scholarly journals LEGAL ASPECT OF ‘GOLD FARMING’ ISLAMIC BANKING PRODUCT

2014 ◽  
Vol 14 (2) ◽  
Author(s):  
Ibrahim Siregar
Keyword(s):  
Product Innovation ◽  
Islamic Law ◽  
Legal Aspect ◽  
Contract Law ◽  
Legal Aspects ◽  
Islamic Banking ◽  
Islamic Bank ◽  
The Law

Legal Aspects of ‘Gold Farming’ Islamic Banking Product. Islamic banking can progress quickly through market-based product innovation. This product innovation must be in accordance with the rules laid down in Islamic law. The concept of contract in Islam should pay attention to three aspects, namely: the substance of contract law, the law that is related to the substance of the contract, and contract clarity. A contract becomes invalid if ta’alluq(dependence between two or more contracts) and shafqatayn fî al-shafqah(uncertainty arising from multiple contracts) occurs. This article explains that the ‘gold farming’ products offered by Islamic bank violate of the principles of contract in Islam. This product should be the modified further to accord with the rules of Islamic contract.DOI: 10.15408/ajis.v14i2.1275

scholarly journals INNOVATION OF ISLAMIC BANKING INDUSTRY AS AN ALTERNATIVE ISLAMIC ECONOMIC DEVELOPMENT IN INDONESIA

2018 ◽  
Vol 7 (2) ◽  
pp. 132-141 ◽  
Author(s):  
NURHANI FITHRIAH
Keyword(s):  
Product Innovation ◽  
Islamic Law ◽  
Banking Industry ◽  
Banking Regulation ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Islamic Bank ◽  
The People ◽  
Innovative Products ◽  
Islamic Economic

One of potential exploration and manifestation of the community's contribution to the national economy, is the development of an economic system based on the value of Islamic (Sharia) by lifting its principles into the National Legal System. Shariah principles based on the values of fairness, expediency, balance, and universality (rahmatan lil 'alamin). Those values are applied in banking regulation that is based on the so-called Sharia Islamic Banking. Principles of Islamic Banking is part of Islamic teachings related to the economy. In addition, to provide assurance to the people who still doubt shariah Islamic Banking operations during this time also set of business activities that do not conflict with Sharia Principles include business activities that do not contain elements of riba, maisir gharar, haram, and zalim. A separate regulation for Islamic Banking is an urgent thing to do, to ensure compliance with Shariah principles, the principles of the Bank for Islamic Bank, and no less important is expected to mobilize funds from other countries that requires the regulation of the Islamic Bank. Problems faced, how the strategy and the constraints faced in Islamic Banking Industry Product Innovation in developing the economy in Indonesia by Islamic Banking Act. This study aims to look for and find in the practice of the ways and forms of Islamic banking product innovation, as well as the constraints that it faces.This research, analytical, descriptive and normative juridical approach, and aims to provide a complete picture of the facts and the systematic application of Sharing in Islamic banks. Furthermore, the data were analyzed through statutory provisions in force, which among one another should not be contradictory, pay attention to the hierarchy with the aim to achieve legal certainty, by searching and digging law who live in the community, whether it is written or unwritten (Islamic law).The results showed that the strategy which remove products of Islamic banking industry innovation, improve human resources SDI), and marketing of products strategically. Constraints faced in Islamic Banking Industry Product Innovation in developing the economy in Indonesia, it is very difficult to do because fixated on Islamic principles. Suggestions put forward, should disseminate innovative products to the public and the effectiveness of supervision of Islamic banks (Internal & ekstenal).

TINJAUAN HUKUM FIKIH TERHADAP HADIAH TABUNGAN DAN GIRO DARI BANK SYARI'AH

ALQALAM ◽  
2013 ◽  
Vol 30 (1) ◽  
pp. 1
Author(s):  
Muhammad Nadratuzzaman Hosen ◽  
Deden Misbahudin Muayyad
Keyword(s):  
Islamic Law ◽  
Islamic Banks ◽  
Islamic Bank ◽  
Literature Reviews ◽  
The Gift ◽  
The Status ◽  
The Law

This article explains about the Islamic law of gift from Bank to customers related to saving and gyro accounts of Islamic Bank. The Islamic Banks give gift directly  and  indirectly  to  new  ettstomers  and  old  customers  through drawing  (qur'ah) or lottery and non-drawing. There are disputes (ikhtilaf) among Islamic Law  Experts (Fuqaha’) about the status of law when Islamic Banks give the gift. Hanafi and  Syafi'i  Schools  of thought  opined  that  the gift  can  be given  to  the customers as long as there is no agreement between bank and costomers meanwhile the banks still have a debt to consumers, this is permissible. Maliki and Hanbali schools opined that the gift is not permissible during the time of borrowing and lending. Majority Islamic Exsperts allow to give gift after banks have already paid­ back the debt to consumers as long as there is no agreement between bank and cusiomers, but Maliki School do not allow lo give gift at that condition. Also, for giving gift should free from gambling or elements of gambling (muqamarah).  The method of this article is using literature reviews from classical Islamic Law's books and contemporary Islamic law's books related to drawing or lottery and gambling, meanwhile the aims if this mticle are to investigate the law status if gift from bank to new customers and old customers with direct and indirect ways.   Keywords : gift, saving and gyro accounts, disputes, drawing and elements of gambling

scholarly journals AL-‘UQUD AL-MURAKKABAH IMPLEMENTATION ON AKAD AL MURABAHAH WA ARRAHN AS A SHARIA BANKING PRODUCT INNOVATION

2019 ◽  
Vol 4 (2) ◽  
pp. 244
Author(s):  
Bagya Agung Prabowo
Keyword(s):  
Product Innovation ◽  
Islamic Law ◽  
Islamic Banking ◽  
Analytic Methods

This article aims to determine the application of al-uqud al-murakkabah on akad al murabahah wa arrahn in sharia banking product innovation. This study uses analytic methods based on doctrinal content, by applying four types of legal approaches, namely: (i) historical / historical; (ii) Jurisprudence / philosophy; (iii) comparison; and (iv) analytical and critical. In addition, a harmonious approach is needed to align innovation of sharia banking products with sharia compliance principles. the conclusions in this study are: 1) The implementation of al-ququd al-murakkabah as an innovation of Islamic banking products by the majority of Hanafiyah scholars, some opinions of Malikiyah scholars, Shafi'i scholars, and Hanbali are of the opinion that law is legal and permissible according to Islamic law, 2) The implementation of al-uqud al-murakkabah in the Murabahah wa ar Rahn contract is not in accordance with the principles of sharia compliance. Because the al Murabahah wa ar Rahn contract combines several contracts that cause usury or resemble usury, such as primarily combining the murabahah contract with the qardh contract, in addition to the wakalah contract and rahn contract.

scholarly journals PENGARUH RELIGITAS, KUALITAS LAYANAN DAN TRUST TERHADAP LOYALITAS NASABAH BANK SYARIAH DI KOTA BOGOR

2018 ◽  
Vol 17 (2) ◽  
pp. 189
Author(s):  
Soegeng Wahyoedi ◽  
Hery Winoto
Keyword(s):  
Service Quality ◽  
Structural Equation ◽  
Islamic Law ◽  
Partial Least Square ◽  
Least Square ◽  
Equation Modeling ◽  
Islamic Banking ◽  
Islamic Bank ◽  
The Government

ABSTRACT The role of Islamic banking in the national economy becomes more strategic as the government is facing fiscal limitation in funding the development. The growth of Islamic banking, a bank managed by implementing the principles of Islamic law, has not been satisfactory. This can be examined by referring to the role of Islamic banking in national banking which is  till in the rate of less than 5 percent. This research aims to observe the influences of religiosity and service quality on trust and customer loyalty, as well as to observe the influence of trust on customer loyaltyof Islamic Bank in Bogor. By collecting 76 samples of Islamic bank customers in Bogor and utilizing structural equation modeling partial least square (SEM-PLS) as the technique of analysis, it is revealed that the aspects of religiosity and service quality are influential on loyalty if it is supported by trust. Meanwhile, the trust itself has a positive influence on loyalty. The finding implies that to increase the loyalty of Islamic bank customers, customer trust should be built. 

scholarly journals Analysis on Corporate Governance Influences toward Banking Efficiency with Bank Category as Moderator Variable

2015 ◽  
Vol 6 (1) ◽  
pp. 127 ◽  
Author(s):  
Lidiyawati Lidiyawati
Keyword(s):  
Corporate Governance ◽  
Banking Sector ◽  
Islamic Law ◽  
Financial Institution ◽  
Supervisory Board ◽  
Islamic Banking ◽  
Moderator Variable ◽  
Islamic Bank ◽  
Data Limitations ◽  
Conventional Bank

Corporate governance system of Sharia financial institution that based on Islamic law may result more  variables principles then conventional owns. The restriction of usury are highly speculative transaction, embedded prohibited matter are main features in Sharia business institution. Sharia Supervisory Board, as board that supervises banking practices conforms to Sharia stipulations, hold strong important role within Islamic banking. Both important points above had direct effects on efficiency which attained by Islamic banking compared with conventional banking. This study examines the influence of corporate governance implementation toward efficiency banking sector with bank category as moderator variable. This study hypothesize that corporate governance has significant influences toward bank’s efficiencies, the influence of corporate governance toward Islamic bank efficiencies is higher than conventional bank, and level of Islamicbank efficiencies is higher than conventional bank. Measurement of efficiencies is using Stochastic Frontier Approach program, and then using SPSS in procces hypothetical model. The results of the study do not support the hypothesis. Examined result shows that statically corporate governance is not influenced by bank efficiency achievement. Corporate governance influences over Islamic bank has not show higher significance than conventional and Islamic bank efficiencies remain steady. Data limitations, complexity of the efficiency measures and the complexity of the operation of Islamic banks may explain the finding.

scholarly journals Hukum Pernikahan di Kesultanan Melaka Abad ke-15 dan ke-16 M

ULUMUNA ◽  
2015 ◽  
Vol 19 (1) ◽  
pp. 1-32
Author(s):  
Ayang Utriza Yakin
Keyword(s):  
Research Finding ◽  
Islamic Law ◽  
Common Law ◽  
Legal Aspect ◽  
Legal Aspects ◽  
Marriage Law ◽  
Interfaith Marriage ◽  
Marriage Contract ◽  
Marriage Laws

This article examines legal aspects of Marriage law in the Sultanate of Malaka in the 15th and 16th centuries. It focuses on some legal aspects of Undang-undang Melaka (a text of laws of Melaka) represented by Liaw Yock Fang, regarding the issues of marriage such as wali (marriage guardian), ijāb-qabūl (consent of both parties), witness(es), t\alāq (repudiation), faskh (broken marriage contract), interfaith marriage and marrying slave. This study aims to know the source of the marriage laws of Undang-Undang Melaka (UUM). It shows that UUM was a collection of common law in Melaka and consisted of Islamic law. One aspect of Islamic laws was marriage law. In UUM, the legal aspect was based on fiqh of several schools (madhhab), particularly the al-Shāfi‘ī school derived from al-Iqnā’ written by al-Sharbini. This finding also refuses the previous research finding stating that it was derived from al-Taqrīb by Abū Shujā‘. DOI: http://dx.doi.org/10.20414/ujis.v19i1.1248

scholarly journals The Competitiveness Creation Strategy of Islamic Banking

2017 ◽  
Vol 5 (2) ◽  
pp. 29-34
Author(s):  
Laila Refiana Said ◽  
Siti Aliyati Albushairi ◽  
Gusti Rina Fariany
Keyword(s):  
Consumer Satisfaction ◽  
Word Of Mouth ◽  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Islamic Bank ◽  
New Strategy ◽  
Variable Compliance ◽  
Word Of Mouth Communication

Objective - The development of Islamic banks in Indonesia requires a new strategy. The size of the population of Indonesia is a potential market for Islamic banks to target religious and non-religious customers and implement quality innovation to create value-based services to support the competitiveness of regional economies. This may improve the standard and quality of living. Specifically, this study investigated the influence of Islamic banking service quality dimensions to consumer satisfaction, word-of-mouth communication and loyalty. Methodology/Technique - This study was conducted in Banjarmasin, South Kalimantan, which is an Indonesian province that has a fairly a rapid rate of development of Islamic banking. The study focused on 191 people. Data collection was done by observation and interviews using questionnaires. Findings - Using Partial Least Squares, the resultsdemonstrates the effects of variable compliance, empathy, and value proposition quality on overall satisfaction. This showed that overall satisfaction influences word-of-mouth communication and loyalty. This indicates that both the religious market consumers and the floating market consumers desire the establishment of a strong emotional bond between the Islamic bank, customers and shareholders that are developed together in the face of business risks and share profits fairly and honestly, in accordance with the principles of Islamic law. Furthermore, they want employees to be more empathetic and respond individually to customers. Novelty - The study suggest that a strategy be created in relation to competitiveness in Islamic banking in Banjarmasin to improve the quality of service-based value, and to increase the cultivation of religious customers as well as penetrating the floating market segment. Type of Paper - Empirical Keywords: Carter-Item; Floating-Based Market; Islamic Bank; Religious-Based Market; Servqual.

scholarly journals Aspek hukum kontrak dagang via internet (cyberspace transactions) dalam perspektif sistem hukum Islam

2010 ◽  
Vol 10 (2) ◽  
pp. 123
Author(s):  
Wijayanto Setiawan
Keyword(s):  
Consensus Statement ◽  
Islamic Law ◽  
Contract Law ◽  
Legal Aspects ◽  
The Internet ◽  
Business Transactions ◽  
Object Based ◽  
The Way

Trade contracts via the internet (cyberspace transactions) or e-commerce or in other terms is a necessity inthe development of cyberspace in the last  ten decades. In terms of the applicable legal aspects, contractstrade via the internet is having a substantial difference with the conventional contract law. From theviewpoint of Islamic Law (fiqh), the implementation of e-commerce business transactions can besamed with al-sala>m transactions in the way of payment and delivery of commodities which serve as theobject of the transaction. Transactions in e-commerce over the Internet can be aligned with the principlesof the existing transaction in the transaction al-salam, especially relating to the parties involved in thetransaction, the consensus statement and transaction through a transaction object. Based on thesestudies, the commercial transactions over the Internet is allowed as long as meet the principles of thecontract (‘aqad) in Islam, namely: (1) the parties involved in implementing the contract with proves goodand sincerity; (2) the process of conveying statements of the consensus between party is clear and notconflicting with shar’i; and (3) the object of transactions (goods or services) is something that is halal.

Do Islamic banks need to earn extra profits?

2019 ◽  
Vol 10 (3) ◽  
pp. 369-381 ◽  
Author(s):  
Yasushi Suzuki ◽  
S.M. Sohrab Uddin ◽  
Pramono Sigit
Keyword(s):  
Banking Sector ◽  
Islamic Law ◽  
Comparative Approach ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Content Type ◽  
Islamic Bank ◽  
Banking Market ◽  
Conventional Banks ◽  
Credit Portfolio

Purpose This paper aims to draw upon existing debate over “financial sector rent” (bank rent) to analyze the current pattern of financing of Bangladeshi and Indonesian Islamic banks during the period of 2011 and 2015. Design/methodology/approach The empirical evidence through a comparative approach of analyzing the performance of Islamic banks with that of conventional banks in respective countries – two of the largest countries where majority of the population are Muslims – is drawn to demonstrate the objective. Findings While Islamic banks in Bangladesh are primarily concentrating on the murabaha (mark-up contract) mode of financing, some transactions under musharaka (partnership/equity-based contract) are observed in the Indonesian Islamic banking sector. This anomaly in Indonesia can be explained by the nature of their musharaka financing which is not of the purely “participatory” financing type. As a result, we can observe the quasi-murabaha syndrome in Indonesian Islamic banking sector. The concentration of asset-based financing including consumers’ financing (hire purchase) in the credit portfolio gives Islamic banks relatively higher Islamic bank rent opportunity for protecting their “franchise value” as Sharīʿah-compliant (Islamic law-compliant) lenders. However, Indonesian Islamic banks share a still infant Islamic banking market, and enjoy less rent opportunity under a severe competition with conventional banks. Research limitations/implications The bank rent approach suggests that the syndrome observed both in Bangladesh and Indonesia can be ironically justifiable. Moreover, the mode of profit-and-loss sharing provides, in practice, an idea of the difficulty in managing the participatory financing embedded with high credit risk. Under this scenario, it is necessary for Islamic scholars and the regulatory authority to design an appropriate financial architecture, enabling Islamic banks to avail the benefit from a wider variety of Sharīʿah-based Islamic financing. Originality/value This paper expands the newly emerged concept of “Islamic bank rent” to make sense of the murabaha syndrome in Bangladesh and the quasi-murabaha syndrome in Indonesia. This approach also contributes to clarifying the unique risk and cost to be compensated with the spreads that Islamic banks are expected to earn.

scholarly journals Notary Role In Making The Deed Of Murabahah Financing On Islamic Bank (Review On Financing Agreement In Islamic Bank Of Central Java)

Jurnal Akta ◽  
2020 ◽  
Vol 7 (2) ◽  
pp. 229
Author(s):  
Anindia Inka Saputri ◽  
Aryani Witasari
Keyword(s):  
Financial Services ◽  
Islamic Banking ◽  
Islamic Bank ◽  
Central Java ◽  
Financing Mechanism ◽  
The Law

This study aims to determine the form of the contract and Murabahah financing mechanisms, to analyze the application of Sharia principles in Murabahah financing agreement, and to know the extent to which the role of the Notary in the Deed manufacture Murabahah Financing Agreement with Islamic Bank of Central Java. The results of this study show that: (1) The form of contract and Murabahah financing mechanism in Islamic Bank of Central Java refers to the provisions of Islamic Banking Act, BI (Bank Indonesia), FSA (Financial Services Authority) and DSN-MUI. (2) The application of Islamic principles in the financing agreement Murabahah in Bank Central Java Sharia has been in accordance with the Law of Islamic Banking and DSN-MUI, where financing based on Islamic principles that do not contain elements of usury, gambling, Garar, illegitimate and unjust.Keywords: Notary; Islamic Banking; Murabahah.

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