Vol. 5 No. 2 (2026): Al-Faruq : Jurnal Hukum Ekonomi Syariah dan Hukum Islam

This article discusses the hierarchy of semantic clarity in Islamic legal theory (uṣūl al-fiqh), which consists of ẓāhir, naṣṣ, mufassar and muḥkam, and its implications for Islamic legal reasoning (istinbāṭ al-ḥukm). The aim of this study is to explain the concept of ẓāhir al-dalālah as the initial level of meaning that still allows for interpretation (ta’wīl), as well as the relationship between the levels of clarity in determining the strength of legal evidence. This research uses a library-based approach by examining classical and contemporary works in uṣūl al-fiqh. The findings show that each level has different characteristics and legal authority. Ẓāhir refers to a meaning that is directly understood but still open to interpretation (ta’wīl). Naṣṣ is stronger because it reflects the primary intent of the text, while mufassar provides more detailed and explicit clarification. Muḥkam represents the highest level of clarity, as it is definitive and does not allow interpretation (ta’wīl) or abrogation (naskh). In conclusion, the hierarchy of semantic clarity serves as an essential methodological framework in Islamic legal reasoning, particularly in resolving textual differences. It ensures consistency, precision, and objectivity in interpreting the Qur’an and Sunnah.

The development of the Islamic capital market in Indonesia shows increasingly complex dynamics along with the growing knowledge and participation of society in investment activities, particularly in stock investment. Advances in technology have made stock investment more accessible and attractive as an alternative for gaining profit and maintaining financial stability in the future. However, the growing practice of stock trading has raised debates among society regarding whether such activities contain elements of speculation prohibited in Islam. Therefore, this study was conducted to analyze the differences between speculation and investment practices in stock trading based on the perspective of DSN-MUI fatwas. This research uses a qualitative method with a literature study approach by examining relevant sources such as journal articles, books, and regulations related to the Islamic capital market. The results show that stock investment in Islamic perspective is not automatically categorized as maysir (gambling) as long as it is conducted with careful analysis, consideration of company performance, and a long-term investment orientation. Conversely, activities relying solely on price fluctuations without adequate analysis tend to lead to speculative practices resembling of gambling.