NUSANTARA: Journal Of Law Studies

Stock Scalping and Shariah Legitimacy in Modern Capital Markets

Nik Abdul Rahim Nik Abdul Ghani — 2026-01-24

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

Imam Syafi'i — 2026-01-24

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

Mahmood Alaloosh — 2026-02-02

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.

The Persistence of Victim Blaming in Child Rape Trials: A Victimological Analysis of the Banjarmasin High Court Acquittal

Liantha Adam Nasution — 2026-02-17

This study examines the extent to which victim blaming shapes judicial reasoning in child rape trials, focusing on the acquittal in Decision No. 42/PID/2017/PT Bjm and addressing a gap in systematic appellate-level analyses of PERMA No. 3 Tahun 2017 implementation. It employs doctrinal legal analysis combined with qualitative content analysis of two primary decisions—Decision No. 20/Pid.B/2017/PN Mrh and the aforementioned appellate ruling—and evaluates them against relevant normative frameworks, including the Criminal Code (KUHP), the Criminal Procedure Code (KUHAP), and Undang-Undang Tindak Pidana Kekerasan Seksual. The findings indicate that the appellate panel systematically shifted the evidentiary burden onto the child victim by privileging her conduct while discounting non-physical forms of coercion and psychiatric evidence of trauma. This pattern operationalises notions of victim precipitation and conflicts with procedural and protective norms, thereby producing secondary victimisation through courtroom rhetoric that denigrates victims. Conceptually, the article advances an integrated analytical framework that combines the ideal-victim construct, victim blaming, and secondary victimisation to interpret appellate reasoning, thereby refining the role of victimology as a trauma-informed evaluative lens for judicial texts. Juridically, the findings reveal a structural tension between appellate practice and KUHAP’s recognition of psychological harm as valid evidence, as well as PERMA No. 3 of 2017’s prohibition of victim-blaming conduct, with broader implications for child protection, judicial integrity, and public confidence in the justice system. The study therefore recommends targeted reforms: explicit statutory recognition of non-physical coercion and psychiatric evidence; enforceable ethical sanctions and monitoring mechanisms to ensure PERMA compliance; trauma-informed judicial training; and harmonised institutional measures that internalise child-protection principles, including the integration of Islamic law–informed recommendations within a broader institutional harmonisation framework to ensure alignment with national pro-victim legal reform.

Legal and Sharia Analysis of Commercial Paper Discounting and Islamic Banking Finance Alternatives

Tunis Abu Bakr Rahman — 2026-02-18

This research examines the legal and jurisprudential characterization of commercial paper discounting and explores Sharia-compliant alternatives within the framework of contemporary Islamic banking finance. The study reviews core legal and Fiqh debates surrounding this complex banking operation by analyzing statutory provisions under Iraqi commercial law alongside classical and contemporary Islamic jurisprudential opinions. From a legal perspective, commercial paper discounting is defined as a contractual arrangement whereby a bank advances the value of a commercial instrument prior to maturity in exchange for the transfer of its ownership, with the beneficiary remaining liable to reimburse the bank in the event of default by the original debtor. This characterization classifies discounting as a short-term credit transaction combining consensual contractual elements with endorsement mechanisms. Jurisprudential analysis, however, demonstrates that conventional discounting practices frequently involve prohibited forms of Riba, particularly Riba al-Fadl and Riba al-Nasi’ah, due to the discrepancy between the amount advanced and the nominal value collected at maturity. The study critically evaluates various Fiqh approaches that attempt to classify discounting as an interest-based loan, a sale, or a transfer of rights, highlighting the Sharia shortcomings inherent in each interpretation. As a result, the research proposes viable Sharia-compliant financing alternatives capable of fulfilling similar economic objectives, including Murabaha financing, organized Islamic Tawarruq, and Salam contracts. These alternatives provide lawful liquidity and credit solutions while adhering to Islamic legal principles, demonstrating the possibility of harmonizing modern banking practices with the objectives of Islamic jurisprudence in promoting economic justice and sustainable financial activity.

Interpretation of Regulatory and Legal Acts in Contemporary Contexts: Foreign Experience, Comparative Perspectives, and Pathways for Regulatory Reform

Yevhen Leheza — 2026-02-22

This article examines the theoretical and legal foundations of interpreting regulatory and legal acts in contemporary contexts, with particular emphasis on integrating foreign experience into the Ukrainian legal system. The study aims to identify methodological gaps in domestic interpretative practice and to formulate pathways for regulatory reform aligned with European standards. Employing a comparative legal methodology, the research analyses interpretative approaches across continental systems (Germany and France) and Anglo-Saxon systems (Great Britain and the United States), as well as the jurisprudence of supranational judicial institutions, notably the Court of Justice of the European Union and the European Court of Human Rights. The analysis combines doctrinal examination, case-law review, and systemic legal analysis. The findings demonstrate that the continental tradition ensures coherence, systematicity, and legal certainty, whereas the precedent-based model emphasises flexibility, judicial creativity, and practical justice. In contrast, interpretative practice in Ukraine remains predominantly formalistic, lacks methodological integration, and is insufficiently responsive to the dynamics of European integration. The study substantiates the feasibility of combining domestic legal traditions with advanced European interpretative methods, particularly teleological, systemic, and evolutionary approaches oriented toward the rule of law and human rights protection. It further argues for strengthening the Supreme Court's role in ensuring uniform judicial practice and fostering doctrinal development. The article contributes to comparative legal scholarship by proposing a structured model of interpretative reform that bridges continental and precedent-based traditions. Its practical significance lies in enhancing the quality of law enforcement, promoting harmonisation with European legal standards, and fostering a modern culture of legal interpretation responsive to contemporary regulatory challenges.