Implementation of Sharia Principles in Micro Waqf Bank Financing Products at Minhadlul'ulum Islamic Boarding School (Based on the National Sharia Board Fatwa of the Indonesian Ulema Council Number 19 of 2001)
Abstract
This study was to determine the practice of financing products at the Micro Waqf Bank of the Minhadlul ’Ulum Islamic Boarding School and to determine the suitability of Sharia applied at the Micro Waqf Bank of the Minhadlul ’Ulum Islamic Boarding School. This research uses a qualitative method by conducting research directly in the field through an empirical normative approach. Sources of research data were primary and secondary data. This is descriptive research with data collection techniques such as observation, interviews, and documentation. The results showed that the financing product at the Micro Waqf Bank of the Minhadlul’Ulum Islamic Boarding School, namely the Qardh contract, is by Sharia principles and is by the provisions of DSN-MUI Fatwa No.19/DSN-MUI/IV/2001 concerning qardh. This conformity is due to the financing of the Qardh contract with a profit-sharing margin fee equivalent to 3% per year as a consulting service. The cost of consulting services for operational costs, namely transportation to KUMPI, because the system is the party from the Micro Waqf Bank who comes directly to the customers to pay the loan installments.
Keywords: Sharia principles, financing products, Micro Waqf Bank, Fatwa DSN-MUI
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