Open Journal Systems

TAWARRUQ PRACTICE FOR LIQUIDITY MANAGEMENT IN ISLAMIC MONEY MARKET IN INDONESIA AND MALAYSIA

Rohmad *, Muhammad Iman Satra Mihajat, Aznan Hasan

Abstract

The fast development of Islamic banking and finance in the global market in the last two decades has been raised some issues especially the issue of lack of the product for liquidity management. High demand for Islamic banking and finance it impact high innovation of products and services. Since the business of banking merely related to funding and financing that is also relevant to Islamic banking and intermediary institution, the issue of surplus position and deficit position it has to covered by the product that manage this liquidity issues. The main purpose of this paper is to review the tawarruq that being practiced as Islamic money market instrument in Indonesia and Malaysia that used by Islamic financial institution for liquidity management. In 2011, Jakarta Future Exchange has launched one instrument for Islamic bank as liquidity management instrument namely Komoditi Syariah. This product has some features differences with Bursa Suq Al-Sila Malaysia which launced in 2009, nevertheless they are using the same Islamic contract that is commodity murabahah or known as tawarruq. This paper found that there are some shariah potential issues that affect the compliancy of the product. The paper tries to put some shariah issues in the structures that should be taken into consideration for future shariah structure in liquidity risk management in Islamic banking industries. Therefore, Islamic bank, Islamic stock exchange institutions and other Islamic financial that offer Islamic financial services may take into concern what are shariah parameters in apppling tawarruq structure in any product and services in Islamic bank.
Kata kunci: Liquidity Management, Tawarruq, Komoditi Syariah, Bursa Suq Al-Sila

References


Alhadad, Ahmad bin Abdul Aziz. 2003. “Tawarruq, Its Essence And Its Types: Mainstream Tawarruq And Organized Tawarruq”, retrievedfrom http://isra.my/media-centre/downloads.html?task=finish &cid=81&catid=20&m=0, accessed on 18 Desember 2009 pukul 13.00.

Al-Ma`ayir al-Syariyyah. 2007. Accounting and Auditing Organization forIslamic Financial Institutions (AAOIFI), Bahrain.

Asqalani, Ibnu Hajar, Al-. 2001. Fathul Bari Syarhu Sahih al-Bukhari. Beirut: Dar Ma’rifah

Bacha, Obiyathulla I. 2007. Financial Derivatives: Markets and Applications in Malaysia, 2nd ed. Malaysia: McGraw-Hill.

Bakar, Daud. 2009. Terjemahan Majallatul Ahkam Al-‘Adliyyah lil Imam Hanafi dalam Bahasa Inggris, Kuala Lumpur: IIUM Press.

Bank of Jamaica. 1996. “Standards of Sound Business Practices: Liquidity Management”, retrieved from www.boj.org.jm/pdf/StandardsLiquidity%20Management.pdf. Accessed on 30 September 2011.

Basel Committee on Banking Supervision. 2000. “Sound Practices for Managing Liquidity in Banking Organisations”, retrieved from www.bis.org/publ/bcbs69,pdf. Accessed on 30 September 2011

Bouheraoua, Sa’id. 2009. “Tawarruq In The Banking System: A Critical Analytical Study Of Juristic Views On The Topic”, retrieved from http://isra.my/ media-centre/downloads.html?task=finish&cid=86&catid=20&m=0 accessed on 18 December 2009.

Bursa Malaysia. 2010. “Bursa Suq Al-Sila’”, retrieved from http://www.bursamalaysia.com/website/bm/products_and_services/islamic_capital_

market/BMIS/ accessed on 26 June 2010.

Coyle, Bryan. 2000. Hedging Currency Exposure, United Kingdom: FinancialWorld Publishing.

Coyle, Bryan. 2001. Interest Rate Swap. United Kingdom: Financial WorldPublishing.

Dusuki, Asyraf Wajdi. 2009. “Asset Liability Management fo Islamic Bank”, Kulliyah of Economic and Management Science, International Islamic University Malaysia. Materi Islamic Banking System and Operation. For more detail see: http://iimm.bnm.gov.my/.

Dusuki, Asyraf Wajdi. 2009. “Shariah Parameters on Islamic Foreign Exchange Swap as Hedging Mechanism in Islamic Finance”, paper presented in International Conference on Islamic Perspectives on Management andFinance University of Leicester; 2nd – 3rd July 2009.

Fahmi, et. all. 2008. “Revisiting OIC Fiqh Academy Rules on Organized Tawarruq”, Paper IB1006 of Part 1 of Certified Islamic Finance Professional (CIFP).

Hasan, Aznan. 2008. “Mekanisme Lindung Nilai Dalam Kewangan Islam Menurut Perspektif Syariah”. Paper presented in Muzakarah Penasihat Syariah Kewangan Islam Kali Ke-3, anjuran Centre for Research and Training (CERT). 17 November 2008. Kuala Lumpur.

Hasan, Aznan. 2008. “Pengertian Wa`ad, Wa`dan dan Muwa`adah”. Dipresentasikan di Muzakarah Cendekiawan Syariah Nusantara Kali Ke2, anjuran Bank Negara Malaysia. 27-28 February 2008. Kuala Lumpur.

Hassan, Hussein Hamid. 2009. “At-Tawarruq Al-Masrafi Al-Munazzam; Munazammah al-Muktamar Al-Islami, Majma‟ Al-Fiqhu Al-Islami AlDuwali.26-30 April 2009.

http://iimm.bnm.gov.my/ on 5 August 2011.

http://www.bapepam.go.id/old/hukum/peraturan/IX/IX.A.13.pdf, di akses pada tanggal 7 juli 2011 pukul 13:21.

http://www.bursamalaysia.com/website/bm/products_and_services/islamic_capital_market/BMIS/, accessed on 7 August 2011.

http://www.republika.co.id/berita/syariah/bisnis/11/08/08/lpl9xd-dsn-mui-resmi-fatwakan-bursa-berjangka-komoditi-syariah. Accessed on 8 August2011.

Hunaiti, Hana Muhammad Hilal, Al-. 2009. At-Tawarruq Haqiqatuhu, Anwa’uhu: Al-Fiqhi Al-Ma’ruf wa al-Masrafi al-Munazzam; Munazammah alMuktamar Al-Islami,Majma‟ Al-Fiqhu Al-Islami Al-Duwali. 26-30 April 2009.

Keputusan Ketua Badan Pengawas Pasar Modal dan lembaga Keuangan Nomor: Kep- 130 /BL/2006 tentang penerbitan efek syariah Ketua BadanPengawas Pasar Modal dan Lembaga Keuangan, retrieved from http://www.bapepam.go.id/old/hukum/peraturan/IX/IX.A.13.pdf, accessed on 9 August 2011.

Khayat, Abdul Aziz. 2006. “Tawarruq, Its Concepts, Its Practices And Its Economics Implication On Its Promotion By Islamic Banks”, retrieved from http://isra.my/mediacentre/downloads.html?task=finish&cid=90&catid=20&m=0, accessed on 18 December 2009.

Liquidity management definition, retrieved from www.rba.gov.au/glossary/. Accessed on 30 September 2011.

Mihajat, Muhammad Iman Sastra, 2010. “The Real Concept Of Tawarruq, The Product For Liquidity Risk Management In Islamic Bank”, di presentasikan di 2 International Conference on Islamic Economic Intergration, 21-22 November 2010, Tehran - Iran.

Shabir, Muhammad Uthman. 2009. At-Tawarruq al-Fiqhi wa Tatbiqatuhu alMasrafiah al-Muasarah fi al-Fiqhi al-Islami; Majma‟ Al-Fiqhu Al-Islami Al-Duwali. 26-30 April 2009;

Shari`a Standards for Islamic Financial Institutions. 2008. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain;

Suwailem, Sami, Al-. 2006, “Hedging in Islamic Finance,” Islamic Development Bank: Occasional Paper no.10.

-------------------------. 2007. “At-Tahawwuth fi al-Tamwil al-Islami, Al-Bank AlIslami Li At-Tanmiyah”, Al-Ma‟ahad Al-Islami Lil Buhuth Wa Tadrib, Jeddah.

Suwaylim, Sami ibn Ibrahim, Al-. 2008. “Tawarruq Banking Products”, retrieved from http://isra.my/media-centre/downloads.html? task=finish&cid=88&catid=20&m=0 accessed on December 18, 2009.

Uthmani, Muhammad Taqi. 2003. “Verdicts On At-Tawarruq And Its Banking Applications”, retrieved from http://isra.my/media-centre/downloads.html?task=finish&cid=83&catid=20&m=0, accessed on December 18, 2009.

Uthmani, Muhammad Taqi. 2009. “Ahkam al-Tawarruq wa Tatbiqatuhu al- Masrafiyah; Munazammah al-Muktamar Al-Islami”, Majma‟ Al-Fiqhu Al-Islami Al-Duwali. 26-30 April 2009;

Yahya, Ahmad Suhaimi. 2008. “Mekanisme Lindung Nilai Dalam Kewangan Islam Menurut Perspektif Syariah”. Dipresentasikan di Muzakarah Penasihat Syariah Kewangan Islam Kali Ke-3, anjuran Centre for Research and Training (CERT). 17 November 2008. Kuala Lumpur;

Zuhaili, Wahbah, Al-. 2006. “Tawarruq, Its Essence And Its Types: Mainstream Tawarruq And Organized Tawarruq”, retrieved from http://isra.my/mediacentre/downloads.html?task=finish&cid=79&catid=20&m=0 accessed

On December 18, 2009.


Full Text: PDF (Bahasa Indonesia)

DOI: 10.21043/equilibrium.v1i2.219

How To Cite This :



Copyright (c) 2014 Equilibrium: Jurnal Ekonomi Syariah

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.