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MANAJEMEN STRATEGI PEMBUMIAN EKONOMI ISLAM DI INDONESIA

August 22, 2010 Leave a comment

ABSTRAKSI
Strategi adalah faktor penting dalam pengorganisasian .yang merupakan sebuah proses dimana manajemen memutuskan tujuan dan cara mencapainya. Ekonomi Islam akan berkembang dengan pesat apabila ada sebuah grand design atau blue print sebagai acuan bagi semua stake holder. Hal tersebut akan berjalan secara sistematis dan komprehensif apabila ada sinergitas diantara semua pihak sehingga tujuan dari ekonmi Islam yang sebenarnya akan tercapai.
key word: Strategi, blue print, sinergitas.
PENDAHULUAN
Ekonomi merupakan bagian yang tidak bisa terpisahkan dari kehidupan manusia, karena ini menyangkut perilaku manusia dalam mengaktualisasikan diri untuk mencapai tujuan hidupnya. Islam merupakan fitrah manusia, karena itu ia bersifat holistik (syumul). Dalam Islam, ekonomi dibahas pada bagian tersendiri, fiqh mu’amalah. Jadi jelaslah sudah bahwa islam memilki ‘aturan main’ tersendiri untuk masalah ekonomi.
Kalau kita perhatikan prestasi ekonomi Indonesia sungguh tidaklah menggembirakan. Kemiskinan dibarengi pengangguran yang tertimpa pada Indonesia seolah-olah menjadi sebuah karakteristik yang melekat pada negara-negara berpenduduk muslim. Berikut tabel Pertumbuhan ekonomi dan
Pengangguran Terbuka.

Hal yang pararelpun terjadi pada tingkat internasional, dimana Indonesia mendapatkan peringkat yang jauh dan rendah dibanding negara tetangga. Termasuk studi yang dilakukan oleh IMD Swiss yang menempatkan Indonesia pada nomor 45 dari 47 bangsa di dunia sebelum krisis terjadi. Dan setelah krisis menempatkan kualitas SDM nomor 107 dibawah Vietnam.
Posisi Indonesia di Tingkat Internasional
Kualitas SDM No. 46
Kemampuan IPTEK No. 42
Kemampuan Manajemen No. 44
Keadaan Sarana dan Prasarana No. 46
Lobby & Hubungan Internasional No. 43
Kekuatan Ekonomi Domestik No. 45
Kualitas Pemerintahan No. 36
Akses terhadap Permodalan No. 43

Kemiskinan dan pengangguran serta masalah turunan tersebut perlu sebuah solusi yang tidak hanya bersifat analgetic melalui problem sympton yang
dihadapi, tetapi perlu sebuah alternatif, solusi tepat mengeliminir masalah tersebut.
Kesalahan umat dan bangsa ini tidak mau berpikir, walaupun berpikir, tidak bertindak. Sedikit orang-orang yang berpikir sesuatu tetapi tidak atau lebih sedikit orang yang melakukannya. “you see, in life, lots of people know what to do, but few people actually do what they know”.
Apabila kita lihat dalam piramida penguasaan ekonomi di Indonesia, jumlah umat Muslim terbesar, yakni mencapai 87,9 persen. Namun, umat non-Muslim, khususnya Kristen, yang jumlahnya tak lebih dari 12 persen menguasai mayoritas perekonomian nasional. Sekitar 58 persen ekonomi Indonesia dipegang oleh sekitar 300 group konglomerat besar, yang mayoritas merupakan non-Muslim. Sebanyak 24 persen dikuasai oleh 201 BUMN, sisanya dipegang oleh koperasi dan UKM.
¨ Sebagaian besar bangsa ini menilai bahwa Islam sebatas sebuah addien, sebuah kepercayaan dan keyakinan yang hanya dijalankan melalui ritual-ritual an sich. Padahal pada addien inilah yang dapat menuntun kehidupan manusia kepada kebahagian dunia dan akhirat. Islam dipandang sebagai ritual bukan sebagai solusi. Dan inilah yang terjadi, ketika di depan mata kemiskinan, kriminalitas dan hidup yang sempit malah banyak meninggalkan ajaran addien.
Ekonomi Islam salah satu jawaban dari permasalahaan ekonomi Indonesia ketika pasca krisis moneter terjadi bank syariah malah menjadi jamur yang tidak terbendung. Belum lagi sektor lainnya seperti keuangan publik ( Zakat, Infak Shadaqah ), sektor riil Syariah ( Hotel Syariah, Baju Islami dll ) mulai merayap menghiasi peradaban bangsa ini. Namun sayang konsep ekonomi Islam yang sebenarnya banyak yang tidak tahu, sehingga kadang menjadi salah kaprah bahkan menjadi bumerang bagi umat islam itu sendiri. Oleh sebab itu diperlukan staretegi jitu yang sistematis dan menyeluruh dalam sosialisasi dan pembumian ekonomi islam di negeri tercinta ini.
PEMBAHASAN
“ Manajemen strategi adalah suatu seni dan ilmu dari pembuatan (formulating), penerapan (implementing), dan evaluasi (evaluating) keputusan-keputusan strategis antar fungsi yang memungkinkan sebuah organisasi mencapai tujuan-tujuan masa datang “
Dari definisi di atas terdapat dua hal penting yang dapat disimpulkan, yaitu bahwa:
1. manajemen strategik terdiri dari tiga proses:
a. pembuatan strategi (formulating)
b. penerapan strategi (implementing)
c. evaluasi/control strategi (controling)
2. manajemen strategik, memfokuskan pada penyatuan atau penggabungan aspek-aspek sosialisasi, riset dan pengembangan, keuangan dan opersional dari sebuah bisnis/organisasi.
Definisi pembumian sendiri, dapat diartikan sebagai suatu tindakan dan proses penanaman, pengakaran dan pengkafahan yang dapat ditempuh dengan sosialisasi sehingga ekonomi Islam tertanam pada jiwa “masyarakat” dan dapat direalisasikan dalam kehidupan perekonomian sehari-hari.

Ekonomi Islam
Secara sederahana Sistem ekonomi Islam merupakan penerapan aktivitas ekonomi yang berdasarkan syariah untuk mewujudkan suatu kemakmuran yang berkeadilan. .Oleh karena itu sistem ekonomi Islam dalam penerapannya harus berdasarkan nash-nash Al-Quran (bagian-bagian yang tetap), dan ijtihad hasil karya para mujtahid (bagian-bagian yang berubah-ubah) dan ulil amri.
Persepsi sebagian orang tentang ekonomi Islam yang terlalu ideal mengakibatkan terhambatnya perkembangan ekonomi syariah itu sendiri. Teori Ibnu Kholdun atau yang dinamakan siklus chapra dapat menjawab pertanyaan mengenai ekonomi Islam yang sebenarnya.Siklus tersebut dapat digambarkan seperti di bawah ini:

TANTANGAN EKONOMI ISLAM
Menurut M. Syakir Sula, perkembangan misi Ekonomi Islam menghadapi tantangan-tantangan sebagai berikut :
– Tantangan Internal :
– Bagaimana meningkatkan silaturahmi dan kerjasama konkrit antar praktisi, LKS dan akademisi.
– Begitu besar potensi masing-masing yang belum disinergikan
– Diperlukan ketulusan hati, kebersihan qalbu dan kelurusan niat
– Empat kebiasaan buruk yang merusak hubungan : su’udzan, ghibah, tajassus (memata-matai), namimah (mengadu-domba).
Khusus tentang Perbankan Syari’ah, Karnaen Perwataatmaja merumuskan tantangan internal atau kelemahan kita adalah :
• Masih terdapat berbagai kontroversi terhadap keberadaan dan sistem operasional bank syariah.
• Rendahnya pemahaman masyarakat
• Masih terbatasnya jaringan pelayanan
• Moral hazard
• Tantangan Eksternal
• Pihak-pihak yang tidak senang dengan berkembangnya ekonomi syari’ah bersatu untuk menghambat perkembangannya : menghambat UU, PP, sosialisasi dan implementasi di masyarakat
• Ekonomi Islam dikait-kaitkan dengan fanatisme agama
• Kompetisi teknologi, pelayanan dan perkembangan produk dari sistem keuangan konvensional (sekuler).
Menurut sumber lain, ada beberapa tantangan yang perlu mendapatkan perhatian umat Islam. Pertama, dampak globalisasi, misalnya pesaing dari LKS asing. Kedua, persaingan di bidang layanan (servis), termasuk di bidang teknologi informasi (TI). Ketiga, dukungan setengah hati dari pemerintah. Keempat, masih terbatasnya SDM yang andal. Kelima, pemahaman masyarakat tentang LKS dan bunga bank haram. Masih ada masyarakat yang masih kurang peduli terhadap hal tersebut.
Tantangan terbesar umat Islam adalah bagaimana mewujudkan umat Islam itu kuat, progressif, dinamis, dan maju. Untuk itu, perlu tiga hal, yakni iman yang kuat, ilmu dan teknologi yang mantap, serta ekonomi yang kokoh,
‘Semakin lemah umat Islam dari segi ekonomi, maka semakin lemah pula dakwah, pendidikan maupun hal-hal lainnya yang seharusnya merupakan pilar penyokong kekuatan dan wibawa umat,. Agama lain melakukan pemurtadan dengan menyerang dari empat sisi kelemahan umat Islam, yakni lemah ekonomi, lemah pendidikan, lemah di bidang kesehatan, dan lemah di bidang tauhid

PELUANG EKONOMI ISLAM
Umat Islam harus menjadikan berbagai tantangan di bidang ekonomi menjadi peluang. ”Dengan jumlah penduduk Muslim mencapai sekitar 88 persen, idealnya pangsa pasar bank syariah di Indonesia mencapai sekitar 80 persen, dan bank konvensional 20 persen. Minimal, 50 banding 50.
Salah seorang praktisi ekonomi syariah, menyebutkan ekonomi syariah di Indonesia memiliki prospek sangat bagus untuk dikembangkan. Namun, upaya untuk mengembangkan ekonomi syariah masih menemui berbagai kendala dan tantangan. Meskipun demikian, umat Muslim tidak boleh gampang menyerah. ”Justru kita harus menjadikan tantangan dan kendala sebagai peluang. Masa-masa menjadikan isu ekonomi syariah sebagai wacana sudah lewat. Yang harus dilakukan sekarang adalah gerak nyata. Juga ditanamkan kemauan keras untuk mewujudkan ekonomi syariah dalam kehidupan sehari-hari,
Bicara mengenai prospek ekonomi syariah di Indonesia, ada lima faktor yang mendukung. Pertama, fatwa bunga bank riba dan haram. Kedua, tren kesadaran masyarakat Muslim, Ketiga, sistem ekonomi syariah berhasil menunjukkan keunggulannya, khususnya saat terjadi krisis ekonomi. Ketika bank-bank konvensional tumbang dan butuh suntikan dana pemerintah hingga ratusan triliun, Bank Muamalat, sebagai bank syariah pertama di Indonesia, mampu melewati krisis dengan selamat tanpa bantuan dana pemerintah sepeserpun. Keempat, UU Perbankan Syariah yang kini terus digodok, dan akan menjadi payung hukum bagi perbankan syariah di Indonesia. Kelima, tuntutan integrasi Lembaga Keuangan Syariah (LKS). Bank syariah harus menggunakan asuransi syariah untuk menutup pembiayaan terhadap nasabahnya. Sebaliknya, asuransi syariah harus menyimpan dananya di bank syariah, pasar modal syariah, maupun reksadana syariah.
Prospek ekonomi syaiah makin menjanjikan, seiring dengan eksistensi Dewan Syariah Nasional (DSN) yang makin bergigi. Lembaga pendidikan ekonomi syariah juga makin banyak.
Tantangan sekaligus dapat menjadi peluang bagi yang mampu memanfaatkan dan menggerakkannya. Umat Islam memerlukan orang-orang Muslim yang menguasai Fiqih Muamalat dan ilmu-ilmu umum sekaligus. Menurut data Bank Indonesia, diperkirakan bahwa dalam jangka waktu sepuluh tahun kedepan, dibutuhkan tidak kurang dari 10 ribu SDM yang memiliki basis skill ekonomi syariah yang memadai. Ini merupakan peluang yang sangat prospektif, sekaligus merupakan tantangan bagi kalangan akademisi dan dunia pendidikan kita. Tingginya kebutuhan SDM ini menunjukkan bahwa sistem ekonomi syariah semakin dapat diterima oleh masyarakat. Walaupun harus diakui bahwa ketika berbagai pemikiran dan konsep ekonomi syariah ini pertama kali diperkenalkan, kemudian diimplementasikan dalam berbagai institusi ekonomi, sebagian dari kaum muslimin banyak yang ragu dan tidak percaya.
Munculnya sikap semacam ini sebagai refleksi dari pemahaman bahwa ajaran agama Islam hanya mengatur pola hubungan yang bersifat individual antara manusia dengan Tuhannya saja, dan tidak mengatur aspek-aspek lain yang berkaitan dengan mu`amalah yang berhubungan dengan interaksi dan pola kehidupan antar sesama manusia. Padahal ajaran Islam adalah ajaran yang bersifat komprehensif dan universal, dimana tidak ada satu bidang pun yang luput dari perhatian Islam, termasuk bidang ekonomi tentunya.

PERAN BERBAGAI SEKTOR DALAM PEMBUMIAN EKONOMI ISLAM
Meskipun perkembangan ekonomi islam khususnya BPRS, BMT dan lembaga-lembaga keuangan Islam lainnya cukup mengesankan dari segi kuantitas, namun ekonomi ummat “ belum ada” tanda-tanda terangkat dari bawah oleh perangkat-perangkat kasar ini. Masih diperlukan perjalanan panjang untuk meningkatkan kualitas perekonomian umat. Penyebab keterbelakangan umat terutama di bidang ekonomi ini sebenarnya memiliki banyak faktor. Dengan kata lain fenomena keterbelakngan ini memiliki faktor multidimensional. Karena itu untuk mengatasinya diperlukan pendekatan multidimensional juga. Namun dengan perkembangan lembaga keuangan syariah yang ada seharusnya dapat dimanfatkan secara optimal untuk mengurangi keterbelakangan itu.
Sinergitas dari semua kalangan masyarakat baik itu regulasi, akademisi maupun praktisi harus terwujud agar tidak ada ketimpangan di dalam membumikan ekonomi Islam di Indonesia. Peran aktif dari masyarakat umum merupakan faktor penting dalam pembumian ekonomi Islam.
Peran Akademisi dalam Perkembangan Ekonomi Syariah
1. Mengupayakan adanya ‘paradigm shift’, menjadikan nilai-nilai universal yang berlandaskan Al Quran dan Sunnah sebagai ‘world view’ melalui pendekatan riset, pengembangan konsep-konsep.
2. Mengembangkan filsafat ilmu berdasarkan Al Qur’an dan Sunnah.
3. .Mengembangkan Metodologi Ilmiah berdasarkan Al Qur’an dan Sunnah.
4. Bagaimana ‘menangkap’ pengalaman-pengalaman praktisi di lapangan ke dalam kajian teoritis/akademis.
5. Di sisi lain, bagaimana ‘mendaratkan’ teori-teori yang ada di ‘awan’ ke tingkat implementasi di lapangan.
6. Teoretisasi dan positivisasi fatwa-fatwa baik lokal/regional maupun global sekaligus secara berkala melakukan purifikasi
7. Advokasi kebijakan : merumuskan kebijakan-kebijakan ekonomi dan pembangunan yang mengandung nilai-nilai universal berdasarkan Al Qur’an dan Sunnah.
8. Mengembangkan strategi pengajaran Ekonomi Islam di semua tingkat pendidikan (SD, MI, SMP, MTs, SMA, MA, PT, pesantren)
9. Menyiapkan dan mempertinggi kualitas SDI untuk terjun di kancah ekonomi secara Islami
10. Go Global :
i. Sertifikasi keahlian/profesi : Islamic Financial Analyst, Insurance Specialist, Insurance Agent, Community Development Specialist, Zakat/Waqf Specialist, Islamic Financial Planner.
ii. Menyusun buku-buku teks/modul-modul
iii. Menulis artikel-artikel ilmiah
Peran Regulator
Ekonomi islam dalam pembumiannya tidak dapat berjalan tanpa adanya regulasi-regulasi sebagai payung hukum praktik ekonomi syariah di Indonesia. Jelas sekali peran regulator yang bersinergi dengan masyarakat, akademisi, maupun praktisi, contoh lahirnya fatwa MUI 16 Desember 2003 yang mengharamkan bunga bank konvensional, dampaknya cukup besar terbukti antara lain sejumlah bank syariah mengalami kelebihan likuiditas. Dana masuk sangat cepat, sementara poses pembiayaan tak secepat penerimaan dana.
Peran negara dalam ekonomi selalu penting dalam pemikiran politik muslim sejak dulu hingga sekarang, yamg telah di bahas dalam sejumlah subjek, termasuk dia ntaranya adalah: al-ahkam as-sulthaniyyah’ regulasi pemerintah’, maqasid asy-syari’ah,as-siyasah as-syariah ‘ kebijakan syariah’ dan al-hisbah.
Namun, peran negara dalam ekonomi islam todak seperti “intervensi” pemerintah yang tetap komitmen kepada kapitalisme laissez paire. Ia juga tidak seperti kolektivitasi dan regimen tasi yang mencekik kebebasan dan iniiatif in dividu serta keinginan berusaha. Ia juga tidak seperti negra kesejahteraan yang sekularis yang karena penghindarannya dari penilaiaan, makin memperkuat klaim-klaim pada sumber daya dan menimbulkan ketidakseimbangan ekonomi. Ia adalah sebuah peran positif suatu kewajiban moral untuk membantu mewujudkan kesejahteraan semua orang dengan menjamin keseimbangan antara kepentingan privat dan sosial, memelihara roda perekonomian pada rel yang benar, dan men cegah pengalihan arahnya leh kelompok berkuasa yang berkepentingan. Makin besar motivasi orang utuk menerapkan nilai-nilai Islam, makin efektif lembaga-lembaga sosio ekonomi dalam menciptakan keseimbangan yag adil antara sumber-sumber daya dan klaim-klaim, juga dalam meralisasikan maqasid syariah , makin kecil peran negara dalam perekonomian. Namun apapun peran pemerintah, ia tidak boleh dimainkan secara acak, ia harus dimainkan dalam batas-batas syariah dan melalui saluran demokratis serta “konsultasi” (syura).

Peran Praktisi
para praktisi memegang peranan penting dalam pembumian ekonomi Islam karena di sektor inilah aplikasi riil ekonomi islam benar-benar terjadi. Baik buruknya ekonomi Islam barometer atau tolok ukurnya adalah praktisi sehingga kesalahan sekecil apapun “praktek” ekonomi syariah akan menjadi image ekonomi syariah itu sendiri secara menyeluruh. Oleh karena itu, para praktisi diharapkan sangat berhati-hati juga tetap melakukan introspeksi dan komunikasi dengan pihak lain dalam mengaplikasikan “produk-produk” ekonomi syariah.
Apalagi kondisi sebagian besar masyarakat Indonesia yang terlalu ideal pandangannya terhadap ekonomi syariah, misalnya praktek sebuah BMT yang diklaim tidak Islami menjadi kesimpulan umum atau generalisasi bahwa ekonomi syariah itu tidak baik.
Peran Masyarakat
Masyarakat diharapkan bisa ikut andil dalam proses pembentukan sistem ekonomi Islam . seperti melakukan transaksi di Institusi-Institusi Ekonomi Syariah dengan melakukan proses controlling terhadap praktek dan intitusi syariah sehingga terciptanya dinamika sistem ekonomi Islam yang kondusif.
KESIMPULAN
Sinergitas merupakan salah satu kata kunci dari pembumian ekonmi Islam disamping kita menyiapkan konsep,sosialisasi , regulasi dan advokasi bagi masyarakat Kemajuan ekonomi Islam akan lebih efektif dan efisien ketika semua bekerja sama dengan koordinasi yang sistematis sehingga menjadi kekuatan yang luar biasa. Tahapan-tahapan perkembangan ekonomi Islam akan sistematis ketika ada master plan atau grand design dalam pencapaian target dan tujuan dari ekonomi Islam itu sendiri . Maka diperlukan sebuah Blue Print yang dijadikan
semacam panduan atau guidance bagi pertumbuhan dan perkembangan perekonomian syariah di Indonesia.
Agustinus Sri wahyudi, manajemen strategi, Binarupa Aksara, 1996 Jakarta
Aris Mufti ekonomi Islam sebagai solusi permasalahan ekonomi di Indonesia, makalah yang disampaikan pada MUNAS III FoSSEI 2003 Kalimantan Selatan
Aries Mufti, Repleksi dan Proyeksi Ekonomi Islam, Munas IV FoSSEI 2004: UNPAD Bandung
Bey Utama Sapta, Peran Akademisi dalam Pengembangan Ekonomi Syariah, makalah yang disampaikan pada Seminar Nasional dan Rakernas FOSSEI Pesantren TAZKIA, 2004 Bogor
Ekonomi Syariah Butuh Gerak Nyata, http://www.republika.co.id/ , Senin, 02 Mei 2005
Umer Chapra. islam dan tantangan ekonom, Gema Insani Press, 2000 Jakarta

Development of Islamic Finance in Malaysia: A Conceptual Paper

August 22, 2010 Leave a comment

Darwis Abd Razak
School of Management, Universiti Sains Malaysia
11800, Penang, Malaysia
Tel: 04 6533888
Fax: 04 6577448
Email: drwis2002@gmail.com

Mohd Azhar Abdul Karim, PhD
Faculty Business and Economics
Universiti Putra Malaysia
43400, Serdang, Selangor

Abstract
Islamic finance has made significant inroads in the international financial markets that have achieved growing global awareness. Islamic finance now has a presence in over 60 countries, especially in Muslim countries. In the context of financial infrastructure, the Malaysian Islamic financial system is both robust and fast growing. The market has highly diversified players, with Islamic banks, investment banks, takaful companies, development financial institutions, savings institutions, fund management companies, stock brokers and unit trusts. The aim of this paper is provide a conceptual understanding on the growth in Islamic Finance in Malaysia by exploring its current and future development. It is observed that the participation in the Islamic finance process would require the development of a comprehensive and well established Islamic financial system such as: – a wide range of products and services; a good legal system, adequate financial infrastructure with competitive tax structures, low cost of doing business, high standards of business ethics, and conducive living conditions and cultural offerings. It would also need to be supported by adequate human talents that would drive the business and spur innovation. In addition, a strong regulatory regime in the Islamic financial system would be another pull factor. The implication of this paper is to provide a platform for industry players and regulators to highlights the recent developments in Islamic finance in Malaysia.
Key words: Development, Islamic Finance, Malaysia

1.0 Introduction
The Islamic finance industry is now in its fourth decade and, during that period, has developed extremely rapidly. In the past few years, overall market growth has been estimated at between 15-20 percent annually although individual Islamic banks have reported even faster growth (Howard, 2008). According to Bank Negara Malaysia (the Malaysian central bank), the number of Islamic bank branches in Malaysia increased from 126 in 2004 to 766 in 2005. Elsewhere, new Islamic financial institutions (IFIs) are being established rapidly in the industry’s traditional markets in the Gulf Co-operation Council (GCC) countries. Islamic finance is also on the rise in new markets such as Syria, Lebanon, the U.K., Turkey and Canada. In the U.K., for instance, two new Islamic banking license applications are currently being considered by the Financial Services Authority (FSA), following the authorization in the past three years of the Islamic Bank of Britain and the European Islamic Investment Bank (Yong, 2007).

With the rapidly changing international Islamic financial landscape, Islamic finance in Malaysia is now becoming increasingly integrated to the international financial system (Zeti, 2008). The world has witnessed the emergence of Islamic finance, and this phenomenon, as observed has continued to grow strongly. Global asset size for Islamic finance is estimated to be between US$200 and US$400 billion, and growing at 15% per annum. Apart from financial institutions in the Middle East, global banks are also responding to tap the opportunities of this huge pool of capital. Today, the number of Islamic financial institutions worldwide now exceeds over three hundred in seventy-five countries and offering a wide range of Syariah compliant products (El-Qorchi, 2005). This development has taken place in all segments of the Islamic financial system in Malaysia including the Islamic banking and takaful industry, and in the Islamic money and capital markets. These include Sukuk, takaful insurance, murabaha financing, as well as deposits and property funds structured using Syariah principles. In conjunction with this, there are now a large number of diverse players and institutions in the Islamic financial system in Malaysia. There has also been a growing range of products and services being offered. The pace of product innovation has intensified with more sophisticated Islamic financial products including the structured and investment-linked products. These products have become competitive both in terms of product structure and pricing. There has also been enhanced depth of the Islamic financial markets. This has increased the attractiveness of the Islamic financial instruments as an asset class for investment.

As mentioned earlier, the growth rate of Islamic Finance in Malaysia is impressive by any standards. Malaysia, therefore, has the capacity to retain its leadership in global Islamic finance despite the emergence of competition from centers such as Hong Kong and Dubai (Yong, 2007). He said despite the stiff competition that Malaysia was facing, it was way ahead of other countries in terms of product offerings and its sophistication, having been developing the market for the last 40 years. This paper is therefore interested is provide a conceptual understanding on the growth in Islamic finance in Malaysia by exploring its current and future development. The following sections will discuss on the emergence of Islamic finance, operating environment for Islamic finance, barriers to growth and the concluding remarks.

1.2 The Emergence of Islamic Finance
In essence, the purpose of Islamic economics is to identify and establish an economic order that conforms to the precepts of the Islamic scripture and the narrated traditions of its prophet (Chapra, 1992 and Naqvi, 1994). In the contemporary era, the move towards formulating an Islamic economic framework that was in sync with prevailing economic needs took shape in the 1940s, and three decades later efforts to implement them were under way in dozens of countries (Rahnema & Nomani, 1990; Kuran, 1993, 1995; and Malik, 1996). Despite the fact that Islamic economics contains many distinguishing features, Islamic banking is now regarded as the defining characteristic of an Islamic economic system (Kuran, 1995). The term “Islamic financial system” is relatively new, appearing only in the mid-1980s. In fact, all earlier references to commercial or mercantile activities conforming to Islamic principles were designated as either “interest free” or “Islamic” banking. The first modern experiment with Islamic banking was undertaken in Egypt. This pioneering initiative based on the profit-sharing principle was helmed by Ahmad El Najjar. It involved the establishment of a savings bank in the Egyptian town of Mit Ghamr in l963. By 1967, the number of banks operating on the same principles had grown to nine (Siddiqi, l988). Thus, they functioned essentially as saving- investment institutions rather than as commercial banks.

Though similar initiatives were being made in Malaysia and Pakistan, the overall growth of Islamic banking was miniscule until the 1970s when the nascent reawakening was propelled forward by the oil boom of 1974. The ensuing prosperity enjoyed by the predominantly Muslim beneficiaries of this boom witnessed resurgence in the adoption of Islamic values in countries with substantial Muslim populations and a concomitant rejection of the political and economic structures of the West. This rejection was especially evident in the banking sector as many Muslims opted to deposit their money and conduct commercial transactions with Shariah compliant banks (Lewis & Algaoud, 2001). With the passage of time, the role of Islamic financial instruments in the economy, particularly in the banking sector, began to expand.

The increased popularity and visibility of the sector was especially evident in the 1990s when Islamic finance grew rapidly as Islamic and non-Islamic financial institutions devised new instruments and both Muslims and non-Muslim clients alike began to embrace and utilize Shariah compliant features such al-Muddarabah, al-Muassasah etcetera in their daily banking transactions (Zeti, 2007). Furthermore, Islamic banking expanded as western banks themselves (such as HSBC and Citibank) created a number of financial innovations consistent with Syariah in order to capitalize on the increased demand for Islamic capital investment products (Warde, 2000, 2001). The existence of such Islamic features in the Western banking sector served as a catalyst to draw financing from countries such as Saudi Arabia and Kuwait. Consequently, a number of predominantly Islamic countries such as Iran, Malaysia, Pakistan, Saudi Arabia, and Sudan Islamized their banking systems using highly innovative banking initiatives.

The phenomenal growth of the Islamic Financial sector is underlined by the fact that there are now about 300 Islamic financial institutions in 75 countries, holding assets estimated at more than US$300 billion, and another US$400 billion in financial investments. The average growth of the sector is estimated to be approximately 15 percent per annum and it is projected to grow considerably in the foreseeable future, given the amount of oil wealth in much of the Muslim world and a pent-up demand for investment products developed according to the tenets of the Syariah, the legal and ethical code of Islam and the existence of an estimated 1.6 billion Muslims world wide (Beccalli et al., 2006). Thus it is hardly surprising that many multinational financial institutions are increasingly becoming actively involved in the sector. According to Chapra and Ahmed (2002), the conventional banking industry has utilized the services of commercial Islamic banks, Islamic investment companies, Islamic investment banks, insurance companies, asset management companies, e-commerce, and brokers and dealers to cater for current and future needs. As for financial products, the predominant ones are financial instruments based on a diverse set of Islamic principles, insurance products, mutual funds and unit trusts, Islamic bonds, and Sharia compliant stocks (Hasan & Basser, 2003). The growth of the Islamic financial system via the expansion of its banking sector from the historical perspective is captured in Figure 1.

Figure 1:
History of the Industry Development

Development of Industry
Evolving richness in products
1950s • Development of theoretical framework
• Muslim-majority nation independence
60s • Egypt and Malaysia pioneering institutions
• Establishment of OIC (1969)
70s • Islamic Development Bank (1974) and DIB
• One country-one bank setup
80s • Advancement of Islamic products
• Full “Islamiczation” of Pakistan, Sudan and Iran
• Formation of BIMB, Malaysia.
90s • Entry of global institutions e.g. HSBC
00s • Tipping point reached in some markets
• Development of industry building institutions

Sources: Stages of Evolution in Islamic Finance: Islamic Financial Services Industry

The above explication clearly attest to the fact that Islamic finance has been acknowledged to be a viable and competitive form of financial intermediation not only in Muslim countries but also outside the Muslim world through its offering of a wide range of financial products and services (Zeti, 2006). The viability, sustainability and competitiveness of Islamic finance have been mainly due to a number of congealing factors that are both intrinsic and extrinsic in nature. The intrinsic advantages of the Islamic financial system lay in its eschewing of conventional financial tools such as interest which is anathema to the precepts of the Holy Quran. Instead, the system adopted a sharia-based profit-sharing concept in its investment ventures thus spreading risk profiles in a more equitable manner. Figure 2 encapsulates the types of banks and the Islamic financial products offered in the relevant regions.

Figure 2:
Islamic Financial Services: Stages of Evolution in Islamic Finance
Institutions
Products Area
Commercial Islamic Banks Commercial Islamic banking products Guff/Middle East
Takaful Takaful Asia Pacific
Islamic investment companies Mutual funds/unit trust Europe/Americas
Islamic investment banks Islamic Bonds Global/Offshore Market
Asset management companies Syariah – compliant stocks
e-commerce Islamic stock broking
Broker/bankers

Commercial Islamic Banks Commercial Islamic banking products Guff/Middle East
Takaful Takaful Asia Pacific
Islamic investment companies Mutual funds/unit trust
Broker/bankers Islamic Bonds
Syariah – compliant stocks
Islamic stock broking

Commercial Islamic Banks Commercial Islamic banking products Guff/Middle East
Takaful Takaful Asia Pacific
Islamic investment companies

Commercial Islamic Banks Commercial Islamic banking products Guff/Middle East
Source: Aseambankers, World Islamic Funds and Capital Markets Conference, May 2006, Bahrain

1.3 The operating environment for Islamic finance
There are now a large number of diverse players and institutions in the Islamic financial system. There has also been a growing range of products and services being offered. The pace of product innovation has intensified with more sophisticated Islamic financial products including the structured and investment-linked products (Guru et al, 2002). These products have become competitive both in terms of product structure and pricing. There has also been enhanced depth of the Islamic financial markets. This has increased the attractiveness of the Islamic financial instruments as an asset class for investment. The standards are developed by the Islamic Financial Services Board (IFSB) to govern the operations of Islamic financial institutions (Zeti, 2006). The IFSB has, not only, an important role in the harmonization of standards, but also contributes towards the consistent development of Islamic finance across different jurisdictions. Several parts of the world, including in Malaysia, have implemented the prudential standards issued by the IFSB. These standards which have been designed to take into account the unique features specific to Islamic finance will contribute towards ensuring its soundness and stability.

In the Malaysian approach, the Malaysian scholars have applied the concept of bai al-dayn or the sale of debts. The formal definition is: “…the sale of debt as a type of contract in which the creditor sells his payable right upon the debtor either to the debtor either to the debtor… or to a third party. This sale [sic] contract between two parties may be either on the spot or forward basis. It may also be either at a discount price or at the cost price” claimed by Moustapha (2003). The growing role of Islamic finance in mobilizing and channeling funds to productive investment activities across borders contributes to more efficient allocation of funds across borders and facilitates international trade and investment. According to Zeti (2007), greater diversification of risks also contributes towards promoting international financial stability. The more recent developments in Islamic finance is the growing significance of the sukuk market to become an increasingly important component of the Islamic financial system. She added that modern sukuk, sometimes referred to as Islamic bonds, are better described as Islamic investment certificates. This distinction is as crucial as it is important, and it is stressed throughout this pioneering work that sukuk should not simply be regarded as a substitute for conventional interest-based securities. The aim is not simply to engineer financial products that mimic fixed-rate bills and bonds and floating-rate notes as understood in the West, but rather to develop innovative types of assets that comply with Shari’a Islamic law. Conventional bonds that yield interest, or riba, are of course prohibited under Shari’a law. Furthermore, those who buy and sell conventional bonds are rarely interested in what is actually being financed through the bond issue, which could include activities and industries that are deemed haram such as the production or sale of alcohol. Companies that are highly leveraged with bank debt may seek refinancing through issuing bonds, but such companies are not regarded as suitable for Muslim investors.

1.3.1 Developments in the sukuk markets
The year 2007 has seen an exceptional growth of the global sukuk market which expanded by more than 70 percent during the year. New issues during the year reached a record high to about US$47 billion and the outstanding global sukuk market has now surpassed the US$100 billion mark. Despite the more challenging international financial environment arising from the financial crisis that has occurred in a number of the advanced economies in the recent twelve months, the sukuk market while also affected, it has been to a lesser extent. Up until June 2008, it has held its ground with a total global issuance now exceeding US$10 billion (refer Figure 3 and 4).

Figure 3:
Sukuk Market in Malaysia

Figure 4:
Sukuk Types in Malaysia

With greater recognition of the sukuk market as a competitive and attractive form of financing, the global sukuk market is expected to continue its growth going forward. The International Islamic financial hub evolving in Malaysia is supported by five pillars as discussed below.

Pillar 1: Sukuk Origination
Following the first ever sukuk in the world that was issued in Malaysia in 1990, Malaysia has now developed a deep, liquid and vibrant sukuk market. Recently, the largest sukuk ever was raised in the Malaysian sukuk market in 2007 (Bank Negara, 2008). The magnitude was approximately RM15 billion or about USD5 billion equivalent. Despite being issued during the height of the sub-prime crisis, it attracted huge demand and was oversubscribed by more than two times. Sukuk origination has thus been identified as one of the important pillars of the Malaysian Islamic financial system. As of the end of 2007, more than 60 percent of the outstanding global sukuks originated from Malaysia. It has been increasing by an annual rate of about 20 percent and it accounts for about 56 percent of the outstanding bond market in Malaysia.

Pillar 2: Islamic Fund and Wealth Management
The sukuk market has been an important source of financing for productive investment activities, while for investors it provides potential for diversification into new asset classes. The second pillar in the Malaysia Islamic financial hub is the Islamic fund and wealth management industry. Malaysia is centrally located in the ASEAN region that has a population of 570 million. It is also positioned centrally between the major Asian economies of India, China, Japan and Korea. Malaysia has always been a highly open economy in trade and investment activities and has been a major recipient of foreign direct investment for more than a hundred years. As a destination for financial investment, the Malaysian capital market offers a wide range of world class financial products. More than 85 percent of the listed companies in the equity market are Shariah compliant, representing about 60 percent of total market capitalization. Other investment opportunities include in Shariah-compliant real estate investment trusts (REIT), in unit trusts and in the Islamic exchange traded fund (ETF).

Pillar 3: International Islamic Banking
The Islamic financial system has also been extensively liberalized to allow for the entry of foreign Islamic financial institutions that offer both domestic and international banking business. In addition, the foreign equity ceiling in Islamic financial institutions has been raised to a maximum of 49 percent as part of the effort to promote strategic alliances. The Islamic banking business in foreign currencies can be conducted by the international currency business units (ICBUs) that may be set up within existing financial institutions and the international Islamic banks. Such international Islamic banks may be established as either a branch or a subsidiary. Currently, about 16 percent of total assets in the Malaysian banking system are Shariah compliant.

Pillar 4: International Takaful Business
The fourth pillar is takaful and retakaful business. There are now eight takaful operators, several of which are joint ventures with foreign shareholding that conduct both domestic and international takaful business. In addition, licenses have been granted to three reinsurance players to undertake retakaful business in Malaysia. Several existing takaful operators have set up international currency business units (ICBUs) and one new international takaful company has been licensed as an international takaful operator to conduct foreign currency takaful business.

Pillar 5: Human Capital and Thought Leadership
The fifth pillar is human capital and thought leadership. Several important human capital development projects have been implemented to foster Islamic finance thought leadership and to create a supply of talent for the Islamic finance industry. Having a sufficient pool of the talent and expertise has been key to the development of the Islamic financial hub in Malaysia. The International Centre for Education in Islamic Finance (INCEIF) which has an international faculty and students from more than 40 countries is focused on programmes for Islamic finance professionals and specialists to meet the human capital requirements of the global Islamic financial services industry.

1.4 Barriers to Islamic Financial
The prospects for the growth of Islamic finance look bright. Nonetheless, there are several obstacles currently preventing faster uptake of Islamic financial products. These include the issue of regulatory capital and relative risk weightings and the Islamic Financial Services Board (IFSB) guidance; a lack of human capital; piecemeal financial and legal architecture; weaknesses in financial reporting and transparency; and the overarching problem of a lack of Shariah convergence. These barriers are discussed below:-

1.4.1 Risk weighting
In 2006, the IFSB issued two standards – the Capital Adequacy Standard (CAS) and the Guiding Principles of Risk Management for Institutions offering Islamic Financial Services. CAS offers guidance on the requirements for minimum capital adequacy to cover for credit, market and operational risks of IFIs that is equivalent to the Basel II Capital framework for conventional banking institutions. According to the IFSB, the key difference between CAS and Basel II provisions is the computation of an institution’s risk-weighted capital ratio (RWCR). In Islamic banking, given that the risks on assets financed by profit-sharing investment account holders do not represent risk to the capital of the institution, the CAS allows risk-weighted assets that are funded by the account holders to be deducted from the institution’s total risk-weighted assets in the calculation of RWCR.

1.4.2 Human capital
Human capital development is crucial, as the current lack of qualified young Islamic bankers looks set to hamper the development of the sector should it not be addressed. In part, this low investment in the industry stems from the fact that the sector lacks a global industry body to oversee standardization of continuous education and training. The lack of human capital in the sector affects all regions, including nascent markets such as the U.K. Training of Islamic bankers has not kept pace with the rapid growth of the sector and, as a result, there are shortages throughout the industry. The two centers for training have been KFH and Bank Islam Malaysia, which between them have been responsible for training many Islamic bankers. In 2006, for example, Bank Negara set up an RM500m endowment fund to support The International Centre for Education in Islamic Finance (INCEIF), with the main objectives of making Malaysia the leading center for Islamic finance education and developing human capital for the global Islamic finance industry. Similarly in 2006, The Central Bank of Bahrain set up a US$4.6m Islamic Finance Education scheme in cooperation with eight IFIs based in Bahrain.

1.4.3 Regulation and legal frameworks
While rising demand for Islamic finance has helped lead to handsome returns for key players, some experts in the industry are concerned that the rapid proliferation of IFIs has not been matched by development in the Islamic finance regulatory and supervisory architecture and infrastructure, especially in the GCC states. “One thing that worries me,” explains Ali Al-Ghannam, Head of International Real Estate at Kuwait Finance House (KFH), “is that the IFIs should be controlled better to avoid any bubble in the industry. There are a huge number of new IFIs being established in the market. Many banks and traditional companies are converting to Islamic finance. Islamic banking windows at global majors are proliferating. Many of these institutions are not going after the concept itself, but are following the flow of money.

1.4.4 Financial reporting
The quality and transparency of financial reporting and disclosure in the Islamic finance industry differs significantly from one regulatory jurisdiction to another. There is a general concern in the market and among those interviewed that IFIs, with the notable exceptions of those operating in the U.K., Malaysia, Bahrain and perhaps Turkey, should have more rigor in their disclosure and financial reporting, especially to the general market.

1.5 Concluding Remarks
Islamic finance has made significant inroads in the international financial markets that have achieved growing global awareness. Islamic finance now has a presence in over 60 countries, especially in Muslim countries. In the context of financial infrastructure, the Malaysian Islamic financial system is both robust and fast growing. The market has highly diversified players, with Islamic banks, investment banks, takaful companies, development financial institutions, savings institutions, fund management companies, stock brokers and unit trusts. The aim of this paper is provide a conceptual understanding on the growth in Islamic Finance in Malaysia by exploring its current and future development. It is observed that the participation in the Islamic finance process would require the development of a comprehensive and well established Islamic financial system such as: – a wide range of products and services; a good legal system, adequate financial infrastructure with competitive tax structures, low cost of doing business, high standards of business ethics, and conducive living conditions and cultural offerings. It would also need to be supported by adequate human talents that would drive the business and spur innovation. In addition, a strong regulatory regime in the Islamic financial system would be another pull factor. The implication of this paper is to provide a platform for industry players and regulators to highlights the recent developments in Islamic finance in Malaysia.

References
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ANALISA KRITIS PRAKTEK AKUNTANSI KREATIF DALAM KONTEKS BUDAYA ORGANISASI PT. BUMI DAN PANDANGAN ISLAM DALAM MENYIKAPI PRAKTEK TERSEBUT

August 22, 2010 Leave a comment

Critical Analysis of the Creative Accuntancy in relation to Corporate Culture of PT Bumi and Islamic Concepts

Widarto
Mahasiswa Program Magister Sains Akuntansi, PPSUB

Zaki Baridwan dan Made Sudarma
Dosen Jurusan Akuntansi, FE UB

ABSTRAK

Tuntutan pasar pada perusahaan untuk membuat keuntungan sering menyebabkan praktek akuntansi kreatif, sehingga terjadi penurunan kualitas laporan keuangan yang dihasilkan. Kebijakan yang diambil oleh manajemen selalu menguntungkan pihak majority shareholder sebagai controlling. Budaya kerja telah mempengaruhi praktek akuntansi kreatif perusahaan, hal ini disebabkan adanya tuntutan dan campur tangannya direksi dalam akuntansi. Praktek ini bertujuan untuk mengiliminasi tindakan direksi agar transaksi yang mereka jalankan sesuai dengan kaidah akuntansi yang benar. Dengan demikian bagian akuntansi harus berusaha menyiapkan adanya data-data pendukung transaksi tersebut. Akuntansi kreatif yang dijalankan seputar manajemen laba dan SPE.
Praktek manajemen laba maupun SPE lebih mengarah pada praktek yang mementingkan pihak manajemen yang didalamnya ada direksi sebagai controlling. Perilaku ini tidak terlepas dari keberadaan para manajer yang diangkat dan direkrut oleh direksi, sehingga dalam pemahaman amanah, manajer merasa harus loyal pada direksi.
Namun jika dilihat dari hakekat amanah yang datangnya dari Allah, maka perilaku manajer maupun direksi diatas telah menunjukan perilaku yang tidak sesuai dengan hakekat amanah yang sesungguhnya. Pengkhianatan amanah merupakan tindakan yang dilarang agama, dan larangan ini hukumnya adalah haram jika dikerjakan.

Kata kunci : agency theory, praktek akuntansi kreatif, dan perilaku amanah.

ABSTRACT

Profit management and SPE have induced any practices which are oriented on the management interests, in which the direction as cotrolling agent. These behavior are due to the manager promoted by the direction, so their thinking about “amanah” tend to the direction interest.
In relation to the “amanah” phylosophy which is come from Allah swt., an above hehavior of manager and direction suggest any unsuitable behavior. Discrepancy actions from the amanah are haram.

Keywords: creative accuntancy, corporate culture

PENDAHULUAN

Tuntutan pasar pada perusahaan untuk membuat keuntungan sering menyebabkan penurunan kualitas laporan keuangan yang dihasilkan. Tekanan ini mempengaruhi manajemen untuk dapat menyajikan lapor-an keuangan dengan posisi laba. Tujuan pencapaian laba ini menurut (Triyuwono 1997) menjadi mapan ketika suatu organisasi disamakan dengan mesin, sehingga organisasi seolah-olah bagaikan mesin yang terdiri dari struktur formal, diskripsi kerja yang kaku, yang ditujukan untuk mencapai laba yang maksimal. Akibatnya realitas kehidupan manusia menjadi mekanistik dan tidak berbeda dengan mekanisme kerja mesin.
Organisasi bisnis merupakan sebuah pertemuan dari berbagai macam kontrak kepentingan, sehingga di dalam proses akuntansi, ada dimensi politis yang terlibat didalamnya. Sehingga dalam praktek akuntansinya telah memunculkan akun-tansi kreatif, dan akuntansi kreatif ini tidak di pahami oleh para akuntan saja melain-kan juga di manfaatkan oleh pihak-pihak yang mempunyai kepentingan dan kekuat-an untuk menggunakannya. Praktek akun-tansi kreatif di Indonesia menurut Hassim (2004) tidak terlepas dari keberadaan pendirian Perseroan Terbatas yang ber-cirikan : (1) dominasi anggota keluarga dalam mengelola perusahaan; (2) penipuan (vihicle) yang dilakukan perusahaan, sehingga muncul adagium umum bahwa “Perseroan Terbatas boleh kolaps tapi owner tetap mengkilap.”
Keunikan Perseroan Terbatas di Indonesia ini telah merpengaruhi perma-salahan keagenan perusahaan. Dengan pendekatan budaya dan melihat realitas kehidupan sehari-hari di perusahaan, maka penelitian ini akan melihat sejauh mana budaya perusahaan mempengaruhi praktek akuntansi kreatif di suatu perusahaan.
Rumusan masalah yang ingin dijawab dalam penelitian ini adalah: bagaimana proses terciptanya praktek akuntansi kreatif dalam konteks budaya organisasi PT. BUMI, dan bagaimana pandangan Islam terutama dari sisi amanah terhadap praktek akuntansi tersebut.
Seperti halnya penelitian terdahulu yang dilakukan Eddy R. Rasyid pada tahun 1998, bahwa budaya mempengaruhi prak-tek akuntansi pada suatu perusahaan, maka peneliti berusaha untuk menggunakan nilai-nilai partisipasi yang ada dalam perusahaan ini yang tujuannya untuk mengetahui hubungan antara budaya kerja dengan praktek akuntansinya, terutama dalam praktek akuntansi kreatif.
Penelitian ini diharapkan dapat mem-beri gambaran tentang hubungan budaya kerja dengan praktek akuntansi kreatif di perusahaan, sehingga dapat dianalisis relevansinya dengan pola agency theory Selain itu penelitian ini diharapkan dapat memberi kontribusi atas pengembangan pengetahuan akuntansi di Indonesia, dan dapat digunakan sebagai referensi bagi penelitian selanjutnya, serta dapat menam-bah wawasan terhadap dunia akuntansi yang selalu mengalami perkembangan.

KERANGKA KONSEP

Akuntansi dan Akuntansi Kreatif
Akuntansi selama ini telah dipahami sebagai seperangkat prosedur rasional yang dijalin untuk memenuhi kebutuhan infor-masi yang berguna bagi pengambil keputusan dan pengendalian yang rasional (Watts dan Zimmereman 1986; Horngren dan Foster 1991) dalam (Triyuwono (2000). Pemahaman seperti ini menye-babkan akuntansi diibaratkan seperti tehnologi yang keras, kongkret, kasat mata dan bebas dari nilai-nilai suatu masyarakat yang menyusun dan mempraktekannya.
Namun dalam perkembangannya akuntansi telah dipahami dalam konteks yang lebih luas yaitu dalam kontek organisasi dan sosial (Triyuwono, 2000). Dengan demikian akuntansi mulai dipandang sebagai suatu entitas yang terus berubah, tidak dipandang sebagai suatu entitas yang statis dan sudah selesai, melainkan sebagai suatu yang mengalami perubahan terus-menerus tergantung ling-kungannya (Hopwood, 1983, 1987,1990; Morgan 1988; Miller dan Napier 1993) dalam (Triyuwono 2000).
Akuntansi dalam praktek nyata dalam organisasi perusahaan telah membantu manajemen dari suatu organisasi untuk melihat secara jelas fenomena abstrak dan konseptual yang tidak pernah mereka pikirkan sebelumnya, misalnya pemaknaan laba dan biaya yang dalam praktek akuntansi dewasa ini merupakan simbol-simbol umum dan secara lazim memang diterima (Triyuwono, 2000).

Definisi Akuntansi Kreatif
Dalam beberapa pendapat tentang akuntansi kreatif, misalnya Breton, et al. (2000); Suwardjono (1990); Naser (1993) dan Amat et al. (2000) adalah sebagai proses pemanipulasian laporan akuntansi dilakukan dengan cara mencari celah-celah peraturan akuntansi demi keuntungan mereka, hal ini mempengaruhi cara pemi-lihan tolok ukur laporan dan pengungkapan laporan tersebut sehingga terjadi transfor-masi dari aturan sebenarnya, mereka mem-persiapkan pula bagian-bagian laporan yang lebih disukai, dan mengaturnya sedemikian rupa sehingga dihasilkan lapor-an akuntansi yang sesuai keinginan, ketimbang membuat laporan berdasarkan cara yang netral dan sesuai prosedur. Dari definisi ini, setidaknya dua hal pokok dalam menyikapi akuntansi kreatif yaitu, dalam kontek manajemen laba dan pere-kayasaan laba dengan cara SPE.
Manajemen laba ini merupakan re-fleksi sikap oportunis manajer untuk memperoleh keuntungan bagi dirinya sen-diri. Sedangkan persekayasaan laba dengan SPE mengarah pada unsur mani-pulasi data-data akuntansi. Praktek SPE ini banyak dilakukan oleh perusahaan-peru-sahaan kelompok besar, karena praktek ini akan melibatkan beberapa perusahaan afiliasi untuk mengatur transaksinya.
Istilah SPE itu sendiri mencuat di Indonesia ketika diketahui STT yang membeli saham PT Indosat menggunakan SPE yaitu Indonesian Communicate Limited (ICL) yang berkedudukan di Mauritus. Timbul kontroversi sekitar penggunaan SPE yang dibentuk hanya beberapa hari sebelum penutupan tran-saksi. SPE juga mengemuka pada saat perusahaan raksasa Amerika Enron meng-alami kebangkrutan tahun 2001.
Dalam perkembangan teori, Istilah SPE tidak memiliki definisi yang baku. Hartgraves et al. (2002) menyimpulkan bahwa SPE merupakan definisi teknis tentang instrumen keuangan yaitu: (1) SPE sebagai subsidiary; (2) SPE sebagai sekuritas; (3) SPE sebagai perusahaan sponsor; (4) SPE sebagai partnership atau joint ventures; (5) SPE sebagai instrumen khusus yang dibentuk untuk tujuan khusus dalam keuangan perusahaan.
Tidak mengherankan, bahwa dalam pelaksanaannya, SPE seringkali dinamakan sebagai off-balance sheet. Karena secara pencatatan, tidak tercatat dalam balance sheet parent company, baik sebagai aset maupun hutang (Hartgraves el.al 2002).

METODE PENELITIAN

Untuk mendukung penelitian ini, metodologi penelitian yang digunakan adalah metodologi etnografi kritis. Menu-rut Rudkin (2002) penerapan metodologi etnografi dalam kajian akuntansi telah menempatkan peneliti dalam konteks situsnya, serta mengasah kepekaan mereka terhadap pemahaman budaya yang khas disana.
Untuk merefleksi personal peneliti telah menemui tiga orang informan yaitu: manajer keuangan, manajer akuntansi dan manajer internal kontrol. Namun ketiga informan ini tidak bersedia untuk diungkap identitasnya secara detail, maka informasi yang mereka sampaikan dalam penelitian ini menjadi informasi bersama, walaupun dalam proses pengumpulan data dilakukan pada tempat dan waktu yang berbeda. Untuk itu peneliti tidak menyebut nama informan satu persatu dengan jelas.
Adapun teknik yang digunakan dalam pengambilan data, dilakukan dengan menggunakan Sensory experience dan communicative experience (Sawarjuwono, 2000). Sedangkan strategi yang dilakukan dalam pengumpulan data adalah dengan cara: interaksi langsung, melibatkan diri dalam pekerjaan subjek dan dengan wa-wancara.
Analisa data dilaksanakan sejak pe-ngumpulan data dilaksanakan sampai pe-nulisan penelitian ini berakhir. Informasi dan data yang berhasil dikumpulkan, dikelompokan berdasarkan subjek. Untuk mendukung informasi diatas, maka jika dimungkinkan informasi tersebut dico-cokan dengan data-data keuangan yang ada di laporan keuangan yang sudah diaudit oleh Akuntan Independen.
Waktu pengumpulan data tidak ditentukan dengan khusus dan formal. Kadang penulis berdiskusi sambil makan siang, diskusi pada istirahat siang, atau pada saat pulang kerja bersana-sama. Namun yang paling efektif yaitu interaksi langsung pada saat informan melakukan pekerjaaanya, sehingga penulis terlibatan langsung dalam proses akuntansi yang mereka jalankan.

Sejarah Singkat Perusahaan
Pada mulanya, PT. BUMI menga-dakan kerja sama dengan perusahaan terkemuka dari Jepang dalam jangka waktu 5 (lima) tahun dari tahun 1974 hingga tahun 1979, dan setelah masa kontrak berakhir pada (1979), perusahaan mela-kukan sendiri proses produksinya. Namun untuk pemasarannya, masih melakukan kerja sama dengan pihak asing.
PT. BUMI merupakan salah satu peru-sahaan publik di Indonesia dan perusahaan ini berada di bawah kelompok usaha JAGAT RAYA yang memiliki total anak perusahaan sekitar 20 perusahaan. Peru-sahaan anak ini menyebar di beberapa propinsi di Indonesia dan bahkan ada yang di Amerika, Eropa dan Singapura.

Pengorganisasian Perusahaan
Perusahaan memiliki struktur orga-nisasi sendiri dan struktur organisasi grup (bayangan). Pengelolaan perusahaan ba-nyak diperankan oleh organisasi bayangan yang di klaim bentukan dari para pendiri perusahaan yang terdiri dari lima ber-saudara, dan sebutan yang melekat pada orang per orang ini adalah “direksi”. Selain lima direksi diatas masih ada dua orang profesional yang menjabat sebagai direktur grup yaitu seorang “Direktur Akuntansi” dan “Direktur Personalia”. Namun kedua direktur ini tidak berhak menggunakan sebutan direksi. Organisasi bayangan ini tidak dibentuk secara notariil.
Wewenang direktur perusahaan hanya terbatas pada urusan pekerjaan, sedangkan urusan yang berhubungan dengan ke-uangan 100% urusan para direksi. Wewenang direksi ini sangat dominan, sehingga keberadaan direktur perusahaan hanya sebagai manajer.
Cash flow perusahaan dikelola lewat grup (kantor pusat) dengan harapan direksi dapat memantau secara langsung, dan kantor pusat ini mirip Bank-nya peru-sahaan grup ini. Untuk kebenaran transaksi dan saldo pihak perusahaan dan kantor pusat melakukan rekonsolidasi dengan cara telepon.

Budaya dalam Perusahaan
Karyawan di rekrut sesuai dengan kebutuhan perusahaan. Proses seleksinya ditangani langsung oleh direksi yang membutuhkan. Setelah semuanya selesai, maka karyawan tersebut disuruh meng-hadap direktur personalia. Baru pihak personalia menyiapkan kontrak-kontrak dan juga menjelaskan gaji dan fasilitas yang akan diberikan. Pada intinya besar gaji dan fasilitas yang ditetapkan oleh direksi dan direktur personalia ini berbeda, sehingga muncul istilah gaji kedua.
Budaya kerja di perusahaan ini me-munculkan kerajaan-kerajaan kecil, se-hingga untuk dapat masuk pada bagian-bagian tertentu harus mengatasnamakan perintah direksi. Perintah direksi dijadikan otoritas yang paling benar dan harus dilakukan.
Budaya kerja ini tidak terlepas dari sejarah panjang grup perusahaan JAGAT RAYA. Pada awalnya grup ini didirikan sebagai bisnis keluarga dengan menjual hasil laut Indonesia ke luar negeri, dan pada saat itu pengiriman dilakukan dengan lewat pesawat terbang. Pada saat ini walaupun organisasi bisnis sudah ber-bentuk PT, tetapi secara substansi adalah perusahaan perorangan/keluarga yang melibatkan banyak anggota keluarganya.

Praktek Akuntansi dan Akuntansi Kreatif di Perusahaan
Pengangkatan direktur akunting grup diatas menunjukan adanya Consern yang sangat tinggi terhadap akuntansi, sehingga tiap ada pemasalahan di perusahaan, semua direksi selalu melibatkan direktur akunting tersebut. Direktur akunting ini terkesan sebagai dewa penolong, kondisi ini ditunjang oleh performan orang yang menjabatnya yang mempunyai watak halus, sopan, tidak pernah marah dan selalu berkata bisa.
Permasalahan akuntansi perusahaan banyak disebabkan adanya campur tangan direksi dalam mengatur perusahaan, se-hingga untuk mengiliminasi transaksi tersebut bagian akuntansi melakukan akun-tansi kreatif. Akuntansi kreatif ini dijalan-kan agar transaksi tersebut seolah-olah benar dan legal.
Adapun praktek akuntansi kreatif yang mereka jalankan dalam manajemen laba adalah: (1) Menggabungkan beberapa perusahaan; (2) Kapitalisasi saldo laba; (3) Menghindari pajak final; (4) Menginflasi Modal Kerja dan (5) Penyusunan Proyeksi secara Optimis. Sedangkan praktek SPE yang dijalankan adalah : (1) Tidak meng-konsolidasi SPE; (2) Pengakuan sepihak atas pendapatan; (3) Meningkatkan pen-jualan ekspor; (4) Menstabilkan harga saham; dan (5) Melakukan window dressing.
Praktek akuntansi kreatif untuk manajemen laba ini banyak dilakukan pada saat perusahaan akan melakukan go publik dan right issue. Sedangkan praktek SPE dipraktekan pada saat perusahaan ingin mempertahankan harga saham di pasaran.

Penerapan Agency Theory Dalam Budaya Perusahaan
Dengan penjualan saham pada masya-rakat sebesar 20%, maka pihak direksi masih dapat mempertahankan kendali atas perusahaan-perusahaannya. Kepemilikan saham mayoritas oleh direksi ini menim-bulkan masalahan keagenan antara agent dengan owners, antara controlling sebagai mayority shareholders dengan publik sebagai minority shareholders, dan antara direksi sebagai mayority shareholder dengan kreditor dan pemerintah.
Direksi telah mempertahankan kendali perusahaan dengan jabatanya sebagai Presiden Komisaris dan Presiden Direktur, dengan demikian beberapa kebijakan yang diambil selalu menguntungkan pihak mayority shareholder. Kebijakan itu misal-nya: (1) Basic self-dealing, yaitu kondisi dimana seseorang melakukan transaksi atas nama perusahaan, tetapi untuk kepentingan pribadi atau perusahaan sendiri. (2) Executive compensation, yakni pemanfaat-an jabatan untuk menikmati fasilitas yang berlebihan. (3) The taking of corporate or shareholder property, yakni menggunakan aset perusahaan untuk kepentingan pribadi dan (4) Corporate action with mixed motive, suatu kondisi dimana pengambilan keputusan oleh manajemen tidak jelas untuk kepentingan siapa, apakah kepen-tingan perusahaan atau kepentingan pribadi.
Atas suatu jabatan, sebenarnya meng-emban tugas yaitu duty of loyalty, dute of care and diligence dan fiduciary duty. Ketiganya secara ringkas mengatakan bahwa direktur, komisaris pejabat publik ataupun manajer, tidak boleh mengambil keuntungan dari orang yang memberi kepercayaan (beneficiaries) melalui tindak-an yang menipu atau tidak adil. Untuk itu bagaimana pandangan Islam khususnya ajaran amanah terhadap praktek akuntansi kreatif diatas.

Tinjauan Amanah dalam Praktek Keagenan di Perusahaan

1. Praktek Self-dealing
Pihak direksi sering melakukan self-dealing berkaitan dengan perusahaan afi-liasi grup. Transaksi ini akan sangat merugikan pihak investor, karena seharus-nya dana tersebut dapat digunakan untuk meningkatkan deviden karena peningkatan laba perusahaan. Praktek ini mengakibat-kan munculnya ketidak adilan yang dilakukan oleh manajemen. Dengan demi-kian perilaku manajemen ini telah meng-khianati amanah, baik amanah dari pemilik minoritas saham atau amanah dalam menjalankan tugas yang dipercayakan pada manajemen tersebut.

2. Take Over Aktiva Tetap Secara Intern
Take over aktiva tetap perusahaan grup dilakukan dengan penetapan harga beli yang lebih tinggi dari harga pasar. Walaupun proses penetapan nilai pem-belian ini telah dilakukan oleh perusahaan penilai. Namun untuk meminta keterangan harga suatu aktiva di daerah setempat sangatlah mudah diatur, sehingga nilai aktiva tersebut masih sangat meng-untungkan direksi.
Prosedur melakukan take over juga telah dilakukan sesuai dengan peraturan yang ada misalnya: harus disetujui oleh mayoritas dari pemegang saham inde-penden (minority shareholders) dan pemegang saham mayoritas tidak boleh ikut dalam voting tersebut. Namun nam-paknya ketentuan ini dinilai tetap mem-punyai kelemahan, karena dalam RUPS (Rapat Umum Pemegang Saham) minority shareholder tidak ada yang datang. Minority shareholder mempercayakannya pada direksi, sehingga untuk memenuhi qorum rapat yang disyaratkan pihak direksi minta minority shareholder memberi kuasa pada orang yang di tunjuk oleh direksi, dan hasilnya sudah bisa dipastikan menyetujui hasil rapat.
Keterbukaan dan keadilan atas pe-nyampaian informasi oleh manajemen telah disampaikan dengan peraturan yang berlaku. Informasi yang disampaikan ini juga relevan, karena memuat langkah-langkah yang akan diambil perusahaan yang dapat diketahui dengan jelas oleh investor lewat publikasi di dua media. Prinsip-prinsip amanah dalam menjalankan tugasnya oleh manajemen telah dijalankan dengan baik dan benar, namun kenya-taannya dalam keputusan rapat masih selalu menguntungkan pihak mayoritas pemegang saham. Kondisi ini menggam-barkan bahwa sosialisasi peraturan pada publik harus lebih ditingkatkan lagi.

Tinjauan Amanah dalam Praktek Manajemen Laba

Praktek manajemen laba ini ber-hubungan dengan pengaturan laba, namun tidak mempengaruhi arus kas masuk perusahaan.

1. Menggabungkan Beberapa Perusahaan Anak
Menggabungkan beberapa perusahaan anak untuk tujuan go publik dilakukan agar perusahaan dapat membukukan asset lebih besar, operasional lebih bagus dan juga laba lebih besar. Kenaikan laba ini diharapkan dapat meningkatkan laba per saham yang mempengaruhi harga saham.
Praktek ini telah disajikan dengan transparan baik dalam laporan keuangan ataupun dalam prospektus yang diterbitkan oleh perusahaan, sehingga informasi ini tidak bertentangan dengan peraturan yang ada, dan tidak adanya asimetri informasi. Perilaku manajemen ini merupakan per-wujudan sifat amanah manajemen pada pemegang saham dan calon pemegang saham.

2. Kapitalisasi Saldo Laba menjadi Modal Saham
Kapitalisasi saldo laba menjadi modal saham ini dianggap sebagai langkah yang mengoptimalkan kekayaan direksi atas perusahaannya. Praktek kapitalisasi ini juga merupakan hak dari para pemegang saham untuk menjalankannya. Namun di-reksi menggunakan tehnik kapitalisasi ini untuk menghindari pajak final yaitu dengan mengalihkan saham direksi pada perusahaan holding yang disiapkan terlebih dahulu oleh direksi.
Langkah manajemen ini juga meru-pakan salah satu perwujudan dari sifat amanah yang diperuntukan pada pemegang saham. Namun pengalihan modal saham pada perusahaan holding jika ditujukan semata-mata untuk penghindaran pajak final merupakan tindakan yang tidak amanah, terutama amanah pada maka hal demikian merupakan wujud dari pengkhianatan sehubungan dengan wewenang dan jabatan yang dipercayakan oleh manajemen pada pemerintah dan pada masyarakat.

3. Menginflasi modal kerja untuk direksi
Menginflasi modal kerja untuk direksi ini diharapkan dapat memberi gambaran atas keberhasilan manajemen dalam me-ngelola perusahaan, sehingga direksi akan memberikan nilai tambah atas prestasi kerjanya. Mengingat peningkatan modal kerja perusahaan diartikan direksi sebagai tingkat keuntungan perusahaan, maka manajemen berupaya untuk meningkatkan modal kerja ini sebagai prestasi kerjanya.
Langkah manajemen ini merupakan salah satu dari upaya manajemen untuk mementingkan dirinya sendiri, agar presta-si yang bagus ini mendapat kompensasi bonus yang lebih tinggi. Perilaku mana-jemen ini merupakan wujud dari peng-khianatan amanah yang di berikan direksi untuk kepentingan dirinya sendiri.

4. Penyusunan proyeksi secara optimis
Proyeksi keuangan merupakan salah satu syarat pertimbangan persetujuan kon-trak dengan pihak perbankan yang disiap-kan oleh perusahaan. Dengan menyusun proyeksi secara optimis, maka diharapkan permohonan kredit dapat disetujui. Penyu-sunan proyeksi secara optimis ini juga sah-sah saja untuk dilakukan, karena pihak bank juga melakukan analisa atas proyeksi tersebut. Namun pihak perusahaan (direksi maupun manajer) dapat memberikan logika yang masuk akal dengan data-data yang dapat meyakinkan pihak bank. Peri-laku manajemen ini telah berhasil diman-faatkan untuk mendapatkan dana yang diinginkan perusahaan.
Namun selama tidak terjadi perma-salahan penungga’an angsuran dan pemba-yaran biaya bunga, maka tidak ada pihak yang dirugikan. Namun penyampaian informasi yang tidak semestinya ini dan ditunjang lagi dengan situasi krisis yang terjadi tahun 1977 yang menyebabkan diketahuinya jaminan yang tidak memadai, maka akan menimbulkan masalah perusahaan dengan para kreditor.
Penyampaian berita menyesatkan oleh perusahaan pada pihak kreditor khususnya perbankan telah mengidentifikasikan seba-gai sifat tidak amanah dalam menjalankan tugas. Hal yang demikian merupakan bentuk pengkianatan amanah yang diberi-kan padanya.

Tinjauan Amanah atas Praktek SPE

Praktek akuntansi kreatif dengan cara SPE meliputi: tidak mengkonsolidasi SPE, meningkatkan penjualan ekspor lewat SPE, menstabilkan harga saham lewat SPE dan melakukan window dressing dengan SPE. Praktek SPE ini dalam tinjauan amanah dapat di jelaskan sebagai berikut.

1. Tidak Mengkonsolidasi SPE
Dalam Prinsip Akuntansi Berterima Umum konsolidasi diatur atas perusahaan dan anak perusahaan dengan kepemilikan lebih dari 50%, baik langsung maupun tidak langsung. Namun jika tujuan SPE dibentuk untuk tujuan penggelembungan aktiva, menyembunyikan kewajiban dan juga meningkatkan laba, maka hal demi kian akan menyesatkan pemakai laporan keuangan. Transaksi ini sering dilakukan dengan tujuan untuk menyajikan informasi keuangan agar kelihatan besar, sehat dan juga bagus, dengan jalan memasukan informasi tidak benar. Ketidak benaran informasi ini bisa disebabkan adanya pene rimaan hutang dicatat sebagai pendapatan lain-lain.
Pada dasarnya para investor melaku kan investasi pada perusahaan ini juga secara tidak langsung melihat keberadaan grup perusahaan tersebut. Dengan demi kian pembelian saham perusahaan secara substansi juga membeli grup perusahaan tersebut. Dengan demikian transaksi intern perusahaan untuk menguntungkan salah satu perusahaan dan merugikan perusahaan grup lainnya tidak memberi nilai tambah atas kepemilikan saham tersebut bagi investor.
Praktek transaksi intern ini merupakan pembohongan yang dilakukan perusahaan pada para investornya. Secara konsolidasi praktek ini bisa jadi menurunkan asset perusahaan, karena peningkatan laba pada salah satu perusahaan afiliasi dengan merugikan perusahaan afiliasi dalam grup perusahaan akan menambah pajak dibayar perusahaan secara grup. Dalam sisi lain mengorbankan pengakuan pendapatan atau penerimaan laba perusahaan malah mengalami penurunan. Penurunan ini di-sebabkan adanya inflasi laba atas transaksi intern yang menimbulkan adanya pajak penghasilan, sedangkan pihak afiliasi beban atas transaksi tersebut tidak dapat mengurangi pajak yang dibayar, sehingga secara total terjadi kelebihan bayar pajak jika transaksi itu benar-benar dilakukan oleh masing-masing perusahaan.
Transaksi SPE ini jelas-jelas suatu pelanggaran, baik pelanggaran dalam pe-nyampaian informasi maupun pelanggaran dalam hal transaksi keuangannya. Pihak yang dirugikan adalah para investor dan juga pemerintah dan salah satu penyebab kebangkrutan perusahaan adalah praktek SPE. Dalam tinjauan amanah penyampaian berita bohong yang disampaikan oleh para manajer yang dipercaya, dan mereka telah menyalah gunakan amanah ini dengan cara memanipulasi informasi.

2. Pengakuan Sepihak atas Penda-patan Bunga Afiliasi
Dikatakan secara sepihak, karena pe-rusahaan mengakui adanya pengeluaran sejumlah dana pada pihak afiliasi, namun dana tersebut sebenarnya digunakan oleh direksi untuk investasi dan setoran modal pada perusahaan barunya. Praktek ini bagi perusahaan afiliasi tidak mencatat piutang tersebut.
Manajemen melakukan pelanggaran sehubungan dengan pembebanan sepihak atas pendapatan bunga tersebut. Direksi melakukan pelanggaran karena menggu-nakan dana publik atau dana perusahaan untuk kepentingan pribadinya, yaitu investasi pribadi. Praktek demikian jelas-jelas merupakan pelanggaran amanah.

3. Menginflasi Penjualan Ekspor ke SPE
Transaksi ini tidak mempunyai efek material berupa arus kas masuk yang dapat meningkatkan pembelanjaan perusahaan. Namun transaksi ini dapat digunakan manajemen sebagai dasar penerbitan surat hutang perusahaan. Dengan demikian proses menginflasi penjualan ini merupa kan suatu sifat yang tidak amanah ber kaitan dengan pemberian informasi bohong pada saat manajemen di percaya untuk mengelola perusahaan.

4. Menstabilkan Harga Saham Lewat SPE
Direksi telah melakukan intervensi perdagangan saham perusahaan dengan melakukan transaksi sendiri lewat peru-sahaan sekuritasnya. Praktek ini diharap-kan dapat untuk mengatur harga saham dan perdagangkan saham. Praktek demikian akan memberikan informasi yang menye-satkan bagi para investor. Transaksi ini dapat dikatakan sebagai praktek tidak adil atau tidak fair yang bisa mempengaruhi perilaku investor. Perilaku ini merupakan tindakan yang tidak amanah, karena direksi berperilaku tidak adil yang sangat meru-gikan investor.

5. Melakukan Window Dressing lewat SPE
Praktek window dressing pada intinya digunakan untuk menjadikan kondisi laporan keuangan menjadi bagus dan sehat. Praktek ini diharapkan menjadikan saham perusahaan banyak diminati oleh investor, sehingga harga saham perusahaan mening-kat terus dan performen perusahaan dimata investor dan kreditor nampak baik. Kondisi ini mempermudah perusahaan untuk men-dapatkan dana untuk operasional maupun untuk pengembangan. Laporan aktiva yang sering digunakan untuk praktek ini adalah transaksi kas, wesel tagih, piutang usaha dan persediaan.
Praktek window dressing ini jelas-jelas sebagai praktek yang merugikan penggunan informasi secara keseluruhan. Secara hukumpun praktek ini dianggap sebagai pelanggaran, dengan demikian manajemen yang diperankan oleh manajer dan direksi jelas-jelas menunjukan sifat yang tidak amanah.

KESIMPULAN DAN SARAN

Kesimpulan

Budaya kerja perusahaan telah mem-pengaruhi praktek akuntansi dan praktek akuntansi kreatif perusahaan. Praktek akuntansi kreatif ini banyak disebabkan adanya tuntutan dan adanya campur tangan direksi dengan tujuan untuk mengiliminasi permasalahan akuntansinya.
Sedangkan dalam tinjauan amanah praktek akuntansi kreatif baik dalam kon-tek manajemen laba maupun dalam kontek SPE termasuk dalam kelompok praktek yang bertujuan untuk mementingkan diri sendiri, baik oleh manajer maupun direksi. Perilaku manajemen dalam praktek akun-tansi kreatif ini lebih cenderung meng-untungkan direksi sebagai controlling, hal ini karena direksi adalah sebagian dari manajemen, dan para manajer telah di-angkat dan direkrut oleh direksi. Perilaku ini mengakibatkan para manajer mema-hami amanah sebagai sifat yang harus loyal pada direksi.
Namun demikian jika dilihat dari hakekat amanah itu datangnya dari Allah, baik manajer maupun direksi telah mela-kukan tindakan yang tidak sesuai ajaran amanah. Melanggar amanah merupakan tindakan yang menuju kearah berkhianat, dan hal yang demikian ini merupakan perbuatan yang dilarang dan larangan dalam agama adalah “dosa”.

Saran – saran

a. Pemerintah telah mengeluarkan aturan untuk melindungi minority share holder terutama dalam transaksi self-dealing yang menimbulkan benturan kepentingan. Meskipun demikian nampaknya ketentuan ini dinilai tetap mempunyai kelemahan, walupun pihak perusahaan sudah melakukan prosedur tersebut. Untuk itu hendak nya penelitian yang akan datang dapat meneliti sejauh mana respon dan pemahaman peraturan tersebut ter-hadap investor dan calon investor.
b. Alat ukur yang digunakan dalam penelitian ini adalah nilai-nilai amanah dalam Islam. Untuk itu peneliti yang akan datang hendaknya bisa menggu nakan nilai-nilai lain dalam Islam, sehingga ajaran Islam dapat lebih diaktualkan lagi dalam akuntansi.

Keterbatasan Penelitian
Seperti halnya dalam penelitian kua-litatif dan penelitian dengan pendekatan budaya maka, penelitian ini memiliki subjektifitas yang tinggi sehingga tidak dapat digenerallisasi. Kasus di perusahaan yang diteliti dan penunjukan informan merupakan keterbatasan penelitian ini, sehingga dengan penunjukan informan yang berbeda akan menghasilkan pendapat yang berbeda pula.
Rujukan Islam yang digunakan dalam penelitian ini adalah menunakan amanah, jadi simpulan yang ada dalam penelitian ini hanya terbatas pada faktor ini saja. Keterbatasan penelitian ini juga terletak pada pemahaman penulis tentang meng-artikan amanah secara detail dari sumber sama, sehingga jika ditemukan sumber lain tentunya akan menghasilkan pendapat yang berbeda.

DAFTAR PUSTAKA

Amet, O, Blake, J & Oliveras, E. 2000. The ethics of creative accounting : Same spanish evidence. Business Ethics European Review, 9,3,p.136-142, 2000
Burrel, G. and Morgan, G. 1979. Sociological Paradigms and Orga nisational Analysis. London : Heinemann Educational Books Ltd., 1979.
Hartgraves, 2002. The evolving account-ing standards for special purpose entities and consolidations. Accounting Horizons, September 2002, p. 245-258
Hasim, A.R. 2004. Menyoal tanggung jawab pemegang saham perseroan. BISNIS INDONESIA 15/09/2004
Horngren, C.T. and Foster G. 1991. Cost Accounting: A Managerial Empha sis. Englewood-Clifffs, N.J.: Prentice -Hall.
Ikatan Akuntan Indonesia, 1996. “Standar Akuntansi Keuangan”. Jakarta Sa-lemba Empat
Miller, P. and Napier. C. 1993. Genealo-gies of calculation. Accounting, Organizations and Society 18 (7/8): 631-47
Morgan, G., 1988. Accounting as reality construction: towards a new epi-stemology for accounting practice. Accounting, Organizations and Society, Vol. 13, No. 5, 1988, p. 477-475.
Naser K. 1993. Creative Financial Accounting: its nature and use. Hemel Hempstead: Prentice Hall.
Rasyid ER. 1998. “Saling-peran (interplay) antara Akuntansi dan Budaya Perusahaan: Penelitian Empiris dengan Metode Interpretif-Etnografis. Jurnal Riset Akuntansi Indonesia Vol. 1 No. I, Januari 1998 Hal 43-66

Rudkin, K. 2002. Applying critical ethnographic methodology and method in accounting research. Presented at the critical perspectives on accounting converence, Baruch college, city University New York, 25-27 April 2002.
Sagir, I.P,. 2003. SPE dan kasus divestasi indosat. WWW. Yahoo.com
Sawarjuwono, T. 2000. Metodologi penelitian akuntansi, manajemen, dan bisnis: Pendekatan kritis-critical paradigm (Habermasian). Makalah pada short course Metodologi Penelitian Paradigma alternatif: Untuk Akuntansi, Ekonomi, dan Manajemen, Fakultas Ekonomi Universitas Brawijaya, Malang, 8-9 Mei 2000.
Spradley, P.J. 1997. Metode Etnografi. PT. Tiara Wacana Yogya 1997
Suwardjono, 1990. Perekayasaan infor-masi akuntansi untuk alokasi sum-ber daya ekonomik secara efisien melalui pasar modal. Kongres ISEI ke IX tanggal 22-25 Agustus 1990 Bandung.
Triyuwono, I. 1997. Akuntansi Syariah dan Koperasi; Mencari bentuk dalam Bingkai Metafora Amanah, Jurnal Akuntansi dan Auditing Indonesia, Volume 1 no 1, Mei 1997
Triyuwono, I. 2000. Organisasi dan Akuntansi Syariah. Yogjakarta Lkis.
Watts and Zimmerman. 1986. Positive Accounting Theory. Englewood Cliffs, NJ; Prentice-Hall.

WORKSHOP ON ISLAMIC RISK MANAGEMENT

August 22, 2010 Leave a comment

JOINTLY ORGANISED BY

Hawkamah, the Institute for Corporate Governance
Level 14, the Gate, P.O. Box: 7477 Dubai, UAE
Tel: +9713622551 Fax: +97143622552 Website: http://www.hawkamah.org
AND

Amanie Islamic Finance Learning Centre
No, 44, Level 41, Emirates Towers,
Sheikh Zayed Road,
Dubai, United Arab Emirates

Phone: +971 4 319 7688
Mobile: + 971 5 092 27652
Fax: +971 4 330 3365

DATE:
26TH MARCH 2009
VENUE:
Lecture Room 2 Level 1, the Gate, P.O. Box: 7477 Dubai, UAE
THEME:
“Towards Better Understanding of Islamic Risk Management”

Course Objective

The objective of this workshop is to provide participants with a comprehensive understanding of the Islamic risk management. The workshop will allow participants to examine the unique risks involved in Islamic finance particularly in the aspect of Shariah compliant risk management tools, scope of risk and overviews of Islamic prudential standards of International Financial Services Board, rating of risk for Islamic financial institutions (IFIS) and Islamic financial products from rating agency perspective. The workshop content will be drawn heavily from the key issues of the day, in particular those which raise supervisory and management effectiveness questions.

Benefits for Attending

The workshop offers comprehensive module on Islamic risk management which has been designed by experienced and renowned experts peculiarly in providing Shari’ah advisory services and structuring of Islamic financial products both local and international market. The workshop will enable participants to understand the unique risk facing Islamic banks and the risk management techniques involved in Islamic finance industry.

Who Should Attend?

Risk Managers
Central Bankers
Banking Regulators
Bankers
Legal Advisors
Shariah Scholars
Internal Shariah Reviewers or officers
Asset and Fund Managers
Accountants & Auditors
Tentative Program
0830hrs Opening Remarks by Mr. Nickolai Nadal, Director of Hawkamah

0900hrs Scope of Risk for Islamic Financial Institution (IFIS) and Overviews of Islamic Prudential Standards of IFSB: Dr. Syed Musa Al Habshi

- Risk Management Framework, Capital Adequacy & Shariah Governance, Types of Risk exposures of IIFS
– Impact of Profit Sharing Investment Accounts (PSIA) on capital adequacy requirement
– Role of Shari’ah Review on governance of Shari’ah compliant activities

1030hrs Tea Break

1100hrs Application of Risk Management Tools and Standards for IFIS: Dr. Syed Musa Al Habshi
– Application & Impact of Risk Management Tools
– Importance and need for Risk management tools for Islamic financial transactions
– Issues on Shari’ah acceptance of risk management tools Potential Impact of risk management tools on IIFS

1230hrs Lunch

1400hrs Shariah Compliant Risk Management Tools – The Role of Islamic forwards, option and swaps: Dr Mohd Daud Bakar
1515hrs Tea Break

1545hrs Risk Management and Corporate Governance in Islamic Financial Institutions: Mr. Zulkifli Hasan

1615hrs Panel Discussion on Islamic Risk Management:
Amanie: Dr. Mohd. Daud Bakar
DIFC: Mr. Nik Norishky Thani
Hawkamah: Mr. Nickolai Nadal

1700hrs End of Workshop
Fees
Normal fees are USD1, 000 and 20% discount will be given to group registration of 3 or more and Hawkamah members.
About the Speakers
Dr. Mohd Daud Bakar
Dr. Mohd Daud Bakar is currently the Managing Director of Amanie Islamic Finance Learning Centre (DIFC Incorporated) Dubai. He received his first degree in Shari’ah from University of Kuwait (1988), PhD from University of St. Andrews, United Kingdom (1993) and external Bachelor of Jurisprudence at University of Malaya (2002). He has published more than 30 articles in various academic journals and presented more than 200 papers in various conferences both local and abroad. He is now Chairman of the Shari’ah Advisory Council at the Central Bank of Malaysia, member of the Shari’ah Advisory Council at the Securities Commission of Malaysia, (Malaysia), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (Bahrain), Dow Jones Islamic Market Index (New York), Unicorn Investment Bank (Bahrain), Financial Guidance (USA), BNP Paribas (Bahrain), Bank of London and Middle East (London), Islamic Bank of Asia (Singapore), Noor Islamic Bank (Dubai), Morgan Stanley (Dubai), Dubai Bank (Dubai) and in other financial institutions both local and abroad. He has been involved in advising Islamic funds and Islamic Sukuk both local and globally. In 2005 he has been awarded the Islamic Banker Award of 2005 by the Association of Islamic Banking Institutions Malaysia

Dr. Syed Musa Alhabshi
As principal consultant of Amanie Business Solution, Dr Syed has been involved in Islamic financial product design and development, Professional module design and development of Islamic finance courses and programs as well as spearheading research for the Islamic Financial Services Industry. He actively conducted training in the area of Accounting, Risk and Governance for Islamic Financial Institutions, Islamic Finance and Banking in public seminars and in house training programs for various financial institutions, international audit firms, supervisory agencies and rating institutions in London, United Arab Emirates, Mauritius, Brunei, Malaysia, Singapore and Indonesia.
In setting the direction for the industry he had been appointed as a technical consultant with Centennial Group International where he was involved in developing Islamic Financial Services Board (IFSB) Prudential Standards. He had also served as a member of Accounting, Auditing and Governance Standards Board of Accounting Auditing Organization for Islamic Financial Institutions (AAOIFI). In Malaysia he is currently a member of Malaysian Accounting Standards Board (MASB) Working Committee of Islamic Financial Reporting Standards.
As an academic Dr. Syed Musa Alhabshi was an Associate Professor and Dean of Faculty of Business Administration, Tun Abdul Razak University (UNITAR) till February 2007. In postgraduate education he designed and developed doctoral and masters degree curriculum as well as graduate programs in both UNITAR and International Islamic University, Malaysia (IIUM). His teaching experience spans from undergraduate, professional to postgraduate programs in the areas of accounting and finance with special focus in Islamic finance and accounting. He supervised doctoral students in Islamic Finance and has presented papers in both local and International Conferences as well as published papers in academic journals and related academic literature which includes areas on Performance and Efficiency of Islamic Financial Institutions and Foreign Investments, Accounting, Auditing, Governance, Risk Management, Performance Measurement and Zakat particularly for Islamic Financial Institutions. In addition his previous employment as audit assistant in Coopers & Lybrand as well as a police inspector in Singapore provides early exposures to the demands of commercial and social environment.
His early education was from Singapore where he obtained a Diploma in Business Studies from Ngee Ann Polytechnic and later pursued and obtained first class honors degree in Bachelor of Business Administration (1989) from International Islamic University (IIUM), as well as conferred Bank Islam Malaysia Overall Best Student Award. He then proceeded to obtain Doctor of Business Administration (1994) (Accounting and Finance) from Strathclyde University, UK.

Nick Nadal

Nick Nadal is the Director at Hawkamah Institute of Corporate Governance, in charge of developing programmes for family owned enterprises, non listed companies, banks and financial institutions, capital markets, media and academia on corporate governance. Prior to joining Hawkamah, he was the Program Officer for Middle East and North Africa programmes at the Centre for International Private Enterprise, a non-profit affiliate of the U.S. Chamber of Commerce, building linkages with and supporting regional business associations, developing and conducting training programmes on association governance and developing programmes to advance entrepreneurship, economic journalism and corporate governance in the region.

Nik Norishky Thani
Nik Norishky Thani is Executive Director of Islamic Finance, at the Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. He has over a decade’s experience in advising and structuring Islamic financial instruments, in particular Islamic Sukuk. Prior to DIFC, he was the Head of Islamic Capital Markets for MIMB Investment Bank Malaysia and Bank Islam Malaysia Berhad. He was previously attached with Aseambankers Malaysia Berhad and Commerce International Merchant Bankers (CIMB), Malaysia.
Nik Norishky Thani was a Fulbright scholar at Georgetown University, Washington DC where he focused on Islamic law and finance for his Master of Law (LLM) and graduated top of his class with Distinction and Dean’s List. Subsequently, he was a fellow at the Center for International Environmental Law, a Geneva-based international body that promotes sustainable economic development. He also underwent the Program of Instruction for Lawyers at Harvard Law School in Boston, Massachusetts. Nik Norishky Thani is a past winner of the Petronas scholarship, and holds a law degree (LLB) from the University of Cardiff, United Kingdom.
Zulkifli Hasan
He has worked extensively in Islamic finance industry as an advocate and solicitor, in-house counsel for Bank Muamalat Malaysia Berhad and member of Rules and Regulations Working Committee for Association of Islamic Banking Institutions Malaysia. As an academician, he has developed excellent research skills as senior lecturer at Faculty of Shari’ah and Law and hold various academic positions such as legislation editor for the Malaysian Journal of Shari’ah and Law, Shari’ah panel for the Institute of Fatwa Management and Research for Islamic Science University of Malaysia, ad-hoc reviewer for the International Journal of Business and Finance Research, the Institute of Business and Finance Research, USA as well as a member of the Advisory Editorial Board of the Shari’ah Law Reports. He has published numerous articles in various academic journals and presented many papers in various conferences both local and abroad. He obtained his first degree in Bachelor of Laws from International Islamic University (2001) and received his second degree in Bachelor of Shari’ah (2002) as well as Master of Comparative Laws (2004) from the same university. Currently, he is doing his Ph.D at University of Durham, United Kingdom.

ISLAMIC BANKING MEETS “CONVENTIONAL” BANKING: A SURVEY OF RECENT DEVELOPMENTS IN BANKING IN PAKISTAN

August 22, 2010 Leave a comment

Isobel Lobo, Benedictine University
Frank Bonello, University of Notre Dame

In 1985, Pakistan declared that interest had been eliminated from banking. Its religious court ruled otherwise in 1991. The Supreme Court upheld the ruling and directed the government to bring a number of banking laws into conformity with Islamic injunctions by June 30, 2002. As the deadline approached, however, in a surprising last minute reversal, it remanded the case back to the religious court for reconsideration. Granted a reprieve, the country appears headed towards a dual banking system.

A Synopsis of the Elimination of Interest and the Evolution of Interest-Free Banking
Islam prohibits riba which is generally taken to include the interest banks pay and receive. Pakistan began planning for an interest-free banking system in 1977. It followed a cautious, and gradual transition that started with the acceptance of profit/loss sharing (PLS) deposits by the nationalized commercial banks in January 1981. The transition was declared complete in July 1985 when bank assets and liabilities (except for foreign loans and foreign currency deposits), were converted to various non-interest bases. The country’s central bank, the State Bank of Pakistan (SBP), provided the banks inter alia with a list of approved modes of finance and a method for calculating rates of return on the banks’ PLS deposits.
A number of “qualitative deficiencies” were, however, found to characterize the procedures used by the banks. [Institute of Policy Studies]. Recognizing this, the terms interest-free or noninterest-based (NIB) banking, rather than Islamic banking, have commonly been used to describe the system in place since 1985. One of the main shortcomings of the noninterest-based system is the banks’ almost exclusive reliance on a single mode of finance – mark-up with or without buy-back arrangements – that closely resembles interest, and their virtual exclusion of any form of PLS or partnership-based finance (e.g. musharaka or mudaraba) that many Muslim scholars of religion and economics consider more truly reflects the spirit of the Quranic prohibition of riba. In 1992, for example, mark-up based finance accounted for over eighty percent of the finance extended by the nationalized commercial banks (who at the time accounted for about 90 percent of bank assets), while their musharaka finance was insignificant. Another shortcoming is the fact that banks are (still) allowed to invest in (interest-paying) government securities.
As one writer concludes, the elimination of interest “was carried out without serious regard to Islamic legal doctrine, leaving the interest-based banking system fundamentally unchanged, but covering it with an Islamic varnish.” [Ray]. The elimination of riba (interest) had not been carried out with regard to the true spirit of the prohibition. [Makhdoom]. Moreover, the minimal nature of the change was apparent to most people. [Gieraths].
Key Judicial Rulings on the Banking System From 1991 to 2002
Monetary and fiscal issues had been excluded from the jurisdiction of Pakistan’s religious court, the Federal Shariat Court (FSC) up to June 26, 1990. On November 14, 1991, after hearing 115 petitions challenging twenty banking and fiscal laws, the Court found that provision for interest in these laws came under the definition of riba and was, therefore, repugnant to the injunctions of Islam. It set a deadline of June 30, 1992 after which the various provisions would cease to have effect.
The Shariat Appellate Bench (SAB) of the Supreme Court of Pakistan upheld the FSC’s ruling on December 23, 1999. The Bench explained its opinion of the modes of finance that appear in the different laws under consideration. Unlike the FSC, the Bench noted that a sale on mark-up (murabaha) is permissible if it is based on the genuine sale of a commodity. Mark-up may not be charged on a money loan. It endorsed the use of some modes of finance (including lease and hire-purchase in approved forms) while emphasizing musharaka and mudaraba as true alternatives to interest Its judgment indicates that: (i) any amount over the principal in a contract of loan or debt is riba forbidden by the Quran; (ii) the prevailing interest-based financial system has to be subjected to radical change to bring it into conformity with Islamic injunctions; and (iii) provisions for payment of interest in eight specific laws (on money lending) would cease to be have effect from March 31, 2000 and all other laws considered in the judgment would be ineffective from June 30, 2001.
The Appellate Bench suggested the following measures be taken to transform the existing system: (i) austerity measures to curtail government expenditure; (ii) laws to regulate government borrowing powers; (ii) laws to ensure transparency and freedom of information; (iv) establishment of an institution to control “white collar and economic crimes; (v) establishment of credit rating agencies; (vi) establishment of evaluators to scrutinize feasibility reports; and (vii) establishment of special departments and a Shariah Board within the central bank (to scrutinize and evaluate procedures and products).
The Bench directed the government inter alia to establish a Commission for Transformation of the Financial System in the SBP to prepare a strategy, and to constitute task forces in the Ministries of Finance and Law, for preparation and approval of model financing agreements, and for conversion of the government’s domestic borrowing into project-related financing (inter-government loans and central bank finance were to be interest-free). The SAB admitted it would be difficult to implement the prohibition of interest in the area of foreign loans. It directed the government to renegotiate existing loans, to avoid foreign debt, and to structure any necessary future foreign borrowings on the basis of Islamic modes of finance. The Bench set deadlines for the government to comply with each of its instructions.
On December 29, 2000 the government issued a prompt and categorical reassurance that banking transactions would continue to be protected and that Pakistan would honor its foreign debt commitments. Despite this, the SAB’s ruling cast uncertainty over the country’s dealings with international lenders. [Bokhari 2000]. During the period between the FSC’s judgment in 1991 and the SAB’s decision to uphold it in 1999, all financing arrangements in the country contained force majeure clauses referencing the possibility of the riba judgment being finally upheld. [Raja]
In 2001, the Shariat Appellate Bench extended its earlier deadline to June 30, 2002. The United Bank appealed the SAB’s verdict and it was joined by the government early in 2002. Some of the country’s conservative religious groups sent their own lawyers to defend the earlier ruling. [BBC].
On June 24, 2002 the SAB reversed its own decision of 1999 (which had upheld the FSC’s ruling of 1991) and remanded the case back to the FSC for re-determination. It has been suggest that revised national priorities may explain the SAB’s reversal of its own ruling. [Shah and Wasti]. A constitutional lawyer notes that it is significant that prior to the SAB’s reversal, the President of Pakistan had removed from office a member who had been on the bench since 1980. [Raja].
In arriving at its decision, the SAB took note of a number of points raised by the counsels for United Bank Limited and the Federation. The counsel for United Bank contended: that the SAB had not properly distinguished between usury, interest, and riba; that usury is a kind of riba; that what is prohibited is not what is reasonable and fair, but what is doubled and multiplied; that Quranic verses explaining the prohibition mainly contrast riba with sadaqat (almsgiving); that banks cannot be made to give alms to industrialists; and that the business of banking is covered by the term “bai,” an approved method of finance, which includes sale, business, investment and so forth.
Counsel for the Federation argued that the FSC had no jurisdiction to declare riba illegal or impermissible: the Constitution makes it the duty of the Federal Government (not the FSC) to eliminate riba. He stated also that, in pursuance of the SAB’s judgment of 1999, the government had formed a Commission and two task forces to direct the transformation of interest-based government borrowing to Islamic modes of finance, to effect a transition in the financial sector, and to establish a legal and regulatory framework for an Islamic economy. In an affidavit to the SAB, the government stated that after its best efforts to find ways to implement the SAB’s directives, it had found that implementation was neither practical nor feasible, and if attempted would pose great risk to Pakistan’s economic stability and security.
The SAB took note of a number of contentions of other counsel for the Federation including inter alia the arguments (i) that the “impugned judgment amalgamated legal and moral aspects of riba” in violation of injunctions in the Quran and the Sunnah and against the opinion of eminent jurists; (ii) that the SAB’s failure to define the word qarz (which is involved in almsgiving) rendered the impugned judgment against Islamic law since the word “loan” is not the exact translation of qarz; (iii) that exploitation is an essential ingredient of riba; (iv) that the present system of bank accounts and investments in various government savings schemes do not involve riba; (v) that the views of certain jurists and scholars on riba and banking practice had been ignored; (v) that the SAB ought to have asked the FSC to decide whether indexation was permissible; (vi) that the SAB had applied the prohibition to non-Muslims although this was not the issue before it; and (vii) that the Islamic banking system suggested in the judgment under review was a misnomer and that (except for Musharaka) all the other recommended modes of finance involve riba in disguise.
The Deputy Governor of the State Bank of Pakistan filed an affidavit with the SAB stating that after taking steps to promote Islamic banking and after considering all other practical problems of transforming the financial system, it was the considered judgment of the Bank that
“a parallel approach will be in the best interest of the country. This means that Islamic banking is introduced as a parallel system of which a beginning has already been made … .This approach will eliminate the risk of any major costs/damage to the economy, give a fair chance to Islamic banks to develop alongside conventional banks, and will provide a choice to the people of Pakistan, and the foreigners doing business in/with Pakistan, to use either of the two systems.” [SAB]
In remanding the case back to the Federal Shariat Court, the SAB directed the FSC to re-determine the issues after thorough research, and after comparative study of financial systems in other Muslim countries and to give a definite finding on all the issues involved (which the FSC had not done in 1991). It asked the FSC to make its determination
“in the light of the contentions of the parties noted above and the observations made which are germane to the controversy. Besides the points … , the parties would be at liberty to raise any other issues relevant to these cases and the Federal Shariat Court may also, on its own motion, take into consideration any other aspect which may arise or may be found relevant … .” [SAB]
Towards A Parallel Banking System: Establishing an Institutional Structure and a Regulatory Framework for Islamic Banking
In December 2001, even before the SAB heard the appeals, the central bank took a step towards promoting a parallel banking system that would offer consumers a choice by announcing criteria for the establishment of private sector Islamic commercial banks. The criteria covered eligibility conditions, licensing requirements, guidelines on set up, Shariah compliance and other operational matters. In September 2002, after the SAB’s reversal of its earlier judgment, an amendment was enacted in the Banking Companies Ordinance (the major banking law), making it possible for commercial banks to establish Islamic banking subsidiaries. The banks were also allowed to apply for permission to set up Islamic banking branches in the country. On January 1, 2003, the central bank issued Policies for the Promotion of Islamic Banking. In it, the central bank enunciated its strategy of promoting Islamic banks, Islamic banking subsidiaries of existing commercial banks, and stand-alone branches of existing commercial banks that engage only in Islamic banking.
In September 2003, the central bank established within itself an Islamic Banking Department to regulate and promote Islamic banking. This department is responsible for the licensing, supervision, regulation, Shariah audit, and training the personnel of Islamic banks and Islamic branches. The central bank established a Shariah Board within the department to ensure Shariah compliance, and to advise banks on modes, procedures, laws and regulations for Islamic banking. The Board includes three religious scholars, a banker and a lawyer. The central bank also arranged for an accounting firm to conduct Shariah compliance audits of Islamic banks, to create a Shariah audit manual, and to train State Bank officers. Further, the central bank initiated an Islamic Banking Awareness Program to train banking and other personnel and a Learning Program to learn from the experiences of other Muslim countries.
To establish either an Islamic commercial bank, an Islamic subsidiary of an existing commercial bank, or an Islamic banking branch of an existing commercial bank, permission must first be sought from the Director of the Islamic Banking Department (IBD) of the central bank. The proposed institution must also appoint a Shariah advisor in accordance with the “Fit and Proper Criteria” issued by the central bank’s Shariah Board, and the advisor must be approved by the central bank (the institutions may also appoint a Shariah Committee if they so choose). To prevent conflict of interest, the central bank mandated that a bank’s Shariah advisor must not serve in the same capacity at any other Islamic banking institution. This restriction does not apply to the central bank’s nomination of a Shariah advisor to its own Shariah Board. Islamic commercial banks and Islamic subsidiaries of (conventional) commercial banks are subject to prevailing banking and other laws and to the rules and directives of the central bank. Islamic banking branches of commercial banks are required to comply with all the directives and guidelines of the central bank, particularly those applicable to Islamic banking.
Criteria specific to the establishment of an Islamic commercial bank include capital adequacy requirements, standards for integrity of sponsors and directors, measures for broad-based ownership and measures directed against interlocking ownerships of banks and other institutions. Their financial transactions must be in accordance with the injunctions of Shariah. The application for permission from the IBD must indicate the modes of finance proposed to be used to raise resources and extend finance.
According to IBD Circular No. 2 of 2004, an Islamic commercial bank inter alia: is a public limited company; must be listed on the stock exchange; must offer at least 50 percent of shares to the general public; must have a minimum paid-up capital of Rest. 1 billion and maintain a minimum capital adequacy ratio of 8 percent of risk-weighted assets; and must have at least seven sponsor directors who subscribe at least 15 percent of total paid-up capital and retain their shares for at least three years (they must obtain the central bank’s approval if thereafter they choose to dispose of their shares). The sponsors may make foreign capital investment which is non-repatriable (dividends are repatriable). In addition, not more than 25 percent of the sponsor directors can be from the same family (as defined in the Banking Companies Ordinance). The directors cannot serve as directors of any other financial institution (nor can any one group own more than one bank). The proposed bank must begin operations within six months of permission and must open at least five branches within twelve months.
Existing commercial banks (who meet the central bank’s guidelines on capital adequacy and) who wish to establish subsidiaries to carry on Islamic banking must also apply to the IBD for permission. These subsidiaries are also public limited companies, and are considered to be Islamic commercial banks. Like the latter, the chief executive officer of a subsidiary of an existing commercial bank must be approved by the central bank. (In addition, each director of the subsidiary must be cleared by the central bank.) Applications for permission to establish both Islamic commercial banks and Islamic subsidiaries of existing commercial banks must submit risk management guidelines and plans for internal control. At least 51 percent of a subsidiary’s shares must be subscribed by the parent commercial bank and no more than 49 percent may be offered to the public.
Finally, existing commercial banks (including foreign banks) may apply to the central bank for a license to open stand-alone Islamic banking branches to offer Shariah compliant products and services. The applicant bank is required to maintain a minimum “Islamic Banking Fund” of Rs. 50 million funded by allocation from its head office (or 8 percent of the risk-weighted assets of its Islamic banking branches, whichever is higher).
In making its decision, the central bank will consider the financial strength of the bank. The applicant bank must inter alia indicate the number of Islamic banking branches it proposes to open in the next financial year and their location, the deposits, finance, investment, and other products and services proposed to be offered, how it will segregate the funds of its Islamic banking branches from the funds of its commercial banking branches, the accounting policies to be followed, and the profit and loss sharing mechanism.
After the central bank’s approval, the applicant bank must set up an Islamic Banking Division at its head office in Pakistan to control the Islamic Banking Fund and inter alia to ensure that all the central bank’s directives are followed including, for example, the statutory cash reserve and liquidity requirements. The Islamic branches have to meet the same cash reserve requirement as conventional banks i.e. 5 percent of their time and demand liabilities. They are, however, required to maintain a liquidity reserve of only 6 percent of their liabilities with the central bank – instead of 15 percent for the conventional banks – until such time as Shariah-compliant approved securities are developed. The central bank’s guidelines list the systems and control guidelines to be followed. For example, while the applicant bank may authorize some of its existing branches to sell Islamic banking deposit schemes, these branches must transfer the funds raised to the Islamic banking branch on the same day and must not receive or pay interest on such services. They may, however, receive a reasonable fee or commission on sale of deposit schemes.
On April 15, 2005, the central bank issued a press release communicating the “Essentials and Model Agreements for Islamic Modes of Finance” approved by its Shariah Board to “ensure compliance with minimum Shariah standards by banks conducting Islamic banking in Pakistan,” and to serve as guidelines which will eventually be enforced as prudential regulations for Islamic banks. The central bank also provided model agreements for the modes. Individual banks could, with the approval of their Shariah advisor, adapt these to suit the products they design. The main features of the approved modes are described below.
The seven Islamic modes of finance include: Murabaha, Musawama, Ijara (leasing), Salam, Istisna, Musharaka and Mudaraba. Only the last two modes involve sharing in profits and losses. For each of the five cases not involving profit (loss) sharing, the Shariah Board approved the stipulation of a penalty for late payment or default in the agreement. The penalty is expressed in terms of percent per day or per annum as an interest rate would be. The Shariah Board’s guidelines (and the model agreement forms) note, however, that the penalty will go to the bank’s charity fund and cannot become a source of further return to the bank. The bank may, however, ask a court for award of solatium, which is determined “on the basis of direct and indirect costs incurred, other than opportunity cost.” Furthermore, the bank is allowed to sell any collateral or security it holds (without court intervention). All of the agreements approved by the Shariah Board contain provision for insurance of assets under the Islamic concept of Takaful when this is available (and with a reputable insurance company until this time).
The Shariah Board defines murabaha as a sale of goods for cash or on a deferred payment basis. The seller is required to disclose the cost of the goods and a margin of profit is included in the sale price of the goods — which once determined cannot be changed. The financier bears the risk for the period between the purchase of the good (by the bank’s agent) and its sale to the buyer (the bank’s client). As noted earlier, much controversy surrounds the use of Murabaha. The Shariah Board’s guidelines therefore include caveats: murabaha contracts cannot be rolled over (although the repayment date can be extended with no increase in the sale price), and buy-back arrangements are prohibited.
A Musawama is defined like a Murabaha except that the seller is not obliged to reveal his cost. Ijara is a permissible lease arrangement. A Salam is an advance payment against deferred delivery of goods. The approved guidelines note that it can be made with respect to homogenous units of goods (traded by counting, measuring or weighing) but not, for example, in precious stones or cattle heads each unit of which is different. A salam cannot require the seller to buy back the goods. The bank is allowed, however, to enter into a parallel salam contract with a third party under given conditions. In an istisna (which is a mode of sale), the buyer (bank) places an order to manufacture a commodity to be delivered at a future date. If the seller fails to deliver the goods in the stipulated period, the price can be reduced by a specified amount per day as agreed upon. The bank (as buyer) is allowed to enter into a parallel but independent istisna contract with a third party in which it is the seller.
Musharaka is defined as a relationship to share profits and losses of a joint enterprise. All partners make an investment and share profits as agreed in the contract and losses in proportion to their capital. A managing partner may (under a separate agreement) receive a fee. Assets are jointly owned in proportion to capital contributed. Like earlier definitions of this form of financing, the definition approved by the Shariah Board is silent on the extent of the partners’ liability (i.e. whether limited or unlimited). In fact, the circulated model agreement for a musharaka includes a clause stating that the agreement shall not be deemed to create a partnership or company and that in no way has the client any authority to bind the bank. The model agreement also contains a clause (as in the other modes of finance) for payment of penalty for default of a payment due. The penalty (as in the case of the other modes) is expressed as a percentage per day (or per annum) and is to be used by the bank for charitable purposes only.
A Mudaraba is an arrangement in which one person (e.g. bank) contributes money and the other, the Mudarib (who may be a natural person, group of persons, legal entity or corporate body) contributes his efforts. Profit is divided in the proportion contracted for and losses (except in the case of fraud, negligence or willful misconduct) are borne by the party providing the funds (bank) and are limited to this amount. Mudaraba contracts may be multi- or single purpose, open-ended or closed, for a fixed period or perpetual, restricted or unrestricted. The Mudarib may be permitted by the financier to invest his own funds in the business as well. In this case, the financier may not receive a share in profits that is greater than the ratio of his capital to total investment, and losses are shared in proportion to the capital invested. Neither the model agreement nor the guidelines for a mudaraba include provision for penalty, solatium or damages. The model agreement for a mudaraba indicates that it is not deemed to create a partnership — just as the model agreement for musharaka does.
The central bank constituted a committee with the Institute of Chartered Accountants, Pakistan to develop accounting standards for Islamic modes of financing. The committee has prepared the standard on Murabaha and is working on the Ijara and Musharaka standards.
In August 2004, the chairman of the Shariah Board expressed his appreciation of the proactive role being played by the State Bank of Pakistan in promoting Islamic banking in the country. He observed that the current regulations governing Islamic banking are in line with the best and the most progressive regulations being followed in countries like Bahrain and Malaysia. In a speech earlier that year, the director of the Islamic Banking Department described the central bank’s introduction of Islamic banking side by side with “traditional banking” as a hybrid of the Malaysian and Bahrain models. The central bank has collaborated with the Bahrain Monetary Agency on Islamic banking regulations and on sukuks (Islamic bonds or government securities). It also arranged an orientation program on Islamic banking and insurance (Takaful) with the central bank of Malaysia. It is actively involved with other Muslim committees and forums on Islamic banking and finance.
Islamic Banking in Pakistan: Performance and Issues
The Meezan Bank, which was the first bank to be issued an Islamic commercial banking license in Pakistan, was already operating as an investment bank. It converted and began functioning as an Islamic commercial bank in 2002 and has 25 branches today. The bank has a paid up capital of Rs. 1.7 billion contributed by local and international financial institutions (from Kuwait, Bahrain and Saudi Arabia). According to its website, the bank strives to find “commonalities with the conventional banking system” while not compromising on Shariah rulings. Meezan Bank has a Shariah board staffed with Islamic scholars who also serve on the boards of Islamic banks in other countries. It recently introduced a new account, the Meezan Islamic Institution Deposit Account or MIIDA for Islamic financial institutions needing an outlet for their excess liquidity. Meezan Bank uses the deposit pool to provide financing on Islamic modes mainly on the basis of Murabaha and Ijara. The bank also issues a long-term deposit certificate for Pension Funds. Twenty percent of gross profit on the deposit pool goes to certificate holders. In September 2005, Meezan Bank’s Shariah Board approved of diminishing musharaka-based Islamic financing for medium and long term financing of plant and machinery and non-commercial vehicles. The Board also declared day trading (as currently practiced) unIslamic and approved an alternative product for futures trading.
Two other Islamic banks were issued licenses in 2005: Al-Baraka Islamic Bank, which is a foreign bank that converted to Islamic banking, and Bank Islami Pakistan, which was licensed on March 31, 2005. In addition, there are 29 Islamic banking branches of conventional banks (including two foreign banks) operating in the country. Al-Baraka offers a number of deposit accounts including PLS savings deposits, incentive accounts, khazana accounts, term deposits, AMI accounts, and foreign currency savings accounts.
According to the central bank, at the end of March 2005, the share of Islamic banking in overall banking in Pakistan was only about 1.6 percent. During the first quarter of 2005, the total assets of these banks in Pakistan had increased by 13.6 percent to Rs. 50.2 billion and their deposits had risen by 10 percent to Rs. 33.3 billion. Murabaha dominates as their preferred mode of finance (53%) followed by Ijara (28 percent), Diminishing Musharaka (8 percent), and Musharaka (1 percent). The central bank took up and resolved the issue of double taxation on murabaha transactions with the Central Board of Revenue. Savings deposits account for the largest share in the deposits of the Islamic banking institutions (47 percent), followed by fixed deposits (28 percent) and non-remunerative current account deposits (24 percent). The central bank is working on the creation of an Islamic inter-bank market once there is a sufficient number of Islamic banks.
Government securities that conform to Islamic principles are not widely available in Pakistan. The first Pakistani International Bond, the Sukuk Al-Ijara was launched in the international capital market at the beginning of 2005 and was heavily oversubscribed by conventional and Islamic institutions (resulting in a foreign inflow of $600 million). Meezan Bank, the first domestic Islamic bank was the local structuring advisor for the Sukuk issue and the government hopes that the issue will spur the creation of domestic Islamic capital and money markets.
According to the central bank’s strategic plan (2005-2010), a two-pronged approach will be followed to promote Islamic banking as a parallel and compatible system: attract international banks of quality to locate in Pakistan and nurture domestic professional Islamic bankers. The central bank also plans to design and implement new tradable instruments necessary for Islamic banking treasury operations. [SBP, Strategic Plan]. In addition, the plan briefly mentions the future enactment of new laws in the area of Islamic Banking.
The IMF believes that despite legal ambiguities regarding the process Islamization of the financial sector, the establishment of new Islamic banking institutions is likely to continue. It recommended inter alia close monitoring of the Islamic financial institutions, development and standardization of Islamic banking products and financial instruments, and the development of a specific framework for risk management and lender of last resort arrangements for the Islamic banking sector. The IMF regards the central bank’s vision of Islamic banking and conventional banking operating parallel to each other as appropriate since this set-up affords users a choice compatible with their religious beliefs and fits in with the country’s position as an emergent market that is integrated into the global economy.
The “conventional” banking system in Pakistan is the system in place since the transition to non-interest based banking. Banking in Pakistan has, however, undergone substantial reform in the last decade and more reform is envisaged. For example, the central bank’s strategic plan calls for a deposit insurance scheme. The structural changes already made include the privatization of four of the five nationalized commercial banks, the divestiture of a portion of the shares of the fifth bank, central bank autonomy, liberalization of the financial sector, and increase in the minimum capital requirements for banks from Rs. 500 million to Rs. 1 billion. The IMF noted improvements in financial soundness indicators as non-performing loans have fallen and profitability indicators such as return on assets and equity have begun to approach international norms.
According to central bank data, local private banks continue to dominate commercial banks in the private sector in terms of share in total assets (87 percent) although foreign banks are more numerous (20 versus 14). Foreign banks account for about 34 percent of profits of all commercial banks in the private sector although they only account for about 15 percent of deposits and 16 percent of advances.
The macroeconomic environment in which the banks operate has improved. The government of Pakistan’s data estimates real GDP growth at 8.4 percent in the fiscal year ended June 30, 2005 (making Pakistan the second fastest-growing economy after China). Indicators of social and living conditions are also better. The country’s public (and external) debt burden declined to the lowest level in decades. The inflation rate (9.3 percent) is high, however, and the current account just turned deficit after three years of surpluses.
Closing Thoughts
There are about 300 Islamic banking institutions operating in some 70 countries with assets estimated at over $250 billion growing at the rate of about 15 percent per annum. The market is largely untapped, according to an article in Global Finance since the majority of Muslims still use conventional products. For example, Malaysia has 15 million Muslims, and nine Islamic financial institutions, but only 10% of total banking assets are held in Shariah compliant accounts.
Malaysia and Bahrain served as models for Pakistan’s dual banking system. In Malaysia, separate Islamic legislation and banking regulations exist side-by-side with those for the conventional banking system. The legal basis for the establishment of Islamic banks is the Islamic Banking Act (1983) which empowers the central bank with supervision and regulatory powers over Islamic banks. According to its central bank, Islamic banks in Malaysia offer over 40 financial products and services. An Islamic interbank money market began functioning in 1994. Takaful, an Islamic insurance system, began in 1985. Malaysia has set up a dedicated high court to try Islamic banking and finance cases.
Bahrain also has a dual banking system and the largest concentration of Islamic financial institutions in the Middle East region. It hosts a Liquidity Management Center and the International Islamic Financial Market, and its monetary agency has introduced a prudential and reporting framework that is specific to Islamic banking and finance. According to Pakistan’s central bank the interpretation and Shariah position of contracts (e.g. sale and purchase of debt instruments and grant of gifts on savings and financial papers) is different in Malaysia. Another source supports this view, “there is a certain polarization between the schools of thought centred in Asia and those centred in the Middle East with a general perception that the Middle Eastern schools of thought are more conservative in their views. This has a material effect on the acceptability of some Islamic investment products structured in Asia and offered to investors in the Middle East.”
The Federal Shariat Court’s re-determination of the case is widely expected to take several years and the IMF notes that “there remains a degree of legal uncertainty about the ultimate basis for banking activities in Pakistan.” In a letter of intent to the IMF, the government and the central bank, however, regard the Supreme Court’s decision as having cleared the way for the pursuit of “an evolutionary approach to Islamic finance, through encouraging the development of Islamic banking alongside traditional financial institutions.” Implicit in this view is the acceptance of the fact that interest is involved in the current operation of the traditional institutions. The central bank’s numerous explicit references to “interest” and interest rates” in its reviews and annual reports acknowledge the existence of interest in banking operations. It appears from the government and the central bank’s statements and actions that they implicitly believe (or hope) that the FSC will allow “traditional financial institutions” to continue functioning. It is not clear, however, whether these institutions will be able to revert to their original existence as truly conventional banks paying and accepting interest and forsaking the present unwieldy and burdensome trappings of an “interest-free” system.

References
Agence France Presse. “Islamic Banking Booms in Pakistan.” January 30, 2005.
Anonymous. “Islamic Finance: Provenance and Prospects.” International Financial Law Review. May 1, 2004.
Ayub, Muhammad. Islamic Banking and Finance: Theory and Practice. Karachi, Pakistan: State Bank of Pakistan, 2002.
BBC News (World Edition). “Pakistan Reverses Islamic Banking Law.” June 24, 2002. http://news.bbc.co.uk/2/hi/business/2062679.stm
Bokhari, Farhad. “Still Taking an Interest.” The Banker. (February 2000). Vol. 150, no. 888, pp 56-57.
Bokhari, Farhad. “The Outlook for Islamic Banking.” The Banker. (May 2005).
Gieraths, Christine. “Pakistan: Main Participants and financial Products of the Islamization Process.” Islamic Financial Markets. Ed. Rodney Wilson. New York: Routledge, 1990. 171-196.
Government of Pakistan, Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding. October 16, 2002. http://www.imf.org/External/NP/LOI/2002/pak/03/index.htm
Hawser, Anita. “Players Vie for a Prime Slice of a Promising Market.” Global Finance. September 2005.

http://web.lexis-nexis.com/universe/

Hume, James. “Islamic Finance: Provenance and Prospects.” International Financial Law Review. (May 2004). Vol. 23 no. 5, pp. 48-50.
Husain, Ishrat. “Evolution of Islamic Banking.” Posted on December 2, 2004 on http://www.meezanbank.com.
IMF and World Bank. “Technical Note: Condition of the Banking System.” Financial Sector Assessment Program: Pakistan. October 2004. IMF Country Report No. 05/157. (May 2005).
Institute of Policy Studies. Elimination of Riba from the Economy. Islamabad, Pakistan: IPS, 1994.
Makhdoom, Tipu Salman. Correspondents’ Reports. Jurist. (2000). http://jurist.law.pitt.edu/world/pakcor1.htm
Nomani, Farid. “The Problem of Interest and Islamic Banking in a Comparative Perspective: The Case of Egypt, Iran, and Pakistan.” Review of Middle East Economics and Finance. (April 2003). Vol. 1, no. 1, pp. 37-70.
Pakistan Press International. “Islamic Banking System Being Opted in 70 Countries.” February 26. 2004. http://web.lexis-nexis.com/universe/
Raja, Salman Akram. “Islamization of Laws in Pakistan.” South Asian Journal. (October-December 2003.)
Ray, Nicholas Dylan. Arab Islamic Banking and the Revival of Islamic Law. London: Graham and Trotman Limited, 1993.
Shah, Syed Ahmad Hassan and Wasti, Aarij. “Shariat Appellate Court Remands Riba Judgment, Gives New Life to Modern Banking in Pakistan.” Middle East Executive Reports. (January 2002). Vol. 25 no. 1.
Shariat Appellate Bench, Supreme Court of Pakistan, June 24, 2002. http://www.scp.com.pk
State Bank of Pakistan. “State Bank’s Shariah Board Approves Essentials and Model Agreements for Islamic Modes of Finance.” Press Release. April 15, 2005. Islamic Banking Department.
State Bank of Pakistan. IBD Circular No. 2 of 2004. Islamic Banking Department.
State Bank of Pakistan. Strategic Plan 2005-10. http://www.sbp.gov.pk
The Council of Islamic Ideology, Report of the Council of Islamic Ideology on the Elimination of Interest from the Economy. Islamabad: 1980.
Thomson, Judith. “Developing Financial Law in Conformity with Islamic Principles: Strict Interpretation, Formalism or Innovation?” Deakin Law Review. (1999/2000). Vol. 4, no. 2. pp. 77-91.
Yousefi, Mahmood. “The Autonomy of the Central Bank Interest-Free Banking and Monetary Management in Iran.” Journal of Emerging Markets. Vol. 3, no, 1. Spring 1998. pp. 79-98.

The 2nd Annual Islamic Finance Summit

August 22, 2010 Leave a comment

ACHIEVING GROWTH THROUGH DEDICATED INNOVATION
21st & 22nd January, The Langham Hilton, London

Plus a separately bookable one-day pre-conference workshop on:
Islamic banking, finance and investment management
Monday 20th January 2003

Euromoney Seminars are proud to present the 2nd Annual Islamic Finance Summit: an unrivalled opportunity to explore the enormous potential for growth in Islamic banking. Innovative products of increasing scope and complexity are attracting greater numbers of investors to Shari’ah compliant instruments and the volume of capital under Islamic management only looks set to increase fast.

This Summit gives you a ‘questions and answers’ forum in which you can learn more about the screening of products from the world’s foremost Shari’ah scholars. Keynote addresses from some of the industry’s leading figures will deliver a cutting-edge assessment of the achievements of Islamic banking and the challenges that it faces today. In addition, highly focussed presentations from senior industry players will ensure that you are fully briefed on the most significant deals and the most exciting prospects. The range of topics includes:

• The Islamic economic system
• Successful strategies for Islamic fund management
• New Shari’ah compliant products and services
• Creating an Islamic secondary market
• Trends in Middle Eastern investment in western based Islamic products
• Conventional banks and the Islamic system
• The growing market for Islamic retail financial services
• Islamic sukuk issues

The summit will also offer a great environment for networking with the industry professionals that matter most, and for sharing ideas on an informal basis. For learning, debate and business opportunities, the 2nd Annual Islamic Finance Summit will be a vital experience for both established professionals and those interested in understanding the sector better.

Gold Sponsor: First Islamic Investment Bank
Silver Sponsor: Oasis Asset Management (Guernsey)
Bronze Sponsors: First Investment, Dawnay, Day Global Investment
iHilal Financial Services, Global Securities House
The International Association for Islamic Economics

Plus a separately bookable one-day pre-conference workshop on:
Islamic banking, finance and investment management
Monday 20th January 2003
Workshop leader: Stella Cox, Managing Director, Dawnay, Day Global Investment, United Kingdom

Also featuring:
Abdelhak El Kafsi, Managing Director, Islamic Finance Consultants, Bahrain
Bryan Kraty, Independent Consultant
Topics will include:
• Shari’ah compliant structured finance deals
• The application of Shari’ah compliant financial contracts to investment and financing opportunities
• Identifying and expanding acceptable asset classes for Islamic investment funds
• Interacting with Shari’ah authorities
• Islamic securitisation
• The Islamic markets

DAY ONE

08.15 Coffee and Registration

08.45 Chairman’s welcome and opening remarks

George Kardouche, Senior Advisor, Arab Bankers Association, United Kingdom

09.00 Keynote address

HE Abdulla Hassan Saif, Minister for Finance and National Economy, Bahrain

09.30 Keynote address: Creating an Islamic economic system

• Developing Industry
• Developing welfare of people
• Creation of jobs
• The essence of Islamic banking and the Islamic system

Sheikh Saleh Kamel, President, Dallah Al Baraka Group, Saudi Arabia

10.00 Development of the Islamic banking industry

• Growth in Islamic investment banking
• New entrants into the market
• New products
• Alternative investments
• Islamic retail banking: expanding into Europe and North America
• Industry consolidation through mergers and acquisitions between older Islamic banks
• Development of an Islamic capital market in the Gulf and Malaysia

Atif A. Abdulmalik, CEO, First Islamic Investment Bank, Bahrain

10.30 Morning Coffee

11.00 Successful strategies for Islamic fund management

• Addressing clients’ priorities
• Overcoming practical difficulties
• Making the best of Islamic limitations on investment options
• Comparing different markets around the world
• Marketing your fund to private and institutional investors

Basil Al-Nakeeb, Senior Executive Director, First Investment, Kuwait

11.30 A review of Islamic finance in 2002 and prospects for 2003

• A period of re-assessment and re-focusing
• More conventional bank interest in Islamic finance – from HSBC Amanah to UBS Noriba Bank
• Islamic bank responses to growing conventional presence in the Islamic finance industry
• Challenges facing Islamic equity funds
• Switching from western to Muslim markets
• Risk management through Islamic capital protected funds

Professor Rodney Wilson, Centre for Middle Eastern & Islamic Studies, University of Durham, United Kingdom

12.00 The global regulatory environment for Islamic finance

• AAOIFI and the move towards regularisation for Islamic institutions
• Regulatory requirements in accounting and documentation for Islamic banks and investors in:
• The Middle East
• The Far East
• Europe
• The United States

Professor Rifaat Abdel Karim, Secretary General, Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI), Bahrain

12.30 The First Annual Awards Ceremony for Innovation in Islamic Banking, hosted by EUROMONEY Magazine

12.45 Lunch

14.00 Panel discussion – developing new Islamic products and services

• Addressing the restrictions that product limitation places on the Islamic finance industry
• The challenges of developing instruments based on Islamic principles
• Gaining a competitive edge through diversification in product and service options
• Meeting the liquidity mismatch problem
• Documentation for new products
Ramzi Abukhadra, CEO, iHilal Financial Services, UAE
Henry Thompson, Executive Director, First Islamic Investment Bank, Bahrain
Dr Mohd Daud Bakar, Shari’ah Scholar, International Islamic University, Malaysia
Angus Blair, Head of Investments, Al-Rajhi Bank, Saudi Arabia*

14.45 Trends in Islamic banking and finance

• Retail and private banking
• Institutional/corporate banking
• How clients’ requirements are changing
• Different and new asset classes

Iqbal Khan, CEO, HSBC Amanah Finance

15.15 Islamic equity funds – the long term solution

• Growth of Islamic investment funds
• Different asset classes
• Shari’ah guidelines for investing and benchmarking
• Portfolio management
• Smaller investment universe does not necessarily imply lower return

Adam Ismail Ebrahim, CEO, Oasis Asset Mangement (Guernsey), South Africa

15.45 Afternoon Tea

16.15 Creating an Islamic secondary market

• Review of current Islamic secondary markets
• Developing tradeable Shari’ah compliant instruments
• How to create a market with:
• Liquidity
• Rapid, reliable and secure clearing and processing
• A harmonised regulatory regime
• Assessing structures for short-term deposits

Duncan Smith, CEO, ABC International Bank Islamic Asset Management, UK

16.45 Panel discussion – Can there be an Islamic hedge fund?

• What are the mechanics of a traditional hedge fund?
• What challenges do they present?
• What would be the benefits for investors of creating an Islamic hedge fund?
• Approving short-selling and greater levels of leverage
• Legal and regulatory issues: disclosure and accounting standards in relation to Shari’ah

Moderator: Michael McMillen, Partner, King & Spalding, USA
Eric Meyer, Senior Managing Partner, Meyer Capital Partners, USA
Eric R. Roper, Partner, Gersten, Savage, Kaplowitz, Wolf & Marcus, USA
Sheikh Yusuf Talal DeLorenzo, Shari’ah Supervisor, and Director, Yassar Ltd, USA

17.35 Chairman’s closing remarks

17.45 Close of Day One

DAY TWO

08.15 Coffee and Registration

08.45 Chairman’s welcome and opening remarks

Michael McMillen, Partner, King & Spalding, USA

09.00 Keynote address: The Islamic financial sector: a Malaysian perspective

Mohd Razif Abd Kadir, Associate Governor, Bank Negara, Malaysia*

09.30 Open Fatwa and Shari’ah panel discussion

• Each scholar will give a brief address on contemporary issues of importance for Islamic finance
• The scholars will give responses to audience questions concerning Islamic finance and economics
• The scholars will clarify any doubts participants may have regarding contracts and Shari’ah related matters

Moderator: Sheikh Nizam Yaquby, Member of Global Securities House Limited, Shari’ah Supervisory Board, Kuwait

Justice ® Muhammad Taqi Usmani, Vice President, Darul Uloom Karachi, Pakistan
Sheikh Yusuf Talal DeLorenzo, Shari’ah Supervisor, and Partner, Yassar Ltd, USA
Dr Mohamed A. Elgari, Director of the Centre for Research in Islamic Economics, King Abdulaziz University, Saudi Arabia

10.20 Morning Coffee

10.50 Examining elements of Shari’ah contracts in comparison to western legal and regulatory practices

• Regulatory issues for Islamic mutual funds in the EU
• Contract law questions in the EU and US
• Islamic mudariba structures and partnership law

Glenn M. Stewart, General Manager, Algosaibi Trading Co., Bahrain

11.20 Changing Times? Shari’ah compliant investment in the international financial environment

• Assessing opportunities for Islamic investors
• Maximising the appeal of international asset classes
• What barriers/ disincentives are there for Islamic investors seeking cross-border investments?
• Trends in capital flow
• Is there a global market for Islamic financial services?

Stella Cox, Managing Director, Dawnay, Day Global Investment, United Kingdom

11.50The growth of Islamic banking in the Saudi financial markets

• Baseline size of Islamic versus conventional banking
• Consumer products, corporate banking and project finance
• Growth of different Islamic vehicles
• What is driving the growth of the Islamic sector?
• Looking at prospective developments

Brad Bourland, Chief Economist, Saudi American Bank, Saudi Arabia
Naveed Khan, Head of Islamic Banking, Saudi American Bank, Saudi Arabia

12.20 Lunch

13.50 Islamic funds and indexes: prospects and problems

• Islamic funds and indexes: a symbiotic relationship
• More is needed: a peer review
• Constraints on investing Islamically
• Consolidation: too many funds chasing too few assets
• How and why did Islamic funds fail in the UK and US?
• Do scholars need to revisit the Shari’ah criteria?
• Lessons from Socially Responsible Investing (SRI)

Rushdi Siddiqui, Director, Islamic Market Index, Dow Jones, USA

14.20 Conventional banks and Islamic finance

• Analysing the decision to develop an Islamic finance division
• Selecting an implementation team and advisory body
• Competitive advantage of Islamic products within a conventional set-up
• Successfully marketing Islamic products and services
• Creating strategic partnerships for competitive growth and development in the sector

John Voss, Vice President, Merrill Lynch, United Kingdom

14.50 Growth in the market for retail Islamic financial services

• Islamic mortgage alternatives
• Charge and debit cards
• Auto and other consumer transactions
• Crossover opportunities
• Credit issues
• Securitization tools

Abdulkader Thomas, President & CEO, SAMAD American Holding Corp, Principal, AJIF.org, LLC, USA

15.20 Afternoon Tea

15.50 Panel discussion: Islamic Project Finance and Structured Finance in the Middle East

• Evolution of Project Finance / Structured Finance in the Middle East: the last five years
• Recent significant transactions: elements that are / are not Shari’ah compliant
• Collateral structures
• Leveraged leases
• Trade and construction finance
• Justification of non-Shari’ah compliant elements in integrated project structures

Moderator: Craig Hart, Associate, O’Melveny Myers, USA
Nadim Khan, Senior Associate, Banking and Project Finance, Norton Rose, Bahrain
Michael Duncan, Partner, Allen & Overy, United Kingdom

16.35 Islamic sukuk issues

• Principles of an Islamic sukuk
• Looking at Recent sovereign sukuks
• Advantages of issuing an Islamic euro-sukuk
• Various Formats of Sukuks from listing perspective
• Rating sukuk certificates
• Listing Requirements for Sukuk on international exchanges
• Assessing the need for high Investment grade Sukuks as alternate liquidity management instrument
• Developing the secondary market

Saad Zaman, Managing Director, Citi Islamic Investment Bank, Bahrain
Saad Ashraf, Unit Head, Global Islamic Finance, Citigroup, UK

17.05 Case study: Islamic leasing to Emirates airlines

• The natural place of leasing within the principles of Islamic economics
• Differences in documentation between Islamic and conventional leases
• Scope for development in Islamic leasing structures

Riyaz Peermohamed, Corporate Treasurer, Emirates Airlines, UAE
Javed Ahmad, Associate Director, HSBC Amanah Finance, United Kingdom

17.35 Chairman’s closing remarks

17.40 Close of Summit*

*To be finally confirmed

REGISTRATION FORM:
2nd Annual Islamic Finance Summit
21 – 22 JANUARY 2003, THE LANGHAM HILTON, LONDON

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LEADERSHIP IN EDUCATIONAL MANAGEMENT

August 22, 2010 Leave a comment

Makalah
Disusun untuk memenuhi tugas Mata Kuliah
Manajemen Berbasis Pesantren, Madrasah, dan Sekolah
Dosen Pengampu : Prof. Dr. H. Sodiq Aziz Kuntoro, M. Ed.

Disusun Oleh :
AGUS SUTIKNO, S.Pd. (07.223.808)
ZAENAL ARIFIN, S.Pd. I. (07.223.829)

PROGRAM STUDI PENDIDIKAN ISLAM
KONSENTRASI MANAJEMEN DAN KEBIJAKAN PENDIDIKAN ISLAM
PROGRAM PASCA SARJANA (S2)
UNIVERSITAS ISLAM NEGERI SUNAN KALIJAGA
YOGYAKARTA
2008

Leadership in Educational Management
(Kepemimpinan dalam Manajemen Pendidikan)

A. Pendahuluan
Kepemimpinan atau Leadership merupakan proses pengaruh atau mem-pengaruhi antar pribadi atau antar orang dalam situasi tertentu. Menurut George R. Terry, sebagaimana dikutip oleh Sardjuli, Leadership is the relationship in which one person, or the leader, influences others to work together willingly on related tasks to attain that whick the leader desires.
Term kepemimpinan tak lepas dari unsur influencer, yakni yang mem-pengaruhi dan influence, yakni yang dipengaruhi. Sardjuli menyimpulkan, ada beberapa unsur pokok kepemimpinan, yaitu:
1. Adanya interaksi, yaitu hubungan timbale balik saling mempengaruhi antar anggota dalam kelompok.
2. Adanya pemimpin,yaitu orang yang mempunyai kemampuan untuk mempengaruhi orang lain mau berbuat atau bekerjasama untuk mencapai tujuan bersama dan mampu membina serta mengembangkan interaksi antar anggota dalam kelompok.
3. Adanya terpimpin atau pengikut, yaitu menerima pengaruh.
4. adanya sarana atau alat untuk mempengaruhi orang lain dan untuk menjalin serta meningkatkan integritas kelompok, sehingga mereka secara sadar dan ikhlas mau bekerjasama untuk mencapai tujuan bersama.
5. Adanya tujuan yang akan dicapai bersama.

Dalam makalah ini, lebih khusus akan membahasan kepemimpinan (leadership) dalam manajemen pendidikan. Pelbagai pertanyaan, seperti: bagaimana konsep kepemimpinan, kepemimpinan dan manajemen, seni kepemimpinan, dan kepemimpinan dalam manajemen berbasis sekolah (MBS), akan dibahas dalam makalah ini dengan merujuk sumber utama, yakni: buku Leadership and Strategic Management in Education, karya Tony Bush dan Marianne Coleman dan buku-buku lain yang mendukungnya.
B. Konsep Kepemimpinan dalam Kultur
Konsep kepemimpinan sangat kompleks dan mengalami perkembangan. Tulisan-tulisan tentang kepemimpinan kebanyakan disadur dari kultur Barat, khususnya dari Amerika Utara. Namun, kepemimpinan dipahami secara berbeda dalam kultur yang berbeda. Oleh karena itu, diperlukan banyak upaya untuk mempelajari dan memahami kepemimpinan dari sudut pandang kultural.
Hofstrede (1980; 1991) telah melakukan penelitian tentang pentingnya variabel-variabel berikut dalam suatu kultur :
1. Individualism, otonomi individu versus tanggungjawab terhadap kelompok
2. Masculinity, bagaimana peranan laki-laki dan perempuan dalam masya-rakat dibedakan.
3. Powerdistance, bagaimana terjadi ketidaksamaan
4. Uncertainly avoidance, tingkat perhatian terhadap hukum dan aturan.
Uraian tentang variable tersebut di atas, menunjukkan bagaimana ia menjadi relevan dengan cara-cara kepemimpinan dalam masyarakat yang berbeda-beda. Misalnya, dari 53 negara, Amerika Serikat, Australia, dan Inggris Raya menduduki peringkat pertama, negara kedua dan ketiga memiliki ciri masyarakat individualistis.
Berbeda lagi dengan Hongkong, Singapura, Malaysia, dan Thailand yang memiliki cirri masyarakat kolektif. Mereka cenderung mengutamakan kepentingan kelompok daripada kepentingan individu.
Dari wacana di atas, pola hubungan power distance antara negara Barat dan Timur memiliki perbedaan yang tajam. Perbedaan tersebut terletak pada ketidaksamaan dalam kekuasaan (power), peran individu, peran gender, toleransi terhadap tingkat perhatian pada hukum dan aturan. Perbedaan tersebut sangat penting diketahui untuk memahami bagaimana perbedaan peran pemimpin dalam kultur yang berbeda.

C. Kepemimpinan dan Manajemen
Kepemimpinan dan manajemen bukanlah merupakan terma yang sinonim. Seseorang bisa menjadi pemimpin tanpa harus menjadi manajer. Misalnya seseorang bisa melaksanakan fungsi-fungsi simbolik, inspirasional, educational, normative kepemimpinan dalam merepresentasikan kepentingan organisasi tanpa harus melaksanakan fungsi manajemen. Sebaliknya, seseorang bisa menjadi manajer tanpa harus menjadi pemimpin.
Dengan demikian, kepemimpinan diidentikkan dengan visi dan nilai-nilai, sedangkan manajemen diidentikkan dengan proses dan struktur.
1. Seni Kepemimpinan
Seni bisa berarti ketrampilan intuitif, “tahu melaksanakan”, namun juga mengindikasikan “refleksi aksi”. Refleksi tentang aksi manajer/pemimpin dilakukan dalam
konteks kultur sebuah organisasi yang berperan seperti wadah pengalaman masa lampau, organisasi menjadi gudang pengetahuan kumulatif yang dikembangkan. Dengan demikian, organisasi dan kulturnya mungkin bisa membuat perubahan menjadi kondusif atau sebaliknya.
2. Manajemen Taktis dan Strategis
Perbedaan antara manajemen dan kepemimpinan dapat dikaitkan dengan pembedaan antara kepemimpinan taktis dan strategis sebagaimana disampaikan Sergiovanni.
Menurut Sergiovanni (1984) kepemimpinan taktis mencakup analisis terhadap kegiatan administratif dengan skala kecil, namun memberikan perhatian pada tujuan secara lebih besar. Berbeda dengan kepemimpinan strategis, merupakan seni dan ilmu yang memfokuskan perhatiannya pada kebijakan-kebijakan dan tujuan-tujuan dengan rencana-rencana jangka panjang.
3. Ketentuan Kepemimpinan
Menurut Bennis (1984) seorang pemimpin secara umum concern terhadap upaya untuk melakukan sesuatu yang benar dan tidak concern terhadap upaya untuk melakukan sesuatu dengan benar.
4. Kekuatan Kepemimpinan
Menurut Sergiovanni (1984) ada lima kekuatan kepemimpinan secara hirarkis, yakni :
a. Teknis, yaitu teknik-teknik manajemen. Pemimpin menjadi penggerak manajemen.
b. Manusia, yaitu sumber daya sosial dan interpersonal. Pemimpin sebagai penggerak manusia.
c. Pendidikan, yaitu kepakaran di bidang pendidikan. Pemimpin bertindak sebagai praktisi klinis.
d. Simbolik, yaitu memfokuskan perhatian pada hal yang penting. Pemimpin sebagai ketua.
e. Kultural, yaitu membangun sebuah kultur sekolah yang unik. Pemimpin sebagai tokoh spiritual.
Dengan demikian, para pemimpin sekolah mempunyai tanggung jawab yang memiliki implikasi yang besar terhadap perbaikan dan peningkatan yang dialami sekolah tersebut. Secara khusus, pemimpin diasosiasikan dengan pengembangan dan pengomunikasian sebuah visi sekolah. Oleh karena itu, pemimpin diharapkan mampu mendorong dan meningkatkan keterlibatan dan pemahaman staf.

D. Teori dan Praktek
Perbedaan antara kepemimpinan dan manajemen dapat menyembunyikan fakta bahwa banyak pemimpin yang menghabiskan waktunya untuk mengerjakan sesuatu yang sebenarnya lebih tepat dikatakan sebagai pekerjaan administratif. Secara praksis pekerjaan administratif merupakan pekerjaan menajer. Di sinilah, menurut teori dan praktek, sering terjadi disposition antara pekerjaan seorang pemimpin dengan manajer.
Ada dua cara penting untuk menganalisa pola-pola kepemimpinan. Pertama, adalah pembedaan antara otokrasi dan demonstrasi, cara ini diasosiasikan dengan penelitian Tennenbaum dan Schimdt (1973); cara kedua, adalah didasarkan pada dominasi relatif yang ada dalam diri seorang pemimpin, yaitu tentang ’perhatiannya terhadap orang dan hubungan-hubungan’ atau ’perhatiannya terhadap produksi atau hasil’; teori ini diasosiasikan dengan penelitian Blake dan Mouton (1964).
Konsep-konsep ini sangat membantu dalam menguji kepemimpinan dalam teori organisasi, yang menekankan pada teori-teori situsional dan kontingensi. Teori-teori tersebut mengakui pentingnya interaksi pemimpin dan lingkungannya: ’mereka mengakui bahwa pola dan sikap kepemimpinan yang tepat dan sukses akan berbeda-beda sesuai dengan situasi dan kondisi yang ada.
Hal ini menegasi bahwa pola kepemimpinan dalam suatu kelompok di-sesuaikan dengan situasi dan kondisinya. Misalnya, kepemimpinan di Sekolah, berbeda dengan kepemimpinan di madrasah ataupun pesantren. Walaupun kepemimpinan sangat dipengaruhi oleh situasi dan kondisi, ada dimensi lain dalam kepemimpinan yang baik, khususnya dalam lingkungan pendidikan, misalnya: pentingnya visi, manfaat kepemimpinan transformasional, menempatkan pendidikan anak didik dan murid pada posisi utama dalam perencanaan dan manajemen, dan dimensi moral dan etis kepemimpinan dalam pendidikan. Lebih dari itu, kepemimpinan dalam pendidikan mengalami banyak tantangan bersamaan dengan maraknya otonomi sekolah.
Sifat dan watak kepemimpinan dalam manajemen pendidikan ditinjau dengan konsep visi, dapat digeneralisasikan sebagai berikut;
1. Penekanan harus diberikan pada kepemimpinan transformasional daripada transaksional
2. Pemimpin yang terkemuka memiliki sebuah visi bagi organisasinya.
3. Visi harus dikomunikasikan dengan suatu cara yang dapat menjaga komitmen para anggotanya organisasi.
4. Komunikasi visi memerlukan komunikasi makna.
5. Isu-isu nilai – ’apa yang seharusnya’ – adalah utama bagi kepemimpinan.
6. Pemimpin memiliki peranan penting dalam mengembangkan kultur organisasi.
7. Studi tentang sekolah-sekolah terkemuka memberikan dorongan untuk melaksanakan school based management dan collaborative decision-making.
8. Terdapat banyak kekuatan kepemimpinan – teknis, manusia, pendidikan, simbolik, dan semuanya itu harus dihilangkan dalam sekolah.
9. Perhatian harus diberikan kepada institusionalasasi visi jika kepemimpinan jenis transformatif ingin sukses.
10. Kualitas stereotip ’laki-laki’ dan ’perempuan’ sangat penting dalam kepemimpinan, tanpa menghiraukan jenis kelamin.

E. Kepemimpinan dalam School Based Management (SBM)/Manajemen Berbasis Sekolah (MBS)
1. School Based Management (SBM)
Menurut Prof Djohar, SBM mempunyai dua makna besar terhadap pendidikan, ialah (1) peningkatan demokrasi pendidikan yang berarti peningkatan kemerdekaan pendidikan dan (2) peningkatan manajemen sekolah yang berarti peningkatan wewenang untuk mengatur sendiri suatu sekolah oleh komunitasnya. Akan tetapi, meskipun telah dicanangkan SBM, dalam praktiknya pendidikan masih tetap sentralistik. Kurikulum tetap sentralistik. Pengukuran hasil pengajaran tetap sentralistik. Kewenangan sekolah untuk mandiri belum terakomodasi. Kita belum mengakui keberagaman bangsa kita.
Menurut beliau, penghambat sosial budaya pelaksanaan SBM di Indonesia adalah (1) budaya paternalistik (2) budaya birokrasi, (3) kondisi sosial budaya kita, dan (4) budaya menyikapi perbedaan pendapat yang selalu menjadi konflik. Agar SBM di Indonesia dapat berjalan maka kita harus, (1) mewujudkan kehidupan demokrasi di segala bidang, (2) membebaskan diri kita dari egoisme sektoral, (3) membebaskan diri kita dari kelemahan birokrasi kita, (4) mewujudkan transaksi sosial kita secara horizontal dan meninggalkan transaksi vertical, (5) meninggalkan budaya ‘juklak dan juknis’ dan digantikan dengan kemandirian dan kreativitas, (6) membangun budaya kemandirian dalam kebersamaan (7) memperbesar pengakuan atas hak-hak orang lain dengan meninggalkan pertimbangan kepentingan pribadi, (8) memperbesar pengakuan kita terhadap keragaman bangsa, agar kita dapat melakukan pelayanan masyarakat sesuai dengan azas perbedaan itu.
2. Kepemimpinan Kepala Sekolah dalam Manajemen Berbasis Sekolah
Kinerja kepemimpinan kepala sekolah dalam kaitannya dengan Manajemen Berbasis Sekolah (MBS) adalah segala upaya yang dilakukan dan hasil yang dapat dicapai oleh kepala sekolah dalam mengimplementasikan MBS di sekolahannya untuk mewujudkan tujuan pendidikan secara efektif dan efisien. Sehubungan dengan itu, kepemimpinan kepala sekolah yang efektif dalam MBS dapat dilihat berdasarkan kriteria berikut:
1. Mampu memberdayakan guru-guru untuk melaksanakan proses pem-belajaran dengan baik, lancer, dan produktif.
2. Dapat menyelesaikan tugas dan pekerjaan sesuai dengan waktu yang telah ditetapkan
3. Mampu menjalin hubungan yang harmonis dengan masyarakat sehingga dapat melibatkan mereka secara aktif dalam rangka mewujudkan tujuan sekolah dan pendidikan
4. Berhasil menerapkan prinsip kepemimpinan yang sesuai dengan tingkat kedewasaan guru dan pegawai lain di sekolah.
5. Bekerja dengan tim manajemen; serta
6. berhasil mewujudkan tujuan sekolah secara produktif sesuai dengan ketentuan yang telah ditetapkan.
E. Mulyasa mengutip pendapat Pidarta, ada tiga macam keterampilan yang harus dimiliki oleh kepala sekolah untuk menyukseskan kepemimpinannya. Ketiga keterampilan tersebut adalah keterampilan konseptual, yaitu keterampilan untuk memahami dan mengoperasikan organisasi; keterampilan manusiawi, yaitu keterampilan untuk bekerja sama, memotivasi dan memimpin; serta keterampilan teknik ialah keterampilan dalam menggunakan pengetahuan, metode, teknik, serta perlengkapan untuk menyelesaikan tugas tertentu.
Lebih lanjut dikemukakan bahwa untuk memiliki kemampuan terutama keterampilan konsep, para kepala sekolah diharapkan melakukan kegiatan-kegiatan berikut: (1) senantiasa belajar dari pekerjaan sehari-hari terutama dari cara kerja para guru dan pegawai sekolah lainnya; (2) melakukan observasi kegiatan manajemen secara terencana; (3) membaca berbagai hal yang berkaitan dengan kegiatan-kegiatan yang sedang dilaksanakan; (4) me-manfaatkan hasil-hasil penelitian orang lain; (5) berpikir untuk masa yang akan dating, dan (6) merumuskan ide-ide yang dapat diujicobakan. Selain itu, kepala sekolah harus dapat menerapkan gaya kepemimpinan yang efektif sesuai dengan situasi dan kebutuhan serta motivasi para guru-guru dan pekerja lain.

F. Kesimpulan dan Analisis
Kepemimpinan dalam manajemen pendidikan tak lepas dari perbedaan kultur atau budaya. Kepemimpinan dalam teori organisasi mengakui pentingnya interaksi pemimpin dan lingkungannya. Kepemimpinan yang tepat dan sukses akan berbeda-beda sesuai dengan situasi dan kondisi yang ada. Sehingga, pola kepemimpinan dalam suatu kelompok disesuaikan dengan situasi dan kondisinya. Misalnya, kepemimpinan di Sekolah, berbeda dengan kepemimpinan di madrasah ataupun pesantren.
Dalam teori dan praktik, antara kepemimpinan dan manajemen, sering terjadi disposition job, artinya, kadang seorang pemimpin mengerjakan sesuatu yang sebenarnya pekerjaan itu lebih tepat dikatakan sebagai pekerjaan manajerial, ataupun sebaliknya. Tetapi, biasanya kepemimpinan diidentikkan dengan visi dan nilai-nilai, sedangkan manajemen diidentikkan dengan proses dan struktur. Hal ini berbeda dalam kepemimpinan sekolah, seorang kepala sekolah dapat mempunyai dwi fungsi, yakni sebagai seorang pemimpin dan manajer sekaligus.
Kebijakan Otonomi Daerah (Undang-undang No. 22 tahun 1999), membawa konsekuensi pada otonomi sekolah. Adanya otonomi sekolah memberikan ruang manajerial yang lebih luas kepada kepala sekolah. Apalagi didukung dengan kebijakan Manajemen Berbasis Sekolah (MBS). Dalam sistem MBS, sekolah dituntut untuk mandiri menggali, mengalokasikan, menentukan prioritas, mengendalikan, dan mempertanggungjawabkan pemberdayaan sumber-sumber, baik kepada masyarakat maupun pemerintah.
Akan tetapi, praktiknya, pemerintah masih setengah hati menyerahkan pengelolaan sekolah sepenuhnya kepada sekolah. Kebijakan pendidikan belum ditentukan di sekolah, tetapi masih dikendalikan oleh kekuatan di luar sekolah. Misalnya, adanya kurikulum ala pemerintah dan UAN. Untuk mengendalikan akuntabilitasi penyelenggaraan pendidikan dibentuk lembaga pendampingan, di tingkat kabupaten berupa ”Dewan Pendidikan” dan di tingkat sekolah dibentuk ”Komite Sekolah”. Tetapi peranannya belum optimal. Kerja mereka masih sangat ditentukan oleh kehendak birokrasi.

Daftar Pustaka

Djohar, Pengembangan Pendidikan Nasional Menyongsong Masa Depan, (Yogyakarta: CV. Grafika Indah, 2006)
E. Mulyasa, Manajemen Berbasis Sekolah, (Bandung: PT Remaja Rosdakarya, 2005)
Sardjuli, Administrasi dan Supervisi Pendidikan, (Solo: Era Intermedia, 2001)
Tony Bush dan Marianne Coleman, Leadership dan Strategic Management in Education, (London: Paul Chapman Publishing Ltd, 2000) atau edisi terjemahan oleh. Fahrurrozi dalam Manajemen Strategis Kepemimpinan Pendidikan, ( Yohyakarta: IRCiSod, 2006)

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