Islamic Economic Theory Research Articles

ISLAMIC ECONOMIC REVIEW ON THE IMPLEMENTATION OF MUDHARABAH MUTHLAQOH AGREEMENTS IN INDONESIAN HAJJ SAVINGS PRODUCTS AT BSI (BANK SYARIAH INDONESIA) M. KHOLIL BANGKALAN BRANCH

Abstract: The research with the title "Islamic Economic Overview of the Implementation of Mudharabah Muthlaqoh Agreements in Indonesian Hajj Savings Products at BSI (Bank Syariah Indonesia) M. Kholil Bangkalan Branch" has the aim of finding out how the contracts contained in Hajj savings products at BSI Bangkalan are implemented which will later be analyzed with Islamic economic theory. In this research, descriptive research is applied using a qualitative approach, and the method used to collect data is in the form of interviews and documentation, the data analysis method applies descriptive qualitative analysis. The results of the research show that in accordance with the pillars and conditions, namely for people who carry out contracts, namely capital owners and capital managers, it is implied that they must be competent to act. Mudarabah is absolute, capital owners do not bind property managers to trade in certain countries, trade certain goods and at certain times. The capital or goods handed over are in the form of cash which acts as a transaction tool in a country. It has been implemented well and in accordance with existing administration. The profits obtained are only intended for the party entering into the agreement. The percentage distribution of profits that will belong to the manager and capital owners must be clear according to the agreement, for example half, one third, or one quarter. Ijab and kabul are carried out with clear and implied shi'gat accompanied by stating the distribution of profits firmly and clearly. If it is not stated clearly then the contract is invalid. This has also been stated in the agreement file which was agreed at the beginning when carrying out transactions at BSI Bangkalan between the customer and BSI. So overall the requirements in Islamic economics regarding the implementation of mudharabah contracts have been implemented well. So the researcher can conclude that BSI Bangkalan is in accordance with Islamic economics in implementing the mudharabah muthlaqoh agreement on Hajj savings products. Keywords:Mudharabah Muthlaqoh, Hajj Savings, Islamic Economics

Analysis of Buying, Selling, and Leasing Virtual Land in the Metaverse: A Perspective from Sharia Economic Law

This research aims to analyze the position of virtual land buying, selling, and leasing practices using cryptocurrency in the metaverse from the perspective of Islamic economic law. This study uses a descriptive analysis method with a normative juridical approach and data analysis techniques through three stages of analysis: focusing the data, presenting the data, and drawing conclusions. The research found that the practice of buying, selling, and leasing virtual land in the metaverse is permissible because it meets the conditions and pillars of a valid contract. The transactions carried out involve intangible assets, namely virtual land and cryptocurrency. In these transactions, there is an expansion of the object of the ijarah (lease) contract, which typically involves the benefit of tangible objects or assets but can also include the benefit of intangible objects or assets, provided that the intangible asset requires another object (a tangible object) or a process that enables the asset to have utility, thus fulfilling the purpose of the contract in accordance with the principles of muamalah maliyyah (financial transactions). The development of the object of the ijarah contract is a scientific contribution to the development of Islamic economic law theory. Therefore, further research is needed on the status of intangible assets as objects of contracts to explore their benefits and legal status in accordance with Sharia principles.

The Application of Khiyar Principles to E-Commerce Transaction: The Islamic Economy Perspective

This essay seeks to analyze the utilization of khiyar in e-commerce transactions within the context of Islamic economics. The principle of khiyar allows individuals to exercise the option to either proceed with or terminate a transaction. This theory is applicable to various types of buying and selling transactions, including those conducted in the realm of e-commerce. This study employs a normative legal methodology with an Islamic economic perspective, which is evaluated descriptively. The data was gathered through an extensive analysis of literary sources, including journal articles, books, journals, legal documents, and other relevant references pertaining to the topic of discussion. Islamic economic theory is applied as an analytical framework to examine the concept of khiyar (option) in the context of buying and selling in e-commerce transactions in Indonesia. The research findings indicate that the utilization of khiyar in e-commerce transactions, in accordance with the Islamic law, is permissible as long as it adheres to the prerequisites and fundamental principles of buying and selling. These include honesty, fairness, and the absence of any fraudulent elements. However, if harm is inflicted upon one of the parties involved, the transaction becomes unlawful. In the Islamic law, there is a rule stating that all forms of muamalah transactions are permissible, as long as there are no contradictory arguments prohibiting them. The contract and payment mechanisms in e-commerce transactions are considered to be in accordance with Islamic law and contain benefits, also in line with the opinion of the ulama in the fatwa of the Indonesian Ulema Council. From an Islamic economic standpoint, engaging in e-commerce transactions for buying and selling is sufficient to contribute to the nation's economic expansion, particularly benefiting the middle class and streamlining transactions.

The Influence of Brand Ambassadors on Tokopedia Buyer Interest in View from the Islamic Economic Consumption Theory

The aim of this research is first, to find out the influence of the Tokopedia brand ambassador among Bengkulu Kpopers. Second, find out buyers' interest in the Tokopedia application. This research is associative quantitative research, namely research that explains the influence of Brand Ambassadors on Tokopedia buyer interest in terms of Islamic Economic consumption theory. Based on the research results, it was concluded that the influence of Brand Ambassadors on Tokopedia buyer interest was reviewed from the Islamic Economics consumption theory. The results of hypothesis testing obtained a significance figure of 0.063. This shows that there is a significant relationship in this hypothesis test because the significance number is > 0.05 so that Ha which states that the use of Brand Ambassador has a positive effect on the interest of Tokopedia buyers in terms of Islamic economic consumption theory is accepted and H0 is rejected, meaning there is no influence on the use of the Brand. Ambassador (X) regarding the interest of Tokopedia buyers in terms of Islamic economic consumption theory (Y).

Digipreneurship as an Effort to Strengthen The Digitalization of The Islamic Economy in Indonesia

The digitization of the Islamic economy in Indonesia offers opportunities to strengthen economic growth based on Islamic principles. Through the development of sharia e-commerce platforms, technology-based financial services, and sharia-based fintech innovations, this digitization facilitates easier and faster access to Islamic products and services. This research uses three theoretical approaches: digital economy theory, entrepreneurship theory, and Islamic economic theory, with the aim of understanding the contribution and impact of digipreneurship in strengthening the digitalization of the Islamic economy in Indonesia and analyzing the principles of Islamic economics that can be applied in digital business. The research method used is qualitative with a descriptive content analysis approach and phenomenological design. The results highlight the importance of digipreneurship as an effort to strengthen the digitalization of the Islamic economy in Indonesia and integrate the principles of Islamic entrepreneurship into digital businesses. Digitalization of the Islamic economy through digipreneurship opens opportunities for Muslim participation in the digital market, encourages innovation, and promotes inclusive economic growth. The integration of Islamic values and principles into the digital economy is important in the digital era in Indonesia. Digipreneurship serves as a means to harness the potential of digital technology by upholding Islamic values, so that individuals and businesses can play an important role in advancing the digitalization of the Islamic economy, driving economic growth, and creating a prosperous future.

Pemikiran Ekonomi Abu Ubaid

To date, there has been relatively little discussion or representation of Islamic economic theory in national economies. Early in Islamic history, a Muslim scholar named Abu 'Ubaid wrote extensively about economics and history. Abu Ubaid highlighted the philosophical underpinnings of later economic theories and ideas. Abu Ubaid concentrated on the idea of economic justice in law. The role of money as a store of value, medium of exchange, and exchange rate standard are all undoubtedly practiced in Islamic economics. Of course, some application of this way of thinking can be used as a basis for assessment and guidance in improving an economic system that is fair and beneficial to society. In certain respects, Indonesia's economic policy as a sovereign nation is in harmony with Abu Ubaid's economic theories and concepts. However, regarding suitability, the question is whether the current standing of the nation has fulfilled its purpose or is still in progress.

Produksi Menurut Pemikiran Muhammad Abdul Mannan

Producing a product in economic activities requires a production process that allows consumption, distribution or exchange of goods and services. The aim of this research is to find out Islamic Economics Theory and Practice related to production according to Muhammad Abdul Mannan's Perspective. This research is a library research study. There are two data sources, these are (1) primary data sources, and (2) secondary data sources. Data collection methods include: direct quotations and indirect quotations. Meanwhile, the data analysis is a content analysis technique. The results of this research are Production in Islamic Economics Theory and Practice according to Muhammad Abdul Mannan's perspective, showing that production prioritizes the concept of the welfare of the people which is guided by the Koran and Hadith, by adhering to the basic principles of Islamic economics including, faith, prophethood, government and results so as to create justice and prosperity for the present and the future. In order for production to continue to grow, it is influenced by several factors, including: Land, labor, capital and organization

EXPLORING THE PHILOSOPHY OF SALAM, MURABAHAH, AND ISTISHNA AGREEMENTS IN SHARIA ECONOMIC LAW: PRODUCER PROTECTION AND ECONOMIC GROWTH

This research investigates the basic ideas behind Salam, Murabahah, and Istishna contracts in Islamic economic law, as well as how they can be used to protect producers and promote economic expansion. The research reveals that Salam, Murabahah, and Istishna contracts can protect producers through prepayment mechanisms, transparency of costs and profits, and flexibility in fulfilling customer wishes. This research was conducted through an analysis of existing literature. This protection can impact economic development by assisting producers in increasing their output, encouraging innovation, and improving overall efficiency. The findings of this study significantly affect the application of Islamic economic theory and public policy, and they call for further investigation into how Salam, Murabahah, and Istishna contracts can be utilized in real-world situations.

Sistem Rancang Bangun dalam Islam

Islamic economics is an economy that is built on the basis of values ​​taken from Islamic law. the values ​​contained form an Islamic economic design which will later provide an overview for realizing the goals of Islamic economics. In the design of Islamic economics there are important components including Islamic economic theory, principles of Islamic economic systems, and Islamic behavior in business and economics. These three important components become important research as a means to be applied and related to economic behavior both in daily life and applied in the state. The purpose of this research is to convey knowledge from the title which is made so that it can be useful and applied by every individual in carrying out good economic activities and can create a just and prosperous economy. The method used in this research is to use a qualitative method by taking and collecting sources from literature studies. The result of this discussion is that Islamic economic design is a very important feature in building a just and prosperous economic system in accordance with the goals of Islamic economics

Tax incentives during the Covid-19 pandemic: An Islamic economics perspective

IntroductionThe economic impact of Covid-19 virus is also felt by the state revenue sector due to tax incentives.ObjectivesThis study aims to analyze the tax incentive policies implemented by the government during the Covid-19 pandemic in terms of objectives, impacts, and the concept of convenience from an Islamic economics perspective. MethodThis study uses a normative-juridical approach by examining tax incentive policies in the context of Islamic economic theory from philosophical and juridical perspectives.ResultsFrom an Islamic economic perspective, the existence of tax incentives seen from the objective of the results and benefits is appropriate because it creates maslahah in the midst of an emergency or critical situation. In addition, the convenience provided by the government in tax incentives if seen from Islamic law is rukshah, or convenience and understanding for citizens due to certain conditions, namely the Covid-19 pandemic. ImplicationsThis study contributes to the development of theoretical research in the field of macroeconomic policy from an Islamic perspective. This study can also be used as a reference by the government to provide tax incentives in times of similar crises.Originality/NoveltyThis study is unique in that it examines the problem of tax incentives from an Islamic perspective. As a country with the world's largest Muslim population, this study will enrich Islamic macroeconomic studies for policymaking in Indonesia.

Halal Industry Management in Islamic Economic Perspective

Indonesia is a country that has enormous potential in the halal industry. In 2020 spending on the halal industry reached USD 184 billion and is projected to increase by 14.96% in 2025 or reach USD 281.6 billion. To maximize the potential that is owned, good management is needed in the halal industry so that this potential can develop optimally. In this study the researchers focused on the problem of how to manage the halal industry and how the halal industry is in the perspective of the Islamic economy. This research is a qualitative research. The research method used in this research is literature review. The data collection method used is secondary data obtained from journals, documentation books, and the internet. In the research that has been carried out, it produces findings based on the focus of the research, namely the Majamenen Halal Industry has been regulated based on the Laws of the Republic of Indonesia, one of which is Number 33 of 2014 concerning Guarantees for Halal Products. While the halal industry in the perspective of Islamic economics is in accordance with Islamic economic theory and principles

Aktualisasi Falsafah Ekonomi Islam Sebagai Soko Dalam Membangun Kesejahteraan

Islamic economic theory is not a new theory that is derived to underlie the existing economy. Historically, Islamic thinkers are the founders of all branches of knowledge, including economics. This is recognized by Islamic economists that since 367-322 BC they read a lot of Aristotle's works as a philosopher who wrote a lot about economics, but Islamic economists think about economics based on the Al-Quran and al-Hadith. This study aims to explore the basic thoughts and reflections on the philosophy of Islamic economics which is oriented towards raising the welfare of mankind which avoids usury practices that are contrary to the mission of the Koran and al-Hadith concerning the economy, as a basis for bringing up human welfare that is clean from usury practices.

Money and Inflation in Al-Maqrizi's Islamic Economic Theory

Money related thoughts and inflation are things that Muslim scholars rarely observe. Al-Maqrizi proposed numerous ideas on money and inflation, and the goal of this research is to discover Al-Maqrizi's theory of money and inflation, as well as ways to cope with inflation. A qualitative research method using a conceptual approach or character study was applied. Content analysis was performed to analyze the data. The study's findings indicate that currency based solely on gold and silver can be accepted as a standard of worth. According to Al-Maqrizi, there are two types of inflation: natural inflation and inflation caused by human error (corruption and bad management, high taxation, and a rise in money circulation).

Sharia Financing Education for BKM and UPK in Pekapuran Laut Village, Central Banjarmasin

As with other theories and practices, the theory and practice of Islamic Economics will exist and become a model when it is able to solve problems that occur in society, and is abandoned if it is deemed unable to solve problems that occur in society, especially the problem of poverty and poverty. unemployment that occurs because of injustice. Starting from this opinion, academics and practitioners of Islamic Economics must always evaluate and improve concepts and practices that are unable to solve problems in society. For this reason, things that need to be done are some improvements related to financing problems, for example improving the quality of the financing system, opening up financing concepts that are still possible to be rolled out, procedures that are easier and remain prudent. For example, burdensome procedures such as the existence of a period of employment for a beneficiary of funds/creditors who submit an application need to be changed by providing assistance. So it's not refusing productive financing applications, but accepting it with assistance or with a personal guarantee or ad inman. With this model, employment opportunities will be more open and in turn the welfare of the people will become more widely distributed.

Demand Theory of Sharia Micro Economic Perspective

The purpose of writing this article is to find out about the theory of demand in sharia microeconomics and what is related to the discussion of the theory of microeconomic demand. Economics is a human act as a consumer to fulfill needs and desires or make various requests for various goods and services in everyday life. Islamic economics itself is never separated from moral and religious values because every activity is always associated with the Shari'a. Islamic economics is the knowledge and application of sharia law to prevent injustice in the use and disposal of material resources with the aim of providing human satisfaction and carrying out these activities as an obligation to Allah and society. The Qur'an calls the economy the term istishad (saving, economy) which literally means "middle" or "moderate". Therefore, as Muslims we must take a moderate stance in acquiring and using resources. A Muslim is not allowed to be stingy (royal, exaggerating) nor is he allowed to be stingy (bakhl). The view of Islamic economics regarding demand is almost the same as conventional economics, but there are limitations for individuals to behave economically in accordance with sharia rules. In Islamic economics, "Islamic" norms and morals, which are Islamic principles in economics, are a determining factor for an individual or society in carrying out their economic activities. Therefore, Islamic economic theory is different from conventional economic theory

ANALYSIS STUDY OF IBNU KHALDUN’S ISLAMIC ECONOMIC THOUGHT

Activities of economic that are oriented towards the Islamic Economics system are increasingly widespread in various countries, including Indonesia. The theory of Islamic Economics cannot be separated from the thoughts of figures who have contributed to laying the foundations and principles of Islamic economics. Scholars' thinking about Islamic economics in the classical period was very advanced and brilliant, far ahead of modern Western thinkers such as Jean Baptis Say, Ricardo, Adam Smith, and Keynes. Ibn Khaldun is an muslim economy who has a very vital role in the development of Islamic economics to date. This research aims to analyze the thought of Ibn Khaldun to the development of Islamic Economics.

The Development of Islamic Economic Politics in Sharia Banking in The Reform Era to Date in Indonesia

The article aims to determine the relationship between the Indonesian state and the Islamic economy related to the influence of the Indonesian government's Islamic political economy in the development of sharia economic practices in society, especially in the reform era. The research method used in this study is a qualitative approach with the type of library research. The data sources used are secondary data sources, obtained from the collection of documentation related to the development of Islamic economic politics in Islamic banking in the reform era in Indonesia. The data that has been collected is analyzed through content analysis and the validity of the data is checked through triangulation of secondary data sources. This article uses the political theory of Islamic economics in the reform era and the theory of the development of sharia banking regulations by Dr. Itang, M.Ag. This article finds that the influence of the State of Indonesia with its political economy oriented to the Islamic economic system in developing Islamic economic practices is very significant. This also shows that there is a rapid progress in the practice of Islamic economics, especially in the field of Islamic banking, which is increasingly attracting the whole community to invest in Islamic banking because the formal regulations are very clearly stated in the Act. In addition, the development of Islamic political economy has also greatly influenced the development of other non-banking Islamic financial institutions, such as sharia insurance, sharia capital markets, sharia bonds, sharia mutual funds, and Islamic microfinance institutions, and Islamic public finance after the Indonesian state supported them in many things, especially through formal regulation.

THEORETICAL ASPECTS OF APPLICATION OF ISLAMIC ECONOMIC CONCEPT IN MODERN CONDITIONS OF DEVELOPMENT OF RUSSIAN ECONOMY

In the current conditions of the functioning of the world community, the aggravation of political confrontation, the ongoing sanctions pressure and the increase in military threats, it becomes necessary to find new vectors for the development of the Russian economy, based not only on import substitution and their own developments, as well as the positive experience of states that have been subjected to economic isolation from European states and the United States of America. In times of crisis, thanks to the human potential of Russia, innovative and breakthrough prospects were formed. The article is devoted to the theoretical aspects of the application of the Islamic economic concept, which is due to the widespread spread of Islam in Russia, the development of Hahal initiatives and Halal enterprises. The author studied the main aspects of Islamic economic theory, the range and prospects for its distribution in the Eurasian economic space, which served as the basis for the formation of promising trends and problematic issues of the application of Islamic economic theory at the current stage of Russia's development.

Configuring problems of economics in Islamic perspective: moral nexus, realities and its unification

PurposeThis paper aims to investigate the subject matter of Islamic economics that will be the object of a study as a discipline by classifying and unifying different approaches proposed by Islamic economists.Design/methodology/approachThe paper is a conceptual paper using discursive analysis analysing the perspective and approaches proposed by Islamic economists in defining economic problems from an Islamic perspective. The perspective and approaches proposed are classified and analysed for their implications in constructing the subject matter of discipline.FindingsIslamic economics, as a new body of knowledge, needs to clarify the economic problems that will be its subject matter. The paper brings an insight into the subject matter of Islamic economics as conceived by scholars in two approaches, namely, economic problems “as they are” and economic problems “as they should be”. The paper also proposes a unified perspective in defining the subject matter of Islamic economics for further development of the discipline.Research limitations/implicationsThis paper only provides philosophical guidance for researchers in mapping the problems and the goals of the policy being studied, although it does not offer any practical use for policymaking as each policy is faced with different and specific cases. This paper may be used to assist future researchers in shaping other unexplored fields in Islamic economics as a body of knowledge.Practical implicationsIslamic economics as a discipline will be strengthened if it has a clear subject matter that will be the object of study. However, the conception of economic problems proposed by Islamic economists is based on life-reality, i.e. of what human beings face in their life (practical-type economic problems as they are) and based on life guidance from the Qur’an on how human beings should live as well as life-objectives, i.e. of what goals he should strive for (ideal-type economic problems as they ought to be) brings implication that there are differences in determining the object of study of Islamic economics.Originality/valueThis paper promotes the unification of two conceptions of economic problems proposed by scholars by defining Islamic economics as “a study of resource appropriation to realize human well-being (maslahah)”. This suggests that economic problems as manifested in life reality will be studied within the grand objective of life in Islam (maqasid al-Shariah), and economic problems as perceived in life goals will be studied in the context of life reality. Islamic economic theory will be formulated not only to solve the apparent problem of “what is” but also formulated in a way that refers to goals (ideals) of “what ought to be” that will provide solutions to current economic problems according to certain vision and to take steps to move in that visionary direction.

Milli İktisattan İslam İktisat Düşüncesine: Ekonomik Çağdaşlaşmada Özgünlük Arayışı

Bu çalışma Osmanlı’nın son dönemlerinden başlayarak günümüze değin Müslüman toplumlarda giderek artan ekonomik çağdaşlaşma arayışlarını ve bu alandaki entelektüel katkıları ele almaktadır. Sanayi devrimi sonrası kapitalizmin küresel bir boyut kazanması ile Batıda ortaya çıkan yüksek refah üretimi karşısında Osmanlı’nın son dönemlerinde, özellikle Tanzimat dönemi sonrasında, başlayan ve günümüzde halen devam etmekte olan iktisadi özgünlük arayışları çağdaş Müslüman toplumların siyasi ve ekonomik geleceklerini belirlemede oldukça kritik bir önem kazanmıştır. Tanzimat sonrasında sıklıkla dile getirilen milli iktisat söylemi ile sömürge sonrası küresel düzende artan İslam iktisadı söylemi bu açıdan kapitalizme alternatif olabilecek ortak bir arayışın son yüzyılın farklı dönemlerindeki benzer çözüm arayışları olarak karşımıza çıkmaktadır. 
 Bu çalışma, her iki söylemin de kapitalizmin geçirdiği evrelerden, sanayi kapitalizmi ve finans kapitalizminden bağımsız düşünülemeyeceğini iddia etmektedir. Dönemin önemli aydınlarından Ahmet Midhat ekseninde geliştirilen milli iktisat vurgusu da finans piyasalarının küresel boyut kazandığı çağda ortaya çıkan İslami finans da bu anlamda kapitalizme bir alternatif olmaktan çok İslami bir soft kapitalist çözüm sunmanın ötesine geçememiştir. Çalışma yöntem itibariyle Ahmet Midhat’ın iki temel eseri üzerinden milli iktisat söylemi ile çağdaş İslam iktisadı arasında mukayeseli bir söylem analizi benimser.