scholarly journals Jual Beli Model ‘Inah di Lembaga Keuangan Syariah: Tinjauan Konsep, Hukum dan Implementasi

2018 ◽  
Vol 3 (1) ◽  
pp. 67
Author(s):  
Richa Angkita Mulyawisdawati ◽  
Mufti Afif
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Credit Card ◽  
Qualitative Method ◽  
Classic Problem ◽  
Islamic Financial Institutions ◽  
Financial Transactions ◽  
Level Of Risk ◽  
Descriptive Qualitative

The sale and purchase of 'inah and tawarruq is a classic problem that is recognized or not continues to grow and be practiced by individuals and financial institutions to date. Based on the facts on the ground, this type of engineering of sale and purchase occurs in Islamic Financial Institutions (LKS), where Islamic Financial Institutions only serve and serve financial services for its customers who need funds. So much is found that most LKS activities lead to financing through murabahah scheme where the scheme of the contract is considered safe for the LKS because the level of risk is lower than other types of contract. This paper is intended to determine the nature of the concept and legal sale and purchase 'inah and tawarruq according to scholars fiqh classics and how the practices of these two transactions became an issue on financial transactions in LKS. By using descriptive qualitative method, literature approach and history, it is produced that the type of sale of 'Inah and Tawarruq is still debated by the jurists of fiqh jurisprudence and the tendency is forbidden because there is a rift of ribawi transaction in it. While in practice in LKS is still widely applied and growing especially in superior products (murabahah) as in financing business capital, credit card, home financing or home renovation or the like and gold-based financing.

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 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.

KONDISI EKONOMI SYARIAH DI INDONESIA PASCA MERGERNYA BANK SYARIAH BUMN

2021 ◽  
Vol 5 (1) ◽  
pp. 90-106
Author(s):  
Angga Syahputra
Keyword(s):  
Market Share ◽  
Financial Services ◽  
Qualitative Method ◽  
Economic Conditions ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Muslim Population ◽  
Banking Market ◽  
The World ◽  
Financial Transactions

Indonesia has the largest Muslim population in the world. With this amount, of course, it should be a capital for economic strength. However, as of November 2020, data released by the Financial Services Authority put the Islamic banking market share at 6.33%. Efforts to merge the three state-owned Sharia banks into Indonesian Sharia Banks are expected to increase the penetration of the sharia economy in Indonesia, which is still far behind when compared to conventional domestic economic movements and Islamic financial transactions in other countries. This research will describe the extent of the sharia economic conditions in Indonesia after the merger of state-owned sharia banks into BSI. This study uses a qualitative method with a type of literature review research which is obtained from various authentic sources such as books, articles, journals and trusted websites. There was a 2.7% increase in the market share of Islamic banks after the merger. This increase when compared to the existing potential and the market is still very small. However, it is hoped that this impact will continue to increase over time, especially as capital support for various financial sectors and the halal industry in the country.

The Potential of Sharia Fintech in Increasing Micro Small and Medium Enterprises (MSMEs) in The Digital Era in Indonesia

2021 ◽  
Vol 4 (1) ◽  
pp. 23
Author(s):  
Syarifuddin Syarifuddin ◽  
Rahmawati Muin ◽  
Akramunnas Akramunnas
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Technology Development ◽  
Small And Medium Enterprises ◽  
Easy Access ◽  
Muslim Country ◽  
Digital Era ◽  
Savings And Loan ◽  
Islamic Financial Institutions ◽  
Medium Enterprises

The potential for financial technology development or fintech with sharia basis in Indonesia is still quite large. Indonesia as the largest Muslim country in the world, becomes an undeniable potential. The purpose of this research is to know the potential of Fintech in increasing MSMEs in the digital era in Indonesia. This study uses document studies with a literature review approach. The results of this research show that. First, The patterns applied by sharia fintech in dealing with the problems faced by MSMEs in Indonesia include the ability to manage and analyze data in the era of big data, improve technology infrastructure, create transaction systems easily, content-based marketing in terms of digital marketing, establish cooperation, collaboration, and investment with relevant stakeholders, and innovation of fintech products. Second, The potential of Sharia Fintech in increasing MSMEs in the digital era in Indonesia, MSMEs have been using many applications and cooperating with banks and sharia Savings and Loan Cooperatives, so as to provide easy access to various types of bank financial services and savings and loan cooperatives, now financial institutions are able to reach all MSMEs to remote areas, Sharia Fintech has opened access to business financing more easily and quickly from banking institutions and other Islamic financial institutions.

Blockchain Technology

2021 ◽  
pp. 215-247
Author(s):  
Somayya Madakam ◽  
Harshita
Keyword(s):  
Financial Institutions ◽  
Credit Card ◽  
Third Party ◽  
Research Articles ◽  
Ongoing Research ◽  
Scientific Databases ◽  
Blockchain Technology ◽  
Innovative Solution ◽  
Youtube Videos ◽  
Financial Transactions

Currently, the financial transactions between individuals, organizations, and companies are taking place with the help of third-party approval of intermediaries such as banks, financial institutions, standardizing bodies, or credit card providers. These transactions involve multilevel approvals, costs, and inefficient processes in some cases, which also lead to waste of time and resources. To resolve these issues, blockchain technology has appeared as a new financial digital innovative solution. Here, financial transactions are online, open, and transparent. In this chapter, the authors present systematic literature of relevant research on blockchain technology. The objective is to understand the historical evolutions, current ongoing research, base technologies, and applications. The authors have extracted research articles from scientific databases including EBSCO, Scopus, Web of Science, and Google Scholar. The online blogs, wikis, media articles, YouTube videos, and companies' white papers on blockchain technology are also used for content analysis.

scholarly journals Drivers of Ar-Rahnu (pawn) acceptance: Malaysian evidence

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hassanudin Mohd Thas Thaker ◽  
Ahmad Khaliq ◽  
Mohamed Asmy Bin Mohd Thas Thaker ◽  
Anwar Bin Allah Pitchay ◽  
K. Chandra Sakaran
Keyword(s):  
Financial Institutions ◽  
Perceived Risk ◽  
Credit Card ◽  
Social Factor ◽  
Partial Least Square ◽  
The Body ◽  
Least Square ◽  
Islamic Banks ◽  
Content Type ◽  
Islamic Financial Institutions

Purpose The purpose of this paper is to examine the factor persuading the acceptance of Islamic pawn broking (Ar-Rahnu) among Islamic bank customers. Design/methodology/approach The authors collected the data using a self-administered questionnaire design and analysed using SPSS Statistics and smart partial least square. The study is restricted to only respondents who are based in the area of Klang Valley (Selangor and Kuala Lumpur), as these two areas have a larger number of Islamic banks and a decent number of Islamic banks’ clients. A total of 381 respondents’ responses are used for this study, and the constructs involved for analysis purpose are affect, social factor, facilitating conditions, perceived financial benefits and perceived risk constructs. Findings The finding suggests a significant positive association for social factor and perceived risk, while negative association learnt for affect on acceptance of Ar-Rahnu financing. On the same note, the facilitating condition and perceived financial benefit are found insignificantly related. Practical implications The findings generated from this study are expected to enrich the literature on the body of knowledge, as it has served to broaden the understanding of the Ar-Rahnu acceptance level in Malaysia. As mentioned, there is limited literature available using this type of financing. Existing studies focus too much on conventional financing products such as personal financing, credit card, short-term loan and many others. Less attention is given to Ar-Rahnu financing. Thus, this study expected to add value to the literature available in the context of Islamic pawn broking business. Moreover, the findings of this study will be very helpful for the Islamic financial institutions to find the best way to retain Ar-Rahnu clients and encourage more client to choose Ar-Rahnu as a mode of financing. Originality/value This study owns greater potential to assist Islamic financial institutions to discover the best techniques to retain and encourage the grander number of clients for Ar-Rahnu as a mode of financing.

scholarly journals APLIKASI HADIST AKAD MUROKKABAH DARI TEKS KE KONTEKS

2018 ◽  
Vol 4 (2) ◽  
Author(s):  
Azidni Rofiqo
Keyword(s):  
Financial Institutions ◽  
Economic Justice ◽  
Second Primary ◽  
Islamic Financial Institutions ◽  
Primary Reference ◽  
Descriptive Qualitative

The problem of understanding hadith is urgent, because it lays as second primary reference of Islamic teachings after the Qur'an. Many communities fail to understand the hadith comprehensively, because in fact many Islamic financial institutions apply al-'uqud al-murokkabah, while the text of hadith said that al-'uqud murokkabah is haram. The form of this research is descriptive qualitative that is deductive, which focuses first on criticism on sanad and matan hadith, and second on it’s tafsir The results of this study by criticism of sanad and matan hadith are that it’s qualification is hasan sohih which can be used as a guide to determine jurisprudence law. And it’s result through hermeneutic interpretation on hadith using Abdullah Saeed's method is if the contract of al ‘uqud al murokkabah becomes the cause of riba, gharar and maysir, so that this contractbecomes haram. If al ‘uqud al murokkabah does not become the cause of riba, gharar and maysir, so that this contract becomes legitimated, because it will be economic justice

scholarly journals Moratorium in Islamic Hire Purchase Financing: A Shariah Perspective

2021 ◽  
pp. 13-29
Author(s):  
Azmuddin Razali ◽  
Mohammad Amir Wan Harun
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Advisory Council ◽  
Policy Document ◽  
Banking And Finance ◽  
Finance Industry ◽  
Regulatory Perspective ◽  
Islamic Financial Institutions ◽  
Current Outbreak ◽  
The Impact

This study examined the implementation of moratorium in the Islamic hire purchase financing based on Al-Ijarah Thumma Al-Bay’ (AITAB) from the Shariah perspective. The implementation of moratorium by Bank Negara Malaysia (BNM) is a new practice in the banking and finance industry in Malaysia. Implementing the moratorium causes several changes to the AITAB contract such as the extension in contract tenure and the increase in the total payment obligation due to the profit charged on the outstanding principal. This study analysed these changes from the Shariah perspective by using the al-takyif al-fiqhi methodology. The results of the analysis confirm the practice of moratorium by IFIs is in line with the Shariah requirements as long as it is agreed by the parties to the contract - which are the bank and the customer. Needless to say, both Ijarah Policy Document and Hire Purchase Act 1967 allow any forms of amendments including profit compounding when the AITAB contract is restructured, provided that such amendments are agreed between the contracting parties. Despite this permissibility, IFIs are still required to comply with the new ruling issued by SAC BNM that prohibits the practice of profit compounding during the COVID-19 crisis. Although, in principle, the ruling is based on the concept of ihsan (beneficence) which is not compulsory (wajib) but rather recommendation (istihbab) from the Shariah perspective; however, from the regulatory perspective the ruling is compulsory for IFIs to comply pursuant to section 28(1) and 28(2) of Islamic Financial Services Act 2013 (IFSA) that stated compliance with Shariah means compliance with any ruling of the Shariah Advisory Council. The moratorium is seen as a manifestation of the concept of ihsan (beneficence) towards the customers affected financially due to the COVID-19 pandemic. This commendable effort should be encouraged and continued by the Islamic financial institutions in upholding the Shariah principle of maslahah and lifting of difficulties (raf al-haraj), particularly in the current outbreak of COVID-19 and the impact of MCO.

scholarly journals Strategi Bauran Pemasaran 4P Dalam Menentukan Sumber Modal Usaha Syariah Pedagang Pasar di Sidoarjo

2020 ◽  
Vol 6 (3) ◽  
pp. 693
Author(s):  
Desy Dwi Sulastriya Ningsih ◽  
M. Ruslianor Maika
Keyword(s):  
Financial Institutions ◽  
Qualitative Method ◽  
Marketing Mix ◽  
Primary Data ◽  
Islamic Banking ◽  
Public Knowledge ◽  
Traditional Market ◽  
Islamic Financial Institutions ◽  
Efficient Data

This research discussed the two main reasons that could be affecting decisions market traders in choosing a source of their capital, which is based on the needs of business capital and marketing with marketing mix 4P. The data obtained through interviews with traditional market traders in the Sidoarjo district using the qualitative method from a phenomenology perspective. This study using primary data analyzed that processed in-app atlas.ti 9 to achieve the structure and efficient data. This study aims to determine the effect of the 4P Marketing Mix carried out by financial institutions in attracting traders to choose the source of their business capital and whether traders' knowledge of usury and Islamic financial institutions can change this decision. The conclusions obtained indicate that public knowledge about riba and Islamic banking does not influence in determining people's interest in choosing the source of business capital, while the marketing mix can attract traders in determining where they will make business resource loans.

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