JOURNAL of LEGAL RESEARCH
Vol 4, No 5 (2022)

The Role of the Sharia Supervisory Board in Protecting Member Rights on Murabahah Financing Products

Via Regita (Institut Agama Islam Az-Zaytun (IAI AL-ASIZ), Indramayu)
Irvan Iswandi (Institut Agama Islam Az-Zaytun (IAI AL-ASIZ), Indramayu)



Article Info

Publish Date
25 Sep 2022

Abstract

The Sharia Supervisory Board's primary responsibility is to monitor and ensure that all business operations at BMT BEST are conducted in accordance with sharia principles as outlined by the National Sharia Council. Qualitative, descriptive methods were employed for this study. The study's findings led to the conclusion that BMT BEST's Sharia Supervisory Board serves primarily as a meeting venue for outside consultants who advise on matters pertaining to the regulation of financial institutions. Policy guidance for BMT BEST's initiatives was contributed by DPS. Because it is simpler to put into reality than other products with similar characteristics, murabaha finance has seen a surge in popularity in recent years. This money can be used for any number of things, including making purchases, investments, etc. To fulfill its duty to safeguard its members against usury transactions on murabahah financing products, BMT works to verify that contracts for murabahah financing implemented at BMT BEST adhere to sharia regulations. To prevent usury transactions, sharia-compliant contracts for murabahah finance are implemented.

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Journal Info

Abbrev

jlr

Publisher

Subject

Religion Humanities Law, Crime, Criminology & Criminal Justice Social Sciences Other

Description

Journal of Legal Research is a peer-reviewed journal on legal research published quarterly (February, May, August, November) since 2019 by Departemen Legal Studies Faculty of Sharia and Law Universitas Islam Negeri Syarif Hidayatullah Jakarta in cooperation with Center for the Study of Constitution ...