DOI: https://doi.org/10.14710/lr.v17i1.37556

Sharia Compliance in Micro Waqf Bank Business Activities: A Study of Protection of Consumer’s Spiritual Rights

*Winda Fitri  -  Faculty of Law, Universitas Internasional Batam, Indonesia
Open Access Copyright 2021 LAW REFORM under http://creativecommons.org/licenses/by-sa/4.0.

Citation Format:
Abstract

The emergence of conventional financial institutions before sharia financial institutions affects the development of the two financial institutions to be different. Another factor is the public's cynicism or skepticism towards Islamic financial institutions which assume that the two financial institutions are the same. Thus, the purpose of this study was to analyze the implementation of sharia compliance policies as an effort to improve the development of Islamic financial institutions and consumer protection in Indonesia. This research focused on the Micro Waqf Bank as a Micro Financial Institution that applies sharia principles using statutory and conceptual approaches. In Indonesia, the sharia compliance policy of the Micro Waqf Bank has been regulated in the laws and regulations related to Micro Financial Institutions. The implementation of sharia unity is an effort to reduce cynicism in Islamic financial institutions and to provide protection to consumers' special rights in the form of spiritual rights that every Muslim has to carry out his religion perfectly (kaffah). Sharia compliance policy is the result of the transformation of the DSN-MUI Fatwa into the form of legislation to make it more binding and applicable in the business activities of Micro Waqf Bank.

Fulltext View|Download
Keywords: Sharia Compliance; Micro Waqf Bank; Spiritual Rights; Consumer protection

Article Metrics:

Article Info
Section: Research Article
Language : EN
Recent articles
Privacy Policy on Smart Contracts in E-Commerce Transactions The Urgency of Criminal Code Bill Ratification in Criminal Law Policy Frame on The Spreading of Pornographic Content Offence Criminal Law Policy of Justice Collaborator in Corruption Crime Case Exception of Mediation Procedure in Bankruptcy Cases According to Supreme Court Regulation Number 1 Year 2016 Reconceptualization of The Competence to be held Responsible in National Criminal Code Environmental Law, Populism, and Welfare State: Discourse on Environmental Law in the 21st Century More recent articles
Most cited articles
KEBIJAKAN FORMULASI HUKUM PIDANA DALAM MELINDUNGI TRANSAKSI E - COMMERCE DI INDONESIA PERLINDUNGAN HUKUM TERHADAP KONSUMEN DALAM TRANSAKSI E-COMMERCE COUNTER TERRORISM BAGI PELAKU TINDAK PIDANA TERORISME SEBAGAI UPAYA PENANGGULANGAN KEJAHATAN TERORISME DI INDONESIA PENGATURAN KAWASAN KESELAMATAN OPERASI PENERBANGAN : STUDI TENTANG PELAKSANAAN KEWENANGAN PEMERINTAH DAERAH DALAM MENGENDALIKAN PEMBANGUNAN DAN BENDA TUMBUH DI KAWASAN KESELAMATAN OPERASI PENERBANGAN BANDAR UDARA AHMAD YANI SEMARANG URGENSI REKONSTRUKSI HUKUM E-COMMERCE DI INDONESIA More cited articles
  1. Attamimi, Zeehan Fuad., Disemadi, Hari Sutra., & Santoso, Budi. (2019). Prinsip Syariah Dalam Penyelenggaraan Bank Wakaf Mikro Sebagai Perlindungan Hak Spiritual Nasabah.Jurnal Jurisprudence, Vol.9, (No.2), pp. 117-132
  2. Adusei, Michael., & Obeng, Emmanuella YT (2019). Board gender diversity and the capital structure of microfinance institutions: A global analysis.The Quarterly Review of Economics and Finance, Vol.71, pp. 258-269
  3. Balqis, Wizana Gania., & Sartono, Tulus. (2019). Bank Wakaf Mikro Sebagai Sarana Pemberdayaan Pada Usaha Mikro, Kecil Dan Menengah.Jurisdictie, Vol.10, (No.2), pp. 215-231
  4. Disemadi, Hari Sutra., & Ningsih, Ayup S. Efforts To Protect Consumer's Spiritual Rights In Organizing Islamic Microfinance Institutions In Indonesia.Diponegoro Law Review, Vol.5, (No.2), pp. 172-187
  5. Disemadi, Hari Sutra., & Roisah, Kholis. (2019). Kebijakan Model Bisnis Bank Wakaf Mikro Sebagai Solusi Pemberdayaan Ekonomi Masyarakat.Law Reform, Vol.15, (No.2), pp. 177-194
  6. Ghose, Biswajit., Paliar, S. Joplinshisha., & Mena, Liha. (2018). Does Legal Status Affect Performance of Microfinance Institutions?: Empirical Evidence from India.Vision, Vol.22, (No.3), pp. 316-328
  7. Ismanto, Kuat., Nasrullah, Mohammad., & Nalim. (2017). Perceptions and Reconstruction of Customers' Trust of Baitul Maal wa Tamwil (BMT) in Pekalongan.International Journal of Islamic Business and Economics (IJIBEC), Vol.1, (No.1), pp. 53-60
  8. Kasim, Siti Rahmi., & Bukido, Rosdalina. (2018). Urgensi Hukum Kepatuhan Syariah dalam Perbankan Syariah di Indonesia.Potret Pemikiran, Vol.22, (No.2), pp. 1-14
  9. Kurrohman, T. (2017). Peran Dewan Pengawas Syariah Terhadap Syariah Compliance Pada Perbankan Syariah.Jurnal Surya Kencana Satu: Dinamika Msalah Hukum Dan Keadilan, Vol.8, (No.2), pp. 49-60
  10. Mia, Md A. (2016). Microfinance institutions and legal status: An overview of the microfinance sector in Bangladesh.The Journal of Asian Finance, Economics and Business, Vol.3, (No.2), pp. 21-31
  11. Mujib, A. (2017). Dewan Pengawas Syariah (DPS) pada Lembaga Keuangan Mikro Syariah di Wilayah Jawa Tengah.Az Zarqa': Jurnal Hukum Bisnis Islam, Vol.9, (No.1), pp.125-145
  12. Nur, Muhammad Alan., Muharrami, Rais Sani., & Arifin, Muhammad Rahmawan. (2019). Peranan Bank Wakaf Mikro dalam Pemberdayaan Usaha Kecil pada Lingkungan Pesantren.Journal of Finance and Islamic Banking, Vol.2, (No.1), pp. 25-49
  13. Nurhayati, S. (2019). Model Pemberdayaan Ekonomi Masyarakat Miskin Melalui Akses Pembiayaan Bank Wakaf Mikro Berbasis Pesantren.Jurnal Ekonomi Syariah, Vol.1, (No. 1), pp. 45-56
  14. Nurhisam, L. (2016). Kepatuhan Syariah (Sharia Compliance) dalam Industri Keuangan Syariah.Jurnal Hukum Ius Quia Iustum, Vol.23, (No.1), pp. 77-96
  15. Prananingtyas, Paramita., & Disemadi, Hari Sutra. (2020). Legal Consequences of Dualism Regulations on Micro Waqf Bank as a Sharia Microfinance Institutions in Indonesia.Varia Justicia, Vol.16, (No. 1), pp. 1-14
  16. Ramadhan, Muhammad Faiq., & Sukmana, Raditya. (2019). Peran Bank Wakaf Mikro Dalam Penguatan Modal dan Pemberdayaan Usaha Mikro di Surabaya.Jurnal Ekonomi Syariah Teori Dan Terapan, Vol.6, (No.11), pp. 2172-2184
  17. Rozalinda., & Nurhasnah. (2020). Bank Wakaf Mikro: The Operations and Its Role Towards Muslim Community Economic Empowerment in Islamic Boarding School.Islam Realitas: Journal of Islamic and Social Studies, Vol.6, (No.1), pp. 42-58
  18. Setyowati, R. (2016). Perlindungan 'Hak Spiritual' Dalam Penyelesaian Sengketa Perbankan Syariah: Praktik di Malaysia dan Indonesia. Share, Vol.5, (No.2), pp. 124-154
  19. Setyowati, R. (2017). Pendekatan Syariah Compliance Dalam Peningatan Kepercayaan Nasabah.Jurnal Hukum Ekonomi Islam, Vol.1, (No. 1), pp. 1-20
  20. Setyowati, Ro'fah., Islamiyati., & Putra, Aista Wisnu. (2020). Shariah Compliance on Laws About Alternative Disputes Resolution Institutions for Shariah Financial Institutions: Coverage and Elements. Advances in Economics, Business and Management Research,, Vol. 140, pp. 469-471
  21. Setyowati, Ro'fah., Purbasari, Indah., & Fauzan, Eencik Muhammad. (2018). Consumers Spiritual Rights in the Islamic Banking Dispute Out of Court Settlement. Journal of Social Studies Education Research, Vol.9, (No.4), pp. 334-351
  22. Sugiarto, Irwan., & Disemadi, Hari Sutra. (2020). Consumers Spiritual Rights In Indonesia: A Legal Study Of Sharia Fintech Implementation In The Consumers Protection Perspective.Jurnal IUS Kajian Hukum dan Keadilan, Vol.8, (No. 3), pp. 473-452
  23. Sukardi, B. (2012). Kepatuhan Syariah (Shariah Compliance) Dan Inovasi Produk Bank Syariah Di Indonesia.AKADEMIKA: Jurnal Pemikiran Islam, Vol. 17, (No. 2), pp. 235-252
  24. Taufiq, M. (2020). Optimalisasi Peran Dewan Pengawas Syariah di Lembaga Keuangan Mikro Syariah.Al-Huquq: Journal of Indonesian Islamic Economic Law, Vol.2, (No.1), pp. 74-97
  25. Wahyuni, Rade Ani E. (2019). Perkembangan Ekonomi Islam Di Indonesia Melalui Penyelenggaraan Fintech Syariah.Mahkamah: Jurnal Kajian Hukum Islam, Vol.4, (No.2), pp. 184-192
  26. Hudon, Merek, & Perilleux, Anais. (2014). Surplus Distribution and Characteristics of Social Enterprises: Evidence From Microfinance.The Quarterly Review of Economics and Finance, Vol.54, (No.2), pp. 147-157
  27. Malikov, Emir, & Hartarska, Valentina. (2018). Endogenous Scope Economies in Microfinance Institutions. Journal of Banking & Finance, Vol. 93, pp. 162-182
  28. Pignatel, Isabelle., & Tchuigoua, Hubert Tchakoute. (2020). Microfinance institutions and International Financial Reporting Standards: an exploratory analysis. Research in International Business and Finance, Vol. 54. DOI: 10.1016/j.ribaf.2020.101309
  29. Waluyo, A. (2016). Kepatuhan Bank Syariah Terhadap Fatwa Dewan Syariah Nasional Pasca Transformasi Ke Dalam Hukum Positif.INFERENSI: Jurnal Penelitian Sosial Keagamaan, Vol.10, (No. 2), pp. 517-538
  30. Widyanti, A. (2020). Strategy Marketing Of Sharia Banks Of Micro Sharia Wakaf In Increasing The Number Of Customers (Case Study: Typical Islamic Micro Waqf Bank Kempek Cirebon).Journal of Sosial Science, Vol.1, (No.1), pp. 1-9
  31. Disemadi, Hari Sutra., & Santoso, Budi. (2019). Pelaksanaan Fungsi Pembinaan dan Pengawasan Otoritas Jasa Keuangan Terhadap Lembaga Keuangan Mikro Syariah di Jawa Tengah (Studi Pada Bank Wakaf Mikro Sunan Gunung Jati Ba'alawy). Tesis, Semarang: Universitas Diponegoro
  32. Rizky, Fitri D. (2014). Perbedaan Antara Bank dan Lembaga Keuangan Lainnya. Retrieved from https://www.kompasiana.com/fitriuadpgsd/54f3e019745513942b6c827e/perbedaan-antara-bank-dan-lembaga-keuangan-lainnya#:~:text=Dari%20uraian%20di%20atas%20jelaslah,diarahkan%20kepada%20penyaluran%20dananya%20saja
  33. Mandiri Syariah. (2017). Prinsip dan Konsep Dasar Perbankan Syariah. Retrieved from https://www.mandirisyariah.co.id/news-update/edukasi-syariah/prinsip-dan-konsep-dasar-perbankan-syariah

Last update:

No citation recorded.

Last update: 2024-04-19 03:51:37

No citation recorded.