Common sense is the exchange clearing slips or electronic financial data between banks on behalf of the Bank and the customers who completed the calculation results at any given time. Clearing in Jakarta was initially carried out manually. But in its development, in line with the increase in transactions of the national economy, especially in Jakarta where at the end of 1989 the volume of scrip has reached 82,052 pieces per day by the number of bank certificate of participants reached 613 banks. This leads to clearing manually perceived to be ineffective and inefficient again and clearing the atmosphere of frenzied meetings often likened to the atmosphere of "bird markets."
Seeing these conditions, the Board of Directors of Bank Indonesia by SKBI No. 21/9/KEP/DIR dated May 23, 1988, and then sets out to change the local clearing system in Jakarta from manual systems into automated clearing system. However only on June 4, 1990 can be implemented automated systems to process the transfer clearing. As for the refund clearing process still done manually, until later in 1994 be replaced with semi-automation system that became known as SOKL.
In 1996 the average volume of clearing Jakarta reached 216,911 pieces per day, with an average pertumbuhahan within three years of about 6%. This causes increased pressure in the process of clearing activity in both the participating banks at Bank Indonesia and the limited ability of existing means of clearing compared to the increase in the amount of clearing. In turn, these constraints led to delays in settlement and clearing of information provision. This potentially reduces public confidence in the banks and other institutions related harm and negative effects chain (systemic risk)
Accordingly, as the principal reference for the development of the national payment system (the Blue Print National Payment System Bank Indonesia, 1995) which among others includes the vision, policy framework and the steps that need to be developed in creating a national payment system more effective, efficient, reliable and safe, then in 1996 the concept of local clearing electronically with image technology was developed by Affairs Accounting and Payment System Bank Indonesia. On September 18, 1998, Bank Indonesia recorded a new history in the field of payment systems in which for the first time in Indonesia inaugurated the use of Electronic Clearing System (SKE) by the Governor of Bank Indonesia, DR. Syahril Sabirin. Application of SKE was conducted on the Local Organizing Klring Jakarta, where at the beginning of implementation, the number of participants who took part are still limited 7 banks clearing participant (BRI, BDN, BII, BCA, Deutsche Bank, Standard Chartered, Citibank) and 2 internal participants from Bank Indonesia ( Accounting Section Accounting Section Thamrin and the City). The participation of bank offices in the Electronic Clearing done in stages in accordance with the technical readiness of each participant. For the office of bank offices that have not become members of the Electronic Clearing, the clearing calculation still use the automated clearing system. Implementation of Electronic Clearing thoroughly to all participants of clearing in the new Jakarta was held on June 18, 2000
Kamis, 06 Januari 2011
ISLAMIC BANKING SYSTEM
ISLAMIC BANKING SYSTEM
Development of Islamic Banking
Since the early days of the Islamic banks based on the presence of two modern Islamic renaissance movement: neorevivalis and modernists, the main purpose of the establishment of financial institutions based on this ethic, no other as Muslims attempt to underlie all aspects of economic life based on the Qur'an and Sunnah . Efforts initial adoption profit and loss sharing system in Pakistan and Malaysia recorded circa 1940's, namely the effort to manage the funds of pilgrims in the non-conventional. Other institutional stub Islamic Rural Bank in the village of Mit Ghamr in 1963 in Cairo, Egypt.
The establishment of the Islamic Development Bank (IDB) in 1975 in Jeddah have motivated many Islamic countries to establish Islamic financial institutions. In the early 1980s period of Islamic banks popping up in Egypt, Sudan, Pakistan, Iran, Malaysia, Bangladesh, and Turkey. Broadly speaking, these institutions can be divided into two categories: commercial Islamic banks and investment institutions in the form of an international holding companies.
The development of Islamic banking was pioneered by Pakistan, in 1979 abolished the system of operational interest of three institutions: the National Investment, House Building Finance Co., and Mutual Funds of the Investment Corporation of Pakistan. In 1985 the entire banking system of Pakistan is converted to the new system, the system of Islamic banking. While in Egypt's first Islamic bank which is the Faisal Islamic Bank was established in 1978, later followed by the Islamic International Bank for Investment and Development Bank, it operates as an investment bank, commercial banks, and commercial banks. While in Malaysia, Bank Islam Malaysia Berhad (BIMB), which was established in 1983 is the first Islamic bank in Southeast Asia.
Indonesia's first Islamic bank was founded in 1991 with the establishment of Bank Muamalat Indonesia (BMI). At the beginning of the existence of Islamic banks have not received the attention of the optimal in order of the national banking industry. Then, after the Law No.7/1992 replaced by Law No.10 of 1998 which regulates in detail the legal basis and the types of business that can be operated and implemented by Islamic banks, Islamic banks will begin to show progress. This law also provides direction for conventional banks to open Islamic branches or converted themselves into Islamic banks.
Differences Between Islamic Banks and Conventional Banks
Besides there are some similarities between conventional banks and Islamic banks, there are enough fundamental differences among others: legal aspects, and enterprises are financed. In the legal aspect of Islamic banks, which do have a contract and ukhrawi worldly consequences because the contract that is based on Islamic law. While aspects of the business and the business being financed, in Islamic banks is not possible to finance the effort contained in the things that are forbidden. It is to be ascertained:
What is the object of financing halal or haram?
Will the project cause kemudharatan to society?
Is the project related to the act immoral?
Is the project related to gambling?
Interest and Usury
There are several opinions in explaining usury, but in general there is a red thread which states that usury is an additional decision, whether buying or selling or lending and borrowing in a vanity or contrary to the principle muamalah. But that meant that every additional usury taken without a single transaction or a substitute for a legitimate counterweight sharia, and is meant to substitute for the transaction of business or commercial transaction that legitimizes the existence of the additions in a fair, such as sale and purchase transactions, pledge, lease, or profit sharing.
The theory of interest can be classified into two groups, namely: (i) the theory of pure interest, and (ii) the theory of monetary interest. The theory of pure interest, comprising: classical interest theory, interest theory hold lust, productivity theory of interest, and interest theory of Austria. While the monetary theory of interest include: theory of interest on funds that can be borrowed, and interest theory of Keynes.
According to Smith, the interest is compensation paid by the debtor to the creditor as fringe benefits on gains from the loan money. These economists believe that the accumulation of capital money as a result of savings, where savings can not be undertaken without expectation of reward for making sacrifices. That's why interest as fringe benefits or savings incentives.
While Keynes's approach to the theory of interest is often known as an approach to inventory (stock), Keynes argued that no interest rate, but the level of income that guarantees to match the savings rate to the level of investment. In other words, interest is rewarded for not spending money or to not save money in the form of cash.
Riba in Religion and Economic Perspective
We will analyze the rates with several implications. Many opinions about the flowers, the first reason for restraint (abstinence) that confirms when the creditor holding back, he wants to suspend use of his own money solely to meet the wishes of others. However, in reality, creditors will only lend money that he does not own or use the excess money than he needed so he did not really hold back on anything.
There is a presumption of interest in return for a lease that is based on a formula that puts the position of rent, wage, and interest. This formula shows that the equivalent of rent (rent) is fixed assets and movable assets, while interest (interest) equivalent of money. This is certainly not appropriate because the money is not a fixed asset, because it demanded rent money is not unreasonable.
Capital is often also seen as having the power to produce value-added, with semikian kriditor eligible for interest benefits. In fact the capital to be productive when used for profitable business, is when it is used for capital consumption is not productive at all.
Other assumptions of interest as a premium or the difference value obtained from the goods at the current time to change or exchange of goods in the future. True? Why not spend a lot oarng entire income now but save it for the purpose in the future? In principle, Islam recognizes the value and precious time, but the rewards are not realized in specific dollars or percentage of fixed interest, this is because the real results of the optimization time is variable.
Inflation is understood as increasing prices as a whole, thus a decline in the purchasing power of money or decreasing purchasing power of money. Therefore, according to adherents of this understanding is very logical decision-interest money as compensation for the declining purchasing power of money lent. This argument is precisely when that occurs only in the economy without deflation or inflation is stable.
Basic Principles of Islamic Banking
The principle advances or deposits (Al-wadi'ah)
Al-wadi'ah can be interpreted as a pure deposit of one party to another party, whether individual or legal entity that should be preserved and restored at any time sipenitip willed. Basically, the recipient deposits are yad al-amana (trust hands) meaning is not responsible for any loss or damage that occurs in the assets deposited during this not because kalalaian recipient in preserving the goods deposited. However, in accepting deposits of modern economic activity is not likely going to the idle assets but use it in certain economic activities. Therefore must memenita permission from Care for later use its assets to guarantee will return intact. The recipient can deposit charge to Care as the cost of care.
Bank as the recipient of a deposit or deposits to take advantage of these savings for the purpose of: current accounts and savings deposits. The consequences of this person's hand (bank), all profits generated from the funds deposited into a bank-owned, as well as the bank is all kumungkinan insurer losses. In return for depositors to obtain security guarantees against its assets are also other current account facilities. The Bank is not prohibited to give some incentive in the form of a bonus with no required previous record and the amount is not specified in nominal or percentage in advance, but it is the policy of the bank's management.
The principle of sharing (Profit-Sharing)
In principle in Islamic banking is the most widely used is the main contract: al-Musharaka and al-mudaraba, while al-muzara'ah and al-musaqah used for plantation agriculture financing or financing by Islamic banks.
Al-Musharaka is an agreement between two or more parties to a particular where each party contributes funds to the agreement that the benefits and risks will be shared in accordance with the agreement. While Al-mudaraba is an agreement between two parties whereby the business of the first party to provide 100% equity, while others become managers. Business profits are divided according to the agreement mudaraba as outlined in the contract, while if the loss is borne by capital owners during the loss was not due to negligence of the manager. If the loss is due to fraud or negligence of the manager, the manager should be responsible for the losses
Development of Islamic Banking
Since the early days of the Islamic banks based on the presence of two modern Islamic renaissance movement: neorevivalis and modernists, the main purpose of the establishment of financial institutions based on this ethic, no other as Muslims attempt to underlie all aspects of economic life based on the Qur'an and Sunnah . Efforts initial adoption profit and loss sharing system in Pakistan and Malaysia recorded circa 1940's, namely the effort to manage the funds of pilgrims in the non-conventional. Other institutional stub Islamic Rural Bank in the village of Mit Ghamr in 1963 in Cairo, Egypt.
The establishment of the Islamic Development Bank (IDB) in 1975 in Jeddah have motivated many Islamic countries to establish Islamic financial institutions. In the early 1980s period of Islamic banks popping up in Egypt, Sudan, Pakistan, Iran, Malaysia, Bangladesh, and Turkey. Broadly speaking, these institutions can be divided into two categories: commercial Islamic banks and investment institutions in the form of an international holding companies.
The development of Islamic banking was pioneered by Pakistan, in 1979 abolished the system of operational interest of three institutions: the National Investment, House Building Finance Co., and Mutual Funds of the Investment Corporation of Pakistan. In 1985 the entire banking system of Pakistan is converted to the new system, the system of Islamic banking. While in Egypt's first Islamic bank which is the Faisal Islamic Bank was established in 1978, later followed by the Islamic International Bank for Investment and Development Bank, it operates as an investment bank, commercial banks, and commercial banks. While in Malaysia, Bank Islam Malaysia Berhad (BIMB), which was established in 1983 is the first Islamic bank in Southeast Asia.
Indonesia's first Islamic bank was founded in 1991 with the establishment of Bank Muamalat Indonesia (BMI). At the beginning of the existence of Islamic banks have not received the attention of the optimal in order of the national banking industry. Then, after the Law No.7/1992 replaced by Law No.10 of 1998 which regulates in detail the legal basis and the types of business that can be operated and implemented by Islamic banks, Islamic banks will begin to show progress. This law also provides direction for conventional banks to open Islamic branches or converted themselves into Islamic banks.
Differences Between Islamic Banks and Conventional Banks
Besides there are some similarities between conventional banks and Islamic banks, there are enough fundamental differences among others: legal aspects, and enterprises are financed. In the legal aspect of Islamic banks, which do have a contract and ukhrawi worldly consequences because the contract that is based on Islamic law. While aspects of the business and the business being financed, in Islamic banks is not possible to finance the effort contained in the things that are forbidden. It is to be ascertained:
What is the object of financing halal or haram?
Will the project cause kemudharatan to society?
Is the project related to the act immoral?
Is the project related to gambling?
Interest and Usury
There are several opinions in explaining usury, but in general there is a red thread which states that usury is an additional decision, whether buying or selling or lending and borrowing in a vanity or contrary to the principle muamalah. But that meant that every additional usury taken without a single transaction or a substitute for a legitimate counterweight sharia, and is meant to substitute for the transaction of business or commercial transaction that legitimizes the existence of the additions in a fair, such as sale and purchase transactions, pledge, lease, or profit sharing.
The theory of interest can be classified into two groups, namely: (i) the theory of pure interest, and (ii) the theory of monetary interest. The theory of pure interest, comprising: classical interest theory, interest theory hold lust, productivity theory of interest, and interest theory of Austria. While the monetary theory of interest include: theory of interest on funds that can be borrowed, and interest theory of Keynes.
According to Smith, the interest is compensation paid by the debtor to the creditor as fringe benefits on gains from the loan money. These economists believe that the accumulation of capital money as a result of savings, where savings can not be undertaken without expectation of reward for making sacrifices. That's why interest as fringe benefits or savings incentives.
While Keynes's approach to the theory of interest is often known as an approach to inventory (stock), Keynes argued that no interest rate, but the level of income that guarantees to match the savings rate to the level of investment. In other words, interest is rewarded for not spending money or to not save money in the form of cash.
Riba in Religion and Economic Perspective
We will analyze the rates with several implications. Many opinions about the flowers, the first reason for restraint (abstinence) that confirms when the creditor holding back, he wants to suspend use of his own money solely to meet the wishes of others. However, in reality, creditors will only lend money that he does not own or use the excess money than he needed so he did not really hold back on anything.
There is a presumption of interest in return for a lease that is based on a formula that puts the position of rent, wage, and interest. This formula shows that the equivalent of rent (rent) is fixed assets and movable assets, while interest (interest) equivalent of money. This is certainly not appropriate because the money is not a fixed asset, because it demanded rent money is not unreasonable.
Capital is often also seen as having the power to produce value-added, with semikian kriditor eligible for interest benefits. In fact the capital to be productive when used for profitable business, is when it is used for capital consumption is not productive at all.
Other assumptions of interest as a premium or the difference value obtained from the goods at the current time to change or exchange of goods in the future. True? Why not spend a lot oarng entire income now but save it for the purpose in the future? In principle, Islam recognizes the value and precious time, but the rewards are not realized in specific dollars or percentage of fixed interest, this is because the real results of the optimization time is variable.
Inflation is understood as increasing prices as a whole, thus a decline in the purchasing power of money or decreasing purchasing power of money. Therefore, according to adherents of this understanding is very logical decision-interest money as compensation for the declining purchasing power of money lent. This argument is precisely when that occurs only in the economy without deflation or inflation is stable.
Basic Principles of Islamic Banking
The principle advances or deposits (Al-wadi'ah)
Al-wadi'ah can be interpreted as a pure deposit of one party to another party, whether individual or legal entity that should be preserved and restored at any time sipenitip willed. Basically, the recipient deposits are yad al-amana (trust hands) meaning is not responsible for any loss or damage that occurs in the assets deposited during this not because kalalaian recipient in preserving the goods deposited. However, in accepting deposits of modern economic activity is not likely going to the idle assets but use it in certain economic activities. Therefore must memenita permission from Care for later use its assets to guarantee will return intact. The recipient can deposit charge to Care as the cost of care.
Bank as the recipient of a deposit or deposits to take advantage of these savings for the purpose of: current accounts and savings deposits. The consequences of this person's hand (bank), all profits generated from the funds deposited into a bank-owned, as well as the bank is all kumungkinan insurer losses. In return for depositors to obtain security guarantees against its assets are also other current account facilities. The Bank is not prohibited to give some incentive in the form of a bonus with no required previous record and the amount is not specified in nominal or percentage in advance, but it is the policy of the bank's management.
The principle of sharing (Profit-Sharing)
In principle in Islamic banking is the most widely used is the main contract: al-Musharaka and al-mudaraba, while al-muzara'ah and al-musaqah used for plantation agriculture financing or financing by Islamic banks.
Al-Musharaka is an agreement between two or more parties to a particular where each party contributes funds to the agreement that the benefits and risks will be shared in accordance with the agreement. While Al-mudaraba is an agreement between two parties whereby the business of the first party to provide 100% equity, while others become managers. Business profits are divided according to the agreement mudaraba as outlined in the contract, while if the loss is borne by capital owners during the loss was not due to negligence of the manager. If the loss is due to fraud or negligence of the manager, the manager should be responsible for the losses
modal auxiliary
The capital of the auxiliary verbs are words such as cans, will, Marshall, may, Might, Should, ought to, must, Could that be used together with a verb and placed in front of the subject.
The Capital auxiliary verb and the verb that follows does not change for person and number
FORM: SUBJECT + THE MODAL AUXILIARY + INFINITIVE
The form and meaning of the capital auxiliary verbs :
Will (Future) : I will learn to become entrepreneurs
Can (ability in the past, the likelihood)
He can walk on water. (ability in the past)
He can fly like batman. (probability)
May (Pemission, possibility)
he children may play here. (permission)
He may get a raise. (possibility)
The Capital auxiliary verb and the verb that follows does not change for person and number
FORM: SUBJECT + THE MODAL AUXILIARY + INFINITIVE
The form and meaning of the capital auxiliary verbs :
Will (Future) : I will learn to become entrepreneurs
Can (ability in the past, the likelihood)
He can walk on water. (ability in the past)
He can fly like batman. (probability)
May (Pemission, possibility)
he children may play here. (permission)
He may get a raise. (possibility)
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