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This study aims to investigate beneficial right as a new legal concept and term accepted by the Indonesian legal system. The new concept was ratified to endorse government decision to use ṣukūk (as an Islamic financial instrument) in the financing of state budget deficit. Some legal issues emerged after the ratification such as the necessity to synchronize the beneficial right with other property rights in Indonesia and the disharmony between laws related to sovereign ṣukūk issuance.

The study uses a qualitative method with library study and interviews with relevant legal experts in Indonesia as the data collection techniques.

The findings show that the passage of Sovereign Ṣukūk Law 2008 that ratified beneficial right deemed as a concession point by the government to solve conflicts between legal restriction and employment of state-owned assets as the underlying asset of sovereign ṣukūk. The study deemed the necessity to improve the use of beneficial right in the Indonesian legal system which by the concept is not exercised for the issuance of sovereign ṣukūk only. There is the need to harmonize the administration of this right with other property rights in Indonesia.

The scope of study will be limited to the Indonesian regulation related to the use of beneficial right concept in the issuance of sovereign ṣukūk in Indonesia. The regulation as mentioned will be in the form of statutes, presidential or ministerial regulations, and also opinions of Indonesian legal and sharīʿah scholars regarding the matter.

This study may explore significantly the use of beneficial right for the issuance of sovereign ṣukūk by the Government of Indonesia. Specifically, the study reveals and addresses the issues that are following the ratification of beneficial rights originated from the common law system into the Indonesian civil law system.

Legal syncretism seeks to provide a rather different account of how laws interact with one another as the people deal with them. The purpose of this study is to provide a rather different account of how laws interact with one another as the people deal with them in the society.

This paper discusses the current concept of legal pluralism as to whether it really holds as the right theory for building a harmonious and trustworthy legal system in a multi-cultural country such as Indonesia. This study involves socio-legal research drawing on empirical data. It discusses the practice of legal pluralism in Indonesia by analyzing the characteristics of her legal system, especially the roles of customs and religion in it.

The research, conducted in five Indonesian cities, reveals that the current proposal of legal pluralism is not really helping to solve the difficulties faced by the Indonesian legal system. Therefore, this paper proposes legal syncretism or the theory of unity in diversity (bhineka tunggal ika) as an alternative to help cope with some of the difficulties faced by many legal systems in developing countries, especially Indonesia.

Although legal pluralism sounds promising, wrong and misleading interpretations have been provided by many of its proponents. Legal pluralism has been touted by many socio-legal scholars as a key concept in the analysis of law. Yet, after almost 20 years of such claims, there has been little progress in the development of the concept. Despite these confident pronouncements and the apparent unanimity that underlie them, however, the concept gives rise to complex unresolved problems. Legal syncretism seeks to provide a rather different account of how laws interact with one another as the people deal with them.

The purpose of this paper is to analyze the unexplained wealth inside the corporation and to initiate and apply unexplained wealth order in the Indonesian corporation based on the Indonesian legal system and prevailing laws. An effective tool needs to be implemented because of the facts that numerous corporate illegal activities lead to economic and financial crime. Meanwhile, there are difficulties to implement the corporate criminal liability. Non-conviction-based asset forfeiture will be a way out to deal with the current condition.

This paper explores and analyzes the Indonesian legal system, particularly a non-conviction-based asset forfeiture for corporate illegal activities. This paper is based on the research paper conducted with the legal normative approach.

Non-conviction-based asset forfeiture through unexplained wealth order will be an effective tool and a revolutionary pattern in the crime prevention perspective dealing with corporate crime. Corporate criminal liability in anti-corruption regime can be viewed from two perspectives by combining and integrating crime prevention approach as well as the repressive approach. The Indonesian Supreme Court Regulation number 13 of 2016 is a breakthrough in the criminal justice system to redesign case handling procedure toward corporate crime. It needs to be supported by precise asset forfeiture law. Furthermore it is necessity to strengthening and built corporations with moral and ethical business values.

This paper can be a source to explore the unexplained wealth that can occur in the corporation and the way to overcome it through unexplained wealth order and non-conviction-based asset forfeiture.

This paper contributes by initiating a non-conviction-based asset forfeiture, which is implementing the in rem proceeding, to make sure the crime does not pay and the victim and society suffer less because of the corporate crime.

This research is very important to conduct to review government policy on Indonesian contract law that still uses contract law inherited from Dutch product (BW) and review which regulations are to be adapted to current development of contract law. This research’s novelty is that new rules will be found in Indonesian contract law.

This research used normative and empirical methods. Normative research is dogmatic research or one that analyzes legislation using secondary data consisting of primary, secondary and tertiary legal materials. Besides the normative method, the research was also conducted using empirical method through direct interview and observation in some government agencies, such as the Directorate General of Legislation, Ministry of Law and Human Rights (HAM) and Chairman of Legal Product Formation Division, House of People’s Representatives of the Republic of Indonesia and the Civil Law Teaching Association (APHK).

This research found that new Indonesian contract law is very important to give legal certainty and justice to the people, and the contract law must regulate important matters related to the sources of contract besides agreement and law, related to termination, unjust enrichment, negotiation, good faith, public contract and private contract and related to legal act and validity of electronic contract.

The novelty of this research is that new rules will be found in Indonesian contract law. This research is different from previous researches conducted by Sigit Irianto (2013) and Deviana Yuanitasari (2020), that discuss only on contract law development related only to the good faith principle.

Drafting contract law is a relatively heavy duty due to the factor of law pluralism that contains contract aspect in Indonesia such as customary law aspect, Islamic law aspect, regional aspect, international aspect and other aspects. In fact, meanwhile, there is rapid development in the community with regard to business transactions that are also followed with contract law development. Therefore, amendment is needed for the Indonesian contract law to adapt to the people’s need for law, and this change agenda is also addressed to updating the contract law.

Civil law reform, especially contract law, is deemed very important for Indonesia, because based on field fact, people do their business contract by applying contract law that is not yet regulated in the contract law in KUHPerdata; thus, new contract law is needed that regulates important matters related to sources other than agreement and law.

It is very important to conduct this research to review government policy in Indonesian contract law that still uses the contract law inherited from Dutch product (BW) and review what regulations should have been adjusted to current development of contract law. The novelty of this research is that new rules will be found in Indonesian contract law. This research is different from previous researches conducted by Sigit Irianto (2013) and Deviana Yuanitasari (2020), that discuss only on contract law development related only to the good faith principle.

The purpose of this study is to explain the need for the implementation of decentralization of Indonesia social health insurance (INA-Medicare), with particular emphasis for Aceh Province. First, it discusses the inconsistency of Act on National Social Security System (ANSSS) to the 1945 Constitution, because certain rules in ANSSS are contrary to the 1945 Constitution. This weakens the practice of broader regional autonomy, lessens the importance of public service quality in health care and ignores specific cultural and religious values of the regional people. Then, it explains provisions on central and regional government authority in the 1945 Constitution, Act on Regional Autonomy and Act on Governing of Aceh. Later, it explores current law and practice of INA-Medicare under the national social security system and the centralized administering body. Finally, it provides reasons for decentralization of INA-Medicare, as the solution.

This study uses doctrinal legal research. It relies on both primary and secondary legal authorities. In additions, it also uses sociolegal research by relying on non-legal materials, including empirical data from books, journals and newspapers. Analysis of legal authorities is by legal reasoning process, whereas analysis of non-legal materials is by qualitative approach.

This study argues that the decentralization of INA-Medicare is more suitable for Aceh Province because of several reasons, including implementing broader regional autonomy, improving public service quality in health care and implementing the principle of sharia social health insurance.

The study is original because it focuses on a specific regional area of Aceh Province, Indonesia. It concentrates on specific legal issues and provides unique reasons for argumentation. Therefore, it provides important specific information for journal readers.

Many countries have restrictions on the foreign ownership of property in their territory and there have been attempts to circumvent such restrictions. This article looks into the restrictions and shows how various methods have been used to try to circumvent them. It focuses on the situation in two Asian countries, namely Indonesia and Singapore. These two countries represent two stages of legal development and two of the main families of legal systems, i.e. Indonesia coming from a civil law system and Singapore from a common law one. The article also shows how the differences in laws and treatment of legal issues have resulted in different situations in each country. However, it would seem that despite the differences in the two countries, arrangements to circumvent restrictions on the foreign ownership of property would be considered illegal in both countries and therefore would not be enforced.

This study aims to propose a law enforcement strategy for investment fraud through comparative studies in the United States of America (USA), Canada and Indonesia, and to identify the factors that cause weak law enforcement on investment fraud with the object of a binary options case study in Indonesia.

This research is a type of legal research, namely, research based on legal materials (library-based). The legal materials used include primary legal materials and secondary legal materials. The approaches used are the statute approach, the case approach and the comparative approach. The data collection technique used in this research is a literature study. The analysis was carried out qualitatively by using an interactive model.

In 2022, the Indonesian Financial Services Authority (OJK) recorded that the total value of public losses because of investment fraud in Indonesia reached 117.4tn IDR. Weak law enforcement is the reason investment fraud thrives in society. Strategies that can be implemented to prevent investment fraud include early detection of new investment fraud modes through the whistleblower program, mutual legal assistance in criminal matters, criminal restitution and improvement of public financial literacy.

This study examines the problems of law enforcement against investment fraud with a case study of binary options in Indonesia. A law enforcement strategy is built on identifying issues and adopting law enforcement policies against investment fraud in Canada and the USA.

For individuals, the results of this research can be used as reading material to increase their understanding of investment fraud. For the government, the results of this study can be a reference in an effort to eradicate the rise of investment fraud cases more effectively and create a safe digital economic space for investors.

The results of this study are expected to be useful in providing recommendations for strategies to strengthen law enforcement against the problems of investment fraud cases so as to form a conducive investment climate in the sense of being safe, comfortable and profitable.

Legal frameworks to prevent investment fraud are rarely discussed. The rise in binary options cases that occur is an indication of weak law enforcement in the investment sector. Therefore, an in-depth study of law enforcement strategies to prevent investment fraud is needed, with comparative studies in the USA, Canada and Indonesia.

The purpose of this study is to identify and to assess specific political risks associated with Indonesia's public private partnership (PPP) power projects and their generally available mitigating measures, based on the perception of the main stakeholders (government, investors, lenders and insurers).

The approach taken is: a comprehensive literature review to identify an initial list of specific political risks associated with Indonesia's PPP power projects and generally available mitigating measures for these risks; unstructured interviews and discussions to gather recent issues related to the study and to filter the risks and project measures identified at previous step; and finally a survey conducted with questionnaires in order to evaluate the risks and their allocation, to suggest corresponding mitigating measures.

The study identified that the political risk perception for Indonesian power projects is still relatively high, due to its legal and regulatory risk and breach of contract risk. Viable government support is also desired by most of the players instead of having political risk insurance as the risk mitigation strategy.

The study has identified a political risk mitigation strategy for infrastructure investment in the Indonesian power sector. Based on that, this study contributes as a scientific exercise in measuring the political risks perception of all stakeholders, which can be useful for all involved parties to mitigate this type of risk successfully.

This study aims to investigate the legal consequences of the use of force majeure (FM) clause in a contract related to the prospect of business sustainability. In addition, this paper also examines the legal risk perspective toward the interpretation of FM clauses in contracts that incorporate the coronavirus disease 2019 (COVID-19) pandemic situation.

The research design in this paper uses the normative juridical method, which means that it is carried out with library research on secondary data in the field of law, in the form of primary and secondary legal materials and tertiary legal materials. Primary legal materials are in the form of regulations relating to the variable topics of this paper, namely, FM, COVID-19, contracts and legal risk management (LRM).

The study found that studies of FM are still limited in terms of the aspects of contract sustainability, and none has reviewed them using the LRM paradigm.

Given the fact that this pandemic is still ongoing and uncertain, the extent to which the broadening of the interpretation of FM in the contract by the parties and how much the designs offered above can help the parties, will greatly depend on the commitment of the parties. However, if the orientation is to maintain a long-term business relationship, it still fulfills the essence of a win–win solution that will greatly assist the parties in determining the continuity of the contract.

The results of this study are expected to provide benefit to the parties in an agreement affected by the COVID-19 outbreak and by regulators who wish to provide a legal basis in contract law.

Long-term business relationships will create sound, peaceful and conducive environment for modern business. This kind of situation will sustain the business as expected.

This study concludes that the interpretation of FM can be extended to accommodate the interests of the parties to the contract by considering several principles in contract law and other relevant clauses. In addition, this study also produced four essential designs for LRM oriented to long-term business relationships in a win–win solution.

The purpose of this paper is to examine whether and how underpricing is associated with board structure and corporate ownership among firms conducting initial public offerings (IPOs) in the Indonesian equity market.

To capture the most recent development, the sample comprises 101 firms conducting IPOs in Indonesia's primary equity market in the period of 2003‐2011. The explanatory variables consist of board size, board independence, ownership concentration, and institutional ownership. In further analysis, the authors perform regressions considering three types of the controlling shareholder, namely families, foreign entities, and the government.

Providing some support for signaling theory, it is found that board independence is positively related to the level of underpricing. Further, this study provides evidence that the level of underpricing is negatively associated with both board size and institutional ownership, indicating that these two governance mechanisms play important roles in mitigating information asymmetry between the issuer and potential investors. Ownership concentration is insignificant in explaining the first‐day returns. When the type of corporate control is taken into account, it is revealed that government‐controlled companies tend to experience higher underpricing.

This paper contributes to the IPO underpricing literature since the influence of corporate governance mechanisms on initial returns is relatively under‐researched, particularly within the context of emerging markets.