Vol. 6 No. 4 (2018): BUSINESS & MANAGEMENT STUDIES: AN INTERNATIONAL JOURNAL
Articles

THE FUNCTION OF SHARIA SUPERVISORY BOARD IN FINANCING PRACTICES BY SHARIA BANK IN INDONESIA

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  • Prawitra THALIB,
  • Hilda Yunita SABRIE,
  • Faizal KURNIAWAN
Prawitra THALIB
Faculty of Law, Airlangga University, Surabaya, Indonesia
Hilda Yunita SABRIE
Faculty of Law, Airlangga University, Surabaya, Indonesia
Faizal KURNIAWAN
Faculty of Law, Airlangga University, Surabaya, Indonesia
DOI: https://doi.org/10.15295/bmij.v6i4.308

Published 2019-01-03

How to Cite

THALIB, P., SABRIE, H. Y., & KURNIAWAN, F. (2019). THE FUNCTION OF SHARIA SUPERVISORY BOARD IN FINANCING PRACTICES BY SHARIA BANK IN INDONESIA. Business & Management Studies: An International Journal, 6(4), 1071–1080. https://doi.org/10.15295/bmij.v6i4.308

Abstract

This research aims to describe the effectiveness of supervisory functions in Islamic banking and finance in Indonesia. To this end, this work uses descriptive quantitative research applying Library Approach. As an intermediary institution based on sharia principles, sharia banks must perform two compliances, namely sharia principle and law compliance. The application of these compliances is not only required for good corporate governance and diverse products of sharia bank, but also for financial deeds made by a notary. Therefore, financial deeds in sharia banks must reflect the sharia compliance principle instead of only reflecting the law compliance. Special concern about sharia compliance has become authority scope from the Sharia Supervisory Board. Thus, Sharia Supervisory Board does not only ensure the application of sharia compliance but also every deed based on Islamic principles built by a notary. Failure to fulfill the sharia principles in a sharia bank financing deed can cause such deed to be null and void.

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