Indonesia is one of the largest Islamic country in the world, this can be seen from the religious routine performed by the people of Indonesia as the holy days of Islam. as well as the development of banking in Indonesia particularly Islamic banking is in great demand by the people of Indonesia as this is in accordance with the basic principles that run the principle of mutual aid or principle of kinship.

History of Islamic Banking in Indonesia
 
        Islamic banking in Indonesia, was first pioneered by Bank Muamalat Indonesia which was established in 1991. The bank at the beginning of its establishment initiated by the Indonesian Ulema Council (MUI) and the government and received support from the Association of Indonesian Muslim Intellectuals (ICMI) and some Muslim businessmen. At the time of monetary crisis in late 1990, the bank was having trouble so that equity is the only remaining one-third of initial capital. IDB then give an injection of funds to these banks and in the period 1999-2002 can rise up and make a profit.
Until the year 2007 there were 3 institutions of Islamic banks in Indonesia, Bank Muamalat Indonesia, Bank Syariah Mandiri and Bank Syariah Mega. Meanwhile, commercial banks have sharia business unit is among 19 banks are large banks such as Bank Negara Indonesia (Persero) and Bank Rakyat Indonesia (Persero).
Sharia system has also been used by the Rural Bank, currently has grown 104 BPR Syariah.

The working principle of Islamic banks is the rule of Islamic law based on agreement between the bank and others to deposit funds and / or financing of business activities, or other activities in accordance with sharia.

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In Islamic Banking, there are some banking practices are strictly prohibited by Islamic law.
some principles / laws adopted by the Islamic banking system are:

1. Payment of loans with different values ​​of the value of loans with predetermined values ​​are not allowed. 

     2.  Funders should also share the profits and losses as a result  
          of institutional efforts to borrow funds. 

     3.  Islam does not allow the "make money from money".  
          Money is only a medium of exchange 
          and not a commodity because it has no intrinsic value. 

     4.  Gharar element (uncertainty, speculation) is not allowed. 
          Both sides must know all too well
          the results they would get from a transaction. 

     5.  Investments should only be given to businesses that are not 
          forbidden in Islam. Businesses such as liquor should not be  
          funded by Islamic banking.

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Basic Philosophy of Islamic Banking refers to the tenets of Islam which is based on the Qur'an, and Al-Ijtihad Alhadist. Islam teaches about the efforts to achieve happiness in the world and the hereafter, to achieve spiritual and physical happiness. This means in achieving happiness of the world must be done well to achieve happiness hereafter.

         Among them are in the field muamalah who still refer to the Principles of religious teachings as a bridge to happiness hereafter. As in Islamic banking that adheres to the basic - the basis Muamalat according to the Qur'an, hadith and al-ijtihad al.

         Definition of Islamic Banking can be interpreted as a banking system that was developed based on the sharia (law) of Islam. Business system is based on the establishment of prohibition in Islamic religion to collect and borrow at interest or usury as well as the so-called ban on investment for businesses categorized as haram (ie business relating to the production of food / drink unclean, un-Islamic media efforts, etc. ), where this can not be guaranteed by the conventional banking system.

Some Basics on Islamic banking among others :

• Muamalah the provisions of Shari'a that regulate the matters relating to the way of life among human beings, such as buying and selling, trading, leasing, lending and borrowing, and so forth.

• Shari'a is the law or regulations specified for the servants of Allah as contained in the Qur'an and Hadith.

• Islamic Banking is the Banking System of the business activities and operations based on Sharia.

• Islamic banking is also based on statutory rules that govern the operational mechanism and management of Islamic banking in accordance with a predetermined, as conventional banks, except those contrary to Islamic law. 

• Financing based on Islamic principles is the provision of money or bills equivalent based on an agreement between the Bank and other parties who require the parties to return the money or paid bills after a certain period in exchange or for the results

• The principle of rule of Sharia is Islamic law based on the agreement between the Bank and other parties to the financing or funding and business activities, or other activities in accordance with Sharia, among other things based on the principle of profit sharing Financing (mudarabah), based on the principle of equity financing (Musharaka), Principles buying and selling goods with profit (murabaha), or the financing of capital goods based on the principle of pure lease with no option (ijara), or by the choice of ownership transfer of the goods hired from the Bank by the other party (Ijarah wa iqtina).

• Among other fund-raising activities conducted in the form of: Current or Savings based on the principle of Wadi 'ah; Savings based on the principle of Wadi' ah and or Mudarabah; Mudarabah deposits based on principle.

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