scholarly journals Integrasi Prinsip Syariah dalam Fungsi Intermediasi Lembaga Keuangan Syariah

2020 ◽  
Vol 3 (2) ◽  
pp. 315-339
Author(s):  
Dewi Sukma Kristianti
Keyword(s):  
Board Of Directors ◽  
Financial Institutions ◽  
Supervisory Board ◽  
Financial Intermediary ◽  
The Future ◽  
The Board Of Directors

As a financial intermediary institution, Sharia Financial Institutions (LKS) have the responsibility to carry out their business activities by complying with sharia principles, which in the Indonesian context are stated in a number of Fatwas from the National Sharia Council-Indonesian Ulema Council (DSN-MUI). This article discusses why compliance with sharia principles has so far been a problem in LKS business activities, even though the presence of LKS in Indonesia has been nearly a quarter of a century. In this article it is shown that the legal substance of the principles of sharia, as stated in a number of DSN-MUI Fatwas, is still general in nature, so it is not operational and leads to inappropriate interpretations. As a result, the intermediation function of LKS is equated with the intermediation function of conventional financial institutions, and Islamic financing is also equated with credit or receivables. Apart from the fact that the provisions in the DSN-MUI Fatwa are still abstract, another factor that causes the practice not to comply with sharia principles is the weakness of the supervisory element in the LKS, namely the sharia supervisory board (DPS), which is placed parallel to the board of directors, making supervision difficult to be effective.  Moreover, DPS membership turned out to be possible to be concurrently in several LKS, so that the supervisory function was not focused and was potentially biased. In the future, it is hoped that the fatwa will contain more operational content and institutional supervision must be made effective and focused. Abstrak Sebagai lembaga intermediasi keuangan, Lembaga Keuangan Syariah (LKS) memiliki tanggung jawab untuk melaksanakan kegiatan usahanya dengan memenuhi prinsip syariah, yang dalam konteks Indonesia sebagaimana tercantum dalam sejumlah Fatwa Dewan Syariah Nasional-Majelis Ulama Indonesia (DSN-MUI). Artikel ini membahas mengapa kepatuhan prinsip-prinsip syariah sejauh ini masih menjadi persoalan dalam kegiatan usaha LKS, padahal kehadiran LKS di Indonesia sudah hampir seperempat abad lebih. Dalam artikel ini ditunjukkan, substansi hukum tentang prinsip-pinsip syariah, sebagaimana yang tercantum dalam sejumlah Fatwa DSN-MUI, masih bersifat umum, sehingga tidak operasional dan menimbulkan interpretasi yang tidak tepat. Akibatnya, fungsi intermediasi LKS disamakan dengan fungsi intermediasi Iembaga keuangan konvensional, dan pembiayaan syariah disamakan pula dengan kredit atau utang piutang. Selain ketentuan dalam Fatwa DSN-MUI yang masih abstrak, faktor lain yang menyebabkan ketidakpatuhan pada prinsip syariah adalah lemahnya unsur pengawas dalam LKS, yaitu dewan pengawas syariah (DPS), yang ditempatkan sejajar dengan direksi, sehingga pengawasan menjadi sulit efektif. Terlebih lagi keanggotaan DPS ternyata dimungkinkan untuk dirangkap dalam beberapa LKS, sehingga fungsi pengawasan tidak terfokus dan potensial bias. Ke depan diharapkan fatwa berisi materi muatan yang lebih operasional, dan kelembagaan pengawasan juga mesti dibuat efektif dan terfokus.

scholarly journals DEWAN PENGAWAS SYARIAH DAN PROFESIONALISME SUMBER DAYA MANUSIA

2018 ◽  
Vol 16 (2) ◽  
pp. 147-170
Author(s):  
H. Rahman Ambo Masse
Keyword(s):  
Human Resources ◽  
Board Of Directors ◽  
Financial Institutions ◽  
Supervisory Board ◽  
Financial Statements ◽  
Important Indicator ◽  
The Board Of Directors ◽  
Banking Institutions ◽  
Determinant Factor ◽  
Laws And Regulations

Sharia Supervisory Board (DPS) is one of the most important part in the system of Islamic financial and banking institutions in Indonesia. The existence of DPS is recognized based on applicable laws and regulations. The existence of DPS in sharia financial institutions and sharia banking aims to oversee sharia principles that must be implemented in real terms in the contract system and transactions in Islamic financial and banking institutions. Empirically, the recognition of legislation on the existence of DPS has not been fully implemented by Islamic financial and banking institutions. In fact, recommendations regarding the findings of sharia principles violations in the contract system and transactions in sharia financial and banking institutions often receive a response from the board of directors. Therefore, the most important indicator that DPS must have is the professionalism of its human resources. Competence is a determinant factor in recruiting DPS. These competencies include aspects of mastery of fiqh muamalah theories, competency in reading financial statements, and competencies in the field of engagement law.

Pengaruh Dewan Direksi, Dewan Komisaris Independen. Kepemilikan Manajerial, Kepemilikan Institusional, Dan Dewan Pengawas Syariah Terhadap No Performing Financing (Studi Kasus Pada Bank Umum Syariah Yang Terdaftar Di OJK Periode 2015-2019)

2021 ◽  
Vol 2 (2) ◽  
Author(s):  
Yugi Maheswari ES ◽  
Iwan Fakhruddin ◽  
Azmi Fitriati ◽  
Bima Cinintya Pratama
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Commercial Bank ◽  
Financial Services ◽  
Supervisory Board ◽  
Secondary Data ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Good Corporate Governance ◽  
The Board Of Directors

Tujuan penelitian ini untuk mengetahui pengaruh penerapan Good Corporate Governance (GCG) yang diproksikan oleh dewan direksi, dewan komisaris independen, kepemilikan manajerial, kepemilikan institusional, dan dewan pengawas syariah terhadap risiko pembayaran yang diukur dengan rasio Non Performing Financing (NPF) pada Bank Umum Syariah. Populasi penelitian adalah Bank Umum Syariah Yang Terdaftar di Otoritas Jasa Keuangan. Data yang digunakan adalah data sekunder berupa laporan tahunan Bank Umum Syariah periode 2015-2019. Sampel yang dikumpulkan adalah 14 bank syariah sebayak 70 data. Hasil penelitian menunjukkan bahwa dewan direksi berpengaruh negative erhadap NPF. Dewan komisaris independen, kepemilikan manajerial, kepemilikan institusional, dan dewan pengawas syariah tidak berpengaruh terhadap NPF.  The purpose of this study is to determine the effect of the implementation of Good Corporate Governance (GCG) which is proxied by the board of directors, the board of independent commissioners, managerial ownership, institutional ownership, and the sharia supervisory board against payment risk as measured by the Non Performing Financing (NPF) ratio at the Bank Sharia General. The study population was a Sharia Commercial Bank Registered at Financial services Authority. The data used was secondary data in the form of reports annual Sharia Commercial Bank for the period 2015-2019. The samples collected were 14 Islamic banks as much as 70 data. The results showed that the board of directors has a negative effect on NPF. Independent board of commissioners, managerial ownership, institutional ownership, and sharia supervisory board have no effect on NPF.

Corporate Governance in Islamic Banks

2021 ◽  
pp. 322-337
Author(s):  
Sami Ben Mim ◽  
Yosra Mbarki
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Supervisory Board ◽  
Islamic Banks ◽  
Governance Mechanism ◽  
Governance Mechanisms ◽  
Transmission Channels ◽  
Corporate Governance Mechanisms ◽  
The Board Of Directors ◽  
Corporate Governance Mechanism

This study investigates the efficiency of the Shariah supervisory board as a corporate governance mechanism in Islamic banks. The authors mainly seek to examine the effect of the Shariah board's composition (size and academic background of its members) on the performance of Islamic banks. They also try to highlight the transmission channels explaining this effect, and compare the efficiency of the Shariah board with that of traditional corporate governance mechanisms, namely the board of directors. The empirical investigation is based on a sample of 72 Islamic banks from 19 countries. Estimation results suggest that the Shariah board positively affects the Islamic banks performance through the number of Islamic Shariah scholars. This effect is mainly due to the size and cost transmission channels. These results are robust to different performance measures. On the other hand, results show that the board of directors' size produces a positive effect on a bank's performance, offering evidence for complementarity between traditional and Islamic governance mechanisms.

Corporate Governance: Principles and Objectives

1998 ◽  
Vol 2 (2) ◽  
pp. 18-22
Author(s):  
N. Vittal
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Financial Institutions ◽  
Code Of Conduct ◽  
Ethical Values ◽  
Good Corporate Governance ◽  
The Board Of Directors ◽  
Fundamental Value ◽  
The Government

Corporate Governance provides the fundamental value framework for the culture of an organisation which ensures efficient functioning of enterprises on sound ethical values and principles. Corporate governance has become a necessity, especially since 1991, when India made a U-turn in its economic policy and the revised policy of the government was aimed at attracting funds from foreign financial institutions. The primary resonsibiity of good corporate governance is that of the Board of Directors. For better corporate governance the boards should perform the role of monitoring the functioning of an organisation, without at the same time reducing the effectiveness of the management by interfering with their day-to-day matters. One of the impediments in the way of good corporate governance is corruption. The three factors within any system which generate corruption are: scarcity, lack of transparency and delay. If these three problems are tackled effectively, corruption can be checked to a great extent. As far as public sector undertakings are concerned, the “Code of Conduct and Ethics” should facilitate the redesigning of the PSEs.

scholarly journals IMPROVEMENT OF INDEPENDENT DIRECTORS INSTITUTION IN BANKING SECTOR

2017 ◽  
Vol 5 (2) ◽  
pp. 151-156
Author(s):  
Александр Рыманов ◽  
Aleksandr Rymanov
Keyword(s):  
Board Of Directors ◽  
Banking Sector ◽  
Supervisory Board ◽  
International Experience ◽  
Independent Directors ◽  
Stock Exchanges ◽  
Excessive Force ◽  
The Board Of Directors ◽  
Supervisory Boards

The article deals with problems of the institution of independent directors in the banking sector. The author analyses the activities of the independent directors, the requirements of regulators, stock exchanges to participation of independent directors on the Board of Directors (supervisory boards) of the banks. It is noted that the presence of independent directors in the Board of Directors (Supervisory Board) increases the objectivity of decisions. However, it is not feasible to perform the requirements of the banks on the high proportion of independent directors at the expense of excessive force. Analyzed international experience of independent directors in the banking sector, testifies to the ambiguous role of independent directors in various jurisdictions. National experiences of independent directors according to Sberbank and the rules of the Moscow Exchange presents on the application of uniform mandatory approach to participation of independent directors in the supervisory boards. It is proposed that the feasibility of increasing the participation of independent directors in the deliberations of the supervisory boards of banks.

scholarly journals Corporate Governance dan Kinerja Keuangan

2020 ◽  
Vol 17 (4) ◽  
pp. 566-589
Author(s):  
Haniatus Sa’diyah
Keyword(s):  
Corporate Governance ◽  
Data Analysis ◽  
Panel Data ◽  
Financial Performance ◽  
Board Of Directors ◽  
Commercial Banks ◽  
Sampling Method ◽  
Supervisory Board ◽  
Testing Methods ◽  
The Board Of Directors

This study aims to determine the effect of corporate governance as proxied by the Board of Commissioners, the Board of Independent Commissioners, the Board of Directors and the Sharia Supervisory Board on Financial Performance, through a connecting variable, namely Non Performing Financing (NPF). The sample of this research is using purposive sampling method. The population is 13 Islamic Commercial Banks in Indonesia. The samples obtained were 8 Islamic Commercial Banks. The data is obtained from the quarterly reports of each bank, namely the first quarter of 2017 to the second quarter of 2020. Data analysis and hypothesis testing methods use path analysis using panel data. The results of this study indicate that corporate governance as proxied by the Board of Commissioners, the Independent Commissioner, the Board of Directors and the Sharia Supervisory Board has no effect on financial performance and non-performing financing. This means that higher corporate governance does not affect financial performance or non-performing financing. In this study it was also found that non-performing financing has an effect on financial performance. If non-performing financing decreases, financial performance will increase. In addition, non-performing financing in this study cannot be an intervening variable for corporate governance.

scholarly journals Board, Shariah Committee and Senior Management: Updates on the BNM Shariah Governance Policy Document

2021 ◽  
Author(s):  
Nurul Afidah Mohamad Yusof ◽  
Mohammad Mahbubi Ali
Keyword(s):  
Content Analysis ◽  
Board Of Directors ◽  
Financial Institutions ◽  
Senior Management ◽  
Policy Document ◽  
Governance Framework ◽  
The Board Of Directors ◽  
Islamic Financial Institutions ◽  
Shariah Governance ◽  
New Framework

The paper aims to examine the relevant provisions of the newly released BNM Shariah Governance Policy Document relating to the board of directors, Shariah Committee and senior management of the Islamic Financial Institutions (IFIs) in Malaysia. The study is qualitative-based research. It reviews two documents, i.e. BNM Shariah Governance Framework 2010, and BNM Shariah Governance policy 2019. It uses a content analysis approach to understand and compare the two frameworks from the perspective of the board, the Shariah Committee and senior management. The study finds that SGP 2019 enhanced features of the preceding SGF 2010 revolving around enhanced board oversight and roles over Shariah governance, strengthened Shariah Committee (SC) requirements in providing independent and sound advice to IFIs, as well as a greater expectation for the board and senior management in promoting Shariah compliance culture. This paper examines the areas which have been addressed by the new framework to improve several issues which have been highlighted during the implementation of the previous framework, SGF 2010.

scholarly journals Corporate Governance Characteristics as a Stimulus to Tax Management

2016 ◽  
Vol 27 (71) ◽  
pp. 149-168 ◽  
Author(s):  
Antônio Paulo Machado Gomes
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Effective Rate ◽  
Executive Board ◽  
Tax Management ◽  
The Future ◽  
The Board Of Directors ◽  
Nominal Rate ◽  
Rule Out

This article aimed to investigate whether corporate governance uses tax management to increase companies' performance. The objective was checking whether corporate governance characteristics, such as remuneration paid to the executive board, segregation between Chairman and CEO, and the independence and composition of the Board of Directors, influence tax management in Brazilian companies. At the same time, it aimed to identify whether the preceding tax management is reflected on the subsequent tax management. To do this, a sample of 355 Brazilian companies listed on the BM&FBOVESPA between 2008 and 2014 was used, in order to find out whether their corporate governance characteristics influenced tax management, something identified by calculating ETR, CashETR, and BTD. As a result, it was found (i) that the remuneration paid to executives may be regarded as a characteristic influencing tax management in Brazilian firms, and (ii) that the preceding tax management influences the future tax management. In addition, it was found that Brazilian companies do not rule out tax management benefits, since the average effective rate in the sample under analysis was 25%, and it is statistically lower than the nominal rate of taxes on earnings in Brazil, which is 34%.

Minutes of the Annual Business Meeting

1966 ◽  
Vol 59 (6) ◽  
pp. 584-586
Keyword(s):  
Board Of Directors ◽  
Mathematics Teachers ◽  
Business Meeting ◽  
Annual Business ◽  
General Session ◽  
The Past ◽  
The Future ◽  
The Board Of Directors

The Annual Business Meeting was scheduled to follow immediately after the 9:00 a.m. general session, during which President Bruce E. Meserve presented a paper entitled “Mathematics Teachers, On Guard!”* In addition to other excellent thoughts contained in this paper there was a fine survey of the work of the NCTM during the past year as well as indications for important projects to be done in the future. Kenneth B. Henderson, member of the board of directors, presided at this general session.

scholarly journals The Legal Policy of Regulating the Concept of Future Value Amid the Discourse on State Finances in State-Owned Enterprises

2021 ◽  
Vol 1 (1) ◽  
pp. 37
Author(s):  
Dewi Lestari Djalal
Keyword(s):  
Board Of Directors ◽  
Corporate Crime ◽  
Research Result ◽  
Financial Loss ◽  
Business Decision ◽  
Legal Policy ◽  
Corporate Action ◽  
The Future ◽  
The Board Of Directors ◽  
Future Value

<p>The status of state finance is related to the legal consequences which occur and must be borne by the parties. The legal position of state finances will also determine any loss of the state finances which occur as a result of a business decision made by SOE. Business decision made by the Board of Directors of a company has significant impacts on the performance of a Limited Liability Company (LLC) such as revenue and increased value of the company. In order to generate profit, the Board of Directors must be able to take appropriate corporate action. The Board of Directors of LLC often takes future value action by performing risky action which may damage the company in expectation of the highest possible profit for the company in the future. In the context of SOE management is often viewed as detrimental to state finances because it’s considered corporate crime which ends with corruption. Problems occur when performing assessment of state loss as SOE and Law Enforcers have different perspectives. Law Enforcers often can’t see the future value of a corporate action taken by an SOE Persero. The problem in this paper is what is the Legal Policy of Regulating the Concept of Future Value in Determining State Financial Loss? The research method was judicial normative, which is a study that emphasizes the usage of written legal norms which are related to the source’s perception and view. The research result showed that policy related with future value transaction performed by the Board of Directors of SOE (LLC) incorporate action for the future interest of the company should be viewed as an action by the Board of Directors of SOE to realize the vision and mission of SOE, not as state financial loss if the value of the business loss is smaller than the profit generated by SOE and doesn’t affect state capital (state assets) which is deposited to SOE.</p>

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