ANALYSIS OF GOOD CORPORATE GOVERNANCE GC
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
[email protected]
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.
However, banking we know well is conventional banking that, in its operation, uses
interest system. Whereas, as a country with majority of Moslem people, interest system
or usury is forbidden in Islam. The prohibition toward usury activity is contained
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?
Previous research conducted by Soraya (2012) aimed to investigate the principles
of GCG implemented in sharia businesses in Indonesia in review of Islam in which the
research objects were not only shariah banking, but also shariah insurances. And a
research conducted by Wahananto (2009) aimed to investigate the principles of GCG in
shariah banking. Based on the thinking, the researchers are interested in conducting a
research with formulation of problem “How are the principles of Good Corporate
Governance in review of perspective of Islam in Shariah Bank “X”?” This study aims to
investigate and analysis the principles of Good Corporate Governance in review of
perspective of Islam in Shariah Bank “X”.
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)
In sharia principles, tabligh (transparency) has been stated in letter Al-Baqarah
(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:
ٍ ن ﱠ ا ﱠ َ ﻛ َﺘ َﺐ َ اﻹ ِ ﺣ ْ ﺴ َﺎن َﻠ َﻰﻋ َ ﻛ ُﻞ ّ ِ ﺷَﻰ ْ ء
“Indeed Allah has specified good deeds on all matters” (HR Muslim).
d. Hurriyah (responsible independence and freedom)
Independence according to Widiyanti (2009, h.104-111) related to consistence
or istiqomah is keeping holding on truth although facing risks, in accordance with
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.
With the enactment of Law No.21 of 2008 on Shariah banking, so the status and
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
Interview is a way to obtain information through debriefing with key informants.
Which became a key informant in this study is the manager of Sharia Bank "X":
Mr. AR as Human Capital Support Staff of Sharia Bank "X" and Mr. BDH as the
Head Office Cash who knows about good corporate governance principles. And
also Prof. Dr. H. RR and Dr. HM M, M Ed. as the Shariah experts in this study.
This study was conducted by in-depth interviews and semi-structured using verbal
research tools (notes and camera) to obtain the data needed when doing research.
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”.
From the results of the analysis can also be known that GCG principles that run
Shariah Bank "X" in accordance with the basic application of GCG which become the
reference of the researchers namely Bank Indonesia Regulation No.11/33/PBI/2009 on
the Implementation of GCG for Shariah Banks and Shariah Business Unit which apply
the principles of transparency, accountability, responsibility, professional, and fairness.
This is consistent with the theory of Tapanjeh (2009) which refers to the principles of
good corporate governance from the leadership period of Rasulullah SAW and Khulafa
ar-rasyiddun those are Tabligh (transparent), Mas'uliyah (accountability), Ihsan
(professional), Hurriyah (independence and responsible freedom), as well as Wasathan
(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.
Islam is present to provide improvements to a mas'uliyah framework which can
be a stimulant for individuals and organizations to raise awareness of religion,
belief and responsible for God, man, and nature (Kholmi 2012, h.1-4). Because
every human being will be held accountable, for what is done and what is not done
as khalifatullah fil Ardh. This is in accordance with surah Al Muddatsir verse 38,
which reads:
"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.104111).
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.
Requirements to be able to enjoy the freedom that is responsible, who has
performed Shariah Bank "X" among other banks in running operations regard the
halal and haram, committed to obligations that have been determined by Islamic
law, such as a commitment to the obligation of zakat, the obligation with infaq
fisabilillah responsibility, it is not justified to manage personal assets against the
interests of the people. At Takaful al-ijtima'i (togetherness in a bear goodness), for
example zakat, sadaqah, infaq, endowments, sacrificial, and others, it is appropriate
that delivered by Mardani (2011). It is also consistent with the theory that explains
that truly the human freedom is not absolute, but it is a responsible and justified
freedom (Nawatmi 2010, h.54). Allah says in surah Al Baqarah verse 256, which
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).
Rasulullah SAW also once said, "Allah loves a Muslim who works and he
mutqin (professional) in his work" (Muttafaq 'alaih). Mentioned in the hadith that
Allah has also determined that all things must have an ihsan foundation.
ٍ ن ﱠ ا ﱠ َ ﻛ َﺘ َﺐ َ اﻹ ِ ﺣ ْ ﺴ َﺎن َ ﻋ َﻠ َﻰ ﻛ ُﻞ ّ ِ ﺷَﻰ ْ ء
"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:
“O you who have believed, be persistently standing firm for Allah, witnesses
in justice, and do not let the hatred of a people prevent you from being just.
Be just; that is nearer to righteousness. And fear Allah; indeed, Allah is
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
Based on the results of research and discussion, it can be concluded that the
principles of Good Corporate Governance (GCG) at the Shariah Bank "X" already well
underway in accordance with existing regulations. Besides the principles already
applied GCG contains four characteristics owned by Rasulullah, namely shiddiq,
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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www.fcgi.or.id
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
[email protected]
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.
However, banking we know well is conventional banking that, in its operation, uses
interest system. Whereas, as a country with majority of Moslem people, interest system
or usury is forbidden in Islam. The prohibition toward usury activity is contained
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?
Previous research conducted by Soraya (2012) aimed to investigate the principles
of GCG implemented in sharia businesses in Indonesia in review of Islam in which the
research objects were not only shariah banking, but also shariah insurances. And a
research conducted by Wahananto (2009) aimed to investigate the principles of GCG in
shariah banking. Based on the thinking, the researchers are interested in conducting a
research with formulation of problem “How are the principles of Good Corporate
Governance in review of perspective of Islam in Shariah Bank “X”?” This study aims to
investigate and analysis the principles of Good Corporate Governance in review of
perspective of Islam in Shariah Bank “X”.
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)
In sharia principles, tabligh (transparency) has been stated in letter Al-Baqarah
(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:
ٍ ن ﱠ ا ﱠ َ ﻛ َﺘ َﺐ َ اﻹ ِ ﺣ ْ ﺴ َﺎن َﻠ َﻰﻋ َ ﻛ ُﻞ ّ ِ ﺷَﻰ ْ ء
“Indeed Allah has specified good deeds on all matters” (HR Muslim).
d. Hurriyah (responsible independence and freedom)
Independence according to Widiyanti (2009, h.104-111) related to consistence
or istiqomah is keeping holding on truth although facing risks, in accordance with
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.
With the enactment of Law No.21 of 2008 on Shariah banking, so the status and
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
Interview is a way to obtain information through debriefing with key informants.
Which became a key informant in this study is the manager of Sharia Bank "X":
Mr. AR as Human Capital Support Staff of Sharia Bank "X" and Mr. BDH as the
Head Office Cash who knows about good corporate governance principles. And
also Prof. Dr. H. RR and Dr. HM M, M Ed. as the Shariah experts in this study.
This study was conducted by in-depth interviews and semi-structured using verbal
research tools (notes and camera) to obtain the data needed when doing research.
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”.
From the results of the analysis can also be known that GCG principles that run
Shariah Bank "X" in accordance with the basic application of GCG which become the
reference of the researchers namely Bank Indonesia Regulation No.11/33/PBI/2009 on
the Implementation of GCG for Shariah Banks and Shariah Business Unit which apply
the principles of transparency, accountability, responsibility, professional, and fairness.
This is consistent with the theory of Tapanjeh (2009) which refers to the principles of
good corporate governance from the leadership period of Rasulullah SAW and Khulafa
ar-rasyiddun those are Tabligh (transparent), Mas'uliyah (accountability), Ihsan
(professional), Hurriyah (independence and responsible freedom), as well as Wasathan
(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.
Islam is present to provide improvements to a mas'uliyah framework which can
be a stimulant for individuals and organizations to raise awareness of religion,
belief and responsible for God, man, and nature (Kholmi 2012, h.1-4). Because
every human being will be held accountable, for what is done and what is not done
as khalifatullah fil Ardh. This is in accordance with surah Al Muddatsir verse 38,
which reads:
"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.104111).
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.
Requirements to be able to enjoy the freedom that is responsible, who has
performed Shariah Bank "X" among other banks in running operations regard the
halal and haram, committed to obligations that have been determined by Islamic
law, such as a commitment to the obligation of zakat, the obligation with infaq
fisabilillah responsibility, it is not justified to manage personal assets against the
interests of the people. At Takaful al-ijtima'i (togetherness in a bear goodness), for
example zakat, sadaqah, infaq, endowments, sacrificial, and others, it is appropriate
that delivered by Mardani (2011). It is also consistent with the theory that explains
that truly the human freedom is not absolute, but it is a responsible and justified
freedom (Nawatmi 2010, h.54). Allah says in surah Al Baqarah verse 256, which
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).
Rasulullah SAW also once said, "Allah loves a Muslim who works and he
mutqin (professional) in his work" (Muttafaq 'alaih). Mentioned in the hadith that
Allah has also determined that all things must have an ihsan foundation.
ٍ ن ﱠ ا ﱠ َ ﻛ َﺘ َﺐ َ اﻹ ِ ﺣ ْ ﺴ َﺎن َ ﻋ َﻠ َﻰ ﻛ ُﻞ ّ ِ ﺷَﻰ ْ ء
"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:
“O you who have believed, be persistently standing firm for Allah, witnesses
in justice, and do not let the hatred of a people prevent you from being just.
Be just; that is nearer to righteousness. And fear Allah; indeed, Allah is
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
Based on the results of research and discussion, it can be concluded that the
principles of Good Corporate Governance (GCG) at the Shariah Bank "X" already well
underway in accordance with existing regulations. Besides the principles already
applied GCG contains four characteristics owned by Rasulullah, namely shiddiq,
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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