A CRITICAL ANALYSIS OF DSN-MUI FATWA NO. 66/III/2008 ON SHARIAH WARRANTS

Warrants are certificates issued by companies that function similarly to derivative products, such as call options. The holder of a warrant has the right to purchase a specified number of company shares at a predetermined price (exercise price) within a designated period (exercise time). This financial instrument has gained popularity in recent years, with an increasing number of companies issuing Islamic warrants and growing investor interest. Supported by the Fatwa of the National Sharia Council (DSN) of the Indonesian Ulema Council (MUI) No. 66/DSN-MUI/III/2008 on Sharia Warrants, which declares them halal, the practice has gained recognition. However, certain aspects of the fatwa require further scrutiny to ensure compliance with Islamic Sharia principles. This study aims to critically assess the fatwa on the halalness of Islamic warrants by examining potential risks of gharar (uncertainty) and speculation, as well as its ambiguity regarding the types of fiqh muamalah instruments involved. The research also seeks to evaluate whether the fatwa issued by MUI constitutes a binding legal opinion and whether it can be revised if it no longer aligns with current circumstances. This research employs a qualitative method with a literature study approach. The findings are expected to enhance understanding of Sharia-compliant warrants and the ongoing debate over their halal status, providing insights for future issuances of warrants