Development, Social Change, and Islamic Finance in Contemporary Indonesia

Pepinsky, Thomas B.

doi:10.1016/j.worlddev.2012.06.007

Cited by 56 publications

(41 citation statements)

References 20 publications

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“…Securities are categorised as Shariah-Compliant if they are issued by "the issuer who declares that its business activities as well as its business management are conducted based on the Shariah principles in the capital market as clearly stated in its article of association" and "the issuer who does not declares that its business activities as well as its business management are conducted based on the Shariah principles in the capital market", subject to the issuer fulfilling the criterias as in part (i) and (ii) below (Indonesia Financial Services Authority, 2012). The two types of screening are outlined as follows: In addition, Pepinsky (2013) states that Indonesia is a suitable country for studying public choices for Islamic Finance since it is a vast and diverse open majority in terms of Muslim democracy and financially (Juoro, 2008) (in Pepinsky, 2013. Although Indonesia has a vast and diverse traditional financial system, a handful of local and international banks offer Shariah-Compliant financial products through special "Shariah Windows" or "Shariah Offices" in recent times.…”

Section: Indonesiamentioning

confidence: 99%

Strict and Uniform Shariah Screening Methodologies in Selected Asian Countries in Comparison with the United States

Kasi

Muhammad²

2016

AJFA

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This paper focuses mainly on the Shariah screening methodologies for Shariah-Compliant firms. This paper compares the Shariah screening methodologies which are used in selected Asian countries and the United States, a 'powerhouse' nation. In order to include the analysis of the new benchmark introduced in Malaysia as part of this study, the timeline used in this paper is from November 2013 until November 2014. It can be found that there are similarities and differences between the various Shariah screening methodologies in all the 5 countries, in terms of feasibility, duration, economic viability and fund requirements. It also appears that the Shariah screening methodologies implied in the United States is far more stringent than those implied in the selected Asian countries. On the whole, the results point towards the possibility of generalising the implementation of strict and uniform Shariah screening methodologies within all the country-specific Shariah Indices amongst Muslim nations, globally.

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Section: Indonesiamentioning

confidence: 99%

Strict and Uniform Shariah Screening Methodologies in Selected Asian Countries in Comparison with the United States

Kasi

Muhammad²

2016

AJFA

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“…According to Pepinsky [15], commonly the Muslim society will determine their choices based on their daily routine. Any choices that they make are based on the consequences to themselves and to their surroundings.…”

Section: The Significance Of Islamic Banking Towards Malaysian Societymentioning

confidence: 99%

“…To them, an action of just is an action that suits to everyone. Such an internationalist approach suggests that Muslims who identify with the global Muslim political community should be more likely to use Islamic financial products because doing so is one way to express one's identification with the community [15].…”

Section: The Significance Of Islamic Banking Towards Malaysian Societymentioning

confidence: 99%

How Islamic Banking Does Justice to Malaysian Society

Khalidah

Inayah

Rizal

et al. 2015

Islamic Perspectives Relating to Business, Arts, Culture and Communication

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The term 'Islamic banking' means the conduct of banking operations in parallel with Islamic teachings. In view of this definition, Islamic banks are expected not to have the same philosophies and objectives as adopted by the conventional banks; but theirs must be in line with the teachings of Islam. Islamic business entities are required to engage themselves in legitimate and lawful business and to fulfil all obligations and responsibilities. All transactions are based on the concept of honesty, justice and equity. This paper seeks to examine the economic aspect of justice in terms of Islamic banking. By comparing the pertinent literature on Islamic banking and conventional banking system, this paper also seeks to describe the pros and cons on the Islamic Banking practices and compare its differences with the conventional banking practices on how it reflects justice to the whole society.

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“…Thus, practically it has no different with the loan scheme of conventional bank, where the borrowers should only pay the amount of money regardless the condition of the business (Rahman et al, 2013). Then, Pepinsky (2013) explained that the players in the sharia banking industry in Indonesia were the part of the conventional banks. This indicated that the sharia principles had not been entirely applied in the sharia banking industry.…”

Section: Introductionmentioning

confidence: 99%

Sharia Banking Support to Help IT Start-Up Development in Bina Nusantara University

Prakosa

Permana

Hartanto

et al. 2017

Binus Business Review

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This research was to find the possibilities of using the sharia banking method as the funding source alternatives for students or graduated students of IT start-up in Bina Nusantara University. This research was a qualitative research. In-depth Interview method was used to get the information. The researchers interviewed several informants that were considered as the competence individuals in Sharia Banking. It is found that sharia Banks are using the fatwa of Dewan Syariah Nasional (DSN -National Sharia Council) as their operational reference, that is included the fatwa on business funding. All informants agree that IT start-up has not been discussed by the DSN, and there is no any fatwa about it. However, IT start-up has been considered as the kind of business that cannot be funded by sharia banks due to the method of the business itself, which can be considered as gharar (a business that is forbidden in Islam).

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Development, Social Change, and Islamic Finance in Contemporary Indonesia

Cited by 56 publications

References 20 publications

Strict and Uniform Shariah Screening Methodologies in Selected Asian Countries in Comparison with the United States

Strict and Uniform Shariah Screening Methodologies in Selected Asian Countries in Comparison with the United States

How Islamic Banking Does Justice to Malaysian Society

Sharia Banking Support to Help IT Start-Up Development in Bina Nusantara University

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