scholarly journals Quotation/Parenthesis Qur’an Verse Before Beginning Deed In The Structure Of Notary Deed In Sharia Financial Institutions’ Contract

2019 ◽  
Vol 1 (1) ◽  
pp. 69
Author(s):  
Sandi Aji Usman ◽  
Rasiam Rasiam
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Financial Institution ◽  
Secondary Data ◽  
Research Data ◽  
Islamic Financial Institutions ◽  
Regulatory Approach ◽  
Qualitative Descriptive ◽  
Standard Structure ◽  
Contract Structure

<p class="IABSSS"><strong>Purpose</strong> - This research aims to reveal and describe the issue of Islamic financial institutions' contract structure, the practice of the Qur'an quotation/parenthesis in the notary deed structure in Sharia financial institutions ' contract.</p><p class="IABSSS"><strong>Method</strong><strong> </strong>- The method used in this research is normative juridical, with the processing and analysis of data in a qualitative descriptive way, this research data is sourced from secondary data and supported by interviews from sources as supporting data Secondary. The approach is to study with the regulatory approach of legislation.</p><p class="IABSSS"><strong>Result</strong><strong> </strong>- In Islamic Sharia or fatwa is not regulated about the structure of the deed on the deed authentic or under the hands, but which is governed only the principles or basic rules only. Structure of authentic deed made by notary official, especially the deed in financial institution that includes quotation of Qur'an verses using Indonesian language before deed title does not violate the provisions of UUJN.</p><p class="IABSSS"><strong>Implication</strong> - The absence of the form of the standard structure of sharia agreement both for sharia transactions and in particular sharia financial institutions should be the financial Services Authority in collaboration with the organization of Indonesian Notary Association (INI) who is already experts to Making authentic deed in the form of raw in accordance with UUNJ.</p><p class="IABSSS"><strong>Originality</strong> - The focus of this research is to reveal and describe the issue of Islamic financial institutions ' contract structure.</p><p align="center"> </p>

scholarly journals Quotation/Parenthesis Qur’an Verse Before Beginning Deed In The Structure Of Notary Deed In Sharia Financial Institutions’ Contract

2019 ◽  
Vol 1 (1) ◽  
pp. 69-80
Author(s):  
Sandi Aji Usman ◽  
Rasiam Rasiam
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Financial Institution ◽  
Secondary Data ◽  
Research Data ◽  
Islamic Financial Institutions ◽  
Regulatory Approach ◽  
Qualitative Descriptive ◽  
Standard Structure ◽  
Contract Structure

Purpose - This research aims to reveal and describe the issue of Islamic financial institutions' contract structure, the practice of the Qur'an quotation/parenthesis in the notary deed structure in Sharia financial institutions ' contract.Method - The method used in this research is normative juridical, with the processing and analysis of data in a qualitative descriptive way, this research data is sourced from secondary data and supported by interviews from sources as supporting data Secondary. The approach is to study with the regulatory approach of legislation.Result - In Islamic Sharia or fatwa is not regulated about the structure of the deed on the deed authentic or under the hands, but which is governed only the principles or basic rules only. Structure of authentic deed made by notary official, especially the deed in financial institution that includes quotation of Qur'an verses using Indonesian language before deed title does not violate the provisions of UUJN.Implication - The absence of the form of the standard structure of sharia agreement both for sharia transactions and in particular sharia financial institutions should be the financial Services Authority in collaboration with the organization of Indonesian Notary Association (INI) who is already experts to Making authentic deed in the form of raw in accordance with UUNJ.Originality - The focus of this research is to reveal and describe the issue of Islamic financial institutions ' contract structure. 

Analisis Manajemen Pembiayaan Murobahah BMT

WADIAH ◽  
2019 ◽  
Vol 3 (1) ◽  
Author(s):  
Ryski Pebriana, Rofik Efendi
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Field Research ◽  
Animal Husbandry ◽  
Muslim Community ◽  
Savings And Loans ◽  
Management Function ◽  
Islamic Financial Institutions ◽  
Qualitative Descriptive ◽  
Descriptive Approach

The development of Islamic banking and Islamic financial institutions in Indonesia lately increasing. One reason is the strong belief in the Muslim community that banking and conventional financial institutions contain usury which is prohibited by Islam. The presence of Agritama Srengat Blitar BMT as Syari'ah savings and loans is intended to be a more innovative alternative in financial services, the financing process is also not complicated. The absence of an element of usury to Murabahah financing, and the ease of the process and conditions for financing, does not make more and more bad loans. The approach used in this research is a qualitative descriptive approach, while the type of research is field research, and the method of collecting data is observation, interview and documentation, which is using three steps, data reduction, file presentation and drawing conclusions.The results of this study indicate that: 1). Financing procedures at BMT Agritama Srengat Blitar use 5C analysis (character, capacity, capital, collateral, condition) and take into account a maximum radius of 10 km, but this does not apply to existing customers and customers who get recommendations from partners. 2). The implementation of Murabahah financing management has not been in accordance with the murabaha management function which includes planning, organizing, implementing, and controlling. Where the planning of murabahah financing is devoted to agriculture and animal husbandry, but in practice it is not appropriate, then in the implementation of murabahah financing using a wakalah contract it is signed together with murabahah. And the supervision conducted by BMT Agritama is not routinely visited to the place of business. Keywords : financing manajement, murabahah

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 Shariah Disclosure Practices in Malaysian Islamic Banks using the Shariah Disclosure Index

2021 ◽  
Vol 4 (SI) ◽  
Author(s):  
Noraini Mohd Ariffin ◽  
Fatima Abdul Hamid ◽  
Nur Afiqah Md Amin
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Financial Institution ◽  
Advisory Council ◽  
Annual Reports ◽  
Islamic Banks ◽  
High Compliance ◽  
Financial Products ◽  
Full Compliance ◽  
Islamic Financial Institutions

Islamic banks are required to ensure their operations and activities comply with the Shariah principles. According to Islamic Financial Services Act (2013) in Malaysia, all operations and activities of Islamic financial institutions including Islamic banks have to comply with decisions made by the Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) and the Shariah Committee (SC) of the Islamic financial institution to ensure Shariah compliance. In practice, Shariah compliance is considered a crucial factor by bank stakeholders, especially Muslim customers in their decision to use Islamic financial products. Thus, one of the ways for Islamic banks to convey their Shariah-compliance to their stakeholders is through annual reports. This study examines the level of compliance on Shariah disclosure in the annual reports of Malaysian Islamic banks. A Shariah disclosure index, comprising mandatory and voluntary items, was developed from Bank Negara Malaysia (BNM) guidelines and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards. Shariah disclosure data were collected from the annual reports for the year 2016 of the 16 Islamic banks in Malaysia. Based on Institutional Theory, this study hypothesised high compliance, however the results revealed that none of the banks had full compliance to the mandatory items. Nevertheless, some of these banks disclosed voluntary items. The findings provide useful insights to the regulators and stakeholders on Islamic banks’ compliance on Shariah disclosure. The study also reveals the importance of disclosing additional items in the annual reports of Islamic banks.

scholarly journals U-8 The Concept, Need and Significance of Sharia rating in Islamic Financial institutions in the perspective of Credit Rating Agencies

2021 ◽  
Vol 5 (1) ◽  
pp. 111-129
Author(s):  
Muhammad Mushtaq Ahmed ◽  
Javed Khan
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Credit Rating ◽  
Financial Institution ◽  
Credit Rating Agencies ◽  
Financial Industry ◽  
Rating Agencies ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Regulatory Bodies

Sharia compliance is considered the basic component of Islamic financial industry as sharia permissibility is one of the basic motive for majority of the customers of Islamic Financial services. Presently the assurance regarding the sharia compliance of Islamic financial institution is given by the Sharia Advisor or Sharia board of respective Islamic financial institution. But there is no process, similar to the credit rating agencies, which provides the public an independent assessment of the commitment of different Islamic financial institution as regard to follow sharia injunctions in true letter and spirit for comparison with other Islamic financial institution. In this paper, the concept of credit rating, its origin, importance and advantages are discussed. In the light of the credit rating agencies practices, the concept of sharia rating and its importance are elaborated. It is observed and recommended that sharia quality rating will be very beneficial for all the stakeholders of the Islamic financial institutions as well the Islamic financial industry hence regulatory bodies of Islamic financial institutions, IFI’s and Credit Rating Agencies shall work together to further refine the concept for implementation of Sharia rating in the industry.

scholarly journals Urgensi Fatwa DSN-MUI Mengenai Manajemen Risiko Pembiayaan Berbasis Syariah

2021 ◽  
Vol 15 (2) ◽  
pp. 201-220
Author(s):  
Tri Hidayati ◽  
Muhammad Syarif Hidayatullah
Keyword(s):  
Risk Management ◽  
Financial Institutions ◽  
Financial Services ◽  
Descriptive Analysis ◽  
Legal Research ◽  
Risk Management System ◽  
Technical Risk ◽  
Financing Risk ◽  
Islamic Financial Institutions ◽  
Qualitative Descriptive

Risk management at Islamic financial institutions is still implementing bank Indonesia (BI) and Financial Services Authority (OJK) policies which previously applied the same to conventional financial institutions. The perfection of the enforcement of sharia principles in sharia financing institutions is not enough only in the aspect of transactional mechanisms, it needs to be supported by a sharia-based risk management system. The focus of this research includes the characteristics of Islamic financing, juridical aspects in the principle of prudence, and an overview of the maslahah of the urgency of sharia-based risk management. This research is normative legal research using a statutory approach and a benefits approach with a qualitative descriptive analysis. The results of the discussion show that a dynamic system also needs to be supported by juridical aspects to provide the legal force with the realization of regulatory solidity. At this regulatory level, in addition to the regulations issued by the OJK, the DSN-MUI fatwa is also very necessary and has a very urgent position. Because financing risk management is also part of the sharia economy that must maintain sharia principles, lest the application of sharia principles only exists in product technicalities, but does not apply to technical risk management. The expected sharia is the application of total sharia principles (kaffah), not partial ones.

scholarly journals Usulan Model Sistem Pengawasan Syariah Pada Perbankan Syariah Di indonesia

2014 ◽  
Vol 1 (2) ◽  
pp. 119-133
Author(s):  
Ahmad Baehaqi
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Audit Committee ◽  
Systems Approach ◽  
Internal Audit ◽  
Secondary Data ◽  
Primary Data ◽  
Islamic Banking ◽  
Compliance Monitoring ◽  
Islamic Financial Institutions

Supervision of Shariah compliance in the Islamic financial institutions is a DPS task This study analyzes and evaluates the compliance monitoring by taking the object of Islamic banking in Indonesia either approach or organizational systems approach. This study uses primary data in the form of interviews with 6 DPS on 6 BUS and secondary data from the report GCG 9 BUS 2011-2012. With inductive approach using content analysis and theoretical analysis, the results of this study indicate that the general practice of sharia compliance monitoring is still not optimal yet. Furthermore, this study proposes a model of supervision using a systems approach that aims to improve the supervision of such compliance. The model proposed in this study not only involve DPS, but also part of compliance, internal audit, and the audit committee of Islamic banking, as well as external audit and the Financial Services Authority (FSA) that acting as banking supervisor to replace BI.Supervision of Shariah compliance in the Islamic financial institutions is a DPS task This study analyzes and evaluates the compliance monitoring by taking the object of Islamic banking in Indonesia either approach or organizational systems approach. This study uses primary data in the form of interviews with 6 DPS on 6 BUS and secondary data from the report GCG 9 BUS 2011-2012. With inductive approach using content analysis and theoretical analysi, the results of this study indicate that the general practice of sharia compliance monitoring is still not optimal yet. Furthermore, this study proposes a model of supervision using a systems approach that aims to improve the supervision of such compliance. The model proposed in this study not only involve DPS, but also part of compliance, internal audit, and the audit committee of Islamic banking, as well as external audit and the Financial Services Authority (FSA) that acting as banking supervisor to replace BI.

scholarly journals Service Excellent For Islamic Micro Financial Institution During Covid-19 Pandemic

2021 ◽  
Vol 10 (1) ◽  
pp. 48-61
Author(s):  
Trimulato Trimulato ◽  
Muhlis Muhlis ◽  
Farid Fajrin ◽  
Supriadi Hamid ◽  
Trisno Wardy Putra
Keyword(s):  
Financial Institutions ◽  
Financial Institution ◽  
Microfinance Institutions ◽  
Service Excellence ◽  
Library Research ◽  
Analysis Technique ◽  
Excellent Service ◽  
Islamic Financial Institutions ◽  
Qualitative Descriptive ◽  
The Impact

The development of Islamic financial institutions in Indonesia continues to increase. But, the development of Islamic finance institutions is hindered due to the impact of the Covid-19 outbreak. In particular, Islamic non-bank financial institutions include Islamic microfinance institutions (IMFI). SMEs that become the market segment of IMFI are affected by the Covid-19. Amid this condition, IMFI still has survived and developed and provides excellent service to customers. This study aims to determine the development of IMFI and to know the pattern of service excellence for IMFI in the condition of the Covid-19 outbreak. This research is qualitative and uses library research. Data sources obtained from several sources are considered relevant themes, especially sources of certain institutions that provide data relating to the development of IMFI. The data analysis technique used is a qualitative descriptive overview of the development of IMFI and service excellent pattern for amid the Covid-19 outbreak. Results showed the growth of IMFI in March 2021, whose assets experienced growth of 6.8 percent and financing growth of 13.66 percent. IMFI can do the excellent service pattern amid the Covid-19 outbreak, continues services as usually by following existing rules, increasing intensity of communication with customers, cooperating with other Islamic financial institutions, and improving service indirectly giving customers access.

Effects of Financial Innovations on Profitability for Deposit Taking Microfinancing Institutions in Kenya

2018 ◽  
Vol 9 (6) ◽  
pp. 529-536
Author(s):  
Martin Khoya Odipo ◽  
Keyword(s):  
Financial Institutions ◽  
Positive Relationship ◽  
Financial Institution ◽  
Secondary Data ◽  
Financial Statements ◽  
Descriptive Statistics ◽  
Primary Data ◽  
Microfinance Institutions ◽  
Financial Innovations ◽  
Strong Positive Relationship

Recent studies have documented that innovations improve profitability of firms. This article documents that deposit taking micro financial institutions that have adopted financial innovations have increased their profitability. The study covered five years between 2009-2013. Both primary and secondary data were used in the study. Primary data was obtained through administration of drop and pick questionnaires to selected employees of the institutions. Secondary data was obtained from financial statements and management reports of these deposit taking microfinance institutions. Data was analyzed using descriptive statistics, return on asset and multi-liner regression model to determine the effect of each financial innovation applied on profitability on the micro-financial institution. The results showed that most deposit taking microfinance institutions adopted these financial innovations in their current operations. There was strong positive relationship between individual innovations and profitability. In line with profitability ROA also showed improvement each year after the adoption of these financial innovations.

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

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