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Legal Issues in Sharia Pawn Gold Practice in Indonesia Lastuti Abubakar; Tri Handayani
Fiat Justisia: Jurnal Ilmu Hukum Vol 11 No 1 (2017)
Publisher : Universitas Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25041/fiatjustisia.v11no1.618

In the past few years, there is a trend of applying Islamic concept in Indonesia’s economic system, and it has implications for the existing legal system whereby new legal system should accommodate the changes. One of the institutions that use both conventional and shari’a system in Indonesia is pawning as an alternative financing mechanism, particularly for micro and consumption sectors. In practice, the function of pawning as a financing instrument has shifted into investment by continuously doing pawning and buying. As a result, people who need fund for financing are not facilitated. The current regulation has allowed this practice for banks, pawn shops, and financial institutions to offer pawn gold that is not for financing activity but investment activity. Therefore, it raised a question whether this activity is complying with the shari’a principles. What kind of regulations that can make the function of pawning back to its original purpose as a financing mechanism. This study uses a normative juridical approach by using secondary data from the legal resources, with a specification of research methods using descriptive analysis whereas data are qualitatively described. The findings from this study reveal that the practice of pawning gold in Indonesia has not been fully consistent with the pawning function, therefore; it requires appropriate regulation so that the original function as the alternative financing for households and small, medium enterprises (SMEs) is not shifted to gold investment vehicles. Pawning gold is expected to be complementary to the businesses and households regarding financing that cannot be fulfilled by the banks and other financial institutions. Keywords: Pawn Gold, Legal Pawning, Shari’a

STRENGTHENING FINANCIAL TECHNOLOGY REGULATION TO EMPOWERMENT FINANCIAL INCLUSIVE Lastuti Abubakar; Tri Handayani
Diponegoro Law Review Vol 4, No 2 (2019): Diponegoro Law Review October 2019
Publisher : Fakultas Hukum, Universitas Diponegoro

After the global crisis at 2008; Financial Inclusion became a focus in many international forums including developing countries and Indonesia. Refers to international best practice, the solution is made: the national financial inclusion strategies that conducted among other things such as launch a certain programs such as branchless banking and peer to peer lending are the solutions has made. One of the financial inclusive principles is technological innovation to expand public access using financial technology to reach financial systems. This research aims to study and analyze fintech regulation in Indonesia to empower the financial inclusive. Research method is used a normative juridical and descriptive analytics specification. Data has analyzed in a qualitative juridical. The results showed that Fintech has a role in broaden the access for community to financial systems so that it can be a tool for poverty alleviation and economic equality. Likewise, to strengthening and rearrange Fintech regulation is needed due to overcome the obstacles such as the misuse of personal data, the growth of shadow economy and consumer losses. Therefore, it is required a comprehensive regulation, cooperation between authorities and institutions in order that Fintech can be optimally empower the financial inclusion.

Juridical Study on the Optimization of Cash Waqf Management by Islamic Banking in Indonesia Teguh Tresna Puja Asmara; Lastuti Abubakar
PADJADJARAN Jurnal Ilmu Hukum (Journal of Law) Vol 6, No 3 (2019): PADJADJARAN JURNAL ILMU HUKUM (JOURNAL OF LAW)
Publisher : Faculty of Law, Universitas Padjadjaran

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Cash waqf is an innovative instrument of waqf aiming to create social welfare. It is expected that cash waqf enables extensive public participation to support social welfare. However, in reality, cash waqf management in Indonesia has not yet resulted optimal benefit. Based on the Law Number 41 of 2004 on Waqf, three institutions carry out cash waqf management. They are the Indonesian Waqf Board as the collector and the developer, Nazhir as the manager, and the Islamic Financial Institution as the collector. The three institutions make the cash waqf management and development ineffective and not optimal. Based on the data from the Indonesian Waqf Board, of the total potential cash waqf IDR180 Trillion, only IDR400 billion was realized. This study is a normative juridical legal study employing descriptive method. The results reveal that the role of the Islamic Financial Institution, Islamic bank, as collector can actually be expanded. Thus, it covers the management and distribution roles like a Waqf Bank in Bangladesh, the Social Islami Bank Ltd. (formerly known as Social Investment Bank Ltd). Islamic bank has capability and professionalism of management and distribution of funds generated from the cash waqf.Studi Yuridis tentang Optimalisasi Manajemen Wakaf Uang oleh Bank Syariah di Indonesia AbstrakWakaf uang merupakan salah satu instrumen inovatif dari wakaf dalam menciptakan kesejahteraan sosial di masyarakat. Dengan wakaf uang, partisipasi masyarakat umum akan terbuka lebih lebar dalam menunjang pemerataan kesejahteraan sosial. Akan tetapi, dalam kenyataannya pengelolaan wakaf uang di Indonesia masih belum dirasakan manfaatnya secara optimal. Berdasarkan Undang-Undang Nomor 41 Tahun 2004 tentang Wakaf, pengelolaan wakaf uang dilakukan oleh tiga lembaga yakni Badan Wakaf Indonesia (BWI) sebagai penghimpun dan pengembang, Nazhir sebagai pengelola, dan Lembaga Keuangan Syariah (LKS) sebagai penghimpun. Pengelolaan Wakaf Uang oleh tiga lembaga tersebut menjadikan pengelolaan dan pengembangan Wakaf Uang tidak efektif dan optimal. Hal ini terbukti dari data BWI, bahwa di tahun 2017 dengan total potensi Wakaf Uang keseluruhan yang mencapai Rp180 Trilyun, hanya terealisasikan sebesar Rp400 Milyar. Penelitian ini bersifat deskriptif analitis dengan menggunakan pendekatan yuridis normatif. Hasil penelitian menunjukan bahwa fungsi LKS dalam hal ini perbankan syariah sebagai penghimpun wakaf uang, sesungguhnya dapat diperluas sehingga mencakup fungsi pengelolaan dan penyaluran seperti Bank Wakaf yang ada di Bangladesh yakni Social Islami Bank Limited (sebelumnya dikenal sebagai Social Investment Bank Ltd). Perbankan syariah memiliki kompetensi dan profesionalisme dalam pengelolaan dan penyaluran dana yang berasal dari wakaf uang tersebut.Kata kunci: Optimalisasi, Perbankan Syariah, Wakaf UangDOI: https://doi.org/10.22304/pjih.v6n3.a1

The Urgency of Open Application Programming Interface Standardization in the Implementation of Open Banking to Customer Data Protection for the Advancement of Indonesian Banking Billiam Billiam; Lastuti Abubakar; Tri Handayani
PADJADJARAN Jurnal Ilmu Hukum (Journal of Law) Vol 9, No 1 (2022): PADJADJARAN JURNAL ILMU HUKUM (JOURNAL OF LAW)
Publisher : Faculty of Law, Universitas Padjadjaran

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Open banking with Application Programming Interface technology (open API) is an initiative that aims to streamline the payment system in Indonesia. Open API allows banks to integrate their systems with fintech and e-commerce by disclosing customer transaction data. This study aims to reveal the urgency of open API standardization in the Indonesian implementation of open banking. The study employed a normative juridical approach to secondary data. The data includes primary, secondary, and tertiary legal materials. It also used a qualitative normative data analysis method. It concludes that before the establishment of the National Standard for Open API Payment (SNAP), the process of sharing data among banks and fintech and/or e-commerce was unstandardized. It was only based on agreement among parties. Indonesian banks have different-various standards of the open API that could affect customer data protection. According to the Regulation of the Financial Service Authority Number 12/POJK.03/2018, the relationship between banks and fintech and/or e-commerce in the administration of digital banking services that is based solely on agreements among parties is not strong enough. OJK indeed presents as a supervisory agency. However, the parties will eventually return to an agreement among themselves. In contrast to the Regulation of the Financial Service Authority, the Regulation of Members of the Board of Governors, which is the legal basis for SNAP, provides standards that both service providers and service users must comply with. However, the implementation of SNAP-based open APIs still needs the readiness of personal data protection regulations.DOI: https://doi.org/10.22304/pjih.v9n1.a4

EQUITY PRINCIPLE AS TRUST CONTRACT PRINCIPLE IN BANKING AND ITS IMPACT TO NATIONAL CONTRACT LAW RENEWAL Tri Handayani; Lastuti Abubakar
USU Journal of Legal Studies Vol 1, No 1 (2017): VOLUME 1 ISSUE 1, MARCH 2017
Publisher : University of Sumatera Utara

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National bank industry need a strong legal principles to run its function as intermediary institution in supporting national development and global access in order to be able to compete in welcoming ASEAN Banking Integration Framework (ABIF) in 2020. To anticipate that, Banking develop banking services based on contract. One of many, is Bank Indonesia which has issued PBI No. 14/17/PBI/2012 regarding deposit and managing (Trust) which then revised with POJK No: 25/POJK.03/2016 regarding revision of POJK No: 27/POJK.03/2015, which brought forward equity principle. This activity brings impact in contract law development. In its implementation, equity principle was troubled with the difference its definition or application in Indonesia and other countries with common law legal system. The issues to be discussed are (1) How is the implementation of equity principle in trust agreement to push the development of national banking? (2) how is the urgency of contract law system renewal in accommodating trust agreement? Based on the previous research, the result is: there is difference in definition and scope of equity in its implementation based on Indonesian contract law. The implementation of equity principle hasn’t been performed optimally, remembering Indonesian legal system which doesn’t recognize dual ownership which is the essence in trust agreement. Because of this, certain effort is necessary to implement equity principle concretely. It is time for Indonesia to renew its contract law to be able to compete the vast development of banking activity or other rapidly developing business.

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