This article aims to analyze the implementation of musyarakah mutanaqishah financing on Islamic banking in Indonesia, especially in facing the existence of three issues available in contract implementation (sharia issues, legal issues, and operational issues). The research method used in this research is descriptive qualitative method with an inductive analysis approach. The method of analizing the date is based on Law of Republic of Indonesia Number 21/2008 concerning Sharia Banking, DSN-MUI, Fatwa Number 73/2008 concerning Musyarakah Mutanaqishah, and AAOIFI Sharia Standards. The research findings showed that the implementation of MMQ on some points is not based on sharia law. In terms of legal and operational analysis based on BI rules on banking laws, there are indications of a discrepancy between the basic rules and its implementation in the field. The operational assignment of all payment obligations for fees deviates from AAOIFI standards and DSN fatwas, and there are no specific accounting standards related to MMQ. AbstrakArtikel ini bertujuan menganalisis implementasi pembiayaan musyarakah mutanaqishah pada perbankan syariah di Indonesia, terutama dalam menanggapi keberadaan tiga isu yang melekat pada implementasi akad (isu syariah, isu legal, dan isu operasional). Metode penelitian yang digunakan adalah metode kualitatif deskriptif dengan pendekatan analisis induktif. Analisis dilaksanakan berdasarkan Undang-Undang Republik Indonesia Nomor 21 Tahun 2008 Tentang Perbankan Syariah, Fatwa DSN-MUI Nomor 73/2008 tentang Musyarakah Mutanaqishah, dan Standar Syariah AAOIFI. Hasil analisis menunjukkan bahwa implementasi MMQ pada beberapa point belum sesuai syariah. Dari sisi analisis legal dan operasional berdasarkan aturan BI tentang undang-undang perbankan terindikasi adanya ketidaksesuaian antara dasar aturan dengan implementasi di lapangan. Terkait operasional adanya pelimpahan semua kewajiban pembayaran atas biaya yang muncul menyimpang dari standar AAOIFI dan fatwa DSN dan belum ada standar akuntansi khusus terkait MMQ.Kata Kunci: musyarakah mutanaqishah; isu syariah; isu legal; isu operasional Muqtasid 9(2), 2018: 120-133

The objective of this study is to shed some light on the effect of institutional quality on the development of the global sukuk market. Specifically, this study examines the impacts of the institutional quality that adopts three dimensions of the Worldwide Governance Indicators (WGI), i.e., Rule of Law (RL), Regulatory Quality (RQ), and Government effectiveness (GE) on the global sukuk development of the top-five countries of sukuk issuance, i.e., Malaysia, Kingdom of Saudi Arabia, United Arab Emirates, Indonesia, and Bahrain. Drawing on a quantitative study with the data in the forms of global sukuk issuance from 2002 to 2017, panel-data regression (OLS) and General Method of Moment (GMM) were applied. This study showed that RL and GE have a significantly positive effect on sukuk issuance; however, RQ did not influence the development of the global sukuk market. These results imply that a country that is capable to maintain the institutional quality, especially in terms of rule of law and government effectiveness, will most likely be the country that can successfully develop the sukuk market. These results play a crucial role in filling a research gap among previous studies and provide an empirical evidence of the government’s role and its influence on the sukuk development.

The development of transaction and business models in the current digital era requires Muslims to understand the facts and concepts of correct transactions, in order to avoid acts that violate sharia, one of which is transactions that contain gharar. To understand sharia, we must learn from sources of Islamic law, one of which is the hadith of the Prophet Muhammad. This study aims to describe and analyze comprehensively with various sides of the study of economic hadith about gharar in business. This research is a qualitative type with a literature study approach. The results of the study show that there are many hadiths that explain prohibited buying and selling and business transactions due to the presence of gharar or unclear elements. Because it can harm one of the parties to the transaction. A business is said to be permissible or lawful if it is free from all elements of maghrib; maysir, gharar, usury.

This research aims to empirically examine the institutional quality variable as a moderatingvariable between macroeconomic stability and the development of global Islamic finance andthe indicators of global sukuk instruments. This is to prove previous research which states thatmacroeconomic stability influences financial developments. Macroeconomic stability alsoinfluences the development of the sukuk market. There is empirical research that states thatinstitutional quality moderate financial developments, so research is directed at examininginstitutional quality as a moderator of macroeconomic stability in the development of the globalsukuk market. Exploratory quantitative research method, using secondary data panel datamodels in the form of development of sukuk with proxies for issuance of sukuk in countriesthat are active in issuing sukuk and registered on the International Islamic Financial Market(IIFM), and institutional quality comes from WGI -BI. The results of the analysis show that thequality of institutions moderates the macroeconomic stability of the development of sukuk,especially on the exchange rate and inflation indicators. While the GDPP moderation test forthe development of sukuk there is no evidence that institutional quality is a moderating variable.This research contributes empirically to the limitations of previous research which analyzedmacroeconomic stability without including the variable quality of government institutionswhich can be used as a basis for making decisions for investors in investing, regulators in makingrules, and issuers when issuing sukuk.