Analysis of Islamic Mutual Funds as Part of Modern Investment DSN-MUI Perspective No: 20/DSN-MUI/IV/2001 Concerning Guidelines for Investment Implementation for Sharia Mutual Funds

Abstrak

New products in the investment sector were developed to attract funds from the public. However, for Muslims, these products need to be observed, because they are developed from conventional financial services that are neutral to the values ​​of Islamic teachings. Sharia mutual funds (reksadana) exist as a form of institutional innovation that collects funds and operates according to the provisions and principles of Islamic law, both in the form of contracts between investors (s}a>h{ib al-ma>l) and investment managers as representatives, as well as between investment managers and investment users. This study aims to determine mutual funds (reksadana) as a modern investment perspective of the DSN-MUI Fatwa. The research method used is qualitative with data obtained by documentation relating to laws and legal aspects of sharia mutual funds. The results of the study indicate that the implementation of contracts in sharia mutual funds uses waka>lah and mud}a>rabah contracts. Mutual fund shares can be traded because shares are investors' property whose value can be clearly known and has become a habit among entrepreneurs. Meanwhile, the existing mutual fund activities still contain many elements that are not in accordance with Islamic sharia, both concerning contracts, investment targets, technical transactions, income and in terms of profit sharing.