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Indirect Financial Market

Islamic Market Infrastructure. Islamic Financial Market. Surplus Sector. Deficit Sector. Takaful. Direct Financial Market. Islamic Money Market. Indirect Financial Market. Commercial Banks. Unit Trusts. Islamic Capital Market. Islamic Bond / Sukuk Market. Finance

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Indirect Financial Market

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  1. Islamic Market Infrastructure Islamic Financial Market Surplus Sector Deficit Sector Takaful Direct Financial Market Islamic Money Market Indirect Financial Market Commercial Banks Unit Trusts Islamic Capital Market Islamic Bond/ Sukuk Market Finance Companies Islamic Equity Market Micro Financing

  2. The Indonesian Islamic Financial and Fiscal Landscape Social Capital Market Banking Pension Funds Finance Companies Insurance UU No. 21 Th 2008 Perbankan Syariah UU No. 19 Th 2008 SBSN Micro Finance PawnShop Fiscal and Real Sector Social Sector UU No. 20 Th 2008 UMKM UU Perpajakan Dalam Proses Amandemen UU No. 38 Th 1999 Pengelolaan Zakat

  3. Islamic Financial Market Development of Indonesia 1980 1994 2000 2002 2004 2007 Baitut Tamwil Salman Bdg, Koperasi Ridho Gusti Jkt. ▪ Islamic Banking Act ▪ 1st Islamic Bank Bank Muamalat Ind ▪ 1st Islamic Branch Bank IFI Syh ▪ 2nd Islamic Bank Bank Syh Mandiri ▪ Office Channeling Islamic banking ▪ 1st Takaful Company Asuransi Takaful Keluarga ▪ 1st Takaful Branch Assi Great Eastern ▪ 1st Islamic Re-insReINDO Takaful ▪ Islamic Money Market (IMA Certificate) ▪ Jakarta Islamic Index Financial Markets ▪ Islamic Capital Market ▪ ICM Master Plan (2005) ▪ 1st Corporate Sukuk Indosat (Mudharabah) Sukuk ▪ Sukuk Guidelines (2006) ▪ Sukuk Act & Govt Sk 1992 1999 2001 2003 2006 2008

  4. Islamic Banks

  5. Islamic Banks • Major Activities • Funding • Financing • Service

  6. Types • Islamic Commercial Banks • Islamic Business Unit • Islamic Rural Banks

  7. Functions • Provide place to store money(safe keeping function) • Provide mode of payment for goods and services (transaction function) • Act as an agent of national development

  8. Islamic Bank as a Financial Intermediaries Funding Financing Deficit unit Surplus unit Profit sharing/bonus Profit sharing/margin Sharing based concept, thus there is no negative spread

  9. Negative Spread Dana Pinjaman Dana Simpanan Saver Bank Lender > Bunga Simpanan Bunga Pinjaman

  10. Zakat - Giro wadiah - Tabungan mudharabah PS/Bonus PS Owner Nasabah Deposan Deposit Equity Debt Financing Equity Financing /PLS Islamic Banks PS profit margin • Murabahah • Salam • Isthisna • Ijarah • Mudharabah • Musyarakah Qardh Fee Qardhul Hasan Islamic Banks Operational System

  11. Manager and Owner • Integrity and Competencies • Shariah Compliance • Prudential Regulation Compaliance • Conventional Bank • Other Financial Institutions Infrastrukture • Macro Economic Condition : real sector, fiscal sector, monetary sector, and international Determinants of Islamic Bank Developments Competitor/Subtitor Customer/Society • Integrity • Competencies • Loyalitas Good Islamic Banks Regulator, Monitor and other Bodies • BI: Perizinan, Pengaturan dan Pengawasan • DSN : Fatwa Kegiatan Usaha dan DPS • IAI : PSAK, PAPSI, Pedoman Audit • Badan Arbitrase • Lain-lain 12

  12. Funding Activities • Owners’Equity • Paid in capital • Second Parties Fund • Third Parties Fund • Mudharabah Saving Account • Deposito Mudharabah • Giro Wadiah

  13. Financing Activities • Equity Financing • Musyarakah • ‘Inan = kerja sama modal beda • Mufawadhah = kerja sama modal sama • A’mal = kerja sama keahlian • Wujuh = Kerja sama nama baik/reputasi • Mudaharah • Mudharabah Mutlaqah = unrestricted • Mudharabah Muqayyadah = restricted • Debt Financing • Salam • Istishna • Murabahah • Ijarah

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