This research is expected to increase knowledge and information on the role of financial and related services authority in overseeing the financial services industry
such as BMT, and also to contribute to the science of law, especially commercial law in understanding the rules of the FSA and the BMT as enactment Law number
21 of 2011 on the financial services authority and the Law No. 1 of 2013 on MFIs Microfinance Institutions.
2. Practical Benefits
Hopefully this research can increase knowledge and help people in solving the problems related to the financial services authority and BMT. Moreover, it is hoped
that this research clarifies the role of the Financial Services Authority FSA in supervising Baitul Maal wat Tamwil BMT and the effort of the Financial Services
Authority FSA to protect the customers of Baitul Maal wat Tamwil BMT.
CHAPTER II LITERATURE REVIEW
A. General Overview of BMT
Baitul Maal wat Tamwil is an institution that has two terms Baitul Maal and Baitul Tamwil. Baitul Maal is referring to the collective management and
disbursement of the nonprofit, like charity, donation, and alms. The Baitul Tamwil, on the other hand, a collection of business and commercial distribution of funds. The
effort is an integrated part of the BMT activities in supporting small economic
activities based on Islamic sharia.
1
The purpose of this institution is to provide financial services to the parties who are not covered by financial services such as Islamic bank, Conventional bank,
or Bank Perkreditan Rakyat Sharia BPR. The operational principle which is done in BMT is similar to Islamic Bank, such as the principle of sharing, buying and selling,
ijara, and deposit. However, BMT has its own market share; they are a small community that is not affordable banking services or small businesses Pelaku Usaha
Kecil.
2
BMT is a mosque-based economic development as a medium for the prosperity of the mosque. The member and partner of BMT is society or people live
1
Mardani, 2012, Aspek Hukum Lembaga Keuangan Syariah di Indonesia, Jakarta, kencana, p,316
2
Nurul Huda and Mohammad Heykal, 2010, Lembaga Keuangan Syariah Tinjauan Teoritis dan Praktis. Ed.1 Jakarta, Kencana, p.362
