Banking Law Research Articles

Revitalization Supervision Islamic Banking in Enhancement Compliance in Indonesia and Malaysia

This study is indicated with social reality that, following three decades of dual banking system implementation in Indonesia, Islamic banks' operational activities are essentially identical with the operations of conventional banks. The thing that distinguishes is only the Shariah "brand". In the vast zone of national banking industry, Islamic banks are still being the "followers" of conventional banks with approximately 6.65% market share. The focus of study is on the Islamic bank supervision system by DPS, the Shariah Bank Compliance Directorate, and OJK in carrying out supervisory functions related to fields of duty. The study methodology applied is a normative legal study which includes a study of norms, principles of sharia banking law, and the opinions of sharia economic law experts, while those used are a statutory approach and a sociological approach. The next stage of data analysis is data display, which illustrated through tables, figures, and graphs. Data categorization was carried out relied to the theme to identify the implementation of Islamic bank supervision duties in conforming to Shariah principles and the implementation of laws and regulations. The results showed that there are several problems in Islamic bank supervision institutions that make supervisory performance not optimal and pose potential legal risks for the bank. The roles of DPS, the Directorate of Shariah Bank Compliance, and OJK, which run independently and inefficiently, create overlapping aspects of Islamic bank supervision. This study recommends amending UURI No. 21 of 2008 about Shariah Banking by giving attributive responsibility to DPS to sanction Islamic banks that proved to violate Shariah principal compliance and establishing the OJK regulations on Islamic banking audit instruments.

PERLINDUNGAN HUKUM BAGI NASABAH PADA PINJAMAN ONLINE MENURUT HUKUM EKONOMI SYARIAH

This article aims to examine the legal protection for customers in the implementation of online-based money loans or known as online loans (pinjol). The research method used is a doctrinal approach where the author will examine legal norms related to customer protection according to the Banking Law, and a number of Financial Services Authority (OJK) regulations related to pinjol. The results of this study conclude that there are several phenomena that occur in the implementation of pinjol that do not get legal protection for customers, namely: First, the determination of interest that does not refer to the interest rate provisions of Bank Indonesia, second, the maximum interest setting on online loans in fintech companies is 0.4 percent per day but the amount of real interest is not regulated in the agreement. Third, Financial Services Authority Regulation No.77/POJK.01/2016 on Information Technology-Based Money Lending and Borrowing Services OJK Regulation No.77 of 2016 is the basis for the implementation of Peer to Peer Lending business activities or online lending and borrowing which is one of the types of fintech, including the protection of customer personal data. Customer personal data collected by fintech providers must be kept confidential in accordance with applicable privacy provisions.

Pendapat Bagi Hasil Tabungan IB Muaamalat Prim Terhadap Tingkat Kepuasan Nasabah

Sharia banking is basically a development of the concept of Islamic economics, especially in the financial sector, which was developed as a response from economic groups and Muslim banking practitioners in the form of accommodating pressure from various parties who want financial transaction services carried out in line with moral values ​​and principles. Islamic sharia. Based on the Basic Banking Law Number 7 of 1992, which was reaffirmed by the issuance of Republic of Indonesia Law Number 10 of 1998, the type of sharia banking is Bank Muamalat Indonesia (BMI). Based on Law no. 10 of 1998 concerning banking, what is meant by savings are deposits from which withdrawals can only be made according to certain agreed conditions. The profits obtained by savers with this scheme are in the form of prizes, the amount of which is in accordance with the policies of each Sharia Bank. Savers who want a higher investment can choose the iB Muamalat Prima savings type with a profit sharing scheme. The research focus includes: 1) What is the influence of IB Muamalat Prima savings on the level of customer satisfaction at BMI KCP Sumenep? 2) What influence does IB Muamalat Prima's savings have on the level of customer satisfaction at BMI KCP Sumenep? In this writing, research is used. This research uses a quantitative approach, where research with a quantitative approach is defined as research where the data is in the form of numbers, taken from the population or samples, data collection using research instruments and analysis using statistical techniques, and aims to test the hypotheses that have been determined. Meanwhile, the type of research used is causality research. This research uses a quantitative approach, namely using statistical data analysis, while its nature is causality, namely cause and effect between two variables using statistical techniques. This research comes to the conclusion 1) Partially, profit sharing income has a significant influence on the level of satisfaction of BMI Kcp customers. Sumenep, this is indicated by the significance value of the profit sharing income variable of 0.000 which is smaller than the α value (0.05). 2) profit sharing income has an influence on the level of satisfaction of BMI Kcp customers. Sumenep was 29.9%, while 70.1% was influenced by other variables outside this research.

Umowa ze skutkiem ochronnym na rzecz osoby trzeciej - konstrukcja i dopuszczalność

Can a third party acquire rights by contract, even though there is no relevant contractual provision? The article analyzes a German contract law institution: the contract protective of third parties which establishes a debtor's special obligation to protect certain third parties whose legal situation may be affected by the performance of the contract between the debtor and the creditor. In the event of a breach of contract due to the debtor's fault that causes damage to a third party, the debtor is obliged to compensate the third party for the damage caused under the regime of contract liability and not under tort liability. The possibility of applying this construction under Polish law, although controversial, is not excluded. Areas of application may however include the outsourcing of services and banking law.

HAK EKSKLUSIF BANK INDONESIA MENENCABUT IZIN USAHA, PEMBUBARAN BADAN HUKUM DAN LIKUIDASI BANK (PERSPEKTIF HUKUM PERBANKAN NASIONAL)

This research is intended to systematically describe and analyze the role of Bank Indonesia authorities as creditors and supervisors and supervisors of banks in maintaining the soundness of banks based on the national banking system, regulating the revocation of business permits, dissolution of business entities and liquidation of banks based on the national banking system and the relevance of granting exclusive rights. to Bank Indonesia to file bankruptcy against the bank based on the Bankruptcy Law and the Banking Law. This type of research is normative juridical, with a statutory and conceptual approach. Based on the research results, it shows: firstly, that Bank Indonesia's authority as a creditor is anticipating financial difficulties faced by a bank within a certain period of time by providing loans with a maximum repayment period of 90 days (3 months). Meanwhile, Bank Indonesia's authority as supervisor and supervisor is aimed at improving the performance of a bank which is determined on the basis of asset quality, management quality, liquidity, profitability and solvency as an effort to increase public confidence in banks. Second; One of the recommendations from Bank Indonesia for one of the banks which, based on Bank Indonesia's assessment, is difficult to save is to revoke the business license, disband the business entity and liquidate the bank. Third: Although based on Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations, it is determined that a bank's bankruptcy statement can only be submitted by Bank Indonesia, but because operationally and institutionally banks have different characteristics from other business entities, the implementation bankruptcy of a bank becomes ineffective, especially if it is linked to the principle of Lex Specialis Derogat Lex Generalis

Implementasi Akad Murabahah di BNU’26 Magelang

This research focuses on implementing the Murabaha contract in BNU'26 Magelang District, the only community bank in Indonesia. BNU's problems in implementing the concept of pure Sharia are related to the constraints of banking laws prohibiting direct transactions. Therefore, to carry out Murabaha transactions, BNU has to partner with suppliers of goods. The second problem is more customer understanding of the Murabaha contract. This research was conducted at BNU'26 Magelang using a qualitative method. Data was collected through interviews. The results of this study indicate that murabaha financing uses murabaha bil wakalah, where the bank does not provide goods directly. Alternatively, the bank works with other parties to provide goods used as Murabaha financing to customers.

Factors of regional financial inclusion in Morocco

The purpose of this paper is twofold: first, provide a comparative analysis of interregional and intraregional inequalities in terms of financial inclusion across Moroccan regions; second, explore the determinants of regional financial inclusion in a panel of 12 Moroccan regions. We used the principal component analysis methodology to construct our regional financial inclusion indexes, and the panel data estimation methodology to identify the determinants of regional financial inclusion. Our regional financial inclusion index shows that the majority of regions have a low level of financial inclusion. This is symptomatic of a very asymmetric distribution. For all regions, we found that intraregional inequalities in access to bank branches by locality/province or prefecture increase as we move away from the region’s main city. Empirical results indicated that a region’s human development level, as proxied by the Human Development Index (HDI), the size of its population, and the industrialization level of its economic fabric are the main determinants of a region’s financial inclusion level. The Moroccan financial system authorities have implemented several reforms (the banking law no. 2‐91‐967 of July 21, 1993) and strategies (National Financial Inclusion Strategy) aimed at promoting financial inclusion in Morocco; however, the increase in the level of financial inclusion at the macrolevel has not benefited all segments of the Moroccan population. This paper is original as, to our knowledge, it is the first to mobilize interregional and intraregional data, as opposed to previous studies that are national‐level oriented. Given the mapping of interregional and intraregional inequalities in access to, and use of, formal financial services, policymakers can rely on our index to formulate useful financial inclusion policies and to target rural localities, provinces or prefectures, and priority regions in Morocco’s National Financial Inclusion Strategy. The financial system should provide financial services tailored to regional financing needs. Moroccan policymakers should focus on filling gaps in levels of regional human development, as the latter is a key factor in regional financial inclusion.

Green banking laws and regulations in Mauritius: a comparative study with other countries’ policies

PurposeFinancial institutions, including banks, have their responsibilities to contribute towards the preservation of the environment. Green banking is an emerging concept that involves eco-friendly initiatives by banks and although Mauritius lacks a comprehensive regulatory framework for green banking, there exists a few green regulations and guidelines. Accordingly, the purpose of this study is to critically analyse the existing legal and regulatory framework on green banking in Mauritius. It is expected that this study will showcase the need for some more robust and proper green banking legal and regulatory framework in Mauritius.Design/methodology/approachTo achieve the research objective, a black-letter analysis is used to analyse the existing regulatory framework in Mauritius. Moreover, a comparative analysis of the current legal frameworks on green banking in countries like Bangladesh, Indonesia, Pakistan and the UK is carried out.FindingsThis study recommends the establishment of a guideline or legal framework for green banking, a Sustainable Finance Policy, a legal binding framework for issuance of bonds, adoption of a Task Force on Climate-related Financial Disclosure guideline, compulsory environmental reporting and disclosures and a green standard rating.Originality/valueTo the best of the authors’ knowledge, this research is among the first literature on green banking laws, especially in the context of a developing country being Mauritius, and it is anticipated that the findings are of use not only to academics but also to the wider community in general.

Disharmonization of the Authority of Judicial Institutions Regarding the Implementation of Executions on Mortgage Objects of Sharia Economic

This research aims to analyze the disharmonization of authority between Religious Courts and District Courts in executing the rights of mortgage objects of Sharia economics originating from conflicts of norm in Law Number 50 of 2009 on Religious Court and Law Number 21 of 2008 on Sharia Banking. This research is a type of normative legal research, using statutory approach and case approach. Juridically, the Religious Court is a judicial body that has absolute authority to examine, adjudicate, and settle all stages of Sharia economic dispute legal processes through litigation (ordinary court) to the implementation of execution. However, in terms of implementation, there is still disharmonization of authority between judicial institutions caused by conflicts of norm in religious judicial laws and Sharia banking laws. It is crucial to clarify the position of the Religious Court as the sole judicial body with absolute competence in implementing the execution of Sharia economic mortgage objects through revision and harmonization of Article 55 of Sharia banking laws as norms regulating dispute resolution by litigation. Thus, juridically, the existence of the Religious Court will be more explicit in implementing the execution of Sharia economic mortgage objects, which serve as legal guidance for creditors and debtors in filing execution appeals in court.

Penerapan Prinsip Kehati-hatian Pada Data Nasabah Pinjaman Secara Online

Introduction: Process of providing loans without intermediaries such as banks and credit institutions, there is a special website in the form of an implementation platform where the user can become a giver. In online loans, some are guaranteed and some are without collateral, this can lead to misuse of personal data for users of financial technology services.Purposes of the Research: The purpose of writing this thesis is to find out and explain the application of the precautionary principle of online loan customer data and how the form of legal protection for online loan customer data.Methods of the Research: The research method used in this study is normative juridical with a conceptual approach and statutory regulations and legal materials used are primary and secondary legal materials.Results of the Research: The The results of this study indicate that financial technology is an innovation or a combination of conventional banking credit agreement systems with a touch of modern technology. The system for managing credit agreements in financial technology includes: Basic Banking Law No. 10 of 1998, Bank Indonesia Regulation (PBI) No. 19/12/PBI/2017 concerning the Implementation of Fintech, Financial Services Authority Regulation No. 77/POJK.01/2016 regarding Information Technology-Based Money Borrowing Services Digital Financial Services, then Regulations regarding the principle of prudence in fintech credit agreements have the same rights and obligations between conventional credit agreements with fintech.

THE IMPLEMENTATION OF MUSYARAKAH FINANCING IN ISLAMIC BANKS IN INDONESIA IN RELATION TO DEFAULTS BUSINESS PARTNERS

This research aims to analyze the implementation of musyarakah financing in Islamic banks in Indonesia related to the default of business partners. The principal banking law states that the function of banking in Indonesia is to collect and distribute funds. Islamic banking law regulates various types of financing, including musyarakah financing. The method used in this research is descriptive analytical method using qualitative approach. The results of this research discussion show that legal protection for the parties in musyarakah financing in the event of default by business partners consists of: first, legal protection provided by law, namely protected by the Banking Law, especially Articles 1, 7 and 8, second, legal protection based on musyarakah contracts/agreements, in the form of : First, if the business partner has been classified into the collectibility of bad debts, the bank can confiscate the collateral and then proceed with the auction. Second, submitting the dispute to a Islamic arbitration body or court. Meanwhile, the efforts of Islamic banks if there are indications that there will be defaults by business partners in musyarakah financing are to addendum the contract.

Pertanggungjawaban Hukum dalam Perjanjian Kredit Perbankan terhadap Debitur Wanprestasi

Humans are social creatures who depend on mutual assistance to achieve their goals. Effective communication is essential to convey one's thoughts and emotions to others. Relationships can also form between individuals and financial institutions such as banks, where individuals have the opportunity to request loans and credit. However, borrowers often fail to fulfill their obligations and as a result face fines for late payments. The lack of self-confidence resulting from these lies makes it more difficult for a person to face the legal consequences of their actions. This investigation focuses on the legal consequences of bank credit agreements and the legal obligations that arise if the debtor fails to pay. This article seeks to provide a thoughtful explanation of the procedures required in recovering a failed debit transaction and the legal obligations that arise as a consequence. The research methodology used is a combination of a normative juridical approach and descriptive elements. The findings of this research are based on legal interpretations of banking laws and the legal responsibilities involved in resolving issues related to failed debit card payments. Mediation is an alternative to direct negotiations between disputing parties, which aims to facilitate resolution. If the mediation process is unsuccessful in resolving the dispute, the next action is to hand the case over to a judge to be resolved according to the agreement between the parties.

Bank’s Liability in Electronic Fund Transfers and its Legal Effects

The bank, as a legal person, can typically be held legally liable under civil, penal, and administrative law for actions it performs. Liability, in general, arises from contractual obligations or tort. The electronic fund transfer process (EFT) is an example of the bank's contractual obligation. The applicable law and its specificity determine electronic contracts' legality and probative value. This research aims to clarify the position of the Jordanian legislator regarding the EFT payment process and the legal consequences and risks related to this process. It also aims to determine banks' liability for executing EFT operations in case of tort or negligence. The researchers employed the analytical and deductive approach. The results indicated that the Jordanian legislation in Electronic Transactions Law No. (15) of 2015, the system of payment and electronic transfer of funds 2017, and the Banking Law No. (7) of 2019 have granted electronic bonds the same probative value as the traditional bond. However, numerous legislative texts still require revision or replacement to accommodate the demands of commercial and economic transactions. For example, specific regulations for banking e-payment and funding operations and transfers should be included.

Legal Interest’s Pivotal Role in Ensuring the Fulfillment of the Obligation

The present study aims to highlight the issue of legal interest within the Jordanian legal framework and the extent of its compatibility with human rights considerations. It explores the various sources of legal interest, including the Jordanian Civil Law, the Ottoman Murabaha system, the Central Bank Law, the Jordanian Code of Procedure, and the Jordanian Trade Law. The study examines the absence of an explicit provision on legal interest in the Jordanian Civil Code and emphasizes the need for its inclusion. The study reveals that while legal interest is allowed in principle, there is no explicit provision in the Jordanian Civil Code. The research findings emphasize the need for an explicit provision in the Civil Code to regulate legal interest, granting discretionary authority to the court while ensuring it does not exceed the maximum limit of 9%. This approach would prevent excessive interest charges, promote fairness, and address potential exploitation. The recommendation seeks to organize legal interest provisions in a detailed and precise manner to ensure clarity and protect the rights of the parties involved. The researcher recommends granting discretionary authority to the court to estimate legal interest within the limit of 9%.

Implementation of Law Number 21 of 2008 Concerning Sharia Banking Against Sharia Financial Institutions

The role of Law Number 21 of 2008 concerning Islamic Banking for Islamic financial institutions is very large. This is because Islamic financial institutions (LKS) currently have legal certainty to be able to carry out Islamic economic activities in Indonesia. The existence of the Sharia Banking Law provides an answer to the sustainability of the Islamic economy in Indonesia as a whole, including the activities of Islamic financial institutions in the form of banks and non-banks. According to the normative juridical point of view, the legal basis for sharia economic dispute resolution in Indonesia is Law Number 3 of 2006 concerning the Religious Courts and Law Number 4 of 2004 concerning Judicial Power as a form of upholding legal justice for the community in carrying out economic activities.
 Keywords: financial, banking, Sharia institutions

Negara Sebagai Mediator Tumbuh Kembangnya Ekonomi Berbasis Syariah: Perspektif Filsafat

Islamic economics is an economic system that is a minority used in the world compared to other economic systems. Islam is a comprehensive religion and governs all aspects of life including economics. Islamic economics aims to create economic schemes that refer to Islamic principles, such as social justice, balance, avoiding usury, and sustainable growth. The economic sources of sharia come from the Quran, as Sunnah or al Hadith, the history of Islamic society, and empirical data. The state has an important role in supporting and regulating Islamic economic practices through appropriate regulations and policies. The state and the Islamic economy have the same interest in creating social justice, economic stability, and public welfare. The relationship between religion and state also affects the development of a country's sharia economy. In Indonesia, the government has supported the implementation of the sharia economy through various regulations and policies such as the Sharia Banking Law. With the right support from the state, the Islamic economy is expected to develop faster and provide benefits to the community.

Technology, Customer Satisfaction and Commercial Banks in Oman with Reference to Bank Dhofar

The Central Bank of Oman (CBO) was established on 1stDecember 1974 under the Banking Law No. 7/74 (amended by Royal Decree No. 114/2000) as a natural result of the development of the monetary and financial system in the Sultanate. In 1970, when His Majesty Sultan Qaboos bin Said ascended to the throne, there was no national authority responsible for supervising the Omani banking system. There were only three banks, and the banking activities were limited. The Central Bank of Oman (CBO) has already established two official bodies, the Monetary Authority of Muscat, which was established in 1970 and the Omani Monetary Council, which was established in 1972. Although they did not have full banking powers, they set the stage for the emergence of the Central Bank of Oman.

Изменение социального облика финансового права на рубеже ХХ–ХХI веков

The consolidation of the Russian state as a social state in the Constitution of the Russian Federation required significant changes both in the system of domestic law and in the system of its individual branches. One of the leading industries that bore a significant “burden” to implement the corresponding transformation is financial law, which by that time, as scientists put it, occupied a “modest place” among other industries. The fulfillment of the assigned mission significantly contributed to changing not only the content, but also the role of financial law in the life of society, the state, and the individual. In essence, the social appearance of financial law has changed, which, although it should be social at its core, is not always clearly socially “coloured”. In this regard, the purpose of this study, based on the thesis about the change in the social image of financial law at the turn of the 20th–21st centuries, is to argue for the presence of a social vector in the development of this branch of law as one of the special branches of the Russian legal system. Using historical, logical methods, as well as methods of comparative legal research and system analysis, the basic prerequisites and conditions for the corresponding transformation, as well as its features, are identified using the example of individual sub-sectors and institutions of financial law. The thesis about the implementation in the norms of financial law of the state’s targets for the implementation of plans and forecasts of socio-economic development is substantiated, it is proven that not only traditional financial and legal institutions (budgetary and legal, tax and legal) are involved in the implementation of the social tasks of the state, but also other (institutions of public banking law, money issue). The current financial legislation and individual acts of strategic planning are analyzed, which made it possible to argue the hypothesis that in the last three decades the social appearance of financial law has changed significantly: not only the socialization of financial law itself has occurred (external aspect), but its content has also changed, including changes the composition of its principles, system, subjects (intra-industry aspect).

The Anti-Discrimination Banking Law: Can Agencies Interpret the CRA to Combat Racial Discrimination?

The Anti-Discrimination Banking Law: Can Agencies Interpret the CRA to Combat Racial Discrimination?

IMPLEMENTATION OF BANK RAKYAT INDONESIA (BRI) SUPERVISION SYSTEM IN AN EFFORT TO PREVENT FRAUND IN BANKING SERVICE SYSTEM

It is important for Bank BRI to implement an effective fraud prevention control system in the banking service system. The purpose of this article is to analyze how Bank BRI implements a control system to prevent fraud from occurring in the banking service system. In addition, this study aims to determine the factors that hinder the implementation of the BRI control system. The research method uses a descriptive approach by gathering information from secondary sources such as related literature, bank regulations and financial reports. The results of this study indicate that BRI Bank implements various steps in the control system, including event monitoring, information security, training and awareness raising, as well as internal and external audits. However, this study also identified several factors that complicate the implementation of BRI's control system. These factors include limited resources such as budgets and personnel, the technological complexity of modern banking systems, and compliance with established regulations and policies. To increase the effectiveness of the control system, Bank BRI must overcome these obstacles by allocating adequate human resources, developing capabilities to respond to technological developments, and increasing compliance with banking laws. It is hoped that BRI's control system can work more effectively to prevent fraud and maintain customer trust in the banking services provided