Legal Certainty of Islamic Banking Investment Products Under POJK No. 4 of 2026: A Sharia Economic Law Perspective

DOI: https://doi.org/10.26618/rkbwt543

Authors

Abstract

This study examines the legal certainty issues surrounding Islamic banking investment products before and after the enactment of Financial Services Authority Regulation No. 4 of 2026 on the Implementation of Islamic Banking Investment Products. The primary issue is the lack of a clear distinction between investment and deposit products, which may lead to misunderstandings about the status of funds, returns, risk-sharing arrangements, and banks’ responsibilities. This study aims to analyze the regulation of Islamic investment products under POJK No. 4 of 2026 and assess its legal certainty in light of Gustav Radbruch’s theory and its compatibility with the principles of Islamic economic law. This research employs a normative legal method, using statutory, conceptual, and analytical approaches, and draws on primary and secondary legal materials analyzed qualitatively. The findings indicate that POJK No. 4 of 2026 establishes an investment legal relationship distinct from fund collection activities by regulating investor customers, underlying assets, a two-stage contract structure, returns based on investment performance, the segregation of investment funds from Third-Party Funds, and obligations relating to governance, risk management, transparency, and investor protection. This regulation strengthens normative clarity, risk predictability, and the limits of banks’ liability, while remaining consistent with the principles of justice, trustworthiness, transparency, risk sharing, and hifz al-mal. Nevertheless, its effectiveness remains dependent on banks’ compliance, investor literacy, information transparency, and regulatory supervision.

Author Biographies

Indah Fatmawati, Universitas Muhammadiyah Yogyakarta

Indah Fatmawati, S.E. merupakan Aparatur Sipil Negara pada lingkungan Mahkamah Agung Republik Indonesia yang saat ini menjabat sebagai Kepala Sub Bagian Kepegawaian, Organisasi, dan Tata Laksana pada Pengadilan Agama Blora. Menyelesaikan pendidikan Sarjana Ekonomi (S.E.) pada Program Studi Ilmu Ekonomi dan Studi Pembangunan dengan konsentrasi Ekonomi, Keuangan, dan Perbankan Islam. Saat ini, saya sedang menempuh pendidikan Magister Hukum pada Fakultas Hukum Universitas Muhammadiyah Yogyakarta dengan konsentrasi Hukum Ekonomi dan Bisnis Syariah.

Sejak berkarier di lingkungan peradilan, saya aktif dalam bidang administrasi kepegawaian, organisasi, tata laksana, reformasi birokrasi, serta pengelolaan sumber daya manusia aparatur. Pengalaman profesional tersebut dipadukan dengan ketertarikan akademik pada pengembangan hukum dan tata kelola kelembagaan, khususnya dalam konteks ekonomi syariah.

Minat penelitian dan penulisannya meliputi hukum ekonomi syariah, hukum perbankan syariah, hukum bisnis syariah, penyelesaian sengketa ekonomi syariah, hukum administrasi negara, reformasi birokrasi, serta tata kelola lembaga peradilan. Dengan latar belakang ekonomi Islam dan pendidikan hukum yang sedang ditempuh, saya memiliki perhatian terhadap isu-isu regulasi, kepastian hukum, pelindungan konsumen, dan pengembangan industri keuangan syariah di Indonesia. Melalui kegiatan akademik dan penelitian, saya berupaya berkontribusi dalam pengembangan ilmu hukum yang responsif terhadap dinamika ekonomi dan bisnis syariah serta penguatan tata kelola peradilan yang profesional, akuntabel, dan berkeadilan.

Leli Joko Suryono, Universitas Muhammadiyah Yogyakarta

Dr. Leli Joko Suryono, S.H., M.Hum. adalah dosen pada Fakultas Hukum Universitas Muhammadiyah Yogyakarta. Beliau menyelesaikan pendidikan Sarjana Hukum (S.H.), Magister Humaniora (M.Hum.), dan Doktor (Dr.) di bidang hukum. Bidang keilmuan yang menjadi fokus kajiannya meliputi hukum perdata, hukum ekonomi, hukum bisnis, dan hukum ekonomi syariah. Selain aktif dalam kegiatan pengajaran, beliau juga terlibat dalam berbagai penelitian dan publikasi ilmiah yang berkaitan dengan perkembangan hukum nasional, penyelesaian sengketa, serta dinamika regulasi ekonomi dan bisnis di Indonesia. Berbagai karya ilmiahnya telah dipublikasikan dalam jurnal nasional maupun forum akademik lainnya. Saat ini, beliau terus mengembangkan penelitian di bidang hukum perdata dan hukum ekonomi sebagai bagian dari kontribusinya terhadap pengembangan ilmu hukum dan pendidikan tinggi di Indonesia.

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Published

2026-06-23

Issue

Vol. 10 No. 1 (2026): Juni 2026 (In Progress)

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Articles

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Copyright (c) 2026 Indah Fatmawati, Leli Joko Suryono

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