Legal Analysis of Interest-Free Banking Operations in Accordance with Islamic Standard

In the first paragraph of Article 1 in the Law on Interest-Free Banking (interest), it is one of the main objectives to establish a monetary and credit system based on right and justice (observing Islamic rules) in order to regulate the proper circulation of money and credit for health and economic growth of the country. But despite 40 years of law enforcement, not only have these goals not been achieved, but the gap has also been doubled. Although the banking law has not changed, the regulations and sections related to banking operations are constantly changing and updating, but still banking is still the first economic problem of the country and has not been able to achieve its goals. Therefore, in this article, in a descriptive-analytical method, in accordance with Islamic standards of interest-free banking operations, it was found that contrary to Islamic standards, this law has been emptied of its content by the prevalence of approaches such as maintaining the structure of usury banking system, instrumental attitude to contract, injustice, abusing the customers, and the imposition of interest-free banking operations.