ASSET LIABILITY MANAGEMENT (ALMA) SYARIAH

Abstract

ALMA konvensional berbasis bunga tidak sesuai bagi lembaga keuangan syariah yang wajib bebas riba, gharar, dan maysir. Tulisan ini menjelaskan konsep, perbedaan, penerapan, serta tantangan ALMA Syariah dengan metode studi pustaka. Hasilnya menunjukkan ALMA Syariah berlandaskan akad syariah dan prinsip bagi hasil adil, diterapkan pada pengelolaan sumber dan penyaluran dana sesuai syariah. Tantangan utamanya meliputi keterbatasan instrumen pasar dan sumber daya manusia, yang perlu diatasi lewat kerja sama seluruh pihak terkait demi menjaga stabilitas dan kepatuhan syariah. Asset Liability Management (ALMA) is a strategic instrument to maintain balance sheet equilibrium and financial stability of financial institutions. In the conventional system, ALMA relies on interest rates which cannot be directly applied to Islamic financial institutions that must comply with the principles free from riba, gharar, and maysir. This study aims to explain the basic concept of Shariah-compliant ALMA, elaborate its differences from conventional ALMA, analyze its implementation, and identify challenges as well as solutions. The research uses library study method by reviewing scientific literature, fatwas of the National Shariah Council, and relevant regulations issued by the Financial Services Authority. The results show that Shariah-compliant ALMA has distinct characteristics based on Islamic contracts and fairness in profit-loss sharing, instead of fixed returns determined by interest. Its implementation covers fund management based on wadiah, mudharabah, and musyarakah, as well as fund distribution through murabahah, musyarakah, ijarah, and other Shariah-compliant investment instruments. Main challenges include limited availability of Shariah financial instruments, limited human resource competence, and the absence of uniform implementation standards. It is concluded that proper implementation of Shariah-compliant ALMA will strengthen Shariah compliance and public trust, hence cooperation between regulators, industry practitioners, and academics is required to establish standard guidelines and develop a better Islamic financial ecosystem.