Islamic banking

Islamic banking

Islamic banking  is banking or banking activity that is consistent with the principles of Syariah Law and its practical application through the development of Islamic Ekonomics Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees (known as riba or usury) for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam ("sinful and prohibited"). Although these Principles have been applied in varying degrees by historical Islamic economies due to lack of Islamic practice, only in the late 20th century were a number of Islamic banks formed to apply these principles to private or semi-private commercial institutions within the Muslim community.

Referensi

·         Djuwaini, Dimiyauddin. 2008. Pengantar Fiqih Muamalah. Yogyakarta: Pustaka Pelajar

·         DewiGemala, Wirdyaningsih, danBarlintiYeni Salma, HukumPerikatan Islam Di Indonesia. Jakarta: KencanaPrenada Media Group. 2006.

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Islamic banking products

Islamic banking products

Some of the product and services provided by the Sharia-based banks, among others:

deposit

• al-Wadiah (custody services), is the custody of funds where the depositor can withdraw funds at any time. With the system wadiah Bank is not obligated, but are allowed to give bonuses to customers. Bank Muamalat Indonesia-Shahibul Maal.
• Mudaraba deposits, customers save money in the bank within the time frame specified. Advantages of investing the bank's customer funds will be shared between the bank and the customer with a certain profit sharing ratio.

For results

• Al- Musharakah (Joint Venture), this concept was applied to the model of partnership or joint venture. Benefits achieved will be shared in an agreed ratio while losses will be shared based on the ratio of equity owned by each party. The fundamental difference is that in the mudaraba concept is no interference management mudharabah management while there is no interference

·         Al-Mudharabah is an agreement between a provider of capital to entrepreneurs. Any benefits achieved will be divided according to certain agreed ratios. The risk of loss is borne fully by the Bank unless the losses caused by mismanagement, negligence and irregularities such as misuse of the customer, fraud and abuse.

• Al-Muzara’ah the banks provide financing to clients who are engaged in agricultural / plantation on the basis of the results of the harvest[1].

• Al-mushaqah is a more simple form of muzara'ah, where the customer is only responsible for penyiramaan and maintenance, and in return customers are entitled to a certain ratio of the crop.

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[1] Djuwaini, Dimiyauddin. 2008. Pengantar Fiqih Muamalah. Yogyakarta: Pustaka Pelajar.

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PROHIBITED TRANSACTIONS IN CAPITAL MARKET

PROHIBITED TRANSACTIONS IN CAPITAL MARKET

Transactions muamalah built on the principle beneficiaries. Personality 'will not prohibit the transaction unless there is a form of tyranny elements in it, such as usury, hoarding (ihtikar), tadlis (fraud), maisyir, gharar, as described in the hadith of the Prophet:

عن جابر رضي الله عنه قال: لعن رسول الله صلى الله عليه وسلم اكل الربا وموكله, وكاتبه, وشاهديه, وقال: هم سواء ( رواه مسلم و بخاري )

From Jabir ra, he said: Allah cursed the eater of usury, his deputy, the author and two witnesses. (Narrated by Bukhari and Muslim).

Types of transactions that are prohibited in the capital markets, among others, there are some kinds of fraud, market manipulation, and insider trading. Law No.18 of 1995 on the capital markets is expressly prohibited transactions or securities trading activities that contain elements of fraud, market manipulation, and insider trading. The ban is designed to protect the interests of investors or public investors, as well as to ensure that the process of securities trading can take place in an honest and healthy so that public confidence in the Indonesian capital market industry can be maintained and last a long time.

Referensi

§  Djuwaini, Dimiyauddin. 2008. Pengantar Fiqih Muamalah. Yogyakarta: Pustaka Pelajar.

§  Serfianto, Hariyani Iswi. 2010. Buku Pintar Hukum Bisnis Pasar Modal. Jakarta selatan: Transmedia Pustaka.

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Multi level marketing (MLM)

Multi level marketing (MLM)

Multi level marketing ( MLM ) in English is multi means a lot, means tiered or terracd levels, and marketing mens markrting.

Multi-level marketing is a marketing tiered lot. Called multi-level, because it is an organization of distributors who carry a lot of sales are tiered or terraced.

Law of MLM is permissible (allowed), so long as it does not contain the following elements, Riba, Gharar or uncertainty, or adverse dharar / oppressing others, danJahalah or MLM is not transparan.Karena trade, therefore also must meet the legitimate requirement engagement. This mechanism is operating on an MLM distributor can invite others to participate as well as distributors. Then the other person can also invite anyone else to join. And so on, all are invited and join a group of independent distributors who invites someone else to level indefinitely.

Referensi

·         DewiGemala, Wirdyaningsih, danBarlintiYeni Salma, HukumPerikatan Islam Di Indonesia. Jakarta: KencanaPrenada Media Group. 2006.

·         Burhanuddin, HukumKontrakSyariah. Yogyakarta: BPFE-Yogyakarta.2009.

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Mutual Funds wafirotul haifa (1122010)

Mutual Funds

Mutual fund is a container and the pattern of fund management/capital for investors to invest in a set of investment instruments available in the market by buying mutual funds. Meanwhile, funds/money which is then managed by the Investment Manager (MI) to the investment portfolio, whether it be stocks, bonds, or money market securities/other security. Thus, mutual funds raise money by issuing Units to the public, then the fund is invested in various types of securities traded in the capital market and money market.

Mutual funds are some terkaitaparties, among others: the Investment Manager is responsible for managing the funds collected in mutual funds. They are in charge of investment activities such as analyzing, selecting, deciding investment, and market monitoring. Typically, the Investment Manager is an investment company which has professional experts named deputy manager of the investment. Not just anyone can have this profession as deputy manager of the investment can only be obtained after passing the exam professional standards in the field of capital markets deputy investment manager .

In addition, they also have to get permission from Bapepam and LK. Custodian bank is the party which holds the investment fund or collective that provides custody services and other assets relating to the administration of securities and mutual funds. In addition, the Custodian Bank is a commercial bank that has been licensed as a custodian bank. This agency does not engage in activities associated with investment decisions but it has a function as a daycare securities purchased by the fund managers, administration and transfer agent of purchase or sale. Brokers on the orders of the Investment Manager, the broker will execute buy/sell good effect of capital market securities and money market. Bapepam and Lk Capital Market Supervisory bodies and Financial Institutions (Bapepam and LK) is an agency under the Ministry of Finance of the Republic of Indonesia in charge foster, organize, and oversee the day-to- day activities of the capital market, and to formulate and implement policies and technical standardization in the field of financial institutions.

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Customary Law (Tradition) wafirotul haifa (11220010)

Customary Law (Tradition)

Custom or tradition is the oldest source of law, where the source is known or can be extracted portion of the law outside the law, where we can find or diglegal. The meaning is the same looping behavior in the community whenever there is a situation of the same community. New habits become habits customary law when it is believed by society as aliability in accordance with the law because of perceived justice. In addition, one can also become a habit because dikonstatir customary law by the judge in his decision.

Requirements to be a common law are: First, the existence of a material condition or behavioral habits that remain or be repeated, which is a series of the same act, which lasted for some time. Should be able to shown the existence of long-lasting action, there must be what is called longa et inventerata consuetudo. Second, it should be a condition of intellectual habits cause necessitatis opinion (Convictions general) that the action was a legal obligation. This belief is not only a belief that always apply, but the belief that it should be so. The habit is to be done because of the belief, that it should be done objectively, it is believed that by doing do a legal obligation. And third, due to the existence of the common law when the law was violated.

In general, the common law in a society can be distinguished, namely: general common law that applies to the entire territory of the country within a country with an area of ​​the Republic of Indonesia to the position of the lot, the law applicable local toxicity in the environment area smaller (provincial/district), specifically the common law or customary law prevailing in a group environment specific group of people (in the profession).

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The Concept of Employment Relationship wafirotul haifa (11220010)

The Concept of Employment Relationship

Employment relationship is a legal relation ship between workers and employers that have an element that there are jobs, wages and labor relations orders occurred after the employment agreement between workers and employers or employer. Employment relationship is a legal relationship that is performed by at least 2 subjects of law regarding a job. The subject of labor relations law sare entrepreneur/employer to the worker/laborer. Employment relationship is at the coreof industrial relationsin the country.

Element of the employment relationship, the first is the existence of a job, the job that is free in accordance with the agreement between the worker and the employer, provided it does not conflict with the laws, morals and public order. The second element that is under the command, in the employment relationship is the employer's position as an employer so that he has the right and also the obligation to provide the commands associated with the job. The position of labor is the party who receives the order to carry out the work. The relationship between the worker and the employer is committed relationship between superiors and subordinates that are subordinated.

The third element is the presence of a certain wage be rewarded for the work that has been done by workers. The definition of wages under the provisions of Article 1 paragraph 30 of Law No 13 of 2003 is the right of workers/laborers received and expressed in terms of money as compensation from the employer or the employer to the worker/laborer is determined and paid under an employment agreement, agreements or regulations legislation including allowances for workers/laborers and their families for a job or service that would have been done. Each job has the right to earn a decent human beings (Article 88, paragraph 1), decent size is relative. And the fourth element is time, meaning laborers for the specified time or for an indefinite time or for ever. Proper time is related to the employment agreement specified time or a particular workplace agreement or better known to the public by the employment contract. The working hours of workers in 1 week is 40 hours/week. Under the provisions of Article 50 of Law No 13 of 2003, the employment relationship is due to the employment agreement between the employer and the worker/laborer.

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DONATION by: siti indah nurvianti / 11220022

Donation is constitute an application that gets voluntary character (no because and its cause) without there is achievement contract of application receiver party, and that application is passed off at the moment the giver stills to live (this is that differentiates it with escrow, which escrow give after the owner of the escrow passes away). Donation kinds of available 4 which is Shadaqah what does give, Escrow and Present[1]

Stipulate object that at donated which is object that must belongs to that perfect of side  Donature  Goods have available deep mean truthfully while donation transactions is performed. The Object that must something which may be had by religion. That’s asset must been diqoined clear ala of penghibah's belonging asset[2]

Give or donation gets to remove spiteful disease, namely diseased one is gotten at heart and gets to wreck reward's points. Donation at do as antidote of heart, which is spiteful.[3]

1. Application or donation gets to wreak taste mutually loves, love, and menyayangia.
2. Present or application gets to remove grudge taste

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[1] Helmi Karin, Fiqih Muamalah (Jakarta: PT Raja Grafindo Persada 1997)

[2] Rahmat Syafei, Fiqih muamalah,(Bandung: Pustaka Setia, 2001)

[3] Helmi Karin, Fiqih Muamalah (Jakarta: PT Raja Grafindo Persada 1997) hal 77

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Islamic Perspective on the Financial Crisis

Islamic Perspective on the Financial Crisis

The Financial crisis can be characterised by unrestrained credit creation on the back of an out of control financial system that not only allows the creation of money and interest from nothing, but gambling on a mind-boggling scale. Wealth has been extracted out of the system in never before seen amounts, and will not be easily replaced. From an Islamic perspective this is entirely predictable and preventable. Yet the cure is requiring of the complete application of Islam within the governance structures set down within the Caliphate ruling system. A ruling system in which the economy is geared towards meeting the needs of the people, not faceless banking corporations.

The following principles of economy in Islam are presented, not as reactionary points of debate to be part of the patchwork of crisis and flawed response, but as an ideological alternative which has enjoyed many centuries of success for Muslims and non-Muslims alike.

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