Issues in Islamic Derivatives and Proposals for Reforms in the OTC Market in Indonesia

Setiawan, Romi Adetio

doi:10.3390/jrfm15050222

Cited by 5 publications

(3 citation statements)

References 23 publications

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“…From this it is clear how the elements of promises and their fulfillment play an important role in sharia hedging transactions. From this it can be seen how this fatwa contributes to providing solutions that are not against sharia to help mitigate risks from currency fluctuations (Setiawan, 2022).…”

Section: Promise Theorymentioning

confidence: 99%

Islamic Banks: Analysis Of The Rules Of Fiqh On The Fatwa Of The National Sharia Board-Indonesian Ulama Council

et al. 2023

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Both directly and indirectly, Sharia banking regulations in Indonesia are heavily influenced by the Fatwa of the National Sharia Council-Indonesian Ulema Council. In its fatwas, the National Sharia Council-Indonesian Ulema Council cites many fiqh principles as one of its legal foundations which shows that fiqh rules occupy a crucial position in the fatwas issued by the National Sharia Council-Indonesian Ulema Council. But unfortunately, research and scientific studies related to fiqh principles are currently still relatively few and receive less attention from academics. Therefore, this study aims to find out how fiqh principles are used in the National Sharia Council-Indonesian Ulema Council fatwas related to sharia banking to fill the void in scientific studies and attract scientific interest in this field. This research is normative legal research/legal research. The data used in this study were obtained from the Sharia Banking Fatwa Association compiled by the National Sharia Council-Indonesian Ulema Council. The data is then analyzed using a qualitative content analysis technique, which analyzes the contents of various texts and then systematically transforms them into a very organized and concise main summary. The results of this study indicate that from 2000 to 2018, the National Sharia Council-Indonesian Ulema Council issued 90 fatwas related to Islamic banking. Of the 90 fatwas, 87 fatwas used fiqh principles as one of their legal foundations. Overall, the fiqh principles used in the National Sharia Council-Indonesian Ulema Council Fatwa regarding Islamic banking total 39 principles with a frequency of use of 266 times. Where the rule "Basically, all forms of muamalah may be carried out unless there is an argument that forbids it" is the rule most often used with a frequency of use of 85 times and Fatwa 118/DSN-MUI/II/2018 concerning Guidelines for Guaranteeing Deposits for Customers of Sharia Banks is a fatwa that the most use of fiqh rules is as many as 11 rules. Then, the generalization of the 39 fiqh principles used in the National Sharia Council-Indonesian Ulema Council Fatwa regarding sharia banking has at least produced several theories, namely the theory of origin law, the theory of maslahat, the customary theory, the Khilafah theory, the wasilah theory, the promise theory, the majority theory, and several another theory. In addition, the National Sharia Council-Indonesian Ulema Council fatwas related to sharia banking has also made a positive contribution to the development of sharia banking in Indonesia. Finally, for future researchers, we provide suggestions in the form of future research related to the principles of fiqh and the National Sharia Council-Indonesian Ulema Council Fatwa.

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Section: Promise Theorymentioning

confidence: 99%

Islamic Banks: Analysis Of The Rules Of Fiqh On The Fatwa Of The National Sharia Board-Indonesian Ulama Council

et al. 2023

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“…Types of Regional Government Transactions In regional government financial accounting, the APBD structure-regional revenues, regional expenditures, and regional financing-can be used to classify regional government transactions. Non-cash local government transactions and Inter-Office Account (RAK) transactions between PPKD and SKPD are two additional categories of transactions (Setiawan, 2022).…”

Section: Overview Of Regional Financementioning

confidence: 99%

relevance of the competence of state officials to the effectiveness of accounting in local government financial reports

Lumbanraja

Atmadjaja²,

Suprihartini

et al. 2023

ijbem

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This study examines the literature to prove the relevance of the Competence of state apparatus to the effectiveness of government financial reporting accounting activities in the regions. Many findings have been reported on the importance of local regulatory Competence in government financial projects. However, only some have examined the relevance of apparatus competence to local government financial reporting activities. Carefully studied under a phenomenological approach involving data coding, ordering evaluation, data interpretation, and conclusion, the point of which is to answer the problem validly and reliably in the effectiveness of accounting activities in local government financial reporting. In other words, when state officials have high Competence, it will be easier to report regional government finances. This friend will provide a new vehicle and enlightenment to support similar studies in an academic context and industrial practice.

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“…In a sale and purchase transaction, the seller and the buyer can determine whether they will continue or cancel the sale and purchase transaction and determine the goods to be purchased among the goods offered (Tantimin, 2021). The choice to continue or cancel and choose among the goods offered in legal fiqh is so-called khimar (Amiruddin, 2016;Setiawan, 2022). According to the term, khiyar is the right to vote for one or both parties (seller and buyer) in a sale and purchase transaction to continue or cancel the sale and purchase that was carried out (Sahroni & Hasanuddin, 2016;Rahman & Ramle, 2021).…”

Section: Introductionmentioning

confidence: 99%

Innovation of the Right to Choose (Khiyar) on Contemporary Transactions Using E-commerce

Lorien

Hakim

2022

al-Uqud

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This study aims to analyze and compare the implementation of khiyar in online transactions at Shopee, Tokopedia, and Bukalapak. This type of research is a comparative study with a qualitative approach in comparing the implementation of khiyar at Shopee, Tokopedia and Bukalapak. This study uses primary data sources and secondary data sources, with data collection techniques in the form interviews and documentation. Data analysis in this study uses data analysis model of Miles, Huberman and Saldana. The results found that There are similarities transaction procedure that applies in the three marketplaces which are two types of khiyar applied, namely khiyar 'aib and khiyar ru'yah. Based on experienced transaction process carried out by sellers at Shopee, Tokopedia and Bukalapak, it was known that there are four sellers who both apply khiyar 'aib, while the application of khiyar aib was only applied by buyer at Tokopedia. On the other hand, khiyar ru'yah was not applied by buyers at Bukalapak but it was only applied by one buyer at Shopee and Tokopedia.

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Issues in Islamic Derivatives and Proposals for Reforms in the OTC Market in Indonesia

Cited by 5 publications

References 23 publications

Islamic Banks: Analysis Of The Rules Of Fiqh On The Fatwa Of The National Sharia Board-Indonesian Ulama Council

Islamic Banks: Analysis Of The Rules Of Fiqh On The Fatwa Of The National Sharia Board-Indonesian Ulama Council

relevance of the competence of state officials to the effectiveness of accounting in local government financial reports

Innovation of the Right to Choose (Khiyar) on Contemporary Transactions Using E-commerce

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