LEGAL SYNCHRONIZATION OF SHARIA BANKING SUPERVISION ARRANGEMENTS IN INDONESIA

Main Article Content

MUHAIMIN, MUHAMMAD SOOD, LALU HAYYANUL HAQ

Abstract

The development of banking supervision arrangements undergoes frequent changes due to various factors such as political conditions and socio-economic situations. Initially, bank supervision was under the purview of Bank Indonesia (BI), but it later shifted to the Financial Services Authority (OJK). However, this change in the regulatory framework has resulted in legal uncertainties in the regulation of Sharia banking, which contradicts legal principles, legal theory, and the rule of law. Consequently, it has led to legal issues in the supervision of Sharia banking within the Indonesian legal system. This research employs a normative legal research method utilizing primary, secondary, and tertiary legal sources. Legal materials were collected through document and literature studies, and they were subsequently analyzed descriptively. Additionally, legal interpretation methods were used to construct prescriptions and draw deductive conclusions. The findings of this study indicate that the synchronization of Islamic banking supervision arrangements within the Indonesian legal system entails external supervision of Sharia banking being carried out by the OJK. However, internal supervision is overseen by the Board of Commissioners, with the specific supervision of Sharia banking falling under the purview of the Sharia Supervisory Board (DPS). Moreover, legal solutions related to Sharia banking supervision in Indonesia involve institutional supervision conducted by the OJK, which is specifically authorized by law to regulate and supervise Sharia banking. At the national level, supervision of Sharia aspects is carried out by the National Sharia Banking DPS.

Article Details

Section
Articles
Author Biography

MUHAIMIN, MUHAMMAD SOOD, LALU HAYYANUL HAQ

1MUHAIMIN, 2MUHAMMAD SOOD, 3LALU HAYYANUL HAQ

1Business Law Department, Faculty of Law, University of Mataram, Mataram,
West Nusa Tenggara,83126, Indonesia

2Business Law Department, Faculty of Law, University of Mataram, Mataram,
West Nusa Tenggara,83126, Indonesia

3Business Law Department, Faculty of Law, University of Mataram, Mataram,
West Nusa Tenggara,83126, Indonesia

 

References

Amir, M. F. (2020). Peran dan Fungsi Otoritas Jasa Keuangan (OJK) Dalam Sistem Keuangan di Indonesia (Perspektif Hukum Islam). Al-Amwal: Journal of Islamic Economic Law, 5(1), 59–71.

Aziz, A., & Nur’aisyah, I. (2021). Role Of The Financial Services Authority (OJK) To Protect The Community On Illegal Fintech Online Loan Platforms. Journal of Research in Business and Management.

Friedman, L. M. (1975). The legal system: A social science perspective. Russell Sage Foundation.

Hanifah, I. (2019). The Role of Otoritas Jasa Keuangan (Financial Services Authority) in Supervising Sharia Banking Products in Indonesia. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 2(4), 375–384.

Marzuki, P. M. (2016). Penelitian Hukum, Edisi Revisi, Cetakan Ke-12. Jakarta: Kencana.

Muhaimin. (2020). Metode Penelitian Hukum. Unram Press.

Muhaimin, M., Husni, L., & PS, L. W. (2021). Permasalahan Hukum Pengawasan Otoritas Jasa Keuangan Dalam Konversi Bank Ntb Syariah. Prosiding SAINTEK, 3(November 2020).

Pikahulan, R. M. (2020). Implementasi Fungsi Pengaturan serta Pengawasan pada Bank Indonesia dan Otoritas Jasa Keuangan (OJK) terhadap Perbankan. Jurnal Penegakan Hukum Dan Keadilan, 1(1). https://doi.org/10.18196/jphk.1103

Salindeho, J. (1998). Tata Laksana Dalam Manajemen. Sinar Grafika, Jakarta.

Sayuna, I. (2016). Harmonisasi dan Sinkronisasi Hukum Surat Kuasa Membebankan Hak Tanggungan (SKMHT) Ditinjau Dari Otentisitas Akta Menurut Undang-Undang Nomor 2 Tahun 2014 tentang Perubahan Atas Undang-Undang Nomor 30 Tahun 2004 tentang Jabatan Notaris [UNS (Sebelas Maret University)]. https://digilib.uns.ac.id/dokumen/download/53281/MjI3OTIw/Harmonisasi-Dan-Sinkronisasi-Hukum-Surat-Kuasa-Membebankan-Hak-Tanggungan-Skmht-Ditinjau-Dari-Otentisitas-Akta-Menurut-Undang-Undang-Nomor-2-Tahun-2014-Tentang-Perubahan-Atas-Undang-Undang-Nomor-30-Tahun-2004-Tentang-Jabatan-Notaris-Cover.pdf

Sjahdeini, S. R. (2007). Perbankan Islam, Cetakan ke-3. PT Pustaka Utama Grafiti.

Soekanto, S., & Mamudji, S. (2006). Legal research, a brief overview. PT Raja Grafindo Persada.

Sujanto. (1982). Beberapa Pengertian di Bidang Pengawasa. Ghalia Indonesia.

Very, I. (2022). Impairment In Value of PSAK 7 Financial Accounting Standards, Classification of Accounting Measurements in Hedging Companies in The Banking Sector Due To Corona Virus. Marginal : Journal of Management, Accounting, General Finance and International Economic Issues, 1(4), 219–240. https://doi.org/https://doi.org/10.55047/marginal.v1i4.341