Buku Standar Produk Murabahah.pdf
Financial Services Authority, Jakarta, June 29, 2016: This Book on standards of Murabahah is part of the serial efforts to standardize Sharia banking products, which the Financial Services Authority (OJK) has carried out in collaboration with industry players, the National Sharia Board and other resource persons. Murabahah is a financing product that uses Murabahah contract; it is one of the products most often used in Sharia banking's financing activities.
Murabahah in general is applied through trade mechanisms. The goods are payable by installments and sold at marked-up prices to give profit margins to the banks. Today, Murabahah contracts contribute 58 percent to the total financing channeled by Indonesia's Sharia banking industry.
However in practice, Sharia banks still have different perceptions and implementation of Murabahah financing. Thus, it is necessary to design minimum standards of the product's technical and operational features, as reference for the product's use in order to comply with Sharia requirements and legislation and prudential principles.
In relation to such need and in order to improve Sharia banking services and product qualities and provide comfort and security for their consumers, OJK's Sharia Banking Department implemented its 2015 working program of developing a review on standards of Murabahah products. The review was in line with OJK policy directions stated in Indonesian Sharia Banking Roadmap for 2015 to 2019, one of which is "to improve service quality and product variety."
In addition to facilitating authorities in licensing and supervision process, these standards of Murabahah products are expected to provide guidelines or reference that can help the industry in product development and implementation. This book on product standards complements the one on product codification, which was delivered last year to the Sharia banking industry through OJK Circular Letter No. 36/SEOJK.03/2015 on Products and Activities of Sharia Commercial Banks and Sharia Business Units (UUS) as further provisions of OJK Regulation No.24/POJK.03/2015 on Products and Activities of Sharia Banks and UUS, which explains more about the products' technical and operational features, in a more detailed and comprehensive manner.
Publication of this Product Standards Book was expected to provide legal certainty and product transparency that would support consumer protection by satisfying Sharia principles, prudential principles, good governance and market conduct compliance, in order to increase the Sharia banking industry's competitiveness and growth.
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