NUSANTARA: Journal Of Law Studies

Stock Scalping and Shariah Legitimacy in Modern Capital Markets

2026-01-14T17:17:45+07:00

The rapid advancement of financial technology has led to the emergence of various stock trading strategies, including scalping. Scalping is a short-term trading technique in which traders seek to profit from small price movements over very brief timeframes. Due to its fast-paced nature, scalping is often perceived as a high-risk strategy and has raised concerns regarding its compatibility with Shariah principles, particularly in relation to gambling (maisir) and excessive uncertainty (gharar). This study aims to examine scalping practices among stock traders in Malaysia, analyze the associated Shariah issues, and formulate Shariah-compliant guidelines for their implementation. This research employs a qualitative approach, combining content analysis of classical and contemporary Islamic legal sources with field studies involving stock market practitioners in Malaysia. Primary data were collected through in-depth interviews and observations, while secondary data were obtained from scholarly literature, fatwas, and relevant regulatory documents in Islamic finance. The findings indicate that scalping does not inherently involve prohibited elements such as maisir or gharar, if trading decisions are based on adequate technical and fundamental analyses rather than speculative assumptions. The study also finds that profits generated through scalping arise from natural market price movements driven by supply and demand dynamics, which are permissible under Shariah principles. This study contributes to the discourse on Islamic finance and muʿāmalāt by clarifying the Shariah status of scalping practices and offering practical guidance to support Shariah-compliant stock trading in the Malaysian capital market.

Harmonization of Islamic Law and Local Wisdom: A Methodological Reconstruction of Ijtihad in Family Law Based on Yusuf al-Qaradawi’s Istinbāṭ Approach

2026-01-10T12:45:33+07:00

This article examines the harmonization of Islamic law and local wisdom in family law issues through the development of the ijtihad method from the perspective of Yusuf al-Qaradawi's istinbāṭ method. Given that contemporary Muslim family issues are increasingly complex, this study emphasizes the need for an istinbāṭ framework that maintains the authenticity of naṣṣ while being responsive to social realities. This study employs a qualitative-normative approach, using usul al-fiqh analysis, and examines al-Qaradawi's key concepts as instruments for integrating local wisdom. Data were collected from exploring library materials related to Yusuf al-Qaradawi's works within the framework of istinbāṭ that was developed. The results of this study show that Yusuf al-Qaradawi developed an istinbāṭ method called istinbāṭ at-taysīr with three types, namely intiqā’iy tarjīhiy, ibdā’iy insyāiy, and intiqā’iy insyā’iy. This method combines as-salafiy, which does not adhere to the opinions of the fiqh schools, and al-mażhabiy, which is guided by the opinions of the imams of the schools, by re-examining the various opinions of the scholars or conducting their own ijtihad and choosing the opinion that provides leniency, provides convenience, is in accordance with the conditions, and combines local wisdom, to realize the greater good. The contribution of this article lies in providing a methodological model to bridge the tension between textuality and contextuality in family law, while offering academics and policymakers a basis for formulating norms that are more just, relevant, and in line with the demands of modern society.

Securing Digital Trade: A Techno-Legal Analysis of E-Commerce Safeguards in Iraq’s Regulation No. 4/2025

2026-01-28T17:06:29+07:00

This paper analyses the legal and technical protections created in accordance with the 2025 E-Commerce Regulation in Iraq and evaluates their compatibility with international regulations considering the swift changes in the digital trade landscape. It claims that the regulation offers a potentially strong legal framework for digital market regulation, but its success depends on its enforcement capacity and on sufficient technical and administrative infrastructure. In the absence of these conditions, the sector will be susceptible to fraud, breach of consumer data and tax evasion. The study methodologically uses doctrinal legal analysis of the regulation and its connection to existing domestic legislation, specifically the consumer protection law. This is supplemented by a well-organised comparative analysis of global data privacy and e-commerce regulatory frameworks, and a descriptive-analytical evaluation of the e-commerce situation in Iraq based on national reports and sectoral statistics. A techno-legal framework is used to assess data security, encryption, and the governance of digital identity. The results show that the regulation presents primary safeguarding measures, such as vendor licensing, transparency requirements, personal information protection, tax and customs supervision, and oversight through an electronic licensing platform. These controls demonstrate partial compliance with widely recognised consumer and data protection principles. Nonetheless, it faces challenges such as infrastructural constraints, the growth of informal online trade, and poor technical literacy among stakeholders. In terms of academics, this research study contributes to the discussion of digital regulatory capacity in less developed economies by incorporating both legal analysis and the technical compliance aspect. It reveals an absence of regulatory design and enforcement preparedness and serves as a platform for evaluating techno-legal governance of emerging digital markets.