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The Urgency of Dinar and Dirham as a Usury-Free and Maysir-Free Currency Solution Yunus, Muhammad; Janwari, Yadi; Al-Hakim, Sofian
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 6 No. 2 (2024)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2024.6.2.23555

Money has an important role in human life, especially in economic activities. The history of money starts from the barter system to the use of gold and silver as a medium of exchange. In the Islamic perspective, money is seen as a medium of exchange and a measure of value, not as a commodity. Islam prohibits practices such as usury, gambling, and speculation that can cause injustice in the distribution of wealth. Islamic principles in terms of money include accountability, justice, simplicity, and the prohibition of the accumulation of wealth. Some people view the Dinar and Dirham currencies are Islamic currencies, so they forbid paper currency or fiat money from being used because the nominal value does not match the intrinsic value, unlike Dinar and Dirham currencies. The method of this research is qualitative research in the form of library research. The result of the discussion of this article is that the dinar and dirham currencies did not originate from Islam but from the Romans and Persians. There are 3 functions of money in Islam, namely: money as a means of unit price, money as a medium of exchange, and Money as a storage medium of value. Thus, the Islamic perspective on money aims to create a fair economic and financial system for all mankind. Keywords: Money; Dinar; Dirham

Sejarah Kebijakan Moneter di Dunia Islam: Periode Umawiyah hingga Turki Utsmani Sodik, Gugun; Janwari, Yadi; Al-Hakim, Sofian
Eco-Iqtishodi : Jurnal Ilmiah Ekonomi dan Keuangan Syariah Vol. 6 No. 2 (2025): Eco-Iqtishodi: Jurnal Ilmiah Ekonomi dan Keuangan Syariah
Publisher : Program Studi Ekonomi Syariah Institut Manajemen Koperasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32670/ecoiqtishodi.v6i2.4968

This thesis explores the development of monetary policy in the Islamic world, from the Umayyad Dynasty to the Ottoman Empire. The research aims to analyze the evolution of monetary policies, including the minting and standardization of currency, tax administration, and fiscal systems across various Islamic empires that ruled between the 7th and early 20th centuries. During the Umayyad period, the standardization of dinar and dirham coins played a crucial role in international trade. Tax policies, such as jizyah and kharaj, strengthened the fiscal stability of the state. In the Abbasid era, banking and financial administration saw significant growth, with the establishment of institutions like the Baitul Mal and the implementation of the iqtāʿ system. The Umayyad Caliphate in Spain minted gold dinars, supporting the economy of Al-Andalus and connecting it to the Mediterranean trade networks. Smaller kingdoms, including the Fatimid, Mamluk, Safavid Persia, and Mughal India, each introduced innovations in monetary policy and trade, particularly in the use of gold and silver, as well as fiscal policies to maintain economic stability. The Ottoman Empire, as the last great Islamic power, faced significant challenges from internal economic crises and the influence of European colonial powers. Monetary and fiscal reforms were key in the Ottoman efforts to survive, though ultimately insufficient to prevent the empire's collapse. The research concludes that monetary policy in the Islamic world was historically influenced by internal factors, such as political stability and economic development, and external factors, including international trade relations and colonial threats. These policies played a vital role in maintaining economic stability during various periods of governance, but also highlighted the challenges faced by these empires in adapting to global changes.

Law of Usury (RIBA) According to Masyarakat Tanpa Riba (MTR): Perceptions, Attitudes, and Movements Al-Hakim, Sofian; Witro, Doli; Nurjaman, Muhamad Izazi
Asy-Syari'ah Vol 26, No 1 (2024): Asy-Syari'ah
Publisher : Faculty of Sharia and Law, Sunan Gunung Djati Islamic State University of Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/as.v26i1.29639

Abstract: After the merger, three banks under State-Owned Enterprises (BUMN), namely BNI Syariah, BRI Syariah, and Bank Syariah Mandiri, became Bank Syariah Indonesia (BSI), opening opportunities for the development of Islamic financial institutions in Indonesia. However, according to the Masyarakat Tanpa Riba (Society Without Riba) (MTR), Islamic banks are not much different from conventional banks (BK). Therefore, the focus of this article is the law of usury in the view of the MTR, which is seen in three aspects, namely, the perception, attitude, and movement of the MTR. This paper aims to determine the law of usury from the view of the MTR. This article uses a qualitative research method, which is field research. Data collection techniques used are observation, interviews, and documents. The data analysis technique in this paper uses data condensation, data presentation, and conclusion. The study results show that the MTR is an anti-usury community. MTR can be categorised as a textualist and rigid group (mutasyadidun). The rigid MTR method often implies that Islamic economic development is static and monolithic. The existence of the MTR will be productive if it is read not as a threat but as an auto-criticism against Sharia financial practices that are not yet perfect, highlighting the potential impact of the MTR's perspective on Islamic financial practices.

Perbandingan Fikih tentang Mudharabah: Analisis Keterbatasan dan Hambatan dalam Perkembangannya Hafizd, Jefik Zulfikar; Al-Hakim, Sofian; Gojali, Dudang
Multidisciplinary Journal of Religion and Social Sciences Vol. 1 No. 2 (2024): Oktober 2024
Publisher : EL-EMIR Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/mjrs.v1i2.82

Mudharabah is a unique financial instrument in the Islamic banking system, where capital from one party (shahibul maal) is managed by another party (mudharib) to generate profit, which is shared according to a pre-agreed arrangement. This study aims to analyze the concept of mudharabah from the perspective of fiqh and explore the limitations and challenges faced in its implementation in the modern Islamic banking system. Using a qualitative approach through a literature review method, this research examines various classical and contemporary texts related to the relevant fiqh principles. The results show that mudharabah is a partnership between the capital provider and the manager, with profits shared according to the agreement and losses borne by the capital provider unless due to the manager's negligence. Ibn Rusyd divides mudharabah into mudharabah muqayyadah (restricted) and mudharabah muthlaqah (unrestricted), emphasizing the risk of gharar in capital assessment. Wahbah al-Zuhaili also highlights the importance of transparency and protection for both parties in the mudharabah contract, as well as the need for flexibility in its application to align with modern economic developments. Meanwhile, the DSN MUI has issued fatwas as practical guidelines suited to Indonesia's modern financial conditions, classifying mudharabah into four forms: muqayyadah, muthlaqah, tsuna'iyyah (involving two parties), and musytarakah (combined with musharakah). The implementation of mudharabah in Bank Muamalat and Bank Syariah Indonesia shows practical applications but faces challenges such as oversight and operational risks. The main obstacles include a lack of public understanding, high operational and market risks, as well as regulatory and infrastructure limitations. Although mudharabah holds great potential as an Islamic financial instrument, these challenges need to be addressed to improve its effectiveness and application in Indonesia.

Law of Usury (RIBA) According to Masyarakat Tanpa Riba (MTR): Perceptions, Attitudes, and Movements Al-Hakim, Sofian; Witro, Doli; Nurjaman, Muhamad Izazi
Asy-Syari'ah Vol. 26 No. 1 (2024): Asy-Syari'ah
Publisher : Faculty of Sharia and Law, Sunan Gunung Djati Islamic State University of Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/as.v26i1.29639

Abstract: After the merger, three banks under State-Owned Enterprises (BUMN), namely BNI Syariah, BRI Syariah, and Bank Syariah Mandiri, became Bank Syariah Indonesia (BSI), opening opportunities for the development of Islamic financial institutions in Indonesia. However, according to the Masyarakat Tanpa Riba (Society Without Riba) (MTR), Islamic banks are not much different from conventional banks (BK). Therefore, the focus of this article is the law of usury in the view of the MTR, which is seen in three aspects, namely, the perception, attitude, and movement of the MTR. This paper aims to determine the law of usury from the view of the MTR. This article uses a qualitative research method, which is field research. Data collection techniques used are observation, interviews, and documents. The data analysis technique in this paper uses data condensation, data presentation, and conclusion. The study results show that the MTR is an anti-usury community. MTR can be categorised as a textualist and rigid group (mutasyadidun). The rigid MTR method often implies that Islamic economic development is static and monolithic. The existence of the MTR will be productive if it is read not as a threat but as an auto-criticism against Sharia financial practices that are not yet perfect, highlighting the potential impact of the MTR's perspective on Islamic financial practices.

ANALISIS HUKUM EKONOMI SYARIAH TERHADAP PERATURAN MENTERI PUPR NO. 16/PRT/M/2017 TAHUN 2017 TENTANG TRANSAKSI TOL NONTUNAI DI JALAN TOL Humaedi, Jelisa Awaliyah; Al-Hakim, Sofian
Al-Muamalat: Jurnal Ekonomi Syariah Vol. 5 No. 1 (2018): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v5i1.9652

PUPR Ministerial Regulation No.16 / PRT / M / 2017 concerning Non-cash Toll Transactions on Toll Roads. Electronic Toll (E-Toll) is a program in the form of an electronic toll payment service in the form of an electronic card used to make payments for entering toll roads. The use of e-toll is only by using a card that is pasted and finished within 4 seconds. The e-toll card is issued by PT. Jasa Marga. The technology used by E-Toll cards is RFID (Radio Frequency Identification) where transactions can be done remotely (contactless). Toll cards do not need a PIN or signature. E-toll is made because of the congestion that always occurs at the toll gate with the aim of shortening the toll payment time so that there is no longer a long queue. The research framework in this study is to analyze the phenomenon of the emergence of PUPR Ministerial Regulation No.16 / PRT / M / 2017 concerning Transaction of Non-toll Toll Roads, which is linked to Law No.7 of 2011 concerning Currency in relation to the Al-Hurriyyah Principle. The writing method used is the empirical juridical method. That is research on legal identification (unwritten law) based on the laws that apply in society, namely customary law and Islamic law. In this study, researchers must deal with citizens who are the object of research so that many regulations are not written in the community. The results of this study indicate that (1) The birth of PUPR Ministerial Regulation No.16 / PRT / M / 2017 concerning Transaction of Non-cash Toll Roads, is an effort to realize a transparent, participatory government and also to develop electronic-based governance in the framework of improve the quality of public services effectively and efficiently. (2) Non-cash transactions on the toll road, provide more benefits than mafsadat. So basically the government program has provided a way out of traffic congestion problems, although at the same time it reduces user freedom.

PENERAPAN METODE BREAK EVEN POINT DALAM PEMBIAYAAN MUDHARABAH DI BPRS HIK CILEUNYI Kusuma, Indah Lestari; Al-Hakim, Sofian; Azazy, Yusup
Al-Muamalat: Jurnal Ekonomi Syariah Vol. 7 No. 1 (2020): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v7i1.10858

Harta Insan Karimah Islamic People's Financing Bank (BPRS) is a financial institution that applies the break even point method in an effort to prevent losses and make decisions in mudharabah financing. In its application, this method must be calculated carefully and thoroughly and know the magnitude of the benefits or its disadvantages and what if the calculations are wrong. Then the legal status is still being questioned. This study aims to determine the review of Islamic economic law on the application of the break-even point method in mudharabah financing at SRB HIK Parahyangan Cileunyi. The method used in this research is a descriptive case study. Based on the results of the study, it can be concluded that the application of the break-even point method cannot be made as a final decision because this method can only be used in a stable economic situation so as not to burden and cause injustice to. In a review of Islamic economic law, this method may be used because it is a business habit or 'urf that is known by business actors in the effort of risk loss management in stable economic conditions, this method is in accordance with the principles of muamalah namely principle' is or justice, principles antaradhin, the principle of manfaah (tabadu al-manafi '), the principle of ash-shiddiq and the principle of adam al-gharar and muamalah fiqh rules.

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