Islamic Banking in Malaysia: Past, Present and Future

This paper will discuss the historical development of establishment of Islamic banking in Malaysia, their operations and application of Islamic Commercial Law's principles in the Malaysian Islamic banking system. This paper will also elaborates the challenges and some issues which are being faced by Malaysian Islamic banking system and its prospects in the future.DOI: 10.15408/sdi.v10i2.63

Pelaksanaan Musharakah di Bank Syariah Mandiri di Jakarta Indonesia

This article about the operation partnership in the Bank Syariah Mandiri (BSM), Jakarta, Indonesia. The partnership is one of the Islamic banking principles which has been proposed by Islamic economic experts in the Islamic banking operations but in terms of implementation, there are differences in each Islamic bank particularly in the calculation of profits and losses. The methodology of the research is based on interviews and documentation. Both methods were used to gather information and data (primary and secondary) on the implementation of the partnership system and the performance of bank BSM. The method of data analysis is based on the comparative method, that is to compare data from this bank under study. The research has successfully discovered that in general there is in the implementation of the partnership system in these banks from its implementation procedure, the distribution of profits and the termination of the partnership contract

MODAL INSAN DAN KEPENDUDUKAN DALAM PEMBANGUNAN NEGARA MENURUT IBN KHALDUN

Human Capital and Demography In State Building in the Thought of Ibn Khaldun. The career and thought of Ibn Khaldun has been an object of study for quite a long period of time, yet much aspects seem to be unceasinly attracting scholars’ attention. The present article discusses Ibn Khaldun’s view of human resource and its use in state development. The underlying argumentation of Ibn Khaldun’s seems to be the importance of religion as the salient force of development. Any other natural or social forces-like the ashabiyyah and the natural suvival tendencies-by itself cannot be sufficient as the basis of civilized development

ASPECTS OF ECONOMIC PRODUCTION IN MALAY CLASSICAL LITERATURE ACCORDING TO SHEIKH DAUD AL-FATANI

Sheikh Daud bin ‘Abdullah al-Fatani (1131-1265AH/1718-1847CE) is a Malay scholar who appears on the transition period to 18M and 19M century. He was known as a productive scholar and prolific book, which can be viewed from various aspects. Therefore, this article attempts to analyze his views on aspects of production as discussed in his masterpiece Furu‘al-Masa’il and specifically referred to in chapter transaction. This article uses content analysis methods through a thematic approach in identifying the aspects of production. This article identifies at least nine aspects contained in the production of the work of priority in economic aspect, the aspect of work/effort, capital, profit-generating aspect, the aspect of profit distribution, aspects of joint agricultural projects, exploring aspects of soil, aspect prohibition of usury and aspects of the general offer. This finding indirectly indicates that the views of Sheikh Daud al-Fatani presented in the book furu‘ al-Masa’il are an ever green that is a deep insight into and remain relevant from the past, present and future. Key Words: Economic, Production, Malay, Daud Al-Fatan

MODAL INSAN DAN KEPENDUDUKAN DALAM PEMBANGUNAN NEGARA MENURUT IBN KHALDUN

Abstract: Human Capital and Demography In State Building in theThought of Ibn Khaldun. The career and thought of Ibn Khaldun has been an object of study for quite a long period of time, yet much aspects seem to be unceasinly attracting scholars’ attention. The present article discusses Ibn Khaldun’s view of human resource and its use in state development. The underlying argumentation of Ibn Khaldun’s seems to be the importance of religion as the salient force of development. Any other natural or social forces-like the ashabiyyah and the natural suvival tendencies-by itself cannot be sufficient as the basis of civilized development.Kata Kunci: Ibn Khaldun, modal insani, pembanguna

Tadbir urus syariah dalam industri takaful di Malaysia: implikasi pasca Akta Perkhidmatan Kewangan Islam 2013

Industri takaful telah bertapak kira-kira 30 tahun dalam sistem kewangan di Malaysia. Pelbagai perubahan telah dilakukan oleh pengawal selia iaitu Bank Negara Malaysia (BNM) bagi memastikan pengukuhan dan kestabilan industri takaful termasuklah berkaitan perundangan tadbir urus syariah. Makalah ini akan menghuraikan peruntukan perundangan Akta Bank Negara Malaysia 2009 (ABNM 2009) dan Akta Perkhidmatan Kewangan Islam 2013 (APKI 2013) dalam aspek tadbir urus syariah industri takaful di Malaysia. Selain itu,kajian ini turut menemu bual tujuh informan kajian yang terdiri Pegawai Bahagian Syariah dan Jawatankuasa Syariah Syarikat Pengendali Takaful (SPT) yang merupakan pihak yang terlibat secara langsung dalam proses tadbir urus syariah dalam industri takaful. Dapatan kajian menunjukkan bahawa peruntukan perundangan APKI 2013 memberi implikasi positif terhadap tadbir urus syariah industri takaful dengan peruntukan perundangan yang jelas dan terperinci seperti bidang kuasa dan peranan Majlis Penasihat Syariah BNM dan Jawatankuasa Syariah di peringkat dalaman SPT

APLIKASI PEMBIAYAAN MODAL KERJA MURABAHAH BI AL-WAKALAH PADA BANK MUAMALAT INDONESIA CABANG SUNGKONO SURABAYA

Islamic financing products have been growing rapidly in the banking and financial industry recently. This situation can be seen through the growing number of Islamic banking assets only in several years. Besides, there is also significant growing number of institutions that offer products according to Islamic systems. Murabahah financing products according to Ibn al-Humam is a contract of delivery of goods owned and sold by a person, based on the original price stated in the first contract that increase the profits and declared to the buyer. This study aims to determine the application of working capital financing murabahah bi al-wakalah Bank Muamalat Indonesia Branch Sungkono Surabaya according to Fatwa DSN No. 04 / DSN-MUI / IV / 2000 and Bank Indonesia regulation no. 7/46 / PBI / 2005. In this research the author employed several methods to collect the data including observation, interview and documentation. The author concludes that the implementation of working capital financing murabaha bi al-wakalah at Bank Muamalat Indonesia Branch Sungkono Surabaya is in accordance with the Fatwa DSN No. 04 / DSN-MUI / IV / 2000 and Bank Indonesia regulation no. 7/46 / PBI / 2005

Musharakah Mutanaqisah Home Financing Products: An Implementation Analysis, Product Advantages and Issues at Citibank (Malaysia) Berhad

Banking institutions in Malaysia consists of two categories, the full-fledge Islamic banks and interest-free banking scheme. Banks offering Islamic products that are purely local and some from outside, such as Citibank (Malaysia). This research discuses the concept of Musharakah Mutanaqisah in Islamic transaction and its application in the home financing product at Citibank Malaysia Berhad. The research focuses on how does this syariah concept apply on Islamic home financing product, their advantages, issues and challenges that was faced by this institution. In order to achieve the objectives of the research, the researcher used the library and fields work methods to collect the data. The data collected was analyzed using the methods of inductive and deductive and comparative. This research shows that home financing through Musharakah Mutanaqisah is a new product, offered from 2005. Musharakah Mutanaqisah is a hybrid contract and created by some elements like ijarah, al-bay‘, Musharakah. Research finding also shows that the impact of the use of Musharakah Mutanaqisah instrument is better than previous contract like BBA. This indirectly explain to us how conventional banks like Citibank offers Islamic banking products through Windows Islamic Banking schemes

Potensi keterdedahan risiko syariah syarikat pengendali takaful terpilih di Malaysia

Industri kewangan Islam mempunyai keunikan tersendiri berbanding industri kewangan konvensional. Keadaan ini berikutan industri kewangan Islam mempunyai keperluan terhadap pematuhan syariah, sekali gus mendedahkan industri kewangan Islam terhadap risiko yang dikenali sebagai risiko syariah. Industri pasaran modal Islam di peringkat global contohnya telah berhadapan dengan risiko syariah apabila pada penghujung tahun 2007, Sheikh Taqi Uthmani telah mengisytiharkan bahawa 85% sukuk yang berada di pasaran adalah tidak patuh syariah sekali gus menyebabkan penurunan terbitan sukuk pada tahun berikutnya. Dalam perbankan Islam di Malaysia pula terdapat pertikaian mengenai status patuh syariah kontrak Bay‘ Bithaman Ajil (BBA) sehingga terdapat kes-kes pertikaian yang dibawa ke mahkamah. Industri takaful di Malaysia turut terdedah kepada risiko syariah disebabkan keperluan pematuhan syariah dalam setiap operasi dan aktiviti Syarikat Pengendali Takaful (SPT). Justeru, kajian ini akan menjelaskan elemen-elemen utama yang menyebabkan risiko syariah dalam kewangan Islam. Kajian ini turut mengenal pasti potensi keterdedahan risiko syariah secara spesifik dalam SPT dengan menggunakan metodologi kualitatif berdasarkan data kajian daripada lima informan yang berpengalaman secara langsung dalam pematuhan syariah industri takaful. Kajian ini akan menganalisis data kualitatif menggunakan program berkomputer Altas.ti 7. Dapatan kajian menunjukkan terdapat pelbagai potensi risiko syariah dan insiden risiko syariah yang pelbagai dalam SPT