Islamic Banking

wafirotul haifa

11220010

Banking is an institution which executes three functions, they are; receives savings, loans money, and money transfer service. In the economic history of Muslim.  The functions of banking was popular in Rasulullah period. The functions are receiving entrusted goods, borrowing money for consumption and business necessity, and transferring money. The function of banking is assembling fund from society and reversing the found to society who need the found.

Syariah bank is a banking system which is developed as syariah Islamic law. Contrat is declaration between syariah bank and client which is the base transaction in syariah bank. The function of syariah bank is managing the client found investment, serving the client as a rule. As long as the rule is not contrary with syariah principle, syariah bank must manage zakat and social found right.

The concepts of syariah banking are:

1.      Association found concept:

a.       Al wadiah (giro)

b.      Al mudharabah (savings and deposito)

2.      Transferring found concept:

a.       Dividing outcome (mudharabahdanmusyarakah)

b.      Purchase and sale (murabahan, salam, istishan’, ijarah)

c.       Service (qardh, hawalah, kafalah, wakalah, rahn)

The characteristics of syariah banking are:

a.       Universal: universal for everyone without any disparity in economic status or religion.

b.      Fair: fair in giving found and service for client. In other word, give the client found and service as the proportion, and also forbid maysir (speculation), gharar (unclear), haram, and riba.

c.       Transparent: the activity is transparent. Therefore, the activity in banking is open for everyone.

d.      Balance: balance in developing money sector which through the activity of syariah banking. And it also covers in real sector and UMKM.

e.       Maslahat: give the advantages and bring a goodness for all life aspect.

f.       Variable: all the products are various, begin with haji and umroh savings, general savings, giro, deposito, payment which based on dividing outcome, purchase and loan for custodian service product, transfer service and payment service (debit card. Syariah change).

g.      Facility: receiving and channelization zakat, infaq, sedekah, wakaf, good deed found (qard), ATM, mobile banking, internet banking, and interconnection with syariah bank.

The requirements of transaction in syariah bank are: there is no criminal element, there is no riba, does not endanger relevant parties, there is no manipulation (gharar), does not contain forbidden material, and there is no gambler (maisyir).