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All Journal Diponegoro Law Review
Ruzian Markom
Faculty of Law, Universiti Kebangsaan Malaysia
Law, Crime, Criminology & Criminal Justice

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SHARIAH COMPLIANCE ON RETAKAFUL IN MALAYSIA Nurwajihah Ajlaa Ali; Ruzian Markom
Diponegoro Law Review Vol 6, No 1 (2021): Diponegoro Law Review April 2021
Publisher : Fakultas Hukum, Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (588.873 KB) | DOI: 10.14710/dilrev.6.1.2021.1-16

Abstract

Retakaful is an Islamic alternative to the reinsurance industry in ensuring the stability of takaful companies. In Malaysia, the takaful operators need to depend on retakaful operators to ensure the takaful industry's long-term continuity by sharing the risk with the retakaful operators due to the small numbers of takaful operators. As a result, they reinsure their Takaful with the conventional reinsurance companies to meet the market demand. This practice continues to be acceptable based on an argument of unavoidable circumstances such as a necessity (darurah) and a dire need (hajah) due to insufficient retakaful companies. The Shari'ah issues arose on the needs for retakaful operators with conventional reinsurers or operators. Therefore, the paper aims to analyze the role of retakaful and its potential within the industry by identifying. Then it explores the Shari'ah principle and the arguments, existing rules, and regulations on the said issues. This study utilized the doctrinal research method with the content analysis. The data is collected from the library consisting of primary and secondary sources. The study's findings revealed that the Shariah scholars resolution plays essential roles in enhancing the roles of the retakaful industry based on darurah and hajah.
MUDHARABAH FINANCING SUPERVISION OF ISLAMIC BANKING IN INDONESIA Bagas Heradhyaksa; Ruzian Markom
Diponegoro Law Review Vol 3, No 1 (2018): Diponegoro Law Review April 2018
Publisher : Fakultas Hukum, Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (479.186 KB) | DOI: 10.14710/dilrev.3.1.2018.1-14

Abstract

The regulation in Indonesia states that the supervision of mudharabah financing is the right of Islamic bank. The Regulation of Indonesian Bank number 7/46/PBI/2005 section 6 subsection C and in The Circular Letter of Indonesian Bank number 10/14/Dpbs states that the supervision is done by reviewing and requesting evidence from customer's business result report without being given more detailed about the procedure of conducting mudharabah financing supervision. The purpose of this research is to analyze regulation that regarding the mudharabah financing supervision inIslamic banking. The methodology used in this research is empirical juridical method. We applied the method by comparing between the existing regulations with the reality that occurred in the field. This study found that a more detailed regulation regarding supervision of mudharabah financing was needed. This is so that the process of monitoring mudharabah financing has a strong legal basis and standard among Islamic bank. Moreover, the customer can also understand the steps that should be taken in the implementation of mudharabah financing supervision.
THE ROLE OF LAW AND SHARIAH GOVERNANCE IN ISLAMIC FINANCE TOWARDS SOCIAL JUSTICE IN DIVERSITY Ruzian Markom
Diponegoro Law Review Vol 3, No 2 (2018): Diponegoro Law Review October 2018
Publisher : Fakultas Hukum, Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (382.91 KB) | DOI: 10.14710/dilrev.3.2.2018.142-153

Abstract

Comprehensive law and Shariah governance framework are important in ensuring the sustainability of Islamic financial goal. Both elements contributed in the process of social justice in diversity between the industry and the society. This article is aimed to discuss on the role of law and Shariah governance in Islamic finance towards social justice in diversity. It defined the meaning of laws, Shariah governance and social justice in diversity in the context of Islamic finance. Then, it analysed the challenges of Islamic finance in promoting social justice in diversity. Finally, in resolving the challenges, it is recommended to adopt the six key areas laid down in the World Global Report 2016.
Co-Authors Bagas Heradhyaksa Nurwajihah Ajlaa Ali