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Title: Analisis muwa<‘adah dalam transaksi hedging syariah (studi perbandingan fatwa dsn-mui dan standar syariah aaoifi)
Authors: Muhammad Nabhani
Advisors: Hasanudin
Keywords: DSN fatwa, AAOIFI standard, Muwa>‘adah, Akad, Akad S{arf.
Issue Date: 7-Aug-2019
Publisher: Fakultas Syariah dan Hukum Universitas Islam Negeri Syarif Hidayatullah Jakarta
Abstract: This study aims to explain the difference between the Fatwa of National Sharia Board of the Indonesian Ulama Council (DSN-MUI) and Accounting and Auditing Organization for islamic Financial Institutions (AAOIFI) in matters of muwa>‘adah status in sharia hedging. DSN-MUI decides that muwa>‘adah may be used as a sharia hedging instrument. Whereas according to AAOIFI, muwa>‘adah is not permitted to be used as a sharia hedging instrument. This study uses a qualitative method. The approach used is a normative approach. The object of the research is the AAOIFI sharia standards and DSN-MUI fatwa relating to muwa>‘adah and s}arf. Furthermore, the clauses are analyzed by the Akad S}arf, and al-Sabr wa al-Taqsim Theory. The results of the study prove that there are differences of opinion between the MUI DSN and AAOIFI related to constraints on Islamic hedging. AAOIFI stipulates that muwa>‘adah is not allowed to be used as a sharia hedging instrument because the use of muwa>‘adah on legal sharia hedging is the same as a akad s}arf, so that it will cause Usury al-Yad. Whereas DSN-MUI believes that muwa>‘adah can be used as a sharia hedging instrument. The DSN-MUI argues that muwa>‘adah cannot be equated with a akad s}arf because not all ‘illah contained in the akad s}arf are owned by muwa>‘adah on sharia hedging. By using al-sabr wa al-taqsim approach it was found that ijtiha>d from the DSN-MUI was superior to ijtihad AAOIFI according to us}ul fiqh, because proven properties possessed by muwa>‘adah only bind the parties who promised, while the nature of akad s}arf was in addition to binding the parties, there is also a transfer of ownership of the object so that it is evident that the muwa>‘adah in Islamic hedging cannot be legalized by a akad s}arf.
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