THE POSITION OF BASYARNAS AS AN ALTERNATIVE INSTITUTION FOR RESOLVING SHARIA ECONOMIC FINANCIAL DISPUTES AFTER THE ESTABLISHMENT OF LAPS-SJK

Abstract

Basyarnas as an institution that has been operating for a long time, has an important role in alternative settlement of sharia economic disputes through arbitration. However, the existence of LAPS-SJK, which was initiated by the Financial Services Authority (OJK), has made changes in the dispute resolution mechanism in the financial services sector, including Islamic finance. This study aims to analyze the position of Basyarnas as an alternative institution for resolving sharia economic disputes after the establishment of LAPS-SJK. In addition, this study tries to analyze the differences in the mechanism for resolving sharia economic disputes by arbitration in Basyarnas and LAPS-SJK. In answering these problems, the researcher uses literature research, which is research conducted using literature materials. The data that has been obtained is then analyzed using the descriptive analysis method. The results of this study show that with the existence of LAPS-SJK, Basyarnas still has relevance in arbitration-based sharia dispute resolution even though its scope is limited. The difference in sharia economic dispute resolution in Basyarnas and LAPS-SJK is that in Basyarnas internal dispute resolution is not a requirement to submit dispute resolution, while in LAPS-SJK it is one of the requirements. Furthermore, in Basyarnas there is no term retail small claim, while in LAPS-SJK there is one. Arbitral awards by Basyrarnas are registered with the Religious Court, while LAPS-SJK arbitration awards for both conventional and sharia disputes are registered with the District Court.