Vol. 1 No. 1 (2025): Contemporary Challenges in Private and Islamic Law
Articles

Broker Summary in Stock Trading Decisions: A Sharia Economic Law Perspective

PDF
  • Syahsyah Barrun Adiviasari
Syahsyah Barrun Adiviasari
UIN Walisongo Semarang

Published 2025-08-22 — Updated on 2025-08-22

Versions

Keywords

  • Broker Summary,
  • Speculative Trading,
  • Islamic Capital Market,
  • Gharar,
  • Tadlis

Copyright (c) 2025 Syahsyah Barrun Adiviasari (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

The rapid development of digital trading tools, particularly broker summary features, has significantly influenced decision-making behavior among Muslim investors in the Indonesian Stock Exchange (IDX). While broker summaries offer real-time data and perceived reliability, their dominant use in trading raises ethical questions under Islamic economic law. This study investigates the compatibility of broker summary–based decision-making with the principles of Sharia, focusing on elements such as gharar (uncertainty), tadlis (misrepresentation), and speculative behavior. Using a normative-empirical legal research approach, the study draws on interviews with investors, Islamic legal norms, and DSN-MUI Fatwa No. 135/2020. Findings show that broker summaries may be considered a permissible wasilah (instrument) when used to support rational analysis but become problematic if treated as an ‘illah (cause) of speculative trading. The study contributes to the growing discourse on ethical boundaries in Islamic capital markets and recommends regulatory, educational, and doctrinal measures to ensure Sharia compliance in digital investment practices.

PDF

References

  1. Ady, S. (2016). Eksplorasi tingkat efisiensi pasar modal Indonesia studi kasus di Bursa Efek Indonesia. http://repository.unitomo.ac.id/id/eprint/455
  2. Al - Ghazali. (2016). Al-Mustasfa min ’Ilm al-Usul . In translated by Imran Ahsan Khan Nyazee (Ed.), Islamic Book Trust. Original work written ca. .
  3. Al Ibrahim, M. Hilmy. (2018). Perilaku investor individu dalam pengambilan keputusan investasi saham [ Universitas Brawijaya]. In download.garuda.kemdikbud.go.id. http://download.garuda.kemdikbud.go.id/article.php?article=867501&val=6467&title=PERILAKU%20INVESTOR%20INDIVIDU%20DALAM%20PENGAMBILAN%20KEPUTUSAN%20INVESTASI%20SAHAM%20Studi%20Kasus%20Pada%20Investor%20Saham%20Individu%20di%20Malang
  4. Al Ibrahim, M. Hilmy., & Noval Adib. (2018). PERILAKU INVESTOR INDIVIDU DALAM PENGAMBILAN KEPUTUSAN INVESTASI SAHAM [Universitas Brawijaya]. In academia.edu. https://www.academia.edu/download/110678138/PERILAKU_INVESTOR_INDIVIDU_DALAM_PENGAMBILAN_KEPUTUSAN_INVESTASI_SAHAM.pdf
  5. Ali, M. (2021). Speculative Behavior and Islamic Capital Market: A Critical Shariah Review on Online Trading Practices. Journal of Islamic Finance and Business Research, 5(1), 22–38.
  6. Antarini, S., Kunaifi, A., Akmalia, S., & Rahmawati, R. (2024). STUDI OBSERVASI PERILAKU INVESTOR RITEL DALAM PENGAMBILAN KEPUTUSAN DI BURSA EFEK SURABAYA. Prospek: Prosiding Pengabdian Ekonomi Dan Keuangan Syariah, 3(1), 518–526. https://jurnalalkhairat.org/ojs/index.php/prospeks/article/view/308
  7. Aulia, R. (2022). Studi Perilaku Investor Dan Broker Dalam Pengambilan Keputusan Berinvestasi di Pasar Modal Syariah (Studi pada Bursa Efek Indonesia Kantor Perwakilan Aceh) [Diss. UIN Ar-Raniry]. https://repository.ar-raniry.ac.id/id/eprint/32319/
  8. Chapra, M. U. (2017). The Future of Economics: An Islamic Perspective (2nd ed.). The Islamic Foundation.
  9. DSN - MUI. (2020). Fatwa No. 135/DSN-MUI/XII/2020 tentang Mekanisme Perdagangan Saham Secara Syariah di Pasar Reguler Bursa Efek.
  10. Hasan, A., Nugraha, A., Aditya, M., Melati, A., Putri, M. H., & Azizi, H. (2023). Fungsi Investasi Dalam Perspektif Islam. Jurnal Ekonomi, Koperasi Kewirausahaan, 14(2), 41–53. https://repository.uinjkt.ac.id/dspace/handle/123456789/73599
  11. Huda, M., & Anshori, M. (2020). Peran Platform Digital dalam Mendorong Investasi Saham Syariah di Era Disrupsi. Al-Amwal: Jurnal Ekonomi Dan Perbankan Syariah, 12(2), 101–112.
  12. Inayah, I. N. (2020). Prinsip-prinsip ekonomi Islam dalam investasi syariah. Jurnal Ilmu Akuntansi Dan Bisnis Syariah (AKSY), 2(2), 88–100. https://journal.uinsgd.ac.id/index.php/aksy/article/view/9801
  13. Islami, M. R., & Fahri, A. (2022). Digital Investment Behavior of Muslim Millennials in Indonesia: Ethical and Legal Considerations. Al-Iqtishad: Journal of Islamic Economics, 14(2), 189–210.
  14. Kahf, M. (2020). Islamic Economics: Analytical Study of the Functioning of the Islamic Economic System. In Islamic Development Bank. Islamic Research and Training Institute (IRTI).
  15. Kustodian Sentral Efek Indonesia. (2023). Jumlah investor meningkat lebih dari 11 juta hingga akhir 2023. Retrieved from Https://Www.Ksei.Co.Id/Publications/Press-Release.
  16. Naim, Ainun., I. Made Dwi Hita Darmawan., & Nurafifah Wulandari. (2021). Herding Behavior: Mengeksplorasi Sisi Analisis Broker Summary. Media Riset Akuntansi, Auditing & Informasi, 21(2), 207–226. https://www.researchgate.net/profile/I-Made-Darmawan/publication/354966142_HERDING_BEHAVIOR_MENGEKSPLORASI_SISI_ANALISIS_BROKER_SUMMARY/links/64054a66b1704f343fa7fce7/HERDING-BEHAVIOR-MENGEKSPLORASI-SISI-ANALISIS-BROKER-SUMMARY.pdf
  17. Nurul, A. F., & Kusumawati, A. (2021). Herd Behavior among Muslim Investors in Sharia Stock Market: An Empirical Study in Indonesia. Jurnal Ilmu Ekonomi Syariah, 13(1), 41–55.
  18. Pardiansyah, E. (2017). Investasi dalam perspektif ekonomi islam: pendekatan teoritis dan empiris. Economica: Jurnal Ekonomi Islam, 8(2), 2541–4666. https://doi.org/10.21580/economica.2017.8.2.1920
  19. Pratama, G. A., & Wibowo, F. W. (2021). Perilaku Investor Saham Ritel terhadap Penggunaan Broker Summary dalam Pengambilan Keputusan Investasi di Bursa Efek Indonesia. Jurnal Manajemen Dan Bisnis Indonesia, 7(2), 145–160.
  20. Rahman, H., & Setiawan, A. (2023). Investor Protection in Indonesian Capital Market: Reviewing OJK Policies in the Digital Era. Indonesian Journal of Financial Law, 5(1), 78–96.
  21. Rizal, M., Majid, M., Musnadi, S., & Sakir, A. (2024). Perilaku Investor Agresif di Indonesia: Teori dan Bukti Empiris. Syiah Kuala University Press. https://books.google.com/books?hl=en&lr=&id=qGEjEQAAQBAJ&oi=fnd&pg=PP1&dq=Perilaku+Investor+Saham+Ritel+terhadap+Penggunaan+Broker+Summary+dalam+Pengambilan+Keputusan+Investasi+di+Bursa+Efek+Indonesia&ots=Um5MaXwmv2&sig=zEoEf0MY0-BX5QBCYQ-qX7lHMMs
  22. Rohmah, N. L. (2022). Perilaku Investor Pemula dalam Penggunaan Broker Summary untuk Keputusan Investasi Saham. Jurnal Ekonomi Dan Keuangan Islam, 8(3), 312–327.
  23. Sabrina, D., & Baidhowi Baidhowi. (2025). Implementasi Investasi Syariah Dalam Prespektif Hukum Ekonomi Islam. Jurnal Akademik Ekonomi Dan Manajemen, 2(2), 349–360. https://doi.org/10.61722/jaem.v2i2.4991
  24. Said, Muhammad. (n.d.). Determinasi Investor ritel dalam memilih saham syariah di Bursa Efek Indonesia. In repository.uinjkt.ac.id. Retrieved July 8, 2025, from https://repository.uinjkt.ac.id/dspace/handle/123456789/54113
  25. Saleh, H. I. (2021). IMPLEMENTASI INVESTASI SAHAM DALAM PERSPEKTIF EKONOMI SYARIAH DI ERA MILENIAL. Journal of Islamic Business Management Studies (JIBMS), 2(1), 1–21. http://download.garuda.kemdikbud.go.id/article.php?article=3456796&val=30142&title=IMPLEMENTASI%20INVESTASI%20SAHAM%20DALAM%20PERSPEKTIF%20EKONOMI%20SYARIAH%20DI%20ERA%20MILENIAL
  26. Saputra, A. H. (2020). Etika Bisnis Islam dalam Investasi Saham Syariah: Perspektif Maslahah dan Gharar. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(1), 35–48.
  27. Sitinjak, E. (2013). PERILAKU INVESTOR INDIVIDU DALAM PEMBUATAN KEPUTUSAN INVESTASI SAHAM: EFEK DISPOSISI, ASPEK KOGNISI, DAN INFORMASI AKUNTANSI [Diss. Universitas Diponegoro]. https://repository.unika.ac.id/15231/2/Disertasi%20E_Lucky_28%20Desember%202012_UJIAN%20TERBUKA_DIE%20UNDIP.pdf
  28. Sunaryono, S. (2024). Investasi Tanpa Riba: Membangun Portofolio Saham Syariah yang Berkelanjutan. PT. Sonpedia Publishing Indonesia. https://books.google.com/books?hl=en&lr=&id=leQGEQAAQBAJ&oi=fnd&pg=PA2&dq=Etika+Bisnis+Islam+dalam+Investasi+Saham+Syariah:+Perspektif+Maslahah+dan+Gharar&ots=hm621jgVo4&sig=DjtkqGWP69bDMfTdit13f0_cRcE
  29. Sunaryono, S. (2025). Inovasi dan Implementasi Investasi Syariah Terpadu Pada Saham. PT. Sonpedia Publishing Indonesia. https://books.google.com/books?hl=en&lr=&id=q5dMEQAAQBAJ&oi=fnd&pg=PA27&dq=Etika+Bisnis+Islam+dalam+Investasi+Saham+Syariah:+Perspektif+Maslahah+dan+Gharar&ots=1OTfVqlgzz&sig=OFNs85XH8Hs_mMq1hUmkZn6Eo7k
  30. Syifa, D. M., & Fikriyadi Fikriyadi. (2023). KONSEP JUAL BELI PADA BINOMO: PERSPEKTIF ULAMA FIQH KLASIK DAN KONTEMPORER DALAM TINJAUAN ETIKA BISNIS ISLAM. Jurnal Kajian Islam Kontemporer, 5(1), 51–60. https://doi.org/10.18592/msr.v5i1.9335
  31. Tirmidhi, A. ‘Isa M. ibn ‘Isa. (n.d.). Jami’ at-Tirmidhi. Retrieved from https://sunnah.com/tirmidhi:1209.
  32. Veronica, M. Sienly., & Ida, I. (2023). REAKSI INVESTOR PASAR MODAL PADA PENGUMUMAN PENGHAPUSAN KODE BROKER. Modus, 35(2), 197–211. https://ojs.uajy.ac.id/index.php/modus/article/view/7457
  33. Zein Fitri, M., & Ishelmiany Ziaharah, L. (2025). Transformasi Perilaku Keuangan Syariah: Refleksi Kritis Kaum Muda Terhadap Investasi Saham Syariah. ISLAMICA, 9(1), 49–64. https://doi.org/10.59908/islamica.v9i1.158