scholarly journals Hubungan Hukum dan Pertanggungjawaban DSN dengan MUI dalam Operasional Lembaga Keuangan Syariah

2020 ◽  
pp. 98-112
Author(s):  
Arinta Rachmawati ◽  
Ro’fah Setyowati
Keyword(s):  
Financial Institutions ◽  
Rapid Development ◽  
Economic Institutions ◽  
Research Results ◽  
Central Location ◽  
Legal Relationship ◽  
Islamic Financial Institutions ◽  
Islamic Economic

The rapid development of Islamic economic institutions in Indonesia cannot be separated from DSN and MUI's participation in their operations. This research will specifically discuss the legal relationship and responsibility of DSN with MUI in the process of Islamic Financial Institutions in Indonesia. This research is a normative juridical study using secondary legal data in the form of primary legal materials and secondary legal materials on Islamic financial institutions. Based on the research results, it is known that the legal relationship between DSN and MUI in the operation of Islamic financial institutions, MUI which is the responsible institution for matters related to sharia, places the position of DSN as an extension of the MUI's arm which has a very strategic and central location in terms of the development of the Islamic economy in Indonesia. DSN is responsible for providing supervision and for establishing relationships with DPS and Islamic financial institutions.

scholarly journals The Principles of Law of Negligence as Causes of Compensation in the Sharia Economic Law in Indonesia

Al-Ulum ◽  
2019 ◽  
Vol 19 (1) ◽  
pp. 53-78
Author(s):  
Asyari Hasan ◽  
Alimin Alimin ◽  
Rizal Fahlefi ◽  
Desmadi Saharuddin
Keyword(s):  
Financial Institutions ◽  
Careful Consideration ◽  
Legal Principles ◽  
Economic Law ◽  
Positive Law ◽  
Islamic Financial Institutions ◽  
Islamic Economic

This study discusses what are the concepts of legal principles of negligence as a cause of compensation contained in the positive Indonesian Islamic economic law concerning the implementation of contracts for Islamic financial institutions that are studied in a qualitative-normative exploratory manner. This study indicates that there are six legal principles of negligence as a cause of compensation in the positive law of Indonesian sharia economy, namely: 1) carried out with careful consideration, 2) carried out appropriately, 3) carried out carefully, 4) business activities may not exceed permitted limits, 5) business activities must be in line with the provisions stipulated in the contract (not violating the agreement), and 6) negligence classified as intentional negligence and accidental negligence. While the legal principles of negligence contained in conventional law are currently more complete (11 principles of negligence) than those contained in the positive law of sharia economy (only 6 principles)

Analisis Akad Pembiayaan Murabahah di Bank Syariah Indonesia Cabang Pringsewu

2021 ◽  
Vol 4 (2) ◽  
pp. 300-310
Author(s):  
Sandi Irawan ◽  
Muhammad Iqbal Fasa ◽  
A. Kumedi Ja’far
Keyword(s):  
Economic System ◽  
Financial Institutions ◽  
Human Life ◽  
Science And Technology ◽  
Economic Fundamentals ◽  
Islamic Financial Institutions ◽  
Islamic Economic

Islam as ad-din contains comprehensive and perfect teachings. Islam regulates all aspects of human life, not only aspects of worship, but also aspects of muamalah, especially sharia economics. The Islamic economic system has developed along with the advancement of science and technology. One form of embodiment of the Islamic economic system is the establishment of Islamic financial institutions in the form of banks and non-banks. The role and position of Islamic financial institutions is considered very important, especially in the development of a people's economic system. This is because the priority of Islamic financial institutions is more focused on forming stronger economic fundamentals.

scholarly journals Does Islamic Microfinance indeed base on Sharia-compliant? The Shreds of Evidence Report in Ogan Komering Ilir regency, South Sumatera, Indonesia

2021 ◽  
Vol 5 (2) ◽  
pp. 181-188
Author(s):  
Misbahul Munir ◽  
Resa Arifatul Arifah ◽  
Kharisma Dewi
Keyword(s):  
Financial Institutions ◽  
Rapid Development ◽  
Tourism Development ◽  
Field Studies ◽  
Qualitative Approach ◽  
Microfinance Institutions ◽  
Islamic Financial Institutions ◽  
Islamic Microfinance ◽  
Islamic Values ◽  
Over Time

The development of Islamic economics and finance in Indonesia in the last few decades has experienced significant developments. It can be seen in the increasing number of sharia businesses in various sectors. From financial institutions, both bank and non-bank financial institutions, Islamic capital markets, sharia bonds (Sukuk) to tourism development managed in a sharia manner. Over time, this rapid development must also be balanced with compliance with sharia values. This study aims to assess Islamic microfinance institutions (BMT) in implementing sharia principles in their products. The product studied in this study is Murabahah. This research uses a qualitative approach with field studies. The results of this study, the BMT studied in this study in general, have implemented sharia values. The implication of this research is to strengthen the compliance of Islamic financial institutions in implementing Islamic values. This research can also be used as a reference by related parties, especially in developing Islamic financial institutions.

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

Discrepancies in Islamic finance

2020 ◽  
Vol 26 (11) ◽  
pp. 2633-2654
Author(s):  
M.L. Dorofeev ◽  
M.K. Griban'
Keyword(s):  
Financial Institutions ◽  
Economic Model ◽  
Financial Institution ◽  
Economic Effects ◽  
Islamic Finance ◽  
Financial Instruments ◽  
Islamic Financial Institutions ◽  
Unique Nature ◽  
Islamic Economic ◽  
Banking Development

Subject. The article focuses on discrepancies in Islamic finance, the construct of Islamic finance, its profit-generation mechanism, economic effects, unique nature and competition with traditional financial institutions. Objectives. We analyze the Islamic economic model and perform the comparative analysis of Islamic and traditional financial instruments. We also investigate conflicting issues of Islamic finance. Methods. The study involves methods of comparison, deduction, economic analysis and graphic interpretation. Results. We analyze the Islamic economic model to point out some fundamental principles of the Islamic economy, and its strengths. The article overviews types of Islamic financial instruments, compares them with traditional finance. The practical part of the study compares annual financial statements of the Abu Dhabi Islamic Bank and Russia’s Sberbank. We unfold the profit-generating mechanism of Islamic financial institutions and discover discrepancies in Islamic finance. Conclusions and Relevance. Having compared Islamic and traditional finance, we revealed some similar and different aspects. We discovered discrepancies in Islamic finance that translate into the overall nature of the Islamic economy and the performance of the Islamic financial institution above. The findings can be used for further studies into Islamic finance and outlining Islamic banking development strategies at the governmental level. Furthermore, the findings may come in handy to professional and non-professional market actors for making investment decisions.

scholarly journals THE DSN-MUI FATWA RELATED TO FINTECH APPLICATIONS IN ISLAMIC FINANCIAL INSTITUTIONS REVIEW

2020 ◽  
Vol 9 ◽  
Author(s):  
Nunung Nurlaela
Keyword(s):  
Qualitative Research ◽  
Financial Institutions ◽  
Legal Status ◽  
Social Situation ◽  
Research Subjects ◽  
Electronic Money ◽  
The Social ◽  
Islamic Financial Institutions ◽  
Payment Services ◽  
Islamic Economic

ABSTRACT – The tendency of society towards halal products is currently increasing, related to objects and muamalah. The development of the fintech applications needs to be tested or detailed again. Apart from examining this legal status, an interesting thing to develop is how to formulate a fintech application in accordance with the Islamic economic viewpoint. Therefore it is very necessary to always review the DSN-MUI fatwa regarding fintech applications in Islamic financial institutions. The results of this study will be an input for the DSN-MUI to formulate policies and fatwas. This research is a qualitative type. Through qualitative research, it is expected to be able to see phenomena more broadly and deeply in accordance with what is happening and developing in the social situation under study. The research subjects in this study are: (1) Sharia Card, (2) Sharia Charge Card, (3) Transfer and Collection, (4) Payment Services, and (5) Sharia Electronic Money. The results of this study indicate that: (1) the sharia card product is more appropriate to use the hawalah contract compared to the kafalah contract, and it is necessary to fix overdue fines, montly fees that are not related to debt, and remove merchant fees; (2) Sharia Charge Card products should use a hawalah contract rather than a kafalah contract and need to eliminate overdue fines; (3) the use of the wakalah contract on transfer and collection products is correct; (4) payment service products that use a wakalah and ijarah contract should only use one of them; and (5) electronic money can function like money, and there is no gharar case in this electronic money, and allows administration money and card making, and the transactions uses the hawalah principle. So, five improvements are proposed to the DSN-MUI fatwas related to fintech applications.

scholarly journals TINJAUAN FIQH MUAMALAH TERHADAP PRAKTIK KERJASAMA BANK SAMPAH DI DESA CANDIMULYO KEC. DOLOPO KAB. MADIUN

2020 ◽  
Vol 14 (02) ◽  
pp. 160-179
Author(s):  
Roisul Malik
Keyword(s):  
Venture Capital ◽  
Financial Institutions ◽  
Profit Sharing ◽  
Factual Information ◽  
Research Results ◽  
Islamic Financial Institutions ◽  
Conducting Research ◽  
Waste Bank

In general, a bank is a place where we can do various kinds of transactions such as withdrawal, borrowing, and depositing money. But the object used as a transaction tool here is not something as valuable as money, but garbage. So, people who want to become customers of this bank do not need to have assets or something that is valuable (either money or other valuables), simply by owning trash, then they can become customers. In Islam, this form of cooperation is one form of cooperation in the economic field that is a form of giving assets from one person to another as venture capital where the profits obtained will be divided between the two of them in accordance with the agreement. The purpose of this study was to examine the muamalat contract which was applied by a garbage bank in Madiun Regency. Factual information obtained from Bank Sampah "Srikandi" of Candimulyo Village is related to the practice of saving related to the contract and profit sharing implemented by the manager of the garbage bank. By using Muamalah Fiqh in conducting research, then evaluating with various theories relating to the main problem in this research, obtained research results: there are waste bank products such as savings systems, profit sharing cooperation, and various transactions that are in accordance with all contracts. Based on these factors then garbage bank becomes halal for transactions and is eligible to become one of the Islamic Financial Institutions.

scholarly journals REVIEWING THE FATWAS RELATED TO FINTECH APPLICATIONS IN ISLAMIC FINANCIAL INSTITUTIONS IN INDONESIA

2020 ◽  
Vol 9 (2) ◽  
pp. 206
Author(s):  
Nunung Nurlaela ◽  
Muthi Luthfiyana ◽  
Andini Sulastri ◽  
Evy Sulvy Wahyunita
Keyword(s):  
Financial Institutions ◽  
Legal Status ◽  
Economic Perspective ◽  
Research Subjects ◽  
Electronic Money ◽  
Sharia Law ◽  
Islamic Countries ◽  
Islamic Financial Institutions ◽  
Islamic Economic ◽  
Debit Cards

The tendency of the community towards halal products is currently increasing, not only related to objects/goods but also related to muamalah/interactions. The development of the latest fintech applications needs to be examined and detailed again, to be linked with related sharia law. In addition to examining legal status, an interesting thing to develop is how to formulate a fintech application that is following the Islamic economic perspective. Therefore, it is crucial to always review the National Sharia Board – Indonesian Council of Ulama (Dewan Syariah Nasional – Majelis Ulama Indonesia – DSN-MUI)’s fatwa related to fintech applications in Islamic financial institutions (LKS). The results of this study will be used as input for DSN-MUI to formulate policies and fatwas that is issued. This research is a qualitative type. The research subjects are; (1) Sharia Cards, (2) Sharia Charge Cards, (3) Transfers and Collections, (4) Payment Services, and (5) Sharia Electronic Money. There are differences in the bases for determining the contract of each of these products between Islamic countries. The results of this study indicate that: (1) the sharia card product is more appropriate to use the hawalah contract than the kafalah contract, and it is necessary to fix fines due to maturity, monthly fees that are not related to the amount of debt, and to write off merchant fees; (2) Sharia Charge Card products should use a hawalah contract rather than a kafalah contract and need to eliminate fines due to late payment; (3) the use of the wakalah contract on transfer and collection products is correct; (4) payment service products that use a wakalah and ijarah contract should be sufficient to use one of the two; and (5) electronic money can function as money, with transactions using the hawalah principle, as well as debit cards (wadi'ah principles). So, four improvements are proposed to the DSN-MUI fatwas related to the fintech application.========================================================================================================Tinjauan Terhadap Fatwa Terkait Penerapan Fintech pada Lembaga Keuangan Syariah di Indonesia. Kecenderungan masyarakat terhadap produk-produk halal saat ini semakin meningkat, tidak hanya terkait dengan benda/barang namun juga terkait muamalah/interaksi. Perkembangan aplikasi fintech terbaru perlu dicermati dan didetailkan lagi, untuk dikaitkan dengan hukum syariat terkait. Selain pencermatan status hukum, hal yang menarik untuk dikembangkan adalah bagaimana merumuskan aplikasi fintech yang sesuai dengan pandangan ekonomi Islam. Oleh karena itu sangat perlu untuk selalu meninjau fatwa DSN-MUI terkait aplikasi fintech pada lembaga keuangan syariah (LKS). Hasil kajian ini akan menjadi masukan bagi DSN-MUI untuk merumuskan kebijakan-kebijakan dan fatwa-fatwa yang dikeluarkannya. Penelitian ini berjenis kualitatif. Subjek penelitiannya adalah: (1) Syariah Card, (2) Syariah Charge Card, (3) Transfer dan Inkaso, (4) Jasa Pembayaran, dan (5) Uang Elektronik Syariah. Terdapat perbedaan dasar-dasar penentuan akad dari setiap produk tersebut di antara negeri-negeri Islam. Hasil penelitian ini menunjukkan bahwa: (1) produk syariah card lebih tepat menggunakan akad hawalah dibandingkan dengan akad kafalah, serta perlu membenahi denda akibat jatuh tempo, monthly fee yang  tidak dikaitkan dengan jumlah utang, dan menghapus merchant fee; (2) produk Syariah Charge Card sebaiknya menggunakan akad hawalah dibandingkan dengan akad kafalah serta perlu menghilangkan denda akibat keterlambatan pelunasan; (3) penggunaan akad wakalah pada produk transfer dan inkaso sudah tepat; (4) produk jasa pembayaran yang menggunakan akad wakalah dan ijarah seharusnya cukup menggunakan salah satu dari keduanya; dan (5) uang elektronik dapat berfungsi sebagaimana uang, dengan transaksi menggunakan prinsip hawalah, sebagaimana kartu debit (prinsip wadi’ah). Jadi, diusulkan empat perbaikan atas fatwa–fatwa DSN-MUI terkait aplikasi fintech.

scholarly journals Alternative Interest-Free Financial Institutional Systems for Fair Economy: A Constructive Overview

2019 ◽  
Vol 3 (2) ◽  
pp. 174-183
Author(s):  
Jeni Susyanti
Keyword(s):  
Economic System ◽  
Financial Institutions ◽  
Asset Management ◽  
Financial Management ◽  
Financial Institution ◽  
Market Mechanism ◽  
Human Welfare ◽  
Islamic Financial Institutions ◽  
World Economic ◽  
Islamic Economic

The Islamic economic system can be an option during the current world economic system with its market mechanism that can no longer be controlled by anyone and any system. The Islamic economic system is present as an alternative to the alignment of the economic system in a market order that is just and beneficial for human welfare. Islamic sharia principles in asset management emphasize the balance between individual and community interests, where assets must be used for productive things, especially investment activities which are the basis of economic activity in society. Interest-free financial institutions (Islamic financial institutions) as the implementation of the Islamic economic system include two institutions, namely bank financial institutions and non-bank financial institutions. In carrying out their financial activities, the two types of institutions carry out the main principles in transactions, namely: the prohibition of usury (interest) in various forms of transactions, conducting business, and trading activities based on obtaining legal profits according to sharia, and giving zakat. So that the financial institution must have a financial management strategy, properly and following muamalah fiqh.

scholarly journals PENGENTASAN KEMISKINAN DAN PENGEMBANGAN MASYARAKAT MELALUI MODEL KEUANGAN ISLAM BMT AL-ISHLAH CIREBON

2018 ◽  
Vol 9 (2) ◽  
pp. 101
Author(s):  
Muhammad Awaluddin Ardiansyah
Keyword(s):  
Financial Institutions ◽  
Poverty Reduction ◽  
Islamic Law ◽  
Financial Institution ◽  
Financial System ◽  
Islamic Finance ◽  
Islamic Financial Institutions ◽  
Islamic Economic ◽  
A Charge ◽  
The Right

Although in fact the conventional financial system has manifestly failed in the fair distribution of wealth, but Islamic financial system in Indonesia is not a strong alternative financial system. Market share of Islamic financial institutions are still low below 5% with growth of 34% in 2015. The data indicates the existence of problems in the implementation of the principles of Islamic finance though in terms of potential prospects. Islamic economic principles which have a charge values of justice, divinity, freedom and responsibility, the right should be a system of democratic economy in the economic empowerment of the poor. Some of the reasons based on the analysis of the field to be the cause of them; The first people are still accustomed to a conventional system that has been around longer, the second Islamic financial institutions are not ready completely adopt the Islamic financial system in particular lost Pofit product sharing (PLS), the third implementation of Islamic financial institutions require relatively high operating costs. On the above problems, the authors analyzed qualitatively descriptive of a theme study "Al-Islah BMT Cirebon as Islamic Financing Model for Poverty Reduction and Development". An analysis of the terms of the Muamalat Islamic law and court analyzes considering the author as a community development agency practitioners who use Islamic financial institutions Baitul Maat wa Tamwil (BMT) in technical operations. This simple paper notes that Islamic financial institutions in Indonesia has not fully practice the principles of Islamic finance because of certain interests. That has existed in Indonesia an Islamic financial institution which according to the principles of Islam in practice the empowerment of people out of poverty.

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