Assessing the Islamic Bank Financing During Economic Recession: The Role of Stimulus Regulation POJK Number 11/POJK.03/2020

Riani, Ririn; Wulandari, Ries

doi:10.29244/jam.specialissue2022.57-75

Cited by 2 publications

(1 citation statement)

References 37 publications

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“…Therefore, it is vital to consider an economic stimulus strategy as a countercyclical impact of the proliferation of Covid-19 crisis in order to encourage optimization of banking performance, particularly the intermediation function, maintain financial system stability, and boost economic growth. 29 Furthermore, the prudential principle must still be followed while establishing the policy.…”

Section: Bad Debt Settlement Measures: Sharia Compliance In the Time ...mentioning

confidence: 99%

Sharia Compliance on Murabaha Financing in Sharia Rural Banks: A Review of Recent Practices

et al. 2022

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One of the most significant concerns in the practice of Sharia Rural Banks is Islamic compliance. This is necessary to guarantee that the policies, provisions, processes, and procedures, as well as the Sharia Rural Bank’s (BPRS) business activities, are in accordance with the provisions and Sharia Principles. The aim in this paper is to extensively evaluate whether Sharia rural banks have completely implemented and conformed with Sharia norms and values, particularly when it comes to Murabaha financing practices. It elaborates on the compliance assessment from the initial application of Murabaha to its complete execution. It also explores the BPRS debt settlement plan, which is in accordance with the DSN-MUI Fatwa, and discusses the OJK Policy on the restructuring process during the Covid-19 crisis. The paper used a normative-empirical research method with employing statutory and conceptual approaches. The análysis of data is described in qualitative-descriptive where the data was obtained from library and empirical research. The findings show that, with a few outliers, the DSN-MUI Fatwa and OJK Policy are implemented in the execution of Murabaha contracts at BPRS. Even during a pandemic crisis, when many customers were unable to settle their debts, the bank was compelled to postpone the debt while still adhering to Sharia principles. However, certain features, particularly the application of the Murabaha contract that is preceded by a wakalah contract, are thought to be in contradiction of the DSN-MUI fatwa on Murabaha.

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Section: Bad Debt Settlement Measures: Sharia Compliance In the Time ...mentioning

confidence: 99%

Sharia Compliance on Murabaha Financing in Sharia Rural Banks: A Review of Recent Practices

et al. 2022

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The Consistency of Sharia Principles Application in Murabaha Contracts During the Covid-19 Pandemic

Hamsin¹,

Halim²,

Anggriawan³

2022

Proceedings of the International Conference on Sustainable Innovation on Humanities, Education, and Social Sciences (ICOSI-HESS

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The aim of this article is to investigate and thoroughly assess the consistency of Islamic financial institutions in adopting Sharia principles. It compares the standard operating procedures and company regulation which adopted by the Sharia Rural Bank (BPRS) with the fatwa issued by the National Sharia Council of Indonesian Ulema Council (DSN-MUI). It also explores particularly on the procedure and mechanism of Murabaha financing products application by the customer. The paper used a normative-empirical research method with employing statutory and conceptual approach. The análisis of data is described in qualitative-descriptive approach with comprehensive and systematic manner. The study reveals that the practice of Murabaha contracts at BPRS are carried out in conformity with the DSN-MUI Fatwa on Murabaha. Nevertheless, some aspects are considered to be in contravention of the DSN-MUI fatwa on Murabaha, particularly on the application of the Murabaha contract, which is accompanied by a wakalah contract.

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Assessing the Islamic Bank Financing During Economic Recession: The Role of Stimulus Regulation POJK Number 11/POJK.03/2020

Cited by 2 publications

References 37 publications

Sharia Compliance on Murabaha Financing in Sharia Rural Banks: A Review of Recent Practices

Sharia Compliance on Murabaha Financing in Sharia Rural Banks: A Review of Recent Practices

The Consistency of Sharia Principles Application in Murabaha Contracts During the Covid-19 Pandemic

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