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The Journey Of Islamic Banking In Indonesia: Institution, Policy, and Future Challenges

The Journey Of Islamic Banking In Indonesia

The development of Islamic finance industry internationally started since 1970. It emerged during the period of 1970s to 1980s and offered products limited only to the needs of Muslims, especially trade finance and working capital by still replicating conventional banking mechanism. From1980s to 2000s, the pace of growth in the Islamic finance industry became more encouraging. This period was known as the rise of Islamic finance. Islamic banking was introduced not only as a commercial bank, but also as an investment bank. At the same time, insurance companies also began to grow quite rapidly.

This growth indicates that the form of Islamic finance industry was starting to expand into other financial sectors, not only focused on the banking sector but also extended into leasing, capital markets, insurance, and other forms with variety of interest-free financial products. With such development, the Islamic finance industry became increasingly more diverse in its services, while at the same time contributed to the modern economy and meeting the needs of both Muslim communities and others.

The expansion of the global Islamic finance industry continued in the 2000s-2010s period, with the emergence of Islamic investment, asset management, brokerage, and capital markets institutions. By then, Islamic financial institutions had been able to become full value added institutions. In addition, during this period, the Islamic finance industry was able to offer more sophisticated products and compete with conventional financial institutions. This condition pushed the Islamic finance industry to become more efficient and productive as an intermediary institution, hence its global recognition as a genuine alternative to modern conventional finance.

Ikhtisar Lengkap   
Penulis: Darsono / Siti Astiyah / Ali Sakti / Androecia Darwis / Enny Tin Suryanti / Ascarya / Siti Rahmawati
Editor: Dr. Muhammad Syafii Antonio, M.Ec

Penerbit: Tazkia Publishing
ISBN: 9786027540170
Terbit: Juni 2018, 573 Halaman

Ikhtisar

The development of Islamic finance industry internationally started since 1970. It emerged during the period of 1970s to 1980s and offered products limited only to the needs of Muslims, especially trade finance and working capital by still replicating conventional banking mechanism. From1980s to 2000s, the pace of growth in the Islamic finance industry became more encouraging. This period was known as the rise of Islamic finance. Islamic banking was introduced not only as a commercial bank, but also as an investment bank. At the same time, insurance companies also began to grow quite rapidly.

This growth indicates that the form of Islamic finance industry was starting to expand into other financial sectors, not only focused on the banking sector but also extended into leasing, capital markets, insurance, and other forms with variety of interest-free financial products. With such development, the Islamic finance industry became increasingly more diverse in its services, while at the same time contributed to the modern economy and meeting the needs of both Muslim communities and others.

The expansion of the global Islamic finance industry continued in the 2000s-2010s period, with the emergence of Islamic investment, asset management, brokerage, and capital markets institutions. By then, Islamic financial institutions had been able to become full value added institutions. In addition, during this period, the Islamic finance industry was able to offer more sophisticated products and compete with conventional financial institutions. This condition pushed the Islamic finance industry to become more efficient and productive as an intermediary institution, hence its global recognition as a genuine alternative to modern conventional finance.

Daftar Isi

Cover The jouney
The Journey Of Islamic Banking In Indonesia
     The Journey Of Islamic Banking In Indonesia
          Foreword Governor Of Bank Indonesia
          Foreword Deputy Governor Of Bank Indonesia
          Foreword Head Of Central Banking Research Department
          Executive Summary The Journey Of Islamic Banking In Indonesia
          Table Of Contents
          List Of Appendices
          List Of Figures
          List Of Table
          Chapter 1 Introduction
               1.1 Background
               1.2 Objectives
               1.3 Contribution
               1.4. Milestones of Islamic banking development in Indonesia
               1.5 Organization of the book
          Chapter 2 Theoretical Foundation Of Islamic Finance and Banking
               2.1 Basic philosophy of Islamic Economics and Finance
               2.2 Main Pillars of Islamic Economics and Finance
               2.3 Models of Islamic Banks
               2.4 Funding
               2.5 Financing
               2.6 Banking Services (Fee-based Products)
               2.7 Social Activities
          Chapter 3 Institutions Prior To Islamac Banking Law Of 2008
               3.1 Regulatory Institutions of Islamic Banking
               3.2 Institutional Framework of Islamic Banking Industry
          Chapter 4 Institutions After Islamic Bangking Law Of 2008
          4.1 Institutional Aspect of Law No. 21 year 2008 concerning Islamic Banking
          4.2 Regulatory Institutions for Islamic Banking
          4.3 Governance of Islamic Banking Industry
          Chapter 5 Policy Before Islamic Banking Law Of 2008
               5.1 Laws Governing Islamic Banking
               5.2 Policies of Bank Indonesia Related to Islamic Banking Industry
               5.3 Bank Indonesia Policies Related to Islamic Monetary Instruments
          Chapter 6 Policy Direction After Islamic Banking Law 2008
               6.1 Law No. 21 of 2008 on Islamic Banking
               6.2 Bank Indonesia Policies related to Islamic Banking Industry
               6.3 Bank Indonesia Policies Related to Islamic Monetary Instruments
               6.4 Implementation of Product and Market Development Strategy of Islamic Banking
               6.5 Enhancing Competitiveness of Islamic Banking throughTax Policy
          Chapter 7 Islamic Banking Practice In Indonesia
               7.1 Characteristics of Islamic Finance in Indonesia
               7.2 Islamic Bank Model
               7.3 Islamic Banking Institutions
               7.4 Funding
               7.5 Financing
               7.6 Banking Services
               7.7 Other Products
               7.8 Social Activities of Baitul maal
          Chapter 8 Contribution Of Indonesia To The International Islamic Banking Sector
               8.1 International Cooperation
               8.2 Other International Cooperation
          Chapter 9 Infrastructure Of Islamic Banking Industry
               9.1 Hard Infrastructure
               9.2 Soft Infrastructure
          Chapter 10 Supporting Institutions and Industry Association In Islamic Banking Industry
               10.1 Supporting Institutions of Islamic Banking
               10.2 Supporting Industry for Islamic Banking
          Chapter 11 Bank Indonesia Initiative and development Planning For Islamic Banking
               11.1 The Blueprint of Islamic Banking Development in Indonesia
               11.2 Indonesian Banking Architecture (API)
               11.3 Indonesian Financial System Architecture (Arsitektur Sistem Keuangan Indonesia, ASKI)
               11.4 Indonesian Islamic Financial Architecture (Arsitektur Keuangan Syariah Indonesia - AKSI)
               11.5 National Direction and Policy for Islamic Financial Development
          Chapter 12 The Role Bank Indonesia After The Commencement Of Financial Services Authority
               12.1 Role of Bank Indonesia as Stipulated by Laws
               12.2 Strategy of Bank Indonesia in Supporting Islamic Banking
               12.3 Internal Consolidation within Bank Indonesia
               12.4 Harmonization and Coordination Programs of Bank Indonesia in the Development of Islamic Finance
          Chapter 13 Challenges, Opportunities, and Policy Direction
               13.1 Some critical aspects in the development of Islamic finance and banking in Indonesia
               13.2 Challenges and Opportunities in the Development ofIslamic Banking and Finance at International Stage
               13.3 Policy Direction of Bank Indonesia
          Annex
          References
          Books and journals
          Endorsements