Comparative Analysis of Malaysian Islamic Bank Agreements with Indonesia

Abstract

Malaysia and Indonesia are countries in Southeast Asia which are experiencing quite rapid developments related to Islamic banking. However, behind the success of Islamic banking, in its application and implementation, each country has different interpretations. The study in this paper tries to carry out a comparative analysis of Murabahah, Mudharabah and Musyarakah agreements in two countries, namely Malaysia and Indonesia. The research method used is normative legal research using statutory and conceptual approaches. The results of the study show that there are differences in interpretation in the implementation of the three agreements. In Malaysia, Murabahah agreements are implemented in three ways, namely Bai Al Inah, Bay Al Dayn and bay Bitthaman Ajjil while in indonesia bai’ li al-amri bi al-syira’ and Bai Al-Dayn. Mudharabah in Malaysia uses two namely Mudharabah Mutlaqah is a agreement whereby rabbul mal permits the mudarib to manage the mudharabah capital without any special restrictions and Mudharabah Muqayyadah is an agreemt whereby rabbul mal imposes special restrictions on the terms of the mudharabah. While in Indonesia using mudharabah agreements combined with murabahah and musyarakah agreements. The last is musyarakah agreement. In Malaysia, they use Syirkah al-Milk and Syirkah al-‘Aqd and use the Mutanaqishah musyarakah agreement. whereas in Indonesia it uses Syirkah amwal and is known as syirkah inan by using musyarakah and musyarakah Mutanaqishah agreements. From this research it was also found that the implementation of both countries in Malaysia and Indonesia related to murabahah, mudharabah and musyarakah agreements still contains elements of usury, gharar and maisir.

Keywords: Agreement, Bank, Syariah, Indonesia, Malaysia