DISPUTE RESOLUTION FOR SUKUK IN INDONESIA: REGULATORY FRAMEWORK AND SHARIAH COMPLIANCE CHALLENGES

Abstrak

Sukuk is a prominent Islamic capital market instrument that requires not only Shariah-compliant structuring at the issuance stage but also a dispute resolution mechanism that remains consistent with Shariah principles. In Indonesia, the rapid growth of sukuk issuance has not been accompanied by a comprehensive and explicit regulatory framework governing dispute resolution, potentially creating legal uncertainty and Shariah non-compliance risks. This study employs a normative legal research method using statutory and conceptual approaches to examine the regulation of sukuk dispute resolution in Indonesia. Primary legal materials consist of Financial Services Authority regulations (POJK) and fatwas issued by the National Shariah Council–Indonesian Ulama Council, supported by relevant scholarly literature. The analysis focuses on the role of Religious Courts and alternative dispute resolution mechanisms, as well as the implications of overlapping jurisdiction with the general judiciary, particularly in bankruptcy and restructuring cases. The findings indicate that the absence of clear regulatory provisions and the reliance on non-binding fatwas may weaken legal certainty and expose sukuk disputes to outcomes that are not fully aligned with Sharīʿah principles. This study highlights the need for clearer regulatory harmonization to strengthen Shariah compliance and support the sustainable development of the sukuk market in Indonesia