Research Article
Regulations of Qard by AAOIFI and DSN: What's The Difference?
@INPROCEEDINGS{10.4108/eai.4-11-2022.2329681, author={Muhammad Rifqi Hidayat and Yulia Hafizah and Novita Alfinuri and Akhmad Fauzi Aseri and Nispan Rahmi}, title={Regulations of Qard by AAOIFI and DSN: What's The Difference?}, proceedings={Proceedings of the International Conference on Sustainability in Technological, Environmental, Law, Management, Social and Economic Matters, ICOSTELM 2022, 4-5 November 2022, Bandar Lampung, Indonesia}, publisher={EAI}, proceedings_a={ICOSTELM}, year={2023}, month={9}, keywords={aaoifi’s sharia standard dsn’s fatwa stipulation of qard}, doi={10.4108/eai.4-11-2022.2329681} }- Muhammad Rifqi Hidayat
Yulia Hafizah
Novita Alfinuri
Akhmad Fauzi Aseri
Nispan Rahmi
Year: 2023
Regulations of Qard by AAOIFI and DSN: What's The Difference?
ICOSTELM
EAI
DOI: 10.4108/eai.4-11-2022.2329681
Abstract
AAOIFI and DSN have different rules regarding merging qard contracts with other commutative contracts in one transaction, which AAOIFI in the Shariah Standards No.19 prohibits, while DSN in the Fatwa No. 79 allows it. This difference can affect certain Islamic financial products which combine qard contracts with other commutative contracts, such as Islamic gold pawn products. Thus, the purpose for this study is to compare the Shariah Standard No.19 of AAOIFI on Qard, and Fatwa No.19 and 79 on qard, so that the differences between the two can be presented in a detailed manner. This research uses the normative legal method with comparative approach and content analysis techniques. The results show that the characteristics of the qard rules of these two institutions are indeed different, where AAOIFI focuses on the main essence of qard such as the elements (arkan) of qard, prohibition of interest, permissible fees, and time periods, while DSN focuses on the implementation of qard in Qardhul Hasan product or as an additional agreement to other commutative contracts. Most of the rules of these two institutions can complement each other, except in the case of merging the qard with other commutative contracts that are in conflict with each other.
