The Small Property Rights Housing Institution in Mainland China: The Perspective of Substitutability of Institutional Functions

Despite its informal nature, small property rights housing (SPRH) proliferates in many Chinese cities. Given the institutional functions of the SPRH institution, it may not be desirable for the state to intervene in the SPRH sector. However, the institutional credibility and the institutional functions of SPRH are not completely endogenous, which contradicts the assumption of the credibility thesis. Based on the framework of the credibility thesis, this paper proposes the concept of the substitutability of institutional functions and develops a framework integrating the concepts of substitutability and credibility to examine the influence of functional substitutability on institutional credibility. Research hypotheses were tested with the data collected through a questionnaire survey on SPRH residents in Shenzhen and Chenzhou (n = 458). The analysis results of the combined model suggest that the supportive perceptions of actors for SPRH and the credibility of SPRH are significantly related to the substitutability of SPRH’s functions. The effect of the substitutability of social housing on credibility is found insignificant, while the impact of the substitutability of commercial housing on credibility is significant. However, the analysis results are city-specific. A significant negative correlation is found between the substitutability of formal housing institutions and the credibility of SPRH in Chenzhou but not in Shenzhen. This study attempted to refine the credibility thesis by clarifying the relationship between institutional functions and institutional credibility and examining the endogeneity of credibility.

Tinjauan Hukum Islam Terhadap Pengelolaan Koperasi Kredit (Credit Union) Bina Usaha (BIMA) Kabupaten Sintang

The purpose of this study was conducted to answer the BIMA Sintang Credit Union management model that conforms or not with the values ​​of Islamic law. The research method used is empirical normative to identify the BIMA Sintang Credit Union management model directly in the field connected with the conception related to cooperative management in Islamic law, then analyzed qualitatively and is descriptive. The results of the study revealed that the institutional credibility supported by the principle of equilibrium and fairness carried out by the Sintang BIMA Credit Union greatly influenced the preferences of Muslim communities in strengthening and managing the economy of the Sintang District community. This has proven to bring enormous benefits to agrarian-style people. Although there is an element of usury, the emergency conditions for the absence of Syariah-based credit unions are the basis of permissibility law for Muslim communities in Sintang District. The advice that needs to be given is that an Islamic credit union institution must be built immediately to support the economic aspects of an agrarian-style society. Tujuan penelitian ini dilakukan untuk menjawab model pengelolaan Credit Union BIMA Sintang yang sudah sesuai atau tidak dengan nilai-nilai hukum Islam. Metode penelitian yang digunakan adalah normatif empiris guna mengidentifikasi model pengelolaan Credit Union BIMA Sintang secara langsung di lapangan dihubungkan dengan konsepsi terkait pengelolaan koperasi di dalam hukum Islam, kemudian dianalisis secara kualitatif dan bersifat deskriptif. Hasil penelitian mengungkapkan bahwa kredibilitas kelembagaan yang ditunjang dengan prinsip kesetimbangan dan keadilan yang dilaksanakan oleh Credit Union BIMA Sintang sangat mempengaruhi preferensi masyarakat muslim dalam penguatan dan pengelolaan perekonomian masyarakat Kabupaten Sintang. Hal tersebut terbukti mendatangkan maslahat yang sangat besar kepada masyarakat yang bercorak agraris. Meskipun terdapat unsur riba namun kondisi darurat atas belum adanya credit union berbasis syariah menjadi dasar hukum kebolehan bagi masyarakat muslim di Kabupaten Sintang. Saran yang perlu diberikan adalah perlu segera dibangun lembaga credit union syariah dalam menunjang aspek perekonomian masyarakat yang bercorak agraris.