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Journal articles on the topic 'Islamic banking law'
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1
Habib and Shirazi. "Islamic Banking Law." Arab Law Quarterly 6, no. 2 (1991): 226. http://dx.doi.org/10.2307/3381839.
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Pervez, Imtiaz A. "Islamic Banking." Arab Law Quarterly 5, no. 4 (1990): 259–81. http://dx.doi.org/10.1163/157302590x00198.
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Wilson, Rodney. "Islamic Banking in Jordan. Islamic Banking: The Jordanian Experience." Arab Law Quarterly 2, no. 3 (August 1987): 207. http://dx.doi.org/10.2307/3381694.
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Maggs, Peter B. "Islamic Banking in Kazakhstan Law." Review of Central and East European Law 36, no. 1 (2011): 1–32. http://dx.doi.org/10.1163/092598811x12960354394641.
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AbstractKazakhstan has adopted legislation designed to facilitate Islamic banking, and at least one Islamic bank has started operations in Kazakhstan. Islamic banking is based upon traditional Islamic law, which forbids the taking of interest, the making of profit without risk, and profiting from "sinful" businesses such as pornography. The legislation in Kazakhstan forbids such activities for Islamic banks and also requires each Islamic bank to have an independent "Council on the principles of Islamic finance" to rule on bank policies and specific transactions. Islamic banking practices use complex combinations of transactions, each permitted by Islamic law, to mimic common conventional banking transactions, such as loans bearing fixed interest rates and repayable on a fixed date. Stable income and manageable principal obligations from credit-worthy borrowers can ensure that a bank will receive high ratings from leading international credit rating agencies and, thus, can satisfy the requirements of Kazakhstan's bank regulators. The formal difference between Islamic banking transactions and the conventional transactions that they mimic could lead to differing treatment for taxation. To provide a level playing field, Kazakhstan has amended its Tax Code to provide for equal treatment of economically equivalent Islamic and conventional banking transactions. Adjustments have also been made to bankruptcy legislation, reflecting the unavailability of deposit insurance for Islamic banks and the special nature of investment deposits in Islamic banks. There are controversies among Islamic law scholars as to whether or not various practices used to mimic conventional banking transactions are unlawful because they violate the spirit of Islamic law. This creates what is called "Sharia risk", the risk that a transaction will be found unlawful after it has been concluded, with consequences highly unfavorable for a party.
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Muhyidin, Muhyidin. "Islamic Banking Law Perspective in the Concept of National Law." Gema Keadilan 7, no. 2 (September 16, 2020): 69–83. http://dx.doi.org/10.14710/gk.2020.8947.
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AbstractThe focus of this article is the perspective of Islamic Banking Law in the concept of national law, both from the institutional aspect, the aspect of business activities. As well as aspects of liquidity management and financial instruments used, both at the level of laws and implementing regulations; and influencing socio-political, cultural and economic factors. Islamic banking law is a new entity in which there is interaction and mutual greeting between Islamic law and national law. In other words, Islamic banking law lies in two areas of law: Islamic law and national law. Sharia banking law, as the name implies, is Islamic law because it is formed on the principles of Islamic law. At the same time, Islamic banking law is also part of national law because it is formed by the competent state institution with the infrastructure and mechanisms that are formally justified. The discussion focuses on the dynamics of the encounter between Islamic law and national law as the elements of its formation. Such efforts can not ignore the factors - factors that influence it, whether political, cultural or economic.
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Mujib, Abdul. "DINAMIKA HUKUM DAN PERKEMBANGAN PERBANKAN ISLAM DI INDONESIA." Al-Ahkam 23, no. 2 (October 21, 2013): 167. http://dx.doi.org/10.21580/ahkam.2013.23.2.21.
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Almost all countries in the world including Indonesia give serious attention to the existence of Islamic banking that using religion approach in all activities and services. Institutional development it should be followed by the availability of legal basis, which is an established and clear. During the six years of its inception, the Islamic banking law stands with a very limited law basis, although the limitations of regulations have been describing aspects of sharia in Islamic banking for sure. The improvement of law is done by replacing Law No. 7 of 1992 by the Law No. 10 of 1998. This law has explicitly mention sharia aspects of Islamic banking, however Islamic banking regulation still governed together with conventional banking. The birth of Law 21 of 2008 became an important change for the development of Islamic banking. This law has given limits and a clear boundary line between Islamic banking and conventional banking in various aspects. The development of Islamic banking regulation are gaining its momentum with the enactment of Law No. 21 of 2008 concerning Islamic Banking. The strategic value of this law is increasingly opening up opportunities and legal certainty to accelerate the development of Islamic banks in the future
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Wilson, Rodney. "Islamic Banking in Jordan." Arab Law Quarterly 2, no. 3 (1987): 207–29. http://dx.doi.org/10.1163/157302587x00282.
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Nopriansyah, Waldi, Makhrus Munajat, and Abdul Mujib. "Maintaining the Plurality and Sacred Value of Islamic Law through the Existence of the Sharia Banking Law." Al-Ahkam 32, no. 1 (April 28, 2022): 65–86. http://dx.doi.org/10.21580/ahkam.2022.32.1.8825.
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Islamic banks are the fastest growing Islamic financial institutions in Indonesia. In fact, Islamic Banks already have special regulations, namely Law Number 21 of 2008. This article aimed to analyze how important the Sharia Banking Law is in maintaining the plurality and sacredness of Islamic law in every sharia banking operational activity. The method used in this article is qualitative with a normative approach. This article found that Sharia Banking Law supports the sacredness of Islamic law, namely to realize the benefit. The existence of the Sharia Banking Law indirectly shows its capacity as a legal product that provides a plurality space so that the law can be enjoyed by all humans and all religions based on community beliefs. In addition, the existence of the Sharia Banking Law can also be a reference for other Islamic law products to provide a plurality value space behind the sacredness of Islamic law in Indonesia.
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KAMALI, MOHAMMED. "Arab Islamic Banking and the Renewal of Islamic Law." Journal of King Abdulaziz University-Islamic Economics 11, no. 1 (1999): 69–75. http://dx.doi.org/10.4197/islec.11-1.4.
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Anwar, Muhammad. "Islamicity of Banking and Modes of Islamic Banking." Arab Law Quarterly 18, no. 1 (2003): 62–80. http://dx.doi.org/10.1163/026805503773081735.
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Gimigliano, Gabriela. "Globalization and the Growth of Islamic Banking: The Authorization Process in Italy." European Business Law Review 32, Issue 4 (August 1, 2021): 649–80. http://dx.doi.org/10.54648/eulr2021023.
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This paper endeavours to ascertain how Islamic banking may operate within the Italian legal system, given that neither the Rome I regulation, and the incorporation approach cannot be applied. There are three main research questions: i) which is the mainstream Western approach to Islamic banking?; ii) if Sharia rules are considered as a system of social rules and Islamic banking is compared to ethical banking or socially responsible banking, to which extent the Italian banking law is applicable to?; iii) can we suggest building up Sharia rules as a system of normative prescriptions? Globalization, Islamic banking, Sharia, Italian banking law, money, potential capital, usus, legal system, general clauses, lex mercatoria
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Salh, Shamsalden Aziz, and Mark Hyland. "Sharīʿah Regulation and Supervision of the Iraqi Islamic Banking System." Arab Law Quarterly 35, no. 1-2 (October 5, 2020): 212–44. http://dx.doi.org/10.1163/15730255-bja10060.
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Abstract This article critically evaluates the Sharīʿah regulation and supervision of the Iraqi Islamic banking system. Due to the country’s incomplete Islamic banking framework and lack of qualified Sharīʿah scholars, the Iraqi Islamic banking system is somewhat ineffective. In Iraq both the internal and external Sharīʿah supervisory systems in the Islamic banking sector are weak. The internal Sharīʿah supervisory system suffers from a shortage of qualified Islamic banking experts. At the same time, there is no effective external Sharīʿah supervisory system due to the lack of a Central Sharīʿah Board. This article examines the Sharīʿah supervisory system of the Iraqi Islamic banking industry by using case studies on Malaysia and Bahrain, both of which have a developed Islamic banking system. The Sharīʿah supervisory systems in these two countries are examined in order to propose an effective and comprehensive Sharīʿah regulatory and supervisory framework for the Iraqi Islamic banking industry.
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Choiriyah, Choiriyah. "Hukum Perbankan dan Perasuransian Indonesia Dalam Perspektif Hukum Islam." SALAM: Jurnal Sosial dan Budaya Syar-i 6, no. 3 (June 13, 2019): 265–80. http://dx.doi.org/10.15408/sjsbs.v6i3.11532.
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AbstractThe issue of regulation regarding Banking in Indonesia is everything related to legislation. Therefore, it can be concluded that Sharia Banking Law is anything related to legislation governing Islamic banking activities. Islamic Banking Law at the same time experienced very intensive and creative interactions with the Islamic religion. In the general sense of Islamic banking, Islamic banking or Islamic banking is carried out by applying Islamic law (sharia) into the banking sector or even other modern commercial activities. This study approached the literature study by reviewing the literature related to the problem.Keyword: Banking Law, Indonesian Insurance, Islamic LawAbstrakMasalah pengaturan tentang Perbankan di Indonesia merupakan segala sesuatu yang terkait dengan peraturan perundang-undangan. Karenanya, dapat disimpulkan bahwa Hukum Perbankan Syariah adalah segala sesuatu yang terkait dengan peraturan perundang-undangan yang mengatur kegiatan perbankan syariah. Hukum Perbankan Syariah pada saat yang bersamaan mengalami interaksi yang sangat intensif dan kreatif dengan agama Islam. Di dalam pengertian umum dari perbankan syariah melakukan kegiatan perbankan syariah atau Bank Islam dengan menerapkan hukum Islam (syariah) ke dalam sektor perbankan atau bahkan kegiatan komersial modern lainnya. Penelitian ini melakukan pendekatan studi pustaka dengan melakukan review terhadap literatur terkait permasalahan.Keyword: Hukum Perbankan, Perasuransian Indonesia, Hukum Islam
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Zarrokh, Ehsan. "Iranian Islamic banking." European Journal of Law and Economics 29, no. 2 (August 2, 2009): 177–93. http://dx.doi.org/10.1007/s10657-009-9116-8.
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Bustamin, Amirizal, Arini Azka Muthia, and Sonia Ivana Barus. "The Protection of Spiritual Rights in the Sharia Banking Dispute Settlement: Overview of the Sharia Banking Law in Indonesia." PADJADJARAN Jurnal Ilmu Hukum (Journal of Law) 9, no. 3 (2022): 388–407. http://dx.doi.org/10.22304/pjih.v9n3.a5.
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The status of Islamic banking in dispute settlement is normatively a positive legal subject to Islamic law principles. The Financial Services Authority confirms that many conflicts involve Islamic banks and their customers. The problem of the legal and economic context of Islamic banking is more complex, considering the operational concept of Islamic banks is different from conventional banking. Islamic banking must operate based on sharia, including in dispute resolution issues. Spiritual rights are one of the interests of Islamic banking customers that require attention. This study investigates the protection of spiritual rights in the sharia banking dispute settlement based on the perspective of Indonesian sharia banking law. This study employed normative qualitative research methods on primary data, such as the sharia banking law, the consumer protection act, and the dispute resolution act. It found that Indonesia has laws to address sharia banking disputes based on Islamic principles. However, they have not been appropriately implemented. The authority of religious courts to settle disputes on sharia banking has not been effective in protecting spiritual rights because there are still processes of settlement on sharia banking through the general courts. It indicates that stakeholders’ understanding of spiritual rights is still limited.
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Shandy Utama, Andrew. "Arah Kebijakan Pengawasan terhadap Perbankan Syariah dalam Sistem Perbankan Nasional di Indonesia." Volksgeist: Jurnal Ilmu Hukum dan Konstitusi 3, no. 1 (June 22, 2020): 41–52. http://dx.doi.org/10.24090/volksgeist.v3i1.3498.
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This research aims to explain the direction of policy regarding supervision of Islamic banking in the banking system in Indonesia. The method used in this research is normative legal research using the statutory approach. The results of this research explain that the policy regarding supervision of Islamic banking in the national banking system in Indonesia is headed toward an independent direction. In Law Number 7 of 1992 and Law Number 10 of 1998, it is stated that supervision of Islamic banking is done by Bank Indonesia as the central bank. Based on Law Number 21 of 2008, supervision of Islamic banking is strengthened by not only being supervised by Bank Indonesia, but also by the National Sharia Council of the Majelis Ulama Indonesia by placing Sharia Supervisory Councils in each Islamic bank. After the ratification of Law Number 21 of 2011, supervision of Islamic banking moved from Bank Indonesia to an independent institution called the Financial Services Authority.
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Ingratubun, Muhammad Husni. "Implementation of Legal Substance and Sharia Values in Islamic Banking in a Muslim-Minority Region." Jurnal Minds: Manajemen Ide dan Inspirasi 9, no. 2 (September 21, 2022): 213–30. http://dx.doi.org/10.24252/minds.v9i2.29292.
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This study aims to investigate the factors that impede the application of Islamic law in the operation of Islamic banking in a non-Muslim region in Indonesia, i.e., Papua. The readiness of human resources in Islamic banking, both in quantity and quality, to support Islamic banking operations in this specific case is not well investigated. This study employs a descriptive-analytical normative legal study, with technical analysis of primary and secondary data qualitatively. The investigation indicates that the application of Islamic law to the operation of Islamic banking has not gone well, contrary to the goal of establishing Islamic banking with a profit-sharing system. The progress of Islamic banking falls short, despite the national growth target.
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Muneeza, Aishath. "Application of law of evidence to Islamic banking with special reference to Malaysia." International Journal of Islamic and Middle Eastern Finance and Management 10, no. 4 (November 13, 2017): 503–18. http://dx.doi.org/10.1108/imefm-02-2016-0025.
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Purpose This research aims to deal with the law of evidence invoked in Islamic banking cases reported in Malaysia from 1983 to 2015 and determine whether the invoked provisions of the statute in the case law have any conflicts with Islamic law that are threatening the development of Islamic banking in Malaysia. Design/methodology/approach The methodology used in this research is assessing the implication by studying the provisions of the law of evidence that has been invoked in the reported case law. Findings It is evident from this research that following are the evident conflicts found in the Evidence Act 1950. In this arena, the following changes are significant for sustaining Islamic banking in Malaysia. Expert opinion under Section 45 of the Evidence Act 1950 should be amended such that in Islamic banking, under this Act, expert opinion can be sought by the court. The rule and exceptions of parol evidence in Sections 91 and 92 of the Evidence Act 1950 need to be amended such that in Islamic banking matters, anything that is contrary to Sharicah is mentioned in the contract; this amendment will be an exception to the parol evidence rule on the grounds that the written Islamic contract can be amended or set aside depending on the circumstances of the case. Originality/value It is anticipated that this research will assist jurisdictions to understand that even adjective laws applicable to Islamic banking will be harmonized with Islamic law. This is because the prefix Islam attached to the term banking is not merely a namesake, but it means more than that, i.e. all aspects of Islamic banking will be consistent with Islamic law.
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Dwi Saputro, Anip, Adib Khusnul Rois, and Uzair Al Bazi. "Heart Half Implementation Sharia Banking In Indonesia." IKONOMIKA 3, no. 2 (January 30, 2019): 127–38. http://dx.doi.org/10.24042/febi.v3i2.3258.
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Islamic banking in Indonesia has been regulated in the law, namely Law number 10 of 1998 concerning amendments to Law number 7 of 1992 concerning banking. As time goes by, the existing Islamic banking practices are starting to be questioned, questioned, and criticized, because there are those considered deviant even out of the sharia corridor itself. Against various problems that exist in Islamic banking, it needs to be addressed appropriately. By understanding the nature of the principle of tadrij fii tasyri, we are required to better understand and focus on the processes and stages in the implementation of syariah banking. So that with all the problems of Islamic banking faced now, it must be understood that this is still the stages, not the end and purpose of the application of Islamic banking it self. However, the main problem in the implementation of Islamic banking is the commitment. Islamic banking is in a comfortable zone with its current format. Efforts to implement Islamic banking are still half-hearted, even less serious. Even though there is a lot of criticism embedded in Islamic banking, starting from the practice of improper contracting, Human Resources (HR) who are not competent with the sharia itself, and banking products that are less adaptive and responsive. Keywords: Implementation, Commitment, HR, Product and Agreement, Tadrij fii Tasyri
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Dhanda, Upasana, and Monika Sehrawat. "ISLAMIC BANKING IN INDIA: AN ALTERNATIVE BANKING SYSTEM." International Journal of Research -GRANTHAALAYAH 3, no. 12 (December 31, 2015): 171–80. http://dx.doi.org/10.29121/granthaalayah.v3.i12.2015.2902.
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The Banking system in India and all over the world is based on the interest system. Interest bearing money is almost like the law of nature where money generates money. However, an alternative banking system called Islamic banking which prohibits charging of interest and is based on profit/loss sharing system became popular in many countries. Global Islamic banking assets attained compounded annual growth rate (CAGR) of around 17% from 2009 to 2013 according to the World Islamic Banking Competitiveness Report 2014-2015.
The Indian Banking system has undergone many changes in the recent past with deregulation of banking system paving way for new banks in India. However, Islamic banking which has emerged as a global phenomenon lately has not evolved as a full-fledged system in India though is it operative through the NBFC route. The research paper tries to explain the concept of Islamic banking and discusses the various financial products offered by the Islamic banks. It weighs the various pros and cons of Islamic banking in India. SWOT analysis and Porter’s Five Forces Model are used to provide a thorough analysis of feasibility and scope of Islamic banking in India.
The paper reveals that India has a great potential for Islamic banking provided necessary changes in the regulations and guidelines are made to evolve it has an alternative system of banking. The law makers should view it from an economic point of view rather than a religious view for its successful implementation and for the welfare and upliftment of financially excluded sections of society that do not participate in conventional banking due to their religious beliefs.
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Hidir, Nashrullah, Muslimin Kara, and Ayu Ruqayyah Yunus. "Analisis Pemahaman Masyarakat Terhadap Bank Syariah Indonesia (BSI) Setelah Merger." El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam 4, no. 4 (December 25, 2022): 1045–54. http://dx.doi.org/10.47467/elmal.v4i4.2284.
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Many factors prevent Muslims from accessing Islamic banking or banking that adheres to Qur'anic principles including a lack of university research, support from Islamic organizations and public knowledge of the practice. One of these factors is the fact that most people are not aware of Islamic banking, which prevents them from seeking out this financial institution. Moreover, most people have no knowledge of sharia law also known as Islamic finance although it is practiced by many banks around the world. This study explores public opinion about the existence of Islamic banks in Indonesia and their investment choices. It also investigates future investment prospects and Islamic banking products. This study uses qualitative data analysis methods derived through inductive and deductive methods. Furthermore, participants were found to have substantial knowledge about Islamic banks in Makassar. People are attracted to Islamic banks because they are implemented according to sharia principles. Many respondents stated that one of the reasons they like Islamic banking is because it is safer and more secure. Other reasons include avoiding usury and feeling proud to be a Muslim which some consider an advantage from an Islamic perspective.
Keywords: Sharia, Sharia Bankin, Understanding
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Hidayat, Asep Syarifuddin, Hari Sutra Disemadi, Sholahuddin Al-Fatih, A. Salman Maggalatung, and Nur Rohim Yunus. "Legal Obligations of Corporate Social Responsibility as Efforts to Improve the Image of Islamic Banking in Indonesia." Samarah: Jurnal Hukum Keluarga dan Hukum Islam 6, no. 2 (December 31, 2022): 775. http://dx.doi.org/10.22373/sjhk.v6i2.12455.
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: This study aims to identify and analyze Islamic banking policies in maintaining and even improving the image/reputation of Islamic banking and to contribute scientifically to CSR in Islamic banking based on national law and Islamic law. This study uses a qualitative normative legal research method with a conceptual, statutory, and sociological approach. The results of this study indicate that the image or reputation of Islamic banking is the beliefs or feelings of consumers or stakeholders about Islamic banking itself. The reputation of Islamic banking is respect, assessment, and even appreciation from consumers or stakeholders. Islamic banking in improving its image or reputation can be done through CSR. This study provides a descriptive picture of Islamic banking, in general, to provide quality programs through CSR. CSR activities by several examples of Islamic banking in Indonesia refer to the company's obligation to protect and contribute to the community and stakeholders where the company is located. The concept of CSR in Islam is implemented in 3 (three) models of responsibility, namely the relationship of responsibility to Allah SWT; responsibility to humans; and responsibility to the natural environment. The concept of CSR in Islamic banking is a necessity that needs to be implemented as a form of responsibility towards fellow humans and the environment.
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Baehaqi, Ja’far. "Transformasi hukum Islam dalam hukum perbankan syariah di Indonesia." IJTIHAD Jurnal Wacana Hukum Islam dan Kemanusiaan 14, no. 2 (February 3, 2015): 211. http://dx.doi.org/10.18326/ijtihad.v14i2.211-230.
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Islamic law and Islamic banking law are two different entities, although both are substantially identical. This paper seeks to answer the question related to the transformation of Islamic law in Islamic banking law in the context of positivization of law. The study focused on the dialectic of Islamic law and national law in the formulation of Islamic banking law. With a history of regulatory approach, this study found that transformed the Islamic banking law is aspects of shariah compliance, is not Islamic law referred to in fikih muamalah. Sharia compliance is dynamic both in terms of substance, structure and culture. Hukum Islam dan hukum perbankan syariah merupakan dua entitas yang berbeda, meskipun secara substansial keduanya identik. Makalah ini berupaya menjawab persoalan terkait transformasi hukum Islam dalam hukum perbankan syariah dalam konteks positivisasi hukum. Kajian difokuskan pada dialektika hukum Islam dan hukum nasional dalam formulasi hukum perbankan syariah. Dengan pendekatan sejarah perundang-undangan, kajian ini menemukan bahwa yang ditransformasikan dalam hukum perbankan syariah adalah aspek kepatuhan syariah, bukan hukum Islam sebagaimana dimaksud dalam fikih muamalah. Kepatuhan syariah ini bersifat dinamis baik dari sisi substansi, struktur maupun kultur.
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Miftah Idris. "PERJANJIAN KREDIT KONVENSIONAL DAN AKAD PEMBIAYAAN SYARIAH DALAM SISTEM PERBANKAN." Madani Legal Review 1, no. 1 (June 15, 2017): 29–51. http://dx.doi.org/10.31850/malrev.v1i1.27.
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In distribution of fund, the system adopted by conventional banking and Islamic banking is almost the same in distributing the fund with the provision of credit and of financing by banks to their customers. There is specifically legal basis of contract (aqad) that distinguishes where conventional banking is based on the contract law in Burgerlijk Wetboek and Islamic banking is based on aqad law stipulated in Islamic Sharia (Islamic Law). Problems studied in this research is how the credit contract in the conventional banking and how aqad financing in islamic banking are actually. To know the problem, it will be used descriptive study using secondary data as the data source of this research and then analyzed qualitatively. Thus concluded that the credit contract is a beginning process between the creditor and debtor which are applied in the conventional banking system in its efforts to develop funds collected and also to utilize the funds with the best. But Islamic banking financing adheresses to the profit and loss sharing system that has a unity concept in facing of risk and benefit and also existed justice in bussiness is the basic principle of Islamic banking system.
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Fadli, Fadli. "PENGARUH PENGETAHUAN DAN IKLAN TERHADAP MINAT MENABUNG DI BANK SYARIAH (STUDI MAHASISWA FAKULTAS EKONOMI DAN BISNIS ISLAM IAIN PADANGSIDIMPUAN ANGKATAN 2014)." Imara: JURNAL RISET EKONOMI ISLAM 1, no. 1 (March 30, 2018): 1. http://dx.doi.org/10.31958/imara.v1i1.986.
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Syariah Banking is an Islamic banking which has main function to deploy and distribute funds to society. Islamic banking is a relevance inancial institution to Islamic principles such as Al qur’an and Hadist. The condition of Islamic banking at state institute for Islamic studies, Padang Sidempuan was many students preferred to learn about banking, Islamic law, Islamic syariah bank, and syariah bank, from the available bank advertisement like magazines, newspapers, radio, television, and others.
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Kunhibava, Sherin. "Islamic Banking in Malaysia†." International Journal of Legal Information 40, no. 1-2 (2012): 191–201. http://dx.doi.org/10.1017/s0731126500006478.
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AbstractIslamic banking is the conduct of banking according to Shariah or Islamic law. Statistically Islamic banking has had phenomenal growth, according to the Asian Banker Research Group, the world's 100 largest Islamic banks have set an annual asset growth rate of 26.7% and the global Islamic finance industry is experiencing an average growth of 15-20% annually1. Recently the Prime Minister of Malaysia commented that Malaysia has been maintaining its leadership in Islamic banking and finance for over three decades2. As an International leader in Islamic banking, it would be interesting to explore the development of Islamic banking in Malaysia. This will be the objective of this paper. This paper will focus on the historical development of Islamic banking in Malaysia, from the creation of the Haj Pilgrim's Fund Board in the 1960s to the current Islamic banking scene of 17 local Islamic banks and five International Islamic banks in operation. This paper will also explore the unique regulatory and governance framework of Islamic banking in Malaysia, by touching on the Islamic banking Act 1983, the Central Bank of Malaysia Act 2009, the Banking and Financial Institutions Act 1989 and the Shariah Governance Framework introduced in 2011 by the Central Bank of Malaysia. This paper will also briefly introduce how Islamic banking works.
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Prasetiyo, Luhur. "Perkembangan Bank Syariah PAsca UU 21 Tahun 2008." Al-Tahrir: Jurnal Pemikiran Islam 12, no. 1 (May 1, 2012): 43. http://dx.doi.org/10.21154/al-tahrir.v12i1.46.
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<em>Islamic banking system still grows continuously over time in various countries, including Indonesia. Although it was a bit late, if it was compared to another, Islamic banking system began to develop in Indonesia in the early 1990’s. At that time, Islamic banking, however, was still running with its all characteristics based on the rule without adequate law. Islamic banking began to be recognized legally as the legalization of UU Perbankan 1992, and it was followed by its deregulation in 1998, and Islamic banking in Indonesia finally got its full legality after legalization of UU Perbankan Syariah in 2008. UU Perbankan Syariah as a new law certainly has significance for the development of Islamic banking in Indonesia. Based on the BI statistics, Islamic banks, especially Bank Umum Syariah after legalization of UU Perbankan Syariah, has been growing significantly, among in the number of banks, total assets, and total financing. Unfortunately, the growth of PLS (profit and loss sharing) doesn’t occupy a significant position in total financing of Islamic banks, whereas PLS is core system in Islamic banking.</em>
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Mansyur, Supardan, Usman Usman, and Lalu Sabardi. "Islamic Financing Instrument Under Indonesia Positive Law." Unram Law Review 2, no. 2 (October 20, 2018): 187–203. http://dx.doi.org/10.29303/ulrev.v2i2.51.
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Islam governs all aspects of human life. It is not regulate the human relation to Allah only but also between human each other, among other economy like financing comply with shari’ah. The issues are: (1) how is the regulation of financing comply with shari’ah regulated ini positive law in Indonesia; and (2) handicap faced in its application in Indonesia. The purposes of this research are to know: (1) its regulation on positive law, and (2) its handicap in its application Indonesia. Its results are: (1) Islamic financing in Indonesia is regulated in various rules and regulation and their implementation strengthening its existing in positive law in Indonesia as Act No.7/1992 on Banking (amended by Act No. 10/1998), Act No. 23/ 1998 on Indonesia Bank (amended by Act No. 3/2004), and Act No. 21/ 2008 on Islamic banking, particular to Shari’ah Capital Market its regulation is regulated by OJK Decision and DSN-MUI Fatwas; (2) murabahah based financing) dominating all financing of Indonesian banking industry is considered as the cause of Islamic Banking avoided to use Mudharabah and Musharakah is their higher risk. Related to these difficulties is recommended to be: (1) expected to Government and DPR to enact the statute on Islamic on Islamic Capital Market putting the Islamic Capital Market equal to the Conventional Capital Markets (2) The role of Government and the other institutions to cope handicap faced as highlight the capacity enhancement of Islamic financing institutions, regulations, and development of infrastructures supporting the Islamic financing application, are absolutely needed.
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Maria John Joseph, K. A., and D. Mahalakshmi. "A Study on Awareness and Attitude Towards Islamic Banking in Tirupattur District." ComFin Research 9, no. 4 (October 1, 2021): 1–6. http://dx.doi.org/10.34293/commerce.v9i4.4148.
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The banking system in every country is based on the interest system. Interest-bearing money is almost like the law of nature where money generates money but alternative banking system called Islamic banking. Islamic banking follows Islamic ethical principle which appears very different from those of the conventional western banking finance model.
In this study, the data has been obtained through both primary and secondary sources. The secondary data were collected from journals, magazines, and the Holy Quran. The fresh data were collected through questionnaires from Tirupattur District. The research design used for this study is descriptive type. The Sampling design used for the study was the convenience sampling technique. The percentage analysis was used for the study.
The Islamic banking system in India was introduced for both Muslim and Non-Muslim customers. Few of the Muslim customers have an account in Islamic banking. Most of the customers do not have awareness about the Islamic bank. This study aims to discover awareness and attitude about Islamic banks, both Muslims and non-Muslim in Tirupattur District. The main objective of Islamic Banking is to retain their existing customers and attract new customers by creating awareness about their banking system. This banking system follows the interest-free principles under Islamic Law.
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Sarpini, Sarpini. "Application of musyarakah in Islamic banking." Journal of Islamic Economics, Management, and Business (JIEMB) 1, no. 1 (January 5, 2020): 173–90. http://dx.doi.org/10.21580/jiemb.2019.1.1.3710.
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Purpose - The purpose of this study is to explain syirkah, one of the popular profit-sharing scheme.Method - This research is a descriptive analysis that describes all data and then analyzes the data to obtain a conclusion.Result - This study concludes that the legal basis of syirkah is Al-Qur'an, Sunnah, ijma 'and its application in Islamic banking, namely project financing and venture capital.Implication – Understanding one of the implementation of the profit-sharing system mostly keeps the principle of justice running in the economy.Originality - This study is essential to continue to be studied and explored considering there are still many issues of Islamic law (muamalah) that need to be resolved in sharia law.
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Halabi, Abdel, and Ashraf Kazi. "The Influence of Quran and Islamic Financial Transactions and Banking." Arab Law Quarterly 20, no. 3 (2006): 321–31. http://dx.doi.org/10.1163/026805506778388836.
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AbstractThe Quran is the holy book of the followers of Islam, where simple solutions to the day-to-day problems of life are discussed in detail. Whatever the nationality of a Muslim, the Quran and Islamic prayers remain in a single universal language called "Arabic". Thus, uniformity has been maintained throughout the world from the days of the Prophet Mohammed, in the seventh century to the twenty-first century. Financial transactions and banking based upon Shariah are growing rapidly today. Islamic banking has been widely accepted in many countries such as Pakistan, Malaysia, Brunei, and Saudi Arabia, and are an increasing presence in Canada and Australia. Islamic banking and financial transactions are different from conventional banks, and this has led to some criticisms. After tracing the history of Islamic Banking some of these criticisms are discussed. While Islamic Banking does face some challenges, it continues to grow, and this growth reflects the desire for social, political and economic systems based on Islamic principles.
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Gazali, Ahmad. "KREDIT BERMASALAH DI PERBANKAN SYARI'AH DALAM PERSPEKTIF TEORI CACAT KEHENDAK." Alhadharah: Jurnal Ilmu Dakwah 17, no. 34 (January 7, 2019): 1. http://dx.doi.org/10.18592/alhadharah.v17i34.2382.
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The development of Islamic banking, especially in Indonesia, is currently very perspective. Therefore there is trust from the community must always be maintained. Efforts to develop and trust must support two aspects, namely the implementation of transparency with Islamic ethics and a sense of foundation that provides certainty and a sense of justice. As a sharia banking, the operational basis is Islamic law, thus the readiness of Islamic law must always exist and be able to overcome the development of the development of the Islamic banking world. This paper is only a small part of the discussion to be approved and legal norms of sharia banking are made.
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Al-Shibli, Farouq Saber. "Litigation or Arbitration for Resolving Islamic Banking Disputes." Arab Law Quarterly 32, no. 4 (November 9, 2018): 413–38. http://dx.doi.org/10.1163/15730255-12324040.
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Abstract When investors decide to deal with Islamic banks, one of their main concerns is to ensure their businesses are protected in the case of disputes arising. For this reason, developing a good legal framework for resolving disputes is crucial to strengthen the position of Islamic banks in the global financial market. However, the unique nature of Islamic financial products and transactions requires that the disputes arising from this sector should not be dealt with by means of conventional laws and courts (litigation). It can be said that current practice, where Islamic banking and finance disputes are resolved by litigation with lopsided judgments is counterproductive to the practice of Islamic banking and finance. This article therefore explores the problems associated with resolving Islamic banking disputes through litigation and proposes arbitration as an alternative method for establishing a legal framework for dispute resolution in countries where Islamic banking is implemented.
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Supandi, Ach Faqih. "Optimalisasi Akad Mudharabah Dalam Perbankan Syariah." Jurnal Istiqro 5, no. 1 (January 30, 2019): 72. http://dx.doi.org/10.30739/istiqro.v5i1.343.
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The principle of mudharabah is a unique part of Islamic banking products, because it has a philosophical difference between the conventional banking system and Islamic banking which adheres to the principle of profit or loss. Mudharabah is a partnership business covering capital owners (Shahib al-mal) and business actors (mudharib), aiming to gain profit (al-ribh) and divided according to agreement in the contract. This research is library research. While this research approach uses a statute approach, because the problems in this study are approached with positive legal norms and Islamic law. The purpose of writing scientific papers is to determine the extent to which Islamic banking in optimizing Mudharabah contracts as products in Islamic banking. The results of this study are one of the institutions that can guarantee the continued maintenance of compliance with Sharia or Islamic law is the DSN-MUI which gives sharia compliance compliance authorities (Shariah Compliance) is the Sharia Supervisory Board (DPS). The implementation of the Mudharabah contract in the Islamic banking system is one form of banking compliance with the sharia principles that DPS-MUI has applied to Islamic banking.
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Mayer, Ann Elizabeth. "Islamic Banking and Credit Policies in the Sadat Era: the Social Origins of Islamic Banking in Egypt." Arab Law Quarterly 1, no. 1 (1985): 32–50. http://dx.doi.org/10.1163/157302585x00383.
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Stoika, Viktoriia. "Integration of Islamic banking in the national banking sector: foreign experience." SHS Web of Conferences 65 (2019): 09004. http://dx.doi.org/10.1051/shsconf/20196509004.
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The rules of banking management in Muslim countries are based on the Sharia Law, that is, a set of rules and laws relating to the management of the economy, social, political and cultural aspects of Islamic society. Sharia Law also prohibits the conclusion of immoral transactions and endorses social justice, which is ensured through the distribution of risks and returns, and the implementation of social investment. In the context of economic globalization, this phenomenon is already quite distinguished and is considered a worthy competitor to the traditional banking system. Features of Islamic banking institutions activities become their advantages in comparison with traditional banking institutions. That is why Islamic banks have become active participants in the global financial market, despite the specific nature of their operations and the difficulties of their adaptation to international practice. Islamic banking has spread not only in the developed countries of Western Europe, but also in Central Asia. The study of the process of Islamic banks activities in the financial markets of such countries as Great Britain, Germany, Kazakhstan and Uzbekistan allows us to identify two forms of their functioning: establishment of Islamic windows by banking institutions of these countries and direct entry of banks that originate from Islamic countries. The experience of the above-mentioned countries regarding the integration of Islamic banking into the national financial sector has shown, first of all, the need to develop an appropriate regulatory framework, to form an appropriate infrastructure, to conduct awareness-raising activities, to strengthen international cooperation with investor countries.
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Karimah, Iffah. "BETWEEN LEGAL RISK AND SHARIA RISK IN ISLAMIC BANKING: HOW SHARIAH GOVERNANCE ADDRESS THE PROBLEM." Diponegoro Law Review 7, no. 1 (April 28, 2022): 88–105. http://dx.doi.org/10.14710/dilrev.7.1.2022.88-105.
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Islamic Bank has unique risk due to its Sharia-compliance principles. Two of risksknown in Islamic Banking are legal risk and sharia risk. This paper aims to explain the legal risk and sharia risk faced by Islamic Banking in Indonesia. Moreover, this paper also will discuss the cause of these risks and its mitigation strategy using Shariah Governance concept. This paper using literature studies from previous research and existing regulation in Indonesia. This research shows that Islamic Banking in Indonesia has unique legal risks and sharia risk due to its adherence to a dual law system: shariah law and national law. There are several causes of legal risk and sharia risk in Islamic Banking in Indonesia, such as lack of supporting legal system and regulation, lack of standardization contract in Islamic Banking, and lack of Court Systems to resolve Islamic Banking’sproblem. Moreover, there are severalissues on the product development process in Islamic Bank. In addition, this paper explores the role of Shariah Governance such as Sharia Supervisory Body and National Shariah Board as a solution to address the problem stemming from legal risk and sharia risk.
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Hasan, Muhammad. "PERTARUNGAN HUKUM SHARI’AH DAN KAPITALISME DALAM SISTEM PERBANKAN KONTEMPORER DI INDONESIA." Al-Maslahah Jurnal Ilmu Syariah 12, no. 2 (January 19, 2017): 351. http://dx.doi.org/10.24260/almaslahah.v12i2.402.
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Islamic banking is a bank that operates based on economic principles that set in Islamic
law. The capitalist system with its interest concept is an economic system that has some
variants contrary to Islamic law. Although, the concept of interest a debate among Muslim
scholars and scientists, but the presence of Shari’ah banking has proven economic expert
support Muslims with the prohibition of interest system. Philosophically and axiology
profit and loss sharing, sale and purchase, and the system of interest has its implications.
Rate system is a system that is contrary to shari'ah banking operating system, but often the
existing product ownership in the shari'ah as the product mura>bah}ah is identical to the
system of interest. Similarly, other products are still difficult to distinguish from
conventional systems / capitalist in its operations. On the plains, epistemology, banking
products shari'ah should be improved so that it becomes a pure economic system is based
on Islamic law, not the capitalist system of legalized with the philosophy of Islamic law. In
other words, there needs to be alignment between the philosophical and epistemological
aspects in the development of banking products shari'ah.
Keywords: Profit sharing, murãbahah, islamic law, riba’, bank, interets.
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Hejazziey, Djawahir. "Political Aspects of Shari’a Banking Law in Indonesia." JURNAL INDO-ISLAMIKA 2, no. 1 (June 20, 2012): 105–24. http://dx.doi.org/10.15408/idi.v2i1.1659.
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This article discusses the history of the establishment of Islamic banking in Indonesia. The author examines the derivers of their establishment and argues that, aside other aspects, political aspects give contribution to the establishment of the Islamic banking. He describes a number of evidences of how politics play an important role in the success of their establishment; one of those proofs is the economic and political Islam interdependence which can be read in the idea of Indonesian Muslims on establishing Islamic banks, which is influenced by political content. At the beginning, the relationship between Muslims and the New Order was covered with suspicions and prejudices. The rulers of the New Order in the 1970's were still suspicious of the idea on the establishment of an Islamic state or the realization of the Jakarta Charter. Until recent days, the idea is still debated.
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Shandy Utama, Andrew. "Good Corporate Governance Principles in Indonesian Syariah Banking." International Journal of Law and Public Policy 2, no. 1 (March 23, 2020): 8–13. http://dx.doi.org/10.36079/lamintang.ijlapp-0201.86.
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Islamic banks are banks that carry out their business activities based on the principles of Islamic law in banking activities based on fatwas issued by the National Sharia Council of the Majelis Ulama Indonesia. This research aims to explain the principles of Good Corporate Governance in Islamic banking in Indonesia. The method used in this research is normative legal research. The results of the research explained that to maintain the trust of Indonesian people who are predominantly Muslim, Islamic banking must apply the principle of Good Corporate Governance in its management. The application of the principle of Good Corporate Governance in Islamic banking is strictly regulated in Article 34 Paragraph (1) of Law Number 21 of 2008, which emphasizes that Islamic banks must implement good governance that includes the principles of transparency, accountability, responsibility, professionalism and fairness in carrying out its business activities. Form of application of the principles of Good Corporate Governance in Islamic banking is supervision conducted by the National Sharia Council of the Majelis Ulama Indonesia in general and the Sharia Supervisory Board specifically in each Islamic bank. Based on data from the Financial Services Authority in 2017, currently there are 13 Islamic banks in Indonesia, 13 Islamic business unit of conventional banks, and 102 Islamic rural banks. This is evidence of the existence and development of Islamic banking that is significant in the national banking system.
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Farooqui, Shamim Ahmad. "Review on Concept of Islamic Banking." RESEARCH REVIEW International Journal of Multidisciplinary 7, no. 5 (May 16, 2022): 133–37. http://dx.doi.org/10.31305/rrijm.2022.v07.i05.019.
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Islamic banking is a form of banking that adheres to Islamic law. Muslim banks have been more successful because they have not charged the public interest rates and have invested in ethical resources. A common way to manage money that is economically conservative and adheres to a set of moral principles, Islamic banking also draws from the 'Shari'ah'. There are two central principles of Islamic banking: that lenders and borrowers share the profit or loss, and the prohibition of paying or accepting interest. Studies have shown that growth in Islamic banking is correlated with economic growth, even when other factors are controlled for. This paper explores the concept of the Islamic Banking, its concept, process and more.
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Rasyid, Abdul. "Relevance of Islamic Dispute Resolution Processes in Islamic Banking and Finance." Arab Law Quarterly 27, no. 4 (2013): 343–69. http://dx.doi.org/10.1163/15730255-12341267.
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Abstract In the Islamic legal system, the ways in which disputes are resolved generally fall under two categories. The first category is through litigation, namely in Islamic courts (al-qaḍāʾ or adjudication), and the second is through amicable means such as negotiation, conciliation and compromise (naṣīḥah or sincere advice), mediation (ṣulḥ), arbitration (taḥkīm), mediation along with arbitration (ṣulḥ and taḥkīm), an ombudsman (muḥtasib), expert determination (Mufti’s fatwā, pl. fatāwā), etc. These mechanisms are called alternative dispute resolution (ADR) that refers to a range of dispute resolution processes which are alternative to traditional litigation. Over time, the term ADR is now coming to mean ‘appropriate dispute resolution’ or the most appropriate resolution process in the given circumstances. One of the principal goals of ADR is to provide parties with choices for the effective and efficient resolution of disputes. The above-mentioned dispute resolution processes have different characteristics. This article will discuss only the relevant mechanisms with a view to examine how far they may be suitable to resolve Islamic banking and finance disputes effectively, cheaply and quickly.
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Saharuddin, Desmadi, and Meirison Meirison. "Expel Riba with Islamic Transactions (Analysis of Islamic Financial Institutions)." Nurani: Jurnal Kajian Syari'ah dan Masyarakat 22, no. 2 (December 22, 2022): 275–88. http://dx.doi.org/10.19109/nurani.v22i2.13539.
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This article aims to explain the importance of the steps that Islamic banks must take to stay away from usury to increase Muslim confidence in Islamic banking, which has been stretched all this time to revive the Muslim economy. Riba can cause prolonged inflation and even make the country's economy collapse slowly. However, there are still many usury practices carried out by Islamic banks due to several factors, such as central bank regulations and managers who do not yet understand the rules of Islamic law. This discussion is carried out through a literature study and a descriptive analysis approach through documents and journals that discuss Islamic banking. We interpret the results obtained: Islamic banking is still involved in Mu'amalah Riba, which is more than an extension of conventional banks that sell their products. However, there is still an event to get away from usury by implementing the rules of Islamic Shari'ah thoroughly by developing the proper investment methods. Islamic banks may perform Mudharabah (profit sharing), Musyarakah, Murabahah, Ijarah, and Muzara'ah by paying attention to the distribution of profits and losses by Islamic law. Let these trading and investment instruments be carried out in real terms with full responsibility.
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Muhammad Fadhli, Sadad Mahmud, Ahmad Azrin Adnan, Abd Jamal, and Ibraheem Alani AbdulKareem. "Review of Islamic Law Against Execution of Collateral Auctions on Islamic Banking Institutions in Aceh, Indonesia." Journal of Management Theory and Practice (JMTP) 2, no. 1 (April 8, 2021): 88–93. http://dx.doi.org/10.37231/jmtp.2021.2.1.95.
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This article review Islamic law quoted from jurists’ opinion and legal experts on the use of auction trading theory in the collateral sale. Every financial transaction in Islamic banking required a guarantee. It is intended to save bank funds if the customer defaults. Based on constitutional act Number 4 of 1996 of mortgage rights, Islamic banks have the right to confiscate the asset (guarantees) of a customer who has reached the due date without intention to pay. However, the bank cannot carry out unilateral execution to make direct sales. The formal procedures which banks must follow to disburse funds from customer guarantees are usually long and often meet various obstacles. This article analyzes normatively and empirically the bail auction guarantees implementation on Islamic banking in Aceh based on the Islamic law concept from the al Quran, Hadith, and the scholars’ Ijma’. Although conventional law is still used in the auction rules, the implementation of guarantees as applied to Islamic banking has adopted many Islamic laws. However, in the practice, there are still many problems that arise from the Islamic law scope which uphold the philosophy of maslahah and the concept of justice. The paper, therefore, employs qualitative approach and secondary date to investigate Shariah perspective against execution of collateral auctions on Islamic banking institutions in Aceh, Indonesia.
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A. Ferreira, António Pedro. "Notas sobre a actividade bancária na perspectiva do direito islâmico." Revista Electrónica de Direito 27, no. 1 (2022): 39–130. http://dx.doi.org/10.24840/2182-9845_2022-0001_0003.
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The Islamic financial services industry, where the banking sector is most important, has experienced exponential growth, arousing a growing interest in its study. Such interest lies on the fact that the respective activity is carried out in accordance with the dictates of Shariah, which largely depart from the principles underlying the exercise of banking activity in the conventional way. Islamic financial activity emphasizes the use of risk-sharing financial instruments, a fact that has proved to be of great importance as it has helped to avert many of the most severe consequences of recent financial crises, for example by preventing Islamic banks exposure to subprime or toxic assets. The deepening of information on the structuring rules and principles that shape Islamic finance is a relevant and current subject, with a view to highlighting its fundamental differences in relation to conventional financial activity and to investigating the possibility of that approach being alternative, or complementary, with respect to conventional systems.
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FITHRIAH, NURHANI. "INNOVATION OF ISLAMIC BANKING INDUSTRY AS AN ALTERNATIVE ISLAMIC ECONOMIC DEVELOPMENT IN INDONESIA." Jurnal Jurisprudence 7, no. 2 (February 3, 2018): 132–41. http://dx.doi.org/10.23917/jurisprudence.v7i2.4838.
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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).
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Bakhtiar, Bakhtiar. "KONFIGURASI POLITIK DALAM PEMBENTUKAN HUKUM PERBANKAN SYARI’AH." Alfuad: Jurnal Sosial Keagamaan 3, no. 1 (September 9, 2019): 1. http://dx.doi.org/10.31958/jsk.v3i1.1579.
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Sharia banking law was formed in the reform era through the procedure of making political decisions at the suggestion of the DPR RI. At the beginning of the reform order the legal product tended to be responsive. All the pillars of democracy can play a role. It's just that legal products that are born more serve international institutions or financiers because political configurations are more likely to be oligharkhi-cartels. The birth of this law is in line with the increasingly existence of Islamic banking in contributing and economic growth in Indonesia. As a political product, sharia banking law was born after a number of fundamental changes, especially changes in the construction of judicial authority carried out by the Supreme Court and the Judiciary under it. The birth of Islamic banking law follows a responsive legal character because this law embodies the needs of the community, guarantees business certainty and guarantees legal protection, gives space and movement to Islamic banking to develop and create innovations in Islamic banking products and services. In addition, this law is also the answer to the implementation of laws in accordance with Pancasila and has accommodated the needs of religious law. In the process of forming all stakeholders play an active role in either political parties or political forces, community organizations, government and society.
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Kholid, Muhamad. "Sharia Arbitration as an Alternative Settlement of Sharia Banking Disputes." International Journal of Nusantara Islam 6, no. 1 (January 27, 2019): 73–92. http://dx.doi.org/10.15575/ijni.v6i1.4043.
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The enactment of Law Number 10 of 1998 concerning Amendments to Law Number 7 of 1992 concerning Banking, became an explicit formal juridical basis for the implementation of the Islamic banking system in Indonesia. These developments should be accompanied by anticipatory steps regarding the problem of settling the dispute. Law Number 30 of 1999 concerning Arbitration and APS (Alternative Dispute Settlement) responds to existing deficiencies by preparing dispute resolution institutions through arbitration. The type of arbitration authorized to settle Islamic banking in Indonesia is Sharia Arbitration so that Sharia Arbitration is the main choice for Sharia Banking business actors. This article will discuss the authority and effectiveness of Sharia Arbitration decisions in resolving Islamic banking disputes in Indonesia. The method used is normative juridical. The study was conducted with 2 (two) stages, namely: library research (library research) and field research (field research). Data collection is done by document study and interview. Data Analysis Method used is descriptive analytical with qualitative normative juridical approach. The results of the study concluded that Sharia Arbitration competencies can resolve sharia banking disputes which are part of the Islamic economy coupled with disputes which according to the law can be held peace.
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Ben Bouheni, Faten, and Chantal Ammi. "Banking Governance: Whats Special About Islamic Banks?" Journal of Applied Business Research (JABR) 31, no. 4 (July 13, 2015): 1621. http://dx.doi.org/10.19030/jabr.v31i4.9341.
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Recent turmoil and financial institutions failures in the U.S and in the EU have led to a renewed interest in corporate governance. Thus, the ultimate decisions taken to out of the crisis were to review the mechanisms of banking governance. The Islamic banking may use the same governance mechanisms as a conventional bank, in addition to the Shariah boards, the Shariah review unit, the Islamic International Rating Agency (IIRA) and, the Islamic Financial Services Board (IFSB) like main bodies of monitoring the Islamic Banking industry. In contrast to the conventional banks, the Islamic banks are based on the active participation of public policy institutions, regulatory and supervisory authorities, and Shariah authorities. These institutions collectively monitor the performance of the firm and its faithfulness and commitment to explicit as well as implicit contracts. Islamic banking designates banking activities, which are conforming to Islamic law (Shariah) and guided by Islamic economics. In particular, Islamic law prohibits usury and payment of interest (Riba), it also prohibits investing in businesses that are considered unlawful. And the competitiveness of many of Islamic products and the PLS principle attract Muslim and non-Muslim investors.
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Komarudin, Parman, and Muhammad Syarif Hidayatullah. "Alur Legislasi dan Transformasi Hukum Perbankan Syariah di Indonesia." Mizan: Journal of Islamic Law 5, no. 1 (June 18, 2021): 133. http://dx.doi.org/10.32507/mizan.v5i1.868.
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This paper aims to study the flow of legislation and transformation of Islamic banking law in the national legal system or legislation in Indonesia. The research method used is normative legal research with a statutory approach and historical approach. The results of the discussion showed that the flow of legislation and transformation of Islamic banking law in Indonesia can be divided into four phases, namely the free phase of Islamic values when law No. 14 of 1967 on Banking Fundamentals, then the phase of the introduction of a revenue sharing system with the issuance of Law No. 7 of 1992 on Banking, then the advanced phase with the form of affirmation of the existence of Islamic Banks through Law No. 10 of 1998 on Amendments to Law No. 7 of 1992 on Banking , after that until the phase of refinement or purification with the presence of Law No. 21 of 2008 on Islamic Banking.Keywords: Legislation; Legal Transformation; Islamic Banking Law AbstrakTulisan ini bertujuan untuk mengkaji alur legislasi dan transformasi hukum perbankan syariah dalam sistem hukum nasional atau perundang-undangan di Indonesia. Metode penelitian yang digunakan adalah penelitian hukum normatif dengan pendekatan perundang-undangan dan pendekatan historis. Pengkajian yang dilakukan menunjukkan bahwa alur legislasi dan transformasi hukum perbankan syariah di Indonesia dapat dibagi menjadi beberapa fase, yakni fase bebas nilai Islam ketika berlaku Undang-undang No. 14 Tahun 1967 tentang Pokok-pokok Perbankan, dilanjutkan fase pengenalan sistem bagi hasil dengan dikeluarkannya Undang-undang No. 7 Tahun 1992 tentang Perbankan, kemudian fase lanjutan dengan bentuk penegasan keberadaan Bank Syariah melalui Undang-undang No. 10 Tahun 1998 tentang Perubahan atas UU No. 7 Tahun 1992 Tentang Perbankan, setelah itu sampai pada fase penyempurnaan atau pemurnian dengan hadirnya Undang-undang No. 21 Tahun 2008 tentang Perbankan Syariah.Keywords: Legislasi; Transformasi Hukum; Hukum Perbankan Syariah