Abstract
The purpose of this study is to analyze the legal status and accountability of Baitul Maal Wat Tamwil (BMT) as a financial institution in Indonesia, because so far BMT has two main functions, the first, Baitul Maal as a non-profit institution that distributes zakat, infaq and alms, and the second, Baitul Tamwil is an institution whose function is to collect and to distribute commercial funds. This research uses normative research using a statutory approach and a conceptual approach. The results of this study indicate that the legal status of BMTs so far can only be established with the status of a cooperative or limited liability company. It refers to the characteristics possessed by BMT itself. The form of BMT accountability follows the form of liability that exists in the form of a BMT legal entity, if the loss is caused by the management or organs, the management or organs are jointly and severally responsible, but otherwise if the management or organs can prove then the management or organs are not jointly responsible for the losses incurred by BMT.
Highlights
The presence of various types of financial institutions has a positive impact on the people of Indonesia, one of which is that people can freely choose the types of financial institutions and financing contained in these financial institutions, both conventional and sharia financial institutions
If Baitul Maal Wat Tamwil (BMT) chooses to be a Limited Liability Company, BMT must comply with Law Number 40 of 2007 concerning Limited Liability Companies
With the option for BMT to be incorporated as Limited Liability Companies or cooperatives, there are differences regarding the responsibility for all losses suffered by BMT consumers. This is due to the consequences of choosing a legal entity for BMT, if BMT is legally incorporated as Limited Liability Companies, they must comply with Law No 40/2007 on PT, on the other hand if BMT chooses to be a cooperative, BMT must comply with Law No 28/1992 on Cooperatives
Summary
The presence of various types of financial institutions has a positive impact on the people of Indonesia, one of which is that people can freely choose the types of financial institutions and financing contained in these financial institutions, both conventional and sharia financial institutions. In order to reach middle- and lowerincome people, the government formed a microfinance institution to provide easy access to finance. They have difficulty in obtaining financing from banks. Microfinance institutions in the Bank of Indonesia (BI) category are divided into two types, which are microfinance institutions in the form of banks and non-banking microfinance institutions. Microfinance institutions in the form of banks are such as Bank Rakyat Indonesia Village Unit (BRI village unit), Rural Bank (BPR), and so on. Non-banking microfinance institutions such as Savings and Loans Cooperatives (KSP), Rural Credit Funds, Baitul Maal Wat Tamwil (BMT), Non-
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
