PERDAGANGAN ETHEREUM DI INDODAX EXCHANGE DALAM PERSFEKTIF SYARIAH

2020 ◽  
Vol 3 (2) ◽  
Author(s):  
Muhamad Khoirul Umam
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Islamic Law ◽  
Indonesian Government ◽  
Advantages And Disadvantages ◽  
Digital Asset ◽  
Research Questions ◽  
Financial Transactions

In view of Islamic law Ethereum as a digital asset that is traded in cyberspace.The value of cryptocurrency surges and fluctuates, it is influenced by buying and selling demand. Indodax exchange is an official digital asset site in Indonesia that trades more than 40 digital currencies.The purpose of this study is to analyze whether cryptocurrency is worthy of value as money having a certain value, and also seen from the Indonesian government through Bank Indonesia has issued regulation No. 16/8/PBI/2014, which explicitly prohibits the use of bitcoin, Ethereum and altcoin for use in financial transactions in cash. So that raises research questions how the cryptocurrency law in the form of coin ethereum in Islamic law. The results of this study explain ethereum has advantages and disadvantages. Among its advantages is that users can use exchanges or transactions without a third service (bank), and can be traded at merchandise stores.However, ethereum losses are more frequent, such as fluctuating values each time, not listed as commodities, not watched by the Financial Services Authority (OJK), they present elements of gharar (uncertainty) and maysir (gambling) or (betting), which are used for money laundering and purchase of illegal drugs.Keywords: Cryptocurrency, Ethereum, Digital asset

Mining-Trading Cryptocurrency dalam Hukum Islam

2018 ◽  
Vol 12 (1) ◽  
pp. 119-132
Author(s):  
Muhammad Fuad Zain
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Islamic Law ◽  
The Other ◽  
Electronic Money ◽  
Indonesian Government ◽  
Advantages And Disadvantages ◽  
Other Hand ◽  
Digital Asset ◽  
Financial Transactions

This paper discusses the mining-trading of cryptocurrency in Islamic law as a digital asset that has recently been traded in cyberspace. The value of cryptocurrency is soaring and fluctuation and it is influenced by the demand of buying and selling. Indodax.com is the official digital asset site in Indonesia that trades more than 13 digital currencies. As we know, digital currencies are not electronic money, even though the characteristic is similar. Starting from this, I analyze whether cryptocurrency is worthy of being value as money that has a certain value. Until now, the Indonesian government through Bank Indonesia has published regulation Number 16/8/PBI/ 2014, which explicitly prohibits using bitcoin and altcoin on financial transactions. Otherwise, MUI (Indonesian Ulema Council) has not issued a fatwa yet related to cryptocurrency. From here, I focuse on this study to the law of cryptocurrency in Islamic law. Bitcoin has advantages and disadvantages. Among its advantages are the user can use exchange or transaction without third service (bank), and it can be traded in merchandise shops. But, the disadvantages of bitcoin are mach more, such as fluctuating value every times, it is not listed as a commodity, it is not watched by Financial Services Authority (OJK), it presents the element of gharar (uncertainty) and maysir (gambling or bet), which makes it possible to be used for money laundering and drugs. On the other hand, until now, the Indonesian people have not considered that bitcoin as a treasure like gold or silver

scholarly journals THE IDENTIFICATION OF MONEY LAUNDERING ON DRUG TRAFFICKING

2020 ◽  
Vol 5 (1) ◽  
pp. 68
Author(s):  
Lucky Nurhadiyanto
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Drug Trafficking ◽  
Financial Services ◽  
Main Chain ◽  
Minimal Risk ◽  
Integration Pattern ◽  
The One ◽  
Financial Transactions

Drug trafficking is a holistic process. The involvement of various parties linked with law enforcement efforts. The number of drug trade reaches millilons of tons. This number equivalent to billions of fund that circulating in trading transactions. The one alternative ways to eradicate drug trafficking is to track the cash flow. Because of the financial transactions as the main chain to running this business. Tracking the flow of drug trafficking funds through money laundering approach can be done by indetifying various placement, layering, and integration activities of suspicious financial transactions. The placement pattern becomes the entrance of financial transactions through the participation of the providers of financial services. The layering pattern can consist od smurfing, money changer, and buying a stock portofolio. Meanwhile, the integration pattern enters various business activities with minimal risk. The prediction of money laundering tren based on drug trafficking leads three aspects, that is utilization of technologies, the role of third parties, and the involvement of unscrupulous government and law enforcement.

scholarly journals INTERDEPENDENCE OF FINTECH INNOVATIONS, FINANCIAL, CYBERNETIC CRIMES AND LEGALIZATION OF CRIMINAL INCOME MEDIATED BY FINANCE INSTITUTIONS

2021 ◽  
Vol 2021 (1) ◽  
Author(s):  
O. Kuzmenko ◽  
T. Dotsenko ◽  
S. Mynenko ◽  
E. Shramko
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Service Providers ◽  
Criminal Activity ◽  
Third Party ◽  
Security Measures ◽  
Current Trends ◽  
Financial Infrastructure ◽  
Financial Transactions ◽  
The Impact

Current trends in Ukrainian society, the decline of economic development and, on the other hand, digitalization, development of financial services and innovation lead to a review and rethinking of the causes and consequences of criminal activity in the financial and economic sphere. FinTech innovations provide the latest tools to protect financial transactions, and, as the range of services expands, provide more targets for cybercriminals. The goals of cybercriminals, in turn, are often financial in nature, as the goals of criminals, for example, are not only to obtain confidential information, but also to use it for their own benefit or to meet the needs of a third party. Funds obtained illegally should be legalized for their quiet further use. All these processes to some extent depend on the available financial infrastructure - the existing financial organizations-service providers. The purpose of this study is to determine the relationship between FinTech innovation, financial crime, cybercrime and money laundering by building an economic and mathematical model, taking into account the functioning of financial institutions as major intermediaries in the financial services market. The method of structural modeling of interrelations between processes was chosen as the basic for research. Missed values ​​were predicted using a simple mean, the results were generated by analysis, synthesis, comparison and logical generalization. STATISTICA statistical software was used for simulation. The study found that the development of FinTech will lead to a reduction in financial offenses. If the number of cybercrimes and the number of crimes for money laundering increase, so will the number of financial crimes, but the impact of money laundering is stronger. The growth of fintech innovation will lead to an increase in cybercrime. With formalized linkages between these processes, law enforcement and government regulators will be able to better plan and manage the development of fintech innovation, risk-based digitalisation of the economy, and additional security measures.

scholarly journals ANTI-MONEY LAUNDERING CRIMES IN ISLAMIC LAW COMPARED TO THE ALGERIAN AND INDONESIAN LAW

JURISDICTIE ◽  
2017 ◽  
Vol 7 (2) ◽  
pp. 190
Author(s):  
Bakhouya Driss
Keyword(s):  
Money Laundering ◽  
Islamic Law ◽  
The Other ◽  
Effective Control ◽  
Banking Systems ◽  
Banking Secrecy ◽  
The One ◽  
Financial Transactions ◽  
The Way

<p><em>     </em><em>Islamic law agreed with most modern laws on the seriousness of money laundering crimes, including Algerian law and Indonesia, despite the differences in regard to the methods which these crimes because of the different banking systems from one country to another on the one hand, because of the possibilities available to money launderers on the other.</em></p><p><em>      This led to the need to pay special attention by the Algerian law and Indonesia in order to effectively provide for these modern criminal phenomena, it has resorted to the imposition of strict controls to combat the phenomenon is mostly derived from the provisions of Islamic Sharia.</em></p><p><em>      Although the procedures and mechanisms that came in the Islamic Sharia and stipulated in the fight against money laundering in Algeria, Indonesia law, but many obstacles stand in the way without effective control of this crime along the lines of the principle of banking secrecy, which is an obstacle, often without disclosure of relevant financial transactions money laundering offenses.</em></p>

Liberalism and Regulation of Financial Market

2012 ◽  
pp. 20-30
Author(s):  
V. Milovidov
Keyword(s):  
Hedge Funds ◽  
Financial Services ◽  
Financial Stability ◽  
Financial Risk ◽  
Risk Hedging ◽  
Rights Protection ◽  
Starting Point ◽  
Derivative Instruments ◽  
Credit Default ◽  
Financial Transactions

Reagan's financial sector deregulation became a starting point for the financial engineering, derivatives, combinatory financial operations industry. Due to it hedge funds developed, and a range of risk financial transactions expanded among the banks that found both new forms of financial risk hedging and new sources of income: arbitrage and hedging, credit default swaps, operations with "second-rate” credits. It was them that exploded the market in 2007–2008. The reaction of states realized in a string of regulation initiatives, including creation of supranational coordination bodies (in particular, Financial Stability Board); reformatting of mega regulators and on their base – the shaping of state prudential supervision and financial services consumer rights protection bodies with different tasks; restrictions on hedge funds activities; toughening of derivative instruments regulation and implementing of a central counterparty institute on derivatives market.

scholarly journals Information Asymmetry and Trust: A Framework for Studying Microfinance in India

2005 ◽  
Vol 30 (4) ◽  
pp. 77-86 ◽  
Author(s):  
M S Sriram
Keyword(s):  
Social Networks ◽  
Transaction Costs ◽  
Rural Areas ◽  
Financial Services ◽  
Imperfect Information ◽  
Informal Networks ◽  
The Poor ◽  
The People ◽  
Financial Transactions

In recent times, microfinance has emerged as a major innovation in the rural financial marketplace. Microfinance largely addresses the issue of access to financial services. In trying to understand the innovation of microfinance and how it has proved to be effective, the author looks at certain design features of microfinance. He first starts by identifying the need for financial service institutions which is basically to bridge the gap between the need for financial services across time, geographies, and risk profiles. In providing services that bridge this gap, formal institutions have limited access to authentic information both in terms of transaction history and expected behaviour and, therefore, resort to seeking excessive information thereby adding to the transaction costs. The innovation in microfinance has been largely to bridge this gap through a series of trustbased surrogates that take the transaction-related risks to the people who have the information — the community through measures of social collateral. In this paper, the author attempts to examine the trajectory of institutional intermediation in the rural areas, particularly with the poor and how it has evolved over a period of time. It identifies a systematic breach of trust as one of the major problems with the institutional interventions in the area of providing financial services to the poor and argues that microfinance uses trust as an effective mechanism to address one of the issues of imperfect information in financial transactions. The paper also distinguishes between the different models of microfinance and identifies which of these models use trust in a positivist frame and as a coercive mechanism. The specific objectives of the paper are to: Superimpose the role of trust in various types of exchanges and see how it impacts the effectiveness of repeated transactions. While greater access to information fosters trust and thus helps social networks to reduce transaction costs, there could be limits to which exchanges could solely depend on networks and trust. Look at the frontiers where mutual trust cannot work as a surrogate for lower appraisal costs. Use an example in the Canadian context and see how an entity that started on the basis of social networks and trust had to morph into using the techniques used by other formal nonneighbourhood institutions as it grew in size and went beyond a threshold. Using the Canadian example, the author argues that as the transactions get sophisticated, it is possible to achieve what informal networks have achieved through the creative use of information technology. While we find that the role of trust both in the positivist and the coercive frame does provide some interesting insights into how exchanges with the poor could be managed, there still could be breaches in the assumptions. This paper identifies the conditions under which the breaches could possibly happen and also speculates on the effect of such breaches.

scholarly journals Ethical Issues of Organ Transplantation in Islam

1970 ◽  
Vol 21 (1) ◽  
pp. 97-103
Author(s):  
M Mostafa Kamal
Keyword(s):  
Organ Donation ◽  
Organ Transplantation ◽  
Islamic Law ◽  
Ethical Issues ◽  
Ethical Framework ◽  
Value Systems ◽  
Proxy Consent ◽  
Advantages And Disadvantages ◽  
The World ◽  
The Impact

Scientists and clinicians must become familiar with the factors that affect the emotional, physical, and spiritual health of their patients that are outside the ken of the traditionally dominant value systems. Although many researchers have addressed the cultural and ethnical factors, very few have considered the impact of religion. Islam, as the largest and fastestgrowing religion in the world, has adherents throughout the world, presents a complete moral, ethical, and medical framework, while it sometimes concurs conflicts with the conventional and secular ethical framework. This paper introduces to the Islamic principles of ethics in organ transplantation involving human subject to address issues of religion and religious ethics. Historical reflections are discussed as to why Muslim thinkers were late to consider contemporary medical issues such as organ donation. Islam respects life and values need of the living over the dead, thus allowing organ donation to be considered in certain circumstances. The sources of Islamic law are discussed in brief to see how the parameters of organ transplantation are derived. The Islamic perception, both Shiite and Sunni, is examined in relation to organ donation and its various sources. The advantages and disadvantages of brain dead and cadaveric donation are reviewed with technical and ethical considerations. The Islamic concept of brain death, informed and proxy consent are also discussed. The concept of rewarded donation as a way to alleviate the shortage of organs available for transplantation is assessed.    doi: 10.3329/taj.v21i1.3230 TAJ 2008; 21(1): 97-103

FIFA – highlighting the links between global banking and international money laundering

2018 ◽  
Vol 21 (4) ◽  
pp. 498-512 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Banking Sector ◽  
Due Diligence ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Global Banking ◽  
Beneficial Ownership ◽  
The Impact

PurposeThis paper uses the recent (August 2015) FIFA arrests to provide an example of how illicit financial flows are occurring through the formal banking and financial services sector. The purpose of this paper is to explore which elements of anti-money laundering (AML) compliance need to be addressed to strengthen the banking response and reduce the impact of IFFs within the banking sector.Design/methodology/approachThe paper is based on the indictment document currently prepared for the FIFA arrests and the District Court case of Chuck Blazer the FIFA Whistleblower. It uses the banking examples identified in the indictment as typologies of money laundering and wire fraud. Corresponding industry reports on AML compliance are included to determine where the major weaknesses and gaps are across the financial service.FindingsThe main findings from the analysis are that banks still have weak areas within AML compliance. Even recognised red flag areas such as off shore havens, large wire transfers and front companies are still being used. The largest gaps still appear to be due diligence and beneficial ownership information.Research limitations/implicationsThe research topic is very new and emerging topic; therefore, analysis papers and other academic writing on this topic are limited.Practical implicationsThe research paper has identified a number of implications for the banking sector, addressing AML deficiencies, especially the need to consider the source of funds and the need for further enhanced due diligence systems for politically exposed and influential people and the importance of beneficial ownership information.Social implicationsThis paper has implications for the international development and the global banking sector. It will also influence approaches to AML regulation, risk assessment and audit within the broader financial services sector.Originality/valueThe originality of this paper is the link between the emerging issues associated with allegations of bribery and corruption within FIFA and the illicit financial flow implications across the banking sector.

scholarly journals Penerapan Alternatif Akad Pembiayaan Haji dan umrah Pasca Peraturan Menteri No 24 Tahun 2016 Pada Bank Panin Dubai Syariah Surabaya

2018 ◽  
Vol 2 (1) ◽  
Author(s):  
Fitrotu Aini
Keyword(s):  
Financial Services ◽  
Government Regulation ◽  
Islamic Law ◽  
Secondary Data ◽  
Study Approach ◽  
Left Behind ◽  
Secondary Data Source ◽  
The Government ◽  
The Cost ◽  
Financial Agreement

ABSTRACTHajj as a great symbol of worship. Hajj is the fifth pillar of Islam which is mandatory for every Muslim who are able to da it in accordance with the legal requirement of pilgrimage. One of the legal conditions of Hajj is the capability, capable to cover the cost of the hajj and the family left behind. Panin Bank Dubai Sharia Bank was established based on the regulation of Limited Company No. 12 dated January 8, 1972 by Moeslim Dalidd, a notary in Malang. PT. Bank Panin Dubai Syariah Tbk has been legalized by the Financial Services Authority ("OJK"), in accordance with a copy of the policy of the Board of Commissioners of OJK No. Kep-29 / D.03 / 2016 on July 26, 2016.Therefore, through this research, the writer wants to understand: (1) how is the practice of applying alternative financial agreement of hajj and umrah after the implementation of regulation made by ministry of religious affair No. 24 year 2016 at Panin Bank Dubai Syariah Surabaya branch? (2) What is the analysis of Islamic law on the practice of multilateral contract alternative application in this Bank? Therefore, this study is aimed to, firstly, understand and describe the application of alternative contracts to hajj and umrah after the regulation of Ministry of Religious Affairs No. 24 of 2016 in Panin Bank Dubai Sharia branch Surabaya, and to describe the analysis of Sharia Economic Law about the practice of applying alternative contract in the bank.The method used in this research is qualitative method. The research data are taken in natural situation in Panin Bank Dubai Syariah Surabaya. The data are taken during operational hours using case study approach. Are done through interview technique with the main participant, Assistant Manager 1, and document, archive, book, sample of registration, as secondary data source. The data are analyzed through 3 (three) data deduction, display data and ended with conclusion and verification.The results of the study indicate that the Panin Bank Dubai Sharia runs in accordance with the government regulation No. 24 year 2016 "BPS BPIH is prohibited from providing direct and indirect Hajj money service" including Hajj and Umrah services using various financing products and funds saving, funds collecting in the form of deposits, savings or other forms, using multi-service financing akad wadi'ah, with the savings of hajj services with initial minimum deposit of Rp500,000,and according to customers’ ability. Keywords: hajj, umrah, wadi'ah.

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