Islamic banking first appeared in Egypt without the frills of Islam, because of concerns that the current regime will see it as the fundamentalist movement. The leader of this pioneering effort Ahmad El Najjar, took the form of a savings bank based on profit sharing (profit sharing) in the town of Mit Ghamr in 1963. This experiment lasted until 1967, and then it was up 9 banks with a similar concept in Egypt. These banks, which do not charge or receive interest, mostly invest in businesses and industry trade directly in the form of partnership and split the profits with their depositors.
Pioneer of Islamic banking in Indonesia is Bank Muamalat Indonesia. Established in 1991, the bank was initiated by the Indonesian Ulema Council (MUI) and the Government and support from the Association of Indonesian Muslim Intellectuals (ICMI) and some Muslim businessmen. This bank was affected by the financial crisis in the late 90's that the equity remains only one-third of the initial capital. IDB then give an injection of funds to the bank and in the 1999-2002 period to rise up and make a profit. . Currently presence of Islamic banks in Indonesia are regulated in Law: Law. 10 of 1998 concerning Amendment to Law no. 7 of 1992 concerning Banking.
In the business process, in Islam there is a transaction to
a. Al-Musharaka
Al-Musharaka is a partnership agreement between the two parties or le ¬ BiH to conduct certain business. Each party membe ¬ rikan or charity fund with the agreement that the benefits or risks will be shared according to the agreement.
AI-Musharaka in banking practices applied in terms of project financing. In this case financed by bank customers alike provide funds to implement the project. The advantage of the project is divided in accordance with the agreement for the bank after the first return customer funds spent. Al-Musharaka can also be done for such investment activities in financial institutions modalventura.
b. AI-mudaraba
Understanding AI-mudaraba partnership is an agreement between two parties, where the first party provides capital and the other around a manager. Profits are shared according to the agreement set forth in the contract. If the loss will be borne by the owners of capital over the loss was not a result of the negligence of the manager. If the losses caused by negligence of the manager, then the pengelolalah responsible.
mudaraba muthlaqah is the first cooperation between the parties and other parties whose scope is wider. That is not limited by time, effort and the business specifications.
Muqayyadah mudaraba mudaraba muthlaqah is the opposite of where the other party is limited by time and area business enterprise specifications.
In the banking world al-mudaraba usually applied to products such as financing or financing, financing mo ¬ dal work. Mudaraba funds to be taken from savings deposits such as savings deposits or savings Hajj sacrifice. Funds can also be made from ordinary deposits and special deposits entrusted to certain business customers.
c. Al-muzara'ah
Understanding AI-muzara'ah is cooperation between the processing of agricultural landowners with tenants. Landowners provide land to tenants for cultivation of agricultural products in return for a certain part of the harvest. In the banking world sus ¬ ka was applied for funding on the basis of the area of plantation crops.
d. Al-musaqah
Understanding AI-musaqah is part of al-muza'arah that tenants are only responsible for watering and pe ¬ meliharaan using their own funds and equipment. Percentage of fixed remuneration derived from agricultural crops. So keep it in the context of agricultural processing is cooperation between land owners with tenants.
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