THE CORPORATE SPIN-OFF: An Examination of Islamic Banking Legal and Regulatory Framework
Abstract
This paper aims to instigate the implementation of Article 68 of the Islamic Banking Act, which obliges Islamic divisions to be separated from their parent banks. This study attempted to reveal a legal solution so that the obligations can be turned into a corporate action. The argument presented by a critical review approach based on a literature review using secondary data. The solution still considers spin-offs a necessity, not a mandate. It is supposed to be considered a corporate action that its implemented based on readiness so the article needs to be amended. This paper proposes changes to the article on spin-offs for the development of Islamic Banking in Indonesia with practical benefits. Alternative changes can be completed in three ways: first, by issuing Financial Services Authority Regulation (FSAR), which makes the spin-off a corporate action. This method is unconstitutional because FSAR is structurally under the Constitution. The second alternative is done by submitting a judicial review of Article 68 to the Constitutional Court. Finally, the third is by enacting the omnibus law of Islamic economics. Those three options have both advantages and disadvantages. Thus, it is necessary to further find out which solution is most prospective for advancing Islamic banking.
Artikel ini bertujuan untuk mendorong penerapan Pasal 68 Undang-Undang Perbankan Syariah yang mewajibkan divisi syariah dipisahkan dari bank induknya. Kajian ini mencoba mengungkap solusi hukum agar kewajiban tersebut dapat berubah menjadi aksi korporasi. Argumen yang disajikan menggunakan pendekatan Solusinya tetap menganggap spin off sebagai kebutuhan, bukan sebagai mandat. Hal ini seharusnya dianggap sebagai corporate action yang pelaksanaannya berdasarkan kesiapan sehingga pasal tersebut perlu diubah. Makalah ini mengusulkan perubahan pasal spin-off untuk perkembangan perbankan syariah di Indonesia dengan manfaat praktis. Alternatif perubahan bisa dilakukan dengan tiga cara, pertama dengan menerbitkan Peraturan Otoritas Jasa Keuangan (POJK) yang menjadikan spin off sebagai corporate action. Cara ini inkonstitusional karena POJK secara struktural berada di bawah konstitusi. Alternatif kedua dilakukan dengan mengajukan uji materi pasal 68 ke Mahkamah Konstitusi. Terakhir, yang ketiga adalah dengan pengundangan omnibus law ekonomi syariah. Ketiga pilihan tersebut memiliki kelebihan dan kekurangan. Untuk itu perlu dikaji lebih lanjut solusi mana yang paling prospektif untuk memajukan perbankan syariah.
Keywords
Full Text:
PDFReferences
Arif, M. Nur Rianto Al, M. Arief Mufraini, and M. Agung Prabowo. “Market Structure, Spin-Off, and Efficiency: Evidence from Indonesian Islamic Banking Industry.” Emerging Markets Finance and Trade 56, no. 2 (2020): 329–37. https://doi.org/10.1080/1540496X.2018.1553162.
Baktiar, Amir, Samdin Hasan Aedy, La Ode, and Bahana Adam. “Murabahah Implementation in Islamic Bank (Study at Bank Muamalat Kendari Branch).” IOSR Journal of Economics and Finance 8, no. 5 (2017): 13–27. https://doi.org/10.9790/5933-0805011327.
Bangsawan, Moh. Indra. “Eksistensi Ekonomi Islam (Studi Tentang Perkembangan Perbankan Syariah Di Indonesia).” Law and Justice 2, no. 1 (2017): 24–34. https://doi.org/10.23917/laj.v2i1.4334.
Hanifah, Annisa, Budi Santoso, and Ismail Navianto. “Urgensi Pengaturan Perusahaan Gadai Swasta Dengan Sistem Online.” Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Islam 2, no. 3 (2018): 2018.
Hanifah, Ida. “The Role of Otoritas Jasa Keuangan (Financial Services Authority) in Supervising Sharia Banking Products in Indonesia.” Budapest International Research and Critics in Linguistics and Education (BirLE) Journal 2, no. 4 (2019): 375–84. https://doi.org/10.33258/birle.v2i4.500.
Hilman, Iim. “Sharia Business Unit Spin-off: Strategic Development Model of Sharia Banking in Indonesia.” International Journal of Islamic Banking and Finance Research 2, no. 2 (2018): 1–15. https://doi.org/10.46281/ijibfr.v2i2.43.
Itang, Itang. “Peluang Dan Tantangan Spin Off Unit Usaha Syariah Menjadi Bank Umum Syariah.” Alqalam 33, no. 1 (2016): 24. https://doi.org/10.32678/alqalam.v33i1.383.
Keuangan, Otoritas Jasa. “FAQ Otorotas Jasa Keuangan.” Accessed May 28, 2022. https://www.ojk.go.id/id/pages/faq-otoritas-jasa-keuangan.aspx.
Kharisma, Dona Budi. “Urgency of Financial Technology (Fintech) Laws in Indonesia.” International Journal of Law and Management 63, no. 3 (2021): 320–31. https://doi.org/10.1108/IJLMA-08-2020-0233.
Lestari, Nur Melinda. Sistem Pembiayaan Bank Syariah :Berdasarkan UU No. 21 Tahun 2008, Jakarta Selatan. Jakarta Selatan: Grafindo Books Media, 2015.
Pambuko, Zulfikar Bagus. “Kebijakan Spin-off Dan Efisiensi Perbankan Syariah Di Indonesia.” Ihtifaz: Journal of Islamic Economics, Finance, and Banking 2, no. 1 (2019): 21. https://doi.org/10.12928/ijiefb.v2i1.822.
Parrangan, Glenn Divy. “Fungsi Otoritas Jasa Keuangan Dalam Melindungi Kepentingan Konsumen Dalam Perjanjian Pembiayaan.” Lex Administratum 6, no. 4 (2018): 131–39.
Rongiyati, Sulasi. “Pengembangan Perbankan Syariah Melalui Pelaksanaan Kewajiban Pemisahan Unit Usaha Syariah.” Negara Hukum 6, no. 1 (2015): . 65-78.
Rysaldi, Muhammad Ilham, Budi Santoso, and Latar Belakang Masalah. “Konsep Perbankan Syariah Pasca Spin Off : Perspektif Indonesia” 15 (2022): 459–74.
Shandy Utama, Andrew. “History and Development of Islamic Banking Regulations in the National Legal System of Indonesia.” Al-’Adalah 15, no. 1 (2019): 37. https://doi.org/10.24042/adalah.v15i1.2446.
Subhan Zein. “Tinjauan Yuridis Pengawasan Otoritas Jasa Keuangan Terhadap Aplikasi Pinjaman Dana Berbasis Elektronik (Peer To Peer Landing / Crow Funding) Di Indonesia.” Jurnal Bisnis Dan Akuntansi Unsurya 28, no. 2 (2019): 01051.
Supriyadi, Ahmad. “Penerapan Berbagi Keuntungan Dan Kerugian Dalam Pembia Aan Murabahah Di Bank S Ariah Indonesia.” Jurnal Pembaharuan Hukum 4, no. 1 (2017): 42. https://doi.org/10.26532/jph.v4i1.1658.
Umam, Khotibul, and Veri Antoni. Corporate Action Pembentukan Bank Syarriah: Akuisis, Konversi, Dan Spin-Off. Gajah Mada University Press Yogyakarta, 2018.
Wulandari, Yunita, A’yun Nadhira, and Mohammad Ghozali. “Sejarah Pembangunan Hukum Perbankan Syariah Di Indonesia.” Jurnal Masharif Al-Syariah: Jurnal Ekonomi Dan Perbankan Syarah 4, no. 1 (2019): 69–76. https://doi.org/10.25123/vej.3629.
Yuspin, Wardah, Absori, and Yulian Dwi Nurwanti. “Islamic Banking Structure Post Spin-off Policy: Indonesian Perspective.” International Journal of Innovation, Creativity and Change 12, no. 2 (2020): 374–91.
Yuspin, Wardah, and Kelik Wardiono. “Islamic Banking Trajectories of Indonesia: Dealing with the Present and Shaping the Future.” International Journal of Economic Research 14, no. 16 (2017): 29–42.
DOI: https://doi.org/10.18860/j.v14i1.20586
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Published By:
Jurusan Hukum Ekonomi Syariah
Fakultas Syariah
Universitas Islam Negeri Maulana Malik Ibrahim Malang
Jl. Gajayana No. 50, 65144 Malang, East Java, Indonesia
Telp./Fax.: (0341) 559399
Email: jurisdictie@uin-malang.ac.id
--------------------------------------------------------------------------------------
Abstacting & Indexing :
Jurisdictie: Jurnal Hukum dan Syariah is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.