Besides being generally bound by prudential principles in banking regulations, Islamic banking in Indonesia is also bound by sharia principles. In reality, there are several contradictions between these two jurisdictions (conventional banking and Islamic banking). This article aims to discuss why the contradictions between these two jurisdictions can occur. Furthermore, how the possibilities are to make harmony or adjustment among the various different elements, so that these two different jurisdictions can synergistically play a role in driving the development of Islamic banking in Indonesia. The research method in this article is normative legal research with a qualitative analysis model. The conclusion of this article showed that the set of regulations related to the prudential principle of banking in two banking models (conventional and sharia) in fact were the same. It was because this regulation related to banking prudential was originally designed for conventional banking, and, when applied to Islamic banking, various adjustments were needed, for example in the collateral case. This article recommends that sharia-based prudential principles should be immediately integrated into the regulation of banking prudential principles in general to prevent any problems arose from the application of Islamic banking.

The halal tourism industry is an emerging sector that has recently become a global trend in economic development in many countries. However, in various regions in Indonesia, halal tourism triggers anomalies and raises pros and cons. This article aims to explore the construction of halal tourism development in five regions in Indonesia. It seeks to formulate a sustainable halal tourism regulatory model that is based on plurality and local wisdoms of the local community. This study uses a legal research method, with a critical-constructive approach. The findings from this study conclude that the development of halal tourism regulations in various regions shows a positive and dynamic direction in line with the configuration of regional tourism policies, which needs to be continuously encouraged and accelerated. As such, amid these positive trends and dynamics, regional halal tourism development needs to adopt a sustainable halal tourism regulatory model that is based on community plurality and is responsive to local wisdoms. This article supports the realization of a sustainable halal tourism policy following the Covid-19 pandemic in the midst of a plurality of regional communities.

The main problems of this research are: first, the conceptual definition of fatwa in Islamic law in general and sharia financial law specifically; second, the legality or binding force of fatwa in sharia economic law; and third, the possibility of judicial review for fatwa issued by National Sharia Board (DSN). This research is a normative juridical study based on the primary, secondary, and tertiary legal sources. The conclusion drawn in this research is: first, fatwa is a legal opinion issued by an individual or a particular institution which has purpose or function to present any opinions regarding the matters related to life aspectsby considering the sharia principles or Islamic doctrines; second, the legality of fatwa appears due to the statement of the existing regulation stating that only fatwa issued by DSN which becomes the reference of sharia banking businesses. Even if DSN is considered as a non-government institution due to which its regulatory products do not have binding force unlike the regulations issued by the governmental institutions in general, fatwa still has its own binding nature, though substantively it is due to the existence of the Regulation of Bank of Indonesia related to the sharia banking provisions since if there is anything regarding sharia matters, Bank of Indonesia shall adopt the DSN fatwa. Third, as the consequence of the binding force, in which the government regulation might be legally reviewed, fatwa is also possible to be an object of a request for judicial review.

PendahuluanMalaysia dan Indonesia adalah dua negara di Asia Tenggara dengan mayoritas penduduknya memeluk agama Islam. Kedua negara ini merupakan tempat yang oleh banyak pengamat dilihat sebagai kawasan yang memungkinkan bisnis keuangan Islam (Islamic financial business) berkembang dengan baik. Malaysia sebagai negara yang memulai bisnis keuangan Islam sangat awal dibanding berbagai negara lain di kawasan ini,ialah sejak tahun 1983 dengan didirikannya Bank Islam Malaysia

One of the main aspects that distinguishes a convensional capital market and a syariah capital market is whether there is or is not the speculative element or, in the Islamic law terminology, known as gharar, in the offered business instrument. This research is meant to reveal on how the gharar concept in Islamic financial law, as well as how the concept being implemented in Screening Criteria in Jakarta Islamic Index (JII), Indonesian syariah capital market. This research has compiled different kinds of data in the form of norm and regulation both from Islamic law and governmental institution which is responsible to the capital market. The data, then, was analyzed qualitatively through interpretation. The result has concluded that generally, gharar found in Islamic law, is meant that ther is a hidden element which could cause a disadvantage or a danger from the involving side in a transaction while the syariah criteria for the screening process of JII has two aspects; a company in JII is the company that does not have a business related to the transaction of ribawi, gharar, and gambling (maysir). Second, the transaction done in JII must be fulfilled the principle of fully care (ihtiyath), not speculative or manipulative (dharar, gharar, riba, maisir, rishwah, and kezaliman/tyranity).Key words : Gharar, screening criteria Abstrak Salah satu aspek utama yang membedakan antara pasar modal konvensional dan pasar modal syariah adalah ada dan tidaknya unsur spekulasi atau yang dalam terminologi hukum Islam disebut dengan gharar, dalam instrumen bisnis yang ditawarkannya.Penelitian ini dimaksudkan untuk mengungkap bagaimana konsep gharar dalam hukum keuangan Islam, serta bagaimana konsep tersebut diimplementasikan dalam Screening Criteria pada Jakarta Islamic Index (JII), Pasar Modal Syariah Indonesia. Penelitian ini mengumpulkan berbagai data berupa norma dan peraturan, baik berasal dari hukum Islam maupun yang dikeluarkan oleh lembaga pemerintah yang berwenang terkait dengan pasar modal. Data kemudian dianalisis secara kualitatif melalui berbagai penafsiran. Hasil penelitian menyimpulkan bahwa secara umum gharar yang ada dalam hukum Islam dimaknai sebagai; adanya suatu unsur tersembunyi yang dapat menyebabkan kerugian atau bahaya dari para pihak yang terlibat dalam sebuah transaksi. Sedangkan untuk kriteria syariah bagi proses screening (seleksi) pada JII terdiri dari dua aspek; bahwa perusahaan yang masuk pada JII adalah perusahaan yang tidak memiliki bisnis yang terkait dengan transaksi ribawi, gharar dan perjudian (maysir). Kedua, transaksi yang dilakukan di JII haruslah memenuhi prinsip kehati-hatian (ihtiyath), tidak spekulatif dan manipulatif (dharar, gharar, riba, maisir, risywah, dan kezaliman).