Implementasi Akad Tawarruq dalam Perbankan Syari’ah Indonesia

Abstract

Shari’ah banking of Indonesia reached its turning point during the monetary crisis of 1997-2001, when the customers’ trusts in commercial banking faded away. As a result, the innovations of syari’ah banking products becomes a must, in order to increase the customers’ trusts in syari’ah banking. One of those products is tawarruq, a contract which is still a topic of debate amongst ulamas and syari’ah law experts. Tawarruq is a buy-sell transaction in which two types of payments are involved: credit and cash, resulting in liquidity (cash) acquirement. Many of The Middle-East countries have adopted tawarruq contracts as their shari’ah banking products,  whereas Indonesia, in accordance to Majelis Ulama Indonesia dan Dewan Syari’ah Nasional fatwas, still considers that tawarruq should not be adopted as one of shari’ah banking products. However, a kind of tawarruq implementation is already allowed by a fatwa of Dewan Syari’ah Nasional to be done in shari’ah commodity trades services on Indonesian commodity market, thus the dualism between the prohibition and the ones applied in The Middle East countries, which accompanied by restrictive regulations to keep the contracts in the corridor of shari’ah compliances, especially in the aspect of asset submission transparency and avoidance of ‘ain al-hukmi (acquisition of assets only on documents and not in reality), which is prohibited in Islamic shari’ah.