scholarly journals Model Pembiayaan Syariah Dalam Mengatasi Praktik Sistem Tebasan Di Sentra Padi Nasional

AL-TIJARY ◽  
2019 ◽  
Vol 4 (2) ◽  
pp. 81-94
Author(s):  
Nono Hartono
Keyword(s):  
Human Resources ◽  
Financial Institutions ◽  
Research Method ◽  
Islamic Law ◽  
Qualitative Approach ◽  
Islamic Finance ◽  
Islamic Financial Institutions ◽  
Long Time ◽  
Main Factors

The objectives of this study to identify the implementation of tebasan practices, analyze the contribution of the role of Islamic financial institutions and develop a sharia financing model to solve the practice of tebasan. The research method used with a qualitative approach, through interviews with farmers and Islamic financial institutions. The results showed that the practice of the tebasan in Indramayu had been carried out for a long time by the community, this was due to the lack of understanding of Islamic law which made the farmers continue to carry out the practice. In addition, the contribution of Islamic financial institutions to solved the practice has not yet existed. The absence of limited capital human resources and businesses that have large risks are the main factors of Islamic financial institutions have not contributed. Islamic finance which can be a solution to solve the practice of tebasan source non-commercial financing (Al-Qardhul Hasan) and commercial financing (Salam, Musyarakah or Mudharabah).

scholarly journals PERAN PEMBIAYAAN MURABAHAH DALAM MENINGKATKAN USAHA BATU BATA (STUDI PADA BMT AS-SALAM KANTOR KAS NGERECO KANDAT KEDIRI)

1970 ◽  
Vol 5 (1) ◽  
pp. 64-76
Author(s):  
Muh Khoirul Anam ◽  
Haris Santoso
Keyword(s):  
Financial Institutions ◽  
Case Study Research ◽  
Lower Class ◽  
Qualitative Approach ◽  
Study Research ◽  
Islamic Financial Institutions ◽  
Conventional Banks ◽  
Depth Interviews

Financial institutions are currently needed by all people because financial institutions are considered to be quicker in providing business capital loans. Previously, conventional banks were the only financial institutions operating in the financial sector or loans to the community before Islamic financial institutions, now with the development of financial institutions sharia society mostly prefers sharia finance rather than conventional, plus BMT which operates in the middle to lower class, this is what causes many people to take Islamic financial institutions because they prioritize family systems, so this study focuses on: 1). How is the application of murabahah financing at BMT As-Salam to brick businesses in the Ngreco Kandat Kediri village, 2). What is the role of murabahah financing at BMT As-Salam towards brick business in the Ngreco Kandat Kediri village, 3). How did the brick business increase in the Kandat Kediri Ngreco village after obtaining murabahah financing at BMT As-Salam. Research on the role of murabahah financing in brick business uses a descriptive qualitative approach with a type of case study research that refers to the interpretive postpositivistic thinking paradigm. The technique of collecting data is in-depth interviews, observation and documentation. The results of this study indicate that the application of murabahah financing at BMT As-Salam is very different where loans for business capital of bricks that should use mudharabah or musyarakah at BMT These salads use murabaha. Besides that the role of BMT As-Salam is very influential on brick business and before BMT As-Salam arrived, brick entrepreneurs still had difficulty finding capital to improve their business but after taking murabahah financing at BMT As-Salam, their efforts experienced an increase and prosperity life.

Mushārakah—A Realistic Approach to the Concept in Islamic Finance and its Application to the Agricultural Sector in Pakistan

2014 ◽  
Vol 28 (1) ◽  
pp. 1-39
Author(s):  
Lutfullah Saqib ◽  
Kellie W. Roberts ◽  
Mueen A. Zafar ◽  
Khurram Khan ◽  
Aliya Zafar
Keyword(s):  
Financial Institutions ◽  
Agricultural Sector ◽  
Islamic Law ◽  
Lower Class ◽  
Islamic Finance ◽  
Financial Problems ◽  
Human Survival ◽  
Realistic Approach ◽  
Islamic Financial Institutions

Abstract Food is one of the basic necessities that is imperative for human survival. The majority of farmers related to agriculture belong to the lower class and are hence not in a position to fulfil their agricultural needs. Therefore, they must borrow from various sources, e.g., from individuals, organizations, and/or banks, using interest-based lending, which Muslims are prohibited from doing according to the Sharīʿah. Here the concept of mushārakah (participatory mode of finance) is the best option. The present work discusses the application of such transactions to overcome farmers’ financial problems. In this article, the concept of mushārakah is first elaborated in light of classical/contemporary Islamic law literature referring to its rules and regulations followed by a discussion on how mushārakah can be effectively applied to the agricultural sector. The concepts of muzāraʿah (temporary sharecropping contract), musāqah, diminishing mushārakah (al-mushārakah al-mutanāqisah), and customer agency are critically analyzed in such away to make these fit and viable for farmers and Islamic financial institutions.

scholarly journals Islamic finance and the global financial crisis: an empirical study

2021 ◽  
Vol 3 (3) ◽  
pp. 62-69
Author(s):  
Fadwa Errami ◽  
Jamal Abnaha
Keyword(s):  
Financial Institutions ◽  
Global Economy ◽  
Islamic Law ◽  
Global Financial Crisis ◽  
The United States ◽  
Muslim World ◽  
Islamic Finance ◽  
Islamic Banks ◽  
Islamic Financial Institutions ◽  
The Global Financial Crisis

Islamic finance can no longer be dismissed as a passing fad or as an epiphenomenon of Islamic revivalism. Islamic financial institutions now operate in over 70 countries. Their assets have increased more than fortyfold since 1982 to exceed $200 billion. In 1996 and 1997, they have grown at respective annual rates of 24 and 26 per cent.1 By certain (probably overly optimistic) estimates, up to half of the savings of the Islamic world may in the near future end up being managed by Islamic financial institutions. The first Islamic banks were created in the 1970s, at the time when the aggiornamento of Islamic doctrine on banking matters was taking shape. At the time, Islamic banks were typically commercial banks operating on an interest-free basis. Today, as a consequence of broad changes in the political–economic environment, a new generation of Islamic financial institutions, more diverse and innovative, is emerging as the doctrine is undergoing a new aggiornamento. Perhaps the most important development has been the growing integration of Islamic finance into the global economy. There is now a Dow Jones Islamic Market Index, which tracks 600 companies (from inside and outside the Muslim world) whose products and services do not violate Islamic law. Foreign institutions such as Citibank have established Islamic banking subsidiaries, and many conventional banks – in the Muslim world but also in the United States and Europe – are now offering ‘Islamic products’ that are sometimes aimed at non-Muslims.

Model Pengembangan Zakat Produktif di Masjid Jami’ Al-Baitul Amien Jember sebagai Pemberdayaan Ekonomi Umat

2019 ◽  
Vol 1 (2) ◽  
pp. 113-130
Author(s):  
Achmad Faqih Supandi
Keyword(s):  
Economic Development ◽  
Human Resources ◽  
Research Method ◽  
Qualitative Approach ◽  
Economic Empowerment ◽  
Economic Perspective ◽  
Small Communities ◽  
Strategic Location ◽  
Islamic Economic

This research focuses on models, concepts, practices and the role of the Mosque-Based Economy in the perspective of Islamic economics in the Masjid Jamik Al Baitul Amien in improving Community Welfare. The purpose of this study is to describe the models, concepts, practices and roles of mosque-based economics in the perspective of Islamic economics in the Masjid Al-Baitul Amin Jember. This research method uses a qualitative approach with a descriptive type, this is because researchers want to describe the Model of Mosque-Based Economic Development in the Islamic Economic Perspective at the Jamik Al-Baitul Amien Mosque in Jember Regency 2015. The results of the study show that the economic economic model of the Ummah uses financing or the provision of facilities by providing funds in accordance with sharia principles. To support investments that have been planned based on an agreement between the institution and other parties, financed by the concept of optimizing productive Zakat or better known as micro business loans without interest that can burden small communities, so that people can meet their economic needs. Then the capabilities possessed by the Jami Mosque 'Al-Baitul Amin Jember are professional human resources, strategic location, adequate infrastructure and sufficient facilities for the economic empowerment of the Ummah.

scholarly journals SUBHAT INCOME OF SHARIA FINANCIAL INSTITUTIONS ACCORDING TO DUAL LAW (Formal and Sharia Law)

2019 ◽  
Vol 19 (2) ◽  
Author(s):  
Nurhadi Nurhadi
Keyword(s):  
Financial Institutions ◽  
Research Method ◽  
Islamic Law ◽  
Research Data ◽  
Islamic Finance ◽  
Technical Data ◽  
Sharia Law ◽  
Library Research ◽  
The Social ◽  
Social Interests

The research aims to determine the purpose of non-halal funds in the business of Islamic finance, as well as a review of the philosophy of Islamic law. The research method uses descriptive qualitative concepts, types of Risert library research, data collection using primary and secondary, and technical data analysis using the analysis contents method, with a measure of benefit (philosophy of Islamic law). The result is that non-halal funds are any income originating from non-halal businesses (al-Kasbu al-Ghairi al-Masyru'). Use for the benefit of the ummah or the social interests of the community. While the review of Islamic law philosophy of non-halal funds is if the halal funds are more dominant, then all of these funds become halal, if the halal funds are the same or less, then the percentage of illicit funds must be issued. While the remaining funds are lawful, this is because of General al-Balwa, Raf'ul Haraj Wal Hajah al-Ammah, Muro'at Qowa'id al-Katsrah Wa al-Ghalabah and because of the rules about tafriq shafqah (separating halal transactions from those haram). Subhat income according to dual law, halal according to formal and sub-law according to sharia law.

scholarly journals PENGENTASAN KEMISKINAN DAN PENGEMBANGAN MASYARAKAT MELALUI MODEL KEUANGAN ISLAM BMT AL-ISHLAH CIREBON

2018 ◽  
Vol 9 (2) ◽  
pp. 101
Author(s):  
Muhammad Awaluddin Ardiansyah
Keyword(s):  
Financial Institutions ◽  
Poverty Reduction ◽  
Islamic Law ◽  
Financial Institution ◽  
Financial System ◽  
Islamic Finance ◽  
Islamic Financial Institutions ◽  
Islamic Economic ◽  
A Charge ◽  
The Right

Although in fact the conventional financial system has manifestly failed in the fair distribution of wealth, but Islamic financial system in Indonesia is not a strong alternative financial system. Market share of Islamic financial institutions are still low below 5% with growth of 34% in 2015. The data indicates the existence of problems in the implementation of the principles of Islamic finance though in terms of potential prospects. Islamic economic principles which have a charge values of justice, divinity, freedom and responsibility, the right should be a system of democratic economy in the economic empowerment of the poor. Some of the reasons based on the analysis of the field to be the cause of them; The first people are still accustomed to a conventional system that has been around longer, the second Islamic financial institutions are not ready completely adopt the Islamic financial system in particular lost Pofit product sharing (PLS), the third implementation of Islamic financial institutions require relatively high operating costs. On the above problems, the authors analyzed qualitatively descriptive of a theme study "Al-Islah BMT Cirebon as Islamic Financing Model for Poverty Reduction and Development". An analysis of the terms of the Muamalat Islamic law and court analyzes considering the author as a community development agency practitioners who use Islamic financial institutions Baitul Maat wa Tamwil (BMT) in technical operations. This simple paper notes that Islamic financial institutions in Indonesia has not fully practice the principles of Islamic finance because of certain interests. That has existed in Indonesia an Islamic financial institution which according to the principles of Islam in practice the empowerment of people out of poverty.

scholarly journals Fatwa and Its Shariah Methodology in Islamic Finance

2018 ◽  
Vol 2 (1) ◽  
pp. 133-179
Author(s):  
Ahcene Lahsasna
Keyword(s):  
Corporate Governance ◽  
Key Words ◽  
Financial Institutions ◽  
Significant Role ◽  
Islamic Law ◽  
Islamic Finance ◽  
Board Members ◽  
Muslim Community ◽  
Islamic Jurisprudence ◽  
Islamic Financial Institutions

Abstract Fatwa plays a very significant role in Shariah by providing different resolutions and solutions to the Muslim community when it is needed to ensure the compliance with principles of Shariah and commends of God. It should be understood that fatwa is not confined to particular section in Islamic law but it covers the entire sections and subsection of Islamic law including business, finance and trade. Today, fatwa takes a different shape in Islamic finance; it is introduced and presented in the industry in the form of resolutions issued by Shariah board members who represent Shariah corporate governance body in the structure of the Islamic financial institutions. The resolution is further structured in the form of Shariah endorsement which is part and parcel of product approval as required by the regulators. The present paper discusses fatwa and its methodology in Islamic finance to ensure a sound process of issuing an accurate resolutions that comply with the rules and guidelines that have been set in Islamic jurisprudence. Key words: Fatwa, resolutions, methodology, sources of Shariah, Shariah board.

scholarly journals Explore the Lessee Accounting Treatment When Utilizing the Islamic Financial Leasing

2020 ◽  
Vol 8 (1) ◽  
pp. 69-78
Author(s):  
Amer Morshed ◽  
Zsuzsanna Széles
Keyword(s):  
Financial Institutions ◽  
Research Method ◽  
Accounting Standards ◽  
Islamic Finance ◽  
Financial Assets ◽  
Financial Leasing ◽  
Financial Position ◽  
Significant Difference ◽  
Islamic Financial Institutions

AbstractThis study aims to discuss the effects of the AAIOFI accounting standards of financial leased assets on the accounting treatment of the lessee in the case of using the Islamic finance lease. The importance of this study became evident when AAIOFI announced Islamic accounting standards with a significant difference between the IFRSs about the recognition of leased financial assets. Islamic financial institutions recognize the financial leased assets following AAIOFI accounting under long-term assets in the statement of financial position. This study used the interviews as a qualitative research method with financial managers of Jordanian companies using Islamic financial leasing. This study reached the conclusion that both Islamic financial leasing parties recognize the assets in the long-term asset side. The recommendations to avoid the inflation of the Islamic financial leased assets will be by applying a reasonable accountancy treatment by the lessee and consider it as operational leasing with proper justification for the non-compliance with the IFRS.

Part II Islamic Law and Contracts in Practice, 8 Derivatives and Islamic Finance

2020 ◽  
Author(s):  
Eisenberg David M
Keyword(s):  
Risk Management ◽  
Financial Institutions ◽  
Islamic Law ◽  
Islamic Finance ◽  
Futures Options ◽  
Finance Industry ◽  
Considerable Debate ◽  
Islamic Financial Institutions ◽  
Lack Of Knowledge

This chapter studies how conventional derivatives—especially futures, options, and swaps—have been or may be based on bay’ salam, bay’ ʻurbun, and other traditional Islamic transaction structures. Bridging the gap between traditional Islamic transaction structures and conventional derivatives continues to be among the most urgent challenges facing the global Islamic finance industry, not least to provide Islamic financial institutions with a crucial tool for risk management. Salam and ʻurbun clearly illustrate the nature of the challenge to create Shari’a-compliant derivatives. Paradoxically, it is their deviation from the standard conditions for a valid sale contract that allow them to function to some extent as proxies for conventional derivatives. Among jurists, a consensus (ijma’) emerged as to the validity of salam, although special conditions were imposed not only to minimize gharar (uncertainty) and the kindred contractual defect of jahl (lack of knowledge), but also to reduce the possibility of riba (unlawful gain). There is still considerable debate among the various schools of law as to whether ʻurbun constitutes a valid sale contract under the Shari’a.

scholarly journals The Role of Skills in Islamic Financial Innovation: Evidence from Bahrain and Malaysia

2020 ◽  
Vol 6 (3) ◽  
pp. 47 ◽  
Author(s):  
Jessie Poon ◽  
Yew Wah Chow ◽  
Michael Ewers ◽  
Razli Ramli
Keyword(s):  
Continuous Improvement ◽  
Financial Institutions ◽  
Service Innovation ◽  
Financial Innovation ◽  
Technical Skill ◽  
Islamic Finance ◽  
Islamic Financial Institutions ◽  
Negative Effect ◽  
The Relationship

A body of work has emerged that examines human capital from the perspective of skills to better understand the types of expertise that influence innovation. The relationship between skill and financial innovation, however, is poorly understood in the context of Islamic financial institutions (IFIs). IFIs are distinct from their conventional counterparts by their compliance with Shariah law. Based on a survey of IFIs in Bahrain and Malaysia, this paper examines the effect of different skills on IFI innovation. The findings indicate that while skill in Islamic finance positively influences innovation, skill in Shariah law does not. Cognitive-technical skill is also highly significant, but marketing skill has a negative effect. The results suggest that Islamic financial innovation relies on continuous improvement that sustains markets, product and service innovation. Sustaining innovation lends itself to abilities that are oriented towards problem solving and computation of Shariah and business risks. This favors skills of programming and expertise in Islamic finance over marketing and Shariah legal proficiency.

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