Islamic Cooperatives Can Help Alleviate Poverty

by: Dian Andari One can find many parallels between Islamic knowledge and Indonesian ideology. An economist at the Islamic Research and Training Institute of the Islamic Development Bank (IRTI-IDB), Umer Chapra, asserts that the goal of Islamic law or Maqasid al Shari’a is the well-being of humans. Humans are obliged to create a just development

Zakat as a practice of Pancasila values

by : Fadhil Akbar Purnama and Khairul Fuady Zakah is the charitable practice of Islamic almsgiving. It is the third pillars of faith in Islam that emphasises the socio-economic development of human well-being. This practice is a form of financial worship to express gratitude for the material grace of Allah SWT. The objective of zakah

Keuangan Syariah Indonesia Bisa Belajar dari Inggris

Masyarakat Ekonomi Syariah Perwakilan UK mengadakan pelantikan pengurus tahun 2017-2018 di Kota Durham, Inggris, pada 12 Maret 2017. Di dalam acara pelantikan, Murniati Mukhlisin, penulis buku Sakinah Finance, yang sekarang menjabat sebagai Wakil Ketua STEI Tazkia, Indonesia, diundang untuk memberikan motivasi dan arahan kepada pengurus baru dan peserta kajian melalaui telekonferensi. Ebi Junaidi, Ketua MES-UK

Menanti Gebrakan KNKS

oleh : Fadhil Akbar Purnama Mahasiswa Pascasarjana bidang Keuangan Syariah pada Durham University Business School, UK Tahun ini akan tercatat sebagai salah satu tonggak penting bagi sejarah perkembangan keuangan syariah di Indonesia. Setelah melalui pembahasan yang cukup panjang, Komite Nasional Keuangan Syariah (KNKS) akhirnya resmi dibentuk oleh Presiden Joko “Jokowi” Widodo berdasarkan Keputusan Presiden (Keppres)

Bank Wakaf Ventura dan Pemberdayaan UMKM

oleh : Fadhil Akbar Purnama Mahasiswa Pascasarjana bidang Keuangan Syariah pada Durham University, UK   Pemerintah terlihat semakin serius untuk mengembangkan industri keuangan syariah di Indonesia. Salah satu potensi yang saat ini sedang dilirik adalah wakaf. Hal ini dikarenakan potensi wakaf di Indonesia sangat besar, namun belum memberikan hasil yang maksimal terhadap peningkatan ekonomi nasional.

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Sharia banking: Supporting establishment of KNKS

by : Fadhil Akbar Purnama This has been a remarkable year for the development of Islamic finance in Indonesia. In early March, Indonesia hosted an Organization of Islamic Cooperation (OIC) summit. After an interval of five months, Indonesia become the host of the 12th World Islamic Economic Forum. There has also been a great close

Economic Literacy and Education in Indonesia

It is interesting to listen back to former President of US, Bill Clinton’s speech on the fundraising luncheon in Springdale, Arkansas, six months a go. “”The mess we got into in this country is that people didn’t have enough economic literacy, Economics is a must for American”. There are a lot of researches analyse why

Bank Syariah Pertama di Rusia Segera Beroperasi

Bank Syariah Pertama di Rusia Segera Beroperasi | Republika Online REPUBLIKA.CO.ID,MOSKOW — Kota Kazan, yang kadang dianggap sebagai pusat Muslim di Rusia, akan menjadi kota tempat beroperasinya bank syariah di Rusia. Bank bernama Partnership Banking Center tersebut akan mulai beroperasi pada Maret 2016. Menurut representatif dari Tatfondbank, sebuah institusi asal Tatarstan yang menjadi salah satu

Aceh to Provide Roadmap for Indonesia’s Islamic Banking Ambition

by Yudith HoY-Sing Liau   Indonesia’s bid to rival Malaysia as a Shariah finance hub just took on greater impetus with a plan by Aceh province to convert its development bank to one that complies with Islamic law. PT Bank Aceh will become the nation’s first to transform from a non-Shariah-compliant entity, setting a precedent

How to Make Money – Ibn Khaldun and Tax

Clearly, the economic ideas of Ibn Khaldun regarding tax rates were far ahead of his time. Although he lived in the 1300s, his ideas still form much of the basis for modern capitalist thought. The economic and governmental ideas provided in his Muqaddimah are timeless guidelines that should clearly have a role in the modern world.

The Nature of Money: Islamic Banking and Conscious Capitalism

By Harris Irfan At the January 2010 World Economic Forum Annual Meeting in Davos, the erudite and prolific Sharia scholar, Muhammad Taqi Usmani, was invited to present a paper with a somewhat radical theme: reforming the world’s post-crisis financial landscape through the lens of religion. The paper generated little interest from the world’s media, which

WB explores role of Islamic finance in development

ISLAMABAD: A World Bank study has explored the potential of Islamic financial sector in supporting the Sustainable Development Goals. Practical measures are required to enhance the contribution of the sector, it said. The Islamic finance assets grew at an annual rate of 17 per cent during 2009-2013 and are estimated to exceed $2 trillion. The

IDB puts Islamic finance on AIIB drawing board

The Islamic Development Bank (IDB) is in discussions with Chinese officials to study the use of Islamic financing in the planned Asian Infrastructure Investment Bank (AIIB), the head of the Jeddah-based multilateral lender told Reuters. The move could spur the use of sukuk (Islamic bonds), which have gained prominence as funding tools for a range

HK to add more Islamic banking funds

A year after debuting an Islamic investment fund in Hong Kong, RHB Asset Management Sdn plans two more as it seeks to develop awareness in the Chinese market. The first of the new funds, which will target Shariah-compliant stocks and bonds, is due to start this month and the second by the end of September,

Islamic finance body IFSB launches industry indicators

The Islamic Financial Services Board (IFSB) has launched a databank of industry indicators covering 15 member countries, helping shed new light on the size and shape of the sharia-compliant banking sector. The Kuala Lumpur-based IFSB, one of the main standard-setting bodies for Islamic finance, is supporting a range of initiatives to improve supervision of the

China’s ICBC eyes Islamic finance in tie-up with IDB

The Jeddah-based Islamic Development Bank said it was teaming up with an arm of Industrial and Commercial Bank of China to look for business opportunities, in a sign of growing Chinese interest in Islamic finance. The Islamic Corporation for the Development of the Private Sector (ICD), the IDB’s private sector arm, will cooperate with ICBC

Kuwait Finance House pivots to Turkey as it mulls M’sia exit

SYDNEY/KUALA LUMPUR: Kuwait Finance House (KFH) is exploring the possible sale of assets including its Malaysia unit, as the Islamic lender looks for a leaner structure while seeking greener pastures through its Turkey franchise. KFH, Kuwait’s second largest lender and one of the world’s oldest Islamic banks, is restructuring activities ahead of a planned divestment


The Sectors: Islamic Economy in an ideal form may consist of every consumable industries that are not in conflict with Islamic faith, however at this point of time, actionable data with significant growth potential are available for the following sectors: Islamic Finance: According to a recent projection by Al Huda Centre of Islamic Banking and

Islamic Banking Lands In The Heart Of Europe

BERLIN — Despite a significant Muslim population, up to now Germany has been unchartered territory for Islamic banking, whose largest European hub is in London. But Muslims from Flensburg to Lake Constance will soon have a banking alternative that embraces their religious values. Five years after opening a financial service institute in Mannheim, the Kuveyt Turk

Can Islamic finance support stability and inclusion?

Since the global financial crisis, policymakers have sought to press the “reset” button to strengthen financial intermediation that is performed by conventional banks and non-bank financial institutions. The aim has been to address the fault lines that helped trigger one of the most devastating financial crises in a century, and to enable a more inclusive,