Islamic Financial Characteristics and the Sustainability of Islamic Banking in Indonesia: Challenges and Opportunities

Sri Dewi Yusuf; Muhamad Mokoagow; Muhammad Nur; Spandi Rauf

doi:10.37641/jimkes.v11i2.2036

Authors

Sri Dewi Yusuf Pascasarjana Ekonomi Syariah, IAIN Sultan Amai Gorontalo
Muhamad Ichksanul A. Mokoagow Pascasarjana Ekonomi Syariah, IAIN Sultan Amai Gorontalo
Muhammad Nur Pascasarjana Ekonomi Syariah, IAIN Sultan Amai Gorontalo
Spandi S. Rauf Pascasarjana Ekonomi Syariah, IAIN Sultan Amai Gorontalo

DOI:

https://doi.org/10.37641/jimkes.v11i2.2036

Keywords:

Characteristics, Islamic Finance, Islamic Banking, Sharia Compliance, Financial System

Abstract

This research aims to examine the implementation of Islamic finance in Islamic banking in Indonesia based on the characteristics of Islamic finance, namely Tauhid (Monotheism), Adl (Justice), Nubuwwah (Prophethood), Khilafah (Stewardship), and Ma’ad (Afterlife). This study also aims to serve as a means for the Indonesian public to obtain information related to the application of financial systems in Islamic banking. The researcher employs a qualitative research method, using secondary data sourced from literature, including journals, articles, documentation, written texts, and relevant materials related to the research topic. The results of this study indicate that Islamic banks indeed practice their activities in accordance with Sharia regulations. The five values or characteristics of Islamic finance serve as the main foundation in its implementation. Firstly, in the concept of Tauhid, leaders consistently maintain their devotion to Allah. Moreover, Islamic banks make all policy decisions based on the Qur'an and Sunnah (traditions of the Prophet). Secondly, in terms of Adl, this principle is evident in the implementation of Islamic banking contracts, which do not prioritize personal gain in their collaborations. Thirdly, the principle of Nubuwwah, which prohibits monopolies and encourages cooperation in community building, aligns with one of the practices of the Prophet Muhammad during his time. Fourthly, Khilafah, through the practice of Islamic banking involving zakat contributions from its activities, demonstrates that Islamic banks in Indonesia do not forget their obligation to contribute to a just economy. Lastly, Ma’ad; Islamic banks always consider the ultimate outcome of their activities, as everything they undertake will be rewarded or punished in accordance with their deeds.

Downloads

Download data is not yet available.

References

Andri, S. (2009). Bank dan lembaga keuangan syariah. Jakarta: Kencana.

Ascarya, W. G., Widodo, C., Enny, A., & Ferry, S. (2012). Strategi Meningkatkan Preferensi Perbankan Syariah Indonesia Dalam Menggunakan Pembiayaan Bagi-Hasil. Jakarta: Central Banking Education and Studies Department, Bank Indonesia.

Choiriyah, C., Saprida, S., & Sari, E. (2021). Development of Sharia Banking System In Indonesia. Mizan: Journal of Islamic Law, 5(1), 17-28.

Creswell, J. W. (2010). Research design pendekatan kualitatif, kuantitatif, dan mixed. Yogyakarta: pustaka pelajar.

Dusuki, A. W. (2015). Sistem Keuangan Islam: Prinsip dan Operasi. Jakarta: Rajagrapindo Persada.

Grassa, R. (2012). Islamic banks' income structure and risk: evidence from GCC countries. Accounting Research Journal, 25(3), 227-241.

Gulam, M. (2021). Menguak Alasan Dibalik Minimnya Nasabah Pengguna Bank Syariah Di Gorontalo. AKASYAH: Jurnal Akuntansi, Keuangan dan Audit Syariah, 1(1), 39-52.

Indonesia, B. (2004). Potensi Preferensi dan Perilaku Masyarakat Terhadap Bank Syariah di Wilayah Sumatera Selatan Kerjasama Direktorat Perbankan Syariah Bank Indonesia dengan Institute Pertanian Bogor Laporan Hasil Penelitian.

Iqbal, Z., Mirakhor, A., & Anwar, A. K. (2008). Pengantar Keuangan Islam: Teori dan Praktik. Jakarta: Kencana.

Ismail, D., Sayuti, M. N., & Farid, D. (2020). Conventional Banking, Sharia Banking, and Financial Justice. Journal of Economicate Studies, 4(2), 63-75.

Istrefi, V. (2020). CORPORATE GOVERNANCE IN ISLAMIC FINANCIAL INSTITUTIONS. Journal of Governance and Regulation/Volume, 9(2), 75-82.

Lubis, F. A. (2018). Aplikasi Sistem Keuangan Perbankan Syariah. HUMAN FALAH: Jurnal Studi Ekonomi dan Bisnis Islam, 5(2), 269-292.

Maulida, S., al-Amruzi, M. F., & Hasan, A. (2020). Urgensi Prinsip Dalam Pengembangan Hukum di Bidang Mu’amalah, Ekonomi, Perbankan, dan Keuangan Syariah. Al-Azhar Islamic Law Review, 2(2), 78-86.

Nasuka, M. (2017). Maq?? Id Syar?’Ah Sebagai Sebagai Dasar Pengembangan Sistem, Praktik, Dan Produk Perbankan Syariah. DIKTUM: Jurnal Syariah Dan Hukum, 15(1), 1-10.

Wiyanti, D. (2013). Perspektif Hukum Islam terhadap Pasar Modal Syariah Sebagai Alternatif Investasi Bagi Investor. Jurnal Hukum Ius Quia Iustum, 20(2), 234-254.

Yaya, R., Martawireja, A. E., & Abdurahim, A. (2009). Akuntansi Perbankan Syariah: Teori dan Praktik Kontemporer. Penerbit salemba empat.