Research Article
Consumers Protection on the Musyarakah Mutanaqisah Contract of Indonesian Islamic Banking
@INPROCEEDINGS{10.4108/eai.26-9-2020.2302642, author={Indah Purbasari and Murni Murni and Encik Muhammad Fauzan}, title={Consumers Protection on the Musyarakah Mutanaqisah Contract of Indonesian Islamic Banking}, proceedings={Proceedings of The International Conference on Environmental and Technology of Law, Business and Education on Post Covid 19, ICETLAWBE 2020, 26 September 2020, Bandar Lampung, Indonesia}, publisher={EAI}, proceedings_a={ICETLAWBE}, year={2020}, month={12}, keywords={consumers protection musyarakah mutanaqisah products standard sharia standard}, doi={10.4108/eai.26-9-2020.2302642} }- Indah Purbasari
Murni Murni
Encik Muhammad Fauzan
Year: 2020
Consumers Protection on the Musyarakah Mutanaqisah Contract of Indonesian Islamic Banking
ICETLAWBE
EAI
DOI: 10.4108/eai.26-9-2020.2302642
Abstract
This paper aims to clarify the fulfilment of Islamic banking consumers’ rights in Indonesia based on the Islamic banking Products Standard of Financial Services Authority and the shariah standard. The research is conducted through doctrinal studies of musyarakah mutanaqisah (diminishing partnership) contract and its applications in Indonesia. The study results that the drawback of the Financial Services Authority Standard focuses only on administrative procedures and less attentions is devoted to the consumer protection towards the guarantee of shariah compliance in the legal standing and its implementations, such as the existence of hybrid contract and less guarantee for the consumers facility to obtain a risk sharing of the financing object. Therefore, this research promotes the urgency of stipulating shariah coverage standard in the consumer protection clause.
