Eclectic Islamic economic law: Multiakad in Indonesia’s sharia banking

Yasin, Mohammad Nur (2019) Eclectic Islamic economic law: Multiakad in Indonesia’s sharia banking. Pertanika Journal of Social Science and Humanities, 27 (1). ISSN 0128-7702

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Abstract

This study evaluates the enactment of multiakad principles in the Sharia Banking products within the frame of eclectic law. There are 13 Sharia Commercial Banks in Indonesia that offer 228 non multiakad products and 168 multiakad products. This study identifies factors behind the enactment of multiakad principles in Sharia Banking products and the model of eclectic law that it subscribes to. The study is based on library research. The data used for this research was obtained from reputable documents and online literature. The findings show that various factors surround the implementation of multiakad in Sharia Banking products in Indonesia: political, economic and law. There are three models of eclectic law There are three models of eclectic law Islamic finance philosophy propagates the nurturing of human resource competencies to safeguard stakeholder’s interests towards achieving long term sustainability in Islamic banks (Nor et al., 2017).The diversity of human entities leads to the diversity of law models. In the context of legal philosophy, combinations of law model varieties is called the eclectic law. According to Arnold in multiakad products in Sharia Banking in Indonesia, namely Eclectic Methodological Doctrine, Eclectic Style, and Eclectic Culture

Item Type:	Journal Article
Keywords:	Eclectic Islamic economic law, eclectic style, eclectic culture, multiakad sharia banking
Subjects:	18 LAW AND LEGAL STUDIES > 1801 Law > 180105 Commercial and Contract Law
Divisions:	Faculty of Sharia and Law > Department of Sharia Business Law
Depositing User:	Ramadhita Ramadhita
Date Deposited:	17 Jun 2021 06:07

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