SISTEM PEMBIAYAAN BERDASARKAN PRINSIP SYARIAH

$KPDG6XSUL\DGL6LVWHP3HPELD\DDQ

6,67(03(0%,$<$$1%(5'$6$5.$1 35,16,36<$5,$+ 6XDWX7LQMDXDQ
$EVWUDFW 7KLV UHVHDUFK DLPV DW NQRZLQJ VXE V\VWHP RI ODZ DERXW WKH ¿QDQFH EDVHG RQ 6\DULDKSULQFLSOHLQ,QGRQHVLDE\PHWKRGQRUPDWLYHMXGLFLDODSSURDFKQRW,VODPLF MXULVSUXGHQFH DSSURDFK EHFDXVH WKH GLVSXWH ¿QDQFH KDYH WR VROYH E\ FLYLO ODZ RI ,QGRQHVLD 7KH UHVHDUFK VKRZV WKDW ¿QDQFH EDVHG RQ 6\DULDK SULQFLSOH KDYH VXE V\VWHPVDUHSUR¿WVKDULQJV\VWHPVDOHV\VWHPDQGOHDVHV\VWHP

$ 3HQGDKXOXDQ 3HPELD\DDQ EHUGDVDUNDQ SULQVLS V\DULDK GDODP SUDNWHNQ\D GL OHPEDJD SHUEDQNDQ V\DULDK WHODK PHPEHQWXN VHEXDK VXE V\VWHP VLVWHP SHPELD\DDQEHUGDVDUNDQSULQVLSV\DULDKGLOLKDWGDULVXGXWSDQGDQJHNRQRPL EDKZDEHUGDVDUNDQVLIDWSHQJJXQDDQQ\DGDSDWGLEDJLPHQMDGLGXDKDO 3HPELD\DDQ SURGXNWLI DQWDUD ODLQ SHPELD\DDQ XVDKD SURGXNVL WHUGLUL GDULSHPELD\DDQOLNXLGLWDVSLXWDQJGDQSHUVHGLDDQPRGDO3HPELD\DDQ PRGDO NHUMD XQWXN SHUGDJDQJDQ WHUGLUL GDUL SHUGDJDQJDQ XPXP GDQ SHUGDJDQJDQEHUGDVDUNDQSHVDQDQGDQ3HPELD\DDQLQYHVWDVL 3HPELD\DDQNRQVXPWLIEDLNVHNXQGHUPDXSXQSULPHU

3HQXOLVDGDODKGRVHQ6HNRODK7LQJJL$JDPD,VODP1HJHUL.XGXV 06\D¿¶,$QWRQLR%DQN6\DULDK'DUL7HRUL.HSUDNWLN-DNDUWD*HPD,QVDQL +OP

$O0DZDULG(GLVL;7DKXQ


(NRQRPL PHOLKDW SHPELD\DDQ GDUL VHJL NHPDQIDDWDQ IDVLOLWDV SHPELD\DDQ\DNQLSUR¿WDEOHGDQQRQSUR¿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¿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

6XGLNQR 0HUWRNXVXPR 0HQJHQDO +XNXP 6XDWX 3HQJDQWDU


WDJLKDQ \DQJ GLSHUVDPDNDQ GHQJDQ LWX EHUGDVDUNDQ SHUVHWXMXDQ DWDX NHVHSDNDWDQ DQWDUD EDQN GHQJDQ SLKDN ODLQ \DQJ PHZDMLENDQ SLKDN \DQJ GLELD\DL XQWXN PHQJHPEDOLNDQ XDQJ DWDX WDJLKDQ WHUVHEXW VHWHODK MDQJND ZDNWX WHUWHQWX GHQJDQ LPEDODQ DWDX EDJL KDVLO$UWL SULQVLS V\DULDK DGDODK DWXUDQSHUMDQMLDQEHUGDVDUNDQ+XNXP,VODPDQWDUDSLKDNEDQNGDQSLKDNODLQ XQWXNPHQ\LPSDQGDQDGDQDWDXSHPELD\DDQNHJLDWDQXVDKDDWDXNHJLDWDQ ODLQQ\D \DQJ GLQ\DWDNDQ VHVXDL GHQJDQ V\DULDK DQWDUD ODLQ 3HPELD\DDQ EHUGDVDUNDQ SULQVLS EDJL KDVLO PXGKDUDEDK SHPELD\DDQ EHUGDVDUNDQ SULQVLS SHQ\HUWDDQ PRGDO PXV\DUDNDK SHPELD\DDQ EHUGDVDUNDQ SULQVLS MXDOEHOLEDUDQJGHQJDQPHPSHUROHKNHXQWXQJDQPXUDEDKDK SHPELD\DDQ EDUDQJ PRGDO EHUGDVDUNDQ VHZD \DLWX VHZD PXUQL WDQSD SLOLKDQ LMDUDK VHZD GHQJDQ SHPLQGDKDQ NHSHPLOLNDQ DWDV EDUDQJ \DQJ GLVHZD LMDUDK ZDOLTWLQDDWDXLMDUDKELWDPOLN $UWLSHPELD\DDQPHQXUXW.HSXWXVDQ3UHVLGHQ1RPRU7DKXQ 7HQWDQJ/HPEDJD3HPELD\DDQSDVDOEXWLUDGDVHGLNLWSHUEHGDDQ\DLWX NHJLDWDQ\DQJEHUEHQWXNSHQ\HGLDDQGDQDDWDXEDUDQJPRGDOGHQJDQWLGDN PHQDULNGDQDVHFDUDODQJVXQJ 3HUEHGDDQ NHGXD LVWLODK WHUVHEXW DGD SDGD RE\HN SHUMDQMLDQ \DLWX PHQXUXW 88 1RPRU 7DKXQ \DQJ PHQMDGL RE\HN DGDODK XDQJ VHGDQJNDQPHQXUXW.HSSUHV1R3DVDOEXWLURE\HNQ\DDGDODK XDQJGDQEDUDQJPRGDO3UDNWHNSHPELD\DDQGLSHUEDQNDQV\DULDKEDKZD \DQJ PHQMDGL RE\HN SHUMDQMLDQ VHODLQ XDQJ MXJD EDUDQJ PRGDO \DNQL PHQHQWXNDQEHVDUQ\DMXPODKXDQJXQWXNSHPEHOLDQEDUDQJPRGDO 3HPLVDKDQ NHGXD RE\HN SHUMDQMLDQ \DLWX XDQJ GDQ EDUDQJ PRGDO EHULPSOLNDVL SDGD NHGXGXNDQ KXNXP SDUD SLKDN GDODP SHPELD\DDQ EHUGDVDUNDQ SULQVLS V\DULDK EDKZD PHQJDPELO LPEDODQ GDUL SHPLQMDPDQ XDQJ DNDQ PHQMDGL ULED VHGDQJNDQ PHQJDPELO LPEDODQ GDUL SHPELD\DDQ EHUXSDEDUDQJPRGDOGLVHEXWNHXQWXQJDQ:DODXSXQSDUDXODPDEHUEHGD SDQGDQJDQWHQWDQJULEDQDPXQPHUHNDVHSDNDWEDKZDXQVXUVXEVWDQVLULED DGDODK]L\DGDK\DQJGLVHEDENDQDGDQ\DWDPEDKDQZDNWX,EQXDO$UDELDO 0DOLNLPHQMHODVNDQSHQJHUWLDQULEDVHFDUDEDKDVDDGDODKWDPEDKDQQDPXQ \DQJGLPDNVXGULEDGDODPDO4XU¶DQ\DLWXVHWLDSSHQDPEDKDQ\DQJGLDPELO WDQSDDGDQ\DVDWXWUDQVDNVLSHQJJDQWLDWDXSHQ\HLPEDQJ\DQJGLEHQDUNDQ V\DULDK0XKDPPDG6\D¿¶,$QWRQLRPHQJRPHQWDULEDKZD\DQJGLPDNVXG GHQJDQ WUDQVDNVL SHQJJDQWL DWDX SHQ\HLPEDQJ \DLWX WUDQVDNVL ELVQLV DWDX NRPHUVLDO \DQJ PHOHJLWLPDVL DGDQ\D SHQDPEDKDQ WHUVHEXW VHFDUD DGLO

$KPDG6XSUL\DGL7HVLV´.RQVWUXNVL+XNXP3HPELD\DDQ%HUGDVDUNDQ3ULQVLS 6\DULDK0HQXUXW881R´


VHSHUWL MXDO EHOL VHZD JDGDL 0LVDOQ\D EDQN PHQHUDSNDQ MXDO EHOL KDUJD EDUDQJ \DQJ PHQMDGL RE\HN SHUMDQMLDQ DGDODK KDUJD SRNRN GLWDPEDK PDUJLQNHXQWXQJDQPDNDNHXQWXQJDQMXDOEHOLGDODPKDOLQLGLVHEXWODED 6HEDJDLPDQD GLWHUDQJNDQ GL GDODP DO4XU¶DQ 6XUDW $Q1LVD¶ ³KDL RUDQJRUDQJ \DQJ EHULPDQ MDQJDQODK NDPX VDOLQJ PHPDNDQ KDUWD VHVDPDPXGHQJDQMDODQEDWLONHFXDLGHQJDQMDODQSHUQLDJDDQ\DQJEHUODNX VXNDVDPDVXNDGLDQWDUDNDPX´ 3HPELD\DDQ GHQJDQ FDUD SHQ\HGLDDQ DWDX SHPEHULDQ XDQJ NHSDGD QDVDEDK GDUL VHJL \XULGLV NHGXGXNDQ KXNXP QDVDEDK DGDODK SHPLQMDP GDQ EDQN DGDODK VXE\HN KXNXP \DQJ PHPEHULNDQ SLQMDPDQ XDQJ VHKLQJJDVWUXNWXUKXNXP\DQJGLJXQDNDQDGDODKKXNXPSLQMDPPHPLQMDP VHGDQJNDQ GL GDODP SHUEDQNDQ V\DULDK WLGDN GLNHQDO SLQMDPPHPLQMDP WHWDSLSHPELD\DDQ\DQJRE\HNQ\DEDUDQJPRGDOGDQXDQJ 8UDLDQ GL DWDV NHVLPSXODQQ\D EDKZD SHQJHUWLDQ SHPELD\DDQ EHUGDVDUNDQSULQVLSV\DULDKDGDODKNHJLDWDQ\DQJEHUXSDSHQ\HGLDDQXDQJ GDQ EDUDQJ GDUL SLKDN EDQN NHSDGD QDVDEDK VHVXDL NHVHSDNDWDQ \DQJ PHZDMLENDQSLKDN\DQJGLELD\DLXQWXNPHQJHPEDOLNDQXDQJVHWHODKMDQJND ZDNWXWHUWHQWXGHQJDQLPEDODQDWDXEDJLKDVLO\DQJGLGDVDULSULQVLSV\DULDK \DLWXSULQVLSPXGKDUDEDKPXV\DUDNDKPXUDEDKDKGDQLMDUDK 3HPELD\DDQ GDSDW GLODNXNDQ ROHK EDQN XPXP \DQJ PHPLOLNL GLYLVL V\DULDK VHSHUWL %DQN 6\DULDK 0DQGLUL %60 %DQN 0XDPDODW ,QGRQHVLD %0, %5,6\DULDK%1,6\DULDKGDQGLODNXNDQSXODROHK%DQN3HUNUHGLWDQ 5DN\DW6\DULDK%356 MXJD%DLWXO0DO:DW7DPZLO %DQN PHPEHULNDQ PRGDO XDQJ SHPELD\DDQ PHPSXQ\DL NDWHJRUL VHQGLULVHQGLUL EDKZD %DLWXO 0DO :DW7DPZLO %07 EHVDUQ\D DQWDUD 5S VDPSDL 5S MDQJND ZDNWX PLQLPDO VHWHQJDK WDKXQGDQPDNVLPDOOLPDWDKXQ%DQN3HUNUHGLWDQ5DN\DW6\DULDK%356 SHPELD\DDQEHVDUQ\D5SVDPSDL5SMDQJNDZDNWX PLQLPDOVDWXWDKXQPDNVLPDOGLVHUDKNDQSDGDNHELMDNDQEDQNVHGDQJNDQ GL%DQN\DQJOHELKEHVDUVHSHUWL%DQN0XDPDODW,QGRQHVLD%0, DWDXEDQN XPXPODLQQ\DPRGDOXDQJSHPELD\DDQEHVDUQ\D5SNHDWDV GDQMDQJNDZDNWXPLQLPDOVDWXWDKXQNHDWDV

& 6LVWHP3HPELD\DDQEHUGDVDUNDQSULQVLS6\DULDK 3UDNWHN SHPELD\DDQ GLSHUEDQNDQ V\DULDK PHPSXQ\DL VHEXDK VXE V\VWHP \DQJ KDUXV PHQJLNXWL NHWHQWXDQ \DQJ GLJDULVNDQ GDODP 8QGQDJ

$O4XUDQ



8QGDQJ1RPRU7DKXQWHQWDQJSHUEDQNDQ\DNQLKDUXVEHUSHGRPDQ SDGDSULQVLSSULQVLSV\DULDK\DLWXSULQVLSPXGKDUDEDKSULQVLSPXV\DUDNDK SULQVLSPXUDEDKDKGDQSULQVLSLMDUDK 6LVWHP SHPELD\DDQ EHUGDVDUNDQ SULQVLS V\DULDK PHQXUXW VXGXW SDQGDQJ\XULGLVDGDODKVHEDJDLEHULNXW 3HPELD\DDQ EDJL KDVLO EHUGDVDUNDQ SULQVLS PXGKDUDEDK GDQ SULQVLS PXV\DUDNDK 3HPELD\DDQ MXDO EHOL EHUGDVDUNDQ SULQVLS PXUDEDKDK SULQVLS LVWLVKQD GDQSULQVLSDVVDODP 3HPELD\DDQ VHZDPHQ\HZD EHUGDVDUNDQ SULQVLS LMDUDK VHZD PXUQL GDQ ,MDUDK DOPXQWDKLD ELWWDPOLN VHZD EHOL DWDX VHZD GHQJDQ KDN RSVL .HWLJDVLVWHPSHPELD\DDQWHUVHEXWGLDWDVDGDODKVHEDJDLEHULNXW

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

%DJLKDVLOEHUGDVDUNDQSULQVLSPXGKDUDEDK 0XGKDUDEDKDGDODKDNDGNHUMDVDPDXVDKDDQWDUDGXDSLKDNGLPDQD SLKDN SHUWDPD VHEDJDL SHPLOLN PRGDO GDQ SLKDN NHGXD VHEDJDL SHQJHOROD PRGDO VHGDQJ NHXQWXQJDQ GLEDJL NHGXD EHODK SLKDN VHVXDL GHQJDQ NHVHSDNDWDQ\DQJWHUWXDQJGDODPSHUMDQMLDQ3DUDSDNDUSHUEDQNDQV\DULDK NHEDQ\DNDQVHSHQGDSDWGHQJDQSHQJHUWLDQGLDWDV $EGXOODK6DHHGPHPEHULNDQGH¿QLVLPXGKDUDEDLVDFRQWUDFWEHWZHHQ WZRSDUWLHVZKHUHE\RQHSDUW\FDOOHGUDEEDOPDOLQYHVWRU HQWUXVWPRQH\ WR D VHFRQG SDUW\ FDOOHG PXGKDULE IRU WKH SXUSRVH RI FRQGXFWLQJ WUDGH 6HGDQJ0$EGXO0DQQDQ PHQJDUWLNDQPXGKDUDED\DLWXWHQDJDNHUMDGDQ

06\D¿¶,$QWRQLR,ELG+OP $EGXOODK 6DHHG ,VODPLF %DQNLQJ$QG ,QWHUHVW D 6WXG\ RI 7KH SURKLELWLRQ RI 5LEDDQGLWV&RQWHPSRUDU\,QWHUSUHWLRQ.ROQ%ULOO/HLGHQ1HZ


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¿NDVL MHQLV XVDKD ZDNWX GDQ GDHUDK ELVQLV 0 6\D¿¶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


V\DULDK GDODP EHQWXN EDJL KDVLO EHUGDVDUNDQ SULQVLS PXGKDUDEDK XQWXN MDQJND ZDNWX VDWX DWDX GXD WDKXQ &DUDQ\D DGDODK GHQJDQ PHQJKLWXQJ SHUNLUDDQPRGDO\DQJGLEXWXKNDQGDQSHQGDSDWDQ\DQJDNDQGLSHUROHKGDUL XVDKDWHUVHEXWPLVDOQ\DMXPODKPRGDO\DQJGLEXWXKNDQ5S GDQNHXQWXQJDQ\DQJGLSHUROHK5SSHUEXODQ'DULSHQGDSDWDQ LQL KDUXV GLVLVLKNDQ WHUOHELK GDKXOX XQWXN WDEXQJDQ SHQJHPEDOLDQ PRGDO PLVDOQ\D 5S VHOHELKQ\D GLEDJL DQWDUD EDQN GHQJDQ QDVDEDK GHELWXU VHVXDL SHUMDQMLDQ PLVDOQ\D XQWXN QDVDEDK GDQ XQWXN EDQN 3HUOX DGDQ\D WDEXQJDQ SHQJHPEDOLDQ PRGDO NDUHQD VXDWX VDDW ELOD WHUMDGL NHUXJLDQ \DQJ PHQJDNLEDWNDQ PRGDO SRNRN EHUNXUDQJ QDVDEDK PHPSXQ\DLFDGDQJDQXQWXNPHQJJDQWLGDQEDQNWLGDNNHVXOLWDQOLNXLGLWDV 3DGDVDDWWDEXQJDQLWXWHODKPHQFDSDL5SPRGDODNDQGLWDULN ROHK SHPLOLNQ\D EDQN GDQ QDVDEDK PDVLK GDSDW PHODQMXWNDQ NHUMD VDPD GDQVLVDPRGDODGDODKPLOLNQDVDEDKGDQEDQNVHKLQJJDDSDELODNHUMDVDPD LQLWHODKVHOHVDLDVHW\DQJDGDWDGLDNDQGLEDJLEHUGXD

%DJLKDVLOEHUGDVDUNDQSULQVLSPXV\DUDNDK 0XV\DUDNDKGDULNDWDV\LUNDKGLVHEXWMXJDV\DULNDK\DQJDUWLQ\DDNDG NHUMDVDPDDQWDUDGXDSLKDNDWDXOHELKXQWXNVXDWXXVDKDWHUWHQWXGLPDQD PDVLQJPDVLQJ SLKDN PHPEHULNDQ NRQWULEXVL GDQD GHQJDQ NHVHSDNDWDQ EDKZD NHXQWXQJDQ GDQ UHVLNR DNDQ GLWDQJJXQJ EHUVDPD VHVXDL GHQJDQ SRUVL NRQWULEXVL GDQD DWDX NHVHSDNDDWDQ EHUVDPD $EGXOODK 6DHHG PHQJDUWLNDQ PXV\DUDNDK DGDODK SDUWQHUVKLS 0XV\DUDNDK GDSDW GLDUWLNDQ SHQ\HUWDDQ DWDX HTXLW\ SDUWLFLSDWLRQ \DQJ DUWLQ\D DNDG NHUMD VDPD XVDKD SDWXQJDQDQWDUDGXDSLKDNDWDXOHELKSHPLOLNPRGDOXQWXNPHPELD\DLVXDWX MHQLV XVDKD SDWXQJDQ DQWDUD GXD SLKDN DWDX OHELK SHPLOLN PRGDO XQWXN PHPELD\DLVXDWXMHQLVXVDKDGLPDQDSHQGDSDWDQNHXQWXQJDQGLEDJLVHVXDL GHQJDQQLVEDK\DQJWHODKGLVHSDNDWL .HVLPSXODQGDULEHUEDJDLSHQJHUWLDQGLDWDVEDKZDKDOKDOSRNRN\DQJ WHUGDSDWGDODPPXV\DUDNDKDGDODKDGDQ\DGXDVHNXWXDWDXOHELKPDVLQJ PDVLQJPHPDVXNNDQPRGDODGDQ\DRE\HNSHUVHNXWXDQ\DQJGLSHUMDQMLNDQ DGDQ\DSHPEDJLDQUHVLNRGDQNHXQWXQJDQGDULKDVLOSHUVHNXWXDQ 3HPELD\DDQEDJLKDVLOEHUGDVDUNDQSULQVLSPXV\DUDNDKGLSHUEROHKNDQ PHQXUXW V\DULDK VHVXDL GHQJDQ KDGLWV UDVXOXOODK GDUL $EX +XUDLUDK 5DVXOXOODK EHUVDEGD DNX SLKDN NHWLJD GDUL GXD RUDQJ \DQJ EHUVHULNDW VHODPDVDODKVDWXQ\DWLGDNPHQJNKLDQDWLODLQQ\D+5$EX'DZXG1R GDODPNLWDEDO%X\X¶GDQ+DNLP

$EGGXOODK6DHHG,ELG+OP



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


G 6\LUNDKZXMXK*RRGZLOOFUHGLWZRUWKLQHVVDQGFRQWUDFWV
06\D¿¶,$QWRQLR,ELG+OP



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

6LWL ,VPLMDWL -HQLH %HEHUDSD 3HUMDQMLDQ


6LVWHPMXDOEHOL 6LVWHPMXDOEHOLGLGDVDUNDQSDGDMXDOEHOLEDUDQJ\DQJELDVDQ\DXQWXN SHPELD\DDQEDUDQJSURGXNWLIPLVDOQ\DSHPEHOLDQEDUDQJSHVDQDQ3RODLQL VHFDUDSUDNWHNDGDWLJD\DLWXSULQVLSPXUDEDKDKDOLVWLVKQDGDQDVVDODP

-XDOEHOLEHUGDVDUNDQSULQVLSPXUDEDKDK 0XUDEDKDK DGDODK DNDG MXDO EHOL DQWDUD EDQN GDQ QDVDEDK EDQN PHPEHOL EDUDQJ \DQJ GLSHUOXNDQ GDQ PHQMXDO NHSDGD QDVDEDK \DQJ EHUVDQJNXWDQ VHEHVDU KDUJD SRNRN GL WDPEDK GHQJDQ NHXQWXQJDQ \DQJ GLVHSDNDWL 3DUD DKOL SHUEDQNDQ V\DULDK PHPEHULNDQ GH¿QLVL \DQJ VDPD PHQXUXWLVODPLF\XULVSUXGHQFHPXUDEDKDKDGDODKDNDGMXDOEHOLDWDVEDUDQJ WHUWHQWXEDKZDWUDQVDNVLMXDOEHOLWHUVHEXWSHQMXDOPHQ\HEXWNDQGHQJDQMHODV EDUDQJ \DQJ GLSHUMXDO EHOLNDQ WHUPDVXN KDUJD SHPEHOLDQ GDQ NHXQWXQJDQ \DQJ GLDPELO 6HGDQJ PXUDEDKD GDODP SHUEDQNDQ DGDODK DNDG MXDO EHOL DQWDUDEDQNVHODNXSHQ\HGLDEDUDQJGHQJDQQDVDEDK\DQJPHPHVDQXQWXN PHPEHOL EDUDQJ EDQN PHPSHUROHK NHXQWXQJDQ MXDO EHOL \DQJ GLVHSDNDWL EHUVDPDDQWDUDSDUDSLKDN 3HPELD\DDQGHQJDQVLVWHPMXDOEHOLEHUGDVDUNDQSULQVLSPXUDEDKDK GLV\DUDWNDQKDUXVPHQMHODVNDQKDUJDSRNRNEDUDQJGDQMXJDPHQHQWXNDQ EHVDUQ\D NHXQWXQJDQ EDJL EDQN %DQN GDODP PHQHWDSNDQ PDUJLQ NHXQWXQJDQSHUOXNHKDWLKDWLDQDWDXVHFDUDZDMDUGDQWLGDNEHUOHELKOHELKDQ NDUHQDMLNDEHUOHELKDQDGDODKPHUXSDNDQULED\DQJGLODUDQJ,VODP &RQWRK0DPDWVHRUDQJSHQJXVDKDPHPEXWXKNDQNHQGDUDDQVHSHGD PRWRU \DQJ KDUJDQ\D 5S XQWXN IDVLOLWDV WUDQVSRUWDVL XUXVDQ XVDKD LD PHQJDMXNDQ SHUPRKRQDQ SHPELD\DDQ NHSDGD EDQN V\DULDK GHQJDQ MDQJND ZDNWX GXD WDKXQ 6HWHODK EDQN PHQHOLWL NHPDPSXDQ QDVDEDK XQWXN PHPED\DU GDQ DVSHN OHJDOQ\D LD PHQGDSDW SHPELD\DDQ GHQJDQFDUDVHEDJDLEHULNXW'LNHWDKXLKDUJDVHSHGDPRWRU5S KDVLO QHJRVLDVL EDQN PHPSHUROHK NHXQWXQJDQ VHEHVDU 5S VHODPD GXD WDKXQ 'HQJDQ GHPLNLDQ QDVDEDK PHQJHPEDOLNDQ NHSDGD EDQNVHEHVDU5SGLWDPEDKNHXQWXQJDQ5S GDUL PRGDO MXPODK 5S GLDQJVXU VHODPD GXD WDKXQ 5S GLDQJVXUEXODQ\DLWXWLDSEXODQ5S

-XDOEHOLEHUGDVDUNDQSULQVLSDO,VWLVKQD ,VWLVKQDDGDODKDNDGMXDOEHOLEDUDQJSHVDQDQDQWDUDQDVDEDKSHPEHOL =DLQXO$UL¿Q3HODWLKDQ$VSHN+XNXP'DODP3HUEDQNDQ6\DULDK0DNDODKGDUL %5,WLGDNGLSXEOLNDVLNDQ+OP



GDQEDQN3HQMXDO VSHVL¿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

3HPELD\DDQEHUGDVDUNDQSULQVLSDVVDODP $VVDODP DUWLQ\D DNDG MXDO EHOL EDUDQJ SHVDQDQ DQWDUD QDVDEDK SHPEHOL GDQ EDQN SHQMXDO VSHVL¿NDVL GDQ KDUJD EDUDQJ SHVDQDQ EHUNHQDDQGHQJDQKDVLOEXPL %DQNVHEDJDLSHPEHOLEHUDV\DQJPDVLKDNDQGLKDVLONDQROHKVDZDK NHPXGLDQ PHQMXDOQ\D NHSDGD SHPEHOL \DQJ PHPDQJ VXGDK MHODV EDJL EDQNDWDXSXQSHPEHOL\DQJELDVDPHPEHOLKDVLOVDZDKWHUVHEXWVHKLQJJD EDQN PHQGDSDW NHXQWXQJDQ GDUL VHOLVLK KDUJD MXDO 3HPEHOLDQ WHUKDGDS EDUDQJWHUVHEXWKDUXVGLWHQWXNDQNULWHULD\DQJMHODVPHQJHQDLMHQLVEDUDQJ EDQ\DNQ\D GDQ KDUJD \DQJ GLVHSDNDWL 5LVLNR NHUXJLDQ DNLEDW SDGD ZDNWX SDQHQ EHUDV WLGDN VHVXDL GHQJDQ \DQJ GLSHUMDQMLNDQ GLWDQJJXQJ ROHK SHWDQL



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

6LVWHPVHZD ,MDUDKWHUPDVXNVDODKVDWXSHPELD\DDQGL3HUEDQNDQV\DULDKPHQXUXW LMDUDK DGDODK DNDG SHPLQGDKDQ KDN SHQJJXQDDQ DWDX SHPDQIDDWDQ DWDV EDUDQJDWDXMDVDGHQJDQPHODOXLSHPED\DUDQVHZDNHSDGDSHPLOLN 3HPELD\DDQ EHUGDVDUNDQ SULQVLS LMDUDK DWDX VHZD WHUGLUL GDUL GXD PDFDP\DLWXLMDUDKVHZDPHQ\HZD GDQLMDUDKDOPXQWDKLDELWWDPOLNVHZD GHQJDQKDNRSVLDWDXVHZDEHOL ,MDUDKWDQSDNHSHPLOLNDQ
=DLQXO$UL¿Q,ELG+OP



.HGXGXNDQ KXNXP GDODP SHUMDQMLDQ SHPELD\DDQ VHZD EHOL EDKZD SHUXVDKDDQ QDVDEDK \DQJ PHPEXWXKNDQ EDUDQJ PRGDO DGDODK VHEDJDL SHQ\HZD \DQJ PHPSHUROHK KDN XQWXN PHQJJXQDNDQ PRGDO \DQJ EHUVDQJNXWDQ VHODPD MDQJND ZDNWX EHUODQJVXQJQ\D SHUMDQMLDQ VHZD PHQ\HZD WHUVHEXW VHGDQJNDQ EDQN V\DULDK EHUNHGXGXNDQ VHEDJDL SLKDN \DQJPHQ\HZDNDQ\DLWXSHPLOLNEDUDQJPRGDOWHUVHEXW\DQJPHPEHULNDQ KDN SDNDL DWDV EDUDQJ PRGDO NHSDGD QDVDEDK VHODPD EHUODQJVXQJQ\D SHUMDQMLDQ VHZD PHQ\HZD -DGL QDVDEDK PHPSXQ\DL KDN XQWXN PHQJJXQDNDQ EDUDQJ WHUVHEXW VHODPD EHUODQJVXQJQ\D SHUMDQMLDQ VHZD PHQ\HZD WDQSD SXQ\D KDN XQWXN PHPLOLNLQ\D GHQJDQ PHPED\DU KDUJD VHZDNHSDGDEDQNV\DULDK 6HWHODKSHUMDQMLDQVHZDPHQ\HZDVHOHVDLVHLULQJGHQJDQVHOHVDLQ\D SUR\HN\DQJGLNHUMDNDQEDQNV\DULDKPHPEHULNDQKDNRSVLNHSDGDQDVDEDK XQWXN PHPEHOL EDUDQJ WHUVHEXW VHEDJDLPDQD \DQJ GLMDQMLNDQ GDODP SURSRVDO 3HUMDQMLDQ \DQJ GLODNXNDQ VHODQMXWQ\D DGDODK SHUMDQMLDQ MXDO EHOL DQWDUDQDVDEDKGHQJDQEDQNV\DULDKDWDVEDUDQJ\DQJWHODKGLSHVDQROHK SHQJXVDKDVHEDJDLQDVDEDKEDQN 3HUMDQMLDQ SHPELD\DDQ VHPDFDP LQL ELDVD GLODNXNDQ QDPDQ\D OHDVLQJVHEDJDLPDQDGLDWXUGDODP.HSSUHV1RPRU7DKXQ7HQWDQJ /HPEDJD 3HPELD\DDQ NKXVXVQ\D WHQWDQJ OHDVLQJ \DQJ GLDWXU OHELK ODQMXW GHQJDQ 6. 0HQNHX 5, 1RPRU .0. 7HQWDQJ .HWHQWXDQ GDQ7DWD&DUD3HODNVDQDDQ/HPEDJD3HPELD\DDQGDQGLXEDKGHQJDQ6. 0HQNHX5,1RPRU.0. )LQDQFH /HDVLQJ DWDX VHZD JXQD XVDKD GHQJDQ KDN RSVL PHQXUXW SDVDO EXWLU H 6. 0HQNHX .0. DGDODK NHJLDWDQ VHZD JXQDXVDKDGLPDQDSHQ\HZDJXQDXVDKDOHVVHH SDGDDNKLUPDVDNRQWUDN PHPSXQ\DL KDN RSVL XQWXN PHPEHOL REMHN VHZD JXQD XVDKD EHUGDVDUNDQ QLODLVLVD\DQJGLVHSDNDWL VHZD EHOL EHUGDVDUNDQ SULQVLS LMDUDK DOPXQWDKLD ELWWDPOLN EDKZD NHGXGXNDQQDVDEDKDGDODKVHEDJDLVHEDJDLOHVVHH\DQJPHPSHUROHKKDN XQWXNPHQJJXQDNDQPRGDOVHODPDMDQJNDZDNWXWHUWHQWXVHGDQJNDQEDQN V\DULDKDGDODKVHEDJDLOHVVRU\DLWXSHPLOLNLEDUDQJPRGDO 3HUMDQMLDQ VHZD EHOL DGDODK PHUXSDNDQ SHUMDQMLDQ FDPSXUDQ DQWDUD VHZDPHQ\HZDGDQMXDOEHOL\DQJPHPSXQ\DLNDUDNWHULVWLNEHUEHGDGHQJDQ VHZD PHQ\HZD 0HVNLSXQ LQWLQ\D VDPD \DLWX PHPLQGDKNDQ KDN XQWXN PHPSHUJXQDNDQ EDUDQJ PRGDO WDQSD KDUXV PHPLOLNLQ\D 'L GDODP VHZD EHOLSDGDPDVDDNKLUSHQ\HZDDQQDVDEDKPHPSHUROHKNHVHPSDWDQXQWXN PHPLOLNLEDUDQJPRGDO\DQJEHUVDQJNXWDQ-DGLDGDSHUSLQGDKDQKDNPLOLN GDUL EDQN NHSDGD QDVDEDK 6HODPD MDQJND ZDNWX SHQ\HZDDQ QDVDEDK



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

' .HVLPSXODQ 3HUMDQMLDQ SHPELD\DDQ EHUGDVDUNDQ SULQVLS 6\DULDK \DQJ WHUGLUL GDUL SULQVLS PXGKDUDEDK SULQVLS PXV\DUDNDK SULQVLS PXUDEDKDK SULQVLS LVWLVKQD SULQVLS VDODP GDQ SULQVLS DO LMDUDK DOPXQWDKLD ELWWDPOLN PHPSXQ\DLVLVWHPVHUWDEHQWXNGDQVWUXNWXUKXNXP\DLWXVLVWHPEDJLKDVLO VLVWHP MXDO EHOL GDQ VLVWHP LMDUDK 3HUMDQLDQ SHPELD\DDQ GHQJDQ VLVWHP EDJLKDVLOEHUGDVDUNDQSULQVLSPXGKDUDEDKGDQPXV\DUDNDKPHQJJXQDNDQ VWUXNWXU KXNXP SHUVHNXWXDQ DWDX SDUWQHUVKLS VHGDQJNDQ VLVWHP MXDO EHOL EHUGDVDUNDQ SULQVLS PXUDEDKDK DOLVWLVKQD GDQ DVVDODP PHQJJXQDNDQ VWUXNWXUKXNXPMXDOEHOL3HUMDQMLDQSHPELD\DDQ\DQJPHQJJXQDNDQVWUXNWXU KXNXP SHUVHNXWXDQ GDQ MXDO EHOL VLIDWQ\D NRQVHQVXLO REOLJDWRLU NDUHQD SHUMDQMLDQQ\D WHUEHQWXN GHQJDQ NDWD VHSDNDW .HGXD VWUXNWXU LWX DGDODK WHUPDVXN SHUMDQMLDQ EHUQDPD NDUHQD WHODK GLDWXU GDODP .8+ 3HUGDWD $O0DZDULG(GLVL;7DKXQ


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

'DIWDU3XVWDND $EGXOODK 6DHHG ,VODPLF %DQNLQJ $QG ,QWHUHVW D 6WXG\ RI 7KH 3URKLELWLRQRI5LEDDQGLWV&RQWHPSRUDU\,QWHUSUHWLRQ.ROQ%ULOO/HLGHQ 1HZ

SISTEM PEMBIAYAAN BERDASARKAN PRINSIP SYARIAH

Recommend Documents