Wednesday 30 September 2015

EXCHANGE RATE THEORY OF ISLAM

Islamic banking finance economy

by islamicbankingfinanceeconomy.blogspot.com

EXCHANGE RATE THEORY OF ISLAM


The exchange rate of a currency in Islam are also classified into two groups:

1. Natural
2. Human error
In the discussion of exchange rates in accordance with Islam will be used two scenarios, namely:
1. Scenario 1: changes occur in domestic prices that affect the exchange rate (foreign factors are considered not change / affect)
2. Scenario 2: changes in the price of foreign (factor in the country is considered not change / affect)
Apart from that, it is necessary to bear in mind that the exchange rate policy of money in Islam may be said to embrace the system of 'managed floating', where the exchange rate is the result of government policies (not the way or the policy itself) because the government does not mencapuri balance occurs on the market unless the things that upsets the balance itself. So to say that a stable exchange rate is the result of government policy right.

INFLATION THEORY OF ISLAM

Islamic banking finance economy

by islamicbankingfinanceeconomy.blogspot.com

INFLATION THEORY OF ISLAM


According to Islamic economists, inflation is very bad consequences for the economy due to:1. Potential disruption of the function of money, especially against the savings function (value store), the function of a payment at the start, and the function of calculation unit. One should break away from the money and financial assets as a result of the inflation burden. Inflation has also resulted in a return of inflation.2. Weaken the spirit of saving and attitudes towards saving society.3. Increasing tendency to shop, especially for non-primary and luxury goods.4. Directing the investment on things that are non-productive accumulation of wealth such as land, buildings, precious metals, foreign currencies at the expense of investments towards productive such as: agriculture, industrial, trade, transportation, and othersMoreover, inflation also lead to problems related to accounting such as:1. What is the assessment of the fixed assets and assets lancer done with the historical cost method or the actual cost method.2. Pemeliiharaan real capital by isolation inflationary gains.3. Inflation causes the need for correction and reconciliation operations to obtain a comparison needs of time and place.Islamic economics Taqiudin Ahmad Ibn al-Maqrizi which is one of the disciples of Ibn Khaldun, inflation classifies into two groups, namely:1. Natural inflation2. Human error inflationNatural InflationAs the name implies, this type of inflation caused by natural causes, in which people have no control over it (in terms of preventing). Ibn al-Maqrizi say that inflation is inflation caused by the decline in the Aggregate Supply (AS) or the increase in the Aggregate Demand (AD).Human Error InflationOther than that referred to natural causes inflation, the inflation caused by other things can be classified as human error or false inflation inflation. Human error is said to be infalasi inflation that result from errors of the man himself (according to Surah Ar-Rum 30:41)Human error can be grouped menururt inflation causes as follows:1. Corruption and poor administration2. Excessive Tax3. Printing money with the intention of taking advantage excessive.

Islamic Economics for the benefit of Mankind

Islamic banking finance economy

by islamicbankingfinanceeconomy.blogspot.com

Islamic Economics for the benefit of Mankind



There are three economic systems that exist on this earth, namely, the capitalist economic system, the socialist economic system, the economic system and economic mix. All these systems are some of the economic system that developed based on the thinking of those western, in addition to the three systems, there is no system that is successfully applied in various countries around the world.All economic systems of thought western people is already very evident that no one can succeed until now, the system also proved unable to provide benefit to mankind on this earth, the evidence of unsuccessful all the system starting from the dissolution of the Union Soviet into some parts of the country in the year 90s, followed by the poor results of all these systems, that poor countries become poorer, the rich countries are relatively few become richer. All that became clear proof that all economic systems the thinking of those western bring harm and destruction to the world economy.Currently we mankind is looking for an appropriate way to solve all these problems. How to? Yes, there is only one economic system that will lead to mutual benefit, namely the Islamic Economic System. A system in which the guidance is based on the Qur'an and Sunnah, as well as a system that will bring mankind to the path blessed by Him. The development of Islamic economic system today is not to menyayingi existing economic system, but how this system serves as a cover shortage of all economic systems that have been there before. The system is based on Islamic religion (دين الإسلام), because Islam as "rahmatan lil Alamin" is a mercy to the worlds, has meaning, Islam is not just for the Ummah of Islam, but also to all His creatures on the face of this earth. Islam highly regulate various aspects of human life in this world, from waking up in the morning to sleep again at night. Everything has been set up within the Islamic religion in detail, merely to achieve the pleasure and happiness of Allah the Creator in the world and in the hereafter later.In the Islamic religion economic activities should be based on the laws of Personality ', meaning there may be carried out and instead there should not be carried out, in other words "there should be ethics". Economic activity is one form of worship to God, according to His word: إلاليعبدون والإنس الجن وماخلقت (az-dzariyyat: 56) means: "And I have not created the jinn and mankind except to beribdah to Me". Islam also teaches that man is not justified for the secular, which is split between the activities ukhrowi and the world, there must be a balance (balance) between the life of the world to the hereafter will come.In the Islamic religion is essentially a treasure we have is God Almighty, the property is a divine gift and also as a surrogate of us His people in this world. Therefore, it is obligatory to keep and use in accordance with the guidance of the Qur'an and Sunnah. Islamic religion has clearly explain the rules relating to the issue of the treasure. Islam has set in problem assets from the side of the way to get it, and then how to use it, to give way to the beneficiary, be it in the form shodaqoh, infaq, and charity.Islamic economic system there are three grounding in the application, namely Tawheed, Aqeedah and Shariah. Tawheed, it means that the economic system is based on only one sole purpose of achieving the pleasure of Him in every economic activity that has been carried out on various sides of life. Aqidah, means that this economic system guarantees against all economic actors contained therein shall have the aqidah is good and right in order to avoid brutality or injustice in any economic activity that is implemented. Sharia, meaning that this economic system shall be based on the appropriate guidance of sharia (Qur'an and Sunnah) are applicable in any economic activity that is implemented. Surely when the third runway has fulfilled the Islamic economic system, in the end will bring benefit to all of mankind on this earth.Currently the countries in Europe and America slowly many are beginning to switch from conventional economic system to the Islamic economic system, they have found an appropriate way to address the problems of economic crisis that has befallen their respective countries, namely the Islamic Economic System. This system manages to be a solution to the problems posed by the injustices of conventional economic system, it shows that Islam does bring good to all, not just for the people of Islam only. Islamization in economics make economics that already exist today become more Islamic and fair. Islamic economic system has advantages in terms of both science and systems, in the world of professional Islamic economics is also needed by the market because according to demand. In the Islamic economic system there is also the name for the result, the meaning is the risk, in the conventional bank if the borrower goes bankrupt, then the guarantee will be taken, the bank will not give a damn, but with Islamic economic system, there will be granting deferral period.Islamic economics as well as a perfect solution to alleviate poverty, the system is considered very suitable for poverty alleviation programs, it is most appropriate because of the poor are not seen as the lazy, but as a party that does not have access to a better life, where lies the difference system Islamic and conventional economics. Islamic economic system is not aimed at collecting treasures as much as possible. But, what about a better life can be achieved together, helping each other meaning is (تعاون) in the goodness that has excess property to the need of the treasure.Islamic economic principles have synergies (تعاون) means helping each other. According to his word: وتعاونوا على البر والتقوى ولاتعاونواعلى الإثم والعدوان (al-Maidah: 2) means: "And please-menolonglah you in (doing) goodness and piety, and do mutual assistance in sin and transgression". This principle allows the person who first achieved success it can help others. Such cooperation can realize the Islamic Ummah forward together. Islamic economic system will be more to teach us to care for people in need around us, be it in the form of material and non material. The success that has been obtained can not be said to be a perfect person if you are still overwhelmed surrounding shortage even poverty. Therefore, be of personal benefit to others. Prophet Muhammad said:(لا يؤمن أحدكم حتى يحب لأخيه ما يحب لنفسه) متفق عليه means: "No believing man before he loves for his brother what he loves for himself" (HR. Bukhari, Muslim). In another hadith is also mentioned (الناس أنفعهم للناس (خير meaning: "The best man is useful for other human beings".Speaking about the development of Islamic economic system in our country Indonesia, Alhamdulillah we should be grateful together that the system is getting today continues to grow rapidly, all of this is based on the awareness of Islamic economics Indonesian society of the higher of the day, ranging from the development of Islamic banks up now more advanced, coupled also with the growth of other Islamic financial institutions such as insurance and Islamic finance companies is growing rapidly, and in the economic activities of the public market in Indonesia is getting mengendepankan honesty and fairness in carrying out its activities Inshallah. The willingness of society on Islamic economics increasingly good is judged to be the main capital of Indonesia to be able to outperform the growth of Islamic financial institutions in other countries, because the capital is not shared by some other countries, due to the growth of Islamic financial institutions in other countries is driven by government policy.Encouragement from all levels of Indonesian society ranging from micro-economic areas up to large employers greatly assist the development of Islamic economic growth in the country of Indonesia, one that has succeeded is in knowing sharia financing scheme. All this must be coupled with support equitable economic socialization Shariah by non-governmental organizations throughout the territory of Indonesia, a source stated that the growth of Islamic financial institutions in the homeland of Indonesia is predicted to be able to achieve more than 50 percent in the coming year. The growth was not only in the banking world, but also in other Islamic financial institutions such as insurance and finance companies sharia.Hopefully the whole growth of sharia economic system present in the end will bring benefit to all of mankind in this world, which is essential in order to achieve happiness in the Hereafter later. Allahumma Amin Yes Rabbal Alamin....

Tuesday 29 September 2015

History of Islamic Economic System

Islamic banking finance economy

by islamicbankingfinanceeconomy.blogspot.com

History of Islamic Economic System


With the collapse of communism and the socialist economic system in the early '90s to create a system of capitalism extolled as the only economic system that is valid. But it turns out, the capitalist system brings negative effects and even worse, because many poor countries get poorer and the rich countries are relatively few get richer.In other words, capitalists failed to enhance the dignity of many people, especially in developing countries. In fact, according to Joseph E. Stiglitz (2006) the failure of the American economy '90s because of the greed of capitalism. Failure to fully from the economic systems that exist is because each economic system has weaknesses or deficiencies are greater than the advantages of each. Weakness or deficiency of each economic system is more prominent than the excess.Because of weaknesses or shortcomings is more prominent than the good that is causing emerging new thinking about economic systems, especially among the Muslim countries or countries with a Muslim majority that Islamic economic system. Countries that are predominantly Muslim tries to realize an economic system that is based on the Koran and the Hadith, the Islamic economic system that has managed to bring the Muslims at the time of the Prophet boost the economy in the Arab Zazirah. Of thinking is based on the Koran and the Hadith, is currently being developed Islamic Economics and Islamic Economic System in many Islamic countries, including Indonesia.Islamic Economics and Islamic economic system is the embodiment of Islamic paradigm. Economic development of Sharia and Islamic economic system is not to compete with the economic system of capitalist or socialist economic system, but rather is intended to seek an economic system that has advantages to cover the deficiencies of the existing economic system. Islam handed down to earth, is intended to regulate human life in order to realize peace and happiness of the people living in the world and in the hereafter as the highest economic value. The people here are not simply Muslims but, all the people on the face of the earth. Tranquility of life not only to meet the needs of life are abundant in the world, but also can meet the spirit of peace as a provision in the hereafter. So there must be a balance in meeting the needs of living in the world with the need for the afterlife.The Three Basic Principles Concerning the economic system according to Islamic ShariaTauhid, this principle reflects that the authorities and the sole owner of the universe is God Almighty.Khilafah, present that man is the vicegerent or representative of God on earth, endowed with a set of mental and spiritual potential and completeness of the material resources that can be used to live in order to spread the mission of his life.'Adalah, is integral with the objectives of sharia (maqasid al-Sharia). The consequences of the Caliphate and the principle of 'It is demanding that all of the resources is a mandate from God to be used to reflect on the purpose of sharia, namely; fulfillment (need fullfillment), appreciate sources of income (recpectable source of earnings), income distribution and the prosperity evenly (equitable distribution of income and wealth) as well as the stability and growth (growth and stability).

Four characteristics / properties of the Islamic SystemUnity (unity)Balance (equilibrium)Freedom (free will)Responsibility (responsibility)

ISLAMIC BANK FUNCTION AS A MEDIUM OF FINANCIAL INSTITUTIONS

Islamic banking finance economy

by islamicbankingfinanceeconomy.blogspot.com

ISLAMIC BANK FUNCTION AS A MEDIUM OF FINANCIAL INSTITUTIONS

Islamic banks also function as a financial intermediary institution or a financial intermediary. As a financial intermediary, Islamic banks need to bridge two different sides. One side are customers who have funds and others are customers who need funds. Islamic banks to collect funds from the public in the form of savings and investment, as well as distribute it in the form of financing or other permitted forms in sharia. Fund raising carried out by Islamic banks in general can be done using wadiah and mudaraba contract.The second major function in Islamic banking is the distribution of funds to the public role in the form of financing or in the form of placement of other funds in accordance with sharia. Most of channeling funds to a third party is in the financing. Financing provided by the bank in outline terms of akadnya, can be divided into three types, namely the sale and purchase agreement, cooperation, and lease. The third type of financing channeled Islamic banks have different characteristics, so the benefit that will be derived Islamic banks will also be different.Financing purchase contract will generate profit margins, financing a business cooperation agreement will menghasilakn revenue-sharing, and financing with lease agreement will generate rental income.As intermediary institutions, Islamic banks raise funds from the public that the excess funds. People who place their funds in the form of deposits will earn funds are less in the form of deposits will get a bonus amount depends on the Islamic banks. People who save their money in the bank syariah using cooperation will be assigned the contract for the results in accordance with an agreement made between Islamic banks and customers.On the reverse side, there are people who need funds to develop their business or to meet personal needs, while its limited funds. This fund the needs can be met by the bank through financing provided or by investing in other forms. As remuneration for the distribution of funds to the public, the bank will receive remuneration in accordance with his contract.

Finance Planning in Ramadan and Eid

Islamic banking finance economy

by islamicbankingfinanceeconomy.blogspot.com

 Finance Planning in Ramadan and Eid




Fasting and Eid tradition repeated each year. This was the period when incomes increase and at the same time spending also increased.THR existence for employees, and the increase in sales for merchants led to an increase in people's income.

 
On the other hand, expenses also increased. Ranging from food and beverage shopping, especially for iftar, shopping for clothes and new shoes, the cost of transportation back and forth, giving gifts and gifts, to the rising cost of telephone communications, including SMS.Increase in revenue and expenditure patterns that have been running this year, should be anticipated in order to avoid big wedge of the pole. Often there is an increase expenditures greater than the increase in revenue that after Eid instead of debt has not few in number.To anticipate this, the expenditure was to be planned more carefully. First, the identification of components that are usually the most substantial expenditure. For those who are going home, transportation cost component was the one that used to be the largest component, especially when the need to use aircraft. To get around this, preferably air ticket had been purchased well before Eid. Nine months or later than six months prior to the Lebaran preferably air ticket has been purchased to get a cheap ticket. If not possible to buy all at once for the whole family, then buy one or two tickets for each month ranging from nine months before the Eid. Thus it is estimated the entire ticket has been purchased in advance at a low price.Second, do not pile up all the expenses during the period of Eid. Often various activities stacked before Eid. Ranging from painting the house, buy new furniture, new electronics, also goods tableware new drink. Of course it will feel heavy when all spending is done in one month alone. To get around this, the activity should be spread in other months. To paint the house for example, three months before Eid so that it still looks new when widths. To purchase equipment even eat and drink can be purchased gradually. To buy furniture such as a month before Eid.Third, allocate and limit expenditures for iftar outside the home. Imagine if there are five members of the family and everything iftar outside the home. When a person spends thirty thousand rupiah, meaning one hundred and fifty thousand rupiah for one day of breaking the fast. Customize with financial capability, choose specific days for iftar with family outdoors.Fourth, set aside a minimum of ten percent of THR to increase family savings. The urge to spend THR is usually very large, so it would be wise if when receiving direct THR to set aside a tenth of the savings that will be very useful after the party after the joy of Eid.

Meaning of Money in the view of Islam

Islamic banking finance economy

by islamicbankingfinanceeconomy.blogspot.com

 Meaning of Money in the view of Islam

Money is running an economy lubricants have always been a hot topic for discussion. Like an engine without oil, the economy will not work without the money. However, many of us who only understand the meaning of money in the context of its form as banknotes and coins. In fact, the definition of money is anything that can be accepted as a means of payment for goods and services in an economic system. In fact, in ancient times people used stones, animal skins, salt, and shells as money. At the time of the Prophet (SAW), gold coins (dinars) derived from the Roman and silver coins (dirhams) derived from the Persian are the two precious metals are considered as a currency. In the current era, paper money (fiat money) have become a common means of payment used in all countries in the world.At the origin of money has three important functions, namely as a medium of exchange, store of value, and measuring the value of a commodity. However, with interest menyebarluasnya system in today's financial transactions, the function of money has grown into a commodity. The function of money as a commodity is supported by several contemporary financial theories such as the Loanable Funds Theory. In this theory of interest (interest) is considered as the price of the funds available for borrowing (loanable funds), which became one of the variables that affect supply (supply of) and demand (demand for) of loanable funds. Based on the above theory, it can be concluded that the supply of loanable funds will be willing to lend money to borrowers only if the borrower is willing to pay back the loan in an amount greater than the principal. The difference between the amount to be paid the principal borrower and that is called interest. By contract, the price (interest) is to pay the borrower under any circumstances (the borrower's business or loss) to the lender, since the lender has considered selling a commodity called money.Here is very clear that in the current financial system, money has been regarded as a commodity that can be traded. This is in contrast with the view of Islam that does not accept the function of money as a commodity. That's because the money does not qualify as a commodity. According to Sheikh Muhammad Taqi Usmani, Shariah experts in Islamic finance, there are at least three factors that distinguish money to commodities. First, money has no utility instrinsk (intrinsic utility). In contrast to commodities, money can not be eaten, worn, or used directly. Money can only be exchanged for commodities, and commodities that will be eaten, worn or used. In economic terms, the money only has value in exchange as commodities have value in exchange and value in use at once.Secondly, money does not need the quality to determine its value, in terms of paper money Rp 100,000 worn published in 2007 with the money of Rp 100,000 new paper published in 2009 has the same purchasing power. As with other commodities, for example, a car Honda Jazz Honda Jazz 2007 with the output of the output in January 2009 have different prices. This shows the difference in quality between the two car above is reflected in the difference in value and price.Third, money does not require the specification when the enactment of the transaction, while commodities have specific properties when enactment of the transaction. For example, if we want to buy the goods we will choose the things we want as our tastes, such as color, other complementary accessories. That is, if the seller offers the same goods but the color does not suit our taste maybe we will refuse. However, another case with money that is not specific. For example, for the payment of monthly electricity bills amounting to Rp 300,000. we can pay these bills by using three sheets of Rp 100,000 or four sheets of Rp 50,000 to Rp 100,000 plus a single sheet even we could pay the bill with three hundred pieces of Rp 1,000. For the recipient will not be any difference in the value of the third way of payment on top.There is one additional difference between commodity money, especially with fiat money that we use today. Paper money (fiat money) that apply currently has no intrinsic value (intrinsic value). Banknotes became legal tender by law issued a state that declared the validity of the money. This shows that the acceptance of paper money as a means of payment only to the government because of the trust factor that guarantees the validity of the banknote. That is, if the trust is lost or reduced the value of the money will be weakened (terdepresisasi) due to more people off, by selling the currency, rather than to have it. Because obviously, have no intrinsic value.However, it should also be emphasized here that fiat money is money that is valid at the shari'a. The author does not agree with the view that gold is only valid at the shari'a. Indeed, the true gold is the money the best and most stable in value, and if we can re-use gold as a standard of value for money, of course, the world's financial system will be far better. However, claims that only gold or silver are recognized Islam as the money and the gold and silver it is not legitimate, it is an excessive claim. The proof, Caliph Umar never intended to make camel as a currency, but then advised so as not to do it, because later camels will disappear from life. Likewise Imam Malik once said that if people make the animal skin as a currency, he undoubtedly would prohibit the sale and purchase of animal skins but with cash and may not be the toughest. Although today we are excited to return to the gold as the standard value of the currency, we do not need to be exaggerated and extreme by saying that fiat money is forbidden. Proscribe kosher is just as bad in Islam to justify the unlawful. If fiat money forbidden, of course dowry we become invalid, and our marriage is not valid, then our children also are so illegitimate. Is not that logical consequence of the said fiat money haram? Allaah knows best.
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