scholarly journals Conventional and Islamic Letter of Credit: Comparison and Implementation

2021 ◽  
Vol 4 (2) ◽  
pp. 124
Author(s):  
Atharyanshah Puneri
Keyword(s):  
International Trade ◽  
Financial Institutions ◽  
Qualitative Method ◽  
Secondary Data ◽  
Document Analysis ◽  
Payment Method ◽  
Letter Of Credit ◽  
Library Research ◽  
The World ◽  
Islamic Financial Institutions

This study attempts to provide the insight about payment method in international trade, especially by using Letter of Credit both conventional way and Islamic way. This study is exploratory and using qualitative method of research. This study reviews and analyses the previous literatures and other secondary data to conduct the study. The secondary data for this research were gathered through library research. This study also doing the document analysis. Based on the data collected, Letter of Credit is the most secured and commonly used as the method of payment for International Trade. But a lot of contents on the Conventional Letter of Credit is not Shariah-compliant. Islamic Financial Institutions around the world trying to comes up with Islamic Letter of Credit, but to implementing Islamic Letter of Credit creates some new issues and challenges. This study attempts to provide the insight about payment method in international trade, especially by using Letter of Credit both conventional way and Islamic way.

scholarly journals Effect of Takaful Models on Performance of Takaful Operators

2019 ◽  
Vol 2 (2) ◽  
pp. 53-80
Author(s):  
Maryam Saeed
Keyword(s):  
Qualitative Research ◽  
Financial Market ◽  
Financial Institutions ◽  
Secondary Data ◽  
Abu Dhabi ◽  
Mutual Help ◽  
Quantitative And Qualitative Research ◽  
Analysis Technique ◽  
The World ◽  
Islamic Financial Institutions

Purpose of this study is to analyze the performance in terms of profit of different takaful models being used in different countries in the world. It is both quantitative and qualitative research. In qualitative research, literatures is reviewed by using content analysis technique. Many takaful models are being used by many takaful operators i.e. Wakala, Wakal-Waqf, Mudharabah, Mudharabah-Wakla. For examining performance of different takaful models of five takaful operators, Secondary data on profit earning from 2008 to year 2017 is taken. Results and graphs represent the higher performance of Abu Dhabi National Takaful working on Mudharabah and Wakala Model which showed higher profit as compared to all takaful operators. The finding of this study is essential for Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for ensuring the standardization of the services and structures that could be given within the frame of mutual help. Takaful operators who can also use the above model i.e. Mudharabah and Wakala Model for enhancing their performance in financial market of insurance. Governments should enact a law for operations and rulings of standardized takaful models adopted by takaful operators and liberalize the takaful market via removal of tariff.

scholarly journals COVID-19 PANDEMIC AS FORCE MAJEURE: IT’S ENFORCEABILITY ON THE FAILURE TO FULFILL CONTRACTUAL OBLIGATIONS AND THE FAILURE TO PRESENTS COMPLYING DOCUMENTS IN LETTER OF CREDIT

2021 ◽  
Vol 10 (1) ◽  
pp. 16
Author(s):  
Bhuwana Fairuz Kusumawardhani
Keyword(s):  
International Trade ◽  
Qualitative Method ◽  
Secondary Data ◽  
Literature Study ◽  
Letter Of Credit ◽  
Sales Contracts ◽  
Force Majeure ◽  
Contractual Obligations ◽  
The Way

<p><em>The performance of contractual obligations holds an important role in the fulfillment of sales contracts, therefore, each parties involved would done their best to complete them. The existence of COVID-19 pandemic affected the trade sphere and could bring impediment in the form of force majeure. This research aims to find out the enforceability of COVID-19 as force majeure on the performance of sales contract and the enforceability of COVID-19 as force majeure according to UCP 600 on failure to presents complying documents. This research was conducted by using normative method and qualitative method, the latter was used to analyze the secondary data of which was collected by literature study of relevant materials. The result of this research shows that the enforceability of COVID-19 as force majeure depends on the way of sales contracts are worded and the tribunal’s interpretation on the laws and practices in international trade. The UCP 600’s force majeure clause phrasing open up the interpretation on the possibility of COVID-19 as force majeure, however, the clause cannot be enforced on the failure to presents complying documents, caused by COVID-19 or not, as it concerns the matter of Bank’s responsibility in the case of force majeure</em></p>

APPLICATION OF AKAD IJARAH ISLAMIC LAW IN THE AL-QUR'AN

ISLAMIKA ◽  
2020 ◽  
Vol 14 (1) ◽  
pp. 1-11
Author(s):  
Ade Jamarudin ◽  
Ofa Ch Pudin
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Financial Institution ◽  
Field Research ◽  
Secondary Data ◽  
Research Field ◽  
Islamic Banking ◽  
Library Research ◽  
Human Labor ◽  
Leasing Company

Ijarah is a contract on the transfer of goods or services with rewards instead. Ijarah based transactions with the displacement benefit (rights to), not transfer of ownership (property rights), there ijara financing translates as buying and selling services (wages hired), that take advantage of human power, there is also a translate lease, which take advantage of goods. Application ijarah growing financial institutions in the current Shari'ah is happening on the leasing company (financial institution based on Islamic teachings, as well as Islamic banking is one of the products in Islamic finance. Application ijarah emerging financial institutions shari'ah 'ah at the moment that is happening on the leasing company (financial institution based on Islamic teachings, as well as Islamic banking is one of the Islamic financing products). This research is a library research (library research) and field research (field research), and is descriptive, analytic and comparative. Data sources used in this study are sourced from primary and secondary data. Ijarah transactions are based on the transfer of benefits (use rights), not the transfer of ownership (ownership rights), some translate ijarah financing as the sale and purchase of services (wage wages), i.e., taking the benefits of human labor

scholarly journals Penekanan Visi Dan Misi Pensyarah Cemerlang Pendidikan Islam Dalam Pelaksanaan Pengajaran Dan Pembelajaran (Emphasizing on the Vision and Mission of the Excellent Lecturers in Islamic Education throughout the Teaching and Learning Process)

2020 ◽  
Vol 7 (2) ◽  
pp. 29-39
Author(s):  
Ahmad Firdaus Mohd Noor ◽  
Kamarul Azmi Jasmi ◽  
Muhd Imran Abd Razak ◽  
Khairunnisa A Shukor ◽  
Mohd Zahirwan Halim Zainal Abidin ◽  
...  
Keyword(s):  
Learning Process ◽  
Teaching And Learning ◽  
Qualitative Method ◽  
Document Analysis ◽  
Islamic Education ◽  
The World ◽  
Five Elements ◽  
Six Elements

This article discusses the importance of vision and mission of the Islamic Education Lecturers (IELs) in teaching and learning (TnL). This study was fully conducted through qualitative method via case study. Six IELs were selected as participants and willing to be interviewed, and the data from the interview were supported by three Heads of Islamic Education Unit, 12 lecturers and 12 students. The data were triangulated with the data obtained through observation and document analysis. The data were analysed through N’Vivo software to generate a pattern of themes and characteristics of the vision and mission in TnL. The result found that there were six elements of vision and mission emphasized by the IELs in TnL. Five of them had formed a pattern. That five elements were; students receiving and appreciating, TnL objective achieved, spreading da’wah, moulding students attidtude and thinking, and achieving success in the world and the hereafter. Therefore, a model which is named as Model of the Vision and Mission Practice for the Excellent Islamic Education Lecturers was deloped. From the overall view, the emphasis on achieving mission and vision helps the IELs to successfully conduct TnL inside and outside classroom.

scholarly journals The Role Of Zakat Institutions In The Era Of The Covid-19 Outbreak: Philanthropy Movement Studies At The Kitabisa.Com Platform

2021 ◽  
Vol 1 (02) ◽  
pp. 173-190
Author(s):  
Siswoyo Aris Munandar
Keyword(s):  
Qualitative Method ◽  
Secondary Data ◽  
Government Programs ◽  
Mutual Cooperation ◽  
Video Recordings ◽  
First Case ◽  
Short Period ◽  
The World ◽  
Secondary Data Sources

Abstract   The presence of the COVID-19 pandemic has brought changes to the world with various challenges that were never imagined before. In Indonesia, COVID-19 has infected more than 3.8 million people since the first case was announced in March 2020, however, efforts to slow the spread of the COVID-19 virus have hampered economic activity and its impact on the level of social welfare is increasingly felt by the community. As this research is very interesting, namely with the spirit of cooperation as a form of Pancasila and increased solidarity in society during the COVID-19 pandemic, philanthropy has a major role in complementing the presence of government programs. As done by the Kitabisa.com website, it has played a role in dealing with Covid-19 in Indonesia. This research is a research with qualitative method. Researchers also utilize secondary data sources or data obtained from graphic documents (tables, notes, minutes, meetings, etc.), photographs, films, video recordings, objects, and others. The results of this research From its inception until 2019, during that time we can record that we have collected donations of up to IDR 502,375,254,938 from a total of 18,402 social campaigns and presented 1,352,169 digital philanthropists. In a short period and is expected to increase every year. On 27 June 2019, the Kitabisa.com platform has raised Rp700 billion in funds, since it was founded in 201. In the role of dealing with COVID-19, we can collaborate with various institutions, one of which is Gusdurian cares, and has the #OrangBaik Movement, #IndonesiaLawanCovid-19.   Keywords: Covid-19 Pandemic, Mutual Cooperation, Philanthropy, Kitabisa.com     Abstrak   Hadirnya pandemi COVID-19 telah membawa perubahan terhadap dunia dengan berbagai tantangan yang tidak pernah terbayangkan sebelumnya. Di Indonesia, COVID-19 telah menjangkiti lebih dari 3,8 juta orang sejak kasus pertama diumumkan pada bulan Maret 2020, namun, upaya untuk menghambat penyebaran virus COVID-19 telah menghambat kegiatan perekonomian dan dampaknya terhadap tingkat kesejahteraan sosial semakin dirasakan masyarakat. Sebagaimana penelitian ini sangat menarik yakni dengan semangat gotong-royong sebagai wujud Pancasila dan solidaritas yang meningkat di masyarakat pada masa pandemi COVID-19, filantropi memiliki peran besar dalam melengkapi kehadiran program pemerintah. Sebagaimana yang dilakukan oleh Website Kitabisa.com turut berperan dalam menghadapi Covid-19 di Indonesia. Penelitian ini adalah penelitian dengan metode kualitatif. Peneliti juga memanfaatkan sumber data sekunder atau data yang didapatkan dari dokumen-dokumen grafis (tabel, catatan, notulen, rapat, dll),foto-foto, film, rekaman video, benda-benda, dan lain-lain. Hasil penelitian ini Dari awal berdirinya sampai 2019, dalam kurun waktu tersebut kitabisa tercatat telah mengumpulkan dana donasi hingga Rp 502.375.254.938 dari total kampanye social sebanyak 18.402 serta menghadirkan 1.352.169 filantropis digital. Dalam kurun waktu yang singkat dan dipekirakan akan semakin meningkat setiap tahunnya.  Pada 27 Juni 2019, Platform Kitabisa.com sudah mengumpulkan dana Rp700 miliar, sejak didirikan pada 201. Dalam peran menghadapi covid-19 kitabisa berkerjasama dari berbagai Lembaga salah satunya Gusdurian peduli, dan mempunyai Gerakan #OrangBaik, #IndonesiaLawanCovid-19.   Kata kunci: Pademi Covid-19, Gotong-royong, Filantropi, Kitabisa.com  

scholarly journals Pengembangan Potensi Pusat Kota Serang sebagai Wisata Heritage Perkotaan Berbasis Masyarakat

2020 ◽  
pp. 144
Author(s):  
Arfah Sahabudin ◽  
Rusdin Rusdin ◽  
M. Sapari Dwi Hadian
Keyword(s):  
Qualitative Method ◽  
Heritage Tourism ◽  
Secondary Data ◽  
Decision Makers ◽  
Primary Data ◽  
Community Based ◽  
Tourist Destination ◽  
Library Research ◽  
Strategic Policy ◽  
Depth Interviews

The existence of the potential for heritage tourism in center of Kota Serang is now almost eliminated and forgotten, whereas if it is managed optimally, many benefits can be generated. The purpose of the research is to reveal the potential of heritage tourism in center of Kota Serang to be developed as a tourist destination. The research method used is a qualitative method. Primary data collection through observation techniques and in-depth interviews. Secondary data through library research. Data analysis uses an interactive model, through three activities namely data reduction, data presentation, and drawing conclusions. The results of the study indicate that there is no clear strategic policy and the lack of efforts in achieving optimal utilization of potential inheritance for tourism development. The synergy of all stakeholders and decision makers is needed to run in line with the vision and mission of development. The proposed development model is community-based heritage tourism. Keywords: heritage tourism, urban-community-based tourism, urban tourism

scholarly journals AKAD MURĀBAḤAH; KONSEP DAN PELAKSANAAN DI LEMBAGA KEUANGAN ISLAM MODERN

2020 ◽  
Vol 1 (1) ◽  
pp. 88-102
Author(s):  
Ahmad Maulidizen
Keyword(s):  
Financial Institutions ◽  
Islamic Banks ◽  
Purchase Price ◽  
Short Term ◽  
Significant Growth ◽  
Library Research ◽  
Islamic Financial Institutions ◽  
The Cost ◽  
Number Of Customers ◽  
Risk Dependency

ABSTRACTIslamic banking in Indonesia has experienced significant growth, including assets, financing providedand the number of customers. Murābaḥah is the sale and purchase of goods at the original price with theagreed-upon profit. In murābaḥah the seller must tell the cost of the product he buys and determine anadditional level of profit. This research is a library research about the murābaḥah contract according tomuamalah fiqh and its application in modern Islamic financial institutions. Methods of collecting data indocumentation and various sources related to the murābaḥah contract are then analyzed inductively anddeductively. The results of the study are the murābaḥah foundation is the principle of buying and sellingwith a deferred payment system. Murābaḥah, as used in Sharia banking, is based on two main elements,namely the purchase price and related costs, and the agreement on mark-up (profit). Islamic banks adoptmurābaḥah to provide short-term financing to customers for the purchase of goods even though thecustomer does not have the money to pay. The murābaḥah financing portfolio in Islamic banks reaches 70-80%, but in practice there have never been any problems, including; collateral which is a problem of fiqh,risk dependency as a problem of the bank, bankruptcy and delay in payment are the problems of customers,and profits are too high, namely the problem of coming from the community. Therefore, Islamic banks mustmake improvements in the implementation to be in accordance with Sharia.Keyword : Murābaḥah, Financing Instruments, Modern Islamic Financing

scholarly journals Penerapan Akad Mudharabah Mutlaqah Pada Tabungan Mabrur Untuk Biaya Perjalanan Ibadah Haji

2021 ◽  
Author(s):  
Ida Safitri ◽  
Rachmad Risqy Kurniawan
Keyword(s):  
Financial Institutions ◽  
The World ◽  
Islamic Financial Institutions

Hajj is one of the pillars of Islam that must be believed and carried out by every Muslim who meets the mandatory requirements which will complete the fifth pillar of Islam. Indonesia is the largest contributor to the Hajj pilgrims in the world, so the National Sharia Council provides an opportunity for Islamic Financial Institutions to respond to the needs of the community in various products. Bank Syariah Mandiri is one of the Islamic financial institutions that provides services for the pilgrimage by using a system that can relieve customers, namely mabrur savings. This savings account aims to provide convenience for prospective Hajj pilgrims by using some of their money so that they can carry out the costs of the pilgrimage.

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 UPAYA MELAWAN PANDEMI COVID-19 DI INDONESIA, STUDI KASUS FASILITAS KEPABEANAN DAN PERDAGANGAN INTERNASIONAL

2021 ◽  
Vol 2 (2) ◽  
pp. 165-173
Author(s):  
Marsanto Adi Nurcahyo ◽  
Ario Seno Nugroho
Keyword(s):  
Qualitative Research ◽  
International Trade ◽  
World Trade Organization ◽  
World Trade ◽  
Research Method ◽  
Secondary Data ◽  
Sharp Decline ◽  
Good Practices ◽  
The World ◽  
Economic Slowdown

The covid-19 pandemic has caused a global economic slowdown. Trade institutions and customs institutions provide facilities that are expected to encourage the economy not to fall into a sharp decline. The World Trade Organization (WTO) and the World Customs Organization (WCO) as world organizations that regulate the movement of goods between countries have also issued instructions for their member countries to deal with this pandemic situation. This study aims to determine how the implementation of customs facilities and international trade during this pandemic. The research method used is a qualitative research method with descriptive techniques. The data used in this study are secondary data such as reports, research, and guidelines. The results of the study show that Indonesia has implemented customs facilities and international trade during this pandemic. This is following the guidelines published by the WTO and WCO, which are world organizations related to international trade. Programs carried out by Indonesia are also carried out by other countries which are good practices in international trade activities. The implication of this research is to recommend the customs institution to continue to increase cooperation with other border agencies in the form of coordinated border management..   Pandemi covid-19 telah membuat perlambatan ekonomi secara global. Institusi perdagangan dan institusi kepabeanan memberikan fasilitas yang tujuannya diharapkan dapat mendorong perekonomian tidak jatuh dalam penurunan yang tajam. World Trade Organization (WTO) dan World Customs Oganization (WCO) selaku organisasi dunia yang mengatur pergerakan barang antar negara juga telah mengeluarkan petunjuk bagi negara anggotanya untuk menghadapi situasi pandemi ini. Penelitian ini bertujuan untuk mengetahui bagaimana implementasi fasilitas kepabeanan dan perdagangan internasional dalam masa pandemi ini. Metode penelitian yang dilakukan adalah metode penelitian kualitatif dengan teknik deskriptif. Data yang digunakan dalam penelitian ini adalah data sekunder seperti laporan, penelitian, dan buku petunjuk. Hasil dari penelitian menunjukkan bahwa Indonesia telah mengimplementasikan fasilitas kepabeanan dan perdagangan internasional selama masa pandemi ini. Hal tersebut sesuai dengan panduan yang diterbitkan oleh WTO dan WCO yang merupakan badan dunia terkait dengan perdagangan internasional. Program yang dilakukan Indonesia juga dilakukan oleh negara lain yang merupakan good practices pada kegiatan perdagangan internasional. Implikasi dari penelitian ini adalah merekomendasikan kepada institusi kepabeanan agar terus meningkatkan Kerjasama dengan badan perbatasan lainnya dalam bentuk coordinated border management.  

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