TANBIH ABAH SEPUH IN THE ETHICS OF SPECULATIVE FINANCIAL MARKETING TO AVOID THE BUBBLE MARKET TRAP

Abstract

This study examines the application of the teachings of Tanbih Abah Sepuh in preventing the phenomenon of bubble market through the perspective of Islamic ethics in speculative financial marketing. Using data from the Composite Stock Price Index (IHSG) and the Consumer Price Index (CPI) on the Indonesia Stock Exchange for the period 2016-2022, this study analyzes the relationship between interest rates (BI rate) and the level of bubble market. The regression results show a negative correlation between the BI rate and bubble market, indicating that high interest rates can suppress market speculation. The teachings of Tanbih, which emphasize the values of honesty, justice, qana'ah (feeling sufficient), tawadhu' (humility), and the avoidance of gharar (uncertainty) and maisir (gambling), provide an important ethical basis for financial stability. The application of these values is expected to reduce excessive speculation, maintain market balance, and support a sustainable and equitable economic system.