The world is experiencing financial crisis. The capitalist economists' honest 'point that the system kapitalislah causes of this crisis. However, some economists capitalist berkilah other, that this is merely a technical issue, not ideological issues / systems, so there will be a new balance.
The question is whether the global financial crisis will affect Indonesia? As far as what effects? The government claimed that Indonesia's economic fundamentals' strong 'is not so easily affected. Is it true? How Islam views that the economic fundamentals of a country can be strong? And also as the implementation of the Islamic financial system? To answer the questions above, the editor of al-waie (need uwik) economic experts interviewed sharia, Muhammad Riza My Rosadi (head of the DPP HTI). The following excerpt.
According to the views of religious teachers, the global financial crisis if the current economic issues technical, or ideological?
The financial crisis that overrides the global market, especially the United States, this is a recurring incident as the crisis-a crisis before. In the year 1929 the world experienced a major depression. Crisis befall the U.S. economy, but the turmoil and the world felt the impact. Financial crisis is also now occurred.
Indeed, some economists think that the global financial crisis that occurred when this is a technical economic issue. However, the snow did we, the global financial crisis is not just a technical economic issue that is only just a price adjustment to a new balance, but the issue of ideology as a result of the capitalist economic system to be global. Application of capitalist ideology in the economic field has caused the crisis in the world. Many of the economic crisis continues to engulf the world crisis of Finland 1992, the Mexican crisis in 1994, the company giant General Baring-Singapore in 1995, world stock markets keguncangan Wall Street, New York in 1995, bad debts hundreds of trillions of rupiah in the property business in Japan 1996, the economic crisis that preceded the monetary crisis in Asia and various parts of the world in 1997, the Russian crisis in 1998, the Brazilian crisis in 1999, Turkish Crisis of 2001, Argentina crisis of 2001, until the financial crisis the United States in 2007 that the global impact . All that is not separate from the application of capitalist ideology in the economic field. Repeated crisis shows there are fundamental issues of misrepresentation system is capitalism.
Actually, what the fundamental weakness of the financial system capitalist?
According to me, the fundamental weakness of the instability that exists naturally in the capitalist economic system. Instability is a trigger financial crisis and the impact on the world economic crisis. In the capitalist economic system, development of more economic growth supported by non-rill and not the real sector. Nonproduktif speculative activity (ie derivatives transactions in the money market, forex exchange, stock markets and exchange A commodity), which contains economic transactions seekers (usury), and the issue of currency countries that are not supported by the value intrinsiknya are the main factors triggered the financial and monetary instability which can result in financial and economic crisis.
How do with the assumption that the capitalist economy when in fact this is the new balance?
Ideally a new balance running with the economic mechanisms that run natural. However, in many economic and financial crisis that is, the economic mechanisms is not running a natural, but it must be through the intervention of the country during this ditabukan in the capitalist economic system. This means, a new balance that occurred forced through state intervention, not naturally occur. State intervention is clearly contrary to the principles of free market that they list. So, this is only "tambal embroidery" only on the wrack capitalist economic system.
How the influence of the global financial crisis on the economy of Indonesia?
As we know, economic and financial crisis that occurred during this always to the broad impact on other countries. Similarly the global financial crisis triggered by the crisis in the U.S.. Moreover, because the U.S. is currently dominating the financial sector and the financial world. Not yet associated with the currency to U.S. dollars as the currency most often used in financial transactions world. Therefore, the global financial crisis will affect the economy of Indonesia.
The government claimed, Indonesia will not be affected as the global crisis of 1998 because of Indonesia's economic fundamentals are strong.
According to me, a claim the government is sikapi we need to be careful. Did European countries, Japan, Russia and other countries affected by the crisis has global economic fundamentals are strong, even stronger than the economic fundamentals of Indonesia? Indonesia has not affected the global crisis separah crisis in 1998 is correct. However, signs that the influence can be spread and grown increasingly evident. This can be seen from the turmoil in the stock market turmoil and rupiah depreciation against foreign currencies. Even the impact to the real sector has also felt. The decline of production due to escalating production costs, especially the import of raw materials, melambatnya bank credit due to the increase of interest rates and tight liquidity, and lay the occurrence of many companies is a clear indication. This condition is worsened when the rupiah currency against the currencies terdepresiasi world. If this continues, it is possible that the impact of the crisis of 1998 will be repeated again.
Whether the factors fundamental pillar capitalist economy precisely as the source of crisis?
If we observed, the global crisis triggered by some of the main reasons. First: the issue of currency. Currency of a country when this money is tied to other countries (such as the rupiah against the U.S. dollar), not on themselves so that their value is never stable. If the currency certain flare, will affect the stability in the currency. Second: the system to be money in the bank interest. Third: the speculative transactions in the stock market, money market and commodity market measure. Upheavals that so big in the stock market, money market and commodity markets have caused the economy to be unstable and full of turmoil.
In addition, the trigger is the distribution of property damage due to damage to the system of ownership in the capitalist economy that is very laud the growth and ignores the distribution of wealth.
How Islam to build strong economic fundamentals?
First: economic instability can be prevented by the activities seekers (usury); prevent the activities of non-productive speculation in the money market, capital markets and exchange A commodities; to restore the functions of money to its original function, namely as a standard value, equipment storage and exchange value ( store of value) and can not be traded as a commodity. This is made with gold and silver as the standard currency.
Second: the system of ownership to manage the distribution of wealth can be run properly. For that, Islam set kepemikian the form of individual ownership, public ownership and state ownership. Special public ownership should be managed by the state and can not be submitted to the private sector (privatization). The results are then distributed to all the people with low price (free). This is because rakyatlah The owner of the public ownership.
Can be explained on the principles of sharia and the important financial strength?
There are several key provisions in the Islamic financial system. Among them: First, the application of the currency system of gold and silver. Is the money system of gold and silver (gold and silver standard) is the use of gold and silver as the standard unit of currency. Both metals can be used as currency without any form of restriction. This system has been known since the first period and used in the Islamic country. The money circulating in the community must be gold and silver, both realized in the form of physical gold and silver paper, or take the money with the guarantee of gold and silver stored in the central bank.
Second, the prohibition of usury and the activities of acquiring money. With the prohibition of usury and acquiring money, the money will be outstanding following the development of the flow of goods and services. Money will not meet with the money by dibungakan.
Third, although the ban stockpile money has been spent zakatnya. Money that will not be dumped functioning economy, and even hamper the distribution because there is no turnaround property. Islam forbid up property (money) have been issued, although zakatnya. Even Islam requires spending on property that he outstanding in the middle of the community so that the benefits can be taken. With emphatic al-Quran prohibits businesses have been hoarding wealth, both gold and silver, because both are standard currency (See: QS at-Taubah [9]: 34).
Fourth, the prohibition of speculation in the money market, stock market and commodity market measure. Derivatives transactions that must be filled with speculation banned. These transactions must follow the provisions of sharia on the buy and sell goods, securities and currency exchange.
Fifth, the use of property, the Baitul Mal to spur economic growth and manage the distribution of wealth. Property, the Baitul Mal (Cash Country) Indeed used to improve the welfare of the people. He used to spur economic growth by providing facilities and infrastructure such as roads, markets, ports and others. It also can function as a distribution mechanism means when wealth distribution is not well run through the property to the citizens, the division of charity, infak and are entitled to the dole and others.
How to realize the financial sharia in the context? The extent to which the role of Khilafah?
In the current context, every individual Muslim to be trying to run the economic and financial activities in accordance with the provisions of sharia, although the weight. Efforts to establish various financial institutions, sharia is the effort to realize this. However, these steps are not easy and many obstacles. This is because the world financial system is dominated by the global capitalist system. Therefore, the implementation of the Islamic financial system in a broader scope will of the capitalist system is full and speculative ribawi. For that, there must be an alternative system, namely, the Khilafah system that can carries the implementation of all principles of the Islamic financial perfectly
The question is whether the global financial crisis will affect Indonesia? As far as what effects? The government claimed that Indonesia's economic fundamentals' strong 'is not so easily affected. Is it true? How Islam views that the economic fundamentals of a country can be strong? And also as the implementation of the Islamic financial system? To answer the questions above, the editor of al-waie (need uwik) economic experts interviewed sharia, Muhammad Riza My Rosadi (head of the DPP HTI). The following excerpt.
According to the views of religious teachers, the global financial crisis if the current economic issues technical, or ideological?
The financial crisis that overrides the global market, especially the United States, this is a recurring incident as the crisis-a crisis before. In the year 1929 the world experienced a major depression. Crisis befall the U.S. economy, but the turmoil and the world felt the impact. Financial crisis is also now occurred.
Indeed, some economists think that the global financial crisis that occurred when this is a technical economic issue. However, the snow did we, the global financial crisis is not just a technical economic issue that is only just a price adjustment to a new balance, but the issue of ideology as a result of the capitalist economic system to be global. Application of capitalist ideology in the economic field has caused the crisis in the world. Many of the economic crisis continues to engulf the world crisis of Finland 1992, the Mexican crisis in 1994, the company giant General Baring-Singapore in 1995, world stock markets keguncangan Wall Street, New York in 1995, bad debts hundreds of trillions of rupiah in the property business in Japan 1996, the economic crisis that preceded the monetary crisis in Asia and various parts of the world in 1997, the Russian crisis in 1998, the Brazilian crisis in 1999, Turkish Crisis of 2001, Argentina crisis of 2001, until the financial crisis the United States in 2007 that the global impact . All that is not separate from the application of capitalist ideology in the economic field. Repeated crisis shows there are fundamental issues of misrepresentation system is capitalism.
Actually, what the fundamental weakness of the financial system capitalist?
According to me, the fundamental weakness of the instability that exists naturally in the capitalist economic system. Instability is a trigger financial crisis and the impact on the world economic crisis. In the capitalist economic system, development of more economic growth supported by non-rill and not the real sector. Nonproduktif speculative activity (ie derivatives transactions in the money market, forex exchange, stock markets and exchange A commodity), which contains economic transactions seekers (usury), and the issue of currency countries that are not supported by the value intrinsiknya are the main factors triggered the financial and monetary instability which can result in financial and economic crisis.
How do with the assumption that the capitalist economy when in fact this is the new balance?
Ideally a new balance running with the economic mechanisms that run natural. However, in many economic and financial crisis that is, the economic mechanisms is not running a natural, but it must be through the intervention of the country during this ditabukan in the capitalist economic system. This means, a new balance that occurred forced through state intervention, not naturally occur. State intervention is clearly contrary to the principles of free market that they list. So, this is only "tambal embroidery" only on the wrack capitalist economic system.
How the influence of the global financial crisis on the economy of Indonesia?
As we know, economic and financial crisis that occurred during this always to the broad impact on other countries. Similarly the global financial crisis triggered by the crisis in the U.S.. Moreover, because the U.S. is currently dominating the financial sector and the financial world. Not yet associated with the currency to U.S. dollars as the currency most often used in financial transactions world. Therefore, the global financial crisis will affect the economy of Indonesia.
The government claimed, Indonesia will not be affected as the global crisis of 1998 because of Indonesia's economic fundamentals are strong.
According to me, a claim the government is sikapi we need to be careful. Did European countries, Japan, Russia and other countries affected by the crisis has global economic fundamentals are strong, even stronger than the economic fundamentals of Indonesia? Indonesia has not affected the global crisis separah crisis in 1998 is correct. However, signs that the influence can be spread and grown increasingly evident. This can be seen from the turmoil in the stock market turmoil and rupiah depreciation against foreign currencies. Even the impact to the real sector has also felt. The decline of production due to escalating production costs, especially the import of raw materials, melambatnya bank credit due to the increase of interest rates and tight liquidity, and lay the occurrence of many companies is a clear indication. This condition is worsened when the rupiah currency against the currencies terdepresiasi world. If this continues, it is possible that the impact of the crisis of 1998 will be repeated again.
Whether the factors fundamental pillar capitalist economy precisely as the source of crisis?
If we observed, the global crisis triggered by some of the main reasons. First: the issue of currency. Currency of a country when this money is tied to other countries (such as the rupiah against the U.S. dollar), not on themselves so that their value is never stable. If the currency certain flare, will affect the stability in the currency. Second: the system to be money in the bank interest. Third: the speculative transactions in the stock market, money market and commodity market measure. Upheavals that so big in the stock market, money market and commodity markets have caused the economy to be unstable and full of turmoil.
In addition, the trigger is the distribution of property damage due to damage to the system of ownership in the capitalist economy that is very laud the growth and ignores the distribution of wealth.
How Islam to build strong economic fundamentals?
First: economic instability can be prevented by the activities seekers (usury); prevent the activities of non-productive speculation in the money market, capital markets and exchange A commodities; to restore the functions of money to its original function, namely as a standard value, equipment storage and exchange value ( store of value) and can not be traded as a commodity. This is made with gold and silver as the standard currency.
Second: the system of ownership to manage the distribution of wealth can be run properly. For that, Islam set kepemikian the form of individual ownership, public ownership and state ownership. Special public ownership should be managed by the state and can not be submitted to the private sector (privatization). The results are then distributed to all the people with low price (free). This is because rakyatlah The owner of the public ownership.
Can be explained on the principles of sharia and the important financial strength?
There are several key provisions in the Islamic financial system. Among them: First, the application of the currency system of gold and silver. Is the money system of gold and silver (gold and silver standard) is the use of gold and silver as the standard unit of currency. Both metals can be used as currency without any form of restriction. This system has been known since the first period and used in the Islamic country. The money circulating in the community must be gold and silver, both realized in the form of physical gold and silver paper, or take the money with the guarantee of gold and silver stored in the central bank.
Second, the prohibition of usury and the activities of acquiring money. With the prohibition of usury and acquiring money, the money will be outstanding following the development of the flow of goods and services. Money will not meet with the money by dibungakan.
Third, although the ban stockpile money has been spent zakatnya. Money that will not be dumped functioning economy, and even hamper the distribution because there is no turnaround property. Islam forbid up property (money) have been issued, although zakatnya. Even Islam requires spending on property that he outstanding in the middle of the community so that the benefits can be taken. With emphatic al-Quran prohibits businesses have been hoarding wealth, both gold and silver, because both are standard currency (See: QS at-Taubah [9]: 34).
Fourth, the prohibition of speculation in the money market, stock market and commodity market measure. Derivatives transactions that must be filled with speculation banned. These transactions must follow the provisions of sharia on the buy and sell goods, securities and currency exchange.
Fifth, the use of property, the Baitul Mal to spur economic growth and manage the distribution of wealth. Property, the Baitul Mal (Cash Country) Indeed used to improve the welfare of the people. He used to spur economic growth by providing facilities and infrastructure such as roads, markets, ports and others. It also can function as a distribution mechanism means when wealth distribution is not well run through the property to the citizens, the division of charity, infak and are entitled to the dole and others.
How to realize the financial sharia in the context? The extent to which the role of Khilafah?
In the current context, every individual Muslim to be trying to run the economic and financial activities in accordance with the provisions of sharia, although the weight. Efforts to establish various financial institutions, sharia is the effort to realize this. However, these steps are not easy and many obstacles. This is because the world financial system is dominated by the global capitalist system. Therefore, the implementation of the Islamic financial system in a broader scope will of the capitalist system is full and speculative ribawi. For that, there must be an alternative system, namely, the Khilafah system that can carries the implementation of all principles of the Islamic financial perfectly
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