JURIDICAL ANALYSIS OF SHARIA COOPERATIVE BANKRUPTCY FROM THE PERSPECTIVES OF POSITIVE LAW AND SHARIA ECONOMIC LAW

Abstract

Cooperatives are business entities that hold a unique position in the Indonesian economic system. Based on the principles of family and mutual cooperation, cooperatives serve as a vehicle for community economic empowerment. This research examines cooperatives from the perspective of Corporate Law and Bankruptcy Law, as well as their relevance to Islamic Economic Law. The research method uses a normative juridical approach, analyzing legislation, literature, and academic research findings from the past five years. The research findings indicate that cooperatives, despite their social character, remain private legal entities that act as legal subjects. In corporate law, their status is specifically regulated through Law No. 25 of 1992. Meanwhile, provisions in Law No. 37 of 2004 affirm that cooperatives can be declared bankrupt if they meet the requirements for overdue debt and have at least two creditors. However, legal challenges exist, such as the position of cooperative members as concurrent creditors and the lack of a specific protection mechanism for members' funds. From a sharia perspective, cooperatives strongly align with the principles of syirkah, ta'awun, distributive justice, and maslahah, making them the business model most closely aligned with Islamic economic ethics. This research confirms that strengthening cooperative regulations, professionalizing management, and integrating sharia principles are necessary to create more modern, sustainable, and secure cooperatives for their members, particularly in the current era of digitalization and economic competition.