scholarly journals Islamic Banking in Pakistan

1995 ◽  
Vol 12 (4) ◽  
pp. 576-578
Author(s):  
Shujaat A. Khan
Keyword(s):  
Financial Institutions ◽  
Final Analysis ◽  
Islamic Banking ◽  
Major Development ◽  
The Supreme Court ◽  
The Subject ◽  
Systematic Failure ◽  
The Government ◽  
Buy Back ◽  
Sincere Effort

The book under review is a revised edition of Muhammad AkramKhan's Islamic Banking in Pakistan. In this slender yet eloquent volumethe author, who has many other published works in the field of Islamiceconomics and finance to his credit, examines a cornerstone of governmentpolicy during the early 1980s: the Islamization of banking inPakistan. He gives a candid and coherent account of this major development and asserts that it failed because of the lukewarm attitudes of theadministration and political leadership as well as because of the pervertedoutlook of the bureaucrats, elites, and bankers. In the final analysis, hesuggests some concrete measures that are designed to help policy makersand strategists in reconstructing the financial institutions within the frameworkof Islamic laws. The subject matter of this book has been dividedinto six chapters, which are preceded by Muzaffar Hussain's preface andfollowed by concluding remarks, endnotes, an exhaustive bibliography,and an index.In chapter one, Akram provides an historical overview of the processof Islamization of banking, makes some important observations, anddraws logical conclusions. He points out that the Council of IslamicIdeology, a constitutional body consisting of scholars of all shades andschools of thought, categorically prohibited interest (riba) in all of itsvarious forms. However, no sincere effort was ever made by the governmentto eliminate interest and to build an interest-free economy. Theprocess of Islamization, which was initiated in the early 1980s andslowed down during the latter part of the decade, finally came to a completehalt in early 1992. The government, instead of invigorating theIslamization process, filed an appeal in the Supreme Court against theShari'ah Court's decision calling for the abolition of all interest-basedactivities by June 1992.In chapter two, the author goes to the roots of the problem andshows that a lack of political will was the single most important factorcausing the systematic failure of this experiment in Pakistan. He showsthe futility of inconsistent policies and inappropriate strategies pursuedby the State Bank of Pakistan, such as allowing banks to continueinterest-based operations side by side with interest-free activities.Given freedom of choice, banks and other financial institutions showeda much higher interest in such interest-based financing techniques asmark-up and buy-back agreements and little or no interest in suchmodes of finance as musharakah, mudarabah, and ijarah, all of whichare based on Islamic principles associated with profit-loss sharing. Heobserves that the situation was aggravated further when the governmentexcluded the management of public finance from the jurisdictionof the Shari‘ah court and continued its own interest-based activities asusual ...

scholarly journals CONVERTING CONVENTIONAL BANKS TO SHARIA BANKS IN ACEH: AN EFFORT TO MAINTAIN A STABLE ECONOMY IN THE COVID-19 OUTBREAK

2021 ◽  
Vol 10 (1) ◽  
pp. 24
Author(s):  
Iskandar Budiman
Keyword(s):  
Financial Institutions ◽  
Global Economy ◽  
Human Life ◽  
Growth Conditions ◽  
Islamic Banking ◽  
Economic Downturn ◽  
Economic Activities ◽  
Sharia Law ◽  
The Government ◽  
Conventional Banks

Based on Aceh Qanun (sharia law) No.11 of 2018 concerning Islamic Financial Institutions, it is required to carry out financial activities based on sharia principles. The decline of the global economy during the Covid-19 outbreak did not dampen the Aceh Government, which declared itself a special province practicing sharia values. Apart from aiming to make a purely Sharia-based region, the conversion of conventional banks to sharia banks is also to stabilize the economy. This study aims to analyze (1) the growth conditions of Islamic banking in Indonesia, (2) the legalization of the Aceh Government Qanun in determining financial institutions operating in Aceh, and (3) the resilience of Islamic banking in facing the global economic downturn during the Covid-19 pandemic. The analysis method used is literature and regulation review. The conclusion that the decentralization system implemented by the Indonesian Government in Islamic banking has not been able to maximize the growth of Islamic banking in Indonesia. Aceh Province, the only province in Indonesia that implements Sharia Law through special autonomy, has its own economic system. The Aceh government issued a Qanun, which obliged economic activities based on sharia principles. Based on Qanun No. 11 of 2018, the operation of Banks in Aceh must be in accord with Sharia. Therefore, entering 2020, the Islamic economy has been running almost perfectly in Aceh by changing conventional banking operations into Islamic banking. Furthermore, Islamic banking in Indonesia can still maintain stable growth when the Indonesian economy slides sharply in the second quarter of 2020 to minus 5.32 percent. This fact proves that increasing the growth of Islamic banking is an important thing to do. The Government should be serious and more consistent in maintaining economic stability and achieving the purposes (maqashid) of Sharia in human life.========================================================================================================ABSTRAK – Konversi Bank Konvensional Menjadi Bank Syariah di Aceh: Upaya Menjaga Stabilitas Perekonomian dalam Wabah Covid-19. Qanun (undang-undang syariat (Islam)) Aceh No 11 Tahun 2018 tentang Lembaga Keuangan Syariah, secara tegas telah mewajibkan lembaga keuangan yang beroperasi di Aceh untuk melaksanakan kegiatannya berdasarkan prinsip syariah. Penurunan ekonomi global di masa pandemi covid-19 tidak menyurutkan langkah Pemerintah Aceh dalam mengimplementasikan kebijakan mensyariahkan seluruh lembaga dan institusi yang berada di Aceh. Walaupun berada di dalam sebuah negara yang tidak menganut paham syariah, Provinsi Aceh telah menyatakan dirinya sebagai sebuah wilayah berkedaulatan syariah Islam. Selain bertujuan untuk menjadikan wilayah yang murni berbasis syariah Islam, konversi bank konvesional menjadi syariah juga bertujuan untuk menstabilkan perekonomian. Penelitian ini bertujuan untuk menganalisis (1) kondisi pertumbuhan perbankan syariah di Indonesia, (2) legalisasi Qanun Pemerintah Aceh dalam menentukan lembaga keuangan yang beroperasi di Aceh, dan (3) ketahanan  perbankan syariah dalam menghadapi penurunan perekonomian global di masa pandemi Covid-19. Studi ini menggunakan metode kajian literatur dan analisis regulasi yang menghasilkan kesimpulan yaitu sistem desentralisasi yang dilakukan Pemerintah Indonesia pada perbankan syariah belum dapat memaksimalkan pertumbuhan perbankan syariah di Indonesia. Provinsi Aceh sebagai satu-satunya provinsi di Indonesia yang menjalankan Syariat Islam melalui otonomi khusus mempunyai sistem perekonomian tersendiri. Pemerintah Aceh mengeluarkan qanun yang mewajibkan seluruh kegiatan perekonomian harus berlandaskan prinsip syariah. Berdasarkan Qanun No. 11 Tahun 2018, setiap perbankan yang beroperasi di Aceh haruslah berbentuk syariah. Oleh sebab itu memasuki tahun 2020, perekonomian Islam hampir sempurna telah berjalan di Aceh salah satunya dengan berubahnya operasional perbankan konvensional menjadi perbankan syariah di Provinsi Aceh. Selanjutnya, Perbankan syariah di Indonesia masih mampu menjaga kestabilan pertumbuhannya di saat perekonomian Indonesia meluncur tajam di kuartal II 2020 hingga minus 5,32 persen. Hal ini membuktikan bahwa meningkatkan pertumbuhan perbankan syariah merupakan hal yang penting dilaksanakan, memerlukan keseriusan dan konsistensi terus menerus dari pemerintah demi menjaga kestabilan ekonomi makro dan akan tercapai maqashid syariah pada semua lini kehidupan.

scholarly journals Comparison of Amendments to the Value Added Tax Law between Indonesia and Malaysia to Regulate Murabaha Transactions

2018 ◽  
Vol 7 (3.25) ◽  
pp. 114
Author(s):  
Thesa Adi Purwanto ◽  
. .
Keyword(s):  
Islamic Law ◽  
Value Added ◽  
Secondary Data ◽  
Islamic Finance ◽  
Tax Law ◽  
Islamic Banking ◽  
Value Added Tax ◽  
Literature Study ◽  
The Subject ◽  
The Government

Islamic banking in their activity base on Islamic principles that is agreement regulation on Islamic Law between Bank and others to saving and or financing an activity or business which suit Islamic role. There are several forms of financing, such as financing on sharing profit principle (mudharabah), financing on participation principle (musyarakah), transaction goods principle which get profit (murabaha), financing capital goods on rent principle without choice (ijarah), or with transfer authority over the rent goods from bank to others (ijarah wa iqtina). Furthermore, development of Islamic banking either in Indonesia or Malaysia must be followed with new law and regulation from their government, especially for rules on taxation over transaction on Islamic banking. This is critical because there are different interpretation and argumentation between practitioners of Islamic banking and the government about the subject of Value Added Tax on murabaha transaction. This research used a qualitative approach, using literature study, which emphasizes books as an object and field study with collecting data by interviewing and also using secondary data. As a result, both Indonesia and Malaysia has undergone essential steps to provide Islamic finance with appropriate banking and tax regulations that have succeeded in supporting the Islamic financial system.  

The Practice and Case Law of Israel in Matters Related to International Law

1997 ◽  
Vol 31 (4) ◽  
pp. 803-853 ◽  
Author(s):  
Rotem M. Giladi
Keyword(s):  
Supreme Court ◽  
International Law ◽  
Case Law ◽  
The United States ◽  
District Court ◽  
Sovereign Immunity ◽  
The Supreme Court ◽  
Civil Suit ◽  
The Subject ◽  
The Government

The case of the Canadian ambassador's residence has been the subject of several court decisions at various instances in Israel. These decisions (as well as others relating to the doctrine of sovereign immunity) have been reviewed in former issues of this section. On June 3, 1997, the Supreme Court, in its appellate jurisdiction, gave its judgment in this case and delineated the application of the international law doctrine of sovereign immunity in Israeli law. In a different case decided on the last day of 1996, the Tel-Aviv District Court was required to rule on the applicability of this doctrine to a civil suit brought against the government of the United States of America. This District Court decision now needs to be examined in light of the recent ruling of the Supreme Court in theEdelsoncase.

scholarly journals An Analytical Network Process on Financial Access of the Small and Medium Enterprise in Sharia Banking in Tasikmalaya City

2015 ◽  
Vol 3 (2) ◽  
pp. 19-26
Author(s):  
Asep Suryanto ◽  
Fatimah Zahra Nasution
Keyword(s):  
Financial Institutions ◽  
Small And Medium Enterprises ◽  
External Solution ◽  
Analytic Network Process ◽  
Islamic Banking ◽  
Financial Access ◽  
Small And Medium Enterprise ◽  
Network Process ◽  
Medium Enterprise ◽  
The Government

Small and Medium Enterprise (SME) is one of the significant roles in national economic development. It is seemly followed by the rise of employment absorbent and equity in income distribution. The capital constraint and the impedance of banking financial access have become the main problem to the Small and Medium entrepreneurs. The objectives of this research are to identify the main factors as problems of Small and Medium Enterprises in having access to the financial institutions, and also to find out the solutions of the research problems. This research uses qualitative approach i.e. Analytic Network Process (ANP). Through applying this method, it is expected to help the researchers in making measurement and synthesis of some factors regarding on the topic analyzed as well as finding the solution for problems faced by the SMEs. The resources of the data is derived from questionnaires and in-depth interview with experts, practitioners, SMEs and regulators which then analyzed by the structure and hierarchy into homogen clusters of the SMEs problems and solutions, measuring into ratio scale and building synthesis. As the result, it becomes clear what factors impeding the financial access of the SMEs to banks. The results of this research show that the difficulties of SMEs in accessing financial support in Islamic financial institutions are internal problems of Islamic banking i.e. lack of financial assistance given to the SMEs, the functions of Islamic banking as business partners for SMEs is not optimal. Whereas the external problems in the SMEs are the disability in meeting the financial requirements asked by Islamic banking that are collateral and business history. The internal solutions are Islamic banking must give business mentoring to SMEs that have received financial supports to minimalize the bad credits level. The external solution is the government must also socialize Islamic financial mechanism to SMEs as part of education efforts.

scholarly journals Upaya Perlindungan Konsumen terhadap Akad Klausula Baku (Studi pada Pengadilan Agama Makassar Klas IA)

2018 ◽  
Vol 5 (2) ◽  
pp. 187
Author(s):  
Disa Nusia Nisrina
Keyword(s):  
Case Studies ◽  
Financial Institutions ◽  
Subject Matter ◽  
Field Research ◽  
Islamic Banking ◽  
Standard Contract ◽  
Consumer Rights ◽  
Islamic Financial Institutions ◽  
The Subject

Penerapan akad klausula baku semakin banyak seiring berkembangnya berbagai macam bentuk transaksi dalam perbankan syariah dan lembaga keuangan Islam lainya, akad baku masih sering menggunakan klausula eksemsi yang mengandung pembatasan tindakan kepada konsumen dalam melakukan kegiatan bisnis, hal ini sering memicu terjadinya konflik atau sengketa dalam perjanjian. Sehingga, jika terjadi sengketa antara konsumen dengan lembaga keuangan syariah khususnya perbankan syariah maka dibutuhkan peran pengadilan agama dalam melindungi hak-hak konsumen. Pokok masalah yang dikaji dalam penelitian ini adalah bagaimana upaya perlindungan konsumen terhadap akad klausul baku di Pengadilan Agama kota Makassar?. Metode yang digunakan dalam artikel ini adalah lapangan (field research kualitatif) dengan pendekatan teologis-Syari, dan yuridis-normatif, serta studi kasus. Setelah penelitian dan pengkajian dilakukan maka ditemukan bahwa, hakim memiliki upaya korektif untuk memperbaharui akad baku yang memberatkan konsumen dalam menjalankanya, upaya tersebut diharapkan dapat melindungi hak-hak konsumen, diantara bentuk upaya korektif tersebut adalah rescheduling yakni penjadwalan ulang, reconditioning merupakan persyaratan kembali dan restrukturisasi adalah penataan ulangThe implementation of standard contract is increasing as various forms of transactions develop in Islamic banking and other Islamic financial institutions, standard contract still often use exclusion clauses that contain restrictions on actions for consumers in conducting business activities, this often triggers conflicts or disputes in agreement. So, if there is a dispute between consumers and Islamic financial institutions, especially Islamic banking, the role of Islamic courts is needed in protecting consumer rights. The subject matter examined in this study is how to protect consumers against the standard clause contract in the Makassar City Religion Court?. The method used in this article is a field (field research qualitative) with a theological-Syari approach, and juridical-normative, as well as case studies. Upon research and  accomplishment of this study it is found that, the judge has a corrective effort to renew the standard contract which is burdensome for the consumer in carrying out it. The effort is expected to protect consumer rights. Among the corrective efforts is rescheduling, reconditioning and restructuring

scholarly journals MENGUKUR KINERJA OPERASIONAL BMT PADA TAHUN 2010 DITINJAU DARI SEGI EFISIENSI DENGAN DATA ENVELOPMENT ANALYSIS (DEA) (Studi Kasus BMT Di Kota Semarang)

2016 ◽  
Vol 2 (2) ◽  
pp. 111
Author(s):  
Heny Yuningrum
Keyword(s):  
Financial Institutions ◽  
Government Support ◽  
Islamic Banking ◽  
Target Market ◽  
Data Envelopment ◽  
Input And Output ◽  
Rate Of Increase ◽  
Islamic Financial Institutions ◽  
The Government ◽  
Low Efficiency

<p><em>The development of Islamic banking in Semarang city was rapidly since 1997 until 2012. It is thanks to the Government support in the terms of determine  Islamic  banking. The Support  is now more easy for  movement of Islamic  financial institutions. the author chose the year 2010 of this research because 2010 have been reported complete leadership of the BMT. The issue of this research is how the operational of activities BMT in Semarang city has reached the level of operational efficiency in 2010 and how the forward prospects in Semarang city for competition of BMT with the another syariah financial.The population of this research are 72 BMt and the  sampling  of this research are 12 BMT. The population and the sample was listed by PUSKOPSYAH. The analyze of this research using WDEA which is expected to be answer the problems occurred in the BMT.</em></p><p><em></em><em>The result of this Research are  3 BMT has efficiency of 55% until 90%. There are BMT Mitra Hasanah (61,51), BMT Pasadena (62,41%) and BMT Anda (71,18%). The capital and the operational expenses of three BMT must to increase until  hit a target was expected. The average of That BMT only 30% from the target. And the BMt have low efficiency (less than 55%) i.e. BMT Hudatama (29,22%, BMT Fosilatama (33,28%), BMT Tumoto Bondo (47,81%). While a third of this BMT have low efficiency from variable input i.e. capital and operational expenses and savings. There are need to  upgraded from 50% until 70%. The deficiency occurs in the BMT are  the proportion of unbalanced input i.e. capital and operational expenses, the number of entries maintained does not match your target market. To achieve those targets each BMT must add capital, operating expenses and savings.To answering  the problemof inefficient are: the value of output that should be improved by reducing the input, if  the input and output was increased, so the level to the increase f of output must be greater than the rate of increase for input, or the both of output and input was decline because  the derived output should be lower than input.</em></p>

Articles on Mass Communications in American Magazines

1953 ◽  
Vol 30 (2) ◽  
pp. 241-252
Author(s):  
Charles E. Higbie ◽  
Dean C. Baker ◽  
Charles T. Duncan ◽  
Armistead S. Pride ◽  
Donald E. Brown ◽  
...  
Keyword(s):  
New York ◽  
Kansas City ◽  
Mass Communications ◽  
White House ◽  
Appeal Court ◽  
The Supreme Court ◽  
The Subject ◽  
The Government ◽  
The Right

Adjustment of press and radio relations with the new administration was the subject of a great number of the articles in American magazines during 1953's first quarter. With the details gradually falling in place, it appeared that the relationships at most levels in Washington were starting out along the same lines of custom that prevailed during recent years. A tentative indication from the White House hinted that the previous administration's order on classification of governmental information, which drew heated criticism last year, would be continued. In New York several newspapers appealed the judge's ruling in the Jelke case barring newsmen from the courtroom during a large part of the trial. The appeal was lost in the highest New York appeal court. Also attracting great interest was the outcome of the New Orleans Times-Picayune advertising case still before the Supreme Court when the quarter ended. In preparation for trial was a Kansas City Star advertising suit. Both cases involved the right of newspapers to fix “forced combination” advertising regulations which the government contended restricted trade.

Trail Smelter Arbitral Tribunal Decision

1941 ◽  
Vol 35 (4) ◽  
pp. 684-736 ◽  
Keyword(s):  
United States ◽  
International Law ◽  
The United States ◽  
Convincing Evidence ◽  
Arbitral Tribunal ◽  
International Tribunal ◽  
The Supreme Court ◽  
The Subject ◽  
The Government ◽  
The Right

Claim of the United States for amount of moneys expended in the investigation, preparationand proof of its case denied as they were in the nature of expenses of the presentation of thecase, which, according to the Arbitration Convention, are to be paid by each government;nor are such costs claimable under the heading of damages. When a state espouses a private claim on behalf of one o f its nationals, expenses whichthe latter may have incurred in establishing orprosecuting his claim prior to espousal by thegovernment may, under appropriate conditions,be legitimately included in the claim, but the Tribunal knew of no case in which a government has sought or been allowed indemnity for expenses incurred in preparing the proof or presenting a national or private claim before an international tribunal.In the absence of international cases on the subject, there are certain decisions of the Supreme Court of the United States dealing with both air pollution and water pollution which may legitimately be taken as a guide in this field of international law where no contrary rule prevails in international law ana no reason for rejecting such precedents can be induced from the limitation of sovereignty inherent in the Constitution o f the United States.The Tribunal finds that under the principles of international law, as well as the law of the United States, no state has the right to use or permit the use of its territory in such a manner as to cause injury by fumes in or to the territory of another or the properties or persons therein,'whe the case is of serious consequence and theinjury is established by clear and convincing evidence.The Tribunal therefore holds that the Dominion o f Canada is responsible in international law for the conductofthe Trail Smelter and that it is the duty o f the Government of the Dominion of Canada to see to it that this conduct is in conformity with the obligation of the Dominion under international law as herein determined.No damage has occurred since the previous award o f the Tribunal (this JUURNAL, Vol. 33,1939, p. 182).The Trail Smelter shall be required to refrain in the future from causing any damage through fumes in the State of Washington. To avoid such damage the operations of the Smelter shall be subject to a regime or measure of control as provided in the present decision. Should such damage occur, indemnity to the United States shall be fixed in such manner as the Governments acting under the convention may agree upon.

scholarly journals AKAD MUDHARABAH SEBAGAI INSTRUMEN PENDANAAN DAN PEMBIAYAAN DI LEMBAGA KEUANGAN SYARIAH

Asy-Syari ah ◽  
2021 ◽  
Vol 22 (2) ◽  
pp. 219-236
Author(s):  
Asep Dadang Hidayat ◽  
Mohamad Sar’an
Keyword(s):  
Economic Development ◽  
Financial Institutions ◽  
Data Sources ◽  
Islamic Banking ◽  
Qualitative Approaches ◽  
Islamic Financial Institutions ◽  
Modern Economic ◽  
The Government ◽  
Written Sources

Abstract: Islamic financial institutions grow and develop in Indonesia in line with regulations issued by the government after the promulgation of Law no. 21 of 2008 concerning Islamic Banking. This study aims to discuss the Mudharabah Instrument agreement as Funding and Financing in Islamic Financial Institutions. This research includes using normative juridical methods and qualitative approaches. Data sources refer to books, documents, and other relevant written sources. The results of this study indicate that although mudharabah is not explicitly presented in the Al-Qur'an and As-Sunnah, most of the scholars are considered as the operational foundation of Islamic financial institutions. However, the development of the Mudharabah Akad Concept in Islamic Financial Institutions is still needed by the concept of modern economic development.

scholarly journals Penyelesaian Sengketa Ekonomi Syariah di Pengadilan Agama pada Masa Pandemi Covid-19

2021 ◽  
Vol 4 (2) ◽  
pp. 542-556
Author(s):  
Muhamad Hasan Mafruh ◽  
Muhammad Iqbal Fasa ◽  
Ahmad Kumedi Ja'far
Keyword(s):  
Dispute Resolution ◽  
Descriptive Study ◽  
Court Decision ◽  
Islamic Banking ◽  
Constitutional Court ◽  
The Supreme Court ◽  
Qualitative Descriptive ◽  
The Government ◽  
Islamic Economic ◽  
Religious Courts

The authority to adjudicate sharia economic disputes has absolutely become the authority of the Religious Courts since the issuance of Law No. 3/2006 concerning Amendments to Law No. 7/1989 concerning Religious Courts and strengthened by Law No. 21/2008 concerning Sharia Banking and the Constitutional Court Decision No. 93/PUU-X/2012. Every year, Islamic economic transactions always increase, even though during the pandemic, Islamic banking in Indonesia grows positively. However, the higher and increasing sharia economic transactions in Indonesia, the more disputes that occur. During the current covid-19 pandemic, the government has issued regulations regarding restrictions ranging from PSBB to PPKM. The purpose of this research is to encourage the emergence of sharia economic dispute resolution innovations, especially in the Judiciary during the Covid-19 pandemic without having to violate the Health protocol. This study uses a qualitative descriptive study, which uses literature studies quoted from books and regulations, both laws and other regulations, as well as direct research into the field to see the realities on the ground related to the settlement of sharia economic disputes during the pandemic. The results in this study indicate that the Supreme Court responds quickly to the rules and policies issued by the government by launching an e-court application and investigation (electronic trial). There are many benefits and conveniences that are felt by people seeking justice, especially parties in sharia economic disputes. However, there are still some obstacles experienced by the Religious Courts and justice seekers in electronic proceedings.

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