By Timur Abimanyu

Preparation of the Draft Law of Sharia Along With Economic

Development Efforts In Indonesia Sharia Banking Sharia
Economic Dispute Handling

Islamic finance and banking disputes can only besolved in addition to Sharia arbitration, must also be legal melalaui Sharia Law
CompilationEconomics and Shariah Law of Economy to create a sense of justice and legal certainty

Compilation of Economic Law of Sharia (KHES) has been formed, again Directorate
Pranata and Management of the Directorate General of Civil Religion Religious Judicature
Supreme Court made a breakthrough to complete the legal umbrella in an effort to carry out
law enforcement in the field of Islamic finance dispute. Where has the implementation of
Activity Preparation of the Draft Law of Islamic Economics (HAES) by inviting Prof..
Abdul Manan. as a resource, which is targeted in this HAES draft would be finished before
the end of 2011. On the same occasion the secretary Ditjen Badilag MA RI (Farid Ismail)
representing Ditjen Badilag in his speech said "that the Law of Sharia Economic highly
anticipated presence at this time given the urgent need of guidelines for judges in the form
of Procedural Law at the justice in Indonesia, in terms of case handling disputes Sharia
Economy is starting to bloom in court. " With the hope of Draft Law of Economics Sharia to
be prepared to load the entire grammar rules in judicial proceedings to resolve the dispute
case of Islamic economics, so as to assist the judges in hearing and adjudication of economic
disputes by upholding the Islamic values of justice and legal certainty.

"Islamic Economic Procedural Law it is the gateway to proceedings as well as a handle for
the judges in handling the dispute cases on Islamic Economic Justice, presented by the
Director Pranata and Management of Religious Affairs Directorate General of Civil Case
Badilag MA-RI (Hidayatullah) at the opening of the Draft Development Activities Sharia
Economic Procedural Law was conducted at the Hotel Seruni-Cisarua Bogor from 13-15
April 2011. Where involve Drafting Team Draft Law of Sharia Economic consisting of legal
experts of Islamic economics at DG environment Badilag as Chief Justice, Deputy Chairman
of the PTA, the High Judge of Religious and other legal practitioners.

Once descriptions submitted by the Vice Chairman of the PTA Jakarta (Zainuddin Fajari) as
either an instructor in the preparation of the draft HAES and simultaneously acting as a
moderator in the discussion forum, which explains that the preparation of Civil Procedure is
based on Sharia Economic Letter from Head of the Supreme Court of the Republic of
Indonesia on Preparation and Formation Team Draft Law of Economics Sharia, with the
underlying various legal reference books of various good Procedural Law of the judiciary in
Indonesia and from abroad, especially some justice in the Middle East. Added also to the
Decree of the Chief Justice of the Republic of Indonesia which is about the "legal standing",
in the preparation of draft implementing Sharia Law of Economics. Learning from the
"Experience in the preparation of the Economic Procedural Law Compilation Sharia can be
used as a guide and a handle in the preparation of the draft Law of Economics Sharia to be
implemented" Zainuddin Fajari, said.

======================

Illustration By Timur Abimanyu

Draft Law of Sharia is a demand Economics from Economic Society of Sharia, seen with the
rise of Islamic Banking in Indonesia. Actually in terms of economic development of Islamic
State of Indonesia has been left with European countries and especially with middle eastern
countries.Bank Indonesia should either Party, the Government and the Indonesian
Parliament (DPR) should be grateful with the sons of the Indonesian people who can make
legislation that apart from the Dutch Colonial Law (colonizers Nation Indonesia).
It should be and deserve The Bank Indonesia, the Government and the Indonesian
Parliament (DPR) supports the implementation of Sharia Economic Procedural Law to
proceedings in court. This view of development and Islamic banking disputes, even to the
authority to hear disputes.
And :
The development of Islamic banking in Indonesia in the last decade is very rapid. This is
evident from the growth and development of Islamic banking industry in the homeland, and
the increasing levels of public trust. People really missed the emergence of various
economic institutions that can bring economic justice to narrow the social gap. The
economic crisis that occurred since mid-1997, which has continued until today, has made us
aware of the importance of finding and developing alternative economic systems, which can
prevent the occurrence of concentration of wealth in the hands of a few groups of people. 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 total volume of national banks as a whole reached the figure of USD 1087 billion. If we
persentasekan, the new Islamic banking business volume reached 0.23 percent. However,
the future prospects of Islamic banking are very bright, especially considering the very large
market share. So, it's normal then many conventional banks opening Islamic branches,
directly or through conversion of conventional branches became branches of sharia. While at
the district level, we also have tens of SRB that has been operating in all parts of Indonesia.
Islamic Banking.

In fact if you want to be honest, there are still many problems faced by Islamic banking. On
this occasion, a writer tries to present the results of research conducted by Abdul-Gader and
Al-Ghahani (1990) who did a comparative study of the role of conventional commercial
banks and Islamic banks in economic development. There are 4 key points drawn from the
results of that research.
First, Islamic banks tend to maintain a higher ratio between cash and deposits than
conventional banks. This suggests to us that Islamic banks were more conservative than
conventional banks.
Second, the percentage of own capital (equity) to total assets is higher in Islamic banks than
conventional banks. Similarly, the ratio between own capital and loans between loans with
deposits, Islamic banks is higher when compared with conventional commercial bank.
Third, Islamic banks show a higher profit ratios than conventional banks engaged in the
same country. This is evidence of a higher cost of capital net worth or income from assets
and the ratio of total operating income by total assets.
Fourth, the Islamic bank is more efficient than conventional commercial banks, as evidenced
by the ratio of non-interest expenses to gross revenue (gross revenue).

This analysis shows that despite the establishment of Islamic banks have been running
smoothly, but still there are many weaknesses and shortcomings that need for us to
accomplish together.
Some problems :
There are several problems that arise along with the development of Islamic banking
industry. The problems that can be categorized in a number of problems which include:
First, is the lack of deposits. Islamic banking operations can not accept deposits from people
who want to get the benefits without bearing any risk. Because according to sharia, is not
allowed to share the benefits without sharing the risk. Type of depositors like this are
generally more inclined to deposit their money in banks that operate with a system of
interest / usury or the capital market (stock market).
Second, the problems faced by Islamic banking is excessive liquidity (excessive liquidity).
Of course, Islamic banks would be more likely to maintain a high ratio of cash savings when
compared with conventional banking. This was done to anticipate savings account
withdrawals by customers at any time without prior notice.
Then, not all potential customers of Islamic banks agree to lend money based on the
principles of Musharaka or partnership.
Third, is the problem of cost and profitability. Islamic Bank to work with very strict rules
and choose a lawful and appropriate investment islamic. The implication is that Islamic
banks should be supervised and sometimes directly manage the operations of a project it
finances. This is done to reduce the managerial expenditure. As a result, Islamic banks must
bear the additional cost that was never there in the books of banks berasas interest. Islamic
banks must also be able to minimize potential losses from investments mudarabahnya and
securing a higher level of profitability compared with usury banks.
Islamic banks are sometimes difficult to provide loans aimed at consumption. This is caused
by the limited funds that can be borrowed without a profit. Then the Islamic banks are
currently still difficult to collect zakat funds, donated as well as charity on a large scale,
whereas zakat fund is incredible potential, and can be used as a source of funding loans for
consumptive purposes.
Fifth, there is still lack of human resources in a comprehensive understanding of all matters
relating to Islamic banking industry. So in practice, it often happens deviations transaction
activity that does not comply with sharia. Therefore, the Sharia Supervisory Board should
play an active role in overseeing all activities of Islamic banks do business.
Later, efforts need to be improved continuously socialization of the banking system in
accordance with sharia. And problems faced sixth among Islamic banking institutions are
not yet maximal legislation that became law for the overall umbrella of Islamic banking
activities.
Therefore, we need to fully support efforts to make Islamic Banking Bill which is planned to
be completed by the end of 2003. In fact, it's time we develop the Central Bank of Islamic
discourse as an umbrella along for all banks operating under Islamic system. After all
Islamic banking institutions require a separate central bank, which is separated from the
existing central bank. Because it is impossible in an institution there are two systems that
have differences in a very basic, the result will always be problems that can hamper the
development of one of them. In this case, it could be that hampered the development of
Islamic banking.
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