scholarly journals Problematika Pengawasan Dewan Pengawas Syariah Pada BMT Almaun Berkah Madani dan BMT Mandiri Ukhuwah Persada

2020 ◽  
Vol 6 (11) ◽  
pp. 2361
Author(s):  
Fathin Su'aidi ◽  
Irham Zaki
Keyword(s):  
Corporate Governance ◽  
Financial Institutions ◽  
Financial Institution ◽  
Descriptive Case Study ◽  
Good Corporate Governance ◽  
Islamic Financial Institutions ◽  
Lack Of Commitment ◽  
Supervisory Practice

Sharia Board is an commite in sharia financial institution and assigned overseeing the implementation of the decisions of the National Sharia Board (DSN) in Islamic financial institutions. Sharia Board functions to supervise sharia compliance in sharia financial institutions including the Baitul Maal Waat Tamwil (BMT). BMT is a sharia micro finance institution that combines the concept of maal and tamwil . This study aims to determine the problems faced by the Sharia Board in conducting supervision in BMT. The point that is necessary reviewed in this supervisory practice are based on Decree MUI DSN No. 3 of 2000 concerning instructions for implementing the determination of members of the sharia board in sharia financial institutions. This study use qualitative methods with descriptive case study strategy. From the results of the research occur several problems were encountered by the Sharia Board including: lack of the professionalism of Sharia Board, lack of commitment, lack of independence, and challange to mobilize all elemnts os sharia financial institution to comply with sharia law.The sloution of the problematic is by upgrade an increase faith and taqwa ang commitment to enforce sharia especially as the Sharia Board. always implementing the principles of Good Corporate Governance, and the governmemt making strong and clear rules of sharia supervisions.Keywords: Problematic , Sharia Board , Baitul Maal Wat Tamwil

scholarly journals Analisis Penerapan Islamic Good Corporate Governance (IGCG) pada Bank Pembiayaan Rakyat Syariah Hikmah Wakilah Banda Aceh

2019 ◽  
Vol 1 (2) ◽  
pp. 192-212
Author(s):  
Zainal Abidin
Keyword(s):  
Corporate Governance ◽  
Financial Institutions ◽  
Islamic Law ◽  
Financial Institution ◽  
Profit Maximization ◽  
Transaction Management ◽  
Good Corporate Governance ◽  
Strategic Role ◽  
Islamic Financial Institutions ◽  
Banda Aceh

The Syari'ah Financial Institution has a very strategic role in the efforts of developing a people's economy because the Shari'ah bank is oriented to benefits not only on profit maximization. The formulation of the problem in this paper is: How is the concept and application of Islamic Good Corporate Governance (IGCG) in Islamic Financial Institutions; and How the implementation of Good Corporate Governance in BPRS Hikmah Wakilah Banda Aceh. The purpose of writing is: To find out the concepts and application of Islamic Good Corporate Governance (IGCG) in Islamic financial institutions and also analyze the implementation of the concept of Islamic Good Corporate Governance (IGCG) in BPRS Hikmah Wakilah Banda Aceh. This study uses qualitative research methods, the approach taken is descriptive, namely to know and describe the reality of the events studied or research conducted on independent or single variables. Islamic Good Corporate Governance (IGCG) in Islamic Financial Institutions is very different as applied in conventional financial institutions. Islamic financial institutions always pay attention to aspects of legal sources, namely the Qur'an and the hadith, the principle of adherence to Islamic law is used as a basis in bermuamalah which does not contain elements of maisir, usury and gharar in every transaction. Management of PT. BPRS Hikmah Wakilah is in line with its vision and mission of providing services to the community, namely the shuttle system. So that customers who are small and medium entrepreneurs do not have to leave their place of business to deposit payments to the BPRS. Application of Islamic Good Corperate Governance at PT. BPRS Hikmah of Wakilah, namely with a system of transparency, trustworthiness and a guarantee mechanism for sharia compliance, so that BPRS Hikmah of time gets the trust of the community and stakeholders.

scholarly journals KONSEP PEMBIAYAAN BERBASIS AKAD JUAL BELI PADA BAITUL MAAL WAT TAMWIL PAHLAWAN TULUNGAGUNG

2020 ◽  
Vol 6 (7) ◽  
pp. 1434
Author(s):  
Ike Nofita Nurohmah ◽  
Irham Zaki
Keyword(s):  
Data Collection ◽  
Qualitative Methods ◽  
Financial Institutions ◽  
Study Strategies ◽  
Microfinance Institutions ◽  
Descriptive Case Study ◽  
Islamic Financial Institutions ◽  
Islamic Microfinance

Financing using a sale and purchase contract is one of the most dominant financing in Islamic financial institutions. One of the Islamic microfinance institutions namely baitul maal wat tamil has two types of sale and purchase agreements on its financing products, namely the contract of sale and purchase of murabahah and bai bithaman ajil. This study discusses the concept of financing based on the sale and purchase contract, namely murabahah and bai bithaman ajil on baitul maal wat tamwil (BMT) Pahlawan Tulungagung. The things that need to be reviewed in the practice of the ajabahah and bai bithaman contract are adjusted to the points in the DSN-MUI Fatwa on murabahah financing. This study uses qualitative methods with descriptive case study strategies. Data collection through interviews with four respondents consisting of financing managers, managers and two members of the financing of buying and selling financing and documentation. Interpretation and conclusions are made by linking between data obtained in interviews and documentation. The results of the study show that the concept of financing murabahah and bai bithaman ajil in BMT Pahlawan is not fully in accordance with the DSN-MUI Fatwa regarding the purchase of goods. However, this is still tolerated because of the limitations of BMT to purchase goods which then applies the Al-hajatu tunazzilu rule, manzilata al-dharurah, which is a requirement or need to occupy an emergency position so that the purchasing system is allowed.Keywords: Financing, Murabaha, Bai bithaman ajil, DSN-MUI, BMT Pahlawans

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.

The Determinants of Islamic Social Reporting Disclosure in Indonesia

2019 ◽  
Vol 4 (1) ◽  
pp. 05-14
Author(s):  
Tri Nofik Indayani ◽  
Puji Sucia Sukmaningrum ◽  
Achsania Hendratmi ◽  
Sylva Alif Rusmita
Keyword(s):  
Corporate Governance ◽  
Financial Institutions ◽  
Corporate Performance ◽  
Jel Classification ◽  
Partial Least Square ◽  
Least Square ◽  
Social Reporting ◽  
Good Corporate Governance ◽  
Islamic Financial Institutions ◽  
And Performance

Objective - The purpose of this research is to identify the relationship between corporate performance, Good Corporate Governance (GCG), and corporate characteristics on Islamic Social Reporting disclosure in Indonesia. Methodology/Technique - A quantitative approach is applied in this research. The sample of this study consists of companies that were consistently listed on the Jakarta Islamic Index (JII) from 2012 to 2017. A purposive sampling method with certain criteria was employed to produce a total of 72 samplings. Partial Least Square (PLS) was also used to analyse the data. Findings - The results of this research indicate that corporate performance has a positive and significant effect on ISR disclosure, GCG has a positive and significant effect on ISR disclosure, and corporate characteristics have a negative and insignificant effect on ISR disclosure. Novelty - Islamic Social Reporting is the answer and solution to the needs of the interested parties concerned with the company's financial statements. ISR becomes a very important thing for the reputation and performance of Islamic financial institutions. Islamic financial institutions that succeed in revealing their ISR value will be perceived as a reliable entity by the Muslim community in channelling their fund. Type of Paper Empirical Keywords: Islamic Social Reporting; Corporate Performance; Good Corporate Governance; Corporate Characteristics. JEL Classification: M40, M41, M49. DOI: 10.35609/afr.2019.4.1(2)

scholarly journals Corporate Governance of Banks and Financial Institutions: Economic Theory, Supervisory Practice, Evidence and Policy

2021 ◽  
Vol 22 (1) ◽  
pp. 13-37
Author(s):  
Klaus J. Hopt
Keyword(s):  
Economic Theory ◽  
Corporate Governance ◽  
Financial Crisis ◽  
Empirical Evidence ◽  
Financial Institutions ◽  
Senior Managers ◽  
Good Corporate Governance ◽  
Bank Governance ◽  
Supervisory Practice

AbstractBanks are special, and so is the corporate governance of banks and other financial institutions. Empirical evidence, mostly gathered after the financial crisis, confirms this. Banks practicing good corporate governance in the traditional, shareholder-oriented style fared less well than banks having less shareholder-prone boards and less shareholder influence. The special governance of banks and other financial institutions is firmly embedded in bank supervisory law and regulation. Most recently there has been intense discussion on the purpose of (non-bank) corporations. For banks stakeholder governance and, more particularly, creditor or debtholder governance is more important than shareholder governance. The implications of this for research and reform are still uncertain. A key problem is the composition and qualification of the board. The legislative task is to enhance independent as well as qualified control. The proposal of giving creditors and even supervisors a special seat in the board is not convincing. Other important special issues of bank governance are for example the duties and liabilities of bank directors in particular as far as risk and compliance are concerned, but also the remuneration paid to bank directors and senior managers or key function holders. Claw-back provisions, either imposed by law or introduced by banks themselves, exist already in certain countries and are beneficial. Much depends on enforcement, an understudied topic.

scholarly journals IMPLEMENTASI PRINSIP GOOD CORPORATE GOVERNANCE PADA PERBANKAN SYARI’AH DI INDONESIA

2016 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Nur Hidayati Setyani
Keyword(s):  
Corporate Governance ◽  
Financial Institutions ◽  
Islamic Law ◽  
Financial Institution ◽  
Business Activity ◽  
Financial Intermediary ◽  
Good Corporate Governance ◽  
Good Behaviour

Bank is financial institution, which functions as financial intermediary from two parties, namely side that excess fund and poor, one of both lends fund. Shari’a principle is ruling the indentured people based on islamic law among banks and parties to keep fund and/or financial business activity according to shari’a. Good corporate governance (GCG) is a way to get bank have the principle of transparency, accountability, responsibility, independency and fairness. GCG’s principles really back up syar’i. Islam also recognizes many muamalah’s principles such as; justice, tawazun, masuliyah (responsibility),good behaviour, shiddiq (honesty), trust, fathanah (smartness), tabligh, hurriyah (freedom), charity, wasathan, ghirah, idarah (management), khalifah, aqidah, ijabiyah, raqabah (monitoring), qira’ah and islah. Implementation of GCG at various institutes carries on business to get profit’s orientation, notably financial institution / shari’a bank, and constitutes a certainty. Even, shari’a financial institutions in particular bank shari’a, ought to become pioneer, since it is brought basically from Islamic principles

scholarly journals GOOD CORPORATE GOVERNANCE FOR SHARIA MICRO FINANCIAL INSTITUTION

2019 ◽  
Vol 4 (2) ◽  
Author(s):  
Tri Mulato
Keyword(s):  
Corporate Governance ◽  
Qualitative Analysis ◽  
Financial Institutions ◽  
Financial Institution ◽  
Third Party ◽  
Good Growth ◽  
Analysis Method ◽  
Good Corporate Governance ◽  
Excellent Growth ◽  
Descriptive Qualitative

Abstract The growth of sharia financial institutions in Indonesia has experienced excellent growth, and has contributed to the development of the country. The existence of sharia financial institutions is increasingly in demand and many investors to develop sharia financial institutions. Without exception, sharia micro financial institutions consisting of BPRS and BMT. The account of BMT and BPRS continues to grow and experience growth, requiring governance in line with its character. This paper is qualitative, and uses descriptive qualitative analysis method, by describing the growth of sharia micro financial institution that is BPRS and BMT. Then describes the existing Good Corporate Governance (GCG) with BPRS and BMT. The results of this paper indicate that BPRS experienced good growth. Third Party Funds grew by 19.144% and financing grew by 14.862%, while the number of offices decreased by 0.222%. The BMT experienced 72.418 percent of receivables growth, 52.885 percent financing, and assets and placements grew below 40 percent. The concept of GCG with the five principles of Transparency, Accountability, Responsibility, Professional, and Fairness, fits perfectly with BPRS and BMT. It's just that it has different characters so it needs to be added the principle of partnership / friendship.  Keywords: Sharia of Financing Banking (BPRS), Baitul Maal Wattamwil (BMT), and  Good Corporate Governance (GCG) Abstrak Pertumbuhan lembaga keuangan syariah di Indonesia mengalami pertumbuhan yang sangat baik, serta telah memberikan kontribusi untuk pembangunan negara. Keberadaan lembaga keuangan syariah semakin banyak diminati dan banyak investor untuk mengembangkan lembaga keuangan syariah. Tana terkecuali lembaga keuangan mikro syariah yang terdiri dari BPRS dan BMT. Jumlah BMT dan BPRS terus bertambah serta mengalami pertumbuhan sehingga membutuhkan tata kelola yang sejalan dengan karakternya. Tulisan ini bersifat kualitatif, dan menggunakan metode analisis deskriftif kualitatif, dengan menguraikan pertumbuhan lembaga keuangan mikro syariah yaitu BPRS dan BMT. Kemudian menguraikan Good Corporate Governance (GCG) yang sudah ada dengan BPRS dan BMT. Hasil dalam tulisan ini menujukkan bahwa BPRS mengalami pertumbuhan yang baik Dana Pihak ketiga tumbuh sebesar 19,144 persen dan pembiayaan tumbuh sebesar 14,862 persen, sedangkan jumlah kantor mengalami penurunan sebesar 0,222 persen. Adapun BMT mengalami pertumbuhan piutang sebesar 72,418 persen, pembiayaan 52,885 persen, dan aset serta penempatan tumbuh dibawah 40 persen. Konsep GCG dengan lima prinsip Transparansi, Akuntabilitas, Tanggungjawab, Profesional, dan Kewajaran, sangat cocok dengan BPRS dan BMT. Hanya saja memiliki karakter yang berbeda sehingga perlu ditambah prinsip kemitraan/silaturahim dalam kegiatannya. Kata Kunci : Bank Pembiayaan Rakyat Syariah (BPRS), Baitul Maal Wattamwil (BMT), dan Good Corporate Governance (GCG)

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

Optimization of Sharia Auidit of Islamic Financial Institutions on Employee Performance at Bank Syariah Mandiri Bondowoso

2020 ◽  
Vol 2 (2) ◽  
pp. 77-96
Author(s):  
Kurniawan Ramdhani
Keyword(s):  
Corporate Governance ◽  
Financial Institutions ◽  
Research Method ◽  
Employee Performance ◽  
Work Culture ◽  
Audit Process ◽  
Supervision System ◽  
Good Corporate Governance ◽  
Islamic Financial Institutions ◽  
Principles Of Justice

This study aims to determine the extent of the implementation of sharia audits on Islamic financial institutions in reviewing employee performance. In addition, the function of sharia audits is to control the supervision system, examining sharia financial institutions so that they remain in compliance with sharia principles in the application of audits. This research method uses descriptive qualitative methods in the assessment of the state of the research object. In the end, a conclusion will be drawn and described with a theory that is already in force and with regard to the object of research. The results of this study are the application of the concept of good corporate governance in the sharia aideit process at BSM Bondowoso where the intended concept is the application of sharia principles as compliance in the employee performance audit process applied by BSM Bondowoso, while the sharia audit process itself is reviewed from several values ​​among fairness, partnership, openness, the application of values ​​is carried out by the internal supervisor when conducting the audit process by the internal supervisor to all employees without fail. In the concept of good corporate governance, it is not only focused on the implementation of the sharia audit process, even BSM Bondowoso gives rewards and punishments to employees who apply sharia principles and compliance and maintain the good name and advance BSM Bondowoso and serve customers optimally and serve professionally by implementing values ​​of siddiq, fathanah, professional as the slogan and work culture of BSM Bondowoso. It can be concluded that the implementation of sharia audits on BSM employee performance is applied to all employees without exception of sharia principles, while the concept of good corporate governance is evaluated in terms of employee performance applying the principles of justice, partnership, and openness carried out by internal supervisors. In addition, BSM Bondowoso provides rewards and punishments to employees who have helped develop BSM Bondowoso progress and work professionally and apply Siddiq Fathanah's values ​​and professionalism in serving BSM Bondowoso customers.     Penelitian ini bertujuan untuk mengetahui sejauh mana pelaksaanaan audit syariah pada lembaga keuangan syariahdalam meninjau kinerja karyawan. Selain itu fungsi audit syariah yaitu sebagai pengendalian sistem pengawasan, pemeriksaan pada lembaga keuangan syariah agar tetap pada kepatuhan prinsip-prinsip syariah dalam penerapan audit. Metode penelitian ini menggunakan metode kualitattif deskriptif diama pengkajian pada keadaan objek penelitian. Pada akhirnya akan di tarik sebuah kesimpulan dan di deskripsikan dengan teori yang sudah berlaku dan berkenaan dengan objek penelitian. Hasil penelitian ini adalah Penerapan konsep good coorporate govarnance dalam proses auidit syariah di BSM Bondowoso dimana konsep yang dimaksud adalah penerapan prisip-prisip syariah sebagai kepatuhan dalam proses audit kinerja karyawan yang diterapkan BSM Bondowoso, sedangkan proses audit syariah itu sendiri di tinjau dari  beberapa anilai diantranya keadialan, kemitraan, keterbukaan, penerapan nilai-nilai dilakukan oleh pengawas internal saat melakukan proses audit oleh pengawas internal kepada semua karyawan tanpa terkeculai. Dalam konsep good coorporate governance tidak hanya di terpkan pada pelaksaan  proses audit syariah saja bahkan BSM Bondowoso memberi reward dan punishmen kepada karywan yang menerapkan prinsip dan kepatuhan auidit syariah dan menjaga nama baik dan memajukan BSM Bondowoso serta melayani nasabah secara optimal dan melayani secara profesional dengan menerapkan nilai-niai siddiq, fathanah, profesional sbagai semboyan dan budaya kerja BSM Bondowoso. Dapat ditarik kesimpulan bahwa dalam penerapan audit syariah terhadap kinerja karyawan BSM diterapkan kepada semua karyawan tanpa terkrcuali dengan prinsip-prisip syariah, sedangkan dari konsep good coorporate govarnace ditinjau dari kinerja karyawan yang menerapkaan prinsip keadilan, kemitraan, serta keterbukan yang dilakukan oleh pengawas interna. Selain itu BSM Bondowoso memberikan reward dan punishmen kepada karyawan yang telah mmbantu mengembakan kemajuaan BSM Bondowoso dan bekerja secara profesional dan menerapkan nilai-nilai siddiq fathanah dan profesionalisme dalam melayani nasabah BSM Bondowoso

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