tag:blogger.com,1999:blog-34250119.post5240496078297413576..comments2024-03-05T17:22:53.137+07:00Comments on The Chronicles of a Capitalist Lawyer: The Current Challenges of Indonesian Islamic Banking Industry (Part I)Pramudya A. Oktavinandahttp://www.blogger.com/profile/12155548682068314306noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-34250119.post-40618473601567353002009-08-25T12:46:50.607+07:002009-08-25T12:46:50.607+07:00Yes, we have to push up governments to implement r...Yes, we have to push up governments to implement regulations for Islamic Banking.<br />I see your perspective about the efficiency of court to settle disputes, I think it would be better for Islamic banks to have a harmonized regulations made by Bank Indonesia and Dewan Shariah Nasional to deal with the anticipating disputes.Jhordy Kashoogiehttps://www.blogger.com/profile/11507469268070885078noreply@blogger.comtag:blogger.com,1999:blog-34250119.post-15580976854974162722009-08-25T11:56:12.631+07:002009-08-25T11:56:12.631+07:00Thanks Jhordy,
On your first note, completely agr...Thanks Jhordy,<br /><br />On your first note, completely agree. These are truly old issues which amazingly have not yet been resolved. That's why I put some emphasis on such issues, as we need someone to remind the government that there is a pending issue to be resolved. We simply can't expect that these issues will be just vanished to thin air without us doing a thing, right? <br /><br />On your second note, I tend not to have a dispute regarding the Shari'a aspects in the court as it wouldn't be efficient. With too many opinions out there, there would be incentives for bad customers to dispute the validity of an Islamic finance transaction simply by using different opinions of Islamic scholar. <br /><br />The task of ensuring that all Islamic finance products are shari'a compliant should rest on the hands of regulator and the respective Shari'a supervisory board of each Islamic finance institution. In Indonesia, any new Shari'a banking products which are not yet categorized in a regulation must be approved first by Bank Indonesia prior to use. <br /><br />Thus, a dispute regarding shari'a finance transactions should related only to the general financing aspects and not the Shari'a aspects. Of course it would be nice to educate the judges of the district court on Islamic finance matters.Pramudya A. Oktavinandahttps://www.blogger.com/profile/01296145749782309261noreply@blogger.comtag:blogger.com,1999:blog-34250119.post-47177363230283017902009-08-25T11:41:08.113+07:002009-08-25T11:41:08.113+07:00I have two remarkable comments on this part of you...I have two remarkable comments on this part of your paper.<br />Firstly, Taxation issue and regulatory issue are already old issues which haven't been resolved yet. It happens because the reluctance of Legislative body (DPR) 2004-2009 to pass up and sign the regulation, specifically tax regulation in Islamic Bank. I hope this new upcoming DPR has the interest on Islamic Banking & Finance so it would be easier for Indonesian Islamic Banks to operate.<br /><br />Secondly, Shari'ah law vis-a-vis Common law, In order the Islamic Bank's disputes to be settled in district court, it's a necessity to educate the judges about Islamic finance because without this education, it would worsen the problem. the judgment would be judged/treated like conventional bank's dispute as it happened in Malaysia regarding Bay Bithaman Al-Ajil case in Affin Bank VS Zulkifli.Jhordy Kashoogiehttps://www.blogger.com/profile/11507469268070885078noreply@blogger.comtag:blogger.com,1999:blog-34250119.post-40453847691915119452009-08-21T14:16:55.787+07:002009-08-21T14:16:55.787+07:00Notably on regulatory issues, I do agree that harm...Notably on regulatory issues, I do agree that harmonization and intensive communiaction among involved parties are essential. Regulatory framework still a challenge problem for Indonesian Sharia Bank even we should appreciate that some banking or other laws related to the finance have accomodated sharia economic transactions.MuqthiJurnalhttps://www.blogger.com/profile/09124933439356360672noreply@blogger.com