Development Of Islamic Financial Institutions Research Articles

Islamicity Cultural Performance Index (ICPI) in increasing customer trust in KSPP syariah BMT NU East of Java Indonesia

The development of Islamic financial institutions in Indonesia, notably in East Java, has seen significant growth, particularly with the rise of Islamic Commercial Banks (BUS) and Islamic Business Units (UUS) within conventional financial institutions. The study focuses on assessing the performance of East Java BMT NU Sharia KSPP using the Islamic Cultural Performance Index (ICPI) to enhance customer trust. Employing qualitative methods with descriptive analysis, the research evaluates financial performance from 2017 to 2021. It utilizes the Islamic Performance Index (IPI) approach, examining Profit Sharing Ratio, Equitable Distribution Ratio, and Director-Employee Welfare Ratio. Results demonstrate favorable ratios contributing to customer trust, influenced by aspects like benevolence, integrity, and religious values. While the IPI evaluates financial aspects, the Islamic Cultural Performance Index (ICPI) considers religious values' impact on trust. This study enriches understanding of customer trust dynamics, serving as a resource for enhancing quality learning and analytical frameworks in Islamic finance.

Menggali Konsep Maqashid Syariah: Perspektif Pemikiran Tokoh Islam

This research aims to explore the concept of Maqashid Sharia in the thinking of Islamic figures, namely As-Syaitibi, Al-Ghazali, and Ibn Asyur, with a focus on its potential for adoption in the context of Islamic financial institutions. Maqashid Sharia is the moral foundation for Islamic law, which includes justice, welfare, and protection of human rights. The thoughts of these figures enrich and expand the understanding of the concept, which can become the basis for developing new conceptual models. Through a thought and literature analysis approach, this research will investigate the views of As-Syaitibi, Al-Ghazali, and Ibn Asyur regarding Maqashid Sharia and explore its potential for application in Islamic financial institutions. By producing an integrated conceptual model, it is hoped that this research can provide practical guidance for Islamic financial institutions in carrying out their functions by paying attention to broader moral and social aspects. It is hoped that the results of this research can be a conceptual contribution to the development of Islamic financial institutions, as well as open up space for further research related to the implementation of the Maqashid Sharia concept in the context of Islamic finance.

Institutional quality and Islamic financial development

The Islamic financial system has become an important source of financing for many Muslim and non-Muslim countries. Therefore, this paper examines the role of institutions in facilitating the development of Islamic financial institutions. The study covers the period 2013-2021 for a panel of 11 leading economies in Islamic finance and employs fixed effects with the Driscoll and Kraay (1998) estimator. The results show a positive impact of effective governance on the development of Islamic finance. However, regulatory quality has a significant negative impact on the development of Islamic finance. Thus, we argue for the improvement of critical institutions that include political, legal, governmental, and regulatory aspects.

KONVERSI KOPERASI KONVENSIONAL MENJADI KOPERASI SYARIAH DI KOTA PADANG PANJANG

The city of Padang Panjang is one of the cities in West Sumatra with great potential for the development of Islamic financial institutions. One of the Padang Panjang City Government's programs, which involves converting conventional cooperatives into Islamic cooperatives, has yet to be fully realized. The objective of this research was to examine the implementation of the conversion of cooperatives into Islamic cooperatives in the city of Padang Panjang. The factors that hindered the conversion process and the government's efforts to accelerate the development of Islamic cooperatives were also investigated. The method used in this article was field research. Data was obtained through interviews and documentation. The research results indicate that the process of converting cooperatives into Islamic cooperatives in the city of Padang Panjang is in accordance with Article 5 of the Minister of Cooperatives and Small and Medium Enterprises Regulation No. 11/PER/M.KUKM/XII/2017. This process includes socialization, General Meeting of Members (RAT), business transition based on Sharia principles, identification of Regional Original Revenues (PAD), PAD notarization, and PAD approval. The efforts made by the Padang Panjang City Government have been sufficient and well-implemented. However, challenges are still faced by both the cooperative's management and members in the field.

ANALISIS FATWA DSN-MUI TERHADAP HYBRID CONTRACT PADA LEMBAGA KEUANGAN SYARIAH

This article is motivated by the implementation of hybrid contracts in Islamic Financial Institutions which is a necessity in the current era for the development of Islamic Financial Institutions, so that its application is supported by the DSN-MUI fatwa that allows hybrid contracts in business transactions. Therefore, this article aims to further analyze the DSN-MUI fatwa regarding the permissibility of hybrid contracts. The methodology used is the recearhe library. First, a hybrid contract is an agreement between two parties to carry out a muamalah that includes two or more contracts. Second, in the fatwa DSN-MUI uses the rules of legal principles the origin of muamalah is that it can include hybrid contracts. Third, according to the fatwa DSN-MUI is allowed shari'i provided that it is not an illegal transaction prohibited in sharia economic law.

SOCIOLOGICAL STUDY OF THE DEVELOPMENT OF ISLAMIC BANKING WITHIN THE LEGAL SYSTEM IN INDONESIA

The development of Islamic Financial Institutions (LKS), particularly Islamic banks, in Indonesia has seen significant growth, especially following the enactment of Law No. 21 of 2008 on Islamic Banking and Supreme Court Regulation (PERMA) No. 2 of 2008 on Shariah Economic Dispute Resolution. With the increasing number of institutions operating based on Shariah principles, various new issues related to Shariah compliance have arisen.Fatwas issued by the DSN-MUI hold legal authority in determining Shariah aspects in the economy, including banking. On the other hand, Shariah Economic Dispute Resolution (KHES) plays a role as a social control tool to manage practices not compliant with Islamic commercial law, especially in economics. This research, a descriptive qualitative study with a normative sociological approach, utilizes codified legal sources like KHES and DSN-MUI fatwas. The results suggest that, from a sociological perspective, KHES was developed as a response to the evolving landscape of Shariah economic practices requiring a legal framework. Stakeholders in Shariah economics and finance are expected to actively contribute to its improvement. DSN-MUI fatwas, in a social context, provide a solution for addressing non-compliant financial institutions, reconciling differences among scholars, and promoting Islamic principles in economics and finance.

Sharia Economic Dispute Settlement at the Bengkulu Religious Court Case Study Case Decision Number 0161/Pdt.G/2017/PA.Bn

The purpose of this study is to examine the answers to problems regarding the settlement of sharia economic disputes in the bengkulu religious court case study case decision number: 0161/Pdt.G/2017/PA.Bn. This research is motivated by the increase in sharia economic growth today so that many sharia institutions have been born in Indonesia. Along with the development of Islamic financial institutions in Indonesia, there will be a tangent point with the judicial world, especially religious courts. The tangent point is in terms of dispute resolution, namely when there is a dispute between a shari'ah financial institution and its customers. The type of research used in this study is sociological or empirical legal research. Sociological or empirical legal research is legal research that obtains primary data and secondary data. The researcher found that juridically the decision number: 0161/Pdt.G/2017/PA.BN was in accordance with the legal procedures (procedural law) applicable in a religious court. In this regard, this study found an example of a case between a shari'ah financial institution and its customers that was disputed at the Bengkulu Religious Court with Case Number: 0161/Pdt.G/2017/PA.Bn.

ANALISIS PENERAPAN (SAK) 102 TENTANG PEMBIAYAAN MURABAHAH PADA KOPERASI JASA KEUANGAN SYARIAH (KJKS) IBU MANDIRI UNGARAN

At this time the development of Islamic financial institutions is growing so rapidly. This can be seen from the many Islamic banks and other Islamic financial institutions such as Islamic Financial Services Cooperatives (KJKS). For the sake of transparency, accountability and comparability of sharia financial reports, it is necessary to have SAK syariah which regulates it, especially SAK 102, but there are still many KJKS that have not implemented it. The purpose of this study was to determine the suitability between the application of murabahah financing accounting with SAK 102 at KJKS Ibu Mandiri Ungaran.
 The informants in this study were managers and tellers at KJKS Ibu Mandiri. The research variables are murabahah financing at KJKS and SAK 102. Data collection methods are interviews and documentation to collect data about the application of murabahah financing accounting. Methods of data analysis using descriptive qualitative method.
 The results of the study show that KJKS has not fully implemented SAK 102. Because the recognition of receivables, calculation of fines, presentation and disclosure of murabahah financing is not in accordance with SAK 102. The advice given is KJKS Ibu Mandiri to carry out murabahah financing accounting in accordance with SAK 102 related to recognition, measurement, presentation and disclosure.

The Existence of Sharia Financial Institutions in The Muslim Minority in Yala Province, Thailand

The sharia financial system is a system that adheres to the Al-Quran and Hadith. Statistical data show that Southeast Asia has become one of the centers for the development of the global Islamic finance industry including Indonesia, Malaysia, Brunei Darussalam, Singapore, Thailand and the Philippines. Therefore the purpose of this study is to find out in depth about the existence of Islamic financial institutions in the Yala province of Thailand. Utilizing a qualitative approach, or research to identify aspects or characteristics of social impacts that cannot be measured, explained, or defined using a qualitative approach, is the strategy used, with data collection techniques using observation and questionnaire techniques. The conclusion is that there is an influence of the Muslim minority on the development of Islamic financial institutions in the Yala province of Thailand, even though people are starting to become aware of using Islamic financial institutions in banking transactions.

Pengaruh Kualitas Pelayanan dan Kualitas Produk Terhadap Keputusan Menabung pada Produk Tabungan Mudharabah di KSPPS BMT NU Cabang Camplong

The development of Islamic financial institutions, such as the KSPPS BMT NU Camplong Branch, is growing rapidly. In order to remain competitive, they need a good marketing strategy. One of them is by paying attention to the quality of service and products. If the service and products are of good quality, customers will be interested in saving. Therefore, this research aims to examine the influence of service quality and product quality on customers' saving decisions for Mudharabah Savings products at the KSPPS BMT NU Camplong Branch. This research uses a quantitative method with statistical analysis. The population of this study consists of all customers of Mudharabah Savings at the KSPPS BMT NU Camplong Branch, totaling 3555 customers. The research sample was taken using the Accidental Sampling method, with a total of 98 customers. The results of the study show that service quality and product quality have a significant influence on customers' saving decisions. Overall, 47.9% of customers' saving decisions can be explained by the variables of service quality and product quality.

Interaction between Islamic Financial Development and Economic Growth: Empirical Evidence from Indonesia

Financial development and economic growth have been thoroughly analyzed in the literature extensively. The discussion revolved on whether the financial sector leads the real sector in the process of economic development or whether it is the other way around. There is now no consensus on the causal relationship between financial development and economic growth. So, it is necessary to determine the relationship between financial development and economic growth in order to make accurate economic growth estimations. This paper examines an interaction model between Islamic financial development and economic growth that assumes the consumption of real resources by the financial sector. This research used Hadri Lagrange-Multiplier to investigate association’s path between variables. As a result, the interaction between Islamic financial development and economic growth may be unidirectional. However, the Islamic financial system is unsustainable, the Islamic financial market's contribution remains modest, and this could not eventually contribute to economic growth significantly. In addition, the results of this study reveal that the development of Islamic financial institutions in Indonesia has not yet had a significant effect on the welfare of Indonesian society. Due to rising demand for financial services, it was believed that economic growth drives finance in developing nations. Moreover, Economic growth fosters competition among financial intermediaries, resulting in more efficient financial transactions and, consequently, increased growth.

Implementasi Akad Tabaru Pada Asuransi Syariah Guna Meningkatkan Perekonomian

ABSTRACT, The development of Islamic financial institutions in Indonesia has experienced quite rapid development. Islamic financial institutions have many kinds, one of which is Islamic insurance. As insurance labeled sharia, it is obligatory in its operations to comply with Islamic principles and values. This research was conducted to analyze how the implementation of the tabarru contract on Islamic insurance in order to improve the economy. This research method uses a qualitative approach with the method of analysis of literature studies or library research. The data used in this research comes from books, journals, scientific papers, to legal online searches. The results of this study indicate that the implementation of the tabarru contract in Islamic financial institutions with a research focus on Islamic insurance institutions has implemented the tabarru contract in its activities. As well as having an indirect positive impact on improving the economy.

Pengaruh Promosi terhadap Keputusan Mahasiswa Menabung di Bank Mini Syariah

The Small Sharia Bank Laboratory is a supporting and implementing facility for the Uin Sunan Ampel Surabaya program which is expected to be able to contribute to accelerating the development of sharia in Indonesia. Therefore, empowering the Mini Syariah Bank laboratory as a place to develop competencies both in the areas of intellectual, motor skills and skills in using Islamic banking media tools to increase the competency of Islamic finance and banking graduate students needs to be studied. This study aims to see the effect of promotion and knowledge on people's interest in making transactions at Mini Syariah Banks. The development of Islamic financial institutions in Indonesia has indeed experienced a significant increase, but this increase has not been accompanied by public knowledge about Islamic banks, especially in rural areas. So that in the end, many village people equate Islamic financial institutions with conventional financial institutions.

Merdeka Learning Campus Curriculum Design: A Review toward Islamic Banking Study Program in Universitas Islam 45

The development of Islamic Financial Institutions over the last few decades has experienced a significant increase. This increase should be followed by the provision of human resources that are useful as motors in these Islamic financial institutions. The Islamic Banking Department is one of the main partners in the Islamic finance industry in ensuring the availability of human resources. The curriculum that is used as learning outcomes must be synergized with the industrial world and market needs. A link and match synergy between higher education service providers with output in the form of competent graduates and the availability of jobs is urgently needed. Islamic University 45 with a major in Islamic banking carried out stages in designing a curriculum involving associations, representatives of Islamic financial institutions, representatives of Vocational Schools, Alumni and Experts in order to obtain a curriculum that is able to adapt to changes and market needs. The steps for compiling the curriculum are in accordance with systematic stages and reduce the gap between the world of education and the world of the Islamic finance industry.

The Influence of ROA, BOPO and CAR on The Profit Sharing Rate of Mudharabah Deposits at Bank Muamalat Indonesia 2012-2021

The development of the Islamic economy is currently quite rapid, marked by the development of Islamic financial institutions. The development of Islamic financial institutions, especially Islamic banking is quite extensive until now. This study aims to examine the effect of the ratio of return on assets (ROA), Operational Expenses on Operating Income (BOPO) and Capital Adequacy Ratio (CAR) on the Profit Sharing Rate of Mudharabah Deposits at Bank Muamalat Indonesia for the period 2012-2021. This research is a quantitative research using multiple linear regression analysis technique as statistical analysis. The results of this study indicate that the variable X, namely ROA, BOPO and CAR has no effect on the Profit Sharing Rate for Mudharabah Deposits where the F sign value is 0.12. Whereas in the partial test ROA and BOPO have no effect on the Profit Sharing Rate for Mudharabah Deposits where the sign value of t is 0.15 and 0.58. The coefficient of determination shows an R-Square of 58%. So it can be concluded that the diversity of variable y can be explained by variable x by 58%. Based on the analysis the value of ROA, BOPO and CAR ratio has no effect on the Profit Sharing Rate for Mudharabah.

Awareness and knowledge of Islamic accounting system among accounting students in the Nigerian universities

PurposeThis study aims to analyse the level of awareness and knowledge of Islamic accounting among accounting students in the Nigerian universities. Furthermore, the study also compares the students’ understanding of Islamic and conventional accounting.Design/methodology/approachThe study used survey research design through the administration of questionnaire on a sample of university undergraduate and post-graduate accounting students across the north-west region in Nigeria. The data generated for the study was analysed using Cronbach’s alpha, mean, standard deviation and inferential statistics.FindingsThe study found that the accounting students have an adequate awareness and basic knowledge of Islamic accounting as they were able to contrast Islamic accounting from conventional accounting. Also, in their aspiration towards learning Islamic accounting, they agreed that Islamic accounting should be made a compulsory course in accounting curriculum.Research limitations/implicationsThis study focusses on north-west region of Nigeria. Hence, data and more in-depth analysis can be further improved by considering a whole country as diverse as Nigeria. Also, only a questionnaire was used by the study. Hence, further studies can use face-to-face interviews to fully extract the awareness and knowledge of the target respondents. Lastly, majority of the respondents are Muslims given the area where the study was conducted, hence, non-Muslims are not properly represented.Practical implicationsDespite its limitations, this study is still of importance in providing insights on both undergraduate and post-graduate students’ level of awareness and knowledge of Islamic accounting. This course is unique as it is different in orientation compared with other existing courses on offer. This paper also provides an invaluable insight, therefore, National University Commission of Nigeria, Islamic institutions and professional bodies like Institute of Chartered Accountants of Nigeria and Association of National Accountants of Nigeria should make continues effort towards promoting the awareness and knowledge of Islamic accounting by properly integrating same into academic and professional curricula and other training and sensitisation programs. In doing so, Islamic accounting subjects could be introduced as independent courses for selection by the student. Courses like Islamic Accounting and Finance, Accounting for Islamic Financial Institutions (IFIs), Accounting for Waqf, Accounting for Zakat, Shariah auditing, Corporate Shariah Governance, Education and Ethics could be introduced across levels to enable students learn more of Islamic accounting.Social implicationsProper integration of Islamic accounting into academic and professional courses would greatly contribute to the production of experts most importantly ethical and God-fearing accountants for the growth and development of IFIs in Nigeria.Originality/valueThis paper examines Nigerian university undergraduate and post-graduate students’ level of awareness and knowledge of Islamic accounting in the north-west region of Nigeria.

PENYELESAIAN SENGKETA EKONOMI SYARIAH SECARA LITIGASI DI PENGADILAN AGAMA METRO KELAS IA

Along with the development of the era of growth and development of Islamic Financial Institutions (LKS) in Indonesia is now increasingly rapidly. The rapid development of Islamic banking and financial institutions also has an impact on the greater possibility of problems or disputes between related parties such as service providers and the people being served.The problems of this research are as follows: 1. How is the settlement of sharia economic disputes in litigation with Case Number 0431/Pdt.G/2020/PA.Mt in the Metro Religion Court Class IA?. 2. What is the judge's decision on the settlement of sharia economic disputes in litigation with Case Number 0431/Pdt.G/2020/PA.Mt at the Metro Religion Court Class IA?.The research method in this thesis is by using the Juridical Empirical method and by conducting interviews with sources.There are two criteria in handling sharia economic disputes, namely handling ordinary events and handling simple events. The handling of sharia economic cases in a simple way refers to the Supreme Court Regulation Number 2 of 2015, concerning the Simple Lawsuit Procedure. Handling of ordinary events that refers to HIR (Java and Madura) and RBg (outside Java and Madura) as the legal procedure. Examination of the usual event begins at the stage of the first trial, which is to summon the two parties to the dispute and then make mediation efforts first. If mediation fails, the trial will continue at the stage of reading the lawsuit and then proceed with reading the exception then the answer stage between the defendant and the defendant, namely the replica and duplicate. After the answer stage, the next stage is evidence by both parties, after proof both parties provide conclusions from each party, and the final stage of the trial is the decision by the panel of judges. Judges in the Religious Courts including the Metro Religious Courts class IA in making decisions on a case being examined using the stages, namely the formulation of the problem or main dispute, data collection in the evidentiary process, data analysis to find facts, legal discovery and application, and decision making. decision.The conclusions in this study are: 1. Settlement of sharia economic disputes in litigation with Case Number 0431/Pdt.G/2020/PA.Mt at the Metro Religious Court Class IA, carried out with the usual program which begins at the first trial stage, which begins with the summons of the parties. The defendant then continued with the mediation process with the results of the mediation being unsuccessful, so that it was continued on the agenda of the next session of reading the plaintiff's lawsuit, then followed by reading the exception from the defendant, and ending with the reading of the decision on the exception. 2. The judge's considerations in the case register number 0431/Pdt.G/2020/PA.Mt, namely: based on the opinion of legal experts that the lawsuit must basically contain the formal requirements for the identity of the parties, posita and petitum. Claims must be made carefully, clearly, concisely, concisely, and clearly. The decision on the case register Number 0431/Pdt.G/2020/PA.Mt is based on the judge's consideration, namely rejecting the lawsuit.Suggestions that the author can give are: 1. There are many legal rules contained in various laws and regulations which have a point of contact with Law Number 3 of 2006. Therefore, it is better for judges of the Religious Courts to continue to study and understand them to be used as guidelines in deciding sharia economic cases, whether related to bank Indonesia, related to religious courts, and other laws that are still related to sharia economics. 2. In connection with the process of resolving this shari'ah economic dispute, the Metro Religious Court Class IA should be able to explore the values and norms of Islamic law, both those contained in the Qur'an, al-Sunnah and other books. fiqh/ushulfiqh and the fatwas of the Ulema Council which in this case is through the National Syari'ah Council relating to issues surrounding the sharia economy.

Supervision Effectiveness DPS Deep Sharia Governance and Guarantee in Sharia Banking in Indonesia

Islamic banking, an indicator of the development of the Islamic economy in Indonesia, where if the Indonesian people are asked about the Islamic economy, then the first thing to highlight is Islamic banking. Currently, the increase in Islamic financial institutions such as Islamic banks has increased significantly. Banuak people who are currently starting to believe in sharia mining lemabags, even so Islamic banks must continue to supervise products in Islamic banks. In the development of Islamic financial institutions, it is certainly inseparable from the Sharia Supervisory Board, which is one of the characteristics compared to conventional banks. Sayriah financial institutions have DPS in governance, where this DPS has a function to supervise the application of sharia principles in each product, besides that DPS must also supervise sharia guarantees, both from the guarantee mechanism to the execution of guarantee collection carried out by Islamic financial institutions.

ANALISIS KEBUTUHAN SUMBER DAYA INSANI PERBANKAN SYARIAH INDONESIA BERBASIS KOMPETENSI

Indonesia is one of the countries that is quite consistent in developing the Islamic financial industry, and it can be seen from the development of Islamic financial institutions (IFIs). However, one of the main problems currently faced by the Indonesian Islamic finance industry is the lack of human resources who have competency and qualifications according to the profile of Islamic banks. This paper aims to analyze the organizational structure of Islamic banking to map the need of human resource in accordance with their competencies. The analysis results of this paper are expected to contribute to the development of human resources in accordance with the needs of Islamic banks.

COMPARATIVE ANALYSIS OF BUSINESS ZAKAT COMPUTATION OF ISLAMIC FINANCIAL INSTITUTIONS IN MALAYSIA AND SAUDI ARABIA

There has been an increasing need for principle-based financial reporting standards of Islamic Financial Institutions (IFIs) including business zakat reporting. In meeting the requirement of the shariah governance framework, business zakat computation is one of the aspects that must be disclosed and presented by IFIs on the face of their financial statements. The disclosure is vital in further promoting transparency and continuous development of IFIs within the tax and zakat environment. The objective of this study is to identify to what extent of business zakat computation among IFIs are in compliance with reporting requirements and rules in Malaysia and Saudi Arabia. In the light of the Malaysian regulatory and legal framework, a new policy document on Financial Reporting for Islamic Banking Institutions has been issued by Bank Negara Malaysia (BNM) in 2019. The Kingdom of Saudi Arabia (KSA) General Authority of Zakat and Tax (GAZT) has published the rules for computing zakat by IFIs also in 2019. A qualitative research approach is adopted in this study by analyzing the annual reports for the financial year ended 2020 of four public listed IBIs in Malaysia and four public listed IBIs in Saudi Arabia. Content analysis procedure was conducted to identify the zakat expenses recognition, measurement for assets and liabilities for zakat, presentation and disclosure of zakat on business. The outcomes of this study highlight the similarities, differences and current state of business zakat computation of the IBIs in Malaysia and Saudi Arabia. Since Saudi Arabia has released the new zakat by-law in 2019, having a priori knowledge of this function will be helpful in assisting Malaysian IFIs towards promoting best practices and highest efficiency. Besides that, business zakat reporting would be able to provide a comparable and reliable financial information of IFIs.