Conventional Economic System Research Articles

KONSEP KEADILAN DALAM PERSPEKTIF EKONOMI ISLAM

Justice is a condition in which ideal moral truth is achieved, both in the context of objects and individuals. Justice becomes a very crucial principle especially in an effort to overcome the economic and social injustices that often arise in the conventional economic system. Islamic economics as a distinct field of study, emerged as a response to the perceived shortcomings of the conventional economic system. The purpose of this study is to analyze the concept of justice in the perspective of Islamic economics. This research uses the literature study method to examine the concept of justice in the perspective of Islamic economics. This method involves collecting and analyzing data from various relevant literature sources such as books, journal articles, and other publications that discuss justice and Islamic economics. The concept of justice in Islamic economics creates balance and equality in various economic transactions. The concept of justice in the perspective of Islamic economics is a crucial element that must be upheld to build trust and harmony in every economic activity, as well as to ensure that every individual can contribute to collective welfare without pursuing personal interests alone

Green Economy and Islamic Economy: Towards Accelerating SDGs

The conventional economic system has led to rapid global development, but there is a need to explore alternative approaches. This paper addresses the limited research on the integration of green and Islamic economics, focusing on their contribution to Sustainable Development Goals (SDGs) and intergenerational prosperity. Employing a qualitative research method, the study reveals that green and Islamic economies complement each other due to their shared objective of societal welfare across generations. Both perspectives view SDGs as initiatives that promote equality and sustainable use of natural resources. Achieving these goals requires substantial funding, which is where Islamic financial instruments come into play, providing essential support for financing SDG-related activities. This research highlights the synergy between these two economic models and their potential to drive long-term, equitable development.

Analisis Mekanisme Pasar Dalam Islam, Sistem Ekonomi, dan Etika Pengawasan Pasar Serta Pasar Dalam Perspektif Sejarah Islam

This abstract discusses the role of market mechanisms in an Islamic perspective, as well as the implications and application of Islamic economic principles in the market system. Using the literature review method, this research collects, evaluates, and synthesizes relevant literature to gain an in-depth understanding of the topic. The results of the analysis show that markets in Islam are seen as a natural mechanism for exchanging goods and services, with prices determined by the forces of demand and supply. Islamic economic principles, such as justice, expediency, and the prohibition of usury, are the foundation for a fair and sustainable market system. Apart from that, the importance of market supervision and compliance with market ethics is also emphasized to maintain balance and fairness in economic activities. The analysis also highlights prohibitions in Islamic transactions that can cause market distortions. In addition, this abstract presents a comparison between conventional economic systems (capitalist, socialist, and mixed) with Islamic economic systems, which are based on sharia principles. Thus, this research contributes to understanding the concept of market mechanisms in Islam and formulating economic policy recommendations that are in accordance with Islamic values.

The Function and Role of Money: Analysis in Islamic Economic Studies as a Unit of Value and as a Medium of Exchange

In Islamic economic studies, there are only 2 functions of money: money as a unit of value and money as a medium of exchange. There are four functions of money in the conventional economic system: money as a unit of calculation, money as a unit of exchange, but in conventional principles, money not only functions as a legal medium of exchange but also as goods that can be traded or to get profits, money as a unit of store of value, and money as a standard unit of payment in the future. This study aims to find out how the people of Bukittinggi perceive the function of money from an Islamic economic perspective. The type of research used is qualitative descriptive research. The research informant was the Muslim community of Bandar Lampung City. Collecting data is done through documentation, observation, and interviews. The data analysis techniques used are data reduction, data presentation, and conclusions. From the results of research conducted by researchers, it was found that most people's perceptions about the function of money are in line with Islamic economics, but a small number have perceptions that are not in line with Islamic economics because they think that money can be used as a tool to take personal advantage. This is contrary to the concept and function of money in Islam

Dinamika Ilmu Pengetahuan Dunia dalam Konteks Sistem Ekonomi Konvensional dan Sistem Ekonomi Islam

This research explores the dynamics of world science in the context of conventional economic systems and Islamic economic systems. The background reveals the central role of science in stimulating economic growth, as stated by Joseph E. Stiglitz, while the Islamic economic system emphasizes the integration of science with Islamic ethical values, as stated by Timur Kuran. The aim of the research is to investigate the contribution of science to economic growth in both paradigms, highlighting the essential comparison and potential integration of Islamic ethical values. The research method uses a comparative approach with literature analysis and in-depth interviews with economic experts and practitioners of Islamic economics. The results of the analysis show that science plays a role in the development of conventional economic systems and Islamic economic systems and encourages innovation and growth. This is demonstrated by the Islamic economic system which combines science with Islamic ethics, offering an inclusive and sustainable model. This comparison illustrates differences in views and the potential for integration, where Islamic ethical values can guide the application of science to achieve balanced economic growth. The implication of this research is the need to increase public education and awareness, government support, and the integration of ethical values in economic policy to achieve sustainable and inclusive economic growth.

Perbandingan Sistem Ekonomi dan Ciri Utama Ekonomi Syari’ah

This research aims to provide in-depth knowledge about the fundamental differences between conventional economic systems and the characteristics of sharia economics. This research methodology is a literature review research which provides output to existing data. This research data has implications for the direction of society and the economy as a whole. Based on the conclusions of this research, the fundamental difference between conventional economics and Islamic economics lies in the view of rationality, economic goals, emphasis on needs, and consumer and producer orientation. In Islamic economics, it is important to achieve holistic balance in the material and spiritual groups to obtain prosperity on earth and in the afterlife

Time Banking as an Alternative Social Movement: A Case Study of Time Banks in the United Kingdom

This research investigates dynamics of time banking as an alternative social movement against current conventional economic system. This research examines internal elements (motives, consolidation processes, and resource mobilizations) as well as external elements (campaign processes, social dynamics, and impacts) of Time Bank across United Kingdom. This research seeks to explain the dynamics of Time Bank as a multitude to become alternative for current conventional economy. This study uses case study approach, especially in United Kingdom. The method used in this study is qualitative method. Resource data obtained through interviews and literature studies. The research's purpose is: abstracting the dynamics of Time Bank across United Kingdom as a multitude, and then elucidates Time Bank's opportunities &; challenges for their future developments.

Analisis Persepsi Masyarakat Mengenai Fungsi Uang Perspektif Ekonomi Islam

In the perspective of Islamic economics, there are only 2 functions of money, namely money as a unit of value and money as a medium of exchange. There are 4 functions of money in a conventional economic system, namely money as a unit of account, money as a unit of exchange but in a conventional economic system, money does not only function as a valid medium of exchange but also as goods that can be traded or to make a profit, money as a storage unit. value, money as the standard unit of payment in the future. This study aims to find out how the perceptions of the Bukittinggi community regarding the function of money from an Islamic economic perspective. The type of research used is descriptive qualitative research. The research informant is the Muslim community of Bukittinggi City. Data collection is done by documentation, observation and interviews. The data analysis technique used is data reduction, data presentation, and drawing conclusions. From the results of research conducted by researchers, it was found that most people's perceptions about the function of money are in line with Islamic economics, but a small number have perceptions that are not in line with Islamic economics because they think that money can be used as a tool for personal gain. This is contrary to the concept and function of money in Islam.

Sistem Ekonomi Islam Dalam Persepsi Tokoh Agama Desa Pagutan Kecamatan Batukliang Kabupaten Lombok Tengah

Discussing about the Islamic Economic System turns out to be quite different. One of the reasons is because the Islamic economic system gives the main characteristics that are based on Islamic law, in contrast to the conventional economy which is based on the capitalist economic system or also called the secular economy. This research is field research. Researching the perceptions and opinions of religious leaders in the midst of society in general. Methods of collecting data by means of observation, interviews, questionnaires, and documentation. The data analysis is descriptive analysis where the data obtained is analyzed and then given an explanation and conclusion. The Islamic economic system seeks to fight the principles of usury, maysir and gharar which are the main principles in the application of the conventional economic system. In every conventional economic transaction, these three principles are always put forward. The impact of these practices then brings disaster in the social life of the community such as exploitation, unfair distribution of income and wealth, fading of the attitude of togetherness and brotherhood, the emergence of social problems and so on. The results of this research about the perceptions of religious leaders regarding the Islamic economic system can be used as the main basis for society in every action and economic practice.

Why Islamic Economics ? The Difference Between The Conventional System And The Islamic Economic System

The presence of an economic system is a real part of the effort to answer the economic problem of what, haw, for whom. Every economic system has different ways and ways of solving these problems. This research aims to answer the main problem, why does it have to be Islamic economics? With the liberal research approach, these problems are discussed starting with data collection based on secondary data in the form of research articles and books related to the main focus of the research. Further data were analyzed using content analysis and comparative descriptive analysis methods. The results of this study indicate that the main reason why an Islamic economic system is needed is that Islamic economics is evident from various historical records starting from the beginning of the Prophet Muhammad. Until now the Islamic economic system is clearly different in answering the economic problems of what, haw, and for whom. The Islamic economic system rests on the principle of values that enable human moral hazard to be minimized by upholding the values of monotheism, justice and balance. While the conventional economic system, capitalism and socialism recorded various negative defects starting from the 1929 crisis, the Subprime Mortgage crisis, the dissolution of the Soviet NEP. The results of this study have implications for strengthening the importance of carrying out economic activities that are based on justice and a balance in life.

The Islamic Economic System From a Normative Point of View Design Based on Questionnaire Tool

This research aims to propose a normative Islamic economic system. By first presenting the most critical elements that should be available in building the Islamic economic system. Then the elements by which the latter controls the economic activity. Finally, it checks the provisions and controls that govern those elements and the relationships between them using the normative economic approach. 
 Research question: how should the normative structure of the Islamic economic system be? Therefore, it can be, in practice, ensuring justice, equality, and well-being for all members of society.
 The research begins by looking for some value judgments that contribute to building a general conception of the best form of the Islamic economic system. The answer comes from a group of Islamic economic experts across some countries of the Muslim world, where answers draw a normative picture of the Islamic economic system.
 The research highlights the importance of providing an appropriate alternative to conventional economic systems through a normative Islamic economic system.
 The researcher believes that this alternative is able, on the one hand, to achieve sustainable development by ensuring justice (equal opportunities principle) and equality. By integrating economically marginalized groups (economic inclusion principle), and the well-being of all members of society (through wealth creation). On the other hand, it can eliminate many negative economic phenomena, such as unemployment, inflation, and corruption.

TINJAUAN HUKUM MARKETPLACE SHOPEE TERHADAP PERATURAN PASAL 31 POJK NOMOR 13/POJK.02/2018 DI INDONESIA

Buying and selling transactions of goods or products in this era of globalization are in great demand by consumers with technological advances that provide convenience for consumers in various fields, one of which is in the field of trade or buying and selling in consumers. will never be separated from buying and selling where trading continues. increased very significantly which changed the conventional economic system to digital. Responsibility in buying and selling online as a form to reduce losses received. Shopee's legal relationship with the seller is cooperation and power of attorney to shopee in a cooperation agreement. Where shopee is the provider of the application platform/site and the seller is the provider of goods. In the legal relationship between the parties in the digital marketplace system transaction since the agreement, both the agreement between the seller as a Shopee partner and the Shopee marketplace or the Shopee marketplace with the buyer as a consumer, cooperate with each other and/or bind themselves in accordance with the terms and conditions that apply in the contents of the market agreement. and has fulfilled the subjective and subjective requirements of Article 1320 of the Civil Code.

Environmentally-extended input-output analysis of circular economy scenarios in the Philippines

Conventional economic systems are based on the unsustainable use of natural resources. Circular Economy is a framework for socio-technical regime change that prioritizes material loops to improve resource efficiency. The framework promotes business activities that capitalize on material recirculation pathways and extended product life cycles. Many countries have begun adopting Circular Economy principles through policies, targets, and action plans, but research in this area has focused largely on developed countries and major emerging economies. The lack of scientific analysis of Circular Economy implementation in developing countries is a critical research gap with significant implications on global material flows. Fast-growing countries such as the Philippines will benefit from the regime change towards Circular Economy to resolve sustainability issues from economic and demographic trends. Policy interventions need to be calibrated to enable a smooth transition to circularity. To address this gap, this study uses a 16-sector Environmentally-Extended Input-Output model to simulate four scenarios on a) increasing product demand, b) implementing circular business models, c) implementing government regulations, and d) promoting service sectors. GDP growth, material intensity, and regulatory constraints of each scenario are analyzed. Results show a potential of up to 10.05% increase in GDP and 62.51% decrease in material footprint relative to business-as-usual. Policy implications on the Philippines' transition to a Circular Economy are discussed.

IDEALISME DAN REALISME DALAM PARADIGMA FATWA EKONOMI SYARIAH DI INDONESIA

This normative-philosophical research uses the theory of idealism and realism of Islamic law in identifying the epistemological features of the DSN-MUI paradigm. The results of the study show that the epistemological pattern of the paradigm of the formulation of the DSN-MUI integrates the idealism and realism of Islamic law. This integration can be seen from the four DSN-MUI paradigms. First, al-Taysîr al-Manhaji. This paradigm emphasizes the formulation of fatwas to use legal opinions that do not burden legal subjects, but still adhere to the correct methodology of Islamic law. Second, at-Tafriq baina al-Halal wal Haram. This paradigm emphasizes the separation of halal and haram issues, both in terms of capital, product development, and profit. This is because Islamic economic activities cannot be completely separated from the conventional economic system that has been running for a long time. Third, I'adah al-Nazhar. This paradigm emphasizes reviewing the opinions of classical Islamic law when it is seen that it is no longer a solution to the empirical problems of sharia economics in modern society. Fourth, Tahqiq al-Manath. This paradigm emphasizes the evaluation of legal causes (illat law) by considering the reality of the development of the economic system.

Islamic Economic Methodology Aproach to Achieve Economic Equity: Epistemological Study

Economic policies based on capitalism and socialism have proven to have failed to create a just economy. As a result of adhering to capitalist and socialist ideologies, macroeconomic imbalances and national instability occur. The welfare and prosperity of the people does not depend on production alone, but also on its proper distribution. Wealth in a country can be produced in large quantities, but if its distribution is not based on true and fair principles, then the country will not be able to achieve prosperity. This article aims to find out how the methodology of Islamic economics realizes equity and falah. This research uses descriptive qualitative research method with a literature review approach. Data collection techniques, with literature, from several sources obtained that are relevant to the theme. Books, journals, websites, and others. The data analysis technique is descriptive qualitative, describing the study of Islamic economic epistemology that can help realize economic equity. The results in this study BMT is a financial institutional system that is able to reform the conventional economic system and bring economic justice and equitable distribution with practical provisions through syar'i arrangements in collecting and distributing through wadi'ah, mudharabah, musyarakah, murabahah, salam, istishna transactions. , ijarah, and qardh. The implementation of Islamic social finance in Indonesia can be seen through the existence of various financial institutions that provide financial services by involving Islamic social funds such as Baznas (National Amil Zakat Agency), BWI (Indonesian Waqf Board) and other institutions with the aim of embracing the middle, small, and medium-sized micro communities.

Islamic Economic Methodology Aproach to Achieve Economic Equity: Epistemological Study

Economic policies based on capitalism and socialism have proven to have failed to create a just economy. As a result of adhering to capitalist and socialist ideologies, macroeconomic imbalances and national instability occur. The welfare and prosperity of the people does not depend on production alone, but also on its proper distribution. Wealth in a country can be produced in large quantities, but if its distribution is not based on true and fair principles, then the country will not be able to achieve prosperity. This article aims to find out how the methodology of Islamic economics realizes equity and falah. This research uses descriptive qualitative research method with a literature review approach. Data collection techniques, with literature, from several sources obtained that are relevant to the theme. Books, journals, websites, and others. The data analysis technique is descriptive qualitative, describing the study of Islamic economic epistemology that can help realize economic equity. The results in this study BMT is a financial institutional system that is able to reform the conventional economic system and bring economic justice and equitable distribution with practical provisions through syar'i arrangements in collecting and distributing through wadi'ah, mudharabah, musyarakah, murabahah, salam, istishna transactions. , ijarah, and qardh. The implementation of Islamic social finance in Indonesia can be seen through the existence of various financial institutions that provide financial services by involving Islamic social funds such as Baznas (National Amil Zakat Agency), BWI (Indonesian Waqf Board) and other institutions with the aim of embracing the middle, small, and medium-sized micro communities.

Comparison Analysis of Conventional Economic Systems and Islamic Economy on Demand Concept

Economic activity will not be separated from the existence of a demand such as buying and selling. The number of requests from buyers / consumers will affect the price of an item sold. The theory of demand will also not be separated from microeconomics. Humans often make purchase transactions based on mere desire so that the demand for an item becomes high. Meanwhile, based on Islamic economic theory based on the Qur'an and Hadith as well as the ijtihad of the scholars, the demand for an item or purchase is not based on mere desire, but is prioritized on things needed by humans.
 

POLITICAL PARADIGM OF CONVENTIONAL ECONOMICS AND ISLAMIC ECONOMICS: INDONESIAN SHARIA BANK DISCOURSE

This article discusses the paradigm of Islamic political economy and conventional political economy by looking at the discourse of Indonesian sharia banks. This article aims to find out how the political economy that occurs in Indonesian sharia banks. This article is qualitative library research. The data in this study were obtained from library materials such as books, journals, and so on related to the problems studied, namely the conventional political economy paradigm and the Islamic political economy paradigm. The data collection technique used is to collect as much data as possible about the problems studied through the internet and library websites. The data writing technique used is a data analysis technique known by Miles et al., namely data condensation, data presentation, and drawing conclusions. The analysis results show that the differences between Islamic and conventional political economy paradigms are seen in the unification (religion and economic activity) by Islamic economics and separation (religion and economic activity) by conventional economics. The dominance of the conventional economic system, represented by the capitalist and socialist economic system in the world economy, especially Indonesia, does not dampen the significant development of the Islamic economic system, which is agreed upon by various parties.

UNIVESALITY OF ISLAMIC FINTECH: SURELY OR FANTASY?

This study moves on from the question of whether the Islamic financial system will be able to detect the conventional economic system? Of course, with various data on transaction volume that continues to increase over time from financial industry products that have been labeled sharia such as Sharia stocks, Islamic bonds or sukuk, and Islamic mutual funds the question will easily find the answer. And when the latest industrial revolution also changed the map of the financial industry with the development of technology and information to give birth to financial technology that is so phenomenal. So can sharia fintech a marriage between technology and islamic moral concepts become an instrument of global financing in the future? With qualitative methodology and descriptive approaches to various references to financial technology as a source of data, and the growth of Islamic fintech in non-Muslim countries that are increasingly boisterous in developing Sharia fintech, then the richness of Sharia fintech in this world, surely or just a fantasy?

Pengembangan Aplikasi Dewan Masjid Indonesia (DMI) Berbasis Ekonomi Umat Dengan Metode Waterfall

The conventional economic system has been developing for a long time, followed by the Islamic economic system which is currently developing rapidly in Indonesia. Sharia economic activities are based on the rules of the Koran regarding right and wrong, good and bad, and halal and haram rules. The background of sharia business ethics is the Prophet Muhammad SAW which is based on the Al-Quran and Hadith. The sharia economy can be seen with the emergence of Islamic banks, almost all major banks in Indonesia have sharia branches. Not only that, e-money and sharia payment gateways already exist. This is based on the large number of Indonesian people who adhere to Islam and the increasing awareness of Muslims in Indonesia in implementing the Islamic economic system. Since March 2, 2020, the Corona virus or Covid-19 pandemic has entered Indonesia. Many employees become unemployed. 50% of MSMEs could go bankrupt in the next few months. Whereas small businesses make a big contribution to the absorption of jobs in Indonesia which creates income for the population. The management of the Semarang City DMI organization took the initiative to ease the burden on the people, especially in the city of Semarang by making the DMI application based on the people's economy. Waterfall is the method used in this research. Waterfall is suitable for application development with a complete needs analysis. After the PSBB period ended, there were many unemployed who tried their luck by selling small businesses and MSMEs opened slowly. It is hoped that the DMI application can introduce the business of the community around the mosque and other people can buy the business easily through the application.