Mekanisme Investasi Sukuk di Indonesia dalam Perspektif Maqashid Syariah

Abstract

This study aims to analyze the sukuk investment mechanism in Indonesia from the perspective of maqashid sharia. Sukuk has become one of the strategic instruments in the development of the Islamic capital market and plays an important role in supporting national economic growth through sharia-based investment systems. However, the rapid development of sukuk investment has not always been accompanied by a substantive understanding of the objectives of Islamic law (maqashid sharia), particularly in realizing benefit, justice, transparency, and investor protection. This research employs a qualitative method with a normative approach by examining regulations, fatwas of the National Sharia Council-Indonesian Ulema Council (DSN-MUI), Financial Services Authority regulations, and various relevant scientific literatures related to sukuk and maqashid sharia. The findings indicate that the sukuk investment mechanism in Indonesia formally complies with sharia principles through the implementation of contracts, underlying assets, and supervision by sharia authorities. Nevertheless, the implementation of maqashid sharia substantively still faces several challenges, including speculative investment behavior, limited sharia financial literacy, and the dominance of profit-oriented motives among investors. Therefore, strengthening education, supervision, and the internalization of maqashid sharia values are necessary to ensure that sukuk investment not only fulfills formal legality aspects but also realizes broader social and economic welfare.