Optimization of Mudaraba Sharia bank finance through agency theory perspective
-
Author(s)Djafar JasminLink to ORCID Index: https://orcid.org/0000-0001-7813-7179
,
M. MoeljadiLink to ORCID Index: https://orcid.org/0000-0002-9232-922X
,
DjumahirLink to ORCID Index: https://orcid.org/0000-0002-0935-8389
,
Atim DjazuliLink to ORCID Index: https://orcid.org/0000-0003-4458-4880
-
DOIhttp://dx.doi.org/10.21511/bbs.13(4).2018.04
-
Article InfoVolume 13 2018, Issue #4, pp. 40-50
- Cited by
- 970 Views
-
286 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
This study aims to analyze the implementation of mudaraba financing at Sharia banks, to consider the relationship between a principal and an agent in mudaraba financing at Sharia banks, and to explore efforts to optimize the implementation of mudaraba financing at Sharia banks.
This research was conducted at the Bank Muamalat Ternate Branch. The study used a qualitative method of single case study approach. The analysis used is an interactive model developed by Miles and Huberman. Research result exhibits the following:
1) The implementation of mudaraba financing was not in accordance with sharia implementation requirement, because there is still a gap in the income sharing system that causes the contract of mudharabah financing cannot be continued.
2) A principal has more information than an agent, because the agent has limited information especially in terms of that about cooperation instrument (mudharabah financing), while the principal is way more about data on that cooperation instrument.
3) Optimizing the implementation of mudaraba financing is needed by improving mudaraba financing governance. It is conducted by assigning consultants in mudaraba financing. The consultant has an active role and formally is directly involved in the mudharabah financing, but its characteristic only gives consideration and advice to shahibul maad and mudharabah as the key player in the mudharabah financing.
-
JEL Classification (Paper profile tab)G20, G21
-
References42
-
Tables0
-
Figures2
-
- Figure 1. Mudharabah financing scheme
- Figure 2. Proposed Mudaraba financing scheme
-
- Al-Qur’anul Karim dan Terjemahannya, Departemen Agama.
- Antonio, M. S. (2001). Bank Syari’ah: Teori dan Praktek. Jakarta: Gema Insani Press.
- Ascarya, A., & Yumanita, D. (2007). Mencari solusi rendahnya pembiayaan bagi hasil di perbankan syariah indonesia. Buletin Ekonomi Moneter Dan Perbankan, 8(1), 7-43.
- Asiyah, B. N. (2015). Manajemen Pembiayaan Syariah. Yogyakarta: Kalimedia.
- Bank Indonesia. (2013). Outlook Perbankan Syari’ah Indonesia. Jakarta: Direktorat Perbankan Syari’ah BI.
- Berg, B. L. (2007). Qualitatve Reseacrh Methods for the Social Sciences. Boston: Pearson Education, Inc.
- Creswell, J. W. (2009). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. Los Angeles: Sage Publications.
- Donna, D. R., & Dumairy. (2006). Variabel-Variabel Yang Mempengaruhi Permintaan dan Penawaran Mudaraba pada Perbankan Syari’ah di Indonesia. Jurnal i-lib UGM.
- Dooley, K. (2005). Doing Case Study Research. New York: Theacers College.
- Fatchan, H. A. (2011). Metode Penelitian Kualitatif. Surabaya: Jenggala Pustaka Utama.
- Guba, E., & Lincoln, Y. (1985). Establishing Trustworthiness Naturalistic Inquiry. London Baverly Hills: SAGE Publication, Ltd.
- Gunawan, I. (2014). Metode Penelitian Kualitatif: Teori dan Praktek. Jakarta: Bumi Aksara.
- Harris, M., & Arthur, R. (1990). Capital Structure and Informational Role of Debt. Journal of Finance, 45(2), 321-349.
- Ismal, R. (2013). Islamic Finance di Inggris: Stadium General Islamic Economics. Disampaikan di UIN Syarif Hidayatullah, 20 April 2011. Direktorat Perbankan Syariah BI.
- Isretno, R. A. E. (2011). Pembiayaan Mudaraba dalam Sistim Perbankan Syari’ah. Jakarta: Cintya Press.
- Jensen, C. M., & Mechkling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
- Jensen, C. M. (1986). Agency Cost of Free Cash Flow, Corporate Finance, and Takeover. American Economic Review, 76(2).
- Karim, A. A. (2000, August 13-15). Incentive Compatible Constrains for Islamic Banking: Some Lessons From Bank Muamalat (pp. 579-598). Fourth International Conference on Islamic Economic and Banking. Laoughborough University, UK.
- Khalil, AF. A. A., Rickwood, dan Muride (2000, August 13-15). Agency Contactual in Profit-Sharing, Islamic Finance: Challenges and Opportunities in The Twenty-First Century. Fourth International Conference on Islamic Economic and Banking. Laoughborough University, UK.
- Laksama, Y. (2009). Tanya Jawab Cara Mudah Mendapatkan Pembiayaan di Bank Syariah. Jakarta: Elex Media Komputindo.
- Lewis, M. K., & Latifa, M. A. (2007). Perbankan Syari’ah: Prinsip, Praktek, dan Prospek. Translated by Burhan, S. Jakarta: PT Serambi Ilmu Semesta.
- Maharani, S. N. (2008). Mereduksi Agency Problem pada Kontrak Mudaraba melalui Bingkai Merafora Amanah (Unpublished Thesis). Universitas Brawijaya, Malang.
- Manzilati, A. (2011). Kesepakatan Kelembagaan Kontrak Mudaraba Dalam Kerangka Teori Keagenan. Jurnal Keuangan dan Perbankan, 15(2), 281-293.
- Milles, M. B., & Haberman, A. M. (2011). Qualitatif Data Analysis a Sourcebook of New Methods. Translated by Rohidi T. R. Jakarta: UI-Press.
- Muhammad. (2010). Minimalisasi Masalah Agency Melalui Screening Adverse Selection dalam Pembiayaan Mudarabah di Bank Syari’ah. TSAQAFAH, 6(1).
- Mursalim. (2005). Income Smoothing dan Motivasi Investor: Studi Empiris pada Investor di BEJ. Simposium Nasional Akuntansi VIII, IAI.
- Naf’an. (2014). Pembiayaan Musyarakah dan Mudaraba. Yogyakarta: Graha Ilmu.
- Nicholson, W. (1990). Intermediate Microeconomics. Chicago: Dryden Press.
- Prabowo, B. A. (2009). The Practice of Murobahah Scheme in Syariah Banking: Critical Analysis towards the Application of Murobahah Scheme in Indonesia and Malaysia (Unpublished Thesis). Fakultas Hukum Universitas Islam Indonesia, Yogyakarta.
- Reichelstein, S. (1992). Agency. The New Palgrave Dictionary of Money and Finance, 2, 23-26.
- Ritzer, G. (1992). Sociology A Multiple Paradigm Science. Translated by Alimanda. Jakarta: Rajawali Pers.
- Sabiq, S. (1987). Fiqih Sunnah. Bandung: PT. Al Ma’arif.
- Sadr, K., & Zamir, I. (2000). Choice off Debt or Equty Contract and Asymmetrical Information: An Empicirical Evidence (pp. 487-499). Fourth International Conference on Islamic Economics and Banking. Loughborough University, UK.
- Saeed, A. (1996). Islamic Banking and Interest: A Study of the Prohibition of Riba and Its Contemporary Interpretation. Translated by Maftuhin A. Jakarta: Paramadina.
- Scott, W. R. (2000). Finacial Accounting Theory (2nd ed.). Canada: Prentice Hall.
- Stiglitz, E. J. (1992). Principal and Agent. The New Palgrave Dictionary of Money and Finance, 2, 185-190.
- Sumianto, A. (2004). Minat Manajer BMT di Yogyakarta Dalam Menerapkan Produk Pembiayaan Mudaraba (Unpublished Thesis). Yogyakarta: MSI UII.
- Tarsidin. (2010). Bagi Hasil: Konsep dan Analisis. Jakarta: LP-FEUI.
- Warde, I. (1999, Oktober 1). The Revitalization of Islamic Profit and Loss Sharing. Proceeding of the Harvard University Forum on Islamic Finance. Harvard Islamic Finance Information Program Center for Middle Easter Studies, Cambridge.
- Weston, J. F., & Brigham, E. F. (1994). Dasar Manajemen Keuangan. Yogyakarta: Penerbit Erlangga.
- Wiroso. (2005). Penghimpunan Dana dan Distribusi Hasil Usaha Bank Syari’ah. Jakarta: PT. Grasindo.
- Yin, R. (2009). Case Study Research: Design and Methods. CA: Sage Publications Beverly Hills.
