Although the new Islamic economic thought emerged in recent years in Muslim countries, but the ideas of Islamic economics can be traced in the Koran that was sent down in the 7th century.
The principles of Islamic finance include:
1. Riba
Riba literally means ziyadah (extra). Meanwhile, according to the technical term riba means taking of property or capital goods are vanity (Antonio, 1999). There are several opinions in explaining usury. But in general there is a red thread which states that usury is an additional decision, whether buying or selling or lending and borrowing in a vanity or contrary to the principles muamalah in Islam. Broadly speaking, usury grouped into two. Each is usury usury debts and buying and selling. The first group was subdivided into usury and usury qardh jaahiliyyah. The second group, usury selling subdivided into usury and usury nasiah Fadhl. Riba Qardh is a benefit or a certain level of surplus required of a debtor. Riba jaahiliyyah is debt that is paid more than just because the borrower is unable to pay the debt at a predetermined time. Riba Fadhl is a kind of exchange between goods with different levels or doses, while the goods exchanged were included in the type of goods usury. Riba Nasiah is the suspension of delivery or receipt of goods which are exchanged with usury usury other types of goods. Riba Nasiah appears because of differences, alterations, or additions submitted between today and submitted later.
2. Zakat
Zakat is an instrument of justice and equality in Islam. Justice and equality mean that everyone should have the same opportunities and did not mean that they should be equally poor or equally rich. Islamic State shall ensure the fulfillment of minimum needs of its citizens, in the form of food, clothing, shelter, health care and education (Surah 58:11). The main objective is to bridge social differences within society and for the Muslims capable of undergoing social and material life of dignity and satisfaction.
3. Haram
Something that is forbidden is something that is forbidden by God according to who has taught in the Koran and Hadith. Therefore, to ensure that Islamic finance practices and activities do not conflict with Islamic law, it is expected that Islamic financial institutions to form the Board of Supervisors Religion or Sharia Council. The Council is Muslim jurists who acts as auditor and adviser to the independent sharia. Strict rules regarding ethical investment should dijalankan. Therefore, Islamic financial institutions should not fund the activities or items that are haram, such as trade of alcoholic beverages, illegal drugs or pork. In addition, Islamic financial institutions are also encouraged to prioritize the production of primary goods to meet the needs of mankind.
4. Gharar and maysir
The Qur'an strictly forbids any form of gambling (Surah 5:90-91). The Qur'an uses the word maysir for gambling, is derived from the usr (the ease and pleasure): gambler trying to collect wealth without work and currently a general term applied to all forms of gambling activity. In addition to prohibiting gambling, Islam also prohibits any business activities that contain elements of gambling. Islamic law stipulates that in the interest of fair and ethical transaction, enriching themselves through the game of gambling should be prohibited. Islam also prohibits economic transactions involving the element of speculation, gharar (literally means "risk.) If maysir usury and forbidden in the Koran, then gharar banned in several hadiths. According to business terms, gharar means running a business without a clear knowledge, or run the risk of excessive transaction.If the element of uncertainty is not too large and unavoidable, then Islam allows them to be (Algaoud and Lewis, 2007).
5. Takaful
Takaful is a noun derived from the Arabic verb kafala, which means paying attention to the needs of a person. This word refers to a practice when the participants of a group agree to jointly guarantee themselves against loss or damage. If any member participants overwritten calamity or disaster, he will receive financial benefits from the fund as stipulated in the contract of insurance to help cover the losses or damage (Algaoud and Lewis, 2007). In essence, the concept of takaful is based on a sense of solidarity, responsibility, and brotherhood among the members who agreed to jointly bear certain losses to be paid from the assets that have been specified. Thus, this practice in accordance with what is called in different contexts as joint insurance (mutual insurance), because its members act as guarantor (insurer) and also a guaranteed (insured).
Sharing Principle
The basic idea of the Islamic financial system is simply based on the existence of profit sharing (profit and loss sharing). According to Islamic commercial law, partnerships and all forms of business organization founded with the purpose of profit sharing through participation bersama.Ã, Â Mudharabah and loss sharing are two models for the preferred outcome in Islamic law.
Mudharabah (Investment)
Mudharabah understood as a contract between at least two parties, namely the owners of capital (shahib al mal or rabb al mal) who entrust some funds to other parties, in this case employers (mudharib) to run an activity or business. In mudaraba, capital owners do not have role in management. So mudaraba is sharing contract that will give investors a certain portion of gains / losses on projects that they finance.(Algaoud and Lewis, 2007)
Musharaka (Partnership)
Musharaka is an agreement between the two sides or more for a certain business which each party contributes funds to the agreement that the benefits and risks will be shared in accordance with the agreement.
Adapted from the Tread-Tread Islamic Economy by Oktofa Yudha Sudrajad
Source : http://salmanitb.com
image source : muslimdaily.net
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