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 article evaluates the legal and technical safeguards established under Iraq’s 2025 E-Commerce Regulation and assesses their alignment with international regulatory standards amid rapid developments in the digital trade environment. It argues that the regulation provides a potentially robust legal foundation for digital market governance; however, its effectiveness depends on enforcement capacity and adequate technical and administrative infrastructure. Without these conditions, the sector remains vulnerable to fraud, consumer data breaches, and tax avoidance. Methodologically, the study employs doctrinal legal analysis of the regulation and its relationship with existing domestic legislation, particularly consumer protection law. This is complemented by a structured comparative analysis of global data privacy and e-commerce regulatory frameworks, as well as a descriptive-analytical assessment of Iraq’s digital trade landscape based on national reports and sectoral data. A techno-legal framework is applied to evaluate safeguards for data security, encryption practices, and digital identity governance. The findings indicate that the regulation introduces key protective mechanisms, including vendor licensing, transparency obligations, personal data protection, tax and customs oversight, and supervisory enforcement powers supported by an electronic licensing platform. These measures show partial convergence with internationally recognized consumer and data protection principles. However, challenges persist, including infrastructural limitations, expansion of informal online trade, and limited technical literacy among stakeholders. Academically, this study contributes to debates on digital regulatory capacity in emerging economies by integrating legal analysis with technical compliance dimensions. It highlights the gap between regulatory design and enforcement readiness, offering a framework for assessing techno-legal governance in today's developing digital markets.