scholarly journals ??? ???? ??????? ??????? ?? ??????? ??????? ??? ??????? ????????? ?? ????????? ??????? ?? ??????: ????? ????? ?????? ?????

2016 ◽  
Vol 1 (2) ◽  
pp. 215
Author(s):  
Hatta Syamsuddin ◽  
Abdul Khaliq Hasan ◽  
Moh Muinudinillah
Keyword(s):  
Supervisory Board ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Finance Industry ◽  
Islamic Jurisprudence ◽  
Banking Business ◽  
Rules And Principles ◽  
Muslim Communities ◽  
Financial Transactions

The emergence of Islamic banking was considered as a response to the desire of Muslim communities to disassociate from usury (riba-based) system. The development of time increasing the diversity of financial transactions, both in trading and banking business, which has no provisions in the old sources of Islamic jurisprudence. This dangerous phenomenon was the reason for the importance of a Sharia Supervisory Board to ensure all of the banking transactions comply with the rules and principles of sharia. This research focused on the role of National Sharia Board and his methodology in the fatwa. This research uses analytical descriptive methodology. The limitations of this research were about: how the National Sharia Board played their roles in Indonesia and how the method applied by the National Sharia Board in issuing a fatwa. The research found that: the National Sharia Board in Indonesia has played their roles, especially in developing Islamic finance industry, ensuring financial and banking transaction comply with the rules and principles of sharia, and providing awareness and guidance to the Muslim communities. The issuing of fatwa on financial transactions was the authority of the National Sharia Board. The National Sharia Board hold on procedures, specific steps, and certain agreed methodology in issuing the fatwa. Nevertheless, there still some fatwas that caused controversy in the Islamic community

scholarly journals POSITIONING ISLAMIC LEGAL THEORY IN THE DEVELOPMENT OF ISLAMIC FINANCE

JURISDICTIE ◽  
2019 ◽  
Vol 10 (1) ◽  
pp. 18
Author(s):  
Nuha Qonita
Keyword(s):  
Islamic Law ◽  
Legal Theory ◽  
New Product ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Modern Time ◽  
Islamic Legal Theory ◽  
Islamic Jurisprudence ◽  
The World

<p>Islamic finance continues to grow over the world, the development of technology plays a crucial role to support Islamic finance. The great innovation of technology may come to dig up the potential of Islamic financing, yet digital system needs for sharia compliance, both are in similar needs for sharia overviews regardless different opinions of ijtihad in this modern time. Emphasizing case by case of Islamic finance has been done by the sharia scholars in producing the new product of Islamic banking and financing. The Islamic jurisprudence however should consider the substence and maqasid form of sharia. The objective of this paper is to enlight some vital parts of Islamic legal theory as part of Islamic law in implementing sharia compliance. Furthermore, provide the role of legal system which takes a crucial place in implementing the system, it should be harmonized in the existing condition of Islamic finance. This paper is qualitative methods with deep analysis on Islamic legal theory among muslim scholars.</p>

scholarly journals The Role of Musharakah in the Economic Development of Tehsil Dargai, District Malakand, Khyber Pakhtunkhwa, Pakistan

2019 ◽  
Vol 6 ◽  
pp. 80-97
Author(s):  
Suhail Ahmad ◽  
Ejaz Aslam ◽  
Prof. Dr. S. Ghiasul Haq ◽  
Prof. Dr. Mohd Ma'Sum Billah
Keyword(s):  
Response Rate ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Limited Data ◽  
Khyber Pakhtunkhwa ◽  
Banking And Finance ◽  
Finance Industry ◽  
Muslim Countries ◽  
Job Opportunities

Islamic finance industry has been growing for the last twenty years, both in Muslim and non-Muslim countries around the world. There are different modes of Islamic finance which provide job opportunities across the globe. In Pakistan, the contemporaneous growth of Islamic banking and finance is not different from other countries. Islamic banking and finance does not only provide employment for individuals, indeed it also offers various products and services to customers across the country. Musharakah is a form of business in Islamic finance that is being adopted rapidly by most of the customers in Islamic banking and finance institutions. Therefore, the purpose of this study is to examine the role of Islamic finance, mainly how Musharakah is playing its due role in creating employment and maintaining sustainable development projects which in turn are causes of the development of the economy, particularly of Tehsil Dargai. For this purpose, this study collected data through a questionnaire that was randomly distributed among 100 respondents in Tehsil Dargai, District Malakand, Khyber Pakhtunkhwa (KP), Pakistan and the response rate was 60%. We found that Islamic finance is rapidly growing in Dargai; indeed, people are practicing different modes of Islamic finance and Musharakah is the most popular form of Islamic finance in this area. This study utilizes limited data because it was only conducted in Dargai.

scholarly journals Analisis Rasch Pada Atribut Perbankan Syariah: Studi pada Generasi Milenial

2019 ◽  
Vol 5 (3) ◽  
pp. 145
Author(s):  
Anggiya Rossana ◽  
Egi Arvian Firmansyah
Keyword(s):  
University Students ◽  
Market Share ◽  
Rasch Analysis ◽  
Primary Data ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Banking Services ◽  
Finance Industry ◽  
Potential Customers

The presence of Islamic banking in Indonesia is one form of progress and development of the Islamic finance industry in Indonesia. However, for more than 20 years, Islamic banking has apparently not been able to grow optimally and experienced a slowdown in its growth. Islamic banks need to increase their market share and also need to identify which attributes are most considered by the potential customers, especially the millennials whose number is large. This study aims to find out which attributes are most considered in using Islamic banking services. This study uses primary data by distributing online questionnaires to 180 university students in Bandung, namely Unpad, ITB and UPI students. To analyze the data, Rasch analysis was used. The results of Rasch analysis show that cleanliness, friendliness, and Islamic principles turned out to be the most considered attributes in selecting Islamic banking in Indonesia. Given that these three attributes are the most considered, it is expected that Islamic banking strengthen these three aspects in order to increase the market of Islamic finance industry markets.

scholarly journals Sale with the temporary exclusion of usufruct

2018 ◽  
Vol 10 (1) ◽  
pp. 85-93
Author(s):  
Abdulbari Mashal ◽  
Amer Hajal ◽  
Om Kalthoum Majoul ◽  
Mir Riaz Ansary
Keyword(s):  
Design Methodology ◽  
Islamic Law ◽  
Added Value ◽  
Islamic Finance ◽  
Content Type ◽  
Finance Industry ◽  
Market Rate ◽  
Islamic Jurisprudence ◽  
Finance House ◽  
Associated Risk Factors

Purpose This paper aims to investigate sale with the temporary exclusion of usufruct, a format debated in classical Islamic jurisprudence. More specifically, it examines the application of this sale format in the diminishing partnership arrangement used by American Finance House LARIBA to finance house purchases. It analyzes the Sharīʿah issues and assesses the risks involved. Design/methodology/approach The research is qualitative, surveying and critically analyzing classical fiqh literature and contemporary juristic resolutions, as well as LARIBA’s financing documents. Finally, it systematically surveys the associated risk factors, first qualitatively, and then by quantifying them. Findings The research concludes that sale with the temporary exclusion of usufruct is a valid contract in Islamic law. When the usufruct is priced at market rate, the financing arrangement is genuinely Islamic and brings added value. Moreover, it is very effective in addressing risks for Islamic banks, particularly in countries with legal systems not designed to accommodate Islamic finance. Originality/value This study systematically examines all aspects of a contract that has not received sufficient academic attention, that has been underutilized by the Islamic finance industry and that is more fitting for implementation than many of the contracts currently being used.

scholarly journals A JUDICIAL PERSPECTIVE ON ISLAMIC FINANCE LITIGATION IN MALAYSIA

1970 ◽  
Vol 21 (2) ◽  
Author(s):  
Tun Arifin Bin Zakaria
Keyword(s):  
Dispute Resolution ◽  
Financial Services ◽  
Legal Framework ◽  
Islamic Finance ◽  
Finance Industry ◽  
International Recognition ◽  
The Future ◽  
Competitive Products ◽  
Civil Courts

In the last four decades, Malaysian jurists and Sharî’ah scholars have immensely contributed to the field of Islamic finance sufficient to attract international recognition and acceptance. This has turned Malaysia to a vibrant global hub for Islamic financial services. In furtherance of this enviable position, a new legal framework was recently introduced which is expected to reemphasize the pragmatic and resilient nature of the Islamic finance industry. This paper therefore provides a judicial perspective on the recent reforms in the legal framework of Islamic finance industry, examines the dynamics of Islamic finance litigation, and highlights the important role of the judiciary and other dispute resolution institutions in shaping the future of the industry. In Malaysia, the nature of the trading concepts, upon which the Islamic finance facilities are based, are the major sources of disputes since the Islamic finance industry operates within a conventional framework and related disputes are litigated in the civil courts. It is therefore argued that the biggest challenge for the courts in the exercise of its judicial function is the application of relevant laws to Islamic finance transactions. The paper concludes that strengthening the legal architecture of the industrywill necessarily lead to the development of competitive products that are not only Sharî’ah-compliant but alsoconventionally viable. This can be achieved through the channelling of Islamic finance disputes to an alternative forum for appropriate dispute resolution. ABSTRAKDalam empat dekad yang lalu, cendekiawan Malaysia dan pakar Syariah telah memberi sumbangan yang besar kepada bidang kewangan Islam yang cukup bagi menarik pengiktirafan dan penerimaan antarabangsa. Ini telah menjadikan Malaysia suatu hab global bertenaga untuk perkhidmatan kewangan Islam. Bagi meneruskan kedudukan yang dicemburui ini, satu rangka kerja undang-undang baru telah diperkenalkan baru-baru ini yang diharap lebih menekankan kepada lumrah pragmatik dan berdaya tahan industri kewangan Islam. Oleh itu, kertas kerja ini memberikan perspektif kehakiman terhadap pembaharuan mutakhir dalam rangka kerja undang undang industri kewangan Islam, mengkaji dinamik litigasi kewangan Islam, dan menjelaskan peranan penting badan kehakiman dan institusi-institusi penyelesaian pertikaian yang lain dalam membentuk masa depan industri ini. Di Malaysia, lumrah konsep perdagangan, yang mana menjadi dasar kemudahan kewangan Islam, adalah punca utama pertikaian sejak industri kewangan Islam beroperasi di dalam rangka kerja konvensional dan pertikaian berkaitan telah dilitigasikan di mahkamah sivil. Maka ia telah dibahaskan bahawa cabaran terbesar bagi mahkamah pada menjalankan fungsi kehakimannya adalah aplikasi undang-undang yang berkaitan dengan urus niaga kewangan Islam. Kertas kerja ini menyimpulkan bahawa pengukuhan rangka kerja undang-undang industri akan membawa kepada pembangunan produk yang berdaya saing yang bukan sahaja patuh Syariah tetapi juga berdaya maju dari sudut konvensionalnya. Ini boleh dicapai melalui penyaluran pertikaian kewangan Islam kepada forum alternatif untuk penyelesaian pertikaian yang sesuai.

scholarly journals The Application of Ju'alah in Islamic Finance: The Malaysian Perspective

2020 ◽  
Vol 7 (1) ◽  
pp. 29-41
Author(s):  
Ismail Mohamed ◽  
Mohd Rafede Mohd ◽  
Aishath Muneeza
Keyword(s):  
Capital Market ◽  
Islamic Finance ◽  
Specific Reference ◽  
Islamic Banking ◽  
Finance Industry ◽  
Potential Applications

Ju’alah is one of the least researched types of Shariah contracts used in Islamic finance. The objective of this paper is to explore the current and potential applications of Ju’alah with specific reference to Malaysian Islamic banking, takaful and the Islamic capital market. This paper establishes that there is potential for using Ju’alah in Islamic finance as a primary and/or secondary contract. It also establishes that Ju’alah can be used in takaful, though it is not being currently used for this in Islamic banking and the Islamic capital market in Malaysia. It is anticipated that the findings of this paper will improve understanding of the practice of Ju’alah in the Malaysian Islamic finance industry.

scholarly journals The Theoretical Linkages between the Shariah Supervisory Board (SSB) and Stakeholder Theory in the Islamic Financial Institutes: An Empirical Review

2019 ◽  
Vol 4 (2) ◽  
pp. 43-49
Author(s):  
K. M. Anwarul Islam ◽  
Abul Bashar Bhuiyan
Keyword(s):  
Corporate Governance ◽  
Stakeholder Theory ◽  
Supervisory Board ◽  
Real Data ◽  
Empirical Literature ◽  
Islamic Banking ◽  
Stakeholder Groups ◽  
Connected Body ◽  
Conventional Systems

As part the Corporate Governance, the Shariah Supervisory Board has a significant role in the Islamic Financial Institutes for ensuring its conformity with the Shariah standards. In general, the Corporate governance should be played essential roles to design and promote principles of fairness, accountability, and transparency to meet of all the stakeholder’s rights such as shareholders, the workers, the depositors, and the customers, etc. however, there are still struggling for convincing arguments to justify stakeholders’ participation in governance in the traditional conventional systems rather, the Stakeholder theory has become one of the most important developments in the field of business ethics, which is widely regarded as being a key element in Islamic banking, making it of extreme relevance in Islam’s principles of property rights, commitment. Therefore, this study aims to justify the theoretical linkages or relationship between the role of the Shariah Supervisory Board of Islamic banking and stakeholders’ model from the existing empirical literature review. The summary of empirical review findings revealed that the stakeholder concept in a way that overcomes many of the existing limitations and provides a different understanding of the identity and meaning of Islamic banking, specifically in terms of its relationship to stakeholder groups, such as Islamic banks are a connected body, they should have control over the external environment and should implement hierarchies. Moreover, the developed a conceptual framework to do empirical research by applying real data to test the significance of the above relationships for further policy explorations.

scholarly journals Optimization the Role of Shariah Supervisory Board for Shariah Governance in Islamic Banking

2020 ◽  
Vol 4 (1) ◽  
pp. 47
Author(s):  
Izzani Ulfi ◽  
Ujang Syahrul Mubarrok ◽  
Muhamad Wahyudi
Keyword(s):  
Literature Review ◽  
Banking Industry ◽  
Supervisory Board ◽  
Islamic Banking ◽  
Shariah Governance

Many studies show that one of the biggest challenges in Islamic banking is related to lack of proper and effective Shariah governance. By focusing on the role of Shariah Supervisory Board (SSB), this paper attempts to extract some keys on how to achieve better performance and development of Islamic banking industry by reviewing previous studies. This study was done by using literature review approach. This study concludes that increasing the size of SSB, improving higher skills and competences of SSB members, keeping the independency of SSB member as well as the need of Central Shariah Board (CSB) and shariah auditor would affect to better performance of Islamic banking.

scholarly journals Kewenangan Dewan Pengawas Syariah Dan Implikasi Terhadap Perwujudan Corporate Social Responsibility Di Perbankan Syariah

SASI ◽  
2021 ◽  
Vol 27 (4) ◽  
pp. 504
Author(s):  
Nury Khoiril Jamil ◽  
Robiatul Adawiyah ◽  
Rumawi Rumawi
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Research Method ◽  
Supervisory Board ◽  
Social Aspects ◽  
Islamic Banking ◽  
Common Goal ◽  
Conceptual Approach ◽  
Corporate Social

Every company has a social responsibility. There are measurements of social responsibility that are carried out to achieve usefulness, one of which is Islamic banking. Although Islamic banking is only considered a labeling issue. However, with the role of DPS which is realized through CSR, it indicates that Islamic banking contributes and is responsible for various social aspects and nation building as a common goal as stated in the 5th principle of Pancasila. This study aims to determine the authority of the Sharia Supervisory Board (DPS) as mandated in laws and regulations and the implications for the realization of Corporate Social Responsibility (CSR) in Islamic banking. This research method is normative juridical, with a statutory and conceptual approach that refers to legal doctrines. The results of the study indicate that DPS has an important role in preventive efforts for activities in Islamic banking as well as the actuality of social responsibility that is realized through CSR.

scholarly journals DILEMA SKIM MURÂBAHAH PADA PERBANKAN SYARIAH

2011 ◽  
Vol 35 (2) ◽  
Author(s):  
Syukri Iska
Keyword(s):  
Banking System ◽  
Specific Reference ◽  
Islamic Banking ◽  
Conventional System ◽  
The Real ◽  
Islamic Jurisprudence ◽  
Islamic Countries ◽  
Economic Transaction

<p>Abstrak: Kesemarakan pertumbuhan perbankan syariah terutama di negara- negara Muslim pada beberapa dekade terakhir tidak dapat dipungkiri. Namun di balik pertumbuhan tersebut bank syariah sering dikritik hanya sekadar ganti “baju” dengan klaim bahwa bank ini mengambil beberapa konsep dari dari bank konvensional kemudian menggantikannya dengan idiom-idiom yang ada pada fiqih muâmalah. Tulisan ini memaparkan penjelasan terhadap pertanyaan tentang keberadaan bank syariah dengan merujuk pada skimmurâbahah, bagaimana perasaan dan perbedaan antara kedua sistem Islam dan konvensional, serta implikasi sistem perbankan Islam dalam transaksi ekonomi yang menyeluruh. Penulis berargumen bahwa kendati skimmurâbahah bukan merupakan instrumen ideal untuk mencapai tujuan riil ekonomi Islam, skimmurâbahah ini ternyata mengandung banyak persoalan, terutama kalau dilihat dalam perspektif syariah secara puristik ataupun menurut paradigma tentang bank.</p><p><br />Abstract: The Dilemma of Murabahah Skim in Shari‘a Banks. The flourishing development of Shari‘a Banks especially in Islamic countries for the last few decades are undeniable. However, despite such tremendous development it has often been criticized for being only changing suit claiming that it has taken some conventional system concepts which are then modified in acoordance with idioms found in Islamic jurisprudence discourse. This paper then sheds some lights on some questions of the existence of Shari‘a Banks with specific reference to murâbahah skim, how the two system similar to or different from each other, as well as the implication of the Islamic banking system in the general economic transaction. The author argues that although the murâbahah skim is not an ideal instrument in achieving the real objective of Islamic economy, its domination as an important skim, however, seems to be in dilemmatic position between the pragmatic demands of the need of pure Shari‘a laws as a genuine reference and the role of banks should fulfil.</p><p><br />Kata Kunci: perbankan syariah,murâbahah, ekonomi Islam</p>

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