scholarly journals Penerapan Akad Mudharabah Mutlaqah Pada Tabungan Mabrur Untuk Biaya Perjalanan Ibadah Haji

2021 ◽  
Author(s):  
Ida Safitri ◽  
Rachmad Risqy Kurniawan
Keyword(s):  
Financial Institutions ◽  
The World ◽  
Islamic Financial Institutions

Hajj is one of the pillars of Islam that must be believed and carried out by every Muslim who meets the mandatory requirements which will complete the fifth pillar of Islam. Indonesia is the largest contributor to the Hajj pilgrims in the world, so the National Sharia Council provides an opportunity for Islamic Financial Institutions to respond to the needs of the community in various products. Bank Syariah Mandiri is one of the Islamic financial institutions that provides services for the pilgrimage by using a system that can relieve customers, namely mabrur savings. This savings account aims to provide convenience for prospective Hajj pilgrims by using some of their money so that they can carry out the costs of the pilgrimage.

scholarly journals Comparative Analysis on Shariah Governance in Malaysia: SGF 2010, IFSA 2013 and SGPD 2019

2020 ◽  
Vol 10 (1) ◽  
pp. 110 ◽  
Author(s):  
Muhammad Iqmal Hisham Kamaruddin ◽  
Mustafa Mohd Hanefah ◽  
Zurina Shafii ◽  
Supiah Salleh ◽  
Nurazalia Zakaria
Keyword(s):  
Comparative Analysis ◽  
Financial Institutions ◽  
Financial Services ◽  
Islamic Finance ◽  
Policy Document ◽  
Finance Industry ◽  
The World ◽  
Governance Practices ◽  
Islamic Financial Institutions ◽  
Shariah Governance

The main focus of shariah governance for an organization is to ensure that it is comply with shariah laws and regulations. Under Islamic finance industry, shariah governance is being given attention due to rapid growth of this industry in the world. For Malaysia, the authority through Bank Negara Malaysia (BNM) have taken a proactive role by introducing shariah governance guidelines including the Shariah Governance Framework (SGF) 2010, the Islamic Financial Services Act (IFSA) 2013 and the latest is the Shariah Governance Policy Document (SGPD) 2019. These shariah governance guidelines are supposed to support the development of shariah governance practices especially by Islamic Financial Institutions (IFIs) in Malaysia. However, there is limited to none study conducted to compare these guidelines. These shariah governance guidelines is necessary to be compared in order to find out whether these guidelines are complemented each other and to identify any differences among these guidelines. Therefore, the aim of this study is to compare between these shariah governance guidelines. Based on the analysis, it has been found that SGPD 2019 is the most comprehensive covers on shariah governance as compared to IFSA 2013 and SGF 2010. However, these three guidelines still not become comprehensive enough, as there is still limited to none discussion on the definition and objectives of shariah governance itself.

scholarly journals Pengembangan Sumber Daya Insani Di Lembaga Keuangan Islam

2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Mohammad Afif
Keyword(s):  
Human Resources ◽  
Human Nature ◽  
Financial Institutions ◽  
Financial Institution ◽  
Muslim Country ◽  
Human Resources Planning ◽  
The World ◽  
Islamic Financial Institutions ◽  
Resources Planning ◽  
Rules Set

Islamic financial institutions began to flourish in Indonesia. Naturally there is a demand for creating human resources with good morality and professional in carrying out its duty, mission and vision. Talking about human resources, in fact, we can see from two aspects, namely the quantity and quality. Islamic financial institution requires two aspects. Islamic financial institutions will exist when supported by adequate human resources for the development, which is actually Indonesian with the biggest Muslim country of in the world, so that the market share for Islamic financial Institution is very potential. Therefore, it is ironic if the Islamic financial institution can not flourish in Indonesia. It is necessary for strategic steps in the establishment of the Islamic financial Institutions. Thus, Islamic character of this vision is a solution that is a manifestation of human nature as a creature of Allah, who is in every movement and steps always use the rules set by Allah. The occurrence of fraud by operators of Islamic financial institutions because he is out of the nature of faith and choose the wrong path. So it is important for a leader being model, to pay attention, oversee, audit and punish managers who disapprove his nature, both in financial terms and non financial problems. Founder, trustees, managers may commit violation because of unlimited power, due to excessive power. Excessive confidence sometimes opens human opportunities to get out of the nature of faith. This article will try to explain the development of human resources in Islamic financial institutions, which includes the importance of human resources planning, the principles of employees planning in Islamic financial institutions, the process of human resources planning in Islamic financial institutions, the values of recruitment, the stages of recruitment, the technique of potential seeking in recruitment, and so forth. Keywords: Islamic financial institution, Human resources

scholarly journals The importance of providing Islamic finance services for non- Muslims in Europe

2018 ◽  
Vol 24 (102) ◽  
pp. 24
Author(s):  
Al Siddig Talha Mohammed Rahma
Keyword(s):  
Financial Institutions ◽  
Insurance Companies ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Islamic History ◽  
The World ◽  
Islamic Financial Institutions ◽  
Islamic Economic ◽  
Muslims In Europe ◽  
Islamic Insurance

Abstract              This paper follows the growing interest and continuity of Islamic finance products worldwide, which has encouraged the formulation of financial institutions based on the concepts of Islamic Sharia in many countries of the world and is no longer limited to Islamic countries only, and  Not exclusive to Muslims which is due to Islamic finance services and their ability to apply in non-Islamic societies, and perhaps what encouraged the development and progress of this industry Islamic history, which was attended by many different models With the development of trade's share between different countries as well as trips carried out by Muslims trade in the world and their role in the spread of Islam in Africa, Asia, Europe and so on.              The paper focuses on the need to direct and allocate Islamic funding to non-Muslims so as not to be exclusive to Muslims only and thus highlights the ability of Islamic economic services and its ability to expand its outreach, this will  help to activating many of the desired objectives and to clarify and reflect the Islamic principles of other societies, and thus achieve the universality of Islam and reduce the manifestations of hostility to Islam and Muslims in the world          The paper concludes that the spread of various Islamic financial institutions in European countries, including banks, Islamic insurance companies and Islamic sukuk, and the establishment of identical institutions in Europe all this confirms the ability of Islamic banking to spread in the world, Islamic banking has emerged as one of the fastest-growing industry sectors over recent years. Islamic Finance has now become a global phenomenon due in large part because it is perceived as less risky than the conventional finance – especially during crises.  

Pengaruh Covid-19 terhadap Indeks Harga Saham Gabungan (IHSG) dan Nilai Tukar Rupiah

2021 ◽  
Vol 3 (2) ◽  
pp. 313-323
Author(s):  
Nisa Alfira ◽  
Muhammad Iqbal Fasa ◽  
Suharto Suharto
Keyword(s):  
Exchange Rate ◽  
Financial Institutions ◽  
Capital Market ◽  
Stock Price ◽  
World Economy ◽  
Price Index ◽  
The World ◽  
Islamic Financial Institutions ◽  
Stock Price Index ◽  
The Impact

The purpose of this study was to determine the effect of the Covid-19 pandemic on the Composite Stock Price Index (IHSG) and the rupiah exchange rate in Indonesia. The research method used is descriptive qualitative by describing the existing phenomena. The results show that the impact of the Covid-19 pandemic does not only affect public health, but also affects the Indonesian economy, especially in Islamic financial institutions in the Islamic capital market, namely the Composite Stock Price Index and the weakening of the rupiah exchange rate. The pandemic has also been proven to have put pressure on the world economy, including Indonesia.

scholarly journals Conventional and Islamic Letter of Credit: Comparison and Implementation

2021 ◽  
Vol 4 (2) ◽  
pp. 124
Author(s):  
Atharyanshah Puneri
Keyword(s):  
International Trade ◽  
Financial Institutions ◽  
Qualitative Method ◽  
Secondary Data ◽  
Document Analysis ◽  
Payment Method ◽  
Letter Of Credit ◽  
Library Research ◽  
The World ◽  
Islamic Financial Institutions

This study attempts to provide the insight about payment method in international trade, especially by using Letter of Credit both conventional way and Islamic way. This study is exploratory and using qualitative method of research. This study reviews and analyses the previous literatures and other secondary data to conduct the study. The secondary data for this research were gathered through library research. This study also doing the document analysis. Based on the data collected, Letter of Credit is the most secured and commonly used as the method of payment for International Trade. But a lot of contents on the Conventional Letter of Credit is not Shariah-compliant. Islamic Financial Institutions around the world trying to comes up with Islamic Letter of Credit, but to implementing Islamic Letter of Credit creates some new issues and challenges. This study attempts to provide the insight about payment method in international trade, especially by using Letter of Credit both conventional way and Islamic way.

scholarly journals Empowering the Shari’ah Committee towards Strengthening Shari’ah Governance Practices in Islamic Financial Institutions

2016 ◽  
Vol 8 (2) ◽  
pp. 142 ◽  
Author(s):  
Nawal Kasim ◽  
Sheila Nu Nu Htay ◽  
Syed Ahmed Salman
Keyword(s):  
Financial Institutions ◽  
Review Process ◽  
Islamic Finance ◽  
Rapid Rate ◽  
Finance Industry ◽  
The World ◽  
Limited Support ◽  
Governance Practices ◽  
Islamic Financial Institutions ◽  
Operational Practices

<p>The Islamic finance industry is growing at a rapid rate. Its products and services are widely offered all over the world. The ultimate vision of the emergence of Islamic finance industry is to avoid the prohibited practices of conventional financial institutions such as interest, uncertainty, gambling, and investment in prohibited items. If Islamic Financial Institutions (IFIs) manifest by excluding this vision, then they have failed in their mission. Consequently, <em>shari’ah</em> risk, i.e., non-<em>shari’ah</em> compliant risk is the main risk that IFIs must manage to maintain its distinguished status as <em>shari’ah</em> compliant institutions. <em>Shari’ah</em> governance is used as the guideline to mold the operational practices of IFIs to achieve the mission of <em>shari’ah</em> compliance. For this purpose, the <em>shari’ah</em> committee members are the main players for implementing good <em>shari’ah</em> governance practices. However, due to the limited authority of <em>Shari’ah</em><em> </em>committee members in performing their tasks, IFIs are voluntarily exposed to <em>Shari’ah</em> risk. This paper highlights the current <em>Shari’ah</em> governance problems and proposes that the authority of <em>Shari’ah</em> committee should be enhanced for better <em>Shari’ah</em> governance practices. Problems with current <em>Shari’ah</em><em> </em>governance practices are mostly due to <em>fatawa</em> variation, non-harmonization of <em>Shari’ah</em><em> </em>governance practices and products, variance in the four schools of thought, and limited support from IFI management in discharging their full responsibilities such as their involvement in the <em>Shari’ah</em> review process and audit. This paper is set to develop <em>Shari’ah</em> governance guidelines.</p>

scholarly journals HARMONIZATION IS THE ONLY “GAME” IN TOWN; ACTUALIZING THE FUNCTIONALITY OF VITAL ISLAMIC FINANCIAL INSTITUTIONS: A CASE OF WAQFS IN NIGERIA

2021 ◽  
Vol 29 (2) ◽  
pp. 175-194
Author(s):  
Oluwaseun Sulaiman Saidu ◽  
Murat Cizakca ◽  
Rodney Wilson
Keyword(s):  
Developing Countries ◽  
Financial Institutions ◽  
Islamic Law ◽  
Equal Treatment ◽  
For Profit ◽  
Not For Profit ◽  
The World ◽  
Islamic Financial Institutions ◽  
Legal Infrastructure

While it is true that more often than not, constitutional democracies might enshrine freedom of religion and thus provide for equal treatment of all religions within a given state, the Islamic characterization of the waqf institution transcends the subsisting limits allowed for in the not-for profit legal infrastructure including their taxation exemption provisions in the Nigerian state. According to modest statistics, Nigeria is home to about 100 million Muslims but her governing laws are at best described as secular. The objective of this research is therefore to harmonize the Islamic law of waqf institution and the extant not-for-profit laws in Nigeria such that the institution can function within the Nigerian state without infringing on the Islamic Shariah whilst at the same time complying with the constitutional dictates of the country. The merits of such an exercise are numerous. It could readily be replicated in other non-Muslim jurisdiction across the world. Nigeria being the largest economy in Africa, the dividends of such an exercise would cascade across the continent consisting mainly so called developing countries.

Pengembangan Sumber Daya Insani Di Lembaga Keuangan Islam

2016 ◽  
Vol 1 (1) ◽  
pp. 140-151
Author(s):  
Mohammad Afif
Keyword(s):  
Human Resources ◽  
Human Nature ◽  
Financial Institutions ◽  
Financial Institution ◽  
Muslim Country ◽  
Human Resources Planning ◽  
The World ◽  
Islamic Financial Institutions ◽  
Resources Planning ◽  
Rules Set

Islamic financial institutions began to flourish in Indonesia. Naturally there is a demand for creating human resources with good morality and professional in carrying out its duty, mission and vision. Talking about human resources, in fact, we can see from two aspects, namely the quantity and quality. Islamic financial institution requires two aspects. Islamic financial institutions will exist when supported by adequate human resources for the development, which is actually Indonesian with the biggest Muslim country of in the world, so that the market share for Islamic financial Institution is very potential. Therefore, it is ironic if the Islamic financial institution can not flourish in Indonesia. It is necessary for strategic steps in the establishment of the Islamic financial Institutions. Thus, Islamic character of this vision is a solution that is a manifestation of human nature as a creature of Allah, who is in every movement and steps always use the rules set by Allah. The occurrence of fraud by operators of Islamic financial institutions because he is out of the nature of faith and choose the wrong path. So it is important for a leader being model, to pay attention, oversee, audit and punish managers who disapprove his nature, both in financial terms and non financial problems. Founder, trustees, managers may commit violation because of unlimited power, due to excessive power. Excessive confidence sometimes opens human opportunities to get out of the nature of faith. This article will try to explain the development of human resources in Islamic financial institutions, which includes the importance of human resources planning, the principles of employees planning in Islamic financial institutions, the process of human resources planning in Islamic financial institutions, the values ​​of recruitment, the stages of recruitment, the technique of potential seeking in recruitment, and so forth

scholarly journals THE PENETAPAN DENDA TERHADAP PEMBIAYAAN BERMASALAH PADA PERBANKAN SYARIAH

2020 ◽  
Vol 2 (2) ◽  
pp. 159-175
Author(s):  
Muhammad Al Mustafa
Keyword(s):  
Financial Institutions ◽  
Islamic Banking ◽  
The World ◽  
Islamic Financial Institutions ◽  
Different Levels

The each of financing has different levels of risk. In financing the risk is that the funds  provided are not returned, as a result the Bank will get deficit, and it will have an effect to customers who invest their capital, the risk that can cause such losses is that not all of customers are able to manage financing professionally. So that will cause many imbalances that have fatal consequences, both for customers and parties. Therefore to overcome this problem the bank have to do a policy of implementing the system of fine. This article aims to examine the fine policy on the financing of Islamic financial institutions, in particular, this article also takes a look at the application of fines because in essence doing a transaction with the sharia system is not just looking for the profit in the world, but also to achieve the prosperity of the afterlife, therefore, all Islamic Banking activities must be able to be integrated into the maqashid of sharia to achieve prosperity in transactions.   Keyword: The Amercement, Risk, Maqashid Syariah, Maslahah.     Abstrak Setiap pembiayaan mempunyai tingkat risiko yang berbeda-beda. Pada pembiayaan resikonya adalah tidak terkembalinya dana yang diberikan, akibatnya  Bank mengalami desifit, dan akan berefek kepada nasabah yang  menginvestasikan  modalnya, resiko yang bisa menyebabkan terjadinya kerugian tersebut adalah tidak semua nasabah mampu mengelola pembiayaan secara profesional, sehingga menimbulkan banyak ketimpangan yang berakibat fatal, baik bagi nasabah maupun pihak bank. Sehingga untuk mengatasi masalah tersebut pihak bank mengambil kebijakan menerapkan sistem denda. Artikel ini bertujuan untuk mengkaji  kebijakan denda  pada  pembiayaan di lembaga keuangan islam, secara khusus, artikel ini juga melihat kebolehan penerapan denda karena pada hakikatnya melakukan transaksi dengan sistem syariah bukan saja mencari keuntungan di dunia saja, namun juga untuk mencapai maslahah dunia akhirat, oleh karena itu, semua kegiatan perbankan syariah harus mampu diintegrasikan kedalam maqashid syariah untuk mencapai kemaslahatan bertransaksi.   Kata kunci: Denda, Risiko, Maqashid Syariah, Maslahah.

scholarly journals Effect of Takaful Models on Performance of Takaful Operators

2019 ◽  
Vol 2 (2) ◽  
pp. 53-80
Author(s):  
Maryam Saeed
Keyword(s):  
Qualitative Research ◽  
Financial Market ◽  
Financial Institutions ◽  
Secondary Data ◽  
Abu Dhabi ◽  
Mutual Help ◽  
Quantitative And Qualitative Research ◽  
Analysis Technique ◽  
The World ◽  
Islamic Financial Institutions

Purpose of this study is to analyze the performance in terms of profit of different takaful models being used in different countries in the world. It is both quantitative and qualitative research. In qualitative research, literatures is reviewed by using content analysis technique. Many takaful models are being used by many takaful operators i.e. Wakala, Wakal-Waqf, Mudharabah, Mudharabah-Wakla. For examining performance of different takaful models of five takaful operators, Secondary data on profit earning from 2008 to year 2017 is taken. Results and graphs represent the higher performance of Abu Dhabi National Takaful working on Mudharabah and Wakala Model which showed higher profit as compared to all takaful operators. The finding of this study is essential for Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for ensuring the standardization of the services and structures that could be given within the frame of mutual help. Takaful operators who can also use the above model i.e. Mudharabah and Wakala Model for enhancing their performance in financial market of insurance. Governments should enact a law for operations and rulings of standardized takaful models adopted by takaful operators and liberalize the takaful market via removal of tariff.

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