Capitalist financial system has been proven repeatedly that cause the crisis. How alternative solutions? This paper will provide a picture of the global Islamic financial system, shows the resilience of the economic system of Islam, which had applied for more than 1,200 years and have never experienced a global economic crisis, and a significant show the important role of government institutions that will implement the Islamic financial system.
Islamic Financial System
Islamic financial system in a comprehensive consist of: (1) Currency syar'i based on a gold / silver; (2) Free usury; (3) focus on the real economic sector.
First: Islamic economic system that has set the gold and silver is the currency, not the other. Removing the substitution of paper must be supported with gold and silver, with the same value and can be exchanged, when there is demand. Thus, paper money any country will not be dominated by the money of other countries. Instead, the money is intrinsically have a fixed value, not changed.
The foundation syar'i ditetapkannya system of gold and silver as the standard currency countries are as follows:
1. Islam requires Diyat (fine) with the second currency (dinar and Dirham).
He said. said:
وعلى أهل الذهب ألف دينار
Penimbun penalties for gold is a thousand dinar (HR an Nasa'i).
2. Nishâb (minimum) require that the perpetrators of theft cut his hand is a quarter-dinar or more.
Verily, Allah. do not cut the hand of the thief in the case of theft with a value of three Dirham. He said. said:
تقطع اليد في ربع دينار فصاعدا
Hand (a steal) cut in the (theft cases) or more than a quarter dinar (HR al-Bukhari and Muslim).
3. Islam forbid pile of gold and silver.
God Almighty. , said:
والذين يكنزون الذهب والفضة ولا ينفقونها في سبيل الله فبشرهم بعذاب أليم
People who stockpile of gold and silver and not menginfakkannya in the way of Allah, then let them a painful punishment. (QS at-Taubah [9]: 34).
4. Islam requires alms on the gold and silver as both are considered as currency and as a standard price of goods in the sale of wages and labor-engage.
She pleased. personality:
كان يأخذ من كل عشرين دينارا فصاعدا نصف دينار
He said. to collect alms for every 20 Dinars or more of half a dinar (HR Ibn Majah).
When Islam set the laws in muamalah exchange, gold and silver as standard-ukurnya. He said. prohibit the exchange of silver with gold or silver with gold unless the same value. He was ordered to memperjualbelikan gold with silver as desired. On the basis of it all, it is clear that the currency is syar'i gold and silver.
Second: Islamic financial system explicitly prohibits usury and the sale of the commodity before by impressive. Therefore, forbidden to sell goods that belong not to be perfectly. FORBIDDEN memindahtangankan valuable paper, bond and share produced from the contract, the contract falsehood. Islam also forbid all means of deception and manipulation that allowed by Capitalism, with claims of freedom of ownership.
In the Baitul Mal, people also get a special section for loans for which they need, including farmers, as a form of assistance to them, without any element of usury in the slightest (See: QS al-Baqarah [2]: 278-279).
Based on this, the entire transaction usury, which appears in the financial system and modern banking (with interest) would be forbidden; including transactions derivation common in currency markets and stock markets. Inflate stock prices and money-that is not in accordance with the price of a 'reasonable' and really have a value intrinsically the same nominal value of listed in-action is usury. He said.
الذهب بالذهب والفضة بالفضة والبر بالبر والشعير بالشعير والتمر بالتمر والملح بالملح مثلا بمثل ويدا بيد فمن زاد او استزاد فقد أربى
(Can be exchanged) gold with gold, silver with silver, wheat with wheat, jewawut with jewawut, dates with the dates, salt with salt, which is equivalent (the same value and quality) and rendered directly (from hand to hand). Anyone who add (a value) or request additional Indeed, he has a usury (HR al-Bukhari and Ahmad).
Third: concentrate on the real economy. Islamic economic system always menomorsatukan needs and community empowerment in real terms, not only economic growth, as the main issues that require exit and implementation of policies. Islam has a system of background typical of the thinking about economic development so that the point of economic development is different from Capitalism.
Economic System of Islam and focus on the fulfillment of human needs, not on economic growth itself.
The idea of forming the economic system of Islam confinement policies and regulations directed to reach the focus. Islam put special attention to meet human needs, instead of adding to the GDP figures only.
Islamic Economic System Reliability
1. Moving the real economy.
Economic Islam does not recognize dual economy, the real sector and non-real sector, the activity was dominated by betting against the practice of what will happen in the real economy. Islamic Economy based on the real economy. Thus, all the rules of Islam ensure that the economic turnaround fixed assets rotates luas.1
Prohibition of the interest (usury) can dipraktikan by investing capital in the economic sector rill, because investment in other sectors (non-real; such as money market and capital market) is prohibited in syariah.2 Even if there are still some who try to put as capital or savings deposits in banks (which of course also will not provide interest), which saved the capital also flowed into the real sector can be in the form of cooperation (syarikah), 3 rental menyewa4 or lawful transactions in the real sector lainnya.5
Walhasil, every individual who have more surplus money to invest it in real economic sectors, which will have the effect of folded because berputarnya money from person to person to another. Conversely, the presence of interest, financial markets, and gambling is directly factors that impede the rotation property.
2. Stability in the financial world.
With the financial system to be Islam (Islamic dinar currency and Dirham, riba6 restrictions and the implementation of economic-based real sector of the market in speculative financial derivatif7) will create the world's financial stability. After more than 14 centuries purchasing power exchange value of the dinar has remained. This is evident with the purchasing power of 1 dinar at the time of Prophet. that can be exchanged with 1 goats. At this 1 dinar can be exchanged with 1 goats (1 dinar is now around Rp 800,000) (Iqbal, 2007, Microbiol. 55) .8
3. Not easy Interfered foreign / independent.
Countries that apply Islamic financial system in a comprehensive, as has been described, will carry political self-sufficiency; reduce (meminimkan) import; implement the strategy of substitution of imported goods with goods that are available in the country; and increase the export of commodities produced in the country with the necessary commodities in the country or sell it with payment in the form of gold and silver, or with foreign currency required to import goods and services that are needed.
By applying a global Islamic financial system become a comprehensive country strong and independent. It would make the country will not be easy Interfered by the asing.9
Khatimah
Based on the description, the Islamic financial system impossible to be implemented by individuals or a group of people only. We may not expect secular capitalist countries will apply the Islamic financial system. Only the Khilafah state institutions capable of implementing Islamic financial system is comprehensive.
Based on the principle "MA la yatimm al-compulsory illâ bihi fa huwa compulsory (During an obligation not perfect with anything except the things that become mandatory)," the obligation to be with us to establish the Khilafah state that carries Rasyidah and implement Islamic sharia (including the system Islamic finance), which will bring to our lives in a beautiful, safe and reassuring in limpahan blessing of Allah 'Azza wa Jalla. [Muhammad Sholahuddin, SE, M.Si.; Director of Center for Economic Studies Islamic Univ. Muhammadiyah Surakarta]
============================================
Sharia, which stretches
Editor Khilafah Magazine10 (2006) recounts, at the time of Caliph Umar ibn al-Khaththab, Arabian Peninsula to the season so protracted famine population areas that need food in large quantities. When Amirul Mukminin Umar bin Khaththab assistance of the Governor Amr bin Ash, which is in the African region, the response al-Ash suratnya seen from the contents to notify the Caliph that he was sending a camel (a load of food materials) troupe, which is in the first Caliph (Medina) , While the last group in the al-Ash (Egypt, Africa).
At the time of Caliph Umar pleased., In Yemen, for example, Muadz bin Jabal difficult to find a poor is feasible given the zakat.11 At the time, Caliph Umar ibn al-Khaththab able to hire teachers in the Medina each 15 dinar (around Rp 8 , 5 million / month) .12
Then, at the time of Caliph Umar ibn Abdul Aziz, Saad bin Yahya Khalifah sent to distribute charity funds in the Baitul Mal (Cash Country) for the people of North Africa, but he did not find one poor-poor, who are entitled to receive zakat.13
This event that describes the system in the history of Islam (the financial and economic system of Islam applied) in the auspices of the caliphs, not the poor people of Africa-poor, there is never a terzalimi. But otherwise, we need to be questioned, why African countries feel the pain and suffering, poverty and inequality since the extraordinary imperialist countries of Europe traverse the various countries in Africa (18th century) until now?
Islamic Financial System
Islamic financial system in a comprehensive consist of: (1) Currency syar'i based on a gold / silver; (2) Free usury; (3) focus on the real economic sector.
First: Islamic economic system that has set the gold and silver is the currency, not the other. Removing the substitution of paper must be supported with gold and silver, with the same value and can be exchanged, when there is demand. Thus, paper money any country will not be dominated by the money of other countries. Instead, the money is intrinsically have a fixed value, not changed.
The foundation syar'i ditetapkannya system of gold and silver as the standard currency countries are as follows:
1. Islam requires Diyat (fine) with the second currency (dinar and Dirham).
He said. said:
وعلى أهل الذهب ألف دينار
Penimbun penalties for gold is a thousand dinar (HR an Nasa'i).
2. Nishâb (minimum) require that the perpetrators of theft cut his hand is a quarter-dinar or more.
Verily, Allah. do not cut the hand of the thief in the case of theft with a value of three Dirham. He said. said:
تقطع اليد في ربع دينار فصاعدا
Hand (a steal) cut in the (theft cases) or more than a quarter dinar (HR al-Bukhari and Muslim).
3. Islam forbid pile of gold and silver.
God Almighty. , said:
والذين يكنزون الذهب والفضة ولا ينفقونها في سبيل الله فبشرهم بعذاب أليم
People who stockpile of gold and silver and not menginfakkannya in the way of Allah, then let them a painful punishment. (QS at-Taubah [9]: 34).
4. Islam requires alms on the gold and silver as both are considered as currency and as a standard price of goods in the sale of wages and labor-engage.
She pleased. personality:
كان يأخذ من كل عشرين دينارا فصاعدا نصف دينار
He said. to collect alms for every 20 Dinars or more of half a dinar (HR Ibn Majah).
When Islam set the laws in muamalah exchange, gold and silver as standard-ukurnya. He said. prohibit the exchange of silver with gold or silver with gold unless the same value. He was ordered to memperjualbelikan gold with silver as desired. On the basis of it all, it is clear that the currency is syar'i gold and silver.
Second: Islamic financial system explicitly prohibits usury and the sale of the commodity before by impressive. Therefore, forbidden to sell goods that belong not to be perfectly. FORBIDDEN memindahtangankan valuable paper, bond and share produced from the contract, the contract falsehood. Islam also forbid all means of deception and manipulation that allowed by Capitalism, with claims of freedom of ownership.
In the Baitul Mal, people also get a special section for loans for which they need, including farmers, as a form of assistance to them, without any element of usury in the slightest (See: QS al-Baqarah [2]: 278-279).
Based on this, the entire transaction usury, which appears in the financial system and modern banking (with interest) would be forbidden; including transactions derivation common in currency markets and stock markets. Inflate stock prices and money-that is not in accordance with the price of a 'reasonable' and really have a value intrinsically the same nominal value of listed in-action is usury. He said.
الذهب بالذهب والفضة بالفضة والبر بالبر والشعير بالشعير والتمر بالتمر والملح بالملح مثلا بمثل ويدا بيد فمن زاد او استزاد فقد أربى
(Can be exchanged) gold with gold, silver with silver, wheat with wheat, jewawut with jewawut, dates with the dates, salt with salt, which is equivalent (the same value and quality) and rendered directly (from hand to hand). Anyone who add (a value) or request additional Indeed, he has a usury (HR al-Bukhari and Ahmad).
Third: concentrate on the real economy. Islamic economic system always menomorsatukan needs and community empowerment in real terms, not only economic growth, as the main issues that require exit and implementation of policies. Islam has a system of background typical of the thinking about economic development so that the point of economic development is different from Capitalism.
Economic System of Islam and focus on the fulfillment of human needs, not on economic growth itself.
The idea of forming the economic system of Islam confinement policies and regulations directed to reach the focus. Islam put special attention to meet human needs, instead of adding to the GDP figures only.
Islamic Economic System Reliability
1. Moving the real economy.
Economic Islam does not recognize dual economy, the real sector and non-real sector, the activity was dominated by betting against the practice of what will happen in the real economy. Islamic Economy based on the real economy. Thus, all the rules of Islam ensure that the economic turnaround fixed assets rotates luas.1
Prohibition of the interest (usury) can dipraktikan by investing capital in the economic sector rill, because investment in other sectors (non-real; such as money market and capital market) is prohibited in syariah.2 Even if there are still some who try to put as capital or savings deposits in banks (which of course also will not provide interest), which saved the capital also flowed into the real sector can be in the form of cooperation (syarikah), 3 rental menyewa4 or lawful transactions in the real sector lainnya.5
Walhasil, every individual who have more surplus money to invest it in real economic sectors, which will have the effect of folded because berputarnya money from person to person to another. Conversely, the presence of interest, financial markets, and gambling is directly factors that impede the rotation property.
2. Stability in the financial world.
With the financial system to be Islam (Islamic dinar currency and Dirham, riba6 restrictions and the implementation of economic-based real sector of the market in speculative financial derivatif7) will create the world's financial stability. After more than 14 centuries purchasing power exchange value of the dinar has remained. This is evident with the purchasing power of 1 dinar at the time of Prophet. that can be exchanged with 1 goats. At this 1 dinar can be exchanged with 1 goats (1 dinar is now around Rp 800,000) (Iqbal, 2007, Microbiol. 55) .8
3. Not easy Interfered foreign / independent.
Countries that apply Islamic financial system in a comprehensive, as has been described, will carry political self-sufficiency; reduce (meminimkan) import; implement the strategy of substitution of imported goods with goods that are available in the country; and increase the export of commodities produced in the country with the necessary commodities in the country or sell it with payment in the form of gold and silver, or with foreign currency required to import goods and services that are needed.
By applying a global Islamic financial system become a comprehensive country strong and independent. It would make the country will not be easy Interfered by the asing.9
Khatimah
Based on the description, the Islamic financial system impossible to be implemented by individuals or a group of people only. We may not expect secular capitalist countries will apply the Islamic financial system. Only the Khilafah state institutions capable of implementing Islamic financial system is comprehensive.
Based on the principle "MA la yatimm al-compulsory illâ bihi fa huwa compulsory (During an obligation not perfect with anything except the things that become mandatory)," the obligation to be with us to establish the Khilafah state that carries Rasyidah and implement Islamic sharia (including the system Islamic finance), which will bring to our lives in a beautiful, safe and reassuring in limpahan blessing of Allah 'Azza wa Jalla. [Muhammad Sholahuddin, SE, M.Si.; Director of Center for Economic Studies Islamic Univ. Muhammadiyah Surakarta]
============================================
Sharia, which stretches
Editor Khilafah Magazine10 (2006) recounts, at the time of Caliph Umar ibn al-Khaththab, Arabian Peninsula to the season so protracted famine population areas that need food in large quantities. When Amirul Mukminin Umar bin Khaththab assistance of the Governor Amr bin Ash, which is in the African region, the response al-Ash suratnya seen from the contents to notify the Caliph that he was sending a camel (a load of food materials) troupe, which is in the first Caliph (Medina) , While the last group in the al-Ash (Egypt, Africa).
At the time of Caliph Umar pleased., In Yemen, for example, Muadz bin Jabal difficult to find a poor is feasible given the zakat.11 At the time, Caliph Umar ibn al-Khaththab able to hire teachers in the Medina each 15 dinar (around Rp 8 , 5 million / month) .12
Then, at the time of Caliph Umar ibn Abdul Aziz, Saad bin Yahya Khalifah sent to distribute charity funds in the Baitul Mal (Cash Country) for the people of North Africa, but he did not find one poor-poor, who are entitled to receive zakat.13
This event that describes the system in the history of Islam (the financial and economic system of Islam applied) in the auspices of the caliphs, not the poor people of Africa-poor, there is never a terzalimi. But otherwise, we need to be questioned, why African countries feel the pain and suffering, poverty and inequality since the extraordinary imperialist countries of Europe traverse the various countries in Africa (18th century) until now?
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