Building the Law of Indonesian Business Competition Based on Islamic Economic Principles

Apriani, Desi and Suriaatmadja, Toto Tohir and Syafrinaldi, Syafrinaldi (2019) Building the Law of Indonesian Business Competition Based on Islamic Economic Principles. In: International Conference on Law,Governance and Islamic Society (ICOLGIG 2019).

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Abstract

Indonesian business competition law is contained in Act Number 5 Year 1999 concerning Prohibition of Monopolistic Practices and Unfair Business Competition. One of the backgrounds of the birth of this Act was the pressure of the IMF (International Monetary Fund) as part of Letter of Intent (LOI) at that time. As a result, the embodiment of Islamic values in the drafting of the Law has not been carried out at all. This can be seen from the provisions of the exception of Article 50 especially exceptions to small businessman. This research is juridical normative research by qualitative analytical method, and the data that the author use is secondary data consisting of primary and secondary legal materials. Ideal law is a law that is created in accordance with the noble values of its people, and should be accommodating the religious values embraced by the people. There is a need for the renewal of Indonesian business competition law by incorporating Islamic values in order to achieve Indonesian business competition law that reflects the values of Godliness, and at the same time can reflect the values of Pancasila Economic System.

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