Good Corporate Governance Principles in Islamic Banking: A Legal Perspective on the Integration of TARIF Values
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Published
Nov 14, 2023
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Abstract
Islamic banking, rooted in the foundational principles of shiddiq (honesty), tabligh, amanah (fulfillment of beliefs), and fatanah (intelligence) derived from the teachings of Prophet Muhammad, stands in stark contrast to conventional banking, which is driven by Western-derived concepts encapsulated in Good Corporate Governance (GCG). The latter is characterized by principles such as transparency, accountability, responsibility, independency, and fairness (TARIF). This research investigates the possibilities and implications of applying GCG principles in Islamic banking, examining their impact on Islamic economic law. Utilizing a normative legal study, the research delves into primary and secondary legal materials, employing a deductive analysis with both statutory and conceptual approaches. The integration of GCG principles in Islamic banking signifies a convergence of values that fosters justice, tawazun (balance), mas’uliyah (accountability), akhlaq (morality), shiddiq (honesty), amanah (fulfillment of beliefs), fatanah (intelligence), and economic equilibrium within the framework of Islamic economic law.
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Hirsanuddin, H., & Martini, D. (2023). Good Corporate Governance Principles in Islamic Banking: A Legal Perspective on the Integration of TARIF Values. Journal of Indonesian Legal Studies, 8(2), 935-974. https://doi.org/10.15294/jils.v8i2.70784
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Research Articles
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References
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Munir, H. Misbahul. Implementasi Prudential Banking dalam Perbankan Syariah. (Malang: UIN-Malang Press, 2009).
Muhaimin, Muhaimin. Metode Penelitian Hukum. (Mataram: Mataram University Press, 2022).
Obid, Siti Normala Sheikh, and Babak Naysary. "Toward a comprehensive theoretical framework for Shariah governance in Islamic financial institutions." Journal of Financial Services Marketing 19 (2014): 304-318.
Prasetyoningrum, Ari Kristin. Risiko Bank Syariah, Risiko Imbal Hasil, Risiko Investasi, Return Tingkat Dana Pihak Ketiga dan BI Rate. (Yogykarta: Pustaka Pelajar, 2015.
Putra, Zulfadli Nugraha Triyan, and Husni Thamrin. "Problematika Dan Dinamika Perbankan Syariah Di Era Globalisasi." Jurnal Tabarru': Islamic Banking and Finance 5, no. 1 (2022): 34-40.
Rojali, Ahmad Rojali. “Analisis Pengaruh Penerapan Good Corporate Governance Terhadap Kinerja Perbankan Syariah Di Kota Medan.” Juripol 4, no. 1 (2021): 276–84. https://doi.org/10.33395/juripol.v4i1.11038.
Susanti, Dyah Ochtorina and A’an Efendi. Penelitian Hukum (Legal Reserch). (Jakarta: Sinar Grafika, 2015).
Sakti, Muhammad Rizky Prima, Mohammad Ali Tareq, and Hajime Kamiyama. “Corporate Governance from an Islamic Moral Economy Perspective: The Dimensions and Analysis.” Signifikan: Jurnal Ilmu Ekonomi 10, no. 2 (2021): 359–78. https://doi.org/10.15408/sjie.v10i2.21511.
Sifa, M. A., and C. Fahruddin. “Implementasi Good Corporate Governance Dalam Meningkatkan Kepercayaan Pada Perbankan Syariah.” Journal of Islamic Banking 2, no. 1 (2021): 55–77.
Septiani, Delina Herdian, et al. "Good Corporate Governance in Islamic Banking during Fourth Industrial Revolution Era." Islamic Research 5, no. 1 (2022): 98-107.
Sugiarto, Irwan. “The Significance of Good Corporate Governance Principles in The Company Law of 2007.” MIMBAR, Jurnal Sosial Dan Pembangunan 33, no. 1 (2017): 37. https://doi.org/10.29313/mimbar.v33i1.2067.
Suryani, Suryani, et al. "Good Corporate Governance (GCG) Principle in Sharia Banking: An Islamic Law Perspective." International Journal of Law Reconstruction 5, no. 2 (2021): 242-254.
Suryani, Suryani, Yudi Ahmad Faisal, Muhammad Anwar Fathoni, and Lukman Santoso. “Good Corporate Governance (Gcg) Principle in Sharia Banking: An Islamic Law Perspective.” International Journal of Law Reconstruction 5, no. 2 (2021): 242–54. https://doi.org/10.26532/ijlr.v5i2.14973.
Sya'bana, Yusron Ali, and M. Yasir Nasution. "Bisnis Ala Rasulullah dalam Perspektif Pemasaran." At-Tijarah: Jurnal Penelitian Keuangan dan Perbankan Syariah 4, no. 2 (2022): 189-201.
Syofyan, Efrizal. Good Corporate Governance (GCG). (Malang: Unisma Press, 2021).
Tarver, Evan. “Islamic Banking and Finance Definition: History and Example Accessed Through,” 2023. https://www.investopedia.com/terms/i/islamicbanking.asp.
Tiara Novia Amelinda, Lucky Rachmawati. “Pengaruh Penerapan Good Corporate Governance Terhadap Kinerja Keuangan Bank Umum Syariah di Indonesia.” Jurnal Ekonomika Dan Bisnis Islam 4, no. 1 (2021): 33–44. https://doi.org/https://doi.org/10.26740/jekobi.v4n1.p33-44.
Triandaru, Sigit, and Totok Budisantoso. Bank dan Lembaga Keuangan Lain. (Jakarta: Salemba Empat, 2006).
Usman, Rachmadi. Aspek Hukum Perbankan Syariah di Indonesia. (Jakarta: Sinar Grafika, 2022).
Abdullah, Mal An. Corporate Governance Perbankan Syariah di Indonesia. (Jakarta: Ar-Ruzz Media, 2010).
Al Arif, Muhammad, et al. "The Islamic banking spin-off: Lessons from Indonesian Islamic banking experiences." Journal of King Abdulaziz University: Islamic Economics 30, no. 2 (2017).
Aldizar, Addys. Sains dalam Perspektif Islam. (Jakarta: Lintas Media, 2017).
Ardhanareswari, Resti. "Pelaksanaan dan pengungkapan good corporate governance pada bank umum syariah." Law and Justice 2, no. 1 (2017): 66-78.
Arifin, Muhamad. "The Influence of Islamic Law and Economic Principles on Banking Industry in Indonesia." Journal of Legal, Ethical and Regulatory Issues 24 (2021): 1-11.
Az-Zuhaili, Wahbah. Fiqh al-islam wa adillatuhu. (Damaskus: Dar al-fikr, 2007).
Arif, Syafrudin. “Dampak Good Corporate Governance Terhadap Kinerja Perbankan : Market Risk Sebagai Intervening.” Equity 23, no. 2 (2011): 167–188. https://doi.org/10.34209/equ.v23i2.2073.
Berger, Allen N, William C Hunter, and Stephen G Timme. “The Efficiency of Financial Institutions: A Review and Preview of Research Past, Present and Future.” Journal of Banking & Finance 17, no. 2–3 (1993): 221–49.
Carmindah, Sukirno. “Corporate Governance dan Kinerja Keuangan Bank Syariah Di Indonesia” 17, no. 01 (2021): 1–15.
Chapra, Umar, and M. Toriq Ullah Khan. Regulasi dan Pengawasan Bank Syariah. (Jakarta: Sinar Grafika Office, 2008).
Claessens, Stijn. "Corporate governance and development." The World bank research observer 21, no. 1 (2006): 91-122.
Cornelius, Peter. "Good corporate practices in poor corporate governance systems: Some evidence from the Global Competitiveness Report." Corporate Governance: The International Journal of Business in Society 5, no. 3 (2005): 12-23.
Dewi, Putri Indar. “Penerapan Good Corporate Governance (GCG) di Lembaga Perbankan Syariah.” Jurnal Ilmiah Al-Tsarwah 3, no 2 (2020): 1-15.
Effendi, M.A. The Power of GoodCorporate Governance: Teori dan Implementasi. (Jakarta: Salemba Empat, 2016).
Faozan, Akhmad. “Implementasi Good Corporate Governance dan Peran Dewan Pengawas Syariah di Bank Syariah.” La Riba 7, no. 1 (2013): 1–14. https://doi.org/10.20885/lariba.vol7.iss1.art1.
Grais, Wafik, and Matteo Pellegrini. "Corporate governance in institutions offering Islamic financial services: issues and options." World Bank Policy Research Working Paper 5046 (2006).
Hidayat, Sutan Emir, Muhammad Rizky Prima Sakti, and Raqiya Ali Abdullah Al-Balushi. "Risk, efficiency and financial performance in the GCC banking industry: Islamic versus conventional banks." Journal of Islamic Accounting and Business Research 12, no. 4 (2021): 564-592.
Hutchinson, Terry, and Nigel Duncan. “The Challenges Faced by Academia Preparing Students for Industry: What We Teach and What We Do.” Deakin Law Review 2, no. 1988 (2008): 203–204. https://doi.org/10.14236/ewic/hci2008.77.
Irfan, Andi. “Hubungan Antara Penerapan Model Prinsip-Prinsip Good Governance Syari’ah Dengan Kinerja Lembaga Keuangan Syariah,” Proceedings Seminar Nasional Akntansi Syariah, (2014): 277-295.
Is, Muhammad Sadi. Hukum Perbankan Syariah dalam Perspektif Dogmatik Hukum, Teori Hukum, dan Filsafat Hukum. (Malang: Setara Press, 2022).
Junaidi, et.al., “Determinants to adopt conventional and Islamic banking: evidence from Indonesia”, Journal of Islamic Marketing 14, no. 3 (2023): 892-909.
Kolsi, Mohamed Chakib, and Rihab Grassa. "Did corporate governance mechanisms affect earnings management? Further evidence from GCC Islamic banks." International Journal of Islamic and Middle Eastern Finance and Management 10, no. 1 (2017): 2-23.
Lestari, Puji, Umi Pratiwi, and Permata Ulfah. "Identifikasi Faktor Organisasional dalam Pengembangan “E-Governance” pada Organisasi Pengelola Zakat." MIMBAR: Jurnal Sosial dan Pembangunan 31, no. 1 (2015): 221-228.
Manan, Abdul. "Acceptance of the implementation of Islamic sharia laws in West Aceh, Indonesia." in International Conference on Humanities, Education, and Social Sciences, KnE Social Sciences (2020): 615–627. DOI 10.18502/kss.v4i14.7919
Mergaliyev, Arman, et al. "Higher ethical objective (Maqasid al-Shari’ah) augmented framework for Islamic banks: Assessing ethical performance and exploring its determinants." Journal of business ethics 170 (2021): 797-834.
Munir, H. Misbahul. Implementasi Prudential Banking dalam Perbankan Syariah. (Malang: UIN-Malang Press, 2009).
Muhaimin, Muhaimin. Metode Penelitian Hukum. (Mataram: Mataram University Press, 2022).
Obid, Siti Normala Sheikh, and Babak Naysary. "Toward a comprehensive theoretical framework for Shariah governance in Islamic financial institutions." Journal of Financial Services Marketing 19 (2014): 304-318.
Prasetyoningrum, Ari Kristin. Risiko Bank Syariah, Risiko Imbal Hasil, Risiko Investasi, Return Tingkat Dana Pihak Ketiga dan BI Rate. (Yogykarta: Pustaka Pelajar, 2015.
Putra, Zulfadli Nugraha Triyan, and Husni Thamrin. "Problematika Dan Dinamika Perbankan Syariah Di Era Globalisasi." Jurnal Tabarru': Islamic Banking and Finance 5, no. 1 (2022): 34-40.
Rojali, Ahmad Rojali. “Analisis Pengaruh Penerapan Good Corporate Governance Terhadap Kinerja Perbankan Syariah Di Kota Medan.” Juripol 4, no. 1 (2021): 276–84. https://doi.org/10.33395/juripol.v4i1.11038.
Susanti, Dyah Ochtorina and A’an Efendi. Penelitian Hukum (Legal Reserch). (Jakarta: Sinar Grafika, 2015).
Sakti, Muhammad Rizky Prima, Mohammad Ali Tareq, and Hajime Kamiyama. “Corporate Governance from an Islamic Moral Economy Perspective: The Dimensions and Analysis.” Signifikan: Jurnal Ilmu Ekonomi 10, no. 2 (2021): 359–78. https://doi.org/10.15408/sjie.v10i2.21511.
Sifa, M. A., and C. Fahruddin. “Implementasi Good Corporate Governance Dalam Meningkatkan Kepercayaan Pada Perbankan Syariah.” Journal of Islamic Banking 2, no. 1 (2021): 55–77.
Septiani, Delina Herdian, et al. "Good Corporate Governance in Islamic Banking during Fourth Industrial Revolution Era." Islamic Research 5, no. 1 (2022): 98-107.
Sugiarto, Irwan. “The Significance of Good Corporate Governance Principles in The Company Law of 2007.” MIMBAR, Jurnal Sosial Dan Pembangunan 33, no. 1 (2017): 37. https://doi.org/10.29313/mimbar.v33i1.2067.
Suryani, Suryani, et al. "Good Corporate Governance (GCG) Principle in Sharia Banking: An Islamic Law Perspective." International Journal of Law Reconstruction 5, no. 2 (2021): 242-254.
Suryani, Suryani, Yudi Ahmad Faisal, Muhammad Anwar Fathoni, and Lukman Santoso. “Good Corporate Governance (Gcg) Principle in Sharia Banking: An Islamic Law Perspective.” International Journal of Law Reconstruction 5, no. 2 (2021): 242–54. https://doi.org/10.26532/ijlr.v5i2.14973.
Sya'bana, Yusron Ali, and M. Yasir Nasution. "Bisnis Ala Rasulullah dalam Perspektif Pemasaran." At-Tijarah: Jurnal Penelitian Keuangan dan Perbankan Syariah 4, no. 2 (2022): 189-201.
Syofyan, Efrizal. Good Corporate Governance (GCG). (Malang: Unisma Press, 2021).
Tarver, Evan. “Islamic Banking and Finance Definition: History and Example Accessed Through,” 2023. https://www.investopedia.com/terms/i/islamicbanking.asp.
Tiara Novia Amelinda, Lucky Rachmawati. “Pengaruh Penerapan Good Corporate Governance Terhadap Kinerja Keuangan Bank Umum Syariah di Indonesia.” Jurnal Ekonomika Dan Bisnis Islam 4, no. 1 (2021): 33–44. https://doi.org/https://doi.org/10.26740/jekobi.v4n1.p33-44.
Triandaru, Sigit, and Totok Budisantoso. Bank dan Lembaga Keuangan Lain. (Jakarta: Salemba Empat, 2006).
Usman, Rachmadi. Aspek Hukum Perbankan Syariah di Indonesia. (Jakarta: Sinar Grafika, 2022).