By: Achmad Baraba

Translation By: Ismul Azhari


The development of Islamic banking is an interesting phenomenon among academics and practitioners in the last 20 years. Not less IMF has also been doing kajiankajian on Islamic banking practices scbagai alternative international financial system that provides opportunities for improvement efforts the international financial system back many felt the shaking and instability that caused the crisis and the economic consequences dominannya more than the financial sector in relation to the real sector economy world.

Some studies show that the rate of growth of trade and money derivasinya grew approximately 800-fold growth compared to the real sector and the not terintegrasinya the real sector activities with the sector so that monetary relief mengakselerasi various distortions in the economic development of the world because of the influence of a strong economy from the speculative behavior and not based on the real condition of the existing economic potential.

Not long before the occurrence of a currency crisis in Asia, especially Southeast Asia, the area is still considered as the area that have iaju stunning economic growth by most experts and international financial institutions, but in fact have some of that growth is more like a soap bubble trick or because the balloon does not reflect economic fundamentals are strong, that nothing is real economic power with a high level of productivity and economic efficiency of the optimal.

Although not all recognize one’s mind but we realize fully that the system is based on capitalist economy and interest base and put the money as a commodity sold even in large-scale turns out to give the serious implications of the economic damage to the relationship a fair and productive.

Speech by PM Malaysia DR. Mahathir at the IMF in Hong Kong the council on matters mentioned above are considered very fenomenal and arouse awareness for the various parties are at least learn more truth about the arguments that appear damaged the world financial system, and even later Soros also has begun criticizing the capitalist system too free flow in the financial world. The political and practical efforts to introduce a financial system based on the view of Islam is still must go through long way in terms of not only The theoretical foundation and practical but iebih of the required strength to convince a group of major international financial and developed countries that the financial system is based on the principles of Islamic economy can guarantee the world economy a more just and bring welfare of mankind in accordance with the Islamic concept of ‘rahmatan lil alamin’

Study on the principles of economic wealth and Islamic economic practices that applicable at the time, especially during the period of Prophet Medina has long done, so now the time has grown and developed a variety of academic study center on economic development, especially Islam on Islamic financial institutions in different countries even though countries such as non-Muslims in the United States Harvard, some universities in London, Australia and of course in the country has a Muslim, including Malaysia and Indonesia.


Islam as a religion is a concept that human life is both comprehensive and universal in the relationship with the Creator (HabluminAllah) and in the relationships among men (Hablumminannas). There are three main pillars in the teachings of Islam which are:

Aqidah (Islam QA): components Islamic teachings about the confidence on the existence and power of God so that faith must be a Muslim when doing various activities in the earth, simply to get keridlaan God as the caliph who get trust from God.

Sharia: Islam’s teachings components of the life of a Muslim in the field of worship (habluminAllah) and in the field muamalah (hablumminannas) which is the actualization of the belief that a keyakinannya. Muamalah own while covering many areas of life, among others, related to the economy or the wealth and commerce called muamalah maliyah.

Akhlaq: base behavior and personality that will characterize himself as a devout Muslim, the sharia based on Aqidah and guidelines that are so-called life has akhlaqul Karimah as prophet Hadith that says’ if I sent Tdaklah except for the akhlaqul Karimah ‘

Quite a lot of the Islamic guidance economic life of the people who, among others, the outline is as follows:

• Islam put money function solely as a means of exchange and not as a commodity, so it is not feasible to be let alone contain elements of uncertainty or speculation (gharar) so that there is not a price especially associated with the money over time but the value for money with the exchange of goods.

• usury in all its forms is prohibited even in the paragraph about the Qur’an prohibition of usury is the last letter of Al-Baqarah verse 278-279 explicitly stated as follows:

O those who believe in Allah takutlah and tinggalkanlah remains of usury, if ye believe. If you know there is no memperbuatnya war from God and RasulNya with you and if you repent then you polcok-core possessions you do not persecute nor teraniaya.

• Prohibition flysoul also in the teachings of the Christian covenant old and the new agreement essentially require the provision of loans to others without interest as the reward request.

• Although there is still the opinion, especially in Indonesia are still doubts whether the bank interest or usury is not included, then the agreement has become scholars, experts and Islamic Jurisprudence banker be Islamic world that the bank interest is usury and forbidden usury.

• Do not permit any form of activities that contain elements of speculation and gambling including economic activities are believed to cause loss to the community.

• Property must revolve (diniagakan) so that should not be based only on the handful of people, and God is not like the property so that the pile does not productive and therefore for those who have any property that is not productive will be a greater charity than if diproduktifkan. This will also be based teaching that states that the position of the earth as a human caliph who receive trust from God as the absolute owner of all the earth and the human task is to make large-prosperity and human welfare.

• Working and living or are looking for worship and compulsory dlakukan so that no one without work – which means ready to risk – can obtain a benefit or advantage (compare with the interest earnings from bank deposits that is fixed and almost no risk).

• In many areas of life including in the economic activities must be conducted transparently and fairly on the basis of like the same like without coercion from any party.

• There is an obligation to make a recording of any transaction that is not particularly cash and there are witnesses who can be trusted (symmetry with the accounting profession and notary).

• Zakat as instruments for the elimination of the obligation which is the property rights of others who are eligible to receive, as well as a strong recommendation to issue infaq and as a manifestation shodaqah importance of equity wealth and fight poverty.

From the sketch above provides a clear illustration of the basic principles of Islamic economic system which does not only stop at the concept level but there are many concrete examples that are taught by RasulAllah, which needs to penyesuaiannya time now with quite a lot of astral conjunction, ‘that is done Jurisprudence by experts in addition to the operational practices by development economists and practitioners of the financial institutions of Islam. Available are the universal and Islamic guidance is believed to be always relevant to the needs of the age, in this case as an example is the development of Islamic financial institutions such as banking and insurance.


As described above the principles of the basic economic system of Islam will become the operational base Islamic bank that is the most prominent is the concept of money and interest that is not less important for commercial purposes is not Islam but recognize borrowing money is a partnership / collaboration (mudharabah and musyarakah) with the principles for results, are borrowing money for the only possible social goals without any reward.

Run the operations function in the Islamic bank will consist of:

• As the recipient of trust to invest funds on a trust investment account by the holder / depositor on the basis of principles for investment policy in accordance with the bank.

• As a manager of investment funds on the funds held by the owner / sahibul mal investment in accordance with the direction desired by the owner of the funds (in this case the bank acts as investment manager)

• As a provider of payment services and traffic services throughout the other does not contradict the principles

• As a manager sharia social functions such as management of funds and the receipt of charity and benevolence of funds (optional function).

Function of the product page Islamic bank will consist of:

• Principles mudharabah namely perjanjisn between two parties where the first party as the owner of the funds / sahibul mall and the second as the fund manager / mudharib to manage an economic activity with the agreed ratio of profit on the results of akan obtained while the loss is incurred during the financial risk the owner is not there is evidence that cheating mudharib conduct or action that does not trust (misconduct) based on authority given to mudharib then mudharabah be divided into mudharabah mutlaqah where mudharib given full authority to determine the selection of the desired investment, sedangkanjenis the other is mudharabah muqayyaddah where the landing is determined by investment funds, while owners mudharib act as executor / manager.

• Prisip Musyarakah the agreement between the parties to include the capital in an economic activity with the division of profit or loss according to the agreed ratio Musyarakah or can be fixed with a temporary reduction or periodically while the end of the project.

• Principles Wadiah is titipan where the first party out of funds or property to the party as the second recipient titipan with the consequences titipan any time can be taken back, which can be charged penitip care. Based on the authority given wadiah then be divided into wadiah ya dhamanah which means that the recipient is entitled titipan draw funds / goods titipan for didayagunakan recipient without any obligation to provide compensation titipan to penitip with the agreement can still be taken at any time required, while the other does not provide trust wadiah titipan authority to the recipient for goods mendayagunakan / dititipkan funds.

• Principles of Buying & Selling (Al Buyu ‘) that is comprised of:

1. Murabahah the sale and purchase contract between two parties where the buyer and seller agree on the price of purchase price plus purchase costs and profits for the seller. Murabahah can be made in cash can also pay with a firm or pay the installments.

2. Salam, namely the purchase of goods with payment upfront and then be submitted

3. Ishtisna ‘, namely the purchase of goods through the order process and is required for pembuatannya in accordance with the order and the buyer made the payment at once or gradually.

• Services-Services include:

1. Rental of Ijarah is an exchange of goods with income rent, when there is agreement on ownership at the end of the lease called Ijarah mumtahiya bi tamlik (the same as the operating lease)

2. Wakalah that the first party to give power to the second (as deputy) to a particular matter in which both parties get a reward or commission fee.

3. Kafalah the parties are willing to become the first insurer on the activities carried out by the second-round match that diperjanjikan where the first party to receive compensation or a commission fee (warranty).

4. Sharf, namely the exchange / sale and purchase of currency that is different from the immediate cession / spot price based on the agreement in accordance with the market price at the time of the exchange

• The principle that good reception and good distribution of funds in the form of alms and other infaq shodaqah and distribution alqardul good that is in the form of the distribution and loan for the purpose of helping the poor to productive use without compensation unless required principal repayment of debt.

From the description above the Islamic banking products in practice can be summarized as follows:

Products / Services Sharia Principles Giro Wadiah yadhamanah Savings Wadiah yadhamanah mudharabah Deposit / investment accounts Mudharabah free investment account does not use the free Mudharabah muqayyadah Receivables Murabahah Murabahah not cash Mudharabah Mudharabah Investment Investment Musyarakah Musyarakah Investment assets rented Ijarah Procurement for goods to be sold or used or own a ishtisna ‘warranty Kafalah Bank Transfer, payment, L / C, etc.. Safe deposit box Wakalah trust Wadiah Letters Mudharabah Sell valuable foreign exchange to buy (non-speculative motive) Sharf


By operating principles that differ from conventional banks to provide differences in the implications of accounting principles both in terms of presentation and pelaporannya. Islamic bank accounting reports will consist of:

· Reporting financial position / balance sheet

· Reports profit-loss

· Reports changes in cash flow

· Reports capital investment does not report changes in the free / limited Note

· Reports on the financial resources and the use of charity resources and

· Reports the use of funds qard / qardul

Some good things that prominent Islamic bank in accounting are:

• Giro and savings wadiah note / debt as presented in the balance sheet.

• Account mudharabah free investment / deposit note / presented as a distinctive account of debt and capital (not debt).

• Account-free investment is not recorded separately as off balance sheet accounts in the form of a report does not change the position of free investment.

• Receivables murabahah note of the remaining selling price is not reduced by tertagih margin that has not been received

• Investment mudharabah and musyarakah presented the remaining value of capital invested or the included

• Asset rented note of the cost reduced by accumulated depreciation.

• Revenue is generally recognized on the cash basis of fixed expenses are accrual basis.

• The results of sahibul mal mudharib and be done with the profit loss sharing or revenue sharing, while the income derived from bank investment funds or from funds not derived from the account of the full investment bank earnings, while income is the full service bank in the bank not shared output.

Accounting principles to the Islamic bank Accounting and Auditing Standard for Islamic Financial Institution issued by the Accounting and Auditing Organization for Islamic Financial Institution based in Bahrain, which was established in 1991 on the initiative of IDB and several large Islamic financial institutions and now has members of almost all Islamic financial institutions.

Bank Indonesia with IAI is in the process to adopt standard accounting standards to be syariah bank in Indonesia which is expected to finish this year.


With the foundation kokohnya bank sharia law in Indonesia through the completion of Law no 7 of 1992 on Banking with Undangundang no 10 of 1998, which was then equipped with a policy of Bank Indonesia Decree of the Board of Directors of Bank Indonesia and the potential of both the country and abroad the estimated growth and development prospects sharia bank in Indonesia akan shows that brisk growth opportunities considering the conventional banks to open branches or subsidiaries into a branch to convert sharia.

Meanwhile, at this time until the number of Islamic financial institutions around the world have reached 200 the number of fruit spread both a Muslim country and western countries like the UK, Switzerland, Denmark, and others, also in the United States and Australia in the form of cooperatives.

It is expected that the banking system or even Islamic economic system of Islam akan altematif system to be able to overcome the imbalance of international financial system that are terpuruk today. Wallahualam.

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