The urgency of the codification of islamic law on contracts in Indonesian banking business to anticipate the development of islamic economy and globalization era

Research output: Contribution to journalReview articlepeer-review

Abstract

As the Movement of Islamic Economy (GRES) was launched since the year 2013 by the President of the Republic of Indonesia, the sharia economy is rapidly accelerated. However, the human resource who can support the system is not adequate enough due to the lack of education, especially in legal base on Islamic contract law. This paper is intended to contribute ideas towards the codification of Islamic Law on Contracts and Obligations, as an effort to educate and to improve the certainty and legal protection for the Islamic banking business doers in Indonesia. The certainty and legal protection are also needed by the whole society to anticipate the development of Islamic economy in the globalization era. The point is to give an overview of the concepts and problems solving in Islamic banking business dispute resolution. This paper also shows the point of view of the policy holders about the urgency to codify the Islamic contract law to be enacted into positive law in Indonesia. By using normative and comparative methods of research, this paper led to the conclusion.

Original languageEnglish
Pages (from-to)235-251
Number of pages17
JournalInternational Journal of Economic Research
Volume14
Issue number5
Publication statusPublished - 1 Jan 2017

Keywords

  • Codification
  • Globalization
  • Islamic contract law
  • Islamic law

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