Sharia Banking

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Understanding Sharia Banks
Islamic banking or sharia banking is a bank that conducts business activities using Islamic law or syllabus which is an executing institution run based on sharia principles known as muamalah system which is a sharia banking system that upholds efficiency, justice and togetherness.

The cost of Islamic banks received or paid to customers depends on the contracts and agreements made by customers and banks. The work of Islamic banks is different from conventional banks, pricing on Islamic banks is based on customer agreements.

Islamic banks in carrying out their activities are based on the Koran and Hadith, pricing is based on an agreement between the bank and the customer whose deposit storage with the type of storage is also a period that will determine the size of the income the client will receive. The principles that apply to Islamic banks:

a. Financing based on the profit sharing principle (mudharabah)
b. Financing based on the existence of equity participation (musharakah)
c. The principle of buying and selling goods by obtaining a profit (murabahah)
d. Financing of capital goods based on pure rent without choice (ijarah)
e. Option to transfer ownership of goods rented from the bank to another party (ijarah wa iqtina)


Types of Sharia Banking
Based on the working principle, Islamic banks consist of 3 types, namely:
• Sharia Commercial Bank (BUS) Sharia Bank which in the activity of providing payment traffic services
• Sharia Business Bank (UUS) is the head office of a conventional commercial bank that conducts its business activities based on sharia principles.
• Sharia Bank Islamic People's Financing Bank (BPRS) that does not collect customer funds in the form of demand deposits, so it cannot issue checks and bilyet giro

Strengths of Islamic Banking
Islamic banks have several advantages that cannot be found in conventional banks.

• All transactions carried out using a Sharia contract.
• There are rahn in Islamic banks, namely contracts used in the process of pawn of goods
• Lease contract (ijarah), which is the contract of transfer of usufructuary rights over a certain period of time with lease payments without the transfer of ownership of the asset itself.
• Then kafalah, the contract is carried out by giving guarantees in a transaction.
• The existence of a murabahah contract is used for buying and selling transactions
• The contract of the Qardh contract that is used for lending with a refund of the borrowed amount remains the same and does not increase.
• Does not burden the customer from the start with the obligation to pay regularly.
• There is a revenue sharing system for depositors

Lack of Islamic banking
• Weaknesses in Islamic banks have not been able to move quickly.
• Where the weakness of the Sayriah bank on this bank system assumes that the customers involved are honest and thus very vulnerable to those who have bad faith.
• A complicated profit sharing system, especially for small profit profits for customers whose value is not fixed.

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