There is a negative assumption that arises in community with regard to economic transactions. For example, the statement "interest" and "profit-sharing" is similar, it justifies something that has become a previous habit. Whereas after having studied and researched, the economic transactions is belongings to the category of riba (usury) and society is still reluctant to get used to something right, which has not yet become a tradition. So, it is impressed that Islam does not take care of worship that do not directly relate to Allah, as obligatory (mahdoh) worship in the pillars of Islam. The question arising then is why the statement emerged from the realm of Muslims who are still reluctant to attempt to transact transactions that should be appraised with shariah paradigm? How is the danger of riba, in the world and the Hereafter? Author wants to convey thoughtfulness and perception related to economic thought developing at this time. They merely legitimize the phenomenon of conventional economics by attaching ayat and hadits although there are also alternative thoughts of genuine Islamic Economics, so easy to get caught up in usurious practice. Therefore, author is inspired to invite readers to dare to unburden, examine, and study riba (usury) and the reason of prohibition in Islam. The existence of incompatibility of Islamic economic theory with the application of contemporary economics does not mean that Islamic economics is not applicable, but it motivates us to implant Islamic economics proportionally and objectively in life. In order to analyze the problems, in this article, author uses a combination of mindset based on reality with faith, then author draws conclusion on the nature of reality of transaction, by comparing reality with argument and opinion relating to" Does interest applied nowadays include riba and how is the danger of consuming usurious results?" Keyword: Riba, Interest, The danger of riba
Small and medium micro enterprises (MSMEs) has the important role in the community for expanding employment and giving economic services that spread to the community, increasing business income and achieving benefit and prosperity among others. MSMEs basically need the support of micro finance institutions which provides the funding to raise the financial asset of MSME using sharia system. This study aims at answering the question about the role of mura>bah}ah financing in BMT Mandiri Sejahtera Branch Sugio Lamongan for increasing the income of small and medium micro enterprises (MSME) of Sugio Market. This is qualitative research which is also called naturalistic research method because the research have the interview, observation, and documentation. This study uses qualitative descriptive analysis technique to analyze data which tells about mura>bah}ah financing held by BMT Mandiri Sejahtera Branch Sugio Lamongan. The findings reveal that mura>bah}ah financing in BMT Mandiri Sejahtera Branch Sugio Lamongan plays an important role in improving small and medium micro enterprises of Sugio Market.
The Indonesian Ulema Council (MUI) is a non governmental organization facilitating clerics (ulema), zu'ama, and Islamic scholars in Indonesia to guide, nurture and protect the Muslims throughout Indonesia. MUI is an institution that is considered to have the right to issue verdicts (fatwa) related to Islamic legal matters in Indonesia. However, the emergence of MUI as such a fatwa institution during the New Order era is considered to have become a religious justification related to various religion-related government policies. So not surprisingly if on the beginning of its establishment, the MUI was not considered the institution representing and serving Muslims. Moreover, there have been some MUI verdicts (fatwa) often causing controversy in society. Even the decision of MUI to issue fatwa is questioned for, some reasons, not being in line with the government policies. At this point, the socio-political factor could influence the content of the MUI fatwa instead of being based solely on religious considerations
Buying and selling transaction has always become an important means for people to obtain what they want. Due to the transaction, the transfer of property ownership from one person to another can occur legally. To guarantee the rights of individual engaged in the transaction, Islam has introduced the so-called khiyar, namely the right of each individual to determine whether the transaction could be held or not. The khiyar in any buying and selling transaction is not but to solely embody the principle of 'an taradin, the willingness to involve in buying and selling transaction between sellers and buyers.
The development of sharia-based insurance is very closely followed by people's understanding of the sharia insurance contract, the position of the parties in the sharia insurance so that each of interest group get legal protection. The legal protection is expected to provide the values of truth, order, justice and benefit both sides party. Sharia insurance or takaful is basically ta’awun agreement between insurance participant and group of people. The aim is to guarantee and protect each other in dealing with the effects of a particular event is not expected that impinge on other participants. Insurance history has existed since the time of BCE and occurs at the time of ancient Egypt that is at the discretion of the Prophet Yusuf. But the existence of Islamic insurance in Indonesia is too late. Takaful in Muslim-majority country has existed since 1979, even with the non-Muslim majority states Indonesia defeated first. For example, in Luxemburg Takaful insurance evolved since 1983. Meanwhile, in Indonesia Islamic insurance start operating in 1995. The contract of sharia insurance is implemented by combining several contracts, namely mudharabah, tabarru, wakalah and hibah in one treaty. At glance, conventional and sharia insurance will appear same. But, in fact it is different. The difference consists in the legal foundation, management, accounting systems, operations and company culture. Keywords: Sharia Insurance, Contract of Kafalah, Conventional Insurance
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