IndirectFinancial

Market

DirectFinancial

Market

Islamic Bond/ Sukuk

Market

IslamicEquityMarket

FinanceCompanies Micro

Financing

CommercialBanks

UnitTrusts

Takaful

IslamicFinancial

MarketDeficitSector

SurplusSector

IslamicCapitalMarket

IslamicMoneyMarket

Islamic Market Infrastructure

The Indonesian Islamic Financial and Fiscal Landscape

Capital Market Insurance Pension Funds Finance Companies

Micro Finance Pawn Shop Fiscal and Real Sector

Social

SocialSector

Banking

UU No. 21 Th 2008Perbankan Syariah

UU No. 19 Th 2008SBSN

UU No. 20 Th 2008UMKM

UU No. 38 Th 1999Pengelolaan Zakat

UU PerpajakanDalam Proses Amandemen

Islamic Financial Islamic Financial Market Development Market Development of Indonesiaof Indonesia

Islamic banking

Takaful

Financial Markets

Sukuk

1992 1999 2001 2003 2006 2008

1980 1994 2000 2002 2004 2007

▪ 1st Takaful Company Asuransi Takaful Keluarga

▪ 1st Islamic Bank Bank Muamalat Ind

▪ 1st Takaful Branch Assi Great Eastern

▪ 1st Islamic Branch Bank IFI Syh▪ 2nd Islamic Bank Bank Syh Mandiri

▪ Islamic Banking Act

▪ Office Channeling

Baitut Tamwil Salman Bdg, Koperasi Ridho Gusti Jkt.

▪ 1st Islamic Re-ins ReINDO

▪ Islamic Money Market (IMA Certificate)▪ Jakarta Islamic Index

▪ Islamic Capital Market▪ ICM Master Plan (2005)

▪ 1st Corporate Sukuk Indosat (Mudharabah)

▪ Sukuk Guidelines (2006)

▪ Sukuk Act & Govt Sk

Islamic Banks

Islamic Banks

Major Activities Funding Financing Service

Types

Islamic Commercial Banks Islamic Business Unit Islamic Rural Banks

Functions

Provide place to store money (safe keeping function)

Provide mode of payment for goods and services (transaction function)

Act as an agent of national development

Surplus unit Deficit unit

Funding Financing

Profit sharing/marginProfit sharing/bonus

Sharing based concept, thus there is no negative spread

Islamic Bank as a Financial Intermediaries

Negative Spread

Saver Bank Lender

Dana Simpanan Dana Pinjaman

Bunga Simpanan Bunga Pinjaman>

Deposit

Equity Financing

/PLS

•Mudharabah

•Musyarakah

Nasabah Deposan

- Giro wadiah - Tabungan

mudharabah

Islamic Banks

Owner

•Murabahah

•Salam•Isthisna•Ijarah Qardhul

Hasan

PS/Bonus

PS

Equity

Debt Financin

gPSprofit

margin

Zakat

Qardh

Fee

Islamic Banks Operational System

12

• BI: Perizinan, Pengaturan dan Pengawasan • DSN : Fatwa Kegiatan Usaha dan DPS

• IAI : PSAK, PAPSI, Pedoman Audit• Badan Arbitrase

• Lain-lain

Regulator, Monitor and other Bodies

• Conventional Bank• Other Financial

Institutions

Competitor/Subtitor

• Integrity• Competencies

• Loyalitas

Customer/Society

Manager and Owner

• Integrity and Competencies• Shariah Compliance

• Prudential Regulation Compaliance

Good Islamic Banks

• Macro Economic Condition : real sector, fiscal sector, monetary sector, and

international

Infrastrukture

Determinants of Islamic Bank Developments

Funding Activities

Owners’Equity Paid in capital

Second Parties Fund Third Parties Fund

Mudharabah Saving Account Deposito Mudharabah Giro Wadiah

Financing Activities Equity Financing

Musyarakah ‘Inan = kerja sama modal beda Mufawadhah = kerja sama modal sama A’mal = kerja sama keahlian Wujuh = Kerja sama nama baik/reputasi

Mudaharah Mudharabah Mutlaqah = unrestricted Mudharabah Muqayyadah = restricted

Debt Financing Salam Istishna Murabahah Ijarah