Kaffah Economics
Concept of Sharia Capital Market
In Islam, invesment is activity of muamalah that very suggested, because with have investment, estae owned to become productive as well as conduciving to benefit for others. Al-Quran emphatically prohibit activity of conglomeration ( iktinaz) to estae owned ( 9:33). In a hadits, Prophet of Muhammad Saw said, ”understanding, Who take care a orphan, while that orphan own estae, hence he shall invest it (business of it), he don't let that estae is idle, with the result that estae is non-stoped to decrease because zakat” For the implementation exclamation of the invesment, hence have to be create a medium for investment. Many choice of people to inculcate his capital in the form of invesment. One of form of invesment is inculcate his estae in capital market. Basically Capital market represent market to various instrument of long-range securities or
finance is which can sales, in the form of debt although capital by self. Institution of sharia capital market is one of personification from exclamation of Allah of about the invesment. Capital market is one of important pillar in worldwide economy in this time. A lot of industry and company using institution of capital market as media to permeate invesment and media to strengthen his financial position. Irfan Syawqy said that, by fact, capital market have become to financial nerve-centre ( nerve of world finansial) modern economic world. In fact, modern economics will not possible exist without existence of capital market organized better. Everyday happened by transaction of triliunan of rupiaz of through this institution.
According to metwally ( 1995, 177) function from existence of sharia capital market :
Islam is dynamic religion which in it implicate various life aspect, one of them is related in muamalah, the example is capital market. existence islam in capital market is to create good instruments of capital market as according to principles sharia of islam in it. As decanted in Al Qur’An and Hadist as especial source teaching of Islam, so we can see some rule hit the mentioned :
“ … Allah have permitting sales and illicit of lap…” ( QS 2;275) “ Hi every one who faithful, you don’t each other eat wealth of humanity by way of which bathil, except by way of trading going into effect likedly is of equal liking among you…” ( QS 4;29) “ Hi one who the believe, fulfill that transactions…” ( QS 5;1)
“ Rasulullah Saw prohibit sales ( containing) gharar” ( HR Al Baihaqi from Ibnu Umar).
: “ May not sell something until you own” ( HR Baihaqi from Hukaim bin Hizam)
By virtue of Al-Qur’An, Hadist and opinion of all expert fiqh (teaching of islam), something that prohibited or illicit is:
concerned of the problem, so islam interdict above action is which oppose against principles of islam. That for we are as human being embracing teaching of islam have to obey and do all comand and principle of islam as a whole ( kaffah). In order to we can execute life of islam by keselurahan ( related/relevant (kaffah). especially about capital market, that is requiring of role government and related of society . According To Nurul Huda, Expert of sharia Capital Market in Pascasarjana UI ( 2006), in developing sharia of capital market in Indoensia, there are some strategy which is possible applied : for example : that is released Law of sharia of Capital market that is needed to support existence Sharia of capital market or minimize to complete UUPM No 8 Year 1995, so that with this matter is expected progressively push growth Sharia of capital market, Need livelines from business perpetrator (industrialist) to form life of economics which islami. This matter utilize to motivate to improve image of perpetrator of market to existence of instrument of capital market matching with the Moslem law, Needed [by] a plan short-range and long-range by Bapepam to accomodate growth of instrument of Moslem law in capital market. At one blow plan existence of capital market of Moslem law in fatherland and Need erudite study hit capital market Moslem law, therefore support of akadmisi
HALTED. CROSSING PARAGRAPH LIMITATION.
executedly is principal of islam by kaffah is expected can create keseimabangan justice between aspect system islam values fund in general, that is:
Concept of Sharia Capital Market
In Islam, invesment is activity of muamalah that very suggested, because with have investment, estae owned to become productive as well as conduciving to benefit for others. Al-Quran emphatically prohibit activity of conglomeration ( iktinaz) to estae owned ( 9:33). In a hadits, Prophet of Muhammad Saw said, ”understanding, Who take care a orphan, while that orphan own estae, hence he shall invest it (business of it), he don't let that estae is idle, with the result that estae is non-stoped to decrease because zakat” For the implementation exclamation of the invesment, hence have to be create a medium for investment. Many choice of people to inculcate his capital in the form of invesment. One of form of invesment is inculcate his estae in capital market. Basically Capital market represent market to various instrument of long-range securities or
finance is which can sales, in the form of debt although capital by self. Institution of sharia capital market is one of personification from exclamation of Allah of about the invesment. Capital market is one of important pillar in worldwide economy in this time. A lot of industry and company using institution of capital market as media to permeate invesment and media to strengthen his financial position. Irfan Syawqy said that, by fact, capital market have become to financial nerve-centre ( nerve of world finansial) modern economic world. In fact, modern economics will not possible exist without existence of capital market organized better. Everyday happened by transaction of triliunan of rupiaz of through this institution.
According to metwally ( 1995, 177) function from existence of sharia capital market :
- Enabling for society of participating in activity of business obtainedly is part of his risk and advantage.
- Enabling all stockholder sell his share to get liquidity.
- Enabling company improve capital from outside to build and develop in its production.
- Dissociating operation of activity business from fluctuation short-range at price of share which is general characteristic at conventional capital market
- Enabling invesment at that economics is determined by performance of activity of business as mirror of at share price.
Islam is dynamic religion which in it implicate various life aspect, one of them is related in muamalah, the example is capital market. existence islam in capital market is to create good instruments of capital market as according to principles sharia of islam in it. As decanted in Al Qur’An and Hadist as especial source teaching of Islam, so we can see some rule hit the mentioned :
“ … Allah have permitting sales and illicit of lap…” ( QS 2;275) “ Hi every one who faithful, you don’t each other eat wealth of humanity by way of which bathil, except by way of trading going into effect likedly is of equal liking among you…” ( QS 4;29) “ Hi one who the believe, fulfill that transactions…” ( QS 5;1)
“ Rasulullah Saw prohibit sales ( containing) gharar” ( HR Al Baihaqi from Ibnu Umar).
: “ May not sell something until you own” ( HR Baihaqi from Hukaim bin Hizam)
By virtue of Al-Qur’An, Hadist and opinion of all expert fiqh (teaching of islam), something that prohibited or illicit is:
- forbidden because its object ( its substance) enjoinment Activity of this muamalah is caused by object or substance which become object from the activit. By virtue of al Qur’An and Hadist have been prohibited/ illicit. Objects , for example 1. Pig 2. Khamr ( liquor) 3. Carcass 4. Blood.
- forbidden besides because its object (its substance) Explanation from enjoinment for this activity is an activity which object from the activity not meaning object which is illicited cause the substance, the meaning is the object of enabled substances ( permitting). However the object become illicit because there are existence elements : Tadlis,Taghrir/ Gharar, lap,The happening of : Ikhtikar And Bay Najash.
- Null and void its transactions As does with ban caused besides its substance so at this activity, thing which become object is thing which is pursuant to the substance categorized lawful ( to be permitted) but the object can become illicit because of transaction or appointment what is making base for the transaction is prohibited/ to be forbidden by Islam teaching.
- Ta’Aluq.
- Do an agreement where subject and his period is samel.
concerned of the problem, so islam interdict above action is which oppose against principles of islam. That for we are as human being embracing teaching of islam have to obey and do all comand and principle of islam as a whole ( kaffah). In order to we can execute life of islam by keselurahan ( related/relevant (kaffah). especially about capital market, that is requiring of role government and related of society . According To Nurul Huda, Expert of sharia Capital Market in Pascasarjana UI ( 2006), in developing sharia of capital market in Indoensia, there are some strategy which is possible applied : for example : that is released Law of sharia of Capital market that is needed to support existence Sharia of capital market or minimize to complete UUPM No 8 Year 1995, so that with this matter is expected progressively push growth Sharia of capital market, Need livelines from business perpetrator (industrialist) to form life of economics which islami. This matter utilize to motivate to improve image of perpetrator of market to existence of instrument of capital market matching with the Moslem law, Needed [by] a plan short-range and long-range by Bapepam to accomodate growth of instrument of Moslem law in capital market. At one blow plan existence of capital market of Moslem law in fatherland and Need erudite study hit capital market Moslem law, therefore support of akadmisi
HALTED. CROSSING PARAGRAPH LIMITATION.
executedly is principal of islam by kaffah is expected can create keseimabangan justice between aspect system islam values fund in general, that is:
- justice And brotherhood which totally which have implication to of at social justice economic and kaedilan
- justice of Distribution of earnings that is: Vanishing market monopolies ( except by certain area and government Guaranting opportunity and rights of all party to be]active in course of economics Guaranting ” elementary requirement accomplishment live” each member socialize Executing trust at-takaaful al-ijtima’ of where capable to guarantee and assist which unable to.
- Individual freedom in context of social prosperity. Human being as creature created [by] Allah own rights of individual which bersinggungan or limited by individual freedom other;dissimilar becoming have to can correspond to rights of the others.
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