Analysis of Fiqh Muamalah for Gambling in Stock Trading on the Indonesian Stock Exchange

Abstract

This article aims to analyse stock trading activities on the Indonesia Stock Exchange (IDX) according to muamalah jurisprudence. The method uses a qualitative with a descriptive-analytical approach, which focuses on an in-depth understanding of the phenomenon by emphasising its meaning and implications. The results indicate that conducting trading practices using only technical analysis can be classified as gambling behaviour. The practice contains elements of gambling and speculation which are strictly prohibited in Islam. This gambling element arises because decisions taken in trading are based on short-term price movements without considering the real conditions of the company, so that it is more similar to a game of chance. Therefore, to avoid elements of gambling and speculation that are not in accordance with sharia principles, capital market players are advised to combine technical analysis with fundamental analysis. Thus, they can understand the condition of the company more comprehensively, including financial aspects, performance and business prospects, so that the decisions taken become more rational and orderly. This step not only minimises potential losses, but also ensures that trading activities remain within the corridor of sharia which is ethical, fair and responsible.