f. Financial Services Authority Regulation No. 1POJK.072013 on consumer
protection financial services sector. g.
Circular Letter of Financial Service Authority number 2SEOJK.072014 on Service and Settlement of Consumer Complaints on Financial Services
Business h.
Decision of the Minister of Cooperatives and Small and Medium Enterprises Republic of Indonesia Number: 91M.KUKMXI2004 Concerning the
Implementation Guidelines of Cooperative Business Activities of Islamic Financial Service.
i. Regulation of Financial Service Authority No. 1POJK.072013 on Customer
Protection Financial Service Sector. j.
Regulation of Financial Service Authority Number 14POJK.052014 on Guidance and Supervision Microfinance Institution.
k. Civil code
l. Commercial code.
Secondary legal material of this research comprises of several research findings, like books, journals, draft of law, magazine, internet, etc.
C. Method of Collecting Data
The data of the research were collected through library research or literature interpretation. The data were found by reading, analyzing, and trying to make
conclusion from related documents namely regulations, laws books, legal journals, and others related to the main problem as the object of this research.
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D. Research Approach
The researcher used the Statute Approach or regulation Approach. Statute Approach or regulation Approach is an approach used to understand particular issue
by using interpreting some regulations, laws, and policies as the basis of the research analysis and try to make conclusion toward the research question.
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Septian Widiyanto, p. 50
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
