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Bekerja di bank syariah
Shari'a Compliant vs Shari'a Based
Jakarta - Tidak diragukan lagi bahwa saat ini perkembangan industri keuangan Islam dunia dimotori oleh produk yang berbasis shari'a compliant. Namun, agar industri keuangan Islam bisa berkembang lebih pesat ke arah yang positif dan memenuhi tuntutan shari'a industri yang umurnya masih muda ini memerlukan produk yang berbasis shari'a based.
Oleh karena itu dalam tulisan ini penulis akan memaparkan persamaan dan juga perbedaan antara shari'a compliant dan shari'a based. Di samping itu pentingnya produk yang berbasis shari'a based bagi industri keuangan Islam dunia. Khususnya Indonesia.
Ada satu persamaan antara shari'a compliant dan shari'a based yaitu terletak pada terpenuhinya rukun kontrak atau aqad sesuai dengan ketentuan shari'a. Rukun tersebut adalah adanya penjual, pembeli, barang yang diperdagangkan (mauqud alaihi), harga (thaman), dan serah terima (ijab qabul).
Biasanya rukun ini didokumentasikan oleh para penasihat keuangan shari'a di bank shari'a untuk menyetujui produk tertentu. Tidak terpenuhi salah satu komponen dalam rukun tersebut menyebabkan tidak sahnya kontrak tersebut (void).
Namun, ada dua perbedaan penting yang mendasar antara produk shari'a compliant dan shari'a based. Pertama, shari'a compliant product bentuk (form)-nya halal atau legal dalam perspektif shari'a. Tetapi, substansinya (substance)-nya belum tentu halal.
Bisa jadi 80% halal, 40% halal, bahkan 0% halal! Sedangkan shari'a based product tidak hanya form-nya halal. Tetapi, substansinya juga halal dan dijamin 100% halal. Sayangnya mayoritas produk bank shari'a secara global masih pada tahapan shari'a compliant. Belum sampai pada tahapan shari'a based.
Hal ini bisa terlihat pada kontrak Bay Al Inah (sell and buy back contract) dan versi pihak ketiganya. Tawarruq (tripartite sale) yang masih marak digunakan oleh bank shari'a di berbagai belahan dunia. Kontrak Bay Al Inah biasanya digunakan pada produk Bay Bithaman Ajil (BBA) home financing, personal financing, dan kontrak Tawarruq biasanya digunakan pada working capital financing, Islamic hedge funds melalui commodity murabahah.
Di sini penulis tidak menjelaskan secara detail tentang proses tersebut. Tetapi, inti dari kontrak tersebut. Inti dari kontrak tersebut adalah secara form adanya kontrak jual-beli antara customer dan bank yang mana terlihat halal. Tetapi, secara substansi tidak ada perpindahan barang dari salah satu pihak di dalam kontrak tersebut.
Dalam kata lain substansi kontrak tersebut adalah kontrak pinjaman uang (debt contract) yang sama sekali tidak berbeda dengan produk bank konvensional dan haram dalam perspektif shari'a. Inilah yang disebut samaran/ replikasi produk bank konvesional dengan label Islam yang masih diperdebatkan dalam kalangan penasihat keuangan shari'a dan ulama di industri keuangan Islam.
Sebenarnya kontrak tersebut masih tidak bisa dikatakan shari'a compliant. Tetapi, inilah jargon yang diklaim oleh penasihat keuangan shari'a dalam menyetujui produk tersebut. Oleh karena itu untuk membedakan mana produk yang halal dan haram adanya jargon shari'a based.
Produk shari'a based adalah produk yang dasar (base)-nya sumber hukum Islam yaitu Al Quran dan As Sunnah atau dalam kata lain murni mematuhi sumber hukum Islam. Oleh karena itu produk shari'a based ini dijamin 100% halal dan sangat dicintai oleh pakar ekonomi Islam seperti Nejatullah Shidiqi, Umer Chapra, dan shari'a scholars yang idealis seperti Wahbah Al-Zuhayli.
Kontrak yang berlandaskan shari'a based ini adalah jual beli di mana jelas ada perpindahan barang dari penjual ke pembeli sesuai harga yang disepakati, Musharakah, dan Mudharabah (joint venture partnership). Pada kontrak ini adanya risk sharing di antara pihak yang bersangkutan dan sistem bagi hasil.
Di samping itu juga ada Salam. Pembeli memesan komoditas untuk diserahkan setelah beberapa bulan oleh produsen dengan membayar harga komoditas di awal kontrak.
Penerapan kontrak Musharakah bisa terlihat pada produk Musharakah Mutanaqisah untuk pembiayaan rumah yang mulai diterapkan oleh beberapa bank shari'a. Customer dan bank sama-sama mempunyai hak milik di awal kontrak (joint ownership) dan secara berturut-turut kepemilikan rumah tersebut berpindah kepada customer dengan membayar uang sewa (rental payment) berdasarkan daerah setempat dengan menggunakan kontrak sewa (ijarah).
Produk ini sudah diterapkan oleh berberapa bank shari'a seperti RHB Islamic Bank Malaysia Berhad dan Bank Muamalat Indonesia. Demikian pula Salam. Kontrak ini bisa melindungi petani atau wong cilik dari fluktuasi harga hasil panen mereka secara harga panen dibayar di awal kontrak oleh sang pembeli atau distributor. Menariknya kontrak Salam ini sebenarnya berpotensi untuk diinovasikan menjadi alat mitigasi risiko bagi bank shari'a dan investor.
Perbedaan yang kedua adalah objektif Shari'a (Maqasid Al Shari'ah). Shari'a compliant belum tentu mempunyai unsur maslahah seperti tertuang dalam objektif shari'a. Sedangkan shari'a based sudah pasti mempunyai unsur maslahah. Hal ini bisa terlihat pada shari’a compliant stock investment Islamic Hedge Funds.
Perputaran uangnya masih berputar di antara investor dan sektor keuangan. Atau dalam kata lain belum ada kontribusi terhadap sektor riil di ekonomi dan masih rentan dengan spekulasi di pasar modal. Di dalam shari'a based produk seperti musharakah/ mudharabah sukuk (surat obligasi shari'a), Islamic microfinance berdasarkan kontrak musharakah/ mudharabah mempunyai potensi sangat besar untuk kontribusi terhadap sektor riil di ekonomi dikarenakan produk tersebut berdasarkan real asset. Namun, sayangnya Industri keuangan Shari'a dunia masih enggan menggunakan produk shari'a based.
Pertumbuhan Keuangan Islam di Indonesia: Shari'a Compliant atau Shari'a Based Penulis sangat bersyukur bahwa pertumbuhan keuangan Islam di Indonesia saat ini bisa dikatakan shari'a based growth. Hal ini dikarenakan Bank Shari'a Indonesia tidak menggunakan kontrak 'inah/ tawarruq secara Dewan Majelis Ulama Indonesia (MUI) dan Bank Indonesia (BI) tidak memperbolehkan kontrak tersebut digunakan. Walaupun efeknya pertumbuhan perbankan shari'a di Indonesia hanya berkisar 2%-3%.
Perbankan shari'a di Indonesia bisa tumbuh dengan sehat dan halal. Namun, di sini penulis juga menghimbau agar Indonesia juga berhati-hati dalam mengeluarkan sukuk ritelnya. Jangan sampai kontrak yang digunakan sama dengan kontrak yang digunakan untuk mengeluarkan surat berharga konvensional. Sangat disarankan kontrak yang digunakan adalah kontrak Musharakah/ Mudharabah. Kontrak ini adalah shari'a based dan bisa berpengaruh terhadap pertumbuhan sektor riil di Indonesia.
Akhir kata penulis berharap bahwa tidak hanya Indonesia saja yang bisa menggunakan produk shari'a based. Tetapi, juga negara lain yang mempunyai sektor keuangan Islam juga bisa menggunakan produk shari'a based. Walaupun untuk mencapai tahapan itu sepertinya akan memakan waktu yang lama. Semoga Indonesia bisa menjadi perintis untuk mencapai tahapan tersebut. Wallahualam.
Jhordy Kashoogie Nazar
Penulis adalah kandidat Master Islamic Finance, Durham Islamic Finance Program (DIFP), Durham University, Anggota Islamic Economics Forum for Indonesian Development (ISEFID).
Saturday, December 5, 2009
Sebuah tulisan menarik Jhordy Kashoogie Nazar dari detik.com menambah wawasan saya mengenai perbankan syariah.
Monday, November 23, 2009
All over Europe Islamic banks are establishing branches, Western banks are offering Sharia-compliant financial services, and European governments are trying to outcompete each other in welcoming them. Proponents of banking along the lines of Sharia (Islamic law) claim that the Islamic banking system is “more ethical” than the West’s capitalist system. This is not true. Unfortunately, however, in our age of crashing financial markets, many Westerners – not just the traditional anti-capitalist European left – seem very eager to buy that argument.
Early this month, even the Vatican newspaper Osservatore Romano voiced its approval of Sharia banking. “The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service,” the paper said in a downright stupid and “unethical” article published on March, 4.
The article, entitled “Islamic finance proposals and ideas for the West in crisis” [pdf] suggests that the basic rules of Islamic finance could relieve suffering markets and particularly international financial systems. It says that in the current atmosphere of crisis banks should take Muslims as an example and that the Islamic finance system may pave the way for the establishment of new rules in the Western world.
Islamic or Sharia banks differ from regular banks in two major ways. As commanded in the Koran, the charging of interest is prohibited in all monetary transactions. The other defining feature of Islamic banks is that they are supervised by a board of Islamic scholars and clerics whose job it is to ensure that the banks’ activities comply with Sharia law.
Its proponents argue that Islamic banking is “ethically superior” to the capitalist principles of the “materialistic” West because, as Giovanni Maria Vian, the editor of Osservatore Romano says, Sharia banks take “the human dimension of the economy” into account.
The two dirty secrets of Islamic banking, however, are that, like all banks, Sharia banks do charge interest – they just give it another name – and that the clerics supervising the banks have ties to extremist, even terrorist, groups which work towards the Islamization of Europe and world dominance.
Helena Christofi, an expert on Sharia banking, explains that Islamic banks extend a type of Islamic “credit,” called murabaha, that shifts risk to the borrower in a manner similar to interest.
“An Islamic bank granting murabaha credit to a customer for an automobile, for example, would purchase the automobile for the customer for $15,000 and the customer would owe the bank $20,000 in a year’s time. Similarly, under the ‘diminishing musharaka’ credit, the Islamic version of a mortgage, the bank and the customer purchase the property together. The customer must make monthly payments to the bank and pay a monthly rental fee, both based on the portion of the purchase price the bank still owns. Ironically, the interest this amounts to ranges between one and two percent higher than the interest on a conventional mortgage. Although the resale price of the vehicle and the rent paid on the house are akin to simple interest charges, the banks’ sharia boards legitimate the charges by renaming them ‘commissions’ or ‘profits.’”
The Sharia boards supervising the Islamic banks and Sharia-compliant financial services offered by regular European banks are composed of members of the European Council for Fatwa and Research. This Council is headed by Sheik Yousef Al-Qaradawi, a leader of the Muslim Brotherhood and instigator and financier of terrorism in Europe and the Middle East. Both Al-Qaradawi and the Council have expressed their hope that “Islam will return to Europe as a conqueror.”
With ever larger Muslim populations there is a growing internal demand for an “ethical alternative” to conventional banking for Muslims. A 2006 poll by Lloyds Trustee Savings Bank in Britain found that over 75% of British Muslims want Sharia-compliant banking products, while in 2005 Mufti Abdul Barkatullah, Sharia adviser to Lloyds TSB and an imam at a North London mosque reported that 20% of inquiries into Islamic products at Lloyds TSB came from non-Muslims who have bought the argument that conventional capitalist banking is somehow unethical.
Alun Williams, marketing director of the Islamic Bank of Britain, established in 2004 and one of the first Sharia banks in Europe, told The Guardian (April 2, 2005):
“Our biggest appeal outside the Muslim community will be to those who feel disenfranchised by, and bitter about, mainstream banks. […] Non-Muslims are fascinated by us, the more so because we intend offering […] an ethical dimension.”
That was four years ago. Meanwhile, Islamic banking has boomed all over Europe and interest from non-Muslims has grown in the wake of the financial crisis, which some, such as the Vatican paper, claim is due to the free-market model having “grown too much and badly in the past two decades.”
Sharia principles, however, not only prohibit the collection and payment of interest and investing in companies involved in gambling, alcohol, tobacco, pornography and the production of pork, but also forbid women from opening bank accounts without their husband’s approval. How “ethical” the latter is for the non-Muslims “fascinated” by Sharia banking is unclear. However, Western banks offering Sharia-compliant services to non-Muslims do not seem to insist on barring women. According to Christofi,
“The justification for replacing capitalism with the Islamic model is based on an intentional corruption of Sharia law, but the banks’ clerics don’t seem to mind undermining their theological philosophy, since the ethical image their misrepresentation has created for Islamic banking has managed to spread Islamic ideology to non-Muslims in Britain. According to Al-Qaradawi, Islam’s ideological infiltration into the West will be the vehicle through which it will establish an Islamic government over the entire globe.”
Although Al-Qaradawi and other members of the European Council for Fatwa and Research are connected to Islamist circles, the British government continues to promote the UK as a hub for Islamic banking. Western governments welcome Sharia-compliant banking because of the huge sums this attracts from Muslim immigrants, “ethically”-driven non-Muslims, and investors from Muslim countries.
In December 2008, the French Senate looked at ways to eliminate legal hurdles for Islamic financial services and products in France. French Finance Minister Christine Lagarde announced France’s intention to make Paris “the capital of Islamic finance” and said several Islamic banks would open branches in the French capital in 2009. French sources estimate this area of the financial market is worth from 500 to 600 billion dollars and could grow by an average 11 percent a year.
In July 2007, Wouter Bos, the Dutch Finance Minister (and leader of the Dutch Labour Party), said the Dutch government actively encourages Islamic banking, despite the risk that this acts as a Trojan horse in the Western banking system for groups linked to terrorists.
“In the first place because Islamic banking meets a demand from the Muslims living in the Netherlands. In the second place because we see an opportunity here for the Dutch financial sector. A third reason is that banning Islamic banking from the perspective of fighting terrorism will have a counter-productive effect. Denial of an actual need can lead to money-flows running via alternative channels out of the sight of the government.”
Switzerland, too, wants its share of Sharia banking. Years ago, Swiss banks already opened branches in the Middle East, offering worldwide Sharia-compliant financial products to wealthy Arabs.
In October 2006, the Swiss authorities granted a banking license to the first Switzerland-based bank that operates according to Sharia principles. Others have followed. “There are simply not enough financial products being created in the West for Muslim clients,” says John Sandwick, managing director of Swiss asset management firm Encore Management. “If no effort is made whatsoever, I am afraid the world will pass Switzerland by in the race to control the rich prize: which today is worth hundreds of billions, but in the future will be trillions of dollars of Islamic wealth.” Michael Fouad Chahine of Credit Suisse says “The development of Islamic banking has so far been limited to countries with a higher percentage of Muslims. But this is changing as more international regulators accept the importance of Sharia. It is now also accepted as socially responsible banking.”
How “socially responsible” and “ethical” is it to try to grab a share of the billions of dollars amassed by rich Arabs, while turning a blind eye to the fact that a substantial part of the money is used to promote terrorism and the establishment of an Islamic government over the entire globe?
In one of his sermons, Sheikh Al-Qaradhawi, one of the supervisors of the Sharia-compliant financial services offered in Britain, speaks of “the conquest of Rome.” In view of the recent article of the Osservatore Romano, Al-Qaradhawi’s words sound rather ominous:
“The city of Hirqil [Constantinople] was conquered by the young 23-year-old Ottoman Muhammad bin Morad, known in history as Muhammad the Conqueror, in 1453. The other city, Romiyya [Rome], remains, and we hope and believe [that it too will be conquered]. This means that Islam will return to Europe as a conqueror and victor, after being expelled from it twice […]. In one of my previous programs, I said that I think that this conquest [of Rome] would not be by the sword or armies, but by preaching and ideology. Europe will see that it suffers from materialistic culture, and will seek an alternative, it will seek a way out, it will seek a lifeboat. It will find no lifesaver but the message of Islam.”
Will the Vatican Bank be the next to go Sharia?
FAQs (source :islamicbankingzone.com/e-library/faqs.pdf)
Q1. What is Islamic Banking?
Q2. What is the philosophy of Islamic banking and finance?
Q3. What is the Islamic Banking Global Scenario?
Q4. What are the Major modes of Islamic banking and finance?
Q5. Can Islamic banks play any role in economic development of the Country?
Q6. What are the features of State Bank’s Islamic Export Refinance Scheme?
Q7. Is it permissible for an Islamic bank to impose penalty for late payment?
Q8. Can Islamic banks claim solatium or liquidated damages on account of late payment/default by the clients?
Q1. What is Islamic Banking?
Ans. Islamic banking has been defined as banking in consonance with the ethos and value system of Islam and governed, in addition to the conventional good governance and risk management rules, by the principles laid down by Islamic Shariah. Interest free banking is a narrow concept denoting a number of banking instruments or operations, which avoid interest. Islamic banking, the more general term is expected not only to avoid interest-based transactions, prohibited in the Islamic Shariah, but also to avoid unethical practices and participate actively in achieving the goals and objectives of an Islamic economy.
Q2. What is the philosophy of Islamic banking and finance?
Ans. Islamic Shariah prohibits ‘interest’ but it does not prohibit all gains on capital. It is only the increase stipulated or sought over the principal of a loan or debt that is prohibited. Islamic principles simply require that performance of capital should also be considered while rewarding the capital. The prohibition of a risk free return and permission of trading, as enshrined in the Verse 2:275 of the Holy Quran, makes the financial activities in an Islamic set-up real asset-backed with ability to cause ‘value addition’. Islamic banking system is based on risk-sharing, owning and handling of physical goods, involvement in the process of trading, leasing and construction contracts using various Islamic modes of finance. As such, Islamic banks deal with asset management for the purpose of income generation. They will have to prudently handle the unique risks involved in management of assets by adherence to best practices of corporate governance. Once the banks have stable stream of Halal income, depositors will also receive stable and Halal income. The forms of businesses allowed by Islam at the time the Holy Quran was revealed included joint ventures based on sharing of risks & profits and provision of services through trading, both cash and credit, and leasing activities. In the Verse II:275, Allah the Almighty did not deny the apparent similarity between trade profit in credit sale and Riba in loaning, but resolutely informed that Allah has permitted trade and prohibited Riba. Profit has been recognized as ‘reward’ for (use of) capital and Islam permits gainful deployment of surplus resources for enhancement of their value. However, alongwith the entitlement of profit, the liability of risk of loss on capital rests with the capital itself; no other factor can be made to bear the burden of the risk of loss. Financial transactions, in order to be permissible, should be associated with goods, services or benefits. At macro level, this feature of Islamic finance can be helpful in creating better discipline in conduct of fiscal and monetary policies. Besides trading, Islam allows leasing of assets and getting rentals against the usufruct taken by the lessee. All such things/assets corpus of which is not consumed with their use can be leased out against fixed rentals. The ownership in leased assets remains with the lessor who assumes risks and gets rewards of his ownership.
Q3. What is the Islamic Banking Global Scenario?
Ans. Over the last three decades Islamic banking and finance has developed into a full-fledged system and discipline reportedly growing at the rate of 15percent per annum. Today, Islamic financial institutions, in one form or the other, are working in about 75 countries of the world. Besides individual financial institutions operating in many countries, efforts have been underway to implement Islamic banking on a country wide and comprehensive basis in a number of countries. The instruments used by them, both on assets and liabilities sides, have developed significantly and therefore, they are also participating in the money and capital market transactions. In Malaysia, Bahrain and a few other countries of the Gulf, Islamic banks and financial institutions are working parallel with the conventional system. Bahrain with the largest concentration of Islamic financial institutions in the Middle East region, is hosting 26 Islamic financial institutions dealing in diversified activities including commercial banking, investment banking, offshore banking and funds management. It pursues a dual banking system, where Islamic banks operate in the environment in which Bahrain Monetary Agency (BMA) affords equal opportunities and treatment for Islamic banks as for conventional banks. Bahrain also hosts the newly created Liquidity Management Centre (LMC) and the International Islamic Financial Market (IIFM) to coordinate the operations of Islamic banks in the world. To provide appropriate regulatory set up, the BMA has introduced a comprehensive prudential and reporting framework that is industry-specific to the concept of Islamic banking and finance. Further, the BMA has pioneered a range of innovations designed to broaden the depth of Islamic financial markets and to provide Islamic institutions with wider opportunities to manage their liquidity. Another country that has a visible existence of Islamic banking at comprehensive level is Malaysia where both conventional and Islamic banking systems are working in a competitive environment. The share of Islamic banking operations in Malaysia has grown from a nil in 1983 to above 8 percent of total financial system in 2003. They have a plan to enhance this share to 20 percent by the year 2010. However, there are some conceptual differences in interpretation and Shariah position of various contracts like sale and purchase of debt instruments and grant of gifts on savings and financial papers. In Sudan, a system of Islamic banking and finance is in operation at national level. Like other Islamic banks around the world the banks in Sudan have been relying in the past on Murabaha financing. However, the share of Musharaka and Mudaraba operations is on increase and presently constitutes about 40 percent of total bank financing. Although the Islamic financial system has taken a good start in Sudan, significant problems still remain to be addressed. Like Sudan, Iran also switched over to Usury Free Banking at national level in March 1984. However, there are some conceptual differences between Islamic banking in Iran and the mainstream movement of Islamic banking and finance. Owing to the growing amount of capital availability with Islamic banks, the refining of Islamic financing techniques and the huge requirement of infrastructure development in Muslim countries there has been a large number of project finance deals particularly in the Middle East region. Islamic banks now participate in a wide financing domain stretching from simple Shariah-compliant retail products to highly complex structured finance and large-scale project lending. These projects, inter alia, include power stations, water plants, roads, bridges and other infrastructure projects. Bahrain is the leading centre for Islamic finance in the Middle East region. The establishment of the Prudential Information and Regulatory Framework for Islamic Banks (PIRI) by the BMA in conjunction with AAOIFI has gone a long way towards establishing a legal and regulatory framework to meet the specific risks inherent in Islamic financing structures. The BMA has quite recently signed MoU with the London Metal Exchange (LME) to pool assets to develop and promote Shariah compliant tradable instruments for Islamic banking industry. The arrangement is seen as a major boost for industry’s integration in the global financial system and should set the pace for commodity-trading environment in Bahrain. BMA has also finalized draft guidelines for issuance of Islamic bonds and securities from Bahrain. In May 03, the Liquidity Management Centre (LMC) launched its debut US$ 250 million Sukuk on behalf of the Government of Bahrain. National Commercial Bank (NCB) of Saudi Arabia has introduced an Advance Card that has all the benefits of a regular credit card. The card does not have a credit line and instead has a prepaid line. As such, it does not incur any interest. Added benefits are purchase protection, travel accident insurance, etc and no interest, no extra fees with no conditions, the card is fully Shariah compliant. It is more secure than cash, easy to load up and has worldwide acceptance. This prepaid card facility is especially attractive to women, youth, self employed and small establishment employees who sometimes do not meet the strictrequirements of a regular credit card facility. Saudi Government has also endorsed an Islamic-based law to regulate the kingdom's lucrative Takaful sector and opened it for foreign investors. Islamic banks have also built a strong presence in Malaysia, where Standard & Poor's assigned a BBB+ rating to the $600 million Sharia-compliant trust certificates (called sukuk) issued by Malaysia Global Sukuk Inc. Bank Negara Malaysia (BNM) has announced to issue new Islamic Bank licences to foreign players. The Financial Sector Master plan maps out the liberalisation of Malaysia's banking and insurance industry in three phases during the next decade. It lists incentives to develop the Islamic financial sector and enlarge its market share to 20 percent, from under 10 percent now. A dedicated high court has been set up to handle Islamic banking and finance cases. In United Kingdom, the Financial Services Authority is in final stages of issuing its first ever Islamic banking license to the proposed Islamic Bank of Britain, which has been sponsored by Gulf and UK investors. The United States of America has appointed Dr. Mahmoud El Gamal, an eminent economist/expert on Islamic banking to advise the US Treasury and Government departments on Islamic finance in June 2004.
Q4. What are the Major modes of Islamic banking and finance?
Ans. Following are the main modes of Islamic banking and finance:
Literally it means a sale on mutually agreed profit. Technically, it is a contract of sale in which the seller declares his cost and profit. Islamic banks have adopted this as a mode of financing. As a financing technique, it involves a request by the client to the bank to purchase certain goods for him. The bank does that for a definite profit over the cost, which is stipulated in advance.
Ijarah is a contract of a known and proposed usufruct against a specified and lawful return or consideration for the service or return for the benefit proposed to be taken, or for the effort or work proposed to be expended. In other words, Ijarah or leasing is the transfer of usufruct for a consideration which is rent in case of hiring of assets or things and wage in case of hiring of persons.
A contract under which an Islamic bank provides equipment, building or other assets to the client against an agreed rental together with a unilateral undertaking by the bank or the client that at the end of the lease period, the ownership in the asset would be transferred to the lessee. The undertaking or the promise does not become an integral part of the lease contract to make it conditional. The rentals as well as the purchase price are fixed in such manner that the bank gets back its principal sum alongwith with profit over theperiod of lease.
Musawamah is a general and regular kind of sale in which price of the commodity to be traded is bargained between seller and the buyer without any reference to the price paid or cost incurred by the former. Thus, it is different from Murabaha in respect of pricing formula. Unlike Murabaha, seller in Musawamah is not obliged to reveal his cost. Both the parties negotiate on the price. All other conditions relevant to Murabaha are valid for Musawamah as well. Musawamah can be used where the seller is not in a position to ascertain precisely the costs of commodities that he is offering to sell.
It is a contractual agreement for manufacturing goods and commodities, allowing cash payment in advance and future delivery or a future payment and future delivery. Istisna’a can be used for providing the facility of financing the manufacture or construction of houses, plants, projects and building of bridges, roads and highways.
Literally it means a credit sale. Technically, it is a financing technique adopted by Islamic banks that takes the form of Murabaha Muajjal. It is a contract in which the bank earns a profit margin on his purchase price and allows the buyer to pay the price of the commodity at a future date in a lump sum or in installments. It has to expressly mention cost of the commodity and the margin of profit is mutually agreed. The price fixed for the commodity in such a transaction can be the same as the spot price or higher or lower than the spot price.
A form of partnership where one party provides the funds while the other provides expertise and management. The latter is referred to as the Mudarib. Any profits accrued are shared between the two parties on a pre-agreed basis, while loss is borne only by the provider of the capital.
Musharakah means a relationship established under a contract by the mutual consent of the parties for sharing of profits and losses in the joint business. It is an agreement under which the Islamic bank provides funds, which are mixed with the funds of the business enterprise and others. All providers of capital are entitled to participate in management, but not necessarily required to do so. The profit is distributed among the partners in pre-agreed ratios, while the loss is borne by each partner strictly in proportion to respective capital contributions.
Salam means a contract in which advance payment is made for goods to be delivered later on. The seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advance price fully paid at the time of contract. It is necessary that the quality of the commodity intended to be purchased is fully specified leaving no ambiguity leading to dispute. The objects of this sale are goods and cannot be gold, silver or currencies. Barring this, Bai?Salam covers almost everything, which is capable of being definitely described as to quantity, quality and workmanship.
Q6. Can Islamic banks play any role in economic development of the Country?
Ans. Islamic banks, while functioning within the framework of Shariah, can perform a crucial task of resource mobilization, their efficient allocation on the basis of both PLS (Musharaka and Mudaraba) and non-PLS (trading & leasing) based categories of modes and strengthening the payments systems to contribute significantly to economic growth and development. Sharing modes can be used for short, medium and long-term project financing, import financing, pre-shipment export financing, working capital financing and financing of all single transactions. In order to ensure maximum role of Islamic finance in development of the economy it would be necessary to create an environment that could induce financiers to earmark more funds for Musharakah/Mudarabah based financing of productive units, particularly of small enterprises. The non-PLS techniques, as acceptable in the Islamic Shariah, not only complement the PLS modes, but also provide flexibility of choice to meet the needs of different sectors and economic agents in the society. Trade-based techniques like Murabaha with lesser risk and better liquidity options have several advantages vis-à-vis other techniques but may not be as fruitful in reducing income inequalities and generation of capital goods as participatory techniques. Ijarah related financing that would require Islamic banks to purchase and maintain the assets and afterwards dispose of them according to Shariah rules, require the banks to engage in activities beyond financial intermediation and can be very much conducive to the formation of fixed assets and medium and long-term investments. On the basis of the above it can be said that supply and demand of capital would continue in an interestfree scenario with additional benefit of greater supply of risk-based capital alongwith more efficient allocation of resources and active role of banks and financial institutions as required in asset based Islamic theory of finance. Islamic banks can not only survive without interest but also could be helpful in achieving the objective of development with distributive justice by increasing the supply of risk capital in the economy, facilitating capital formation, and growth of fixed assets and real sector business activities. Salam has a vast potential in financing the productive activities in crucial sectors, particularly agriculture, agro-based industries and the rural economy as a whole. It also provides incentive to enhance production as the seller would spare no effort in producing, at least the quantity needed for settlement of the loan taken by him as advance price of the goods. Salam can also lead to creating a stable commodities marketespecially the seasonal commodities and therefore to stability of their prices. It would enable savers to direct their savings to investment outlets without waiting, for instance, until the harvesting time ofagricultural products or the time when they actually need industrial goods and without being forced to spend their savings on consumption. Banks might engage in fund and portfolio management through a number of asset management and leasing & trading companies. Such companies/entities can exist in the economy on their own or can be an integral part of some big companies or subsidiaries, as in the case of Universal Banking in Europe. They would manage Investors Schemes to mobilize resources on Mudarabah basis and to some extent on agency basis,and use the funds so collected on Murabaha, leasing or equity participation basis. Subsidiaries can be created for specific sectors/operations, which would enter into genuine trade and leasing transactions. LowriskFunds based on short-term Murabaha and leasing operations of the banks in both local as well as foreign currencies would be best suited for risk-averse savers who cannot afford possible losses, in PLS based investments. Under equity based Funds, banks can offer a type of equity exposure through specifiedinvestment accounts where they may identify possible investment opportunities from existing or newbusiness clients and invite account-holder to subscribe. Instead of sharing in the bank’s profit, the investors would share the profits of the enterprise in which funds are placed with the bank taking a management fee for its work. Banks can also offer open-ended Multiple Equity Funds to be invested in stocks. Small and medium enterprises (SME) sector has a great potential for expanding production capacity and self-employment opportunities in the country. Enhancing the role of financial sector in development of SME sub-sector could mitigate the serious problems of unemployment and low level of exports. The banks may introduce ‘SME Financing Funds’ with various geographical locations. The corporate sector and the commercial banks may set up a network of such Funds under the aegis of SECP by establishing institutions under syndicate arrangements or otherwise.
Q7. What are the features of State Bank’s Islamic Export Refinance Scheme?
Ans. State Bank of Pakistan has introduced a Musharakah-based Islamic Export Refinance Scheme (IERS) to meet the export financing requirements of banks conducting operations under Islamic Modes. IBIs can avail this facility under both parts of SBP’s Export Finance Scheme (EFS). The framework of the IERS is based on the concept of Profit & Loss Sharing. The State Bank shares the actual profit of the Musharakah pool of the Islamic Bank. However, in case the actual profit of the pool is more than ongoing rates under conventional EFS, the excess profit so received by SBP would be credited to the Takaful fund, a reserve fund to be maintained by SBP under Islamic modes for risk mitigation that would be used to meet future losses arising on implementation of IERS. Salient features of the Scheme are as under:
1. The facility is allowed only against transactions, designed on the basis of Islamic Modes of financing approved by the Shariah Advisor/Board of the concerned bank.
2. 2. Each Islamic bank shall be under obligation to create a Musharakah pool (having a minimum of 10 companies - to be achieved in first year of operations) consisting of financing to blue chip companies on Islamic modes. The blue chip companies shall mean such companies involved in the export business or other business or both, or a manufacturing concern marketing their products in Pakistan or abroad, who have i) good track record on the stock exchange or ii) have a rating of minimum B + or equivalent by the rating agencies approved by the State Bank for rating banks in Pakistan, such rating should be acceptable to the bank as per its own lending policies, for advancing loans, or iii) companies having Return on Equity (ROE) during last three years which should be at least higher than the rates of finance prescribed by the
State Bank during those years on its conventional EFS. In case of a company which is in operation for less
than three years, the ROE of the available number of years shall be considered. The Islamic Bank shall
ensure that companies selected for Musharakah Pool under the above criteria does not have adverse Credit
Information Bureau report as also export overdues of more than one year.
3. The State Bank will share in the overall profit (gross income less any provision created under Prudential
Regulations during the period plus amount recovered against prior periods’ losses and reversal of provision)
earned by the Islamic bank on the Musharaka pool under the provisions of the IERS calculated on daily
4. If, on the basis of the annual audited accounts of the Islamic Bank, the profit accruing to the SBP is more
than the profit paid to the SBP on quarterly basis as per un-audited accounts of earnings of the pool, the
difference shall be deposited by the Islamic bank, within 7 days of its determination, in a special non
remunerative reserve fund viz. “Takaful Fund” to be maintained at the office of the SBP BSC (Bank), where
the head office/country office of the concerned bank is situated. This arrangement shall remain effective for
all intents and purposes for the duration of the agreement.
5. If, on the basis of the annual audited accounts of the pool, the share of the State Bank in the profit
works out to be less than the amount, which has already been paid to the State Bank on provisional basis,
the State Bank will refund the excess amount involved out of balance held in the Takaful Fund, if any.
6. In the event of loss suffered on the Musharakah pool on the basis of annual audited accounts, the Islamic
bank and the State Bank shall share the loss in the proportion of their share of investment in the
Musharakah Pool expressed on daily product basis. The share of loss to State Bank will first be met out of
credit balance in the Takaful Fund, if any. The loss not met from the Takaful Fund shall be borne by the
7. In case of loss, the Islamic bank shall be entitled to claim refund on account of share of profit paid by it
to SBP on provisional basis, alongwith SBP’s share in the loss of principal amount extended to the
Q8. Is it permissible for an Islamic bank to impose penalty for late payment?
Ans. In Islamic law it is permissible to penalize a debtor who is financially sound but delays payment of debt without any genuine reason. Such act of the debtor is unjust as the Prophet (PBUH) has said, "A rich debtor who delays payment of debt commits Zulm". A heavy non-performing portfolio and default on part of the clients is a serious problem confronting the financial institutions all over the world including Pakistan. This problem could be a threat to success of Islamic banking system. If clients do not honor their commitment in respect of timely payment of a debt created in installment sale, Murabaha, leasing or do not pay banks’ share of profit in participatory modes or do not deliver goods at stipulated time in Salam and Istisna’a, it could cause irreparable loss to the system, the banks and financial institutions and ultimately to savers and the economy. The jurists allow punishment (T´azir) to such borrower in the form of fine. In the opinion of some Maliki jurists a delaying borrower would be obliged to pay for charitable activities. In view of the severity of the problem, all Shariah bodies like Islamic Fiqh Academy of the OIC, Shariat Appellate Bench of the Supreme Court of Pakistan, etc. have approved the provision of penalty clause in the contractual agreements that keeps a balance between the requirement in view of severity of the problem and that of the Shariah conditions/principles to keep the fine difference between interest and Murabaha profit intact. However, the penalty proceeds would be used for charity because penalty on default in repayment cannot become an automatic source of income for the creditor.
Q9. Can Islamic banks claim solatium or liquidated damages on account of late payment/default by the clients?
Ans. The contemporary Shariah scholars have evolved a consensus that banks are authorized to impose late fees on the delinquent. But proceeds of such penalty are to be used for charity purposes. Only the court or any independent body can allocate any part of the penalty as liquidated damages / solatium for the banks. Liquidated damages can be given to banks in case of default on the part of banks’ clients provided it is based on actual financial loss. The court may reasonably adjust the amount of compensation. The ‘actual financial loss’ cannot be the loss in terms of conventional ‘opportunity cost’. It has to be proved by the bankers themselves to the satisfaction of the court or any arbitrator. However, some Shariah Boards allow Islamic banks to charge from the defaulter the rate realized by them on their Murabaha portfolio during a specific period. They also recommend that the financial condition of the client be taken into account.
Sunday, November 22, 2009
sumber : www.syariahmandiri.co.id
Perbankan syariah pertama kali muncul di Mesir tanpa menggunakan embel-embel islam, karena adanya kekhawatiran rezim yang berkuasa saat itu akan melihatnya sebagai gerakan fundamentalis. Pemimpin perintis usaha ini Ahmad El Najjar, mengambil bentuk sebuah bank simpanan yang berbasis profit sharing (pembagian laba) di kota Mit Ghamr pada tahun 1963. Eksperimen ini berlangsung hingga tahun 1967, dan saat itu sudah berdiri 9 bank dengan konsep serupa di Mesir. Bank-bank ini, yang tidak memungut maupun menerima bunga, sebagian besar berinvestasi pada usaha-usaha perdagangan dan industri secara langsung dalam bentuk partnership dan membagi keuntungan yang didapat dengan para penabung.
Masih di negara yang sama, pada tahun 1971, Nasir Social bank didirikan dan mendeklarasikan diri sebagai bank komersial bebas bunga. Walaupun dalam akta pendiriannya tidak disebutkan rujukan kepada agama maupun syariat islam.
Islamic Development Bank (IDB) kemudian berdiri pada tahun 1974 disponsori oleh negara-negara yang tergabung dalam Organisasi Konferensi Islam, walaupun utamanya bank tersebut adalah bank antar pemerintah yang bertujuan untuk menyediakan dana untuk proyek pembangunan di negara-negara anggotanya. IDB menyediakan jasa finansial berbasis fee dan profit sharing untuk negara-negara tersebut dan secara eksplisit menyatakan diri berdasar pada syariah islam.
Dibelahan negara lain pada kurun 1970-an, sejumlah bank berbasis islam kemudian muncul. Di Timur Tengah antara lain berdiri Dubai Islamic Bank (1975), Faisal Islamic Bank of Sudan (1977), Faisal Islamic Bank of Egypt (1977) serta Bahrain Islamic Bank (1979). Dia Asia-Pasifik, Phillipine Amanah Bank didirikan tahun 1973 berdasarkan dekrit presiden, dan di Malaysia tahun 1983 berdiri Muslim Pilgrims Savings Corporation yang bertujuan membantu mereka yang ingin menabung untuk menunaikan ibadah [[haji].
Di Indonesia pelopor perbankan syariah adalah Bank Muamalat Indonesia. Berdiri tahun 1991, bank ini diprakarsai oleh Majelis Ulama Indonesia (MUI) dan pemerintah serta dukungan dari Ikatan Cendekiawan Muslim Indonesia (ICMI) dan beberapa pengusaha muslim. Bank ini sempat terimbas oleh krisis moneter pada akhir tahun 90-an sehingga ekuitasnya hanya tersisa sepertiga dari modal awal. IDB kemudian memberikan suntikan dana kepada bank ini dan pada periode 1999-2002 dapat bangkit dan menghasilkan laba. .Saat ini keberadaan bank syariah di Indonesia telah di atur dalam Undang-undang yaitu UU No. 10 tahun 1998 tentang Perubahan UU No. 7 tahun 1992 tentang Perbankan.
Hingga tahun 2007 terdapat 3 institusi bank syariah di Indonesia yaitu Bank Muamalat Indonesia, Bank Syariah Mandiri dan Bank Mega Syariah. Sementara itu bank umum yang telah memiliki unit usaha syariah adalah 19 bank diantaranya merupakan bank besar seperti Bank Negara Indonesia (Persero), Bank Rakyat Indonesia (Persero)dan Bank swasta nasional: Bank Tabungan Pensiunan Nasional (Tbk).
Assalaamualaikum wr wb
Sebelum mengenal sistem perbankan syariah ada baiknya kita sedikit mendalami sejarah ekonomi islam. Artikel berikut saya kutip dari http://www.shariaheconomics.org/2008/sejarah-ekonomi-syariah/
Sejarah Ekonomi Islam
Periode Pertama/Fondasi (Masa awal Islam – 450 H / 1058 M)
Pada periode ini banyak sarjana muslim yang pernah hidup bersama para sahabat Rosulullah dan para tabi’in sehingga dapat memperoleh referensi ajaran Islam yang akurat. Seperti Zayd bin Ali (120 H / 798 M), Abu Yusuf (182/798), Muhammad Bin Hasan al Shaybani (189/804), Abu Ubayd (224/838) Al Kindi (260/873), Junayd Baghdadi (297/910), Ibnu Miskwayh (421/1030), dll.
Periode Kedua (450 – 850 H / 1058 – 1446 M)
Pemikiran ekonomi pada masa ini banyak dilatarbelakangi oleh menjamurnya korupsi dan dekadensi moral, serta melebarnya kesenjangan antara golongan miskin dan kaya, meskipun secara umum kondisi perekonomian masyarakat Islam berada dalam taraf kemakmuran. Terdapat pemikir-pemikir besar yang karyanya banyak dijadikan rujukan hingga kini, misalnya Al Ghazali (451-505 H / 1055-1111 M), Nasiruddin Tutsi (485 H /1093 M), Ibnu Taimyah (661-728 H / 1263-1328 M), Ibnu Khaldun (732-808 H/ 1332-1404 M), Al Maghrizi (767-846 H / 1364-1442 M), Abu Ishaq Al Shatibi (1388 M), Abdul Qadir Jaelani (1169 M), Ibnul Qayyim (1350 M), dll.
Periode Ketiga (850 – 1350 H / 1446 – 1932 M)
Dalam periode ketiga ini kejayaan pemikiran, dan juga dalam bidang lainnya, dari umat Islam sebenarnya telah mengalami penurunan. Namun demikian, terdapat beberapa pemikiran ekonomi yang berbobot selama dua ratus tahun terakhir, Seperti Shah Waliullah (1114-1176 M / 1703-1762 M), Muhammad bin Abdul Wahab (1206 H / 1787 M), Jamaluddin al Afghani (1294 M / 1897 M), Muhammad Abduh (1320 H / 1905 M), Ibnu Nujaym (1562 M), dll
Periode Kontemporer (1930 –sekarang)
Era tahun 1930-an merupakan masa kebangkitan kembali intelektualitas di dunia Islam. Kemerdekaan negara-negara muslim dari kolonialisme Barat turut mendorong semangat para sarjana muslim dalam mengembangkan pemikirannya
Zarqa (1992) mengklasifikasikan kontributor pemikiran ekonomi berasal dari: (1) ahli syariah Islam, (2) ahli ekonomi konvensional, dan (3) ahli syariah Islam sekaligus ekonomi konvensional.
Ahmad, Khurshid (1985 h. 9-11) membagi perkembangan pemikiran ekonomi Islam kontemporer menjadi 4 fase sebagaimana berikut:
Pada pertengahan 1930-an banyak muncul analisis – analisis masalah ekonomi sosial dari sudut syariah Islam sebagai wujud kepedulian teradap dunia Islam yang secara umum dikuasai oleh negara-negara Barat. Meskipun kebanyakan analisis ini berasal dari para ulama yang tidak memiliki pendidikan formal bidang ekonomi, namun langkah mereka telah membuka kesadaran baru tentang perlunya perhatian yang serius terhadap masalah sosial ekonomi. Berbeda dengan para modernis dan apologist yang umum berupaya untuk menginterpretasikan ajaran Islam sedemikian rupa sehingga sesuai dengan praktek ekonomi modern, para ulama ini secara berani justru menegaskan kembali posisi Islam sebagai comperehensive way of life, dan mendorong untuk suatu perombakan tatanan ekonomi dunia yang ada menuju tatatan yang lebih Islami. Meskipun pemikiran-pemikiran ini masih banyak membahas hal-hal elementer dan dalam lingkup yang terbatas, namun telah menandai sebuah kebangkitan pemikiran Islam modern.
Pada sekitar tahun 1970-an banyak ekonom muslim yang berjuang keras mengembangkan aspek tertentu dari ilmu ekonomi Islam , terutama dari sisi moneter. Mereka banyak mengetengahkan pembahasan tentang bunga dan riba dan mulai menawarkan alternatif pengganti bunga. Kerangka kerja suatu perbankang yang bebas bunga mendapat bahasan yang komperehensif. Berbagai pertemuan internasional untuk pembahasan ekonomi Islam diselenggarakan untuk mempercepat akselerasi penmgembangan dan memperdalam cakupan bahasan ekonomi Islam. Konferensi internasional pertama diadakan di Mekkah, Saudi Arabia pada tahun 1976, disusul Konferensi Internasional tentang Islam dan Tata Ekonomi Internasional Baru di London, Inggris pada tahun 1977, dua seminar Ilmu Ekonomi Fiskal dan Moneter Islam di Mekkah (1978) dan di Islamabad, Pakistan (1981), Konferensi tentang Perbankan Islam dan Strategi Kerjasama Ekonomi di Baden-baden Jerman Barat (1982), serta Konferensi Internasional Kedua tentang Ekonomi Islam di Islamabad (1983). Pertemuan yang terakhir ini secara rutin tetap berlangsung (2001) dengan tuan rumah negara-negara Islam. Sejak itu banyak karya tulis yang dihasilkan dalam wujud makalah, jurnal ilmiah hingga buku, baik
Perkembangan pemikiran ekonomi Islam selama satu setengah dekade terakhir menandai fase ketiga di mana banyak berisi upaya-upaya praktikal-operasional bagi realisasi perbankan tanpa bunga, baik di sektor publik maupun swasta. Bank-bank tanpa bunga banyak didirikan, baik di negara-negara muslim maupun di negara-negara non muslim, misalnya di Eropa dan Amerika. Dengan berbagai kelemahan dan kekurangan atas konsep bank tanpa bunga yang digagas oleh para ekonom muslim –dan karenannya terus disempurnakan- langkah ini menunjukkan kekuatan riil dan keniscayaan dari sebuah teori keuangan tanpa bunga.
Pada saat ini perkembangan ekonomi Islam sedang menuju kepada sebuah pembahasan yang lebih integral dan komperehensif terhadap teori dan praktek ekonomi Islam. Adanya berbagai keguncangan dalam sistem ekonomi konvensional, yaitu kapitalisme dan sosialisme, menjadi sebuah tantangan sekaligus peluang bagi implementasi ekonomi Islam. Dari sisi teori dan konsep yang terpenting adalah membangun sebuah kerangka ilmu ekonomi yang menyeluruh dan menyatu, baik dari aspek mikro maupun makro ekonomi. Berbagai metode ilmiah yang baku banyak diaplikasikan di sini. Dari sisi praktikal adalah bagaimana kinerja lembaga ekonomi yang telah ada (misalnya bank tanpa bunga) dapat berjalan baik dengan menunjukkan segala keunggulannya, serta perlunya upaya yang berkesinambungan untuk mengaplikasikan teori ekonomi Islam. Hal-hal inilah yang banyak menjadi perhatian dari para ekonom muslim saat ini.