Hybrid Contract in Islamic Financial Services

Hasanudin, Hasanudin; Dewi, Nisrina Mutiara; Pertiwi, Gine Putri; Wijayanti, Feby

Article Details

Hybrid Contract in Islamic Financial Services

Authors:

Hasanudin, Hasanudin | Dewi, Nisrina Mutiara | Pertiwi, Gine Putri | Wijayanti, Feby

Publisher:

UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Main Topics:

Religion | Economics, Econometrics & Finance | Social Sciences

Journal:

Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol.14 Issue mi, pp.0-0

Document Type:

Article

Publication Date:

1/2022

Document Language:

English

Document ID (Org No.):

2001905579

pISSN:

2407-8654

Abstract:

 The hybrid contract is needed to accommodate modern transactions unavailable in the classical Islamic period. The current financial service products use hybrid contracts, such as in debt transfer, import and export letters of credit, and credit cards. The evaluation of the use of contracts in these products reveals the use of multiple alternative contracts in debt transfer and Letters of Credit; and single contract alternative for credit card services. This study shows the complexity of contracts in modern financial products, requiring more complex documentation. The merger of several contracts in one transaction is based on the argument that there is no prohibition on using multiple contracts in one transaction, as long as it avoids usury (ribā). AbstrakPenggabungan akad merupakan kebutuhan untuk mewadahi transaksi modern yang tidak ditemukan di masa Islam klasik. Bentuk penggabungan akad tersebut terjadi di antaranya pada produk jasa keuangan modern seperti pengalihan utang, Letter of Credit impor dan ekspor, dan kartu kredit. Dengan mengevaluasi penggunaan akad-akad dalam produk tersebut ditemukan beberapa alternatif penggabungan akad pada produk pengalihan hutang dan Letter of Credit, serta satu alternatif penggabungan akad untuk produk kartu kredit. Penggabungan akad tersebut didasarkan atas argumen tidak ada larangan penggabungan akad selama tidak menimbulkan ribā. Hasil penelitian ini menunjukkan kompleksitas akad pada produk keuangan modern yang pada praktiknya membutuhkan dokumentasi yang lebih kompleks.

Article Details

Hybrid Contract in Islamic Financial Services

Authors: Hasanudin, Hasanudin | Dewi, Nisrina Mutiara | Pertiwi, Gine Putri | Wijayanti, Feby

Publisher: UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Main Topics: Religion | Economics, Econometrics & Finance | Social Sciences

Journal: Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol.14 Issue mi, pp.0-0

Document Type: Article

Publication Date: 1/2022

Document Language: English

Document ID (Org No.): 2001905579

pISSN: 2407-8654

Issues

Authors:

Hasanudin, Hasanudin | Dewi, Nisrina Mutiara | Pertiwi, Gine Putri | Wijayanti, Feby

Publisher:

UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Main Topics:

Religion | Economics, Econometrics & Finance | Social Sciences

Journal:

Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Vol.14 Issue mi, pp.0-0

Document Type:

Article

Publication Date:

1/2022

Document Language:

English

Document ID (Org No.):

2001905579

pISSN:

2407-8654