Full Call Auction: A Fiqh al-Muamalat Perspective on Price Uncertainty at the Indonesia Stock Exchange

Muh. Hasbi Ash. Shiddiq; Nurul Mu'minaati Idris

doi:10.24239/tadayun.v7i1.602

Muh. Hasbi Ash. Shiddiq Institut Agama Islam Negeri Bone
Nurul Mu'minaati Idris Institut Agama Islam Negeri Bone

DOI: https://doi.org/10.24239/tadayun.v7i1.602

Keywords: Blind Orderbook, FCA, Gharar, Islamic Capital Market, Price Discovery

Abstract

The implementation of the Full Call Auction (FCA) mechanism at the Indonesia Stock Exchange in 2024 has attracted criticism from investors, particularly because its blind orderbook limits the price information available during order collection. As some Sharia-compliant stocks are traded through FCA, this study examines the mechanism from the perspective of fiqh al-muʿāmalāt. The study employed statutory and conceptual approaches and analyzed IDX Decree No. Kep-00316/BEI/11-2023 concerning Regulation No. II-X, POJK No. 15/POJK.04/2015, DSN-MUI Fatwa No. 80/DSN-MUI/III/2011, and relevant fiqh literature. The analysis indicates that uncertainty arises during price discovery, before orders are matched. Because the transaction price becomes definite at execution, this uncertainty does not, by itself, invalidate the contract and may be classified as gharar yasīr. The study proposes systemic gharar as a concept for examining uncertainty produced by the design of the FCA trading system rather than by the contractual object or an individual investor. This study contributes to a broader conceptualization of gharar in the Islamic capital market. It also suggests that stakeholders undertake a comprehensive review of the FCA mechanism to improve its design, particularly by prioritizing transparency.

Abstrak

Penerapan mekanisme Full Call Auction (FCA) di Bursa Efek Indonesia pada tahun 2024 menuai kritik dari investor, terutama karena sistem blind orderbook membatasi informasi harga yang tersedia selama tahap pengumpulan pesanan. Karena sebagian saham syariah diperdagangkan melalui FCA, penelitian ini mengkaji mekanisme tersebut dari perspektif fiqh al-muʿāmalāt. Penelitian ini menggunakan pendekatan perundang-undangan dan konseptual dengan menganalisis Keputusan BEI No. Kep-00316/BEI/11-2023 tentang Peraturan No. II-X, POJK No. 15/POJK.04/2015, Fatwa DSN-MUI No. 80/DSN-MUI/III/2011, serta literatur fikih yang relevan. Hasil analisis menunjukkan bahwa ketidakpastian muncul selama proses pembentukan harga, sebelum pesanan dipadankan. Karena harga transaksi telah pasti pada saat eksekusi, ketidakpastian tersebut tidak dengan sendirinya membatalkan akad dan dapat dikategorikan sebagai gharar yasīr. Penelitian ini mengusulkan konsep gharar sistemis untuk mengkaji ketidakpastian yang timbul dari desain sistem perdagangan FCA, bukan dari objek akad atau investor secara individual. Temuan ini berkontribusi pada perluasan konsep gharar dalam pasar modal syariah. Penelitian ini juga menyarankan agar para pemangku kepentingan meninjau mekanisme FCA secara menyeluruh untuk memperbaiki desainnya, terutama dengan mengutamakan transparansi.

Author Biography

Muh. Hasbi Ash. Shiddiq, Institut Agama Islam Negeri Bone

Islamic Banking Department

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