scholarly journals Penerapan Hybrid Contract sebagai Inovasi pada Produk Pembiayaan Multijasa di Lembaga Keuangan Syariah

2021 ◽  
Vol 1 (6) ◽  
pp. 567-577
Author(s):  
Neni Hardiati ◽  
Yoyok Prasetyo ◽  
Nana Herdiana Abdurrahman
Keyword(s):  
Product Development ◽  
Financial Institutions ◽  
Service Provider ◽  
Literature Study ◽  
Important Thing ◽  
Customer Needs ◽  
Rapid Product Development ◽  
Islamic Financial Institutions ◽  
Operational Activities ◽  
Banking Operations

Rapid product development is carried out by Islamic Financial Institutions (LKS) in providing alternative services to the needs of the community which are carried out based on sharia principles. The development of these services is provided both in the form of banks and non-banks as well as in the form of storage or other types of services as well as in the form of financing. However, due to more complex customer needs, LKS requires innovation in order to get convenience in its operational activities. So, in innovating with hybrid contracts, it becomes an important thing. This research uses a literature study with a normative juridical approach, which is carried out by collecting, studying and reviewing books, scientific magazines and documents related to this research such as theses and scientific articles. The results of the study state that in the application of hybrid contracts in multi-service financing products at Islamic Financial Institutions (LKS) generally use ijarah contracts according to the DSN-MUI fatwa. In this case, if the LKS uses the ijarah contract, it must comply with the provisions of the fatwa as the service provider or the benefits obtained from the LKS. Meanwhile, if in a hybrid contract one or more contracts are added, in this case it is added with a wakalah contract, then the customer has the power to carry out his own costs. However, if there are customers who still have to pay ujrah for the ijarah contract, it is called usury. Because this is not justified in sharia principles and is not in accordance with the ijarah fatwa concerning the multiservice, the bank does not fulfill its service obligations as the fatwa regarding multiservice as well as the kafalah contract. Thus, there is an alternative in this multi-service financing, namely by using hawalah bil ujrah and wakalah contracts which are more flexible and their implementation as an innovation, namely combining these contracts with the aim of making banking operations easier, reaching wider and able to meet the needs of more customers.    

scholarly journals ANALISIS NORMATIF-FILOSOFIS FATWA DEWAN SYARI’AH NASIONAL MAJELIS ULAMA’ INDONESIA (DSN-MUI) TENTANG TRANSAKSI JUAL BELI PADA BANK SYARI’AH

Al-Ahkam ◽  
2015 ◽  
Vol 25 (2) ◽  
pp. 139
Author(s):  
Nur Fathoni
Keyword(s):  
Interest Rate ◽  
Financial Institutions ◽  
Legal Issues ◽  
Rate System ◽  
Important Thing ◽  
Normative Concept ◽  
Islamic Financial Institutions

DSN-MUI uses trade transactions in Islamic financial institutions in order to avoid interest rate system. Moral and legal issues had became the important thing in the formulation of trade transaction in syariah banking, since the concern about the system of interest that still exist in syariah banking’s trade transaction. This means that the trade transaction on syariah banking according to fatwa DSN-MUI still contains usury (riba). This paper intends to explore the important things about the  rules and practices of trade transaction on the syariah banking according to DSN-MUI. This study concluded that DSN-MUI performs ijtihād taṭbīqī to facilitate the concept of trade operations on syariah banking. DSN-MUI’s fatwa about trade transaction appears to correspond to a normative concept of fiqh. It's just that there is ambiguity in the salam and istithnā' contract and less attention to the philosophy of trade. The trade transactions were reduced as provision of funds for purchasing of goods, with multi contract institutions. The use of supporting contracts that are not true will potentially lead to morality inconsistencies in trade transactions.

scholarly journals THE ROLE OF ISLAMIC FINANCIAL INSTITUTIONS IN SOCIAL INTERMEDIARY SERVICES : EVIDENCE IN METRO CITY

2020 ◽  
Vol 2 (01) ◽  
pp. 80
Author(s):  
Fitri Kurniawati
Keyword(s):  
Product Development ◽  
Development Strategy ◽  
Financial Institutions ◽  
Field Research ◽  
Secondary Data ◽  
Social Institutions ◽  
Primary Data ◽  
Innovative Products ◽  
Islamic Financial Institutions

Islamic financial institutions are expected to be able to implement their roles as financial intermediaries and social intermediaries. But what happened in the city of Metro, the dominance of the contract on the practice of Islamic financial institutions only felt the benefits for the upper middle class. Besides that, innovative products that have not been able to reach the majority of the community are not optimal yet, where in the aggregate most of them are Muslims. So that the presence of Islamic financial institutions is considered the same as conventional, because it has not been able to answer the fundamental problems of society. Due to the limitations of researchers, the Islamic financial institutions that will be examined in this study are some Baitul Maal Wat Tamwil in Metro City. This research was conducted to analyze the strategies, procedures and product development of Islamic financial institutions in their role of social intermediation. Research is a field research with a descriptive analytical approach. Data collected using interview and documentation methods. Primary data was obtained from Islamic financial institutions (BMT) as social intermediaries in the community, namely the management and members of BMT. Secondary data were obtained from journals, research reports, books and articles. The analysis technique begins with data collection and reduction, data presentation and conclusion drawing. The results of this study are the role of Islamic financial institutions in social intermediation, namely as an intermediary that connects the aghniya and dhu'afa. The implementation procedure does not directly get commercial financing, but educational services using the tabarru agreement 'with social funds. Product development strategy, namely: establishing a special division in Islamic financial institutions and collaborating with social institutions around.

MODEL WAKAF UANG PADA PEMBIAYAAN BARANG PUBLIK DI INDONESIA

2020 ◽  
Vol 3 (1) ◽  
Author(s):  
Nova Rini
Keyword(s):  
Public Goods ◽  
Financial Institutions ◽  
Analytical Method ◽  
Financial System ◽  
Financial Instruments ◽  
Literature Study ◽  
Islamic Financial Institutions ◽  
The Government

This article aims to discuss the waqf model in the country's social financial system that can be used in Indonesia, especially in financing public goods. The analytical method used is literature study. The analysis shows that Indonesia can use the waqf money model to finance public goods by investing money waqf through Islamic financial institutions and / or Islamic financial instruments. This model is in accordance with the model that is also offered in money waqf management in Malaysia. So that the government can reduce spending especially on financing pure and mixed public goods.

scholarly journals Analisis Fatwa DSN-MUI terhadap Kontrak Akad Qardh Di Lembaga Keuangan Syariah (Studi Kasus pada BPRS Baiturridha Pusaka)

2021 ◽  
Vol 21 (3) ◽  
pp. 1104
Author(s):  
Muhammad Yunus
Keyword(s):  
Qualitative Research ◽  
Data Collection ◽  
Financial Institutions ◽  
Literature Study ◽  
For Profit ◽  
Islamic Financial Institutions

In Indonesia, there are two financial institutions, namely conventional financial institutions and Islamic financial institutions. Islamic financial institutions in their operations are based on the fatwa that has been issued by the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) as an authoritative institution in issuing fatwas in the field of Islamic economics. Baiturridha Puska, one of the Islamic financial institutions, issued al-qardh financing products. At the level of practice, which is implemented by BPRS Baituttidha Puska that in the contract it is indicated that there is a clause that is different from the provisions of the DSN-MUI fatwa No. 19 of 2001 concerning al-Qardh. The purpose of this study was to determine the concept of the qardh contract in fiqh and the DSN-MUI fatwa and to analyze the qardh financing contract contract at the Baiturridha Pusaka BPRS. This study uses qualitative research, with a normative juridical approach and data collection techniques by means of literature study. The results of the study show that first, the qardh contract is a form of tabarru contract so it is not intended for profit; secondly, the provisions of Article 2 of the Letter of Acknowledgment of Financing contain a clause that is contrary to sharia principles, namely the DSN-MUI fatwa no. 19 of 2001 concerning al-Qardh.

Documentation for Risk Mitigation in Islamic Trade Financing

2020 ◽  
pp. 471-487
Author(s):  
Shaikh Hamzah Razak ◽  
Imran-Firdauz Abu Bakar ◽  
Zainal Abidin Mohd Tahir
Keyword(s):  
Risk Management ◽  
Financial Institutions ◽  
Risk Mitigation ◽  
The Other ◽  
Islamic Finance ◽  
Other Hand ◽  
Islamic Financial Institutions ◽  
Trade Financing ◽  
Banking Operations

Risk mitigation is one of the key elements in trade financing. The use of documents represents one of the main techniques by banks in managing risks in trade financing. These documents play an important role in financing, insuring, and guaranteeing the banking operations. Islamic finance, on the other hand, utilizes various asset-based contracts. Islamic financial institutions in Malaysia tend to reconcile, using a combination of these contracts, to replicate the conventional banking techniques. These can be at odds with the conventional trade financing concept that “banks deal with documents and not with goods”. Hence, the undertakings may raise concerns regarding Shari'ah suitability. This chapter examines the challenges faced in the usage of documents covering all risk including Shari'ah risk management in Islamic trade financing.

JURIDICAL NORMATIVE REVIEW OF CONVERSION CONVENTIONAL BANKS INTO ISLAMIC BANK AFTER THE PROMULGATION OF QANUN ACEH CONCERNING SHARIA FINANCIAL INSTITUTIONS

2020 ◽  
Vol 3 (2) ◽  
pp. 113-126
Author(s):  
Fahrul Fauzi
Keyword(s):  
Financial Institutions ◽  
Islamic Banks ◽  
Literature Study ◽  
Islamic Bank ◽  
Islamic Financial Institutions ◽  
Conventional Banks ◽  
Conventional Bank

Nowadays, Islamic banks in Indonesia continue to experience growth, one of which is in the Province of Nanggroe Aceh Darussalam. In Aceh, in order to support Islamic financial institutions, Qanun No. 11 of 2018 concerning Islamic Financial Institutions has been formed. It is interesting to review the provisions of Article 65 which reads "When this Qanun comes into force, financial institutions operating in Aceh must adjust to this Qanun no later than 3 (three) years from the enactment of this Qanun". These provisions have an impact on every conventional bank in Aceh that must adjust to Islamic principles. In order to continue to run its business activities in Aceh, conventional banks must make adjustments to implement sharia principles. One form of adjustment is to convert conventional banks into Islamic banks as stipulated in the OJK Regulation Number 64/POJK.03/2016. The approach used by the author in analyzing this problem is a normative juridical approach supported by the literature study method.

scholarly journals INCOMPATIBLE BUSINESS BEHAVIOR TOWARD ISLAMIC ETHICS: A STUDY ON THE PRACTICES OF RIBA AND BANK INTEREST

2021 ◽  
Vol 1 (1) ◽  
pp. 18-28
Author(s):  
Neni Hardiati ◽  
Syahrul Anwar
Keyword(s):  
Financial Institutions ◽  
Agricultural Products ◽  
Scientific Journals ◽  
Economic Ethics ◽  
Literature Study ◽  
Ethical Considerations ◽  
Islamic Ethics ◽  
Fair Competition ◽  
Islamic Financial Institutions ◽  
Business Behavior

Various kinds of interpretations of usury and interest in modern financial institutions (banks), both from jurists and Muslim economists, seem to occur because the 'illat usury put forward by the jurists is seen as inaccurate in the development of Islamic legal thought. Gharar which is translated as speculation is equated with gambling because of the uncertainty for the parties (seller and buyer). This research uses a literature study, which is carried out by collecting, studying and reviewing books, scientific magazines and related documents such as theses and scientific journals. Many modern societies carry out such practices, such as buying and selling agricultural products that are still on the land with a wholesale system. When viewed from the ethical side of Islamic transactions, both usury, interest and gharar violate the ethics of transactions. Ethical considerations prohibiting usury, interest and gharar, due to unfairness, exploitation and unproductiveness. While the system of economic ethics emphasizes products, fairness and honesty in trade, and fair competition. In this case, good ethics will give good business, good ethics: good business. Ethics that is in the spotlight in this study, especially ethics in the operations and transactions of Islamic financial institutions. Then the sharia financial institutions in question include sharia banking, sharia pawnshops, sharia insurance, and sharia capital markets, all of which are some forms of representation of sharia macro financial institutions that are certain. have a significant impact on the nation's economic development. So that behavior that is not in accordance with Islamic ethics, such as related to usury and bank interest, must be avoided for Muslims.  

scholarly journals The Application of the Hybrid Contracts Concept to Multipurpose Financing

2018 ◽  
Vol 2 (2) ◽  
Author(s):  
Muhammad Burhanudin
Keyword(s):  
Financial Institutions ◽  
Building Materials ◽  
Residential Buildings ◽  
Islamic Banking ◽  
Home Office ◽  
Customer Needs ◽  
Economic Law ◽  
Islamic Financial Institutions ◽  
Islamic Economic

The term hybrid contracts (al-ququd al-murakkabah / multiakad) are already familiar to practitioners and academics of sharia economic law. This indicates the rapid innovation in sharia economic law, especially in sharia financial institutions. Each product issued by Islamic financial institutions certainly uses more than one contract, including multipurpose financing products. Then what about the hadith narrated by Imam Ahmad who stated "... has prohibited two agreements (contract) in one agreement (contract) ...". Is multipurpose financing including prohibited or not? To answer this question, the author tries to examine more comprehensively about the application of the concept of hybrid contracts to Multipurpose Financing. The results of the author's analysis suggest the following: first, that in its implementation, multipurpose financing applied in Islamic banking uses a hybrid contracts (al-‘uqud al-murakkabah / multiakad). The contracts applied to this multipurpose financing are murabahah contracts, ijarah contracts, and kafalah contracts; second, the application of hybrid contracts in multipurpose financing turns out as long as it does not conflict with the rules in Law Number 21 of 2008 concerning Islamic Banking and does not conflict with the MUI DSN Fatwa on Murabahah, Ijarah and Kafalah, and does not conflict with the Compilation of Islamic Economic Law (KHES), therefore, the application of these hybrid contracts is permissible. and third, as for the object of multipurpose financing in the form of halal goods and / or services (allowed by sharia), including financing to meet customer needs for halal goods / objects, in addition to land and residential buildings, flats (apartments, shop houses, home office) cars and gold. The financing objects that are allowed include: two-wheeled motorcycles, building materials, electronic goods, household furniture. These objects are not necessarily the same as those applied to other banks.

scholarly journals KONTRUKSI AKAD MUDHÂRABAH DALAM FATWA DEWAN SYARIAH NASIONAL-MAJELIS ULAMA INDONESIA NOMOR: 03/DSN-MUI/IV/2000 TENTANG DEPOSITO

2020 ◽  
Vol 1 (1) ◽  
pp. 61-79
Author(s):  
Panji Adam Agus Putra
Keyword(s):  
Financial Institutions ◽  
Research Method ◽  
Legal Status ◽  
Islamic Banks ◽  
Literature Study ◽  
Fund Manager ◽  
Investment Funds ◽  
Islamic Bank ◽  
Islamic Financial Institutions ◽  
Multi Level

Deposits in Islamic banks are investment funds based on mudhârabah agreements or other contracts that are not in conflict with Islamic principles. This is stated in the DSN-MUI fatwa No: 03 / DSN-MUI / IV / 2000 Concerning Deposits, where the Islamic bank acts as the fund manager and the customer is an investor. In the level of implementation, the fund manager (mudhârib) re-invests or re-mudhârabah, then there is a multi-level mudhârabah contract which the islamic jurist has debated its legal status. The research method based on the normative juridical approach with the specification used is analytical descriptive and the data collection method used is literature study. Takyif fiqh and contract construction in sharia deposits, according to the author that the contract used in the implementation of the National Sharia Council No: 03 / DSN-MUI / IV / 2000 Concerning Deposits is mudhârib yudhârib contract; mudhârib al-wasȋth or commonly called mudhârabah birthday. In this case the Islamic bank in addition to being domiciled as mudhrib (in the first mudhârabah contract), the Islamic bank was also at the same time as shâhib al-māl (in the second mudhârabah contract). Based on the opinion of the rajj (superior) among the scholars, the law of carrying out a multilevel mudhârabah agreement or commonly referred to as mudhârib yudhârib (re-mudhârbah) is permissible based on two considerations, namely consideration of 'urf / habit (in this case the habits in the Islamic financial institutions) ) and the concept of absolute mudhârabah.Keywords: mudharabah contract, deposit, DSN-MUI fatwa

scholarly journals Peran Dan Kompetensi Auditor Syariah Dalam Menunjang Kinerja Perbankan Syariah

2020 ◽  
Vol 4 (2) ◽  
pp. 222-241
Author(s):  
Aulia Putri Oktaviani Jusri ◽  
Erina Maulidha
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Supervisory Board ◽  
Study Data ◽  
Islamic Banking ◽  
Literature Study ◽  
Internal Auditors ◽  
Islamic Financial Institutions ◽  
Descriptive Approach

The increase in the growth of Islamic banking needs to be supported by the performance of sharia auditors. This study aims to discuss the role and competence of Islamic auditors in supporting the performance of Islamic banking. This type of research uses qualitative methods with a descriptive approach using literature study data. The results of this study indicate that the competencies that must be possessed by sharia auditors include knowledge of Islamic law, fiqh muamalah, skills in accounting and auditing, and special characteristics as sharia auditors. This competence is the key to maximizing the role and competence of sharia auditors to support the performance of Islamic banking. The roles of sharia auditors include as independent auditors, internal auditors, and sharia supervisory board. Sharia compliance tests on Islamic financial institutions are part of the role of the sharia auditor.

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