Prohibition Of Riba In Islamic Banking Transactions. Please kindly submit the Consent to Publish to the journal system as well as copy it to [email protected]. The Consent to Publish covers the following:.
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The purpose of this study is to examine, describe and analyze holistically, comprehensively on the characteristics of Islamic Banking in Indonesian Banking Law. The result of the research: Islamic banking has the main character that becomes the principle of Islamic Banking system in Indonesia that is the universal view that Islamic banking is applicable to every person regardless of religious difference and economic ability. Variations that the product varies from hajj and umrah savings, general savings, demand deposits, time deposits, profit sharing, buying, and selling. Facilitate that the acceptance and distribution of zakat, infaq, alms, wakaf of virtue fund have ATM facility, mobile banking, internet banking and interconnection among Islamic Banking. It is fair that Islamic banking gives something only to the right and treats something according to its portion. Maslahah Islamic banking is useful and brings virtue to all aspects of life.
Transparent Islamic banking activities are very open to all people. Looking at some of these characteristics, we can understand that Islamic Banking in Indonesia already has a solid initial foundation as an implementation of the Islamic Economic Philosophy.
Over the last few years, Islamic trading transaction has become more popular in Indonesia. Retail trade in Islamic banks for an example.
There are many Islamic banks in Indonesia that provide alternative business transactions and halal product in retail trade to the public based on Islamic law, but Islamic banks must obey not only the origins of Islamic law, such as the Holy Qur’an and the Sunnah but also Islamic principle in terms of the prohibition of uncertainty, interest and gambling when they run their business in retail trade. One of the agreements in retail trade is Murabaha which involves several possible structures, notably direct trading, company (seller) purchases via an agent or a third party and murabaha via the customer as an Agent. However, there are several contemporary issues, particularly Murabaha via Shares and executing time of Murabaha that still need to be discussed whether they disobey Islamic law and basic Islamic principles or not.
Abstract. Usury (henceforth called as riba) in fact has long been known and have been progressing in meaning.
The study of riba was not only discussed seriously by Muslims but also other religions. If flashed back to more than two thousand years ago, the study of riba has been discussed by non-Muslims, such as Hindu, Buddhist, Jewish, Greek, Roman and Christian.
In Islam, debate about riba and bank interest indicated that the problem of riba very closely related to the issue of muamalah especially those that occur in Banks and Non- Bank financial. Riba evolution concept toward interest cannot be separated from the development of the financial institutions.
Therefore, this journal examine and analyze the substance of the issues of interest in a rational perspective, and at the end of this journal offers loss and profit sharing system as an alternative solution to the system of interest in transaction systems of bank and non- bank.
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