√ Understanding of Islamic Economics, Characteristics, Purpose, Benefits, Principles, Legal Basis and Forms of Cooperation
Understanding of Islamic Economics, Characteristics, Purpose, Benefits, Principles, Legal Basis and Forms of Cooperation – In this discussion we will explain about Islamic Economics. Which includes the understanding of Islamic economics, characteristics, objectives of Islamic economics, benefits, principles, legal basis and forms of Islamic economic cooperation which will be discussed in full and lightly. For more details, please see the review below carefully.
Understanding of Islamic Economics, Characteristics, Purpose, Benefits, Principles, Legal Basis and Forms of Cooperation
Let's discuss the meaning first carefully.
Understanding of Islamic Economics
Sharia economics is a branch of social science that discusses economics with Islamic religious teachings, namely the Qur'an and the Sunnah of the Prophet SAW.
Characteristics of Islamic Economics
The characteristics of the Islamic economy are as follows:
- Economic activity in Islam is devotional in nature
- Economic activity in Islam has a noble ideal.
- Islamic economics makes a balance between individual interests and the interests of society
- Supervision is actually carried out and determined in Islamic economic activity
Islamic Economic Objectives
The goal of sharia economics is no different from the goal of Islamic law, which is to achieve happiness in the world and the hereafter with a good and honorable life order. To find out more fully, the following are the objectives of Islamic economics:
- Position worship to Allah more than anything
- Balancing the life of the world and the hereafter
- Get economic success commanded by Allah
- Avoid riots and economic chaos
According to Prof. Muhammad Abu Zahrah who is a Fuqaha from Egypt. There are three objectives of Islamic law which inform that Islam was revealed as a mercy for all mankind, namely:
- Purification of the soul so that every Muslim can be a source of goodness for society and its environment.
- Upholding justice in society. Justice in question is covering aspects of life in the field of law and muamalah.
- Achievement of a problem (peak). Scholars agree that maslahah which is the peak of the target above includes five basic guarantees, namely: the safety of religious beliefs (Al Din), soul safety (Al Nafs), mind safety (Al Aql), family and offspring safety (Al Nasl) and property safety (Al mall)
Sharia Economic Benefits
If you practice sharia economics, then there will be great benefits for Muslims, where the benefits of sharia economics are:
- Realization of complete Muslim integrity, so that Islam is not half measures. If you find Muslims who are still struggling and practicing conventional economics, it means that their Islam is not complete yet.
- Implementing and practicing Islamic economics through Islamic financial institutions, be it banks, insurance, pawnshops or Baitul Maal wat Tamwil will gain benefits in this world and the hereafter.
- Profits in this world are obtained from sharing the results obtained, while profits in the hereafter are free from ribat which is forbidden by Allah.
- Economic practices based on Islamic law contain the value of worship, because they have practiced God's law.
- The practice of Islamic economics with Islamic financial institutions means supporting the progress of Islamic economic institutions.
- The practice of the Islamic economy by opening savings accounts, deposits or becoming a customer of Islamic insurance means supporting efforts to empower the ummah's economy. Because the funds collected will be collected and channeled to the real trading sector.
- The practice of Islamic economics means supporting the amar ma'ruf nahi munkar movement. Because funds collected at Islamic financial institutions can only be channeled to halal businesses and projects.
Sharia Economic Principles
Islamic economics is carried out on the basis of the following principles:
- Various resources are seen as gifts or entrusted by Allah SWT to humans
- Private ownership in Islam is recognized with certain limits.
- Cooperation is the main driving force in the Islamic economy
- Islamic economics rejects an accumulation of wealth that is controlled by several people.
- Community ownership and planned use for the benefit of the people are guaranteed in the Islamic economy.
- Every Muslim must be afraid of Allah SWT and the day of judgment in the hereafter
- Wealth that meets the limit or nisab must be paid Zakat.
- Riba in all its forms is prohibited in Islam.
Of the several principles above, there are also other sharia economic principles, namely:
- Not Doing Hoarding Or Endeavor
Effort is the act of purchasing merchandise that aims to store goods for a long time so that the goods are declared rare or expensive. - No Monopoly
Monopoly is the act of holding back the existence of goods from being sold or circulated in the market so that the price becomes expensive. - Avoid buying and selling that is forbidden
Buying and selling activities that are in accordance with Islamic principles, fair, lawful and do not harm the buyer are buying and selling that are blessed by Allah SWT.
Basis of Sharia Economic Law
The legal basis in Islamic economics is as follows:
-
Al-Qur'an
The Qur'an is basically a revelation from Allah that was given to the Prophet Muhammad SAW to guide mankind because in the Qur'an there are answers to all problems, from everyday life to economics There is.
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Hadith
Hadith is a matter that comes from the Prophet Muhammad SAW, in the form of words, behavior and deeds.
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Ijma'
Ijma' is an opinion or fatwa that comes from scholars who have agreed upon it and of course it is still based on the Qur'an.
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Ijtihad and Qiyas
Ijtihad is one of the actions carried out by the scholars to carry out deliberations to solve events that arise in society.
Forms of Sharia Economic Cooperation
The forms of cooperation in the Islamic economy are as follows:
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Mudharabah
Mudharabah, namely cooperation between two parties in which 100% of business capital comes from the owner of the capital, the other party acts as business manager. If the business makes a profit, it must be divided according to the portion that has been agreed beforehand before the cooperation is carried out. However, if a loss occurs, the owner of the capital is responsible as long as it is not the fault of the business manager.
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Musyarakah
Musyarakah is a collaboration in which venture capital is obtained from each of the cooperating parties. This form is easier to practice because the costs and losses that occur are faced together with the provisions or agreements that have been agreed beforehand.
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Al Muza'arah
Al Muza'arah, namely a collaboration between two or more parties that focuses on processing agricultural land; between the land owner and the workers working on the farm. The land owner prepares the seeds and the land for planting and caring for, which later the harvest will be shared between the two with an agreed percentage.
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Al Muzaqah
Al Muzaqah is a form of cooperation in which land workers are only responsible for watering and caring for the plants that have been planted.
Thus has been explained about Understanding of Islamic Economics, Characteristics, Purpose, Benefits, Principles, Legal Basis and Forms of Cooperation, hopefully can add to your insight and knowledge. Thank you for visiting and don't forget to read our other articles.
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