By Timur Abimanyu, SH.

MH

The Washington Post

Welcome To the Law of Islamic Banking and Islamic Banking

Growth Acceleration Strategy

With the legalization bill into law Islamic Banking Islamic Banking, Islamic banking is now a
legal umbrella for this didamba. So also with the presence of Law SBSN then expected to
attract foreign investors, particularly Middle Eastern investors to invest in Indonesia. The
presence of Islamic Banking Act is expected to spur the pulse of the national economy, and
contribute in alleviating poverty, welfare, and open employment plus the Act strengthen the
fundamentalist Islamic Banking Islamic banking law so that could be equal to conventional
banks.

Deputy Governor of Bank Indonesia, Siti Fadjrijah revealed, with the adoption of Islamic
banking bill into law then the targets of Islamic Banking Islamic banking market share by five
per cent by 2010 can be achieved. Until now, Islamic banking assets of only 1.7 percent of total
national banking assets, or about Rp 40 trillion. Sukuk Securities Act or the State Securities
Sharia (SBSN) assessed the potential to replace the Government Securities (GS) as an
instrument of conventional government budget deficits. This can be seen in the mechanism
underlying assets, the calculation for results and projects to be financed. In contrast,
conventional SUN tend not transparent and tend to be speculative. To achieve the target of 5
percent in 2010, Deputy Governor of Bank Indonesia Siti Fadjrijah states Islamic banking
assets have reached around Rp 90 trillion. With this assumption can be the relevance of Islamic
banking prospectus, with the assumptions and acceleration measures the growth of assets,
deposits and financing of the banking industry in 2008 is projected to reach the volume of
assets, deposits and financing as an accelerated program which amounted to Rp. 91.6 trillion,
Rp. 73.3 trillion and Rp. 68.9 trillion.
Percapaian share of Islamic banking assets amounting to 5% is the anchor that should be the
spirit of all parties, to work hard and contribute in more concrete terms. Regarding the
development of financing composition dominated by murabaha-based financing (57.6%), but
the share-based profit-sharing financing continues to increase. In concrete measures the
acceleration of growth of Islamic banking and the blueprint set out in the API development of
Islamic banking as well as short-term in 2007-2008 with an accelerated program is always
oriented to the human resources in both the BI and in the Islamic banking industry, improving
the effectiveness and quality of Islamic banking supervision, enhanced approach socialization
of Islamic banking to suit the target market, increase quality of service and network of Islamic
banks, coupled with efforts to encourage Islamic banks to be more innovative in selling bank
products and services new and more market friendly.

The development of business opportunities after the Islamic Banking Act is its orientation to
increase interest in local and foreign investors who will enter the Islamic banking industry, it is
necessary to increase the legal certainty of transactions of Islamic banking in Indonesia. With
the emergence of centers of Islamic-based economy such as Islamic banking, BMT, sharia,
sharia courts, cooperative sharia, Islamic capital market, MLM sharia, and so on; otomotis take
much effort to create universal concepts of Islamic economic system as a whole and
comprehensive which will umbrella centers sharia-based economy. Islamic banking in
Indonesia finally gets legal protection after the House of Representatives. completed the draft
Law (Draft) Islamic banking in a working meeting, nine factions had agreed to the bill was
approved in plenary session. Islamic Banking Act with a draft of the final draft undangini
contains 13 chapters and 70 articles. The number of chapters reduced from the initial draft of
15 chapters and 75 articles.

Uncertainty dismissed
The existence of legal uncertainty gave birth to our concerns about the reluctance of the
monetary authority of foreign investors coming to Indonesia. This impression, which in turn
gave birth to the nuances Islamphobia undue pengesahaan bill comes amid Islamic Banking,
and the most important now is how the Indonesian people with a positive welcome, in fact must
be a mistake to dismiss The public interpretation of certain provisions of Sharia bill.

Some important points of Islamic Banking Act is one of them is to provide guidance and
oversight authority of Islamic banking to Bank Indonesia. The authority also carried out
surveillance and compliance Indonesian Ulema Council (MUI), which represented a Sharia
Supervisory Board shall be established in each of the Islamic banks and Islamic business units
of conventional banks. Prospects of Islamic banking in the future is very bright, especially
considering the very large market share. Power that Islamic banks until the end of 2007,
according to the report of Bank Indonesia are three Islamic banks (BUS), 26 Sharia (Islamic
business units), 26 Sharia (Islamic business units), and 114 SRB. With this strength of Islamic
banking managed to record 2.8 million customer accounts, while the volume of business of
Islamic banks until the end of 2007 only reached Rp. 36.5 trillion, or about 1.8 percent of
national banking assets. So naturally if then many conventional banks opening Islamic
branches, directly or through conversion of the branches Some important points of Islamic
Banking Act is one of them is to provide guidance and oversight authority of Islamic banking
to Bank Indonesia. The authority also carried out surveillance and compliance Indonesian
Ulema Council (MUI), which represented a Sharia Supervisory Board shall be established on
each unit of Islamic banks and Islamic banks usa ha conventional. Prospects of Islamic banking
in the future is very bright, especially considering the very large market share. Power that
Islamic banks until the end of 2007, according to the report of Bank Indonesia are three Islamic
banks (BUS), 26 Sharia (Islamic business units), 26 Sharia (Islamic business units), and 114
SRB. With this strength of Islamic banking managed to record 2.8 million customer accounts,
while the volume of business of Islamic banks until the end of 2007 only reached Rp. 36.5
trillion, or about 1.8 percent of national banking assets. So naturally if then many conventional
banks opening Islamic branches, directly or through conversion of branches of Islamic
branches directly or melaluikonversi conventional branch into a branch of sharia.

Of course, current conditions require the existence of strong support from various parties for an
economic system based on Islamic sharia can continue to grow and flourish in Indonesia. The
development of Islamic banking is a phenomenon that is very interesting and unique, because
this phenomenon occurs despite the fact that national economic conditions in a state that
mengkhawatirkan.Di middle of the current economic instability and still lack the level of public
trust in monetary institutions, Islamic banks can still capable stand upright in the middle of
various obstacles and competition exposure occurs. Great potential, which should spur its own
Islamic banking institutions to be more creative, innovative, and organized by a professional.
The challenge now is how far Islamic banking players can formulate activities in economic
development activities nasioanal after obtaining legal protection. Islamic banks are expected to
answer all the hope and optimism of the importance of the Islamic system applied in the
banking world.

Islamic Banking Act in Article 55 stipulated:

1.Penyelesaian dispute made by a court of Islamic Banking daalm scope of religious justice.
2.Dalam portend things the parties have a dispute resolution other than as referred to in
paragraph (1), dispute resolution conducted in accordance with article 55 akad.Dalam
explanation they will be explained that the reply is' the settlement of disputes in accordance
with the contents of the contract "is an effort as follows:
(A) deliberation.
(B) banking mediation.
(C) through Basyarnas.
(D) through the courts in civil legal process.

Islamic Banking And Law Related

1.UU No. 7 / 1992 & No. 10 / 1998 About Banking
2.UU No. 23/1999 on Bank Indonesia
3.UU No. 24 / 2004 About Insurance Agency
4.UU No. 3 / 2006 About Individual Limited
5.UU No. 40 / 2007 on Limited Liability Companies
6.UU No. 38/1999 on Management of Zakat
7.UU No. 19 / 2008 About SBSN
8.UU & PP Taxation, Land, Financing DLL
9.UU Islamic Banking

Illustration:
Subdit Sharia Pranata and Management of the Directorate General Badilag MA-RI is
implementing Sharia Economic socialization in Pontianak, with the aim to increase knowledge
of Islamic Economic disputes and authority for personnel Religious Courts.
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