IN SYIRKAH (MUSYARAKAH AND MUDHARABAH) FINANCING
The image of Islamic Banking system is increasing since the financial crisis in 2008. Islamic financial market activity as well as in some developed countries such as Australia, Bahamas, Canada, Cayman Islands, Danish, Guernsey, jersey, Ireland, Luxembourgh, Switzerland, United Kingdom, United States, and Virgin Islands also grow (Latifa and Mervyn 2001, p.9). Base on Bank Indonesia report at the third quarter 2009, The Banker’s survey in 2009 showed that the asset managed by the 500 largest Islamic financial institutions in the world in 2009 grew 28.6% compared to 2008 or from USD639 billion to USD822 billion.
In Indonesia, Islamic Banking was began in 1992 with the establishment of Bank Muamalat Indonesia and followed by Bank Syariah Mandiri in 1999. Bank Indonesia statistic informed that position in March 2010 there were eight Islamic Commercial Bank, 25 Business Unit, and 143 Islamic Rural Bank (BPRS). Total number of Islamic Banking offices are 1499 units. Looking at the trend growth of Islamic banking institutions and the number of such offices, it seems that the market of Islamic Banking business in Indonesia grew rapidly. Particularly in Indonesia, a majority Muslim society
Along with the rapid growth of Islamic Banking, there is the problematic application of the primary product of the Islamic Banking based on profit and loss sharing. In Indonesia, based on the Act No.7 of 1992 article 6, Islamic Banking is identical with the primary product profit and loss sharing. In a recent article (Rifki 2009, p.101) Islamic Banking theory recognizes financing allocation into three types which are: (a) Equity-based financing; (b) Debt-based financing and; (c) Benevolent loan and service. Profit and loss sharing concept is included in the category of Equity-based financing. According Sunarto (2003, p.24) transaction of Islamic economic system have two...