PRAKTIK HEDGING DI BANK SYARIAH PERSPEKTIF FATWA DSN MUI NO 96/IV/2015

Abstrak

Ketidakpastian ekonomi global mempengaruhi stabilitas nilai tukar rupiah terhadap mata uang asing, terutama dolar AS, yang berimplikasi pada risiko signifikan bagi perbankan syariah. Untuk mengatasi hal tersebut, diperlukan mekanisme lindung nilai (hedging) yang sesuai dengan prinsip syariah. Berdasarkan Fatwa DSN-MUI No.96/DSN-MUI/IV/2015 tentang Transaksi Lindung Nilai Syariah (At-Tahawwuth Al-Islami), penelitian ini bertujuan menganalisis penerapan hedging syariah di Indonesia dan efektivitasnya dalam meminimalisir risiko fluktuasi kurs.Hedging syariah efektif sebagai instrumen mitigasi risiko nilai tukar selama tetap dijalankan berdasarkan prinsip keadilan, kehati-hatian, dan bebas dari unsur riba, gharar, serta maysir.Penelitian ini menggunakan metode kualitatif deskriptif berbasis studi pustaka terhadap penelitian Khairul anwar dkk. (2022), Amin fauzi,raehmat adji fahreza. (2018), dan Dini haryati. (2022). Hasil penelitian dari ketiga jurnal tersebut menunjukkan bahwa penerapan hedging syariah di perbankan syariah Indonesia telah menjadi instrumen penting dalam mengelola risiko nilai tukar yang timbul akibat fluktuasi mata uang asing. Berdasarkan Fatwa DSN-MUI No. 96/IV/2015, transaksi lindung nilai syariah dilaksanakan melalui mekanisme muwa’adah atau saling berjanji antara dua pihak untuk melakukan akad jual beli mata uang secara spot pada waktu yang disepakati.

Global economic uncertainty affects the stability of the rupiah exchange rate against foreign currencies, especially the US dollar, which has significant risk implications for Islamic banking. To overcome this, a hedging mechanism is needed that is in accordance with sharia principles. Based on the DSN-MUI Fatwa No. 96 / DSN-MUI / IV / 2015 concerning Sharia Hedging Transactions (At-Tahawwuth Al-Islami), this study aims to analyze the implementation of sharia hedging in Indonesia and its effectiveness in minimizing exchange rate risk. Sharia hedging is effective as an exchange rate mitigation instrument as long as it is carried out based on the principles of justice, prudence, and free from elements of usury, gharar, and maysir. This study uses a descriptive qualitative method based on a literature study of research by Khairul Anwar et al. (2022), Amin Fauzi, Raehmat Adji Fahreza. (2018), and Dini Haryati. (2022). The research findings from the third journal indicate that the application of sharia hedging in Indonesian Islamic banking has become a crucial instrument in managing exchange rate risk arising from foreign currency fluctuations. Based on DSN-MUI Fatwa No. 96/IV/2015, sharia hedging transactions are implemented through a muwa'adah mechanism, or a mutual promise between two parties to execute a spot currency sale and purchase agreement at an agreed-upon time.