As an illustration, how long people in this country have to wait to get called sukuk sharia investment products? Accounting for more than 6 years of time is needed since it raised the idea, carried out the study institution, to an investment product that really happen as stipulated in Law Number 19 Year 2008 regarding the state sukuk or Islamic State Securities (SBSN). The launch of the state sukuk is quite complex and not as simple as many people imagine. Regardless of the complexity faced by decision-making in pursuit of Islamic products is realized and obtained formal legal rules, there is one lesson to be learned, namely the need for caution to get clear specifications and business process innovation Islamic products before the final results obtained. The desire to use the instant of thought patterns to obtain a quick outcome possible for the time being shall be controlled in order for people not to repeat the phenomenon that occurs in other fields to be a prolonged debate in the media as was the case in agriculture or energy.
Sharia Products Research
Theoretically, the basic essence on every product innovation is the power of research. If within the manufacturing, empirical studies that describe the process flow of the appearance of the idea to launch a new product has lots of detail disclosed. As with the products that have a degree or intensity of the information seems to Islamic finance, then the empirical research process that produces a commercial product based syraiah is still relatively limited. So far, the people of Indonesia know the product is still limited to the Islamic banking sector. Opportunity to conduct a study of products other than the banking sector is still very wide open. That's why the state sukuk issuance is expected to be an attractive financial instrument for investors in line with the growth of developing other business products based on Sharia.
The inherent characteristics of Islamic finance that has been put forward elements of flexibility and diversity are actually able to trigger the emergence of creativity in the development of model-based Islamic investment and financing. The question again, who should initiate it? Does everything have to wait for the initiation of a government agency? Can industry and academic collaboration to generate and develop ideas on sharia-based business model? Questions will continue until people gain confidence about the reliability of Islamic products.
Indeed, the existence of the National Sharia Council in fact has a central role and is an important institutional element which can be an accelerator in product development. Discussion and further study of fiqh experts and industry players can be done through a variety of formats that allow the formulation of Islamic products can be adequately performed so that the need for Islamic products can be met. Development and empowerment of Islamic studies units are expected to catch every opportunity to then make sense of it before mapping the potential opportunities that are formed in the concrete form of Shariah.
In principle, the simplification of the development of Islamic products can only be done by looking at the work flow so that the interaction between product design and engineering processes can occur simultaneously. Planning and development of Islamic products can only adopt best practices that have been applied to other fields, such as adopting the use of methods of product-based workflow design which basically emphasizes the fit between product design criteria, technical formulation of the model and then to get the workflow process expected (see for example: Reijers et al, "Product-based Workflow Design", Journal of Management Information Systems, Vol. 20, No.1 Summer 2003). Such an approach is in fact a breakthrough to speed up the process of formulating the idea of a blueprint of a product by incorporating unique elements inherent in a context. It is likely the initial business model was developed from Islamic business practices that already exist such as referring only to the Sudan model, Bahwain or Malaysia. However, uniqueness is in Indonesia would need pencermatan itself is not always the same with similar practices in other countries.
Standardization and Compatibility
One important and may need to be a record together in the development of Sharia-compliant products is a guarantee that the product will be developed enough to capture the investment opportunities across geographies. That is, to borrow a phrase popular in the field of computing, Islamic products must include elements of platform compatibility so that differences due to the diversity of interpretation adopted by the Council of Islamic jurisprudence or Shariah Board among countries not hamper the pace of innovation for the benefit of an investment or a model of Islamic finance. The key word is need for standardization and common practices so as to become the reference standard in determining the formulation of business processes that will be developed in Islamic finance.
http://mmugm.ac.id/index.php/indexmanagementthough/777-pengembangan-produk-syariah
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