| Summary: | This research means to know (1) the comparison and the differentiation
between the sharia capital market instrument and the conventional capital market
instrument.(2) to know the considering of positive law about sharia capital market
instrument. (3) to know the sharia Islamic law paradigm about sharia capital
market instrument in Indonesia.
This research includes on the normative research with the explanative
descriptive as its character. It uses the secondary data such as the positive law
with another literature. The data analysis is the interactive data analysis that
consists of the data collection, the data preview, the data reduction, and the
conclusion.
As its conclusions,(1) there are differentiations between the sharia capital
market instrument and the conventional capital market instrument namely the
screening process, the adoption of the profit and loss sharing system with no
special right and its differential in sharia capital market instrument.(2) no
specific/positive law that give legitimation to sharia capital market instrument and
(3) according to the agreement of fuqaha, it allows the trading of sharia capital
market instrument such as stock, obligation, and mutual fund.
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