scholarly journals Halal Industry and Islamic Banking: A Study of Halal Ecosystem Regulation in Indonesia

2020 ◽  
Vol 2 (2) ◽  
Author(s):  
Muhammad Khozin Ahyar
Keyword(s):  
Literature Review ◽  
Financial Institutions ◽  
Qualitative Method ◽  
Islamic Banking ◽  
Financial Indicators ◽  
Product Certification ◽  
Doing Business ◽  
Islamic Financial Institutions ◽  
The Creation ◽  
Certification Requirements

Halal industry lately is developing rapidly throughout the needs of the community. Indonesia is one of the world's largest halal product markets because it has favourable demographic conditions. Regulations on the submission of halal products in Indonesia itself have not led to the use of Islamic financial institutions in terms of the certification assessment. Even though the Qur'an and the hadith have explained that in doing business, how to get capital must also come from halal sources. This study uses a qualitative method by conducting a literature review on related references. The author found that the JPH Law (Halal Product Guarantee), and the halal certification requirements of LPPOM MUI, have not included finance as one requirement or assessment indicators in halal product certification. Financial indicators should be able to be one indicator in the certification of halal products because finance is one of the initial sources (upstream / input) of the creation of halal products.

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 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 Penutup Aurat bagi Perempuan Transgender dalam Hukum Islam

2021 ◽  
Vol 22 (2) ◽  
pp. 167
Author(s):  
Rahayu Irhami ◽  
M. Irfan Syaifuddin ◽  
Inggit Ayuning Pandini ◽  
Shuhita Endah Palupi
Keyword(s):  
Literature Review ◽  
Financial Institutions ◽  
Oil Palm ◽  
Islamic Law ◽  
Field Research ◽  
Factory Workers ◽  
Legal Principles ◽  
Nominal Form ◽  
Islamic Financial Institutions

AbstractThis study describes the review of Islamic law related to the sale and purchase of workdays conducted by factory workers Oil palm Fabrique in Simpang Nibung Rawas Village, South Sumatra Province. This paper is field research by interviewing 13 factory workers to get an overview of buying and selling working days. This study also uses a literature review from Islamic legal sources and MUI fatwas to explain the appropriateness of buying and selling working days with Islamic legal principles. In practice, buying and selling working days is not following the provisions of the MUI DSN Fatwa because the ujrah imposed on the seller is determined by one party, the buyer, and the amount of the ujrah is expressed in terms of percentage rather than in nominal form. Besides, there is a mechanism that causes the transaction to contain gharar elements such as the sale of working days that are not yet owned, and the presence of gharar elements creates a new element, namely usury. Sales of working days that are not yet owned by workers cause at the end of the agreement the seller is required to pay the principal receivables accompanied by profits determined by the buyer that can be equated with borrowing money with interest. This research suggests that factory workers borrow funds from Islamic financial institutions that are more in line with Islamic legal guidance This research suggests factory workers not to continue the practice of buying and selling weekdays because there are elements of gharar and usury in it and to consider Islamic financial institutions and zakat institutions as a solution for lending funds.AbstrakPenelitian ini menjelaskan mengenai kajian Hukum Islam terkait jual  beli hari kerja yang dilakukan oleh buruh pabrik CV. Sawit yang ada di DesaSimpang Nibung Rawas, Provinsi Sumatera Selatan. Penelitian menggunakan pendekatan penelitian lapangan (field research) dengan mewancarai 13 buruh pabrik untuk mendapatkan gambaran praktik jual beli hari kerja. Penelitian ini juga menggunakan literature review dari sumber-sumber hukum Islam dan fatwa MUI dalam menjelaskan kesesuaian praktik jual beli hari kerja dengan prinsip hukum Islam. Dalam praktiknya jual beli hari kerja tidak sesuai dengan ketentuan Fatwa DSN MUI karena ujrah yang dikenakan kepada penjual ditentukan oleh satu pihak yaitu pembeli dan besarnya keuntungan dinyatakan dengan bentuk prosentase dan bukan dalam bentuk nominal. Selain itu, terdapat alur mekanisme yang menyebabkan bahwa transaksi tersebut mengandung unsur gharar seperti penjualan hari kerja yang belum dimiliki, serta adanya unsur gharar tersebut menimbulkan unsur baru yaitu riba. Penjualan hari kerja yang belum dimiliki oleh buruh menyebabkan saat akhir perjanjian penjual diharuskan membayar pokok piutang disertai keuntungan yang di tentukan oleh pembeli yang dapat disamakan dengan peminjaman uang dengan bunga. Penelitian ini menyarankan para buruh pabrik untuk tidak melanjutkan praktik jual beli hari kerja karena terdapat unsur gharar dan riba yang diharamkan dalam Islam serta mempertimbangkan lembaga keuangan syariah dan lembaga zakat sebagai solusi peminjaman dana. 

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 PRINSIP DAN KRITERIA PERIKLANAN DARI PERSPEKTIF ISLAM

2012 ◽  
Vol 1 (1) ◽  
Author(s):  
Teuku Meldi Kesuma
Keyword(s):  
Content Analysis ◽  
Literature Review ◽  
Financial Institutions ◽  
Islamic Perspective ◽  
Islamic Financial Institutions ◽  
Islamic Values

Advertising in marketing Islamic products must be believed and understood as an important part of marketing based on Islam which should not be separated. This paper examines the principles and criteria of advertising from the perspective of Islam. It is caused by the increase of companies and institutions which are based on Islamic values such as Islamic financial institutions that promote its products the consumers. The important issues discussed in this paper is how the reality of concepts, principles, and criteria of Islamic advertising? Therefore this paper is developing an advertising concept from the perspective of Islam and to know for sure whether the principles and criteria that should exist in advertising Islam. The methodology applied in this paper is through a literature review by using content analysis. Hopefully, this study could develop an Islamic perspective advertisement concept in terms of principles and criteria. ======================================================================================================== Periklanan dalam memasarkan produk-produk Islam harus diyakini dan di pahami merupakan bahagian penting dalam pemasaran yang berdasarkan Islam yang tidak boleh dipisahkan. Tulisan ini mengkaji prinsip-prinsip dan kriteria periklanan dalam perspektif Islam. Hal ini disebabkan semakin ramai dan tingginya pertumbuhan perusahaan dan institusi yang berlandaskan nilai-nilai Islam seperti institusi keuangan Islam yang mempromosikan produk dan perkhidmatannya kepada orang ramai. Persoalan penting yang dibahas dalam kertas kerja ini adalah bagaimanakah bentuk konsep, prinsip dan kriteria periklanan Islam yang sebenarnya? Oleh karena itu tujuan kertas kerja ini adalah untuk membangun satu konsep periklanan dari perspektif Islam dan untuk mengenal pasti apakah prinsip-prinsip serta kriteria yang seharusnya ada dalam periklanan Islam. Metodologi kajian yang digunakan dalam kertas kerja ini adalah metode kepustakaan dengan menggunakan analisis isi. Kajian ini diharapkan dapat membentuk konsep periklanan dalam perspektif Islam dari segi prinsip dan kriterianya.

What Policy for Islamic Financial Literacy?

10.26414/a148 ◽  
2021 ◽  
Author(s):  
Ahmed Tahiri Jouti
Keyword(s):  
Literature Review ◽  
Financial Institutions ◽  
Financial Literacy ◽  
Sustainable Growth ◽  
Islamic Finance ◽  
Finance Industry ◽  
Literacy Policy ◽  
Islamic Financial Institutions ◽  
Financial Behaviour

This paper addresses the concept of financial literacy in Islamic finance and suggests a methodology to elaborate an effective Islamic financial literacy policy (IFLP). Based on a literature review, the paper summarizes the conclusions of studies and surveys conducted in the field of conventional financial literacy while identifying the specificities of the Islamic finance industry. Indeed, the paper would help financial authorities and Islamic financial institutions in elaborating Islamic financial literacy policies (IFLPs) in order to contribute to the sustainable growth of the industry. It promotes the idea that qualitative aspects are worth studying when elaborating an Islamic financial literacy policy that has to take into account many factors such as the maturity of the industry, the objectives of the policy (inclusion or migration), the degree of Shari’ah awareness, the understanding of Arabic terminologies, etc. Finally, the IFLP measurement should include quantitative (Total reach and number of people reached) as well as qualitative aspects (level of financial literacy, impact on financial behaviour).

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 Implementasi Sifat Ta'awun Dalam Lembaga Keuangan Syariah Melalui Akad Al-Qardh

2019 ◽  
Vol 6 (1) ◽  
pp. 87-103
Author(s):  
Rukiah Rukiah
Keyword(s):  
Literature Review ◽  
Financial Institutions ◽  
Analytical Method ◽  
Social Functions ◽  
Islamic Financial Institutions

AbstrakTujuan dari penulisan artikel ini adalah untuk mengetahui konsep Al-qardh dalam lembaga keuangan syariah dari tinjauan fiqh, bagaimana kendala kendala pelaksanaan di lapangan, serta produk- produk apa saja yang memakai akad ini di lembaga keuangan. Metode analisis yang dipakai adalah kajian literatur dan temuan di lapangan. Hasil yang ditemukan adalah bahwa, akad qardh dalam prakteknya, belum maksimal dimanfaatkan lembaga keuangan untuk optimalisasi fungsi sosialnya, dan kurangnya kesadaran nasabah untuk mengembalikan hutang qardh, sebab adanya persepsi nasabah bahwa hutang qardh itu adalah dana kebajikan.AbstrakThe purpose this paper were to find out the concept of Al-qardh in Islamic financial institutions from a review of fiqh, what are the obstacles of implementation in the field, and what products use this contract in financial institutions. The analytical method used is a literature review and findings in the field. The results found were qardh contract in practice, it was not maximally utilized by financial institutions to optimize their social functions, and the lack of awareness of customers to return qardh debt, because there was a customer's perception that the qardh debt was a virtue fund.

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.

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