scholarly journals Implementation of Al-Wadiah (saving instrument) Contract In Contemporary Gold Transaction

2016 ◽  
Vol 1 (4) ◽  
pp. 35 ◽  
Author(s):  
Mohd Sollehudin Shuib ◽  
Azizi Abu Bakar ◽  
Amirul Faiz Osman ◽  
Hydzulkifli Hashim ◽  
Aiman Bin Fadzil
Keyword(s):  
Islamic Law ◽  
Business Transaction ◽  
Online Trading ◽  
Business Contract ◽  
Physical Assets

<p>Contemporary gold trading is like other retails and online trading. However, according to Islamic business contract, gold is categorized under a special law of transaction items and it must follows a specific law of Islamic business transaction. This article focuses on how wadiah concepts can be applied in the contemporary gold trading. The legality of the wadiah concepts is utmost important to be verified before its implementation. The aims of this article is to substantiate the concepts of wadiah in contemporary gold trading based on the main sources of Islamic law transactions. The finding shows that the wadiah concept is permissible in Islam. Furthermore, the wadiah also play important role in contemporary gold trading. Hence, wadiah contract can helps to resolve the gold trading issues where the physical assets of gold are distance from the buyer.</p>

scholarly journals A Comparative Study on the Principles of Online Buying and Selling from the Perspectives of Islamic Law and Indonesian Positive Law

2021 ◽  
Author(s):  
Dwiyana Achmad Hartanto
Keyword(s):  
Comparative Study ◽  
Consumer Protection ◽  
Qualitative Method ◽  
Islamic Law ◽  
Civil Code ◽  
Normative Approach ◽  
Positive Law ◽  
Online Trading ◽  
Analytical Research ◽  
Online Buying

The study aims to analyze the comparative perspectives between Islamic Law and Indonesian Positive Law in the practices of online buying and selling (trading). This study uses a juridical and normative approach with a specification of descriptive-analytical research. The data comes from primary law, secondary law, and tertiary law, and the researcher used a qualitative method to analyse the data. The shift and development of offline-based buying and selling (trading) practices to online practices today has required special regulation in the Indonesian Positive Law. The absence of specific rules regarding the practice of online buying and selling indicates that these activities should be subjected to the existing positive Indonesian laws. The principle of freedom of making contracts in the Civil Code (KUH Perdata) provides freedom to make any trade agreements. For the sake of legal certainty in the execution of online buying and selling, the parties must refer to the provisions of the Civil Code, the Information and Electronic Transaction Law (ITE Law), and the Consumer Protection Law (UUPK Law) that are relevant to the trading practice. In addition to these provisions, Islamic Law within the scope of mu’amalah also provides guidelines for the practice of direct buying and selling, but not online buying and selling; however, Islamic law also provides freedom in mu’amalah. The existence of these provisions makes it interesting to conduct a comparative study on the principles of online trading practices from the perspectives of Islamic law and Indonesian positive law. Islamic Law considers it legal to conduct online buying and selling if the terms and conditions of buying and selling are fulfilled, if it provides benefits and negates harm, and if it does not conflict with Al-Qur’an and Al-Hadith, and if it can be designated as al-‘adatu muhakkamah (a custom which is defined as law). According to the Indonesian positive law, in principle, online trading is legal as long as it fulfills the provisions of trading, that is the fulfillment of the terms, elements, principles, rights, and obligations of the parties regulated in the provisions of the Civil Code, Information and Electronic Transaction’s Law, and Consumer Protection Law, along with providing legal assurance and protection for the parties. Keywords: comparative study, online buying and selling, Islamic law, Indonesian positive law

scholarly journals Kepastian Hukum Pelaksanaan Khiyar Syarat Dalam Bai’Salam Online Melalui Instagram

2020 ◽  
Vol 2 (2) ◽  
pp. 109-129
Author(s):  
Wahyu Wahyu ◽  
Rahmadi Indra Tektona
Keyword(s):  
Social Media ◽  
Research Method ◽  
Islamic Law ◽  
Legal Certainty ◽  
Economic Activities ◽  
The Social ◽  
The World ◽  
Online Trading ◽  
State Employees ◽  
Online Buying

Islam strongly emphasizes that all economic activities carried out by humans in the world are an accountability that must be in accordance with Islamic law. In the Sharia economy there are khiyar rights which are expected to provide good benefits in the sale and purchase agreement and make buying and selling activities in accordance with the principles of Islamic law, it is consensual and also providing benefits to the parties in accordance with the provisions in Islamic law and the existence of willingness or sincerity in buying and selling activities in accordance with the Koran and hadith. Currently, many buying and selling transactions are carried out online, one of which is using the social media, Instagram, which has millions of users who can exceed time and space. Many business actors ranging from housewives, students, state employees, private employees who post goods to be traded on Instagram, behind this convenience, of course there are problems, it is the existing image and the merchant’s reputation is something that is highly valued in online trading. The problem that arises in the online buying and selling contract is the mismatch of goods with pictures and descriptions on social media resulting in a one-sided cancellation of the purchase of ordered goods by the buyer and this results in losses to the seller, even though before the transaction the two parties have mutually agreed. The research objective of this paper was to analyze legal certainty in the implementation of khiyar in purchasing ordered goods in online buying and selling transactions via Instagram, the research method used is normative juridical, the results of research on the form of legal certainty in the implementation of khiyar. Keywords: Legal certainty, Khiyar Syarat, Bai’ Salam Online

scholarly journals Kekuatan Hukum MoU Dari Segi Hukum Perjanjian

2021 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Ronald Fadly Sopamena
Keyword(s):  
Research Methodology ◽  
Contract Law ◽  
Third Parties ◽  
Conceptual Approach ◽  
Bargaining Process ◽  
Research Results ◽  
Business Transaction ◽  
Business Contract ◽  
Legal Consequence

Prior to a business transaction, initial negotiations are usually carried out. Negotiation is a process of trying to reach an agreement with other parties. Negotiation is also an instrument that bridges the various interests of business actors in formulating their rights and obligations. It is in this negotiation that the bargaining process takes place. The next stage is the making of a memorandum of understanding, which in this writing is abbreviated as MoU. This study aims to examine whether the MoU can be used as a preliminary agreement as well as the legal strength of the MoU in terms of contract law. This research methodology uses normative legal tracing, primary and secondary legal materials with a statutory approach and a conceptual approach. Based on the research results, in a business contract, the negotiations carried out by the parties are outlined in the MoU as the initial agreement. If in the preliminary agreement stage there is a cancellation unilaterally, then as a legal consequence, the party making the cancellation must be responsible for the losses incurred. This form of responsibility is in the form of refunding costs incurred during negotiations and compensation for lost opportunities to enter into contracts with third parties.

scholarly journals KONSEP RIBA DALAM KOMPILASI HUKUM EKONOMI SYARI’AH (Studi Analisis Teks Kompilasi Hukum Ekonomi Syari;ah Indonesia)

2018 ◽  
Vol 3 (2) ◽  
pp. 203
Author(s):  
Febrina Sari ◽  
Dahyul Daipon
Keyword(s):  
Islamic Law ◽  
Economic Activities ◽  
Business Transaction ◽  
Additional Requirement ◽  
Actual Form ◽  
Accounts Payable ◽  
Islamic Economic ◽  
Financial Issues

<p><em>Economic and financial issues such as trade (tijarah), rent (ijarah), mortgage (rahn), accounts payable (mudayanah), wages to pay (ujrah) and others related to the basic norms of economic transactions are arranged all in Islam . Allah has reduced sustenance to this world to be used by humans in a way that has been legalized by Allah SWT and is clean of all acts that contain usury. Usury is an additional requirement in a business transaction without the existence of iwadh (equivalent) which is justified by the shari'ah for the addition. Broadly speaking, usury is classified into two; usury of debt and usury debt buying and selling. Usury debt accounts are divided into two, namely; usury qiradh and usury jahiliyah, while usury selling and buying is also divided into two, namely usury fadhal and riba nasi'ah. The rules relating to usury are also widely discussed by the jurists in their books. KHES is the actual form of Islamic law in Indonesia related to Islamic economic activities. So that with the presence of KHES, economic business actors carried out according to shari'ah principles if a dispute occurs, it can be resolved with this KHES reference. KHES has been used as a guideline that replaces Islamic law, namely the Qur'an and hadith. KHES is a syari'ah principle guideline source for Judges in the Religious Court and also for the Syari'ah Arbitration Agency in terms of resolving sharia economic disputes. The problem is that none of the KHES articles deal with usury. The word "usury" is only a few that can be found in this book of KHES. This is due, among others; First, KHES discusses the contracts in mu'amalah. While usury is not a contract. Second, KHES adopts some of the books of Majallah al Ahkam al ‘Adliyyah of the Ottoman Turks so also there is no discussion regarding usury or interest. Third, avoiding usury is the principle of transactions / contracts in the Shari'ah. The position of usury is parallel with gharar, maisir and dharar which must also be avoided. Fourth, that in the treasury of Islamic law or fiqh it has been discussed / discussed in depth and wide, so that it is felt that there is no need to be raised (specifically discussed) in KHES.</em></p><p><em><br /></em></p>

scholarly journals TINJAUAN HUKUM ISLAM TERHADAP PERLINDUNGAN KONSUMEN PADA TRANSAKSI JUAL BELI ONLINE

2017 ◽  
Vol 2 (1) ◽  
Author(s):  
Masyitah
Keyword(s):  
Consumer Protection ◽  
Islamic Law ◽  
Legal Certainty ◽  
Financial Loss ◽  
Online Transactions ◽  
Criminal Sanctions ◽  
Positive Law ◽  
Electronic Transactions ◽  
Online Trading

Abstract:This paper purpose to find out how the consumer protection of online transactions according to positive law and review of Islamic law about consumer protection in online transactions. Based on resultof study found that the legislation can be used as the basis of consumer protection law in onlinetransactions areUU/11/2008 about Information and Electronic Transactions, supplemented by PP/82/2012 about  the Implementation of Electronic Transaction System and Transactions,  and UU/8/1999 about  Consumer Protection. Forms of consumer protection in online transaction  according to positive law such as legal certainty for consumers and businessmen of online shop, provide criminal sanctions to businessmen  who inflict a financial loss on consumers, and also protect the rights and obligations of consumers. The form of consumer protection in online transactionaccording to Islamic law is interdiction in al-Quran and hadith about gharar, fraudulent practices and prohibition of cheating. The cancellation of online trading, compensation and  application of khiyar are also a form of consumer protection in online transaction.  Bagaimana perlindungan konsumen pada transaksi jual beli online menurut undang-undang  dan tinjauan hukum islam terhadap perlindungan konsumen pada transaksi jual beli online. Berdasarkan hasil penelitian ditemukan bahwa perundang-undangan yang dapat dijadikan sebagai dasar hukum perlindungan konsumen pada transaksi jual beli online adalah UU No. 11 tahun 2008 tentang Informasi dan Transaksi Elektronik, dilengkapi dengan PP No. 82 tahun 2012 tentang Penyelenggaraan Sistem dan Transaksi Elektronik dan UU No. 8 Tahun 1999 tentang Perlindungan Konsumen. Bentuk perlindungan konsumen pada jual beli online menurut undang-undang diantaranya berupa kepastian hukum bagi konsumen dan pelaku usaha jual beli online, memberikan sanksi pidana kepada pelaku usaha yang merugikan konsumen, dan melindungi hak dan kewajiban konsumen. Bentuk perlindungan hukum jual beli online menurut hukum Islam adalah berupa larangan dalam al-Quran dan hadis tentang jual beli gharar, praktik penipuan dan larangan berbuat curang. Pembatalan jual beli online dan ganti rugi serta penerapan hak khiyar dalam jual beli online juga merupakan bentuk dari perlindungan konsumen jual beli online. Kata kunci: hukum Islam, perlindungan konsumen dan transaksi jual beli online.

scholarly journals Kontribusi Ibu Rumah Tangga Dalam Meningkatkan Perekonomian Keluarga Melalui Berdagang Online Selama Pandemi Covid-19 di Kecamatan Sambas

2021 ◽  
Vol 4 (2) ◽  
pp. 1238-1249
Author(s):  
U. Sulia Sukmawati ◽  
Ahmad Yasir ◽  
Neli Neli
Keyword(s):  
Social Media ◽  
Family Income ◽  
Islamic Law ◽  
Qualitative Approach ◽  
Contribution Rate ◽  
Family Economy ◽  
Spare Time ◽  
The Family ◽  
Online Trading ◽  
Part Time

This study aims to determine the level of housewives' contribution to the family economy and how housewives do online trading in an Islamic perspective. In this study using a qualitative approach, with a total of 30 respondents who resided in Sambas District, Sambas Regency. The results showed that most of the housewives contributed greatly to increasing family income, with a contribution rate of more than 30% as many as 19 people and during the pandemic the number of housewives who contributed more than 30% decreased only around 17 people out of 30 respondents. The reason for housewives to trade online is mostly due to filling spare time and helping family income. Online trading carried out by housewives does not violate Islamic law, because online trading is carried out part time, so it does not leave its main obligation, namely as a wife and mother at home, and overall get permission from the husband. As for the Akad and transactions carried out by 30 respondents based on the principle of honesty, every product advertised on social media is described in detail

scholarly journals Protection of Rights of Consumers in Business Transaction: A Comparative Approach with Special Reference to Islamic Law

IIUC Studies ◽  
2016 ◽  
pp. 183-200
Author(s):  
Sheikh Mohammad Towhidul Karim
Keyword(s):  
Business Ethics ◽  
Stakeholder Theory ◽  
Consumer Protection ◽  
Islamic Law ◽  
Comparative Approach ◽  
Right To Life ◽  
Effective Protection ◽  
Business Transaction ◽  
Consumer Rights ◽  
Protection Mechanisms

Consumer is weaker party in any business transaction. Islam has played a laudable role for the protection of consumer rights. The Islamic approach to business ethics is centered around criteria that are in common with stakeholder theory such as justice and balance, and includes unique additional criteria, such as, trust and benevolence. This article has given a comprehensive idea on the protection mechanisms of consumer rights in Islam. The promotion and protection of consumer rights are essential and considered as a prerequisite to “right to life” for every citizen. Consumer protection is necessary when markets fail to provide effective protection to the consumers or when there is an imbalance of power between buyers and sellers in a market. This paper examines the evolution of modern instruments and Islamic doctrine, and loopholes of conventional doctrine on consumer protection. Besides, this paper has explored how Islam brings unique benefits to all citizens for the protection of consumer?s rights.IIUC Studies Vol.10 & 11 December 2014: 183-200

scholarly journals THE SHIFT OF NON-PROFIT CONTRACT TO BUSINESS CONTRACT IN THE ISLAMIC FINANCIAL INSTITUTION BUSINESS ACTIVITIES

istinbath ◽  
2021 ◽  
Vol 19 (2) ◽  
Author(s):  
Muhammad Maksum ◽  
M. Asrorun Niam Sholeh ◽  
Yayuk Afiyanah
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Financial Institution ◽  
Power Of Attorney ◽  
Non Profit ◽  
Business Objectives ◽  
Financial Products ◽  
The Status ◽  
Islamic Financial Institutions ◽  
Business Contract

This article examines the shift of contract objectives from what originally set for non-profit objectives to business ones. Such shift is found in the three contracts; wakalah (power of attorney), hawalah (underground banking), and kafalah (guarantee). Referring to their uses in several Islamic financial products in Indonesia and comparing to the sharia resolution of Sharia Authority Council Malaysia and Islamic law (fiqh), the majority of these contracts is proven to apply fees (ujrah) and used both independently and in combination with other contracts. Here, the fees are mostly applied in the Islamic financial institutions, but unfortunately the customers who are involved in the contracts get less. This, in turn, affects and changes the contract classification which originally included the three in the non-profit contract and eventually turns them into the business contract. If the contracts are set for business objectives, they are then considered as service/lease based contracts (ijarah). In the construction of a real agreement (contract), this shift has implications on changes in the rights and responsibilities of the parties involved and can raise a dispute cause of misunderstanding of the status of the contract as voluntary (tabarru’) or business (tijari).

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