Islamic Financing Institutions in Indonesia: Concepts, Regulations, and Financing Products
DOI:
https://doi.org/10.32923/ejesh.v3i2.5874Keywords:
Islamic financing institution, Islamic economics, Syariah regulation, Financing productsAbstract
The dynamics of global economic development demand a financial system that is not only efficient but also fair and ethical. In this context, Islamic financing institutions emerge as a strategic alternative by offering financial solutions grounded in Islamic principles such as justice, transparency, and social responsibility. This study aims to examine the concepts, regulations, operational principles, and various Islamic financing products that are developing in Indonesia. The research employs a library research method, relying on academic literature, official regulations, and DSN-MUI fatwas. The findings reveal that Islamic financing institutions perform financial intermediation using Sharia-compliant contracts such as murabahah, mudharabah, musyarakah, ijarah, and others. In terms of regulation, these institutions operate based on formal legal frameworks including Law No. 21 of 2008, Minister of Finance Regulation No. 84/PMK.012/2006, various Financial Services Authority (OJK) regulations, and Sharia fatwas. The products offered include consumptive financing, productive financing, syndicated financing, take-over financing, and letter of credit (L/C). These findings underscore the significant role of Islamic financing institutions in promoting inclusive and sustainable economic growth in Indonesia
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