KRITIK HUKUM EKONOMI SYARIAH TERHADAP KONSEP LEVERAGE DALAM PEMIKIRAN ROBERT KIYOSAKI PADA PRAKTIK INVESTASI PASAR MODAL
DOI:
https://doi.org/10.24252/iqtishaduna.v7i4.68686Abstrak
Abstrak
Penelitian ini mengkaji konsep leverage dalam pemikiran Robert Kiyosaki yang banyak diadopsi dalam praktik investasi pasar modal kontemporer dari perspektif hukum ekonomi syariah. Kiyosaki mempromosikan leverage sebagai instrumen pengungkit kekayaan berbasis utang yang secara substansial bertentangan dengan prinsip-prinsip muamalah Islami. Dengan menggunakan pendekatan penelitian normatif-yuridis dan analisis komparatif antara teori keuangan konvensional dan fiqh muamalah, penelitian ini menemukan bahwa: (1) konsep leverage berbasis utang berpotensi mengandung unsur riba al-qardh; (2) strategi investasi margin dalam pasar modal mengandung unsur gharar dan maysir yang dilarang syariah; dan (3) hukum ekonomi syariah menawarkan alternatif instrumen leverage yang halal melalui akad mudharabah, musyarakah, dan sukuk. Penelitian ini menyimpulkan bahwa adopsi konsep leverage Kiyosaki secara langsung dalam investasi pasar modal syariah tidak dapat dibenarkan tanpa modifikasi substansial yang sesuai dengan maqashid al-syariah.
Kata Kunci: gharar; hukum ekonomi syariah; leverage; pasar modal; riba; Robert Kiyosaki
Abstract
This study examines the concept of leverage in Robert Kiyosaki's financial thought, widely adopted in contemporary capital market investment practices, from the perspective of Islamic economic law. Kiyosaki promotes leverage as a debt-based wealth multiplication instrument which is substantially at odds with Islamic muamalah principles. Using a normative-juridical research approach and comparative analysis between conventional financial theory and fiqh muamalah, this study finds that: (1) debt-based leverage potentially contains elements of riba al-qardh; (2) margin trading strategies in capital markets contain elements of gharar and maysir prohibited by sharia; and (3) Islamic economic law offers halal leverage instrument alternatives through mudharabah, musyarakah, and sukuk contracts. This study concludes that the direct adoption of Kiyosaki's leverage concept in Islamic capital market investment cannot be justified without substantial modifications in accordance with maqashid al-sharia.
Keywords: gharar; Islamic economic law; leverage; capital market; riba; Robert Kiyosaki
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Hak Cipta (c) 2026 Rafiq Fajar
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