Kegiatan Pendidikan Profesional Berkelanjutan (PPL)

“Ekonomi, Keuangan, dan Akuntansi Syariah Menyongsong Era Fintech”

Oleh:

Afrad Arifin, S.IP, M.E.Sy.

(Direktur Pusat Studi Fintech Syariah Tazkia)

Bandung, 18 Sya’ban 1439/ 04 Mei 2018

Tazkia University College Of Islamic Economics

MISSIONS

• Develop and disseminate knowledge ini the field of economics, management, and finance that are based on T.A.Z.K.I.A. values.

• Groom world-class academics, entrepreneurs and professionals who promote tawhidic principles, ethical values and empathethic to the society.

• Develop models for Islamic communities empowerment programs.

• Provide conducive working environment for professional development of the lecturers and employees.

What is FINTECH??

DEFINISI FINTECH

• Teknologi Finansial adalah penggunaan teknologi dalam sistem keuangan yang menghasilkan produk, layanan, teknologi, dan/atau model bisnis baru serta dapat berdampak pada stabilitas moneter, stabilitas sistem keuangan, dan/atau efisiensi, kelancaran, keamanan, dan keandalan sistem pembayaran. (PBI 19/12 2017) Fintech E-Payment

• Layanan Pinjam Meminjam Uang Berbasis Teknologi Informasi adalah penyelenggaraan layanan jasa keuangan untuk mempertemukan pemberi pinjaman dengan penerima pinjaman dalam rangka melakukan perjanjian pinjam meminjam dalam mata uang rupiah secara langsung melalui sistem elektronik dengan menggunakan jaringan internet. (POJK 77/2016)Fintech P2P Lending.

Fintech (Financial Technology) dalam pandangan syariah

BEWARE…

Allah Subhaanahu wata ‘aalaa berfirman :

• And Fear a Day when you will be returned to Allah. Then every soul will be compensated for what it earned, and they will not be treated unjustly (Al-Baqarah (2): 281).

Rasulullah shallallahu ‘alaihi wasallam

• “Akan datang suatu masa pada umat manusia, mereka tidak lagi peduli dengan cara untuk mendapatkan harta, apakah melalui cara yang halal ataukah dengan cara yang haram” (HR. Bukhari)

SHARI’AH FUNDAMENTALS OF ISLAMIC FINANCE

ISLAMIC FINANCIAL SYSTEM

KEY CHARACTERISTICS OF ISLAMIC FINANCE

PROHIBITIONS

ISLAMIC LAW OF CONTRACTS

•NATURE OF SHARI’AH RULINGS

•SOURCE OF SHARI’AH

•RISK SHARING

•CONNECTION WITH REAL ECONOMY

•SHARI’AH COMPLIANCE

•NO RIBA

•NO GHARAR

•NO MAISIR/ QIMAR

•NO HARAM GOODS/SERVICES

•BASIC COMPONENTS OF A CONTRACT

•CATEGORIES OF CONTRACTS

•PROMISE

Islamic finance in general and AAOIFI Shari’ah Standards in particular are fine example of Ijtihad by Muslim scholars of various schools of thought who aggregated their efforts in understanding the commercial and financial challenges posed by modern financial system and responded with Shari’ah compliant solutions.

National:

-Fatwa Dewan Syariah Nasional MUI.

-KHES

-etc

International:

- Fatwa Majma al fiqh al islaamii/ Islamic Fiqh Academy of OIC

- Fatwa Shari’ah Advisory Council BNM

- AAOIFI

-

Etc

SOURCE OF SHARI’AH

Source of Shari’ah

• Primary

• Holy Quran

• Sunnah

• Secondary

• Ijma

• Qiyas

• Both based on principles derived from the Noble Quran and Sunnah.

• The process of both known as Ijtihad (endeavor/ struggle)

Regulatory Environment on Islamic Economy System

• National Level • Fatwa DSN MUI (on progress) • Kompilasi Hukum Ekonomi

Syariah (KHES)Mahkamah Agung RI

• POJK Association of Indonesian Islamic Fintech (AFSI), PSFS Tazkia as one of founding fathers.

• PBI • PSAK, etc.

• International Level • AAOIFI No. 38 “Online

Financial Dealings”, 15 March 2009. (since 9 years ago).

• etc.

The Shari’ah Basis for the Standard

Include: The basis for permissibility of launching commercial websites if such sites are free from impermissible practices is the fact that in principle, transactions in any form are allowed, unless they lead to commitment of an impermissible act. Moreover, launching of such sites serves the interests of a large number of people in this era, and thus, conforms to the underlying mission of Shari’ah.

Permissibility of concluding online financial contracts is due to the fact that such contracts do not involve any impermissible aspect. They carry no difference from traditional contracts except in that the means used for their conclusion is different. If, in principle, contracts as such are allowed as long as they observe the rules of transactions in Shari’ah, it is only natural that the means whereby these contracts are concluded become allowed as long as they conform to permissible rules of contracting.

Shariah Governance Framework (Various Sources & Market Practices)

A set of arrangements

through which an IFI ensures effective

oversight of Shari’ah compliance

over its activities.

• Shariah Supervisory Board (SSB) DPS

• Internal Shari’ah Compliance

• Internal Shari’ah Audit/Reviewdifferent from regular audit on financial history.

• External Independent Shari’ah AuditNew and Needed concept and practice

Conclution on Financial Technology = Islamic?

Islamic Economics Principles & Guidance

•Based on Syariah (Al-Qur’an & Hadits, other Sulfiq).

•“transactions in any form are allowed, unless they lead to commitment of an impermissible act” (DSN MUI; KHES, AAOIFI SS)

•No Riba

•No Gharar

•No Zhalim

•Shari’ah Governance Framework

•Continuous Reseach

Financial Technology

• Finance + Technology

• Fintech

• “Disruptive”

• Fast

• Flexible

• Etc.

Ekonomi, Keuangan, dan Akuntansi Syariah Menyongsong Era Fintech

Ekonomi

EkonomiMaking Indonesia 4.0

EkonomiMaking Indonesia 4.0Keuangan

EY (2017):

“Digital distruption is accelerating and is anticipated to impact all industries to varying degrees. Smart technologies will likely redefine industry and operating models. Automation may continue to replace manual works, while also creating new jobs and sectors. This automation is likely to help to aggregate and analyze vast amounts of data to generate new insights.”

“To be prepared for a 4.0 world, finance leaders should understand how technology is anticipated to evolve and impact the finance function.

“The finance function in a 4.0 world should address:

•How could digital technologies change the finance operating model?

•How might this impact the size and shape of finance?

•How might reporting change in a 4.0 world?

•How does finance communicate the value of what the company generates to its all stakeholders?

•What type of people may be needed in future finance?

EkonomiMaking Indonesia 4.0Keuangan

“The finance function in a 4.0 world should evolve to

deliver more relevant information, more quickly and with a forward-looking view, to meet the needs of

shareholders and stakeholders alike.

The advent of big data and advanced analytics capabilities, coupled with the rise of new technologies including robotics and artificial intelligence, provide opportunities to:

• Enhance transparency

• Produce more relevant and insightful financial and non-financial reporting.

• Futher standardize and automate reporting

EkonomiMaking Indonesia 4.0Keuangan

How can the finance function prepare for a 4.0

world.

With the emergence of digital technologies such as analytics, cloud

and robotic process automation, finance leaders should consider

evolving the finance team capabilities and adopting new tools,

processes and procedures to be ready for a 4.0 world.

•Data and analytics.

•Cloud technology.

•Robotic process automation.

•AI

•Block chain.

EkonomiMaking Indonesia 4.0Keuangan

• Bank/IFIs Follow The Trade/ Business. • Peraturan Bank Indonesia, PBI Nomor 19/12/PBI/2017 Tanggal 30 November 2017

Tentang Penyelenggaraan Teknologi Finansial. • Peraturan Otoritas Jasa Keuangan, POJK Nomor 77/POJK.01/2016 Tanggal 29 Desember

2016 Tentang Layanan Pinjam Meminjam Uang Berbasis Teknologi Informasi.

EkonomiMaking Indonesia 4.0KeuanganAkuntansi Syariah

How can the finance function

prepare for a 4.0 world.

Data and analytics.

•Can provide the finance function with the tools to provide more insight by extracting value from large amounts of data. This can help the company evaluate predicted outcomes to better understand the financial impact of key decisions.

Cloud technology.

•Can provide the opportunity for organizations to replace outdated, fragmented and inflexible legacy systems with a connected, flexible system. New risks will be managed, including data security and compliance in different regulatory regimes.

Robotic process automation.

•Tends to be a fast, reliable and always-present method that can replace routine manual processes. This work may provide a more efficient audit.

Artificial Intelegence (AI).

•Makes sense of large structured and unstructured data sets. It can recognize patterns and learn and adapt to new accounting or tax regulations.

Blockchain.

•Records transactions using a distributed ledger, which gives every network participant a secure audit trail of all transactions ever made in near real time. It allows trade directly between parties without need for intermediaries.

EkonomiMaking Indonesia 4.0KeuanganAkuntansi Syariah

EkonomiMaking Indonesia 4.0KeuanganAkuntansi Syariah

EkonomiMaking Indonesia 4.0KeuanganAkuntansi Syariah

Standar Akuntansi Keuangan

(SAK);

Standar Akuntansi

Syariah (SAS)

SAK ETAP

SAK EMKM

EkonomiMaking Indonesia 4.0KeuanganAkuntansi Syariah

SAK (Proses Penyusunan SAK):

Due Process Procedure:

a. Identifikasi isu;

b. Konsultasi isu dengan DKS;

c. Riset terbatas;

Fatwa DSN MUI Due Process Procedure Standar Akuntansi Syariah

EkonomiMaking Indonesia 4.0KeuanganAkuntansi Syariah

SAK (Proses Penyusunan SAK):

d. Pembahasan materi SAK/SAS;

e. Pengesahan dan publikasi exposure draft;

f. Public hearing;

g. Limited hearing (jika diperlukan);

EkonomiMaking Indonesia 4.0KeuanganAkuntansi Syariah

SAK (Proses Penyusunan SAK):

h. Pembahasan masukan public; dan i. Pengesahan standar akuntansi keuangan/ standar akuntansi keuangan syariah.

Selected Scheme of Transaction in Indonesian Islamic Fintech

(DR. Murniati Mukhlisin)

Selected Scheme of Transaction in Indonesia Islamic Fintech

• Invoice (Factoring) Scheme. • Online Seller Scheme. • Merchant Cash Advance Scheme. • Employee Scheme. • Community Scheme.

Invoice (Factoring) Scheme

Online Seller Scheme

Merchant Cash Advance Scheme

Employee Scheme

Community Scheme

Proposed Research

Riset dalam hal bisnis FinTech; dampaknya terhadap dari sisi akad, syarat, rukun, hukum serta administrasi pajak, akuntansi dan audit.

Riset mengenai prospek dan tantangan termasuk dampak sosial dan budaya juga perlu dipertajam dengan mengadakan survei pengguna atau perbandingan kasus antar negara.

Riset tentang Tata Kelola Syariah yang baik bagi semua stakeholders.

References

• Al-Qur’an.

• Al-Hadits

• AAOIFI Shari’ah Standards, 2017, SABB Exclusive Sponsor of AAOIFI’s Shari’ah Standards Online Version.

• EY Report, 2017, What Role Could The Finance Function Play in a 4.0 world?

• Kompilasi Hukum Ekonomi Syariah, 2008, Mahkamah Agung RI.

• Mukhlisin, M., Takidah, E. dan Alpin, F., 2017, How Islamic Accounting responds to FinTech, Artikel Riset LPPM – Tazkia

• Shakil, M.H., dan Mustapha, I.M, 2017, Reporting Islamic Financial Transactions: Need for Special Islamic Accounting Standards?. JOIFA. AAOIFI

• Picture: Sydneyic.org.au; Financial Tribune.com; Akuntansikeuangan.com; bankalfalah.com, dll.

• Berbagai sumber lainnya.

• Wallaahu a’lamu bishshawab

• Allah knows The Best

Asosiasi Fintech Syariah Indonesia (AFSI). • Indonesian Islamic Fintech

Association.

• Rabu, 11 Rabi’ul Awal 1439H/ 29 November 2017, BNI Syariah HQ, Jakarta, Indonesia.

• Di inisiasi oleh PSFS Tazkia dan 8 Startup Fintech Syariah

• 26 April 2018 Resmi didirikan 17 member resmi, 17 member lain-lain.