scholarly journals 'MAQASID AL-SHARIAH' IN ISLAMIC BANKS BEFORE VALUE-BASED INTERMEDIATION IMPLEMENTATION

2021 ◽  
Vol 18 (2) ◽  
pp. 173-189
Author(s):  
Sharifah Faigah Syed Alwi ◽  
◽  
Fateha Abd Halim ◽  
Tengku Dewi Ahdiyaty Tengku Ahmad Mazlin ◽  
Aizurra Haidah Abdul Kadir ◽  
...  
Keyword(s):  
Qualitative Methodology ◽  
Islamic Law ◽  
Human Life ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Structured Interviews ◽  
The Public ◽  
Library Research ◽  
Banking Institutions ◽  
Banking Operations

Bank Negara Malaysia (BNM) had introduced Value-Based Intermediation (VBI) initiatives to help Islamic banks implement a structuralised form of maqasid al-shariah (objectives of shariah (Islamic law)) in their banking operations. Thus, questions were raised by the public on whether or not Islamic banking institutions in Malaysia had been achieving maqasid al-shariah in their banking operations prior to VBI. This paper aims to discuss the real concept of maqasid al-shariah that should be realised in Islamic banks and investigate whether Islamic banks had truly been achieving maqasid al-shariah in their banking operations before the introduction of VBI. Library research is conducted to obtain information on maqasid al-shariah and the qualitative methodology is adopted to gain information from three bankers representing three Islamic banks in Malaysia via semi-structured interviews. The researchers found that the fundamental concept of maqasid al-shariah in Islamic banks includes the protection of religion, life, intellect, progeny and wealth in human life through the products and services offered by the banks. The Islamic banks were found to have developed their products and services to achieve maqasid al-shariah even before VBI was introduced by BNM. However, with VBI, a proper framework in achieving maqasid al-shariah has been developed.

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 Review of Islamic Law Against Execution of Collateral Auctions on Islamic Banking Institutions in Aceh, Indonesia

2021 ◽  
Vol 2 (1) ◽  
pp. 88-93
Author(s):  
Muhammad Fadhli ◽  
Sadad Mahmud ◽  
Ahmad Azrin Adnan ◽  
Abd Jamal ◽  
Ibraheem Alani AbdulKareem
Keyword(s):  
Islamic Law ◽  
Qualitative Approach ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Due Date ◽  
Financial Transaction ◽  
Direct Sales ◽  
Banking Institutions ◽  
The Right ◽  
Formal Procedures

This article review Islamic law quoted from jurists’ opinion and legal experts on the use of auction trading theory in the collateral sale. Every financial transaction in Islamic banking required a guarantee. It is intended to save bank funds if the customer defaults. Based on constitutional act Number 4 of 1996 of mortgage rights, Islamic banks have the right to confiscate the asset (guarantees) of a customer who has reached the due date without intention to pay. However, the bank cannot carry out unilateral execution to make direct sales. The formal procedures which banks must follow to disburse funds from customer guarantees are usually long and often meet various obstacles. This article analyzes normatively and empirically the bail auction guarantees implementation on Islamic banking in Aceh based on the Islamic law concept from the al Quran, Hadith, and the scholars’ Ijma’. Although conventional law is still used in the auction rules, the implementation of guarantees as applied to Islamic banking has adopted many Islamic laws. However, in the practice, there are still many problems that arise from the Islamic law scope which uphold the philosophy of maslahah and the concept of justice. The paper, therefore, employs qualitative approach and secondary date to investigate Shariah perspective against execution of collateral auctions on Islamic banking institutions in Aceh, Indonesia.

Pengurusan Perkahwinan Masyarakat Rohingya di Malaysia Menurut Perspektif Undang-Undang dan Syariah

2020 ◽  
Vol 32 (2) ◽  
pp. 243-274
Author(s):  
Zulfaqar Mamat ◽  
◽  
Rodziana Mohamed Razali ◽  
Keyword(s):  
Qualitative Methodology ◽  
Legal Status ◽  
Islamic Law ◽  
Sampling Technique ◽  
Federal Agencies ◽  
Economic Conditions ◽  
Kuala Lumpur ◽  
Structured Interviews ◽  
Library Research ◽  
Regulatory Frameworks

A lack of policy and regulatory frameworks to administer and recognize marriage institutions especially among Rohingya refugees in Malaysia gives rise to various legal and social implications, non-compliance with Sharia law, as well as complications in the process of refugee resettlement to third countries. This research aims to discuss this issue including its repercussions from the legal and Sharia perspectives in Malaysia. It employs a qualitative methodology using library research and semi-structured interviews based on the purposive sampling technique with a number of respondents from the Islamic Religious Departments of Selangor, Federal Territory of Kuala Lumpur and Negeri Sembilan. These three states were selected taking into consideration their socio-economic conditions and employment opportunities, which serve as attractive destinations for migrants and refugees from various countries. This study reveals that the unrecognized legal status of refugees complicates the registration of Rohingya marriages in this country. Additionally, state autonomy in setting out the policies, laws and guidelines on the registration of marriages and divorces of Muslim refugees in Malaysia creates divergence in the management of their marriages. A streamlined and detailed set of guidelines should be finalized between the states and the relevant federal agencies so that marriages among Muslim refugees, including the Rohingya, can be better regulated, culminating in preservation of their rights and of Islamic law.

scholarly journals GOOD CORPORATE GOVERNANCE (GCG) PRINCIPLE IN SHARIA BANKING: AN ISLAMIC LAW PERSPECTIVE

2021 ◽  
Vol 5 (2) ◽  
pp. 242
Author(s):  
Suryani Suryani ◽  
Yudi Ahmad Faisal ◽  
Muhammad Anwar Fathoni ◽  
Lukman Santoso
Keyword(s):  
Corporate Governance ◽  
Islamic Law ◽  
Human Life ◽  
Rapid Development ◽  
Islamic Banking ◽  
Business Decision ◽  
The Public ◽  
Good Corporate Governance ◽  
Maximum Protection ◽  
Banking Development

The implementation of Islamic economy in Indonesia is due to the fact that Islam has a comprehensive and universal teaching in all human life aspects, including economy. One encouraging Islamic banking development in Indonesia is indicated by the operation of banks accommodating the Sharia principles. The rapid development of Sharia banking requires an immediate implementation of Good Corporate Governance (GCG) System to provide a maximum protection for the stakeholders, especially customers. The implementation of GCG is expected to help Sharia banking minimize the poor financing quality, increase the bank assessment accuracy, infrastructure, and business decision making quality as well as become the early detection to high risk business areas, products, and services. The implementation of GCG system is greatly important since Sharia banking is the intermediary institution requiring the public or stakeholders’ trust.

scholarly journals Shari’ah Scholars’ Insight on Shari’ah Governance Framework for Islamic Banking Institutions in Pakistan

2020 ◽  
Vol 5 (2) ◽  
pp. 29-47
Author(s):  
Syed Muhammad Hassan Bukhari ◽  
◽  
Mohammad Ayaz ◽  
Rukhsana Kalim ◽  
◽  
...  
Keyword(s):  
Corporate Governance ◽  
Research Work ◽  
Islamic Banking ◽  
Research Approach ◽  
Islamic Banks ◽  
Structured Interviews ◽  
Governance Framework ◽  
The Board Of Directors ◽  
Banking Institutions ◽  
Implementation Level

Shari’ah Scholars’ Insight on Shari’ah Governance Framework for Islamic Banking Institutions in Pakistan One of the major reasons behind the financial crises generally and the 2008 crises especially, was the poor corporate governance in financial institutions. For ensuring good Islamic corporate governance as well as Shari’ah compliant environment in Islamic banking institutions (IBIs), Shari’ah governance framework (SGF) was developed in many countries including Pakistan. This study is conducted to evaluate the SGF, its implementation level, and the challenges facing the IBIs in the implementation of the SGF in Pakistan. For this purpose, the insight of the Shari’ah scholars is taken on SGF by following the qualitative research approach with semi-structured interviews of the scholars. The respondents included Shari’ah Board’s (SB) members and Incharges of Shari’ah Compliance Department (SCD) in various IBIs in Pakistan. The researchers used Nvivo12 software for the analysis of the interviews data. The study discovered some important issues faced by Islamic banks in the implementation of SGF. It is evident from the research that there are shortcomings and weaknesses in the implementation of Shari’ah governance framework which requires improvements such as interpretation and quantification of the provisions of the SGF, approval from Shari’ah Board (SB) for all minute requirements, reporting line issues, and communication gap between the board of directors (BODs) and the members of SB. This research work suggests that the State Bank of Pakistan (SBP) should revisit the SGF in the light of the present study and further improve its provisions as well ensure the implementation of SGF in true letter and spirit. Keywords: : Shari’ah governance framework, Shari’ah scholars, Implementation, Islamic banking institutions

scholarly journals AL-MASHAQQAH TAJLIB AL-TAYSIR MAKNA DAN IMPLIKASINYA DALAM PENGEMBANGAN EKONOMI ISLAM

2018 ◽  
Vol 3 (1) ◽  
pp. 11-21
Author(s):  
M. Dliyaul Muflihin
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Equal Distribution ◽  
The Public ◽  
Islamic Financial Institutions ◽  
The Law

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.

scholarly journals DRAMATURGY: RIBA ON HOME OWNERSHIP LOAN IN ISLAMIC BANKING (CASE STUDY ON BANK BTN SYARIAH KCPS CIPUTAT, TANGERANG SELATAN)

2021 ◽  
Vol 3 (1) ◽  
pp. 25
Author(s):  
Aulia Julian Faizatunazilla ◽  
Siti Jamilah
Keyword(s):  
Islamic Law ◽  
Home Ownership ◽  
Supervisory Board ◽  
Primary Data ◽  
Islamic Banking ◽  
Islamic Banks ◽  
The Public ◽  
Islamic Bank ◽  
Back Stage

The purpose of this study was to determine usury behavior in the Housing Loan or Credit in Islamic banks and to determine the application of the existing contract system in Housing Loans in Islamic banks using the dramaturgy method. The data used in this study is primary data, where researchers conducted interviews directly with the Bank BTN Syariah KCPS Ciputat, a member of the Sharia Supervisory Board and one of the customers who used a House Ownership Credit product at an Islamic bank. The results of this study can be concluded that the front stage that the bank shows to the public is in accordance with the back stage that the bank does not show to the public and Bank BTN Syariah KCPS Ciputat conducts its business in accordance with Islamic law and the fatwa of the National Sharia Council. So that in this study Bank BTN Syariah KCPS Ciputat does not have usury in its business.

دور الشريعة الإسلامية في ترسيخ مبادئ الحوكمة: مدى إلزامية الوعد في المصارف الإسلامية نموذجاً (The Role of Shariah in Consolidating the Principles of Governance: The Study of the Extent of Mandatory Promise in Islam)

2019 ◽  
Vol 16 (2) ◽  
pp. 137-165
Author(s):  
ميسون قوادري ◽  
عارف علي عارف ◽  
حسن بن إبراهيم الهنداوي
Keyword(s):  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Muslim Community ◽  
Community Members ◽  
Banking Institutions ◽  
Descriptive Approach ◽  
The Stability ◽  
Financial Transactions

يشهد العصر الراهن نموا معتبرا في حجم المؤسسات المصرفية الإسلامية؛ ما ترتب عنه زيادة الحاجة للاهتمام بأساليب التنظيم الإدارية والشرعية في هذه المؤسسات؛ لتحقيق أهدافها التي أنشأت من أجلها وتلبية رغبات أفراد المجتمع المسلمين وغير المسلمين ممن يرغبون في التعامل معها؛ لذا يأتي هذا البحث لبيان ماهية الحوكمة الشرعية في المصارف الإسلامية وعلاقتها بنظام هذه المؤسسات والتركيز على مبدأ الوفاء بالوعد وبيان مدى إلزاميته وعلاقته بمبادئ الحوكمة وذلك لإبراز السبق العلمي والدور الأساسي للشريعة الإسلامية في ترسيخ قواعد الحوكمة في جانب من جوانبها وأنها كفيلة باستقرار المعاملات بصفة عامة والمعاملات المالية بصفة خاصة بما تحويه من مبادئ سامية، وسينتهج البحث المنهج التحليلي لتحليل أقوال الفقهاء حول مسألة الوعد الملزم، والمنهج الوصفي لبيان مبادئ الحوكمة، وعلاقتها بمبادئ الشريعة الإسلامية السمحاء. الكلمات المفتاحيّة: الوعد، حكم الوعد، الحوكمة، مقاصد الشريعة الإسلامية، المصارف الإسلامية. Abstract The present epoch is witnessing a significant growth in the Islamic banking institutions, which has led to an increase of need of methods of administrative and legal in these institutions in order to achieve the objectives for which they were established and to meet the desire of Muslim and non-Muslim community members who wish to deal with them. Therefore, this study aims to discuss the essence of Islamic governance in Islamic banks and their relationship to the system of these institutions as well as to focus on the principle of fulfilling the promise and to show the extent of its mandatory and its relationship to the principles of governance. Hence, the study highlights the basic role of Islamic law in consolidating the principles of governance. These kind of principles securing the stability of transactions generally and financial transactions particularly, which containing exalted principles. This study used the analytical approach to analyze the statements of jurists on the issues of binding promise, as well as descriptive approach to explain the principles of governance and its relation to the principles of Islamic law. Keywords: Promise, Governance, The goal of Islamic laws, Islamic banks.

scholarly journals Talent Development and Retention from the Bankers’ Perspectives: A Study at Islamic Banks in Malaysia

2018 ◽  
pp. 161-166
Keyword(s):  
Islamic Law ◽  
Talent Development ◽  
Islamic Banking ◽  
Islamic Banks ◽  
High Performing ◽  
Banking Business ◽  
Talent Retention ◽  
Banking Institutions ◽  
And Performance ◽  
Managerial Level

The credibility and performance of the Islamic banks depend on those who operate and manage the overall banking business. Due to high demand towards high performing talents for the industry lately, there is need to identify whether the industry has done their part to train and enhance their existing talents in order to ensure the Islamic banking business remain sustain in the future. This is more challenging when the demand for talents that have education background of combination of both Islamic jurisprudent (Shariah) and finance knowledge become pivotal.It is because of the nature of the Islamic banking business that need to ensure theoverall banking operations including product structure, accounting and auditing, credit evaluation, risk management, and others meet the Shariah requirement. This study therefore embarks to investigate relationship between talent development and talent retention and also to identify the effect of talent development towards talent retention at Islamic banking institutions. A total of 175 bankers from executive to managerial level of Islamic banks in Malaysia have involved in survey conducted in this research. The results show that the respondents agreed there is a relationship between talent development and retention. In addition, talent development do significantly affect talent retention positively. Therefore, as a suggestion from the bankers, there is need to have an appropriate talent development programme to ensure that the existing talents of the Islamic banks are competent both having strong knowledge in Islamic law as well as operating knowledge of the banking business.

scholarly journals Pro dan Kontra Konversi Bank Konvensional Menjadi Perbankan Syariah

2021 ◽  
Vol 6 (2) ◽  
pp. 118-130
Author(s):  
Akla Rizka Alamsyah Alamsyah ◽  
Yaser Amri
Keyword(s):  
Qualitative Research ◽  
Financial Institutions ◽  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Conventional Banks ◽  
Descriptive Qualitative

Kehadiran Qanun Nomor 11 Tahun 2018 tentang Lembaga Keuangan Syariah berimplikasi pada perkembangan bank syariah di Aceh. Dengan diundangkannya Qanun Lembaga Keuangan Syariah mengharuskan lembaga keuangan yang beroperasi di Aceh berdasarkan prinsip syariah. Akibatnya, bank konvensional di Aceh melakukan konversi menjadi bank syariah. Penelitian ini bertujuan untuk mengetahui pendapat pro dan kontra dari masyarakat terkait implementasi Qanun Nomor 11 Tahun 2018 pada perbankan yang beroperasi di Aceh. Penelitian ini merupakan penelitian kualitatif deskriptif dengan metode pengumpulan data dari studi literatur atau pustaka. Hasil penelitian menunjukkan bahwa pihak yang mendukung konversi bank konvensional menjadi syariah didasarkan pada keinginan untuk menjalankan syariat Islam secara kaffah. Sedangkan pihak yang kontra menolak implementasi dari qanun tersebut dikarenakan kekurangan bank syariah dalam penyediaan fasilitas dan jasa yang sesuai kebutuhan dan terjangkau serta lemahnya persepsi dan tingkat literasi masyarakat mengenai perbankan syariah.   The presence of Qanun Number 11 of 2018 concerning Islamic Financial Institutions has implications for the development of Islamic banks ini Aceh. With the promulgation of the Qanun on Sharia Financial Institutions, it requires financial institutions operating in Aceh to be based on sharia principles. As a result, convesional banks in Aceh converted into Islamic banks. This study aims to determine the opinions of the pro and contra of the public regarding the implementation of Qanun No. 11 Of 2018 in conventional banks operating in Aceh. This research is a descriptive qualitative research with the method of collecting data from literature studies. The results shower that those who supported the converion of conventional banks to Sharia were based on the desire to implements Islamic Law in a kaffah manner. Meanwhile, those sho oppose the implementation of the qanun are due to the lack of Islamic banks in providing facilities and services that are suitable and affordable as well as the weak perception and level of public literacy regarding Islamic banking.

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