CASE ANALYSIS OF INDONESIAN SHARIA FUNDS THROUGH THE PERSPECTIVE OF SHARIA ECONOMIC LAW: DISCONGRUENCE BETWEEN FORMALITIES OF CONTRACTS AND SUBSTANTIVE JUSTICE

The failure of PT Dana Syariah Indonesia in October 2025, which resulted in a loss of IDR 2.4 trillion for 14,000 lenders, reveals a fundamental failure to realize the core values of sharia economic law. This literature research analyzes the case through a normative-philosophical approach with five main principles, namely justice ('adl), transparency, prohibition of gharar, trust, and sustainability (istidamah). Research sources include the Qur'an, Hadith, works of classical scholars, academic literature, DSN-MUI fatwas, OJK regulations, and investigative reports. The results of the study show a serious gap between the formality of using sharia labels and the application of the substance of justice values. DSI uses formal sharia contracts, institutions, and symbols. However, in practice, it undermines these principles through fictitious fund allocation, false reporting, avoidance of transparency, the absence of independent sharia audits, and unsustainable business practices that resemble Ponzi schemes. This study develops a substantive Sharia compliance framework that distinguishes between formal and substantive compliance based on value realization. The main findings confirm that the absence of independent Sharia audits is an important factor enabling fraud. Its theoretical implications emphasize that sharia economic law is not merely a procedural rule but an epistemology of justice that requires integrating form, substance, and purpose (maqasid al-shariah). Policy recommendations include independent Sharia audit obligations, blockchain-based transparency, an autonomous Sharia Supervisory Board, and a comprehensive consumer protection scheme.