Proteksi Aset Wakaf Saham Di Tengah Volatilitas Pasar Modal: Studi Komparasi Regulasi Indonesia, Malaysia,  dan Arab Saudi

Muhammad Hanif Alghiffari; Armiadi Musa

Authors

Muhammad Hanif Alghiffari Universitas Islam Negeri Ar-Raniry
Armiadi Musa Universitas Islam Negeri Ar-Raniry

Keywords:

Wakaf Saham, Volatilitas Pasar Modal, Regulasi, Mitigasi Risiko, Nazhir

Abstract

Untuk mematuhi aturan Syariah, yang menyatakan bahwa aset harus dipertahankan selamanya dan nilainya tidak boleh turun, waqf saham merupakan instrumen amal Islam yang menetapkan saham sebagai aset waqf. Saham pada dasarnya merupakan aset keuangan yang fluktuatif. Bagian pertama artikel ini membahas pertentangan mendasar antara kebutuhan agar aset waqf bertahan selamanya dan kenyataan bahwa harga saham terus berubah. Artikel ini menggunakan metode studi kebijakan komparatif untuk mengkaji bagaimana Arab Saudi, Indonesia, dan Malaysia menangani kemungkinan penurunan nilai portofolio saham wakaf. Ternyata, Arab Saudi memiliki sistem terpusat berkat Undang-Undang Wakaf Berkelanjutan dan Undang-Undang Perusahaan Baru tahun 2022, yang secara jelas mengatur bahwa pemegang saham wakaf berhak untuk keluar dari perusahaan. Sebaliknya, peraturan wakaf umum Indonesia (Undang-Undang Nomor 41 Tahun 2004), yang diawasi oleh BWI, OJK, dan BEI, bersifat tidak terorganisir dan tidak memuat aturan teknis khusus mengenai saham wakaf. Di bawah arahan Dewan Agama Islam Negara (SIRC), yang tidak terpusat, Malaysia telah mengembangkan model reksa dana wakaf (ASNB Wakalah) dan sukuk yang terkait dengan wakaf. Beberapa cara untuk menjaga keamanan modal pokok adalah dengan mendiversifikasi portofolio saham yang sesuai syariah dan memiliki fundamental yang kuat. Model wakaf dividen merupakan cara lain untuk melakukannya. Model ini memisahkan modal pokok dari hasil investasi secara struktural. Ketiga, mengubah instrumen menjadi reksa dana obligasi dan sukuk. Terakhir namun tidak kalah pentingnya, menggabungkan manajemen risiko dengan hukum syariah

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