BASEL II DALAM PERSPEKTIF HUKUM ISLAM

Bank is one of the most important pillars of economy activities. However, banking sector has a real potential crisis threat. Alongside with steady current global banking development, financial crises that have happened clearly affect global economy. Based on that situation, BIS (Bank for International Settlement) – an international financial standard setting organization, realizes the urgency to make an international financial standard and supervision to anticipate future potential financial crises. This research aims to identify how Basel II framework manages banking capital & credits and how Islamic law perspective takes Basel II into consideration. The research is conducted by analyzing Basel II documents published by BIS. The research uses library research method to find out the aimed result. The focus is on the 2 nd pillar of Basel II publication that is Capital Adequacy Ration (CAR). CAR, as an Islamic economis policy, will be analyzed using fala>h} approach. Fala>h} is an Islamic economics objective that consists of happiness, success, acomplishment or good luck concept. The earthly dimension of fala>h has some parameters that can be used to analyze Islamic economics policy. Additionally, the Islamic fiqh maxim takes part in analyzing the policy. The mas}lah}at concept in fiqh maxim approach shares aim with fala>h concept in the sense that all of sharia aims for mas}lah}at . The mas}lah}at can be accomplished by extinguishing mafsadat or seize mas}lah}at . The research results are, 1) Basel II focuses on macro-prudential aspect in order to anticipate potential financial crises, 2) under Basel II, independent credit rating institution has a latent moral hazard threat, 3) beneficial ( mas}lah}at ) aspects of the hereafter, cooperation principle, justice, fairness and the forbidden of exploitation are not the core value of Basel II framework, thus 4) crises prevention aspect as stated to be Basel II object are weak. Therefore, 5) Basel II as a regulation basis is not in line with fiqh maxim i.e dispelling harm predominant taking interest ( dar’ul mafa>sid awla min jalb al-masha>lih )