Dissenting Approaches of Islamic Economics: The Contemporary Juristic Discussion of Riba

Autor(s): Fuady Abdullah, Moh. Mukhlas
DOI: 10.21154/justicia.v17i1.1925

Abstract

Along with the rapid growth and spread of Islamic economic enterprises, some of their products have prompted debates among Islamic scholars about their permissibility and whether they comprise usury (riba). Even though riba is one of the central concepts in Islamic economics, the ruling of riba and its definition is still among those objects of the ongoing long debates and discussions among Islamic scholars and economists. This issue comes about from a broader question about which Islamic economic system should be developed as an alternative to its conventional counterpart. By examining discussions on riba found in contemporary literature, it can be seen that the question is discussed through different approaches. At the same time, these approaches are used to understand and implement Sharia juristic principles in the economy. There are three approaches; the modernist approach, the revivalist approach, and the literalist approach. To further understand these approaches, this paper identifies some main topics of the ongoing debate among the proponents of these approaches, namely, the position of Fiqh opinions in defining Islamic economic concepts, the objectives of Sharia to comply in economic activities, and also the question of the applicability of concepts concluded by each approach.

Seiring dengan cepatnya pertumbuhan dan penyebaran perusahaan berbasis ekonomi Islam, beberapa produk dari perusahaan tersebut telah memicu perdebatan di antara para sarjana Islam tentang legalitas dan keterkandungan unsur riba di dalamnya. Meskipun riba adalah salah satu konsep sentral dalam ekonomi Islam, legalitas riba dan definisinya masih menjadi objek perdebatan panjang yang terus berlangsung di antara para sarjana dan ekonom Islam. Masalah ini muncul dari pertanyaan yang lebih luas tentang bagaimana seharusnya model sistem ekonomi Islam yang dikembangkan sebagai alternatif dari ekonomi konvensional. Dengan menelaah diskusi tentang riba yang ditemukan dalam literatur kontemporer, dapat dilihat bahwa pertanyaan tersebut didorong oleh berbagai pendekatan yang digunakan untuk memahami dan menerapkan prinsip-prinsip Syariah di bidang ekonomi. Secara umum, ada tiga pendekatan; pendekatan modernis, pendekatan revivalis, dan pendekatan literalis. Untuk lebih memahami pendekatan ini, makalah ini mengidentifikasi beberapa topik utama dari perdebatan di antara para penganut pendekatan tersebut, yaitu posisi fikih dalam mendefinisikan konsep-konsep dalam ekonomi Islam, maqāsid al-Syariah yang harus dipedomani dalam aktivitas-aktivitas ekonomi, dan juga pertanyaan tentang efektivitas penerapan konsep-konsep yang dihasilkan.

Keywords

Riba; Islamic Economics; Fiqh; Objective of Sharia

Full Text:

PDF

References

Journal

Abu Bakar, Muhammad. “An Insight into Syari’ah Contracts Used to Structure Current Account of Islamic Banks.” Journal of Islamic Banking and Finance 36, no. 2 (2019): 54–67.

Alkhan, Ahmed Mansoor, and Mohammad Kabir Hassan. “Tawarruq: Controversial or Acceptable?” Arab Law Quarterly 33, no. 4 (August 15, 2019): 307–33. https://doi.org/10.1163/15730255-12334042.

Caeiro, Alexandre. “The Social Construction of Shar’a : Bank Interest, Home Purchase, and Islamic Norms in the West.” Welt Des Islams 44, no. 3 (2004): 351–75. https://doi.org/10.1163/1570060042562516.

Chapra, M. Umer. “The Nature of Riba in Islam.” THe Journal of Islamic Economics and Finance (Bangladesh) 2 (2006): 7–25.

Ismail, Nurizal. “Scrutinizing The Epistemology of Islamic Economics: A Historical Analysis.” Tsaqafah 12, no. 1 (2016): 19–46.

Kahf, Monzer. “Islamic Economics: Notes on Definition and Methodology.” Review of Islamic Economics 13 (2003): 23–47. https://doi.org/10.1016/j.aanat.2010.05.002.

Kasdi, Abdurrohman. “Actualizations of Maqāşid Al-Shariah In Modern Life; Maqāşid Al-Shariah Theory As a Method of The Development of Islamic Laws and Shariah Economics.” Justicia Islamica Jurnal Kajian Hukum Dan Sosial 16, no. 2 (November 19, 2019): 247–68. https://doi.org/10.21154/JUSTICIA.V16I2.1666.

Kamla, Rania, and Rana Alsoufi. “Critical Muslim Intellectuals’ Discourse and the Issue of ‘Interest’ (Ribā): Implications for Islamic Accounting and Banking.” Accounting Forum 39, no. 2 (2015): 140–54. https://doi.org/10.1016/j.accfor.2015.02.002.

Khan, M. Fahim. “Setting Standards ForShariah Application in the Islamic Financial Industry.” Thunderbird International Business Review 49, no. 3 (May 2007): 285–307. https://doi.org/10.1002/tie.20145.

Malik, Ali. “Controversies That Make Islamic Banking Controversial: An Analysis of Issues and Challenges,” 2011. https://doi.org/10.5251/ajsms.2011.2.1.41.46.

Oseni, Umar A., Abu Umar Faruq Ahmad, and M. Kabir Hassan. “The Legal Implications of ‘Fatwā Shopping’ in the Islamic Finance Industry: Problems, Perceptions and Prospects.” Arab Law Quarterly, 2016. https://doi.org/10.1163/15730255-12341319.

Parisi, Salman Al, Iwan Hermawan, Marta Kurniawan, and Ibnu Saud Habibullah. “Perspektif Riba Dan Studi Kontemporernya Dengan Pendekatan Tafsir Al Quran Dan Hadits.” Jurnal Ekonomi Syariah Indonesia 8, no. 1 (2018): 23–36. https://doi.org/http://dx.doi.org/10.21927/jesi.2018.8(1).23-36.

Rahman, Fazlur. “Riba and Interest.” Islamic Studies (Karachi) 3, no. 1 (1964): 1–43.

Sarjana, Sunan Autad, and Imam Kamaluddin Suratman. “Konsep ’Urf Dalam Penetapan Hukum Islam.” Tsaqafah 13, no. 2 (2017): 279–96.

Setia, Adi. “The Islamic Gift Economy: A Brief Statement.” Islamic Sciences 13, no. 2 (2015): 125–28.

Book

Abdelrahman, Yousri. Fundamental Issues in Islamic Economics. Saarbrücken LAP LAMBERT Academic Publishing, 2013.

———. “The Scientific Approach to Islamic Economics: Philosophy, Theoretical Construction and Applicability.” In Theoretical Foundations of Islamic Economics, edited by Habib Ahmed, 19–58. Jeddah, 2002.

Abu Guddah, Abdussattar, Walid Bin Hadi, Sultan Al-Hasyimi, and Muhammad Ahmin. Asâsiyyat Al-Mu’âmalât Al-Mâliyyah Wa Al-Mashrifiyyah Al-Islâmiyyah. Rabat: Dar al-Aman, 2015.

Al-Islâmiy, al-Majma’ al-Fiqhiy. Qarârat Al-Majma’ Al-Fiqhiy Al-Islâmiy Bi Makkah Al-Mukarramah. Mecca, n.d.

Al-Qarafi, Abu al-’Abbas Syihabuddin. Syarh Tanqîh Al-Fuṣ Ûl. Vol. 1. Syirkah al-Tiba’ah al-Fanniyah al-Muttahidah, 1973.

Azhar, Rauf A. Economics of an Islamic Economy, 2010. https://doi.org/10.1163/ej.9789004179370.i-470.

Balala, Maha-Hanaan. Islamic Finance and Law: Theory and Practice in a Globalized World. Tauris Academic Studies, 2010.

Brown, Jonathan A. C. “Reaching into the Obscure Past: The Islamic Legal Heritage and Reform in the Modern Period.” In Reclaiming Islamic Tradition: Modern Interpretations of the Classical Heritage, edited by Elisabeth Kendall and Ahmad Khan, 100–135. Edinburg University Press, n.d.

Khan, Muhammad Akram. “What Is Wrong with Islamic Economics? : Analysing the Present State and Future Agenda.” Edward Elgar Publishing, 2013. https://doi.org/10.1080/1600910X.2010.9672755.

Rahman, Fazlur. Islam & Modernity: Transformation of an Intellectual Tradition. Chicago: Center for Middle Eastern Studies, 1982.

Siddiqi, Mohammad Nejatullah. Riba , Bank Interest and the Rationale of It’s Prohibition. Jeddah: IRTI, 2004.

Zaid, Abdul Azim Jalal Abu. Fiqh Al-Ribâ : Dirâsah Muqâranah Wa Syâmilah Li Al-Taṭbîqât Al-Mu’âsirah. Beirut: Resalah Publisher, 2004.

Websites

Allam, Syauqi. “Fawâid Al-Bunûk Wal-Ta’âmul Ma’ahâ.” Dar al-Ifta’, 2016. http://www.dar-alifta.org/ar/ViewFatwa.aspx?sec=fatwa&ID=14096.

Majma’ al-Fiqhi al-Islamiy al-Dualiy. “Qarârat Bi Sya`ni Al-Wadâi’ Al-Maṣrafiyyah.” Accessed November 25, 2019. http://www.iifa-aifi.org/1992.html.

Magazine

Rida, Rasyid. “Al-Istiftā` Fi Ḥaqiqat Al-Ribā.” Al-Manar, March 1930.

Refbacks

  • There are currently no refbacks.