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 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 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.

scholarly journals Collecting Fees for Safekeeping of Collateral: Rules and Applications in the Contemporary Islamic Financial Institutions

2020 ◽  
Vol 9 (1) ◽  
pp. 50-53
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Market Price ◽  
Point Of View ◽  
Actual Cost ◽  
Islamic Banks ◽  
Maturity Date ◽  
Islamic Financial Institutions

The study aims to examine the Shari’ah legality of whether pledgor or pledgee should take care of collateral (marhun) during the period of the loan. Moreover, the study seeks to provide possible applications for the pledge (rahn) and clarify Shari’ah rules for each application. Malaysian Islamic banks apply pledge products by offering loans (qardh hasan) to the customers and requesting gold assets as collateral against a loan. The banks charge safekeeping fees to keep the gold until the maturity date of the loan. This practice combines loan and sale contracts in a single transaction. Accordingly, the study seeks to evaluate this practice from an Islamic point of view. Islamic law categorizes loans under charity contracts while the sale is categorized under contracts of exchange (mu’awadhat). The nature of the two contracts is different. Therefore, the study examines categories that combine loans and contracts of exchange in one transaction. The results reveal that it is not permissible for the pledgee to charge fees higher than market fees for the keeping of collateral. Charging fees that are higher than the market price is considered riba. According to Shari’ah rules, any kind of benefit derived from a loan is riba and thus it is prohibited. However, charging fees that are comparable to the market price and cover the actual cost for safekeeping of collateral is permissible. According to Islamic Fiqh Academy resolutions and AAOIFI standards, Islamic banks may charge fees for safekeeping of gold collateral considering that fees should be to the market fees and should only cover actual expenses.

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.

Analysing the AAOIFI Sharīʿah standard on zakat

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Khurram Parvez Raja
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Financial Statements ◽  
Insurance Companies ◽  
Single Individual ◽  
Content Type ◽  
Long Run ◽  
Islamic Financial Institutions ◽  
The Law ◽  
Islamic Insurance

Purpose The Sharīʿah Standard No. (35) issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) aims to identify the zakāt base for institutions (including Islamic insurance companies) as well as the subsidiary and the mother company of the institution (the company). By zakāt base, the standard means the items of financial statements that should or should not be included in the calculation of the zakāt base, and the liabilities or allocations that should or should not be deducted from zakatable assets. The standard also covers payable zakāt rates, disbursement of zakāt funds on the eight categories of zakāt recipients and the rulings pertaining to disbursement. The focus then is on companies or corporations. There is no indication in the aims as to who owns the wealth of the corporation, that is, whether it is the company itself or it is the shareholders and whether it is treated as a joint wealth of the shareholders or of a single individual in the form of the company. The author will rely on this issue as one factor on the basis of which the standard is to be judged. Design/methodology/approach Quran and hadith. Works of earlier jurists. Findings In this study, the author has summarized the provisions of zakāt according to the traditional law, but only those that are relevant for the financial institutions and the standard issued by the AAOIFI. After that, the author mentioned the major points that have been addressed by the standard. In the last section, the author has shown that the rulings of the Islamic Fiqh Academy and the AAOIFI on zakāt are totally confusing and merely a reproduction of the rulings of traditional law. The main reason for this confusion is that the nature and entity of a corporation have not been addressed and have been treated like a partnership, thus, jumbling up the entire issue of zakāt through banks. Originality/value The main purpose in undertaking this original work is to examine the AAOIFI Sharīʿah Standards from the perspective of traditional Islamic law, that is, the law of the senior schools as laid down in their authentic manuals. If there is an extensive deviation from this law, then this must be pointed out in the hope that it will be corrected by the concerned institution and the banks that adopt these standards. Neglecting such a corrective action for long will result in damage not only to these institutions in the long run but also to the law of Islam that has been so carefully crafted over centuries. The purpose is to show how far this standard deviates from traditional Islamic law and claims to be called the authentic view on a particular subject. Nevertheless, it is not the purpose of this work to explain and elaborate on the meaning and utility of these standards.

scholarly journals Implikasi Teori Percampuran Akad Mudharabah Dan Musyarakah Terhadap Perbankan Syariah (Studi Kasus Bank Syariah Mandiri KCP Sumenep)

2020 ◽  
Vol 3 (1) ◽  
pp. 53-63
Author(s):  
Ahmad Shibghatullah Mujaddidi
Keyword(s):  
Financial Engineering ◽  
Revenue Sharing ◽  
Profit Sharing ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Financial Report ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Descriptive Approach ◽  
Branch Office

  This paper aims at describing the implications of the theory of mixing and its products towards Islamic banking and Islamic financial institutions. A qualitative research methods with a descriptive approach was implemented in this study. The object of the current study was Sub-Branch Office (KCP) of the Syariah Mandiri Bank in Sumenep Regency. The results of this study indicated that the products of the Syariah Mandiri Bank KCP Sumenep in terms of the Musharaka financing contract consists of Musharaka mutanaqishah and musharaka of network capital. Musharaka mutanaqisha is applied in home financing in which the profits are obtained from the margin agreed by all parties. While, the musharaka of network capital uses a profit sharing system in which the profits are calculated through a revenue sharing system. In terms of juridical law, the Syariah Mandiri bank KCP Sumenep has followed the rules stated in the Sharia banking law of 2008 as well as in the fatwa of the National Sharia Board. Whereas, in the case of the application of musharaka accounting that has been regulated in International Financial Report Standard (PSAK), Sharia Mandiri Bank KCP Sumenep has accordingly applied the contract accounting of musharaka as regulated in PSAK 106. However, in terms of account recording (estimation), Islamic banks have not obeyed the rules stated in PSAK 106. Furthermore, this study concludes that there are still many customers who do not understand the contract of mudharabah at Syariah Mandiri Bank KCP Sumenep. It due to the lack of socialization from the banks to the public. In juridical perspective, the Sharia Mandiri Bank KCP Sumenep do not implements mudharabah contract based on fatwa of the National Sharia Board and do not apply the accounting based on PSAK 105. Therefore, it is categorized as Islamic/ sharia financial engineering.

scholarly journals Islamic finance and the global financial crisis: an empirical study

2021 ◽  
Vol 3 (3) ◽  
pp. 62-69
Author(s):  
Fadwa Errami ◽  
Jamal Abnaha
Keyword(s):  
Financial Institutions ◽  
Global Economy ◽  
Islamic Law ◽  
Global Financial Crisis ◽  
The United States ◽  
Muslim World ◽  
Islamic Finance ◽  
Islamic Banks ◽  
Islamic Financial Institutions ◽  
The Global Financial Crisis

Islamic finance can no longer be dismissed as a passing fad or as an epiphenomenon of Islamic revivalism. Islamic financial institutions now operate in over 70 countries. Their assets have increased more than fortyfold since 1982 to exceed $200 billion. In 1996 and 1997, they have grown at respective annual rates of 24 and 26 per cent.1 By certain (probably overly optimistic) estimates, up to half of the savings of the Islamic world may in the near future end up being managed by Islamic financial institutions. The first Islamic banks were created in the 1970s, at the time when the aggiornamento of Islamic doctrine on banking matters was taking shape. At the time, Islamic banks were typically commercial banks operating on an interest-free basis. Today, as a consequence of broad changes in the political–economic environment, a new generation of Islamic financial institutions, more diverse and innovative, is emerging as the doctrine is undergoing a new aggiornamento. Perhaps the most important development has been the growing integration of Islamic finance into the global economy. There is now a Dow Jones Islamic Market Index, which tracks 600 companies (from inside and outside the Muslim world) whose products and services do not violate Islamic law. Foreign institutions such as Citibank have established Islamic banking subsidiaries, and many conventional banks – in the Muslim world but also in the United States and Europe – are now offering ‘Islamic products’ that are sometimes aimed at non-Muslims.

scholarly journals Exploring Compliance of AAOIFI Shariah Standard on Ijarah Financing: Analysis on the Practices of Islamic Banks in Malaysia

2020 ◽  
Vol 13 (2) ◽  
pp. 29
Author(s):  
Shujaat Saleem ◽  
Fadillah Mansor
Keyword(s):  
Content Analysis ◽  
Financial Institutions ◽  
Banking Industry ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Structured Interviews ◽  
Islamic Financial Institutions ◽  
Contemporary Practice

This paper aims to explore whether the practices of Ijarah financing by Islamic banks in Malaysia are in line with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standard No: (9) on Ijarah financing. Semi- structured interviews based on open-ended questionnaires were conducted, recorded verbatim, and transcribed for content analysis. Our study revealed flaws in the contemporary practice of Ijarah financing and indicated that it was slightly out of line with the AAOIFI Shariah standard. The study will not only help the Islamic banking industry of Malaysia to reduce, if not eliminate the gap between the practices of Bank Negara Malaysia (BNM) and AAOIFI Shariah standards pertaining to Ijarah financing but also create novel literature due to the fact that, no study has been undertaken to date, which analyzes the practices of Ijarah financing by Malaysian Islamic banks in the light of the AAOIFI Shariah standards.

scholarly journals منهجية مئسسات الجتهاد الجماعي في السودان: دراسة تحليلية حول مجمع الفقه الإسلامي وهيئات الرقابة الشرعية المصرفية

2018 ◽  
Vol 2 (1) ◽  
pp. 181-217
Author(s):  
محمد شريف بشير الشريف ◽  
محمد يوسف خالد
Keyword(s):  
Special Reference ◽  
Financial Institutions ◽  
Islamic Law ◽  
Modern Technology ◽  
Policy Implications ◽  
Islamic Banks ◽  
Public Issues ◽  
The Public ◽  
Supervisory Boards

The main objective of this paper is to examine the role of collective Ijtihad institutions in Sudan with special reference to the Islamic Fiqh Academy of Sudan (IFA-Sudan) and the Shari'a supervisory boards in Islamic banks. The paper begins with a background of fatwa history in Sudan, focusing particularly on the experience of the Islamic Fiqh Academy (IFA-Sudan), which is a leading institution in the area of collective Ijtihad, through the powers granted to it as an official fatwa institution and discusses its contribution diverse to both society and the state. This paper presents an overview of selected models of Shari'a supervisory boards in Islamic banks and financial institutions including the High Shari'a Supervisory Council (HSSC) in Central Bank of Sudan. It provides also in-depth and strong understanding of Shari'a consultancy mechanisms in Islamic banks and their role in fatwas harmonization in financial matters. Through discussion emphases have given to the working approaches and procedures for the issuance of fatwa and its reinforcement mechanism from the perspective and practices of Islamic law in Sudan. This paper highlights some significant results on the importance of institutions of collective ijtihad, especially in public issues and emerging subjects. In conclusion, some policy implications have been mentioned on the development of fatwa management and use of modern technology to communicate between Shari'a supervisory boards in Islamic Banks and other financial institutions within and outside the country, and the interaction with the public, through answering their religious questions. ملخص البحث يتناول هذا البحث موضوع الجتهاد الجماعي من خلال دور مؤسسات الفتوى في السودان, ويعرض تجاربها في مجال الإفتاء, وإدارة شؤونه. و يركز البحث على تقويم تجربة مجمع الفقه الإسلامي بالسودان, واللذي يعتبر مؤسسة رائدة في مجال الاجتهاد الجماعي, من خلال الصلاحيات الممنوحة له, وما يعرض أمامه من القضايا الدينية في كافة شؤون الحياة, ومجالاتها. كما يعرض البحث نماذج مختارة من تجارب هيئات الرقابة الشرعية للمصارف والمؤسسات المالية الإسلامية بالسودان, و يبين أساليب عملها, والإجراءات المتبعة لديها في إصدار الفتوى الجماعية. ويحاول البحث أن يخلص إلى نتائج مهمة حول أهمية مؤسسات الإجتهاد الجماعي, وضرورة استمرارها في تقديم الفتوى الشرعية, خاصة في القضايا العامة, والمسائل المستجدة بما يشمل مسائل المعاملات والأسرة, والقضايا الطبية والعلمية, إضافة إلى ما يخص الدولة, و المؤسسات, وأفراد المجتمع من قضايا اجتماعية, وسياسية. وفي الختام يقدم البحث توصيات عامة بشأن تطوير هيئات الإفتاء من ناحية إدارتها, واستخدم وسائل التقنية الحديثة في التواصل مع هيئات الإفتاء داخل البلاد وخرجها, والتفاعل مع الجمهور, والإجابة عن أسئلته, واستفتاءاته الدينية.

scholarly journals PERGULATAN HUKUM DAN POLITIK DALAM LEGISLASI UU NO. 21 TAHUN 2008 TENTANG PERBANKAN SYARI’AH

Al-Ahkam ◽  
2013 ◽  
Vol 23 (1) ◽  
pp. 57
Author(s):  
Abdul Ghofur
Keyword(s):  
Islamic Law ◽  
Political Power ◽  
Historical Background ◽  
Islamic Banking ◽  
State Law ◽  
Indonesian Government ◽  
The Future ◽  
The Law ◽  
Political Configuration

This study intends to analyze the historical background of the enactment of Law No. 21 of 2008 concerning Islamic Banking in the perspective of relationship between law and political power. This study are considered attractive in the context of Indonesia as a state law that the majority of the population is Muslim, which is ethically Islamic law becomes an important part in the law development. Politically, the Indonesian government also has a historical background of the harmonious relationship with the Islamic forces. Determination of law No. 21 of 2008 concerning Sharia banking is not free from the constellation and political configurations that occured at that time. However, despite decorated by strict political configuration, the determination of this statue has a accountability of its juridical basis, sociological, and philosophical. Determination This law proves that Islamic law has become one of the sources of national law and has the opportunity to contribute to the development of national laws optimally in the future.

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