Political Economy of Islamic Banking in Indonesia

Political Economy of Islamic Banking in Indonesia PDF

Author: Ahmad Dahlan

Publisher: Universal-Publishers

Published: 2021-06-15

Total Pages: 216

ISBN-13: 162734294X

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This book is a work of historical analysis focusing on the development of Islamic financial institutions from 1992 to 2011 in Indonesia as they relate to Islamic banking using a political-economic approach. Indonesia plays an influential role in various international political and Islamic organizations because it has the largest Muslim population in the world. Although Indonesia was late in establishing its banking initiatives, it did so 1992 in response to the growth of the Islamic financial institutions. From 1992 to 2011 many laws and regulations were established to support the growth of Islamic banking in Indonesia, but by national financial market indicators, Islamic banking in Indonesia fell behind many expectations. This analysis suggests that the shortcomings may be due in part to the waning power of key elements of the political superstructure to push policies that supported Islamic banking and Islamic economic systems, and establish synergies with institutions of Islamic economic education and stakeholders to accelerate the growth of Islamic banks in terms of service, national market share, and public trust.

At the Hands of Fate: the Political Economy of Islamic Insurance

At the Hands of Fate: the Political Economy of Islamic Insurance PDF

Author: Muhammad Sigit Andhi Rahman

Publisher: Hilmia Press/Primedia eLaunch LLC

Published: 2020-04-02

Total Pages: 251

ISBN-13: 1648714765

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Why have Islamic insurance systems developed well in some countries, but not in others? Malaysia is considered as Islamic insurance elite due to its relatively large number of operators it houses as well as the sustained growth of Islamic insurance sales within the country, while Indonesia and Pakistan are still in early stages of development. Analyzing the political and social history of Islamization of insurance systems in these three Muslim majority countries in Asia since 1980s, this book demonstrates the development gap between these countries on Islamic insurance results from; firstly, complex bargains made between various groups within each country polity, and those bargains are structured by the country's fundamental political institutions. Secondly, the gap is also an outcome of different societal transformations during the Islamization that 'produce Islam(s)' in these countries. The revival of Islamic principles in these countries does not only create Sharia-compliant financial products but produces Islamic norms, identities, ethics, and practices enacted in the way the communities manage their risk.

The Growth of Islamic Banking in Indonesia

The Growth of Islamic Banking in Indonesia PDF

Author: Yasushi Suzuki

Publisher: Routledge

Published: 2020-12-22

Total Pages: 127

ISBN-13: 1000282724

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Indonesia is the most populous Muslim country in the world. Taking into account also its endowment and potential economic resources, the Islamic banking industry in Indonesia was expected to take on an important role in facilitating more financial resources and to contribute to the internationalization of the Islamic mode of financing particularly in the Asia-Pacific region. However, the reality is far from the expectation. This book aims to clarify the causes and fundamental constraints leading to the extraordinarily low level of Indonesia’s Islamic financial deepening. The authors draw on the traditions of Institutional Economics which are concerned with the rules or mechanisms of creating the 'incentive' and 'threat' for economic players because the rules (institutions) would matter as the determinant for economic development and economic efficiency. This book offers a fairly new analytical lens by hypothesizing that Islamic banks must earn additional profit– the authors coined as ‘Islamic bank rent’ - to maintain their franchise value as prudent Shari’ah-compliant lenders when compared to conventional banks. The authors argued that insufficient provision of the Islamic bank rent opportunity may have caused the Indonesia’s Islamic banks the opportunity to learn and improve their skill and capacity for the credit risk management. The book also offers evidence in support of implementing economic and affirmative policy necessary for incubating and developing the Islamic banking industry in Indonesia and making Indonesia an international Islamic financial hub in the Asia-Pacific region. This book will be a useful resource for policy makers and researchers interested in Islamic banking in Indonesia.

Islamic Economic Institutions In Indonesia: Are They Successful In Achieving The Maqasad-al-shari'ah

Islamic Economic Institutions In Indonesia: Are They Successful In Achieving The Maqasad-al-shari'ah PDF

Author: Toseef Azid

Publisher: World Scientific

Published: 2023-04-10

Total Pages: 265

ISBN-13: 9811272700

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Islamic institutions have had a very long history, whose performance was muted during the Colonial Period. However, after the Second World War, the revival of the Islamic institutions began. Throughout its history, it had been assumed that these institutions are working for the betterment of humanity. Their target is to achieve a high level of the welfare for the concerned community. Historically these institutions were waqf, zakat and sadaqat. However from the last three decades, Islamic financial institutions have been established with the objective of providing interest- free products, transaction and services for Muslims. However there has been lot of criticism on the performance and role of these institutions. This becomes especially pertinent in a Muslim country like Indonesia, where there is a dire need to know that how these institutions are working and if it is possible for them to achieve the objectives of the Shari'ah. Some scholars have claimed that these institutions are performative and only serving 'lip service', and there are no significant differences between the Islamic and secular institutions where both kinds of institutions operate on the same foundations and differ only in use of technical terminologies. This volume aims to analyze some of the Islamic institutions which are operating in the world's biggest Muslim country, Indonesia, as a case study and analyze the contemporary Islamic Banking products and practices in the light of 'Maqasad al-Shari'ah'. The book's objective is to propose an improved system of Islamic institutions for Muslims to refer to. This volume will also analyze why these institutions are currently not able to comply with the Maqasad al Shari'ah and how it is possible to enhance the level of economic development, social wellbeing, individual freedom and equality, elimination of injustice and poverty, and achieve the other targets of the Maqasad through these institutions.

Indonesia, Islam, and the International Political Economy

Indonesia, Islam, and the International Political Economy PDF

Author: Mark S. Williams

Publisher: Routledge

Published: 2017-04-21

Total Pages: 232

ISBN-13: 1351839918

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The Republic of Indonesia is a rising great power in the Asia-Pacific, set to become the eighth largest economy in the world in the coming decades. It is the most populous Muslim majority country in the world. The largest Islamic organizations and parties have supported Indonesia’s participation with global markets, but this has not come from an ideological support for capitalism or economic liberalization. Islamic political culture has denounced the injustices caused by global capitalism and its excesses. In fact, support for Indonesia’s engagement with the international political economy is born from political pragmatism, and from Indonesia’s struggles to achieve economic development. This book examines the role of Islamic identity in Indonesia’s foreign economic relations and in its engagement with the world order. There is no single expression of Islam in Indonesia, the politics espoused by Islamic parties and organizations are far from monolithic. Islamic sentiment has been invoked by the state to justify heinous acts of brutality, as well as by violent, subnational revolutionary groups. However, these expressions of Islam have deviated from the dominant narrative, which is in favour of international cooperation and economic development. Economic exploitation, political alienation, financial volatility, and aggression toward Muslims around the world that has caused some Islamic groups to radicalize. The political culture of Islam in Indonesia is a social force that is helping to foster a peaceful rise for Indonesia. However, a peaceful expression of Islam is not inevitable for the republic, nor can it be assumed that Islamic identity in Indonesia will unwaveringly support the global economic order, regardless of what might occur in global politics.

Islamic Banking in Indonesia

Islamic Banking in Indonesia PDF

Author: Rifki Ismal

Publisher: John Wiley & Sons

Published: 2013-02-22

Total Pages: 491

ISBN-13: 1118509951

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A comprehensive overview of key developments in Islamic banking In Islamic Banking in Indonesia, renowned economist Dr. Rifki Ismal explores current issues in Islamic banking and financial products with a particular focus on the danger of liquidity risk in Indonesia. It approaches liquidity risk from the conventional perspective of international banking standards, as well as from the Islamic banking perspective. Dr. Ismal also covers the issues of asset-liability balancing, liquidity risk index, organizational structures for managing liquidity, industrial analysis, withdrawal risk, bankruptcy risk, moral hazard risk, and market risk. Compiling all the latest academic research on liquidity risk and other risks in Islamic banking, the book provides a theoretical foundation for managing risk that will is highly useful for researchers on Islamic banking and practitioners and academics. Written by a renowned expert on Islamic banking who works on monetary policy at the central bank of Indonesia Covers the latest developments in Islamic banking, particularly liquidity risk, for a rapidly expanding market Ideal for European and American readers, in addition to Asian readers, who need a fuller understanding of Islamic banking institutions, markets, and products With the latest academic research and the expertise of a leading practitioner in Islamic banking, this book offers in-depth coverage of the most pressing issues in the field.

DYNAMICS OF ISLAMIC FINANCE PRODUCTS AND CONTRACTS IN INDONESIA

DYNAMICS OF ISLAMIC FINANCE PRODUCTS AND CONTRACTS IN INDONESIA PDF

Author: DYNAMICS OF ISLAMIC FINANCE PRODUCTS AND CONTRACTS IN INDONESIA

Publisher: Tazkia

Published: 2018-06-22

Total Pages: 477

ISBN-13: 6027540168

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“Bank Indonesia terus berupaya mendukung pengembangan keuangan syariah melalui blueprint dengan pembentukan lima pilar strategis: Pengembangan produk dan pasar keuangan syariah, pengembangan sumber daya manusia, memperkuat kerangka kerja, pembiayaan untuk sektor riil dan UMKM serta mempromosikan struktur industri yang lebih efisien dan berpartisipasi dalam keuangan syariah global. Lahirnya buku Dinamika Produk dan Akad Keuangan Syariah di Indonesia ini tentu sejalan dengan upaya tersebut.” Agus D.W. Martowardojo Governor of Bank Indonesia “No doubt, Islam is a system and way of life which is intact and unified. It is not just a torch to truth and salvation, but also a complete guide to all aspects of life in this world, including in the financial sector. Publication of the book entitled The Dynamics of Islamic Financial Products and Contracts in Indonesia is one such proof. Islam emphasizes the ‘dualism of piousness’; pious in terms of spirituality and financial matters, and clearly the book is one of the ‘white paper’ that everyone should read” KH. Ma’ruf Amin The Chief of Indonesian Ulama Council

Islamic Finance and Global Capitalism

Islamic Finance and Global Capitalism PDF

Author: James Simon Watkins

Publisher: Springer Nature

Published: 2020-11-23

Total Pages: 533

ISBN-13: 3030598403

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This book examines whether Islamic finance and Islamic economics is challenging the orthodoxy of the money markets. Can ethical finance combined with the prohibition on interest and speculation really work in the global economy? With a political economy approach, the book explores how the industry has grown in modern times – from a short-lived bank in an Egyptian city in the 1960s through to a global industry that is today valued at US$2.05 trillion. From the revelation as articulated by the Prophet Muhammed in the seventh century through to the gleaming 21st century skyscrapers of Dubai and Kuala Lumpur, the book covers the end of European colonialism, the controversial utterances of self-styled religious leaders, the impact of Islamophobia, and the efforts to end poverty through Islamic microfinance. The book uncovers an industry that is both profitable and changing the face of contemporary capitalism.

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