Sharia Compliance in Indonesian Pension Funds: Regulatory Challenges and Institutional Practices
Keywords:
DPLK, Pension, TASPEN Syariah, Transactions, WaqfAbstract
Sharia-compliant pension funds constitute an important component of Islamic finance and social security development in Indonesia, yet their implementation remains institutionally and regulatorily complex. This study examines the application of Sharia economic law in the management of Employer-Sponsored Pension Funds (DPPK) and Financial Institution Pension Funds (DPLK) within Islamic financial institutions, drawing on case analyses of DPLK Syariah Muamalat and the ongoing Sharia transformation of PT TASPEN. Using a qualitative descriptive design, the study applies normative-juridical analysis, regulatory review, and secondary-data-based case examination. The findings indicate that, despite the presence of a comprehensive regulatory framework including Law No. 11 of 1992, POJK No. 33/POJK.05/2016, and DSN-MUI fatwas, Sharia pension fund implementation faces persistent structural constraints, particularly regulatory fragmentation, limited public literacy, and restricted availability of Sharia-compliant investment instruments. The case analysis shows that DPLK Syariah Muamalat has complied mainly with Sharia principles, although further development is required in digital governance and portfolio diversification. Similarly, PT TASPEN’s transition toward a Sharia-based pension system demonstrates institutional potential but remains contingent on strengthened organizational capacity and adequate Sharia supervision. The study highlights the need for regulatory harmonization, the reinforcement of Sharia Supervisory Boards, and the strategic integration of pension funds with Islamic social finance instruments to enhance institutional sustainability. Hence, this research contributes to the discourse on Islamic finance governance by clarifying how regulatory design and institutional practice shape the viability of Sharia-compliant pension systems in emerging Islamic financial markets.
References
Alam, A., Fianto, B. A., Ratnasari, R. T., Ahmi, A., & Handayani, F. P. (2023). History and Development of Takaful Research: A Bibliometric Review. Sage Open, 13(3), 21582440231184852. https://doi.org/10.1177/21582440231184852
Alifiya, N., Fijriya, I., Hidayat, A. I., Nugraha, F. S., & Septiani, Z. (2025). Efisiensi Program Dana Pensiun Lembaga Keuangan Muamalat dalam Mengelola Dana Pensiun Syariah di Kabupaten Cirebon. Journal of Islamic Economics and Finance, 3, 139–156.
Asshagab, S. M., & Hasanah, A. M. (2024). ASEAN in the World’s 100 Top-Ranked Pension Funds: Lessons for Indonesia. JAS (Journal of ASEAN Studies), 12(1), 133–156. https://doi.org/10.21512/jas.v12i1.10220
Azhar, A. A., & Rahnma, T. indah F. (2022). The Role of Pension Fund Insurance on Waqf. Journal of Indonesian Management, 2(1), 149–152. https://doi.org/10.53697/jim.v2i1.466
Aziz, R. M., Jayaprawira, A. R., & Sulistyowati, S. (2019). Determinant of Islamic Pension Fund In Indonesia. International Journal of Islamic Business and Economics (IJIBEC), 3(1), 68–81. https://doi.org/10.28918/ijibec.v3i1.1431
Bankmuamalat.co.id. (n.d.). Retrieved May 31, 2025, from https://www.bankmuamalat.co.id/index.php/artikel/ingin-menikmati-pensiun-tanpa-cemas-pensiun-hijrah-solusinya1
Cagnazzo, A. (2022). Market-timing performance of mutual fund investors in Emerging Markets. International Review of Economics & Finance, 77, 378–394. https://doi.org/10.1016/j.iref.2021.10.004
Dewi Purnamasari, S., & Nugraha Rani, L. (2019). Risk Management of DPLK Pension Funds of Sharia Financial Institutions (Evidence from a DPLK Pension Funds of Muamalat Sharia Financial Institutions). 3(13), 469–469. https://doi.org/10.18502/kss.v3i13.4224
Dimic, N., Kiviaho, J., Piljak, V., & Äijö, J. (2016). Impact of financial market uncertainty and macroeconomic factors on stock–bond correlation in emerging markets. Research in International Business and Finance, 36, 41–51. https://doi.org/10.1016/j.ribaf.2015.09.001
Hanifah, O. S. (2021). STRATEGI PEMASARAN PRODUK DANA PENSIUN SYARIAH DI DPLK SYARIAH MUAMALAT. Rausyan Fikr, 17(1), 14–24.
Hidayati, N. R., & Solihin, S. (2024). Ta’zir Keterlambatan Iuran Pemberi Kerja pada Dana Pensiun Syariah Perspektif Hukum Islam. El-Uqud: Jurnal Kajian Hukum Ekonomi Syariah, 2(2), 103–115. https://doi.org/10.24090/eluqud.v2i2.12308
Huda, F. A. (2023). Rectifying the Downsides Pension Fund with the Critical Analysis of Triangle Justice Ecosystem: A Comparative Case Study in Indonesia and Malaysia. In N. Mansour & L. M. Bujosa Vadell (Eds.), Islamic Sustainable Finance, Law and Innovation (pp. 185–195). Springer Nature Switzerland. https://doi.org/10.1007/978-3-031-27860-0_17
Ishak, N., Shari, A., Japang, M., & Ab Rahim, F. (2022). Performance of islamic equity and fixed-income funds during the covid-19 pandemic in Malaysia. Cogent Economics & Finance, 10(1), 2122184. https://doi.org/10.1080/23322039.2022.2122184
Laily Nisa, F., Olivia Vega, G., & Azalia Salma, T. (2025). Analysis of the Influence of Sharia Pension Fund Investments and Participation on the Human Development Index and Economic Growth in Indonesia. Journal of Economics Development Issues, 8(1), 24–37. https://doi.org/10.33005/jedi.v8i1.389
Martin, F. A., Millah, H., & Fajri, A. (2025). Implementasi Maqasid syariah Pada Pemiayaan BSI Pensiun Sebagai Solusi Keuangan Syariah Berkelanjutan. Jurnal Ekonomi Syariah Pelita Bangsa, 10(1), 175–186. https://doi.org/10.37366/jespb.v10i01.2411
Mazlan, P. N. B. M., Hersh, N. F., Masron, T. A., & Malim, N. A. K. (2023). Islamic finance and governance indicators: Empirical evidence from Islamic finance-permitting countries. International Journal of Disclosure and Governance, 20(4), 344–358. https://doi.org/10.1057/s41310-023-00177-5
Munawaroh, H., & Qonitah Sahitya, D. (2021). The Analysis Of Sharia Pension Fund Management According To Fiqih Muamalat (Case Study On Muhammadiyah Sharia Pension Fund). Al-Mu’amalat: Journal of Islamic Economic Law, 4(1), 1–20.
Norman, E., & Pahlawati, E. (2021). Manajemen Dana Pensiun Syariah. Reslaj: Religion Education Social Laa Roiba Journal, 3(2), 227–236. https://doi.org/10.47476/reslaj.v3i2.349
Oktiani, R. Z., Maulani, R. R., Anggraeni, S. L., & Damayanti, I. (2024). KONSEP FIQIH TENTANG DANA PENSIUN SYARIAH. 42, 747–759. https://creativecommons.org/licenses/by/4.0
Palmer, V. J., & Pillay, P. (2025). Ethical Conduct and Accountability: Improving Public Service Delivery in the South African Public Sector. Public Administration and Development, 45(4), 429–441. https://doi.org/10.1002/pad.70008
PERATURAN OTORITAS JASA KEUANGAN NOMOR 33 /POJK.05/2016 TENTANG PENYELENGGARAAN PROGRAM PENSIUN BERDASARKAN PRINSIP SYARIAH. (2016). 1–23.
Putri Cahyono, J. A., & Yazid, M. (2022). Dana Pensiun Syariah. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(4), 1810–1816. https://doi.org/10.47467/alkharaj.v5i4.2000
Rasmuddin, R., Umar, W., Sudirman, S., & Lambooy, T. (2024). Legal Clarity for Sharia Lodging Businesses through Sharia Certification. Jurnal Media Hukum, 31(2), 206–223. https://doi.org/10.18196/jmh.v31i2.18635
Sandwick, J. A., & Collazzo, P. (2021a). Modern portfolio theory with sharia: A comparative analysis. Journal of Asset Management, 22(1), 30–42. https://doi.org/10.1057/s41260-020-00187-w
Sandwick, J. A., & Collazzo, P. (2021b). Modern portfolio theory with sharia: A comparative analysis. Journal of Asset Management, 22(1), 30–42. https://doi.org/10.1057/s41260-020-00187-w
Sisca Amalia, E., Rochimah, A., Dani Maulana, T., & Asytuti, R. (2025). A Bright Future Managing Pension Funds Based on Sharia Principles. Cigarskruie: Journal of Educational & Islamic Research. Pages, 2(2), 51–59.
Soussou, K., & Omri, A. (2023). Analysis of Selectivity, Timing, Persistence and Correlation of Islamic vs. Conventional Saudi Mutual Funds. International Journal of Finance and Banking Research. https://doi.org/10.11648/j.ijfbr.20230901.12
Sukardi, B., Fachrurazi, F., & Supriyanto, S. (2019). Sharia Maqashid’s Inclusive Performance and Contribution to The Sharia Non-Bank Financial Industry in Indonesia. Economica: Jurnal Ekonomi Islam, 10(2), 283–310. https://doi.org/10.21580/economica.2019.10.2.4325
Taspen.co.id. (n.d.). Retrieved May 31, 2025, from https://www.taspen.co.id/produk-layanan/produk-taspen/pensiun
Ubaidillah, M., Umma, I., & Wardhani, A. P. (2025). Enhancing Retirement Security Through Waqf-Backed Pension Funds: A Theoretical Perspective On Healthcare And Financial Sustainability. Islamic Banking : Jurnal Pemikiran Dan Pengembangan Perbankan Syariah, 10(2), 375–394. https://doi.org/10.36908/isbank.v10i2.1423
Ulfah, I. F., Sukmana, R., Laila, N., & Sulaeman, S. (2024). A structured literature review on green sukuk (Islamic bonds): Implications for government policy and future studies. Journal of Islamic Accounting and Business Research, 15(7), 1118–1133. https://doi.org/10.1108/JIABR-10-2022-0255
Universitas Jenderal Soedirman, Jawa Tengah, Taufik, G., Rusmana, O., & Universitas Jenderal Soedirman, Jawa Tengah. (2023). Muslim Investors’ Behavior in Deciding to Invest in Sharia Shares in the Period 2018-2023: A Systematic Literature Review. Bukhori: Kajian Ekonomi Dan Keuangan Islam, 3(1), 1–10. https://doi.org/10.35912/bukhori.v3i1.2234
Widiastuti, T., Ningsih, S., Prasetyo, A., Mawardi, I., Herianingrum, S., Robani, A., Al Mustofa, M. U., & Hady, A. F. (2022). Developing an integrated model of Islamic social finance: Toward an effective governance framework. Heliyon, 8(9), e10383. https://doi.org/10.1016/j.heliyon.2022.e10383
Zaini, F., & Shuib, M. S. (2021). Fatwa on Sharia Products and Its Role in The Development of Islamic Finance Industry. Islamadina : Jurnal Pemikiran Islam. https://api.semanticscholar.org/CorpusID:245752845
Published
Issue
Section
License
Copyright (c) 2025 Muhamad Afif Sholahudin, Oyo Sunaryo Mukhlas, Mega Silvia
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
