''Provision of Bank Guarantees as Guarantees for Export Import

Implementation at Foreign Exchange Banks''

Yustisia Nuril Akbaryustisia.nuril.akbar@gmail.com /IAIN Ponorogo

Iza Hanifuddin/izahanifuddin@iainponorogo.ac.id/IAIN Ponorogo

Abstract
For export-import purposes, banks may provide bank guarantees (bank
guarantees). In the event that the guaranteed company defaults, the bank will pay
the state levy due, according to this bank guarantee's document format (default).
Only Perception Foreign Exchange Banks are permitted to issue bank guarantees.
According to the study's findings, a policy can function effectively if the legal
framework in Indonesia is functioning properly, which is the basis for the
implementation of a bank guarantee policy in the context of export-import
activities. The Directorate General of Customs and Excise is a legal entity that
makes up this legal system. The legal basis for bank guarantees is found in Law
Number 10 of 1995 about Export-Import, namely in Article 42, paragraph 2,
which has since been revised by Law Number 17 of 2006 concerning Changes to
Law Number 10 of 1995 involving Export-Import. And the legal culture,
specifically the presence of internal and external barriers such manually operated
systems for altering guarantees, ineffective guarantee management regulations,
and refusals as well as preexisting rules for policy implementation that fall short
of expectations. The confirmation method for guarantees provided to the Customs
Office, where customs responsibilities are completed, must thus be regulated by
the Directorate General of Customs and Excise.

Policy keywords, Bank Guarantee Guarantees, Import Export Activities,

Legal System
Introduction
The Indonesian banking system was established to promote the general
well-being of the populace by contributing to a more uniform and stable economy.
Banking include not just banks themselves but also banking institutions, banking
operations, and banking procedures. This means that banks in Indonesia are either
the subjects or the agents of banking transactions. And the Bank is an organization
that accepts deposits of people's savings and returns them to them through loans,
investments, and other mechanisms.1 Hence, the bank is classified as a financial
intermediary. According to the law, Bank Indonesia and other regulatory bodies
oversee the activities of banks in the country. Providing bank guarantees to clients
is one of the goods allowed under banking legislation when it comes to a bank
channeling cash.2
In its early stages, banks were frequently employed by businesses and
governments to guarantee contracts, ensuring that agreed-upon work would be
completed as promised.3 Material guarantees provide the creditor additional rights
to the item being guaranteed while it is in the possession of the transferee. The
only thing that happens when a guarantor agrees to bind himself and guarantee his
wealth to fulfill the debtor's obligations at a later time with certain conditions—
unlike material guarantees, where individual guarantee holders do have special
rights—is that the guarantor enters into a contract with the creditor. Banks and
other financial organizations have long engaged in the practice of issuing
guarantees, typically in the form of bank guarantees.4 In light of the foregoing, it's
clear that guarantees are necessary for putting one's faith in commercial actors.
This form of guarantee is problematic legally because it comprises guarantees that
are susceptible to the interests of creditors because there is no specific object to be
implemented in the event of a debtor failure. This is especially true with
individual guarantees and guarantees.5
1
Hermansyah, Indonesian National Banking Law (Jakarta: Kencana, 2005)
2

3
Ade Hari Siswanto, Legal Characteristics and Implementation of Bank Guarantees in
Construction Service Contract Guarantees, Lex Jurnalica Vol. 14 No. 1 (April 2017) p. 27
4
Safe, EP (1989). Bank credit in a juridical review, (Cet.2). Yogyakarta:
Liberty.
5
Ibid2
 The requirement that the contractor employ bank guarantees as
performance guarantees shows that bank guarantees are mastered or dominant in
the contract between the company/government and the contractor. 6 The private
sector will feel the most impact from this treatment, and it will have a detrimental
effect on the banking industry in Indonesia. And economic activity is likewise
inseparable from the scope of discussion in Islam, in the sense that economic
activity is a component of Islamic teachings that emerge from a holistic
application of Islamic practice. The exchange of goods and services is a part of the
economy. One means to legally transfer ownership of an asset to another person in
Islam is through a monetary transaction such as a purchase or sale (price).
Producers give assurance services for the sold goods are free from faults and of
good quality in conjunction with enhancing services and fulfilling consumer
rights. The term "sales and purchase guarantee" was coined to describe this
service. The growth of guarantees has spread to the banking industry. Bank
guarantees, in the banking industry, can be thought of as simple "guarantees" or
"guarantees" provided by the bank to its clients.7
Method
Specifically, doctrinal and normative studies of legal research techniques
are employed. Since this process will only make use of written documents or other
legal materials, it is carried out through literature research.

This technique is used to describe and strengthen bank assurances from an

Islamic perspective using a kafalah contract.

Literature Review
Overview of the Bank

A bank is a financial institution that serves its community by collecting

and redistributing its members' own wealth. A bank is defined as a facility that
accepts deposits from members of the community and returns those funds to the

6
rina Anindita, The Function of a Bank Guarantee as Performance Bond for Production Sharing
Contracts for Upstream Oil and Gas Activities in Indonesia, Thesis, University of Indonesia, 2011
7
Huyasro and Achmad Anwari, Bank Guarantees Guarantee the Success of Your Business
(Jakarta: Balai Aksara, 1983), p. 8.
community in the form of credit or other forms in accordance with Law no. 10 of
1998, dated November 10, 1998.8 A bank, then, is an organization whose purpose
is to collect and distribute community finances through the provision of banking
goods and services that help raise the general standard of life for a population.

Banking in Indonesia is governed by Law No. 10 of 1998, which mandates

that financial institutions contribute to national development in order to better
distribute the benefits of economic prosperity and national stability.

The bank's primary goal is to amass deposits from its customers, who view
the institution as a safe haven for their assets and an opportunity to make
community-beneficial investments. People put their savings in the bank with the
expectation that the institution will protect their funds and not take unnecessary
risks that could wipe them out.9

DEFINITION OF BANK GUARANTEE

The English word "guarantee" and its Dutch equivalent "garantie" both
have their origins in the banking industry. According to the Decree of the Board
of Directors of Bank Indonesia number 23/88/KEP/DIR of 1991 concerning the
Granting of Guarantees by Banks, the following types of guarantees are permitted:

A bank guarantee is a document issued by a bank that creates a legal duty

on the bank to compensate the guarantor in the event of the guarantor's injury
(default); or guarantees in the form of the second signatory and so on for
securities like avals and endorsements with regress rights that create a legal duty
on the bank to compensate the guarantor in the event of the guarantor's default
(default) And other assurances that arise as a result of contingent agreements that
lead to bank obligations.

Thus, a bank guarantee is a guarantee provided by the bank, in the sense

that the bank states a written acknowledgment whose content agrees to bind itself

8
Kasmir, 2014. Analysis of Financial Statements, 7th printing. Jakarta: PT RajaGrafindo Persada.
9
Kasmir, 2014. Analysis of Financial Statements, 7th printing. Jakarta: PT RajaGrafindo Persada.
to the guarantor for a certain period of time and certain conditions if it later turns
out that the guarantor does not fulfill his obligations to the guarantor.10

Another way to look at it is that the Bank guarantees something for the
consumer, but only if the customer guarantees something back for at least the
same amount.11 Cash, frozen demand deposits, certificates of deposit, securities,
land certificates, and other forms of collateral assessed by the Bank to have the
same value as the Bank Guarantee to be issued are examples of the types of
guarantees provided by customers to the Bank for the issuance of Bank
Guarantees.12

Several types of bank guarantees serve different functions, which is

helpful for consumers who want to find the right bank guarantee for them.
Typically, banks offer the following bank guarantee options to their clients13:

1. Bid Bonds or Tender Bonds

Each auction participant is required to produce a bid bond in advance
since it is a condition of participation in a tender. A bid bond is a bank
guarantee given at the request of a client. The party promised
participation in the tender has sought this tender bond in order to
participate in the tender.
2. Advanced Payment Bonds
Is a guarantee made by a bank at the request of its client because the
client has been paid in advance on a tender-won project. The
beneficiary party is requesting this advanced payment bond because
the bank guarantee receiver has already spent money on the project's
down payment and will lose that money if the project is not initiated.

10
Hermansyah, Indonesian National Banking Law (Jakarta: Kencana, 2005), h. 87
11
9 OP Simorangkir, The Ins and Outs of Commercial Banks, (Jakarta: PT Aksara Persada
Indonesia, 1988) h, 134
12
Kasmir, Banking Management, cet.13, (Jakarta: PT Raja Grafindo Persada, 2015) p.149-150
(hereinafter referred to as “Kasmir I”
13
Irawan, A. (2014). Analysis of the Effect of Service Marketing Mix on the Decision to Choose a
Study Program (Studies in the Department of Accounting and the Department of Business
Administration at the Banjarmasin State Polytechnic). Journal of Management Insights, Vol.2,
Number 2, June 2014.
 Then, the person in need of a guarantee will seek for an upfront
payment from a bank to act as a guarantee.
3. Performance Bond or Performance Guarantee
Is a bank's promise to pay back a client who borrowed money to
complete a tender-won project? The guarantee receiver has already
expended the money for the project's continuation, therefore it would
be a waste if the guaranteed did not carry it forward. To prevent this
loss, the guaranteee has asked the bank to issue a performance bond as
part of the guarantee.
4. Maintenance Bond
Is the bank's promise to pay contingent on the customer's completion
of the project? Because the work done by the guarantee conforms to
the SPK issued in the form of materials used, and because there will
be maintenance that must be corrected if damage occurs, the guarantee
recipient has asked for a maintenance bond to ensure that the repairs
are carried out appropriately.
5. Bank Guarantee for Customs and P4BM
This bank guarantee ensures the duty-free re-export of processed
commodities that were originally imported. It is important to
guarantee that exporters' down payment funds will be used to initiate
project work; otherwise, the funds would be wasted. Then, the person
in need of a guarantee will seek for an upfront payment from a bank to
act as a guarantee.
There must be at least three (3) parties in order for a Bank Guarantee to be
valid:
a. The bank stands in as the guarantor in this scenario. Commercial
banks and credit unions are the two main categories of financial
institutions. The bank is entitled to provisions made by their clients
and to assurances made by their customers. Meanwhile, the bank is
obligated to offer bank guarantees, pay debts from third parties, and
prevent consumers from issuing their own guarantees.
 b. The bank's customer, who is also the guaranteeing party. A customer
is an individual or business that receives a bank guarantee from a bank
or non-bank financial organization.
c. A non-party is receiving the warranty benefits here (bouwheer).

Results and Discussion

The process of granting a Bank Guarantee as a Guarantee for Export Import

Implementation at a Foreign Exchange Bank
There are multiple steps involved in putting into action the Foreign
Exchange Bank's issue of a Bank Guarantee as a Guarantee for Export Import
Implementation.

1. Submission/Application for Bank Guarantee Stage

There are two ways in which the customer's status as a legal subject is
manifested:
a. Person
Customers at banks might be classified as either adults or children.
Customers under the age of 18 are not permitted to open credit accounts
or make demand deposits. Deposit clients and/or services, such as
savings customers, walk-in consumers for transfers, and so on, are
aimed at minors. The bank's arrangement with the naive consumer has
various legal ramifications as a result. In accordance with Article 1320
of the Indonesian Civil Code, the agreement will be invalid unless and
until the provisions of the agreement are carried out by a party who is
capable of making an agreement. A contract that was made by a minor
will not hold up in civil court since it will not have met the parties'
subjective expectations.
b. Legal entity
Attention to the legislation and the authority to act from parties
associated to the bank is required while dealing with customers who are
legal entities. This pertains to the company's legal structure (corporate
law). Below are some examples of different kinds of legal entities:
 1. Governmental organizations at the state or municipal level.
2. Businesses organized as limited liability partnerships under Law
No. 40 of 2007 relating to limited liability partnerships; firms
organized as public limited partnerships under Law No. 8 of 1995
relating to capital markets.
3. BUMDs are regionally owned businesses that fall within the
purview of Regional Governments Law 32 of 2004.
4. BUMN, or State Owned Businesses, governed under Law No. 19 of
2003 on BUMN. This BUMN is made up of a mix of publicly
traded corporations, state-owned enterprises, and service providers.
5. Fifthly, cooperatives, which are governed by Law No. 25 of 1992
about Cooperatives and Government Regulation No. 4 of 1994
regarding Requirements and Processes for Ratifying Deeds of
Establishment and Budget Changes to the Articles of Organization
of Cooperatives.
6. Law No. 17 of 2001, as revised by Law No. 28 of 2004, governs
foundations.
7. BHMN University of Indonesia, a State Owned Legal Entity
governed by Government Regulation No. 152 of 2000.
8. Law No. 11 of 1992 Relating to Pension Funds governs pension
funds.14.
Banks must use the precautionary principle when conducting business as a
means of mitigating risk. The use of the know your customer approach is
one of the efforts to put the precautionary principle into practice. To
protect themselves from fraud, financial institutions adhere to the "know
your customer" approach, which requires them to confirm the identity of
their clients and keep tabs on their financial dealings in general15.

14
Widiyono, Tri. 2005, Directors of Limited Liability Companies (Banks and Persero) Existence,
Duties, Authorities and Responsibilities, Based on Legal Doctrine and UUPT, Jakarta: Ghalia.
15
Djoni S. Gazali and Rachmadi Usman. 2010. Banking Law (Ed. 1). Jakarta: Sinar Graphics.
 Knowing your consumer is more than just memorizing their name and
address. How could bank staff not be familiar with their clients? 16. Having
an intimate familiarity with your clientele is essential to achieving success
with the "know your customer" idea. More than just the client's name and
address, banks need to know their customers' demographics and the nature
of their financial dealings with the institution in order to adhere to the
"know your customer" approach. A Foreign Exchange Bank that has
applied the know your customer principle will have requirements that a
customer or prospective customer must meet before submitting a Bank
Guarantee to the Bank.
2. Analysis Phase of Bank Guarantee Granting
The precautionary principle is used in banking in Indonesia, as stated in
Article 2 of Law Number 10 of 1998 concerning Banking. To collect from
and for the society, including the business community, is why financial
organizations like banks exist in the economic system, as Ashar Sinelele
explains in the Legal Aspects of Bank Guarantees. In practice, however,
banks must stick to prudential banking rules (prudential principles) that
reduce the bank's exposure to risk without hampering the sector's ability to
channel money efficiently and effectively.17. Foreign Exchange Banks have
exercised the cautious principle in their dealings with the public by
adhering to the 5 C principle while issuing Bank Guarantees.
An evaluation or assessment of a contractor's credentials and ability to
finish a contract is performed in the pre-contractual stage, before the
existence of the contract. This screening is also known as the
"prequalification" or "prequalification process."18 A counter garantee is a
payment made by the debtor the bank guarantees back to the bank in
exchange for the bank assuming some of the risk associated with the debt
16
Nindyo Pramono, 2006. The Development of Investment Flows in View and Perspective of
Business Law, Journal of Indonesian Legislation. Jakarta: Directorate General of Legislation,
Ministry of Law and Human Rights .Vol.3.
17
Sinilele, Asr. Absolute Power of Attorney Clause in Land Purchase Deed in Palopo City, El-
Iqtishady, vol.2 , no.1, (June 2020).
18
Sri Soedewi Masjchun Sofwan, 1982, Building Law: Building Contract Agreements,
Yogyakarta: Liberty Yogyakarta.
 (counter guarantee). The worth of a guarantee depends on the bank that
issued it and the financial health of the assured debtor. The bank may
accept other kinds of payment, such as frozen demand deposits, deposits,
stocks, or other safe forms of payment, as the intended counter guarantee
payment.19
3. Decision Stage for Granting Bank Guarantees
The following are the responsibilities of any credit-approval policy official:
a. aAll loans are made in compliance with standard banking practices
and solid credit principles.
b. Independent credit decisions are made after an impartial, honest,
objective, cautious, and thorough credit analysis (5C's principles are
used).
c. The creditor has faith that the debtor will be able to repay the
loan.20.
Officials at Foreign Exchange Banks choosing whether or not to offer
Bank Guarantee facilities as Guarantees for Export Import Implementation
must consider the aforementioned factors in making their decision, as well
as the findings of the Foreign Exchange Bank Analytical Team.
4. Bank Guarantee Agreement Making Stage
Article 1824 of the Civil Code states that the guarantor (guarantee) is not
presumed, but must be held with a firm statement, which should not be
mentioned in writing, and that an agreement to grant a bank guarantee is
stated in an agreement commonly referred to as a Bank Guarantee
agreement.
A debt must be a legal obligation, accomplishment, or contract in order to
be guaranteed. Article 1821(1) of the Civil Code provides even more detail.
If there is no legally binding principal agreement, there is no guarantee
under Civil Code Article 1821, paragraph 1.

19
Abdulrahman and Munir Fuady, 1994, Laws Regarding Financing in theory and practice, Jakarta:
Intermasa.
20
Firdaus, Rachmat and Maya Arianti. 2009. Commercial Bank Credit Management: Theories,
Problems, Policies and Complete Applications with Credit Analysis. Bandung: Alphabet.
 This sets it apart from responsibility-free (passive) activities that do not
rely on the existence of any other engagement to exist. Article 1820 of the
Civil Code governs debt guarantees, which fall within the definition of
"liability engagement," which is an independent obligation (Gunawan
Widjaja and Kartini Muljadi, 2003:18). In the Bank Guarantee Agreement,
the Contract Agreement plays a vital role. The general provisions of the
agreement as set forth in Titles I through IV of Book III of the Civil Code
are an integral aspect of every contracting agreement.
The Civil Code's Book III governs the overarching principles that apply to
all agreements, whether they are specifically addressed in that code or are
novel forms of agreement for which no precedent exists in the Law.
A contract, agreement, or understanding is a formal arrangement between
two or more parties whereby one has the legal authority to require
performance from the other.21. Each contract is conceived by agreement or
by law, as stated in Article 1233 of the Civil Code. As such, one of the
manifestations of engagement is the formation of a contract 22. If the
Foreign Exchange Bank and the customer/contractor enter into a Bank
Guarantee agreement, the Bank (Foreign Exchange Bank) agrees to bind
itself for the benefit of the creditor (owner of the work/project) to fulfill an
obligation if the customer/contractor does not carry out its obligations due
to a breach of promise/default to the creditor (the owner of the
work/project).
This agreement has been formed in writing, and it is printed and in one
copy, with the bank providing the terms and conditions. So, all the
customer has to do to use the bank's services is accept them or reject them.
The buyer has no right to demand the terms he desires. This agreement is a
"take it or leave it" standard form, sometimes known as a "standard
agreement."23

21
Subekti, 1995, Various Agreements, Bandung: PT. Image Aditya Bakti.
22
Az, Lukman Santoso. 2011. Legal Rights and Obligations of Bank Customers. Yogyakarta:
Yustisia Library.
23
Ahmad Yani and Gunawan Widjaja, 2001, Fiduciary Guarantee, Raja Grafindo Perkasa, Jakarta
 The contents of a Standard Agreement have been standardized and laid
forth in a form. An agreement that applies and is binding between parties
who have mutual interests and whose contents are set forth in a certain
form that is used as a benchmark by one party without discussing the
contents in advance with the other party but who are nevertheless
considered to have agreed to the contents is also known as a standard
agreement24.
According to Article 1820 of the Civil Law Code, a Guarantee is a contract
in which a third party promises to perform an obligation of the debtor to the
creditor in the event that the debtor fails to do so. This elucidation shows
that debt guarantees are agreements between a third party (i.e., not the
debtor) and the creditor (who is owed money under the original deal) (who
is entitled to fulfill the agreement by the debtor). According to article 1320
of the Civil Code, a debtor's liability cannot be severed from the terms of
the agreement's legality.
Since, from a legal standpoint, a Bank Guarantee is a debt guarantee
arrangement, the agreement must also meet the conditions of Article 1320
of the Indonesian Civil Code, which are as follows:
a. Their agreement is binding.
b. The ability to make an engagement.
c. A certain subject matter.
d. A lawful reason.

The contractor hires the project construction contractor under the terms of a
contract to carry out the construction work. The construction project's employer
requires a bank guarantee. This is done to forestall the creation of hazards as a
result of contractors going into default before the building is finished.

To issue a bank guarantee, a bank must first determine if there are

fundamental activities that can be secured through a bank guarantee. The primary

24
Badrulzaman, Mariam Darus. 1996. Civil Code Book III Law of Engagement with Explanations.
London: Alumni.
events include things like securing funding for a specific project or entering into a
financial agreement that establishes a payment due date in the future.

Time is needed for these primary pursuits, and once it has elapsed, certain
parties are obligated to act. A bank guarantee, as the name implies, is a guarantee
issued by a bank that an obligation will be met in the future.

The holder of a bank guarantee has the right to sue the bank that issued the
guarantee if the guaranteed bank goes into default. The deadlines for filing claims
with various banks vary. Yet, in most cases, you only have two weeks after the
bank guarantee expires.

If you want to know what this means in terms of a bank guarantee being
issued or happening, here it is:

To begin, a person or company can get hired to complete a project for a

government or private agency (bouwheer) by a formal appointment or by winning
a bid for the work. The availability of a guarantee from a certain bank or
insurance company is one of the requirements that must be met by the executor of
the task.

Second, the party responsible for carrying out the work applies to one of the
banks for a bank guarantee (usually what has happened so far is the bank that has
become the creditor).

Finally, the bank agrees to give or issue a bank guarantee after going
through many procedures (the procedure is similar to extending credit in general).

Fourth, an agreement to provide a bank guarantee and provide guarantees by

the customer concerned is set out since this bank guarantee facility can be claimed
at any moment and the bank must pay compensation to the bouwheer.

The relationship between the guarantor (the bank) and the guaranteed (the
bank customer) becomes one of credit if it later becomes clear that the guaranteed
party is in default (default) and the counter-guaranty is insufficient to meet the
claims/demands of the guarantee receiver.

Some examples of acceptable guarantees in export and import transactions

are as follows:

1) cash guarantee,
2) bank guarantee (Bank Guarantee),
3) guarantees from insurance companies in the form of Customs Bonds,
4) Indonesia Exim Bank guarantee (Guarantee of the Indonesian Export
Financing Institution),
5) guarantee guarantee company,
6) corporate guarantee, or
7) written guarantee.
Submitting a guarantee to the Customs Office is essentially a
guarantee for the payment of state levies within the context of export-
import activities and/or fulfillment of responsibilities required under
export-import rules. As a result, care and precision are required when
handling assurances. There is inherent danger in providing guarantees in
the context of international trade. Uncollectible collateral risks might also
arise under specific circumstances. The Directorate General of Customs
and Excise controls the confirmation method for customs office supplied
promises to reduce risk.
Loan collateral refers to an item that secures a loan. The importer's good
faith and sense of responsibility in meeting their customs duties are demonstrated
by the guarantee. Importers who wish to enforce their legal claims against the
government must also meet the burden of proving to the Directorate General of
Customs and Excise (DJBC) that they will follow all relevant export-import
regulations. Bank guarantees are one type of guarantee that DGCE would accept,
per Article 42, paragraph 2, of Law No. 10 of 1995, as revised by Law No. 17 of
2006.

Conclusion
 The Indonesian legal system provides the foundation for the
implementation of a bank guarantee guarantee policy within the context of export-
import activities. There is a governing body inside this system of law called the
Directorate General of Customs and Excise. Article 42 paragraph (2) of Law No.
10 of 1995 concerning Export-Import, as amended by Law No. 17 of 2006
concerning Changes to Law No. 10 of 1995 concerning Exports-Import, contains
the relevant legal substance relating to bank guarantees. And there's the legal
culture, which includes things like the manual nature of the guarantee adjustment
system, ineffective guarantee management regulations, and the existence of
objections and unsatisfactory regulations for policy implementers. As a result, the
Customs Office where customs responsibilities are met requires regulation of the
confirmation procedure for guarantees supplied by the Directorate General of
Customs and Excise. Bank guarantees are one type of guarantee that are
confirmed to the issuer.

Library List
Hermansyah, Indonesian National Banking Law (Jakarta: Kencana, 2005)

Ade Hari Siswanto, Legal Characteristics and Implementation of Bank Guarantees

in Construction Service Contract Guarantees, Lex Jurnalica Vol. 14 No. 1
(April 2017) p. 27

Safe, EP (1989). Bank credit in a juridical review, (Cet.2). Yogyakarta:

rina Anindita, The Function of a Bank Guarantee as Performance Bond for

Production Sharing Contracts for Upstream Oil and Gas Activities in
Indonesia, Thesis, University of Indonesia, 2011

Huyasro and Achmad Anwari, Bank Guarantees Guarantee the Success of Your
Business (Jakarta: Balai Aksara, 1983), p. 8.

Kasmir, 2014. Analysis of Financial Statements, 7th printing. Jakarta: PT

RajaGrafindo Persada.

Hermansyah, Indonesian National Banking Law (Jakarta: Kencana, 2005), h. 87

OP Simorangkir, The Ins and Outs of Commercial Banks, (Jakarta: PT Aksara
Persada Indonesia, 1988) h, 134

Kasmir, Banking Management, cet.13, (Jakarta: PT Raja Grafindo Persada, 2015)

p.149-150 (hereinafter referred to as “Kasmir I”

Irawan, A. (2014). Analysis of the Effect of Service Marketing Mix on the

Decision to Choose a Study Program (Studies in the Department of
Accounting and the Department of Business Administration at the
Banjarmasin State Polytechnic). Journal of Management Insights, Vol.2,
Number 2, June 2014.

Widiyono, Tri. 2005, Directors of Limited Liability Companies (Banks and

Persero) Existence, Duties, Authorities and Responsibilities, Based on Legal
Doctrine and UUPT, Jakarta: Ghalia.

Djoni S. Gazali and Rachmadi Usman. 2010. Banking Law (Ed. 1). Jakarta: Sinar
Graphics.

Nindyo Pramono, 2006. The Development of Investment Flows in View and

Perspective of Business Law, Journal of Indonesian Legislation. Jakarta:
Directorate General of Legislation, Ministry of Law and Human
Rights .Vol.3.

Sinilele, Asr. Absolute Power of Attorney Clause in Land Purchase Deed in

Palopo City, El-Iqtishady, vol.2 , no.1, (June 2020).

Sri Soedewi Masjchun Sofwan, 1982, Building Law: Building Contract

Agreements, Yogyakarta: Liberty Yogyakarta.

Abdulrahman and Munir Fuady, 1994, Laws Regarding Financing in theory and
practice, Jakarta: Intermasa.

Firdaus, Rachmat and Maya Arianti. 2009. Commercial Bank Credit

Management: Theories, Problems, Policies and Complete Applications with
Credit Analysis. Bandung: Alphabet.
Subekti, 1995, Various Agreements, Bandung: PT. Image Aditya Bakti.

Az, Lukman Santoso. 2011. Legal Rights and Obligations of Bank Customers.
Yogyakarta: Yustisia Library.

Ahmad Yani and Gunawan Widjaja, 2001, Fiduciary Guarantee, Raja Grafindo
Perkasa, Jakarta

Badrulzaman, Mariam Darus. 1996. Civil Code Book III Law of Engagement with
Explanations. London: Alumni.