ANALYSIS OF GOOD CORPORATE GOVERNANCE (GCG) PRINCIPLES IN PERSPECTIVE OF ISLAM IN SHARIAH BANKING
Hadiah Fitriyah and Syarifatun Ni’mah
Faculty of Economy - Muhammadiyah University of Sidoarjo Jalan Raya Gelam No.250 Candi Sidoarjo
Abstract
This study aimed to investigate the principles of Good Corporate Governance (GCG) in perspective of Islam in sharia banking. This study was a qualitative study, and the method of analysis used in this study was theory triangulation that crosschecked the result of interview, observation, and documentation with the existing theory. The result of study obtained based on data analysis indicated that the principles of GCG in Shariah Bank “X” had been implemented well in accordance with the existing regulations and containing four characteristics owned by Rasulullah, i.e.: shiddiq, tabligh, amanah, and fathanah. However, the result of analysis indicated that the principles of GCG in Shariah Bank “X” had not been optimally implemented in accordance with the perspective of Islam, because, from the result of the study, there was no statement or data supporting that Shariah Bank “X” prioritized its responsibility to Allah. The result of this analysis was strengthened by a statement from Shariah Expert stating that the principles of GCG in Shariah Bank “X” were not optimal in accordance with perspective of Islam.
Keywords: Good Corporate Governance, perspective of Islam, shariah banking
1. Introduction
One of business activities whose existence has an important role in current economic world is financial institutional business of banking. Bank is a business entity collecting fund from people in form of savings then distributing them to people in form of credit or other forms to improve the level of people’s life (Anshari 2009, h.4). Therefore, banking becomes one of important sectors with significant effect towards economic activities of people. It can be seen from the large number of people’s interest to choose to save their fund in bank.
expressly in Al-Qur’an letter Al-Baqarah (2:227-278) that generally explains that usury is forbidden. Therefore, the existence of sharia financial institution or know as sharia banking becomes an alternative solution for the conflict against usury (Muhammad 2005, h.14).
Due to the rapid development of shariah banking, management function only will not be enough to ensure that the process of management runs efficiently and well. It requires new instrument, i.e. Good Corporate Governance (GCG), to ensure that management runs well (Kaihatu 2006, h.1).
The law of shariah banking has specified Good Corporate Governance (GCG) as an obligation for all sharia banks and sharia business units. The obligation of GCG implementation is regulated in the Law No. 21 Year 2008 regarding Sharia Banking and Regulation of Bank Indonesia Number 11/33/PBI/2009.
Tapanjeh (2009) tries to explore the principles of shariah Good Corporate Governance from the period of Rasulullah SAW and Khulafa ar-rasyiddun, because Islam was born far earlier than GCG that becomes a reference for good corporate governance in the world. Some principles considered important in implementing sharia Good Corporate Governance and the implementation in sharia banking are as the following: shiddiq (honesty), amanah (trust fulfillment), tabligh (transparency and openness), fathonah (intelligence), tawazun (balance), mas’uliyah (accountability), hurriyah (responsible independence and freedom), and some other principles.
From some principles above, referring to Regulation of Bank Indonesia No. 11/33/PBI/2009 article 10 generally explaining the principles of Good Corporate Governance, the principles implemented in shariah banking reviewed from perspective of Islam are tabligh (transparency and openness), mas’uliyah (accountability), ihsan (professionalism), hurriyah (responsible independence and freedom), and wasathan (fairness).
High level of people’s interest in utilizing sharia financial service supports rapid development of shariah banking. So that, many conventional banks implementing Strategic Business Unit (SBU), from banks with initial activities as conventional banks, become banks operating based on sharia principles. One of them is Shariah Bank “X”. Shariah Bank “X” is one of sharia banks implementing GCG in their operational activities. Although Sharia Bank “X” is based on Islam, are the principles of Good Corporate Governance implemented in accordance with perspective of Islam?
2. Literature
2.1. Good Corporate Governance (GCG)
Good Corporate Governance (GCG) definitively is a system regulating and controlling a company that creates added-value and maintains the trust from all stakeholders. The mechanism of governance according to Syakhroza (2003, h.19) can be defined as a rule, procedure, and clear relationship between the party taking decision and the party performing monitoring towards the decision. The Organization for Economic and Development (OECD) states that corporate governance is a system used to direct and control a company. Corporate governance regulates the distribution of tasks, rights, and obligations of those who are concerned in a company’s life, including shareholders, board of directors, managers, and other stakeholders (non-shareholders).
From some definition regarding Good Corporate Governance, according to Maksum (2005, h.5), it can be concluded that corporate governance is a system developed to direct and control a company so as to create good, fair, and transparent relationship management among related and concerned parties (stakeholders) in a company. The related parties consist of internal parties in charge of company management and external parties including shareholders, creditors, and others.
2.2. Advantages Of Good Corporate Governance (GCG)
By implementing corporate governance in a company, there are some advantages that can be obtained, i.e.:
a. Reducing agency cost, i.e.: a cost to be borne by shareholders due to delegation of power to management party. The cost can be in form of loss suffered by the company as a result of power abuse (wrong-doing), or in form of supervision cost incurred to avoid the occurrence of that.
b. Reducing capital cost, i.e.: as a consequence of good company management that causes the interest rate of fund or resource borrowed by the company become smaller along with the decrease of company risk level.
c. Increasing the company share value and improving the company image to public in long term.
d. Creating support from stakeholders in the company to the existence and some strategies and policies taken by the company, because generally they obtain warranty that they will also obtain optimal advantages from all company actions and operations in creating welfare and prosperity.
(www.fcgi.or.id)
2.3. Principles Of Good Corporate Governance (GCG) In Perspective Of Islam In Shariah Banking
The principles of Good Corporate Governance referring to Regulation of Bank Indonesia No. 11/33/PBI/2009 article 1 implemented in sharia banking according to perspective of Islam are:
a. Tabligh (transparency)
(2:282) “...and take witnesses when you conclude a contract...”, and based on hadith stating “...whoever implementing ghisy (hiding information required in transaction) are not a part of our people” (HR Muslim). Therefore, in transacting, all matters shall be conducted transparently.
b. Mas’uliyah (accountability)
Islam has a separate point of view related to accountability (mas’uliyah), because in Islam, the things deposited are mandate. The concept of Islam comes to provide improvement for a thinking framework of mas’uliyah that can be stimulant for individuals and organizations to increase awareness toward religion, belief, and responsibility to God, humans, and nature (Kholmi 2012, h.1-4). It conforms to the words of Allah in Al Qur’an letter Al Muddatsir verse 38 stating:
“Every soul, for what it has earned, will be retained.”
So, every human will be held accountable, what has been done and what has not been done as khalifatullah fil Ardh. Mas’uliyah is not only limited to honest and fair financial reporting, but also emphasizes the essence of human life constituting a form of responsibility to Allah as the essence owning the whole universe.
Mandate is a humanist transcendent principle. Humanist is defined as a relationship between humans and transcendent is defined as a relationship between human and God. This principle mostly animates each transaction in sharia financial institution especially sharia banking (Triyuwono 2006, h.189).
c. Ihsan (professionalism)
Ihsan (professionalism) according to Muchtar (2013) is defined as the life activities considering the quality of process and result. Islam highly supports the people not only to show the quantity of their work, but, more than that, also to maintain the quality of each profession they pursue. It is even stated in Al Qur’an that the essence of people’s life until death is no other than the assessment of deeds and charities with the highest quality. Allah Ta’ala says, “[He] who created death and life to test you [as to] which of you is best in deed,” (QS al-Mulk: 2).
In his hadith, Rasulullah SAW also says, “Indeed Allah likes a Moslem who works and he is professional in his work” (Muttafaq’alaih).
Allah has specified that all matters shall have foundation of good deeds:
َﻋ َنﺎَﺴْﺣ ِ ﻹا َ ﺐَﺘَﻛ َ ﱠ ا ﱠن
ٍء ْ ﻰَﺷ ِ ّﻞُﻛ ﻰَ ﻠ
“Indeed Allah has specified good deeds on all matters” (HR Muslim).
d. Hurriyah (responsible independence and freedom)
QS Fushshilat (41:30).
Islam gives freedom for each individual to have, produce, and consume. Each individual is free to transact as long as not contradicting public interest. Similarly, each individual is free to transfer his/her property to a person as he/she wishes by bequest or present in accordance with the law of Islam (Mardani 2011, h.13).
Freedom means that human, as individual and collectivity, has full freedom to perform business activities. In economy, human is free to implement the principles of Islam. Because the economic issues are included in transactional aspect, not worship, then general principles apply to them, “all things are allowed, except the prohibited ones”. The prohibited ones in Islam are unfairness and usury. In this level, human freedom is not absolute, but it constitutes responsible and equitable freedom (Nawatmi 2010, h.54).
e. Wasathan (fairness)
Fairness is one of fair manifestation in the business world. Every business decision, either in individuals or institutions scale, let it be done according fairness and equality in accordance with what is usually applicable. In the study of fiqh muamalah, this is known as akad terms whose meaning agreements, contracts or engagements. An akad in Islam must not conflict with the provisions of sharia. Conformity with Islamic principles is absolutes that should underlying akad. For example, the akad in Islam should not contain elements of magrib (maisyir, gharar, riba and batil). Islam recommends to the parties concerned to undertake an engagement not only bil lisan (orally), but also with bil kitabah (in writing) (Pradja 2012, h.80.84).
The principle of fairness in Islam is similar to the concept of justice. No less than a hundred different expressions in the Qur'an contains the meaning of justice, either directly as an expression of 'adl, qisth, mizan, or variations of expression indirectly. Even the Qur'an put justice as closest to piety because of the importance of justice in the structure of the Islamic faith.
From the explanation above, it can be seen that the principles of GCG in Islamic perspective contains four characteristics owned by Rasulullah, namely shiddiq, tabligh, amanah, fathanah. Where all of the four are the principal characteristics that reflect Rasulullah SAW personalities.
2.4. Fatwa MUI Associated With Shariah Banking
With the regulations associated with the Sharia banking, it is expected that the development of Shariah banking could be better. This is also reinforced by the decision of the Commission C Ijtima’ Ulama Fatwa MUI Commission of Indonesia III on Masail Qanuniyyah (Legal Issues and Regulations) which follow up Law No.21 of 2008 concerning Shariah Banking.
legitimacy of the economic system especially Sharia banking as an alternative economic system legal-formal getting stronger. The existence of the law must be followed up with concrete action. Ijtima 'Ulama Fatwa Commission III proposes the following:
1. Encourage the government to accelerate stipulation of implementing regulation of Shariah banking Act, either in the form of Bank Indonesia Regulation (PBI) or other regulations.
2. The need for the government to accelerate the Shariah banking Act with various laws and / or other relevant regulations, such as the regulation of tax issues for a number of products LKS/LBS.
3. Compliance with the provisions of sharia is an absolute thing that must be done by each LKS/LBS. Therefore, the existence, role and function of the Sharia Supervisory Board (DPS) are very important. DPS oversight role and function to this day it is still very weak and ineffective. Things like this can injure the credibility and image of LKS/LBS. For that things, the government and the MUI also need to create a system or supervision arrangement and all DPS's more effective and functional.
4. Ask the government to be more pro-sharia economic development through the provision of various infrastructure and supporting regulations (Amin and Ichwan Sam et al 2011, h.921).
3. Research Methodology
This research is a qualitative study conducted using interpretative approach. This type of research and this approach is particularly appropriate for this study to interpret the results of in depth interviews with key informants (Herman 2013, h.3). The location of this research is the Sharia Bank "X" which has been applying the principles of Good Corporate Governance (GCG). The type of data used in this study is qualitative data. The data used in this research is the primary data source that directly provides the data to the data collector (Sugiyono 2007, h.193). Technical analysis used in this research is data reduction, a data display and data conclusion drawing or verification (Miles and Huberman 1984, h.15-21). Data collection techniques performed by researchers in collecting data is as follows:
a. Interview
b. Observation
Observations conducted with the research sites and meet directly with key informants for research purposes. This observation is done by observing the employees activity in running the bank's operations. In this study, the authors used observations frankly, that is where researchers in data collection expressed frankly to the key informant that researchers are conducting research. So the key informant knew from the beginning to the end of the activities of researchers.
c. Documentation
Documentation required in this study obtained from the search for references on the research object that is important documentations which is closely connected with the object of research.
4. Data Analysis And Results
Based on the data analysis conducted by researchers of the GCG at Sharia Bank "X" when viewed from the perspective of Islam, it is showed that the GCG principles have been executed properly and in accordance with applicable regulations. The products produced by the Shariah Bank "X" is in conformity with the provisions of Islam. Both of the principle of akad is used and the benefits is received by the users of the product does not conflict with Islamic law. This is consistent with the theory of Pradja (2012, h.80.84), which explains that an akad in Islam must not conflict with the provisions of shariah. Conformity with Islamic principles is absolutes that should underlying akad.
Moreover, in the Shariah Bank "X" also contained complemence disk or compliance audit. Shariah Bank "X" also has DPS (Shariah Supervisory Board) to oversee the operations of Shariah Banks. This is in accordance with the decision of the Commission C Ijtima’ Ulama Fatwa MUI Commission of Indonesia III on Masail Qanuniyyah (Legal Issues and Regulations) which follow up Law No.21 of 2008 concerning Shariah Banking, the third point that "Compliance with the provisions of the sharia is the absolute thing that must be done by each LKS/LBS. Therefore, the existence, role and function of the Shariah Supervisory Board (DPS) are very important”.
(fairness).
a. Tabligh
Based on the analysis of tabligh principle at Shariah Bank "X", it can be known that Shariah, Bank "X" is already open in conveying the necessary information both to stakeholders and the general public. It is described on examples of activities at the time of offering products and recruitment. In recruiting employees, the bank is not only to announce the information to the general public through the website, but also in newspapers. Banks also hold a General Meeting of Shareholders (GMS) once a year to report on the results of the bank's development during running operations.
To be able to run the tabligh principle are also needed honesty, and is contained in the cultural program of work adopted by the Shariah Bank "X" at the point of integrity that is honest and dedicated.
From the example of these activities can be seen that Shariah Bank "X" is already open in conveying information. This is in accordance with the word of God in the Al Baqarah verse 282 that requires being open in the conduct of activities especially when doing transaction "... and take witnesses when you conclude a contract...", and based on the hadith which states "...whoever did ghisy (hides the information required in the transaction) is not including in our people", (HR. Muslim ).
b. Mas'uliyah
From the results of data analysis conducted by researchers can be seen that the principle mas'uliyah at Shariah Bank “X” still not running optimally in accordance with the Islamic perspective. Although the Shariah Bank "X" in the management of banks funds has been amanah and the results achieved from the financial statements unqualified and whether assets, earnings and dividend increases, it does not explain the true definition of mas'uliyah. Because according to the theory and also from Islamic experts, mas'uliyah is more of a responsibility not only to stakeholders but also to God the Main Owner.
"Every soul, for what it has earned, will be retained"
From the research, it is not obtained data describing the form of bank accountability to God. In addition, key informants also do not understand that GCG between conventional banks with Sharia Banks that have differences, especially in terms of accountability.
Conventional banks accountable only limited to the boss and the company for work done, but in Sharia Banks accountable is not only that, but directly to God as the One owner of everything.
Mas'uliyah not confined to financial reporting which honest and fair, but more prioritizing the essence of human life that is in a form of human responsibility to God as the One owner of the entire universe. Islamic fundamental concept believes that nature and all its contents are fully belongs to God and man entrusted to manage as well as possible for the benefit of the people (Widiyanti 2009, h.104-111).
So the need for the Bank Shariah "X" to pay more attention on mas'uliyah principle because it is the most animating principle of every transaction in Islamic financial institutions particularly the Shariah banking (Triyuwono 2006, h.189).
c. Hurriyah
Based on data analysis performed by the researchers showed that Shariah Bank "X" in the conduct of both the free social activities and other activities where such activities do not violate the rules and be accountable to both the employer and society. Customers and prospective customers are also free to express criticism and suggestions that could develop image of the Shariah Bank "X" to be better.
reads:
“There shall be no compulsion in [acceptance of] the religion [Islam]. The right course has become clear from the wrong. So whoever disbelieves in Taghut and believes in Allah has grasped the most trustworthy handhold with no break in it. And Allah is Hearing and Knowing.”
That way it can be concluded that the principle of Hurriyah in Shariah bank has followed the rules of Islamic law, and not breaking from what has been specified in the texts of the Qur'an.
d. Ihsan
According to analysis conducted by researchers can be seen that the principle of ihsan in Shariah Bank already well underway. This can be explained by the existence of policies and programs created by the Shariah Bank "X" to improve the Human Resources (HR) through the recruitment of competent employees, their training or education that cater to employees and studies that may add to the knowledge of employees. In addition, warnings and sanctions for employees who have violated the rules set by the Bank and the legislation in force.
That means doing all the activities of life by continuing to pay attention to the quality of the process and results. Of these activities can be known that Shariah Bank "X" not only pay attention to the results achieved, but also the quality of the process in achieving these results which in this case is the human factor. Moreover, Shariah Bank "X" is a sharia-based institution, so that the necessary expertise and knowledge, in terms of the provisions of muamalah according to Islam in order not to violate what is already established in the Qur'an and hadith.
In the Qur'an, explained that the essence of life until the death of someone is only to judge who is the most qualified deeds. Allah the Exalted says, “[He] who created death and life to test you [as to] which of you is best in deed” (surah Al-Mulk: 2).
Allah has also determined that all things must have an ihsan foundation.
ٍء ْ ﻰَﺷ ِ ّﻞُﻛ ﻰَﻠَﻋ َنﺎَﺴْﺣ ِ ﻹا َ ﺐَﺘَﻛ َ ﱠ ا ﱠ ن
"Allah establishes ihsan on everything" (HR.Muslim).From the explanation above, it can be concluded that the principle of Ihsan in Shariah Bank is in conformity with Islamic law and contains characteristic owned by Rasulullah that is fathanah.
e. Wasathan
Based on the analysis performed by the researchers it was able to note that the wasathan principle in Shariah Bank “X” is reasonable. This is evident from the financial statements are reasonable for each year, in the recruitment of employees also may not have any family relationship, and fulfillment of the employee's monthly salary is in accordance with the specified date. In addition, the results of the GCG report, there are no internal fraud that occurred in the Shariah Bank "X".
Of these activities can be seen that the wasathan principle is in accordance with the concept of justice in Islam. The first, the Shariah Bank "X" does not differentiate between one employee with another. Second, in the recruitment should not be any family relationship, the third, the Shariah Bank "X” financial statements get a reasonable result for each year.
With so wasathan principle at Shariah Bank "X" is in conformity with what is recommended in the Qur'an that Allah sent to act fairly in all respects. Even God put justice is closest to piety because of the importance of justice in the structure of the Islamic faith. It is contained in the Word of God surah Al Maidah verse 8 (Chapra 2000, h.212), which reads:
Acquainted with what you do.”
Shariah Bank "X" would be required to provide information that is fair to the parties concerned. In addition, the Shariah Bank "X" is a financial institution that is based Islamic law in its operations. A company that all of its activities shows both the reasonableness of the financial statements or of anything else, it will be a plus for the company to be able to develop the company even greater.
4.1. Results from the GCG Principal Discussion at Shariah Bank "X" in the Perspective of Islam
From the results of the discussion of the principles of good corporate governance in Shariah banking "X" in the Islamic perspective, it can be concluded that the principle of good corporate governance in Shariah banking "X" has been going well, and contains four characteristics owned by Rasulullah. Namely shiddiq is also listed in the cultural program of work to be done by all employees. Tabligh, which is already contained in the GCG principles of Islam, then amanah and fathanah is an important factor to be owned by every employee in the management of bank operations.
However, in terms of the perspective of Islam it still can not say that it is the maximum. This is because of the result of the information obtained in the study did not mention at all accountable to God. The conclusion is reinforced also by the statement of Shariah expert Prof. Dr. H. RR, MA. as a whole, and also according to Dr. H. M. M, M Ed. The main and most important points in the sharia it is all done by human beings will be accountable to God. That is the main difference between GCG conventional banks with Sharia Banks or sharia institutions. Due not only to his fellow, human, form of accountability that will be given later, but also to God the true owner.
By orienting to the Lord in every activity, employees are expected to be more careful, honest and trustworthy in carrying out their duties. In addition, key informants were not understood that the GCG of conventional banks and the GCG of Shariah Banks have differences. From interviews, key informant said that GCG conventional banks with Shariah Banks are the same. Of course this is an important thing that must be understood and reviewed by companies, especially those engaged in the field of sharia to pay more attention to it. Of course it also supported by the ability of employees to understand the principles of GCG in Islam and also the values of the shariah.
5. Conclusion
amanah, tabligh, and fathanah. Furthermore, the results of the analysis prior consultation with the Sharia experts associated with the principles of good corporate governance in the review of an Islamic perspective, shows that the principle of good corporate governance in Shariah banking "X" still can not be said to be the maximum in accordance with the Islamic perspective. Because of the results obtained during the study there is no data to support that Shariah Bank "X", as Islamic-based financial institutions prioritize accountability to God (mas'uliyah). Because in the Islamic point of view, the difference between conventional banks GCG and GCG of Shariah Banks is in the terms of accountability. This largest possibility due to the Shariah Bank "X" is the Shariah Business Unit is still a part of the conventional banks. Moreover, according to its own key informant GCG at Bank Shariah "X" has not fully maximized in accordance with the Islamic perspective. Key informants also do not understand that GCG between conventional banks with sharia-based bank was not the same.
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