Islamic banking finance economy
by islamicbankingfinanceeconomy.blogspot.com
Pro Islamic Economics Pro People
Prolonged crisis affecting a large number of countries still leaves a number of very serious problem for Indonesia. In the language of economists FEM IPB, Iman Sugema, there are three of
doom (doom trio) that hit the world economy from the financial crisis
that originated from the US, which may be the cause of turning pointatau
turning point in the national economy in 2009.The first is the property doom doomsday or apocalypse property, which is marked by the fall in property prices in the US. Then,
the financial doom or financial apocalypse, which is characterized by
declining stock indices post-crisis world and shows no sign of full
recovery in the near future. Several stock indexes fell more than 30 percent, such as China (62.9%), Japan (38.3%), and Germany (35.6%). Doomsday third is doom commodity, where the price of some commodities
has decreased, as the decline in CPO prices and robusta coffee since
July 2008, respectively by 61.9 percent and 15 percent.These
conditions resulted in the cleaning up of global liquidity, where many
of the world's major financial companies withdraw liquidity in order to
overcome the losses incurred. Not only that, the companies in the real sector was disrupted.It is characterized by the weakening demand in some export markets, such as the European Union, Japan, and the United States. Indeed,
if analyzed, the performance of bilateral trade between Indonesia and
the US does not really affect the performance of national exports. This is because the total of our exports to the US only 9-10 per cent
in the last two years, where the rate is less than three percent of our
GDP.However, the weakening of the US economy carries a chain effect on the number of trading partner countries Indonesia. With weak demand in these countries, it is not surprising that the
percentage of Indonesia's export trend down, even a drop of 11.6 percent
in October 2008.Is
expected to enter the first half of 2009 there will be a wave of
massive layoffs, as predicted Aviliani, due to the expiration of the
export contract a number of Indonesian companies. If this happens, the unemployment rate is expected to rise. It is certain this situation will invite a workers' demonstration in a larger scale. Confirmed the nation's socio-economic conditions will be heavier.A number of challengesAnother challenge is the low weight of the product competitiveness of our nation. Due to slowing world economic growth, there will be competition for export markets. As a big country, Indonesia certainly has the potential to be a potential market for a number of imported products.It is estimated that China will continue to dominate the products imported into the country. Over the past few years the dominance of China has not been able to be broken. This is a challenge given the strengthening of the domestic market to
be one solution to the global crisis, in which local products that can
be the substitution of imported goods is needed.Another thing that also needs attention is improving the competitiveness of SMEs. Index scores of our SMEs smallest when compared with a number of APEC member countries. In fact, the share of SMEs to Indonesia's GDP is more than 50 percent. Without this competitiveness improvement, our SMEs will face a number of difficulties in marketing their products.However, the severe condition that does not mean the end of everything. There are still many roads that can be taken by this nation to come out of the global crisis. Many potential of a nation that still can be optimized. For example, high levels of saving, which reached 34 percent of GDP ratio. It shows these funds can be utilized as capital increase productive investment.Then,
Indonesia can also take advantage of the potential of the natural
resources that exist as attracting investment in underlying assetuntuk
Middle East-based sukuk. Although there are problems of global liquidity, conditions are relatively better Middle East.It's
not surprising some time ago British Prime Minister Gordon Brown had
time to do a 'safari' to the Middle East, asking them to actively invest
in the UK and is involved in efforts to reduce the pressure of the
global recession. However, there are three main constraints that must be considered,
remember these three things are often taken into consideration investors
to invest in Indonesia.First, macro instability indicated by the high inflation rate in the last three years. Secondly,
the problems of infrastructure that is characterized by limited number
of facilities and infrastructure, such as roads, railways, and power
supplies. Thirdly, the issue of corruption is very acute.Transparency International surveys indicate the position of Indonesia ranks 134 of 163 countries surveyed. Especially with regard to corruption, the authors hope that the
Commission's role can be further optimized and the efforts that the
current weakening of the Commission's functions appear to be immediately
terminated.Islamic economic pro Policy
There are several steps that can be taken by the government to improve economic conditions. First, strengthening the Islamic finance industry in general is more real prosektor. This reinforcement, among others, can be done by increasing the volume of Islamic banking assets, including through the establishment of new BUS (such as Bank Bukopin Syariah), increase the volume UUS, as well as placing government funds in Islamic banking. Then, strengthen the position of Islamic microfinance institutions and the consolidation and formation SRB LKMS and SRB network at the national level.Furthermore, the strengthening of Islamic capital markets. There is a tendency in the long-term role of the capital market will be more dominant. However, the lessons to be learned from this crisis is when the transactions on the trading floor done without a clear underlying assets, what happens is inflation-inflate the value of assets at the end detriment. Bubble economy highly vulnerable should be overcome by strengthening the Islamic financial market.Second, sukuk can be used as an investment tool for the development of infrastructure facilities. We welcome the initial issuance of the sukuk some time ago. However, if the sovereign funds are used to cover the budget deficit in posts that are less productive, its impact on the economy is less pronounced.The government should issue a sukuk that are used to build ports, airports, highways, power plants and other infrastructure facilities. This will create a multiplier effect that is very good for the economy.Third, the optimization potential zakat and waqf. Zakat must be used as an instrument of protection of economic rights of the poor, as well as a means of maintaining the purchasing power of the poor. The burden of poverty can be reduced by utilizing the zakat funds through charity programs, such as free health care and education scholarships.Increased productivity of the poor can be facilitated through productive utilization of zakat programs, such as financing and micro and small business assistance. At the macro level, people to people transfer process is believed to be much help boost the economy.During these policies are being implemented based on the concept of government-to-people transfer, which is funded from taxes and foreign debt. The problem, when foreign debt is used to post social assistance, the burden of the state budget that in fact the burden of the people, will increase. Therefore, charity is the best way so that the burden of the budget deficit will be reduced significantly.Endowments, both endowments of goods or money, can be utilized as an engine of growth. For nearly four centuries of history record cash waqf able to be the engine of world economic growth, which in the days of the Ottoman Khilafah which controls a third of the world. The authors believe, God willing, to implement the sharia economic policies seriously, the economic interests of the people would be lifted.
There are several steps that can be taken by the government to improve economic conditions. First, strengthening the Islamic finance industry in general is more real prosektor. This reinforcement, among others, can be done by increasing the volume of Islamic banking assets, including through the establishment of new BUS (such as Bank Bukopin Syariah), increase the volume UUS, as well as placing government funds in Islamic banking. Then, strengthen the position of Islamic microfinance institutions and the consolidation and formation SRB LKMS and SRB network at the national level.Furthermore, the strengthening of Islamic capital markets. There is a tendency in the long-term role of the capital market will be more dominant. However, the lessons to be learned from this crisis is when the transactions on the trading floor done without a clear underlying assets, what happens is inflation-inflate the value of assets at the end detriment. Bubble economy highly vulnerable should be overcome by strengthening the Islamic financial market.Second, sukuk can be used as an investment tool for the development of infrastructure facilities. We welcome the initial issuance of the sukuk some time ago. However, if the sovereign funds are used to cover the budget deficit in posts that are less productive, its impact on the economy is less pronounced.The government should issue a sukuk that are used to build ports, airports, highways, power plants and other infrastructure facilities. This will create a multiplier effect that is very good for the economy.Third, the optimization potential zakat and waqf. Zakat must be used as an instrument of protection of economic rights of the poor, as well as a means of maintaining the purchasing power of the poor. The burden of poverty can be reduced by utilizing the zakat funds through charity programs, such as free health care and education scholarships.Increased productivity of the poor can be facilitated through productive utilization of zakat programs, such as financing and micro and small business assistance. At the macro level, people to people transfer process is believed to be much help boost the economy.During these policies are being implemented based on the concept of government-to-people transfer, which is funded from taxes and foreign debt. The problem, when foreign debt is used to post social assistance, the burden of the state budget that in fact the burden of the people, will increase. Therefore, charity is the best way so that the burden of the budget deficit will be reduced significantly.Endowments, both endowments of goods or money, can be utilized as an engine of growth. For nearly four centuries of history record cash waqf able to be the engine of world economic growth, which in the days of the Ottoman Khilafah which controls a third of the world. The authors believe, God willing, to implement the sharia economic policies seriously, the economic interests of the people would be lifted.
0 comments:
Post a Comment