CHAPTER IV FINDINGS AND ANALYSIS
A. The Role of Financial Service Authority FSA in Supervising Baitul Maal wat
Tamwil BMT
BMT or Baitul Maal wat tamwil is one of the Microfinance Institutions which applies the sharia principles. BMT using the sharing profit principle and has the
purpose to develop Micro-Enterprise Businesses and business of the poor or the people who are unable to loan money from the bank or other financial institution
because they could not meet several criteria or requirements to obtain funds. Unfortunately, the development of BMT was not followed by formulation of the rules
and the clear legal basis. BMT has unique characteristics when compared with other Financial Institutions. Because it has a mission not only for profitcommercial
mission Baitut Tamwil but also for social mission Baitul Maal. Therefore, BMT can be regarded as new type of Microfinance Institution
which is different from other Microfinance Institutions. Some of the form of BMT has the legal form of a Cooperative, but it is still a choice, not a requirement. The
legal entity of BMT until today is unclear. Some of the BMT decide the Cooperative
as their legal entities. Therefore BMT obey the Cooperative rules, namely Law No. 25 of 1992 on Cooperatives which has been amended into Law no.17 of 2012.
1
There was also the Ministry Decree No. 91KEPM.KUKMIX2004 on Guidelines for Implementation of Business Activities of Sharia Financial Service
Cooperative KJKS. This regulation elaborates in the Implementation Guidelines JUKLAK and Technical Instructions JUKNIS as well as Standard Operating
Procedures SOP and Standard Operational Management SOM which is obey the Ministry Degree No. 352PERM.KUKMX2007 on Guidelines Management of
Cooperative Operational Standards of Islamic Financial Services and Islamic Financial Services Business Unit. Since there is law number 1 of 2013 on Micro
Finance Institutions automatically legal status of BMT become one of the problems
that burdens itself.
2
The existing of BMT today is mostly in the form of Cooperative with small and medium scale enterprises, and include the business area such as several
CitiesDistricts, and even cross the Province. Because of the regulation of law No 1 of 2013 the scope of its business are a little bit restricted, as declared in paragraph 6 of
the Law number 1 of 2013 on Microfinance Institutions that the territory of the business of BMT is in a Rural AreaVillage, District, or CountyCity. If it wants to
expand its business to other cities or districts, BMT should be transformed into a
1
Novita Dewi Masyitho, Kajian Rechtodogmatiek Undanh-Undang Nomor 1 Tahun 2013 Tentang Lembaga Keuangan Mikro LKM Atas Status Badan Hukum dan Pengawasa Baitul Maal wat
Tamwil, access in www.eprints.walisongo.ac.id38461Novita20, on 15 july 2016, 5:15 p.m., p 25
2
Ibid p. 25