hasil penelitian menunjukkan tiga hal. Pertama, praktik short term trading dilakukan dengan dua pola: sebagian informan menerapkan analisis teknikal dan fundamental secara terstruktur, sementara sebagian lainnya mengandalkan rekomendasi komunitas dan intuisi tanpa analisis mandiri memadai. Kedua, dampak short term trading bersifat multidimensi; investor analitis mampu meraih return konsisten, sementara investor spekulatif menanggung risiko kerugian dan tekanan psikologis lebih tinggi. Ketiga, berdasarkan perspektif hukum ekonomi syariah, praktik ini hukumnya mubah dengan syarat: didasarkan analisis yang dapat dipertanggungjawabkan, tidak menggunakan margin trading berbasis bunga, informasi yang digunakan terverifikasi, dan tidak melibatkan praktik manipulatif. Dari sisi akad, transaksi memenuhi rukun dan syarat jual beli Islam, dan qabdh hukmi terpenuhi sejak matching berdasarkan Fatwa DSN-MUI Nomor 80/DSN-MUI/III/2011 sehingga tidak termasuk bai' al-ma'dum. Namun ditemukan pelanggaran pada dua informan yang menggunakan margin trading berbasis bunga (riba al-qardh), praktik berbasis feeling dan FOMO yang mendekati maysir, serta kerentanan terhadap tadlis akibat asimetri informasi di ekosistem media sosial investasi. The development of the sharia capital market in Indonesia has given rise to sharia-based investment instruments, including the IDX Sharia Growth Index (IDXSHAGROW), comprising growth-category sharia-compliant stocks. The accessibility of digital platforms such as Stockbit Sekuritas has encouraged more Muslim investors to engage in short-term share trading. However, this practice raises significant legal concerns regarding the concept of qabdh under the T+2 settlement mechanism, as well as potential elements of riba, maysir, and tadlis. This study aims to describe the practice, analyze its impact, and examine its compliance with sharia economic law principles. This research employs a juridical-empirical method with a qualitative descriptive-analytical approach. Primary data were obtained through interviews with six active short-term investor informants using Stockbit Sekuritas to trade IDXSHAGROW constituent shares, along with direct observation of the platform's transaction mechanism. Secondary data were gathered from sharia economic law literature, DSN-MUI fatwas, and relevant legislation. The findings reveal three key points. First, short-term trading of IDXSHAGROW shares is conducted in two patterns: some informants apply structured technical and fundamental analysis, while others rely on community recommendations and intuition without adequate independent analysis. Second, the impact is multidimensional; analytical investors achieve consistent returns, while speculative investors face higher risks of capital loss and psychological pressure. Third, from a sharia economic law perspective, this practice is mubah (permissible) conditionally: transactions must be based on accountable analysis, must not use interest-based margin trading, information must be verified, and manipulative practices must be avoided. In terms of contract structure, transactions fulfill Islamic sale and purchase requirements, and qabdh hukmi is satisfied upon matching per DSN-MUI Fatwa No. 80/DSN-MUI/III/2011, thus excluding classification as bai' al-ma'dum. Violations were found, however, in two informants who used interest-based margin trading constituting riba al-qardh, in feeling-based and FOMO-driven transactions approaching maysir, and in vulnerability to tadlis through information asymmetry and pump and dump schemes in social media investment ecosystems.

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