ASYMMETRIC DETAILS PROBLEM
IN SYIRKAH (MUSYARAKAH AND MUDHARABAH) FINANCING
The of Islamic Banking method is increasing since the financial crisis in 2008. Islamic financial marketplace activity as well as in some produced countries including Australia, Bahamas, Canada, Cayman Islands, Danish, Guernsey, jersey, Ireland in europe, Luxembourgh, Switzerland, United Kingdom, United States, and Virgin Islands as well grow (Latifa and Mervyn 2001, g. 9). Base on Lender Indonesia record at the third quarter 2009, The Banker's survey in 2009 showed that the asset maintained by the 500 largest Islamic financial institutions on the globe in 2009 grew 28. 6% compared to 08 or from USD639 billion dollars to USD822 billion.
In Indonesia, Islamic Banking was began in 1992 while using establishment of Bank Muamalat Indonesia and followed by Bank Syariah Mandiri in 1999. Financial institution Indonesia figure informed that position in March 2010 there were 8 Islamic Business Bank, twenty-five Business Unit, and 143 Islamic Rural Bank (BPRS). Total number of Islamic Bank offices happen to be 1499 models. Looking at the trend growth of Islamic banking institutions plus the number of these kinds of offices, apparently the market of Islamic Banking business in Indonesia grew rapidly. Especially in Philippines, a majority Muslim society
Combined with the rapid regarding Islamic Bank, there is the challenging application of the principal product from the Islamic Bank based on profit and loss sharing. In Indonesia, depending on the Act No . six of 1992 article six, Islamic Financial is similar with the major product revenue and damage sharing. In a recent content (Rifki 2009, p. 101) Islamic Financial theory acknowledges financing share into 3 types which can be: (a) Equity-based financing; (b) Debt-based funding and; (c) Benevolent loan and assistance. Profit and loss posting concept is roofed in the class of Equity-based auto financing. According Sunarto (2003, p. 24) transaction of Islamic economic system possess two contract, tabarru' (virtue) and tijarah (business). Tijarah contract is for business and business-oriented. Equity-based financing and Debt-based loans are a part of tijarah category.
Amongst all sorts of financing, financial debt based financing is the most favourite one in particular Murabahah loans. Islamic Financial institution use it is because (a) Murabahah rate of return is usually predetermined, set and continues (b) Control financing would not require much efforts to monitor (c) Risk of standard is relatively low (Rifki. 2009, p. 102). Existing tendencies in some countries that apply Islamic Banking, Murabahah skim as supplementary product which has a certain perimeter has significant portion, with an average 70% more. Also in Dalam negri, the execution of equity-based financing as being a primary item of Islamic Banking contains a smaller portion because it provides a high risk. The main cause of high risk is definitely any asymmetric information among Bank/Owner of the funds (shahibul mall) and Client/Entrepeneur (mudharib).
Antonio (2001, p. 90) declared there are 4 types of major contract in Equity-based financing which are Mudharabah (trustee partnership), Musharakah (joint venture), Muzara'ah (harvest yield income sharing), and Musaqot (plantation management fee based on selected portion of yield). But the theory of the most well-known and widely used by Islamic Banking in Indonesia coming from Equity-based loans is musharakah and mudharabah. Focus of this paper can be how to resolve problems of asymmetric information concerning Equity-based funding product particularly musyarakah and mudharabah which will if not really mitigated will create moral threat for business people and at the final will harm the development of Islamic banking.
Organization as part of economical activity is often a vital role in human your life throughout the age range. Economic pursuits will influence the behavior for all those levels of the person, social, regional, national, and international. Muslims have long been linked to economic activity since the 15th...