Reorientation of Sharia Stock Regulations: Integrating Taṣarrufāt al-Rasūl and Maqāṣid al-Sharī‘ah for Justice and Sustainability

Abstract

The Sharia capital market has become a vital instrument in supporting economic growth grounded in Islamic values. However, the regulation of Sharia-compliant stocks in Indonesia faces challenges in fostering social justice, public welfare, and economic sustainability. This study aims to explore the relevance of the concept of taṣarrufāt al-Rasūl, as developed by Ibn ‘Āshūr, in advancing Sharia stock law. Utilizing an interpretative phenomenological approach, data were collected through in-depth interviews with academics, capital market practitioners, and relevant Islamic scholars. The data were analyzed to identify key themes reflecting the integration of maqāṣid al-sharī‘ah values into Sharia stock regulations. The findings reveal that Sharia stock regulations require a philosophical reorientation that not only emphasizes technical compliance but also aims to create collective benefits through adaptive legal flexibility. The taṣarrufāt al-Rasūl-based approach supports the integration of values such as justice, public welfare (maslahat), and sustainability into regulatory frameworks, with potential benefits for strategic sectors like renewable energy, education, and healthcare. The results also underscore the proactive role of the National Sharia Council-Indonesian Ulama Council (DSN-MUI) in crafting innovative and contextual fatwas. This study concludes that Ibn ‘Āshūr’s thought provides a robust philosophical framework for developing inclusive Sharia stock regulations that address modern challenges. The findings not only enrich the body of Islamic legal literature but also offer practical guidance for regulators and capital market stakeholders in creating regulations that prioritize maslahat, sustainability, and social transformation.