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All Journal Istinbath: Jurnal Hukum dan Ekonomi Islam
Yayuk Afiyanah
Faculty Of Sharia And Law, Syarif Hiayatullah State Islamic University
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

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THE SHIFT OF NON-PROFIT CONTRACT TO BUSINESS CONTRACT IN THE ISLAMIC FINANCIAL INSTITUTION BUSINESS ACTIVITIES Muhammad Maksum; M. Asrorun Niam Sholeh; Yayuk Afiyanah
istinbath Vol 19 No 2 (2020): Desember
Publisher : Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/ijhi.v19i2.269

Abstract

This article examines the shift of contract objectives from what originally set for non-profit objectives to business ones. Such shift is found in the three contracts; wakalah (power of attorney), hawalah (underground banking), and kafalah (guarantee). Referring to their uses in several Islamic financial products in Indonesia and comparing to the sharia resolution of Sharia Authority Council Malaysia and Islamic law (fiqh), the majority of these contracts is proven to apply fees (ujrah) and used both independently and in combination with other contracts. Here, the fees are mostly applied in the Islamic financial institutions, but unfortunately the customers who are involved in the contracts get less. This, in turn, affects and changes the contract classification which originally included the three in the non-profit contract and eventually turns them into the business contract. If the contracts are set for business objectives, they are then considered as service/lease based contracts (ijarah). In the construction of a real agreement (contract), this shift has implications on changes in the rights and responsibilities of the parties involved and can raise a dispute cause of misunderstanding of the status of the contract as voluntary (tabarru’) or business (tijari).
Co-Authors Muhammad Maksum Sholeh, M Asrorun Niam