scholarly journals EKSISTENSI RIBA DALAM INVESTASI WAKAF UANG DI LUAR BANK SYARI’AH

Asy-Syari ah ◽  
2020 ◽  
Vol 21 (2) ◽  
pp. 233-244
Author(s):  
Khoir Affandi
Keyword(s):  
Financial Institutions ◽  
Financial Institution ◽  
For Profit ◽  
Management And Development ◽  
Islamic Financial Institutions ◽  
The Difference

Abstract: According to the legal facts, the management and development of waqf money is carried out in accordance with the principles of sharia and does not conflict with the regulations of the Indonesian law. But according to the facts on the ground there is still usury in the management and development of the endowments of the money. This can be seen by the obligatory Nazir to guarantee the endowments of money managed and developed outside the shari'ah bank into shari'ah insurance. Thus, waqf money can only increase, whereas in the management and development of waqf money, Nazir can not always gain profits, there are times when Nazir loses and when Nazir experiences profit then it is done for profit between Nazir, mauquf 'alaih and Islamic financial institutions' Ah, but in the case of Nazhir's loss, the loss will be borne entirely by Nazhir. if this concept is applied in the management and development of money waqf, then what is the difference between a sharia financial institution and another bank that is not a sharia that applies the usury principle?Abstrak: Menurut fakta hukum, pengelolaan dan pengembangan wakaf uang dilakukan sesuai dengan prinsip syari’ah dan tidak bertentangan peraturan perwakafan di Indonesia. Akan tetapi menurut faktanya di lapangan masih terdapat riba dalam pengelolaan dan pengembangan wakaf uang tersebut. Hal ini terlihat dengan diwajib­kan­n­ya nazhir untuk menjaminkan wakaf uang yang dikelola dan dikembangkanya di luar bank syari’ah ke dalam asuransi syari’ah. Dengan demikian, wakaf uang hanya boleh ber­tambah, padahal dalam pengelolaan dan pengembangan wakaf uang, tidak selamanya nazhir dapat meraih keuntungan, ada kalanya nazhir mengalami kerugian dan pada saat nazhir mengalami keuntungan maka dilakukan bagi keuntungan antara nazhir, mauquf ‘alaih dan lembaga keuangan syari’ah akan tetapi dalam kondisi nazhir meng­alami kerugian maka kerugian tersebut akan ditanggung seluruhnya oleh nazhir. Apabila konsep ini yang diberlakukan dalam pengelolaan dan pengembangan wakaf uang, maka apa bedanya lembaga keuangan syari’ah dengan bank lainya yang bukan syari’ah yang menerapkan prinsip riba?

scholarly journals Analisis Fatwa DSN-MUI Nomor 25/III/2002 Terhadap Penetapan Ujrah Dalam Akad Rahn Di BMT UGT Sidogiri Cabang Waru Sidoarjo

2017 ◽  
Vol 2 (2) ◽  
Author(s):  
M. Zainuddin Alanshori
Keyword(s):  
Financial Institutions ◽  
Financial Institution ◽  
Descriptive Analysis ◽  
Field Research ◽  
The Public ◽  
Administrative Costs ◽  
Islamic Financial Institutions ◽  
The Difference ◽  
Document Review

Sharia financial institutions are financial institutions that not only prioritize profit oriented, but also a financial institution that also puts the public good in accordance with the demands of sharia which is the foundation of all Islamic financial institutions. One application is to implement a moral and spiritual based service. This field research will answer the question. First, how is application of ujrah determination in contract of rahn in BMT UGT Branch Sidogiri Waru Sidoarjo? The second, how is the analysis of the DSN-MUI fatwa NUMBER 25/III /2002 on the determination of ujrah in the contract of rahn in BMT UGT Branch Sidogiri Waru Sidoarjo? Data collection techniques used are interview, document review, and observation, then analyzed by using descriptive analysis method, with deductive thought pattern, that is theory of rahn, ijarah, and fatwa of National Sharia Council (DSN) with general characteristics and then linked with the facts on the ground about the fatwa of DSN-MUI NUMBER 25/III/2002 on the establishment of ujrah in the contract of rahn in BMT UGT Branch Sidogiri Waru Sidoarjo with special characteristics. From the results of the study, the author concludes the application of the determination of ujrah in the covenant of rahn in BMT UGT Branch Sidogiri Waru Sidoarjo, namely the determination of ujrah through two contracts, namely rahn and ijarah contract. The procedures for the implementation of the contract are as follows: Rahin (customer) comes to murtahin (BMT) while delivering marhun (collateral goods) then the goods will be estimated. As a result of this, the rahin will be subject to administrative costs. Then rahin signs the agreement or contract of rahn. After that, to entrust the goods hock, rahin must implement contract of ijarah (contract to rent place). Consequently it arise ujrah. In this case, it means that customer must implement two barrage of contract. The determination of ujrah applied in BMT is not in accordance with the Fatwa DSN-MUI NO: 25/DSN-MUI/ III/2002 because the determination of ujrah is determined from the amount of the customer’s loan, while the difference is the discount given to the customer for applying smaller loan. The determination of discount is determined from ujrah or ijarah fee charged to the customer. This discount is calculated based on the percentage of estimated value of customer’s loan amount. Keywords: Ujrah Determination, Rahn Contract, DSN-MUI Fatwa

scholarly journals ANALISIS FATWA DSN-MUI NOMOR 25/III/2002 TERHADAP PENETAPAN UJRAH DALAM AKAD RAHN DI BMT UGT SIDOGIRI CABANG WARU SIDOARJO

2017 ◽  
Vol 2 (1) ◽  
pp. 116-128
Author(s):  
M. Zainuddin Alanshori
Keyword(s):  
Financial Institutions ◽  
Financial Institution ◽  
Descriptive Analysis ◽  
Field Research ◽  
The Public ◽  
Administrative Costs ◽  
Islamic Financial Institutions ◽  
The Difference ◽  
Document Review

Sharia financial institutions are financial institutions that not only prioritize profit oriented, but also a financial institution that also puts the public good in accordance with the demands of sharia which is the foundation of all Islamic financial institutions. One application is to implement a moral and spiritual based service. This field research will answer the question. First, how is application of ujrah determination in contract of rahn in BMT UGT Branch Sidogiri Waru Sidoarjo? The second, how is the analysis of the DSN-MUI fatwa NUMBER 25/III /2002 on the determination of ujrah in the contract of rahn in BMT UGT Branch Sidogiri Waru Sidoarjo? Data collection techniques used are interview, document review, and observation, then analyzed by using descriptive analysis method, with deductive thought pattern, that is theory of rahn, ijarah, and fatwa of National Sharia Council (DSN) with general characteristics and then linked with the facts on the ground about the fatwa of DSN-MUI NUMBER 25/III/2002 on the establishment of ujrah in the contract of rahn in BMT UGT Branch Sidogiri Waru Sidoarjo with special characteristics. From the results of the study, the author concludes the application of the determination of ujrah in the covenant of rahn in BMT UGT Branch Sidogiri Waru Sidoarjo, namely the determination of ujrah through two contracts, namely rahn and ijarah contract. The procedures for the implementation of the contract are as follows: Rahin (customer) comes to murtahin (BMT) while delivering marhun (collateral goods) then the goods will be estimated. As a result of this, the rahin will be subject to administrative costs. Then rahin signs the agreement or contract of rahn. After that, to entrust the goods hock, rahin must implement contract of ijarah (contract to rent place). Consequently it arise ujrah. In this case, it means that customer must implement two barrage of contract. The determination of ujrah applied in BMT is not in accordance with the Fatwa DSN-MUI NO: 25/DSN-MUI/ III/2002 because the determination of ujrah is determined from the amount of the customer’s loan, while the difference is the discount given to the customer for applying smaller loan. The determination of discount is determined from ujrah or ijarah fee charged to the customer. This discount is calculated based on the percentage of estimated value of customer’s loan amount

scholarly journals QARDHUL HASAN DALAM PERSFEKTIF HUKUM ISLAM PADA BAITUL MAAL WA TAMWIL (BMT) DAN IMPLEMENTASINYA

2019 ◽  
Vol 1 (1) ◽  
pp. 44-58
Author(s):  
Muhamad Bisri Mustofa ◽  
Mifta Khatul Khoir
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Financial Institution ◽  
Social Institution ◽  
Small Communities ◽  
Economic Law ◽  
Potential Source ◽  
Islamic Financial Institutions

Abstract In the implementation of Islamic Financial Institutions such as the Baitul Maal wa Tamwil (BMT) there are various ways of collecting funds and channeling funds. Funds are collected through wadi'ah deposits and deposits. While the distribution of funds is done by murabahah, mudharabah, musyarakah, rahn (pawn), ijarah, ijarah multijasa and qardhul hasan financing. Qardhul Hasan's financing is the orientation of the function of the Islamic Financial Institution (Baitul Maal Wa Tamwil) as a social institution. Qardhul hasan is a soft loan given on the basis of mere social obligations. In this case the borrower is not required to return anything except the amount borrowed. In Qardhul Hasan financing there are pillars and conditions, namely the perpetrator of the contract consisting of muqtaridh (borrower), muqridh (lender), qardh (fund), shighat ijab and qabul willingness for both parties and funds used for something useful and lawful. Qardhul Hasan is an activity to achieve a predetermined goal or target by the relevant Islamic financial institutions. The mechanism for implementing Qardhul Hasan is solely aimed at providing assistance to meet the needs of small communities. Thus it can be seen that the form of borrowing through Qardhul Hasan is in accordance with the principles of sharia economic law, the potential source of Qardhul Hasan's funding is quite large if it is utilized and managed optimally and its implementation is very useful for the community. Keywords: Qardhul Hasan, Islamic Law, BMT

scholarly journals Towards New Sharia Governance for Islamic Financial Institutions

2021 ◽  
Vol 18 (1) ◽  
pp. 39-58
Author(s):  
Abdulazeem Abozaid
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Financial Institution ◽  
Islamic Banking ◽  
Banking And Finance ◽  
Finance Industry ◽  
Regulatory Authorities ◽  
Governance Model ◽  
Islamic Financial Institutions ◽  
Shariah Governance

Since its inception a few decades ago, the industry of Islamic banking and finance has been regulating itself in terms of Sharia governance. Although some regulatory authorities from within the industry, such as Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Islamic Financial Services Board (IFSB), the Islamic banking and finance industry remains to a great extent self-regulated. This is because none of the resolutions or the regulatory authorities' standards are binding on the Islamic financial institution except when the institution itself willingly chooses to bind itself by them. Few countries have enforced some Sharia-governance-related regulations on their Islamic banks. However, in most cases, these regulations do not go beyond the requirement to formulate some Sharia controlling bodies, which are practically left to the same operating banks. Furthermore, some of the few existing regulatory authorities' standards and resolutions are conflicted with other resolutions issued by Fiqh academies. The paper addresses those issues by highlighting the shortcomings and then proposing the necessary reforms to help reach effective Shariah governance that would protect the industry from within and help it achieve its goals. The paper concludes by proposing a Shariah governance model that should overcome the challenges addressed in the study.Pada awal berdiri, Lembaga Keuangan Syariah merupakan lembaga keuangan yang menerapkan Hukum Syariah secara mandiri dalam sistem operasionalnya. Ia tidak tunduk pada peraturan lembaga keuangan konvensional, sehingga dapat terus berkomiten dalam menerapkan Hukum Syariah secara benar. Selanjutnya, muncullah beberapa otoritas peraturan yang berasal dari pengembangan Lembaga Keuangan Syariah. Diantaranya adalah Islamic Financial Services Board (IFSB) dan Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Hal ini tidak menyimpang dari kerangka peraturan Hukum Syariah, sebab standar peraturan dan keputusan yang dikeluarkan ditujukan khusus untuk Lembaga Keuangan Syariah saja. Beberapa Negara telah menerapkan peraturan tata kelola Hukum Syariah pada Bank Syariah mereka. Namun dalam banyak kasus, peraturan yang diterapkan tidak mampu mengontrol Lembaga Keuangan Syariah tersebut secara penuh. Sehingga, secara praktis proses pengawasan diserahkan kepada lembaga keuangan yang beroperasi. Akan tetapi, beberapa standar dan keputusan yang dikeluarkan oleh sebagian pemangku kebijakan bertentangan dengan keputusan yang dikeluarkan oleh beberapa akademi Fiqh. Artikel ini ditulis untuk menyoroti permasalahan yang timbul pada tata kelola Lembaga Keuangan Syariah, khususnya kekurangan yang tampak pada sistem tata kelola. Kemudian, penulis akan mengajukan usulan tentang efektifitas tata kelola Lembaga Keuangan Syariah yang bebas dari permasalahan.

scholarly journals PENYELESAIAN UTANG IMPOR, JU’ALAH DAN SERTIFIKAT BANK INDONESIA SYARIAH (SBIS) PERSPEKTIF FATWA DSN-MUI

2018 ◽  
Vol 2 (2) ◽  
pp. 217-225
Author(s):  
Khozainul Ulum
Keyword(s):  
Financial Institutions ◽  
Commercial Banks ◽  
Financial Institution ◽  
Letter Of Credit ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Monetary Control ◽  
Debt Repayment ◽  
Level Of Risk

Sharia financial Institution is one of the economic supporters of Indonesia. It is evidenced by the number of Islamic financial institutions that have sprung up this year, both sharia bank and non-bank sharia financial institution. It accommodates the aspiration and need of the society. The public is given the widest opportunity to establish a bank based on sharia principles, including convert from commercial banks whose business activities are based on conventional patterns into sharia patterns. The more sharia financial institutions that emerge, the more products offered by Islamic financial institutions to customers with the level of risk that can be overcome. The writing aims to answer the formulation of problem of settlement of import debts, contract of ju’a>lah and Sharia Certificate of Bank Indonesia (SBIS) in perspective of DSN-MUI fatwa. The result of research shows that in the DSN-MUI fatwa, it is explained that the settlement of imported debt or we know as letter of credit (L/C) may use the kafa>lah contract by taking a fee. It is also explained that one of the forms of kafa>lah contract is kafa>lah bi al-ma>l which is the application of kafa>lah contract which guarantees the payment of goods or debt repayment. This guarantee may be provided by the sharia bank to its customers in return for a fee. For the settlement of import debt there are several contracts that can be used, namely the contract of h}iwa>lah bi al-ujrah, waka>lah bi al-ujrah, and kafa>lah bi al-ujrah The Sharia Certificate of Bank Indonesia which used to be wadi>’ah with Wadi>’ah Certificate of Bank Indonesia which is now changed with Sharia Certificate of Bank Indonesia uses ju’a>lah contract. In this contract, Bank Indonesia pays the repayment upon maturity of SBIS with the relevant sharia banking record having performed and achieving the objectives expected by Bank Indonesia. If the sharia banking concerned is not able to achieve the desired objectives or stipulated by Bank Indonesia in terms of monetary control based on sharia principles, the relevant sharia banking will not receive any compensation from Bank Indonesia.

scholarly journals ISSUES AND CHALLENGES OF SHARIAH AUDITING IN ISLAMIC FINANCIAL INSTITUTION AND CORPORATE GOVERNANCE COMPLIANCE

2018 ◽  
Vol 18 (2) ◽  
pp. 169 ◽  
Author(s):  
Agus Arwani
Keyword(s):  
Corporate Governance ◽  
Financial Institutions ◽  
Financial Institution ◽  
Practical Implication ◽  
Supervisory Board ◽  
Governance Structure ◽  
Financial Statement ◽  
External Auditors ◽  
Islamic Financial Institutions

The study examines the perspective of practitioners who are involved directly and/or indirectly with the process of shariah compliance/auditing from Islamic financial institutions (IFIs) on the issues of standards for shariah auditing, auditors qualifications, and independence. Auditing Islamic financial institutions (IFIs) covers a wider scope than legal financial statement auditing. External auditors of IFIs not only conduct financial audits but also conduct tests on the shariah compliance of IFIs, according to fatawa (religious opinions) and guidelines set by the Shariah Supervisory Board (SSB). Shariah review is unique to IFIs, due to the requirement to ensure that all business activities and operations of IFIs adhere to shariah precepts. The scarce resourceful auditors with both shariah and accounting/auditing qualifications and the issue of self-review threat to independence may affect the reputable image of Islamic financial institutions. This article is literature method. The findings reinforce the importance of auditors' qualification and independence as currently there is no mandatory regulated professional shariah auditor code to be in tandem with the drastic growth of the IFIs. The paper offers practical implication to regulators in providing a direction to revise the existing standards for shariah auditing practices and to formulate a mandatory professional governance structure for shariah auditors.

scholarly journals A SUCCINCT ANALYSIS OF MITIGATING LIQUIDITY RISK IN ISLAMIC BANKS IN THE LIGHT OF LIQUIDITY AND RISK MANAGEMENT PRINCIPLES

2019 ◽  
Vol 4 (1) ◽  
pp. 527
Author(s):  
Atharyanshah Puneri ◽  
Naeem Suleman Dhiraj ◽  
Hafiz Benraheem
Keyword(s):  
Risk Management ◽  
Financial Institutions ◽  
Financial Institution ◽  
Real Life ◽  
Liquidity Risk ◽  
Islamic Banks ◽  
Liquidity Management ◽  
Islamic Financial Institutions ◽  
The Subject ◽  
Key Aspects

Liquidity management has been incessantly challenging for the financialinstitutions and especially Islamic financial institutions due to their nature of business. The�convoluted nature of liquidity management impedes the task of Islamic banks in managing�their liquidity efficiently. Given the intricacies of the subject matter, this paper delves into�elaborating the key aspects of liquidity management; subsequently, discusses the�consequences of poor liquidity management and problems inherent in managing the latter by�analyzing the real-life failure of Islamic financial institution as a result identifying the issues that could possibly jeopardize the existence of the Islamic banks. Finally, equipping the�readers with tools to mitigate the liquidity risk.

scholarly journals Menilik Urgensi Penerapan Pembiayaan Akad Salam pada Bidang Pertanian di Lembaga Keuangan Syariah di Indonesia

2018 ◽  
Vol 8 (2) ◽  
pp. 88
Author(s):  
Widiana Widiana ◽  
Arna Asna Annisa
Keyword(s):  
Qualitative Research ◽  
Financial Institutions ◽  
Research Finding ◽  
Agricultural Development ◽  
Positive Impact ◽  
Financial Institution ◽  
Agricultural Product ◽  
Islamic Banking ◽  
Financing System ◽  
Islamic Financial Institutions

The financing of salam covenant is one of sharia banking products that can be used in the field of agriculture, but this has not been used in sharia financial institutions in Indonesia. Covenant of salam has strategic potential for agricultural development. This paper aims to illustrate the potential of using salam covenant in financing which is conducted by customer and how the challenges of implementation of salam  covenant in Islamic financial institutions. This is a descriptive qualitative research. In Indonesia, both Islamic banking and Baitul Maal Wattamwil have not applied this contract, related to some risks from salam financing. Sharia financial institutions needs a strategy in order to feel the benefits of providing salam. This article describes the practice of financing system of profitable covenant agreement for the sharia financial institution and the community. The research finding showed that by optimizing salam covenant financing, it can give positive impact to farmers that is in capital aspect to develop agricultural product. Pembiayaan akad salam merupakan salah satu produk perbankan syariah yang dapat digunakan dalam bidang pertanian, namun hal ini belum digunakan dalamLembaga Keuangan Syariah (LKS) di Indonesia. Akad salam memiliki potensistrategis terhadap pengembangan bidang pertanian. Penelitian ini bertujuan untuk menggambarkan potensi penggunaan akad salam dalam pembiayaan yang dilakukan oleh nasabah dan bagaimana tantangan atas penerapan pembiayaan akad salam di lembaga keuangan syariah. Tulisan ini berpijak pada penelitian kualitatif dengan metode deskriptif analisis dari berbagai literatur. Di Indonesia, baik perbankan syariah maupun Baitul Maal Wattamwil (BMT) belum menerapkan akad ini, terkait beberapa risiko dari pembiayaan salam. Lembaga keuangan syariah membutuhkan strategi agar dapat merasakan keuntungan dari penyediaan produk salam. Dalam tulisan ini dijelaskan praktik sistem pembiayaan akad salam yang menguntungkan bagi lembaga keuangan syariah dan masyarakat. Hasil yang diperoleh menunjukkan bahwa dengan optimalisasi pembiayaan akad salam dapat memberikan dampak positif terhadap para petani yaitu pada aspek permodalan untuk mengembangkan produk pertanian 

scholarly journals Formation of Financial Statements at Islamic Financial Institutions

2018 ◽  
pp. 128-132
Keyword(s):  
Financial Institutions ◽  
Financial Reporting ◽  
Financial Institution ◽  
Financial Statements ◽  
Financial Accounting ◽  
Accounting Standard ◽  
Charitable Foundations ◽  
Islamic Financial Institutions ◽  
Further Development ◽  
Traditional Economy

Conceptually, the key approaches to the formation of financial reporting for an Islamic financial institution (IFI) have much in common with approaches developed for economic entities in the traditional economy. At the same time, the AAOIFI Concept and the Financial Accounting Standard No. (1) provide for Islamic financial institution-specific provisions and reporting forms that reflect the requirements of the Sharia. Disclosure of methods in published accounts is intended to help its users distinguish between changes in the financial position of an Islamic financial institution, the results of its operations, cash flow, limited investment managed by it, the sources and use of Zakat (poor-due) and Kard funds and charitable foundations. Further development of the regulation of the issues on the formation of financial statements seems to us in the making common approaches to its formation closer for companies operating in the traditional economy and Islamic financial institutions.

scholarly journals Penyelesaian Utang Impor, Ju’alah Dan Sertifikat Bank Indonesia Syariah (SBIS) Perspektif Fatwa DSN-MUI

2018 ◽  
Vol 3 (1) ◽  
Author(s):  
Khozainul Ulum
Keyword(s):  
Financial Institutions ◽  
Commercial Banks ◽  
Financial Institution ◽  
Letter Of Credit ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Monetary Control ◽  
Debt Repayment ◽  
Level Of Risk

Sharia financial Institution is one of the economic supporters of Indonesia. It is evidenced by the number of Islamic financial institutions that have sprung up this year, both sharia bank and non-bank sharia financial institution. It accommodates the aspiration and need of the society. The public is given the widest opportunity to establish a bank based on sharia principles, including convert from commercial banks whose business activities are based on conventional patterns into sharia patterns. The more sharia financial institutions that emerge, the more products offered by Islamic financial institutions to customers with the level of risk that can be overcome. The writing aims to answer the formulation of problem of settlement of import debts, contract of ju’a>lah and Sharia Certificate of Bank Indonesia (SBIS) in perspective of DSN-MUI fatwa. The result of research shows that in the DSN-MUI fatwa, it is explained that the settlement of imported debt or we know as letter of credit (L/C) may use the kafa>lah contract by taking a fee. It is also explained that one of the forms of kafa>lah contract is kafa>lah bi al-ma>l which is the application of kafa>lah contract which guarantees the payment of goods or debt repayment. This guarantee may be provided by the sharia bank to its customers in return for a fee. For the settlement of import debt there are several contracts that can be used, namely the contract of h}iwa>lah bi al-ujrah, waka>lah bi al-ujrah, and kafa>lah bi al-ujrah The Sharia Certificate of Bank Indonesia which used to be wadi>’ah with Wadi>’ah Certificate of Bank Indonesia which is now changed with Sharia Certificate of Bank Indonesia uses ju’a>lah contract. In this contract, Bank Indonesia pays the repayment upon maturity of SBIS with the relevant sharia banking record having performed and achieving the objectives expected by Bank Indonesia. If the sharia banking concerned is not able to achieve the desired objectives or stipulated by Bank Indonesia in terms of monetary control based on sharia principles, the relevant sharia banking will not receive any compensation from Bank Indonesia. Keywords: Import Debt Settlement, Ju’a>lah, Sharia Certificate, Bank Indonesia, DSN-MUI Fatwa

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