- Islamic Economic Strategy in achieving the objectives
- The principles of Islamic Economy
- The characteristics of Islamic Economics
- Methodology of Islamic Economics
- Elements of Islamic economic policy
- Run operations for Islamic economic policy
- Fiscal policy in Islamic Economics
- Fiscal policy in the flow of the Modern Economy
- Fiscal policy in an economy of Islam
- Income Policies
- Fiscal policy at the time of Prophet Muhammad
- Fiscal policy during the Rashidun Caliphate
- Government spending Policy
- Fiscal policy objectives
- Closing
- Bibliography
Economic development of Islam (Islamic Economy) as both a science and as an economic system has been getting a lot of acclaim at the global level. Various study centres as well as educational programs are offered in a variety of the world's favorite campus to form human resources in the field of Islamic economy. So does the financial institution that operates on the principles of Sharia, which was excavated from the principles of Islamic economy in harmony with the teachings of Islam, have sprung up since the late 1970s that continues to grow exponentially until today.
Indonesia as a country with the largest Muslim population in the world, nor is it in spite of these developments. Economic development of Islam in Indonesia, among others, marked by the emergence of Bank Muamalat Indonesia, as a bank that operates with the Sharia system first in Indonesia in 1992. The emergence of Islamic banking in Indonesia is an embodiment of the demand of society need a banking system that is in addition to providing alternative banking/financial services, as well as meets Islamic principles. The emergence of Islamic banks was followed by the emergence of Islamic financial institutions, such as insurance, Sharia-compliant Islamic Sharia pawn shops, as well as a variety of stock other financial models.
The development of Islamic finance system has actually begun before the Government formally laid the foundations of legal and operational. Thus, the legalization of Islamic banking activities through Act No. 7 of 1992 on Banking as amended in Act No. 10 of 1998 and Act No. 14 of 1999 on Bank Indonesia is the answer to a request from the community. In the period 1992 to 1998, there is only one public bank sharia and 78 people's credit bank sharia (BPRS) which has been in operation. After the promulgation of the statutory provisions of the Islamic banking system since 1998 showed a fairly fast development, amounting to about 74 per cent growth of assets per year (Bank Indonesia, 2002).
See the data that existed since the beginning of development until the last few years, it appears that rapid development. This happens because the Sharia-based financial products are already awaited by Muslims who account for reaching 200 million inhabitants. The increasing awareness of religious communities and concerns patterns of conventional banking including categories, making such requests is increasing from time to time. This development is not just happening in the homeland, but also on a global level. It's what makes many of the world banking institutions that make the products sharia, although the population where the majority of banking, not a Muslim. This happens because their market potential of Muslim communities are quite significant. The various players in the field of international finance such as HSBC has expanded its business network in the field of Sharia are proven to be able to increase the profit of the company. Moreover, the increase in world oil prices, has increased the number of potential funds d Middle East who need media in the form of financial institutions for the placement of funds.
This development will even continue. Year 2010 is estimated to be the global Islamic banking assets will reach US $ 1 Triliyun. This figure shows an increase of more than 100% over figures for the end of last year was estimated at US $ 450 Miliyar. These numbers could be higher again if it turns out that practices with Islamic patterns is really more lucrative and provide economic benefits to society. Developments in the field of Islamic banking, also will be followed by developments in other financial areas. Islamic bonds (sukuk) have become the new Prima Donna to soak up liquidity and sources of funding both companies and Governments.
Rapid growth and development in the field of Islamic finance is of course opens up opportunity for Indonesia to participate more actively in it as well. Experience shows that in times of crisis the bank (financial institution) Sharia proved able to survive from the various shocks and relatively not takes a lot of government assistance. This means that the efforts of the development of Islamic finance institutions as well as at the same time will help the national economy's resilience. To that end, must be designed Government policies that support the development and growth of Islamic financial institutions, as well as allow the birth of the insights of economic experts to produce a concept or theory of monopolies that are downright advantageous and in line with Islamic law.
For the people of Indonesia, a wide range of potential that is supposed to be able to simplify and accelerate the development of Islamic Economics and the tools you need. It was given the majority of the population is Muslim and awareness to utilize the services of syaraiah-based banking continues to grow. Therefore it is not an exaggeration if Indonesia should be the base and the Islamic world economy drive. But alas so far, it has yet to manifest itself and some neighboring countries even more aggressive than Indonesia.
Strategic efforts in relation to the development of the economy has begun to do in this Islamic Government, among other things with the drafting of the legislation in 2008 has passed the law No. 19 of 2008 Concerning Shariah-compliant National Securities and law No. 9 of 2008 About Islamic banking. Law No. 19 may be referred to as the Government's efforts to increase the share of national development financing through Islamic financing scheme of State bonds and other securities which did have a great opportunity for Indonesia to get it from Middle Eastern investors as well as Muslims Indonesia itself. With regard to law No 21/2008 that specifically discuss Islamic banking is the Government's efforts in strengthening the contribution of Islamic financial institutions in furthering their national development. The birth of the second rule of this legislation by itself will make room for the development of Islamic Economics with Islamic banking as his locomotive, though a variety of development still remains to be done, especially related to the support policy.
In addition, must also be recognized that many issues still to be a constraint to economic development in Islam and Islamic financial institutions in Indonesia. Demand for financial services and practice Sharia-based economies grew faster than the development of associated economic thought and the concept of Islam. This means that adequate human resources in academic assignments and intellectuals to formulate various Islamic economic thinking are far from sufficient. Plus also that the human resources that are dabbling in Praxis Islamic finance have not yet fully capacity that is ideal. Most new human resources in the conventional financial institutions are then slightly polished with Shariah-compliant label. No wonder if then diverse criticism arose against the practice of Islamic economy in Indonesia, which judged not much different from similar practices in conventional financial institutions.
Patterns of Sharia-based relationship limited to New Covenant and pledge, not its substance. In other words, transactions that occur on the stages of a new just eliminate elements of usury by designing a legitimate transaction approval and his vows, and haven't touched on the fundamental issues that require Community initiatives of Islamic financial institutions. It is very likely to occur because the approach to the Islamic economy in Indonesia is carried out by two polar science, economics and science of Islamic law. Both are indeed the basis for the economy, but must be approached in an integrative approach, so it doesn't seem to walk independently. About the underlying substance as the main values of Islamic economy is indeed still being formulated by the experts and theorists in the field of Islamic economy. Various books of Islamic economy that exists today is still very limited to explain patterns of Islamic business not only in accordance with Islamic principles, but also able to give the welfare of the public at large.
In relation to the role of Islamic Economics to improve the welfare of society, it is not yet a integrative development agenda. In the blueprint of development of Islamic banking in Indonesia are arranged BI for example, the targets have not been defined explicitly refers to the efforts of the people's welfare. In his vision, though in the development of Islamic banking was meant to "" the Islamic banking system, creating a competitive, efficient, and satisfy the principle of prudence as well as being able to support the real sector through financing activities significantly for transaction-based and real results within the framework of Justice, and helping to achieve greater benefit to the good of society? The points in the best possible blueprint, among others, adherence to the principles of the Sharia, the provisions of prudence, operating efficiency and competitiveness, and the stability of the system and expediency for the economy.
Economic contribution in the development of the Islamic welfare society was originally conceived as an integral part of the teachings of Islam which should also be economic development and the spirit of Islamic financial institutions. The concept of cooperation in favor and a committed (ta'awun fil birri wa taqwa), is part of the principles of Islam are upheld. However, in practice, we have to admit that the practice of Islamic finance, such as banks is still far from this concept. Until recently, “murabaha” financing (purchase) still dominates the composition of financing Islamic banks. This means that Islamic banks still do not dare to play in financing for real investment that do require more energy than the financing of business transactions.
Based on sectors of the economy, the contribution of Islamic banking was also not yet reflects the efforts of the development of the welfare of society. The primary sectors which controlled urination more members of the public have not fully been concern Islamic banking in disbursing credit. Islamic banking and Islamic finance other institutions could indeed be evasive that at an early stage, pragmatism is still required to keep your business existence effort. However in the longer term, the strategy and approach that defends the interests of the people have more time to be the focus of the Islamic banking sector businessmen.
Other contributions to the welfare of the public monopolies can also be done via the actual allocation of various projects for the benefit of people, many of which are funded through Islamic financing schemes. Developments at international level for example could be an example. The high liquidity of the oil-rich countries in the Middle East may actually be absorbed into the potential funds to finance development projects in many of the people-oriented, such as construction of roads, irrigation facilities, and others. This potential has been accommodated through the issuance of law No. 7/2008 and it was time to give positive results. To that end, the role of Government be more being required to build a good business climate so that the various existing opportunities can be developed in accordance with national needs.
Government it's time not only concentrate on the development of Islamic finance institutions as the locomotive of economic development, but Islamic solely be time penetrated on strategic efforts to strengthen the role of Islamic economy in the national economy over the long term strategy that included more aspects of life. Islam as a universal value, of course, is not only practiced in connection with the issue of transaction, but also in problem management, structuring (governance), education and even the nation's culture. This is then the role of the academic community in helping the Government prepare a blue print of economic development of the wider Islamic becomes important. With the strengthening and utilization of the values of Islam covered in an Islamic economy in the various aspects of life, then the economic potential of Islam in favor of the national economy will be more open. Academic community in college it is high time not only deals with the problems and proposed transaction which became the core of the activity of mu'amalah, but it is also seen in more macros to the aspects of expediency (mashlahat) contained in any transaction for then translates it within the framework of scholarship that can be utilized by many parties, including the Government.
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