scholarly journals Usulan Model Sistem Pengawasan Syariah Pada Perbankan Syariah Di indonesia

2014 ◽  
Vol 1 (2) ◽  
pp. 119-133
Author(s):  
Ahmad Baehaqi
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Audit Committee ◽  
Systems Approach ◽  
Internal Audit ◽  
Secondary Data ◽  
Primary Data ◽  
Islamic Banking ◽  
Compliance Monitoring ◽  
Islamic Financial Institutions

Supervision of Shariah compliance in the Islamic financial institutions is a DPS task This study analyzes and evaluates the compliance monitoring by taking the object of Islamic banking in Indonesia either approach or organizational systems approach. This study uses primary data in the form of interviews with 6 DPS on 6 BUS and secondary data from the report GCG 9 BUS 2011-2012. With inductive approach using content analysis and theoretical analysis, the results of this study indicate that the general practice of sharia compliance monitoring is still not optimal yet. Furthermore, this study proposes a model of supervision using a systems approach that aims to improve the supervision of such compliance. The model proposed in this study not only involve DPS, but also part of compliance, internal audit, and the audit committee of Islamic banking, as well as external audit and the Financial Services Authority (FSA) that acting as banking supervisor to replace BI.Supervision of Shariah compliance in the Islamic financial institutions is a DPS task This study analyzes and evaluates the compliance monitoring by taking the object of Islamic banking in Indonesia either approach or organizational systems approach. This study uses primary data in the form of interviews with 6 DPS on 6 BUS and secondary data from the report GCG 9 BUS 2011-2012. With inductive approach using content analysis and theoretical analysi, the results of this study indicate that the general practice of sharia compliance monitoring is still not optimal yet. Furthermore, this study proposes a model of supervision using a systems approach that aims to improve the supervision of such compliance. The model proposed in this study not only involve DPS, but also part of compliance, internal audit, and the audit committee of Islamic banking, as well as external audit and the Financial Services Authority (FSA) that acting as banking supervisor to replace BI.

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 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.

scholarly journals Financial Inclusion through Islamic Banking

2017 ◽  
Vol 6 (2) ◽  
pp. 324
Author(s):  
Mumna Nazar
Keyword(s):  
Financial Services ◽  
Banking System ◽  
Secondary Data ◽  
Financial Inclusion ◽  
Primary Data ◽  
Islamic Banking ◽  
Committee Report ◽  
Secondary Sources ◽  
The People ◽  
Financial Exclusion

<div><p><em>Financial inclusion is a buzz word today. It plays an important role in driving away the poverty from the country. Financial inclusion is the process of ensuring financial services to the weaker sections of the society at an affordable cost. As per the Sachar Committee Report, Muslims in India are financially excluded. Even though they have an account, the extent of usage is very low due to the religious reasons.  The Non-Muslims also do not actively engage in the formal financial system due to the interest involvement. Islamic Bank can serve as a remedy for the financial exclusion of the Muslims as well as Non-Muslims community. The objective of this paper is to understand the extent of financial inclusion among the people in Kerala and their awareness and preference towards Islamic banking. Both primary and secondary data are collected for the study. Secondary data are collected from various secondary sources like published articles, journals, reports, books and websites. Primary data are collected with the help of questionnaire among people in Kerala. The study revealed that most of the respondents have accessed bank accounts but the extent of usage is only for namesake. Moreover the awareness and preference towards Islamic Banking is very high among the Muslims as well as Non-Muslims and suggested that proper care must be taken for introducing Islamic banking system in India. It will ultimately leads to the inclusive growth of our country.</em></p></div>

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 THE ROLE OF ISLAMIC FINANCIAL INSTITUTIONS IN SOCIAL INTERMEDIARY SERVICES : EVIDENCE IN METRO CITY

2020 ◽  
Vol 2 (01) ◽  
pp. 80
Author(s):  
Fitri Kurniawati
Keyword(s):  
Product Development ◽  
Development Strategy ◽  
Financial Institutions ◽  
Field Research ◽  
Secondary Data ◽  
Social Institutions ◽  
Primary Data ◽  
Innovative Products ◽  
Islamic Financial Institutions

Islamic financial institutions are expected to be able to implement their roles as financial intermediaries and social intermediaries. But what happened in the city of Metro, the dominance of the contract on the practice of Islamic financial institutions only felt the benefits for the upper middle class. Besides that, innovative products that have not been able to reach the majority of the community are not optimal yet, where in the aggregate most of them are Muslims. So that the presence of Islamic financial institutions is considered the same as conventional, because it has not been able to answer the fundamental problems of society. Due to the limitations of researchers, the Islamic financial institutions that will be examined in this study are some Baitul Maal Wat Tamwil in Metro City. This research was conducted to analyze the strategies, procedures and product development of Islamic financial institutions in their role of social intermediation. Research is a field research with a descriptive analytical approach. Data collected using interview and documentation methods. Primary data was obtained from Islamic financial institutions (BMT) as social intermediaries in the community, namely the management and members of BMT. Secondary data were obtained from journals, research reports, books and articles. The analysis technique begins with data collection and reduction, data presentation and conclusion drawing. The results of this study are the role of Islamic financial institutions in social intermediation, namely as an intermediary that connects the aghniya and dhu'afa. The implementation procedure does not directly get commercial financing, but educational services using the tabarru agreement 'with social funds. Product development strategy, namely: establishing a special division in Islamic financial institutions and collaborating with social institutions around.

scholarly journals Quotation/Parenthesis Qur’an Verse Before Beginning Deed In The Structure Of Notary Deed In Sharia Financial Institutions’ Contract

2019 ◽  
Vol 1 (1) ◽  
pp. 69-80
Author(s):  
Sandi Aji Usman ◽  
Rasiam Rasiam
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Financial Institution ◽  
Secondary Data ◽  
Research Data ◽  
Islamic Financial Institutions ◽  
Regulatory Approach ◽  
Qualitative Descriptive ◽  
Standard Structure ◽  
Contract Structure

Purpose - This research aims to reveal and describe the issue of Islamic financial institutions' contract structure, the practice of the Qur'an quotation/parenthesis in the notary deed structure in Sharia financial institutions ' contract.Method - The method used in this research is normative juridical, with the processing and analysis of data in a qualitative descriptive way, this research data is sourced from secondary data and supported by interviews from sources as supporting data Secondary. The approach is to study with the regulatory approach of legislation.Result - In Islamic Sharia or fatwa is not regulated about the structure of the deed on the deed authentic or under the hands, but which is governed only the principles or basic rules only. Structure of authentic deed made by notary official, especially the deed in financial institution that includes quotation of Qur'an verses using Indonesian language before deed title does not violate the provisions of UUJN.Implication - The absence of the form of the standard structure of sharia agreement both for sharia transactions and in particular sharia financial institutions should be the financial Services Authority in collaboration with the organization of Indonesian Notary Association (INI) who is already experts to Making authentic deed in the form of raw in accordance with UUNJ.Originality - The focus of this research is to reveal and describe the issue of Islamic financial institutions ' contract structure. 

scholarly journals Quotation/Parenthesis Qur’an Verse Before Beginning Deed In The Structure Of Notary Deed In Sharia Financial Institutions’ Contract

2019 ◽  
Vol 1 (1) ◽  
pp. 69
Author(s):  
Sandi Aji Usman ◽  
Rasiam Rasiam
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Financial Institution ◽  
Secondary Data ◽  
Research Data ◽  
Islamic Financial Institutions ◽  
Regulatory Approach ◽  
Qualitative Descriptive ◽  
Standard Structure ◽  
Contract Structure

<p class="IABSSS"><strong>Purpose</strong> - This research aims to reveal and describe the issue of Islamic financial institutions' contract structure, the practice of the Qur'an quotation/parenthesis in the notary deed structure in Sharia financial institutions ' contract.</p><p class="IABSSS"><strong>Method</strong><strong> </strong>- The method used in this research is normative juridical, with the processing and analysis of data in a qualitative descriptive way, this research data is sourced from secondary data and supported by interviews from sources as supporting data Secondary. The approach is to study with the regulatory approach of legislation.</p><p class="IABSSS"><strong>Result</strong><strong> </strong>- In Islamic Sharia or fatwa is not regulated about the structure of the deed on the deed authentic or under the hands, but which is governed only the principles or basic rules only. Structure of authentic deed made by notary official, especially the deed in financial institution that includes quotation of Qur'an verses using Indonesian language before deed title does not violate the provisions of UUJN.</p><p class="IABSSS"><strong>Implication</strong> - The absence of the form of the standard structure of sharia agreement both for sharia transactions and in particular sharia financial institutions should be the financial Services Authority in collaboration with the organization of Indonesian Notary Association (INI) who is already experts to Making authentic deed in the form of raw in accordance with UUNJ.</p><p class="IABSSS"><strong>Originality</strong> - The focus of this research is to reveal and describe the issue of Islamic financial institutions ' contract structure.</p><p align="center"> </p>

scholarly journals Penguatan Peran Perguruan Tinggi Islam Dalam Mendorong Pengembangan Lembaga Keuangan Syariah di Indonesia

2018 ◽  
Vol 4 (2) ◽  
pp. 238
Author(s):  
Murtiadi Awaluddin
Keyword(s):  
Financial Institutions ◽  
Relevant Literature ◽  
Secondary Data ◽  
Primary Data ◽  
Data Presentation ◽  
Financial Products ◽  
Resource Needs ◽  
Islamic Financial Institutions ◽  
Collection Data

The purpose of this study is to formulate appropriate strategies in strengthening the role of Islamic universities in encouraging the development of Islamic financial institutions in Indonesia. Researchers took the object of research on three PTKI in Makassar.  The type of research is qualitative analysis of phenomological approach. Data is obtained from primary data in the form of statements and attitudes, then secondary data in the form of relevant literature and support the discussion of research, documentation. Techniques of collecting data in the form of observation, documentation, interview (Interview) directly with the parties concerned. Then the technique of processing and data analysis is done through four stages, namely: data collection, data reduction, data presentation, and conclusion. The result shows that Islamic University has great potential and role in supporting the development of Shariah financial institutions in Indonesia both in terms of human resource needs, as well as the marketing potential of syariah financial products.

Analisis Implementasi Akad Rahn (Gadai) di Kantor Cabang Pegadaian Syariah Bogor Baru

2021 ◽  
Vol 4 (1) ◽  
pp. 52-65
Author(s):  
Hajar Hanifa ◽  
Ikhwan Hamdani ◽  
Yono Yono
Keyword(s):  
Data Collection ◽  
Middle Class ◽  
Qualitative Methods ◽  
Financial Institutions ◽  
Secondary Data ◽  
Primary Data ◽  
Lower Middle Class ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Branch Office

  Pegadaian Syariah is one of the Islamic financial institutions in Indonesia that distributes funds in the form of money loans with collateral in the form of valuable goods to the lower middle class community, which aims to make it easier to provide loans under Sharia law and eradicate moneylenders who have run rampant among the public without us realizing it. In the implementation of the contract Rahn that occurs at the Sharia pawnshop, it must be in accordance with the fatwa of the National Sharia Board, but in terms of the implementation of each fatwa verse that has been determined, sometimes it is still different in practice and unclear so that a question arises or even assumes that Sharia Pawnshops and Conventional Pawnshops are the implementation is the same, there is no difference. This study aims to determine the implementation of the Sharia Rahn (pawning) contract at the New Bogor Syariah Pawnshop Branch Office and to determine the suitability of the implementation of the Syariah Rahn (pawning) contract at the New Bogor Syariah Pawnshop Branch Office with the DSN MUI Fatwa. This study uses descriptive qualitative methods, the data used are primary data and secondary data, data collection techniques using observation, interview and documentation techniques. The results of this study indicate that the implementation of the Rahn contract at the New Bogor Syariah Pegadaian Branch Office has been implemented in accordance with existing Sharia provisions, such as fulfilling the pillars and requirements of Sharia Rahn (pawning). The implementation of the Rahn contract at the New Bogor Syariah Pawnshop Branch is in accordance with the MUI DSN Fatwas such as the MUI DSN Fatwa No. 25/DSN-MUI/III/2002 and DSN MUI Fatwa No.26/DSN-MUI/III/2002.I

scholarly journals Audit committee attributes and firm performance: evidence from Malaysian finance companies

2015 ◽  
Vol 23 (3) ◽  
pp. 206-231 ◽  
Author(s):  
Basiru Salisu Kallamu ◽  
Nur Ashikin Mohd Saat
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Secondary Data ◽  
Primary Data ◽  
Islamic Banking ◽  
Related Services ◽  
Content Type ◽  
Future Studies ◽  
Before And After ◽  
The Impact

Purpose – The purpose of this paper is to examine the impact of audit committee (AC) attributes on the performance of finance companies in Malaysia in both period before and after the Malaysian Code on Corporate Governance (MCCG) was issued in order to determine which of the AC attributes enhances performance of finance companies in Malaysia. Design/methodology/approach – The population of the study comprises firms listed under finance sector of the main market of Bursa Malaysia. The number of firms listed on the main market of Bursa Malaysia as at the time of data collection (2012) was 822, out of which 37 were finance firms. Since the number of finance companies listed on the main market was only 37, all companies were used as sample for this study. This comprises companies involved in commercial, investment and Islamic banking, insurance, Takaful and other finance-related services. The sample for the period prior to MCCG varies over the period of observation. The number of finance companies in 1992, 1993, 1994, 1995 and 1996 was 36, 40, 44, 47 and 54, respectively. The sample comprises companies in commercial banking, investment banking, Islamic banking, insurance, Takaful and other finance-related services. The sample comprises firms listed on the main board of Kuala Lumpur stock exchange as it was called before the name was changed to Bursa Malaysia. The companies listed under the Ace market are not included due to their small number and because they are subject to different listing requirements. The list of the finance companies for the period 2007-2011 is obtained from the web site of Bursa Malaysia while for the period 1992-1996, the list is obtained from Bursa Malaysia knowledge centre. The observation period for the study covers financial period from 2007 to 2011 which represents post MCCG period while period from 1992 to 1996 represents the period before MCCG. Findings – The findings suggests a significant positive relationship between independent AC members and profitability while dual membership of directors on audit and nomination committee is significant and negatively related with profitability. The result supports agency theory which suggests that independent directors provide effective monitoring of the management thereby enhancing profitability and reducing possibility for opportunistic behavior by the management and ultimately enhancing performance. In addition, the result indicates that there was significant improvement in corporate governance in finance companies after the MCCG was issued compared to the period before it was issued. Research limitations/implications – The study focussed only on finance companies listed on Bursa Malaysia. The attributes examined include independence, expertise, experience, executive membership and interlock of directors, future studies could examine other attributes such as internal process of the committee and personal characteristics of the directors. Furthermore, the study used secondary data future studies could use primary data or a combination of primary and secondary data. The study only examined the period before MCCG and after the code was issued, future study could examine the impact of the first and second revision and compare it with period after the first and second revision. Practical implications – The findings contribute to the literature and the understanding of the influence of AC attributes such as independence and experience of the directors on the committee by showing an association between director independence, expertise, experience and improved performance. Management and board of companies may use the findings to make appropriate choices about AC attributes and governance mechanisms to improve performance particularly with regards to independence, expertise, experience and interlock of the directors. Social implications – The study has provided policy makers with a better understanding of the various features a AC should have which could be incorporated in future policy formulation in order to safeguard investments of shareholders, protect the interest of various stakeholders and enhance the flow of capital and foreign direct investment into finance companies and the economy in general. Comparison of the result between the pre MCCG and post MCCG period shows an improvement in corporate governance in finance companies after the MCCG was issued. This implies that the initial issue of MCCG impacted positively on the governance of the finance companies. Originality/value – To best of the authors knowledge the study is the first to examine the attributes of AC in finance sector as a whole and to examine the impact in the period before and after the MCCG was issued.

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