The Role of the Sharia Supervisory Board in Formulating Sharia Financing Policies in Accordance with Sharia Principles (A Study at KSPP BMT Harapan Ummat Sidoarjo)

Ula Rochmatannia Rosana; Moh. Ali Hamdan

Authors

Ula Rochmatannia Rosana Sekolah Tinggi Agama Islam An Najah Indonesia Mandiri Sidoarjo Author
Moh. Ali Hamdan Sekolah Tinggi Agama Islam An-Najah Indonesia Mandiri Sidoarjo Author

Keywords:

Effectiveness of Supervision, KSPPS, Sharia Financing Policy, Sharia Supervisory Board

Abstract

The role of the Sharia Supervisory Board (DPS) is crucial in ensuring the operational compliance of Islamic financial institutions with Islamic principles, including the Sharia Savings and Loan Cooperative (KSPPS). This study aims to analyze the role of the DPS in formulating sharia financing policies and its effectiveness in ensuring sharia compliance at the BMT Harapan Ummat Sidoarjo KSPPS. This study uses a descriptive qualitative approach with data collection techniques through interviews, observation, and documentation. Data validity is tested using source triangulation involving three key informants: the DPS, the Chair of the Management, and the General Manager. The results show that the DPS plays an active role in formulating financing policies through committee meetings, providing sharia opinions, and preparing accountability reports, so that financing products such as murabahah, mudharabah, and ijarah are in accordance with the DSN-MUI fatwa and sharia principles. However, the effectiveness of supervision is still hampered by limited human resources, low frequency of visits (1-2 times/year), lack of feedback from DSN-MUI, and violations in the implementation of contracts, such as the absence of witnesses at ijab qabul. This study concludes that although the DPS has carried out its functions, optimization of its role is still needed through increased human resource capacity, strengthening of the supervisory system, and closer collaboration with regulators to ensure sustainable sharia compliance

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