scholarly journals Editorial Notes: Issues in Islamic Economics, Banking and Financial Institutions during the Covid-19 Pandemic

2021 ◽  
Vol 10 (2) ◽  
Author(s):  
Azharsyah Ibrahim
Keyword(s):  
Financial Institutions ◽  
Financial Stability ◽  
Islamic Banking ◽  
Quality Improvements ◽  
Modern Economy ◽  
Proof Reading ◽  
Essential Components ◽  
Islamic Financial Institutions ◽  
Quality Check ◽  
Economics Research

In this second issue of the 2021 edition, we mostly received manuscripts discussing the challenges of Islamic Banking and Financial Institutions (IBFIs) within the Covid-19 pandemic. Specifically, they discuss various topics within the field, such as institutional and employees' performances,  financial stability, waqf institutions, the trend of Islamic economics research, and the relevance of Islamic economics and finance essential components to the modern economy. Approaching the publication deadline, only ten were accepted out of the dozen manuscripts that were reviewed. Nine were ready for publication, while the rest still needed quality improvements. As for the process, each manuscript will have to pass an initial review from our editor(s) before forwarding it to suitable reviewers. Some manuscripts would have to go through several rounds before being accepted. The reviewers' feedback was taken into consideration to provide the final decisions. Following that, the manuscripts would have to pass the editing stages, including proof-reading and layout, where our editor(s) will intensely communicate with the authors if needed. It is to ensure that each published manuscript has undergone a quality check. Interestingly, of the published articles, five of them discuss the performance issues in Islamic financial institutions, whilst the rest discuss Islamic economics and financial matters in other topics ranging from waqf institutions, the trend of Islamic economics research, to the relevance of Islamic economics and finance essential components to the modern economy. Please check the PDF file for detailed information.

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 IMPLEMENTATION OF RAHN IN SHARIA GOLD FINANCING AT MODERN ISLAMIC FINANCIAL INSTITUTIONS (CASE STUDY IN BANK BRI SYARIAH BRANCH OF PEKANBARU).

Hukum Islam ◽  
2018 ◽  
Vol 18 (1) ◽  
pp. 40
Author(s):  
AHMAD MAULIDIZEN
Keyword(s):  
Data Collection ◽  
Financial Institutions ◽  
Field Research ◽  
Islamic Banking ◽  
Financial Industry ◽  
Collection Method ◽  
Data Collection Method ◽  
Islamic Financial Institutions

Islamic Financing Products have started to grow rapidly in the current banking and financial industry at this time. This situation can be seen through the increase of Islamic banking assets for several years, in addition to the inclusion of more institutions offering Islamic products. Sharia Gold Pawn Products is the delivery of marhun (collateral goods) from the rahin (customers using mortgage financing) to the bank as a guarantee of part or all of the debt. This research is field (field research) with data collection method through observation, interview and documentation study in data collection. The author concludes that the application of Rahn's contract on Sharia gold mortgage financing at Bank BRI Syariah has been in accordance with the National Sharia Board Fatwa and there are several things that must be improved so as not to conflict with Sharia principles

scholarly journals Talent Management for Shariah Auditors: Case Study Evidence From the Practitioners

2019 ◽  
Vol 10 (3) ◽  
pp. 252
Author(s):  
Nor Aishah Mohd Ali ◽  
Nawal Kasim
Keyword(s):  
Financial Institutions ◽  
Group Discussion ◽  
Internal Audit ◽  
Talent Management ◽  
Islamic Banking ◽  
Complex Dynamic ◽  
Islamic Financial Institutions ◽  
To Come ◽  
Audit Team

The environment for most financial institutions today is complex, dynamic, highly competitive, and extremely volatile, and such condition is likely to remain for years to come. In addition to these external situations, most financial institutions also faced the challenge to manage talents flow in particular, a shortage of needed competencies. One measure to overcome this condition is to be systematic in managing their human capital if they wish to gain and sustain a competitive advantage in years ahead. This paper postulates to explore the competency criteria as one of talent management for shariah auditors in the Islamic Financial Institutions (IFIs) in Malaysia. A qualitative design was adopted by conducting interviews with 30 practitioners consisting of the Heads of Shariah audit departments (HSA) and shariah auditors (SAR) from the IFIs and the Head of Islamic banking department from the Central Bank of Malaysia. This is followed by a focus group discussion to validate the findings. The study found that there was mixed practices on talent management in terms of competency aspect required for shariah auditors. Generally, participants agreed that certain skills, knowledge and characteristics added with years of experience in the field, are pre-requisite to become competent shariah auditors. This study is unique as it explores the case from the qualitative stance. Opinions were elicited from the parties directly involved in preparing guidelines to the IFIs as well as those practitioners executing the shariah audit function within their institutions. IFIs will have better guideline on recruiting competent future shariah auditors, as part of their internal audit team to uphold the shariah precept.

واقع الصناعة المالية الإسلامية عبر العالم

2018 ◽  
Vol 5 (1) ◽  
pp. 597-624
Keyword(s):  
Economic Development ◽  
Financial Market ◽  
Financial Institutions ◽  
Islamic Banking ◽  
International Level ◽  
Financial Industry ◽  
Positive Growth ◽  
Islamic Financial Institutions ◽  
Asset Size ◽  
Shed Light

ملخص: شهدت الصناعة المالية الإسلامية على مدى العقود الثلاثة الأخيرة تطورات هامة، على مستوى نمو الأصول والموجودات وكذلك على مستوى الانتشار الجغرافي والدولي، وبرزت أيضا كأحد مجالات المنافسة والتأثير على السوق المالي وأصبحت تساهم في التنمية الاقتصادية التي شهد نموها دوليا اتجاها إيجابيا من خلال العديد من المؤسسات المالية الإسلامية. يهدف البحث إلى تسليط الضوء على ما حققته الصناعة المالية الإسلامية ومدى انتشارها على المستوى الدولي مع إعطاء بعض النماذج للصناعة المالية الإسلامية في الدول الإسلامية وغير الإسلامية. الكلمات المفتاحية: الصناعة المالية الإسلامية، الصيرفة الإسلامية، الصكوك، الصناديق الإسلامية، التكافل. Abstract Over the last three decades, the Islamic financial industry has witnessed significant developments, both in terms of asset size and geographical spread. It has emerged as one of the areas of competition and has played a role in influencing the financial market and contributing to economic development which has witnessed positive growth due to the efforts of many Islamic Financial Institutions. The research aims to shed light on the achievements of the Islamic financial industry and its spread at the international level, while giving some examples to the Islamic financial industry in Islamic and non-Islamic countries. Keywords: Islamic Financial Industry, Islamic Banking, Sukuk, Islamic Funds, Takaful.

scholarly journals The Transformation of Ijârah: from Fiqh to Syariah Banking Products

2019 ◽  
Vol 14 (1) ◽  
pp. 72-98
Author(s):  
Hasanudin Hasanudin ◽  
Ainul Yaqin
Keyword(s):  
Financial Institutions ◽  
Islamic Banking ◽  
Wide Range ◽  
Islamic Financial Institutions

Ijârah begins from the concept of classical fiqh as a transaction that sustains the development of Islamic banking. The wide range of banking products produced from the concept of ijarah is the basis for developing the concept of jurisprudence from classical fiqh contact to banking products in the form of financing. These developments can be seen from a large number of banking products that use ijârah contracts, especially those related to services. This development lies in the merger of ijârah contracts with several other contracts such as wakalah. Another development that exists in the path to ijarah financing is seen from the foundation. In classical fiqh concept, ijârah is a product of fiqh ijtihad which is ẓanni or not binding. Every Muslim may practice the concept of jurisprudence from many scholars as ijtihad. However, in the financing of the surcharge, it is a combination of several contracts and is based on the DSN-MUI fatwa which is more binding for Islamic financial institutions on the recommendation of the Islamic banking law. (Ijârah yang berawal dari konsep fikih klasik merupakan salah satu transaksi yang menopang perkembangan perbankan syariah. Luasnya cakupan produk perbankan yang dihasilkan dari konsep ijarah menjadi dasar bagi pengembagan konsep ijârah dari kontak fikih klasik menuju produk perbankan dalam bentuk pembiayaan. Perkembangan tersebut dapat dilihat dari banyaknya produk perbankan yang menggunkaan akad ijârah terutama yang berkaitan dengan jasa. Perkembangan tersebut terletak dari penggabungan kontrak ijârah dengan beberapa kontrak yang lain seperti wakalah. Perkembangan lain yang ada pada ijârah ke pembiayaan ijarah adalah dilihat dari dasar pijakan. Dalam kensep fikih klasik, ijârah merupakan produk ijtihad fikih yang bersifat dzanni tidak mengikat. Setiap orang Islam boleh mengamalkan konsep ijârah dari ulama manapun yang bersifat ijtihad. Namun dalam pembiayaan ijârah selaian merupakan gabungan dari beberapa akad dan berpijak pada fatwa DSN-MUI yang lebih mengikat bagi lembaga keuangan syariah atas anjuran dari undang-undang perbankan syariah.

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.

scholarly journals Menilik Urgensi Penerapan Pembiayaan Akad Salam pada Bidang Pertanian di Lembaga Keuangan Syariah di Indonesia

2018 ◽  
Vol 8 (2) ◽  
pp. 88
Author(s):  
Widiana Widiana ◽  
Arna Asna Annisa
Keyword(s):  
Qualitative Research ◽  
Financial Institutions ◽  
Research Finding ◽  
Agricultural Development ◽  
Positive Impact ◽  
Financial Institution ◽  
Agricultural Product ◽  
Islamic Banking ◽  
Financing System ◽  
Islamic Financial Institutions

The financing of salam covenant is one of sharia banking products that can be used in the field of agriculture, but this has not been used in sharia financial institutions in Indonesia. Covenant of salam has strategic potential for agricultural development. This paper aims to illustrate the potential of using salam covenant in financing which is conducted by customer and how the challenges of implementation of salam  covenant in Islamic financial institutions. This is a descriptive qualitative research. In Indonesia, both Islamic banking and Baitul Maal Wattamwil have not applied this contract, related to some risks from salam financing. Sharia financial institutions needs a strategy in order to feel the benefits of providing salam. This article describes the practice of financing system of profitable covenant agreement for the sharia financial institution and the community. The research finding showed that by optimizing salam covenant financing, it can give positive impact to farmers that is in capital aspect to develop agricultural product. Pembiayaan akad salam merupakan salah satu produk perbankan syariah yang dapat digunakan dalam bidang pertanian, namun hal ini belum digunakan dalamLembaga Keuangan Syariah (LKS) di Indonesia. Akad salam memiliki potensistrategis terhadap pengembangan bidang pertanian. Penelitian ini bertujuan untuk menggambarkan potensi penggunaan akad salam dalam pembiayaan yang dilakukan oleh nasabah dan bagaimana tantangan atas penerapan pembiayaan akad salam di lembaga keuangan syariah. Tulisan ini berpijak pada penelitian kualitatif dengan metode deskriptif analisis dari berbagai literatur. Di Indonesia, baik perbankan syariah maupun Baitul Maal Wattamwil (BMT) belum menerapkan akad ini, terkait beberapa risiko dari pembiayaan salam. Lembaga keuangan syariah membutuhkan strategi agar dapat merasakan keuntungan dari penyediaan produk salam. Dalam tulisan ini dijelaskan praktik sistem pembiayaan akad salam yang menguntungkan bagi lembaga keuangan syariah dan masyarakat. Hasil yang diperoleh menunjukkan bahwa dengan optimalisasi pembiayaan akad salam dapat memberikan dampak positif terhadap para petani yaitu pada aspek permodalan untuk mengembangkan produk pertanian 

scholarly journals Al-Mashaqqah Tajlib Al-Tays¬ir Makna Dan Implikasinya Dalam Pengembangan Ekonomi Islam

2018 ◽  
Vol 3 (2) ◽  
Author(s):  
M. Dliyaul Muflihin
Keyword(s):  
Economic Development ◽  
Financial Institutions ◽  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Equal Distribution ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Islamic Economic

The problem of Islamic economics is also increasingly complex with the large number of banks. To meet the needs of transactions, banks have products that are offered to the public. In accordance with the function of the bank, namely collecting and distributing funds to the public. The purpose of channeling funds by Islamic banks is to support the implementation of development, improve justice, togetherness and equal distribution of people's welfare. This paper will answer what is the meaning of al-mashaqqah tajlib al-taysir and how do the Implications of al-mashaqqah tajlib al-taysir in the development of Islamic economy? The result of research shows that the meaning of the rule of al-mashaqqah tajlib al-taysir is the difficulty of bringing convenience. The point is that if implementing a provision of shara' mukallaf faces obstacles in the form of difficulties and limitations that exceed the limits of reasonable capabilities, then the difficulty automatically creates relief provisions. In other words, if we find difficulty in carrying out something that is to be sharia, then the difficulty becomes a justifiable cause to facilitate in carrying out something that is to be provision of sharia, so that we can continue to run the sharia of Allah easily. The implications raised by the rules of al-mashaqqah tajlib al-taysir are the determination of the law of Islamic financial institutions. This impact is seen when Islamic law allows transactions in Islamic banking financial institutions, so that the community will easily meet the needs by transacting with Islamic banking through contracts that have been agreed upon. Keywords: al-Mashaqqah Tajlib al-Taysir, Islamic Economic Development

scholarly journals Etika Profesi Dewan Pengawas Syariah

2018 ◽  
Vol 2 (2) ◽  
pp. 238
Author(s):  
Syai'in Syai'in
Keyword(s):  
Organizational Structure ◽  
Financial Institutions ◽  
Supervisory Board ◽  
Central Office ◽  
Islamic Banking ◽  
Religious Leader ◽  
Competency Testing ◽  
Bank Institution ◽  
Islamic Financial Institutions

<p><em>Among distinction between conventional banking and Islamic banking is the organizational structure. At Islamic banking and other islamic financial institutions  should have a sharia supervisory board. The Shari'ah supervisory board is located in the central office and its function is to oversee the business activities of the bank in accordance with the principles of shari'ah. In carrying out its functions, the Shari'a supervisory board must follow the DSN fatwa. </em><em></em></p><p><em>In the early days, members of the DPS banking were only proposed by the bank institution to DSN-MUI to obtain a decree as a ligality of their membership. Therefore at that time the syari'ah bank to propose candidates for the Shari'ah supervisory board simply chose someone who became a religious leader, cleric and ulama in the place of work of the bank.</em></p><p><em>After issuing the DSN-MUI Decree No. 02 of 2000, DPS membership is made an extension of the DSN whose legality is improved in the membership mechanism through competency testing, which is in the DSN Language to attend "invitation to prospective DPS member friendship". Members of the Shari'ah Supervisory Board will get DSN certification if it has been considered to meet the standards set.</em><em></em></p>

scholarly journals Exploring Compliance of AAOIFI Shariah Standard on Ijarah Financing: Analysis on the Practices of Islamic Banks in Malaysia

2020 ◽  
Vol 13 (2) ◽  
pp. 29
Author(s):  
Shujaat Saleem ◽  
Fadillah Mansor
Keyword(s):  
Content Analysis ◽  
Financial Institutions ◽  
Banking Industry ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Structured Interviews ◽  
Islamic Financial Institutions ◽  
Contemporary Practice

This paper aims to explore whether the practices of Ijarah financing by Islamic banks in Malaysia are in line with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standard No: (9) on Ijarah financing. Semi- structured interviews based on open-ended questionnaires were conducted, recorded verbatim, and transcribed for content analysis. Our study revealed flaws in the contemporary practice of Ijarah financing and indicated that it was slightly out of line with the AAOIFI Shariah standard. The study will not only help the Islamic banking industry of Malaysia to reduce, if not eliminate the gap between the practices of Bank Negara Malaysia (BNM) and AAOIFI Shariah standards pertaining to Ijarah financing but also create novel literature due to the fact that, no study has been undertaken to date, which analyzes the practices of Ijarah financing by Malaysian Islamic banks in the light of the AAOIFI Shariah standards.

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