Asbisindo: Sharia Economy Can Be A Solution To Facing Global Uncertainty

JAKARTA - Member of the Social and Communication Division of the Association of Indonesian Sharia Banks (Asbisindo) Anton Sukarna said the Islamic economy and finance could be a solution to global economic uncertainty.

The reason is, according to Anton, sharia transactions are based on sharia laws that require clear transactions of supporters or underlying transactions and not speculation so that they can provide certainty.

"Transactions in sharia should be transactions that provide sustainable effects, value added (added value), and transactions directly enter real transactions. It is not an unclear transaction underlying," said Anton in the Webinar Merdeka Finansial with Sharia Financial Products, quoted from Antara, Thursday, March 30.

Anton explained that transactions in Islamic finance were formulated based on the muamalah principle that refers to the teachings of the Koran and hadith. The principle of muamalah allows something except what is prohibited. Therefore, transactions in sharia finance limit the prohibited provisions.

In this case, Islamic finance avoids four types of transactions, namely speculation (maysir), unclear or doubtful (gharar), prohibited (haram), and usury.

Referring to this principle, Islamic banking has a different system from conventional banking, especially in terms of profit sharing, investment, and relationships with customers.

In terms of profit sharing, conventional banking applies interest principles. Meanwhile, in Islamic banking, the principle of profit sharing is applied based on a profit-sharing system.

Then in terms of investment, Islamic banking limits investment in halal businesses, in contrast to conventional banks that free investment coverage.

As for the relationship with customers, Islamic banking places customers in a position as partners. Meanwhile, conventional banks treat their relationship with customers as debtors and creditors.

"Therefore, sharia transactions have an impact on welfare, both in terms of equity and in terms of justice," said Anton.