Challenges of Islamic Banking in 2016

Increasing competition in the financial services industry will negatively affect the performance of Islamic banking because it is still constrained by several problems such as lack of capital, financial resources, human resources and IT are not needed. Rezkiana Nisaputra

Jakarta-Islamic banks are expected to contribute in supporting the economic transformation in productive economic activity, high value-added and inclusive, especially by exploiting demographic dividend and the prospect of high economic growth, so the role of Islamic banking may seem significant for the community.

The greater the growth of Islamic banking, the more people who are underserved. Ever expanding range of Islamic banking Islamic banking showed greater role for the economic development of the people in this country. Islamic banking should appear as the front guard or a locomotive for the realization of financial inclusion.

But in its development, Islamic banking faces a number of challenges that must be faced with a wide range of strategic measures. Therefore, it is expected the national economy in 2016 will be recovered, especially with the number of infrastructure projects and improvements in the central and local government budget absorption.

Chairman of the Indonesian Association of Islamic Economics (IAEI) Agustianto Mingka assess, in the construction of infrastructure projects are being intensively implemented by the government, should be able to take the role of Islamic banking. In this case the Islamic banks can perform a nice fellow syndicated financing Islamic banks as well as join (syndicated) with conventional banks.

It is predicted that in 2016, the growth of Islamic banking assets estimated to be around 15%. Thus the growth of third party funds (DPK) and the financing is still around in these figures. Although Islamic banking asset securitization program will be conducted in Indonesia on Islamic banking, it seems, is the new road program in early 2017, but the agency issuing the EBA SP Sharia move faster.

He revealed that in 2016 will be marked by the level of the financial services business competition intensifies, because the entry into force of the ASEAN Economic Community (AEC) which for the banking industry it is stated in the ASEAN Banking Integration Framework (ABIF). Increasing competition in the financial services industry will negatively affect the performance of Islamic banking because it is still constrained by several problems such as lack of capital, financial resources, human resources and IT are not yet qualified.

Meanwhile, in order to develop the banking industry syariahu to be a superior player and play a significant role in Indonesia, there are some strategic challenges and which should be a priority for the Islamic banking stakeholders. First, the innovation of financial products and Islamic banking which is the main pillar in the development of Islamic banking industry.

Islamic banks need to have innovative products that are increasingly diverse in order to develop properly. This effort is absolutely necessary because Islamic banks lately experienced a slowdown in growth and even decline in market share compared to the conventional. Islamic bank product innovation is a necessity, so that Islamic banks can re-grow and compete with conventional banks and other institutions.

Actually a lot of profitable business opportunities for Islamic banking, such as international trade finance, sindicated financing, Margin During Construction (MDC), hybrid take over and refinancing, factoring, KPRS pivot, financing reimburs, IMBT and Ijarah Maushifah fizz Zimmah, and Musharaka Mutanaqishah. Akad Mutanaqishah Musharaka can be applied in 11 product and business needs of customers.

"But until now Islamic banks generally do not develop these products, sehinngga products is still very limited. In the future, particularly in 2016, Islamic banks should develop creative and innovative products for example by applying musyarakah mutanaqishah, "said Agustianto some time ago in Jakarta.

Then the second challenge, asset securitization Islamic Bank. One key to success is a Sharia mortgage securitization (tawriq) asset. Securitization will increase the availability of funds to Islamic banks. In this concept of asset securitization, Islamic banks transform risky assets (financing) in the form of cash (fresh money) which can then be used for business expansion and can also be channeled back to those who need funds. The fresh money obtained from an agency issuing the EBA buy productive assets of Islamic banks.

"The advantage of this financing securitization, among others, banks do not have to wait much longer (10-15 years) to get back the funds already disbursed to customers, especially long-term financing such as mortgage financing," he said.

During this time the use of securitization in Islamic banking has not received significant attention and has not practiced, because there are no regulations and the needs of Islamic banks would securitization is not urgent. At the end of 2015, the Financial Services Authority (FSA) issued regulations on securitization to penerbiatan Secured Asset Securities (EBA) Syariah through POJK No. 20 in 2015.

Publishing product EBA Islamic Participation Letter will address gaps Islamic banking assets and liabilities in housing finance. Islamic banking in Indonesia is expected to utilize products EBA-SP sharia for funding, so that the Islamic banks can perform more comprehensive financing expansion or network expansion.

The third challenge Islamic banking, is concerned about the quality of assets. All banks in Indonesia, both conventional and Islamic hit by a slowdown in lending growth and accompanied by increasing the ratio of nonperforming loans (non-performing loans / NPL for banks konvensinal and NPF for Islamic banking). This is because external stress factors, such as the weakening of the Chinese economy and uncertainty of Fed interest rate that they will affect the domestic economy, including the banking sector which is closely linked to the financing of the real sector.

Therefore, Islamic banks must remain alert to the upward trend in next year's financing problems that affect the quality of assets. Conventional banks are also facing serious challenges of credit quality. Of the various media, all state-owned Bank President stated that the main challenge in 2016 is about the quality of credit (financing).

Thus, in 2016 the management of financing problems remain the biggest challenges for Islamic banks to the front. To face these challenges, the Islamic bank should continue to tighten underwriting standards and proactively monitor customers in industry sectors affected by the general economic slowdown.

For that Islamic banks, should form the rescue division completion of financing problems. Islamic banks should improve the competence of its human resources in order to overcome financing problems and is able to restructure the financing by sharia. "Going forward, we not only equip HR experts and competent in the field of restructuring financing, but also experts in preventing the occurrence of financing problems," he explained.

While the fourth challenge, namely to strengthen the capital and business scale of Islamic banks. Islamic bank capital needs to be significantly strengthened so as to have sufficient scale effort to expand. To achieve that, the FSA has encouraged Conventional Parent Bank's commitment to optimize its role and increase its commitment to develop Islamic banking services to achieve a minimum share of above 10% of the assets BUK parent.

The role is a form of business process development activities leveraging between Islamic banks and financial institutions in the same group as integrative efforts. Strategy leverage this model is very significant in enhancing the competitiveness of Islamic banks and BUS BUK competitors in regional markets that have economies of scale and high efficiency. In addition to enhancing the competitiveness that is also quite important, this program will significantly reduce operating costs.

In addition, in order to strengthen its capital, banks are expected to be more active Sharh offer shares to the public, especially to retail investors expected increasing in line with rising middle-income groups to the top. In line with an offer to the public, the bank's shareholders expected to remain the controlling institutions to participate in providing additional capital.

The fifth challenge faced by Islamic banking is competition in collecting customer funds, especially low-cost funds (CASA). So far, Islamic banks is still low-cost composition in terms of funding, such as current account deposits. According to the data, the fund's bank Sharh of 8%. Pesaingan DPK not occur with conventional banking institutions but also occurs with non-bank financial institutions (IKNB) such as takaful and mutual funds. Therefore, the last few decades of commercial banks began looking for non-deposit funding sources.

Third party funds for the banks is like blood, without which the banking institutions will be lethargic and listless. Therefore, Islamic banks should be able to dig and get cheap funds. In addition to giro wadiah, waqf funds should be achieved and maintained sharia banks in significant amounts. The government in this case the director general of the tax should provide intensive to the placement of funds in the bank waqaf Sharh form of tax exemption.

"Strange, if the government freed pensun funds from taxes, while waqaf whose function is obviously to worship and social representing the proceeds belong to God, and then charged to tax as ordinary funds," he explained.

Financing challenges will also be faced by Islamic banks, namely the emergence of financial institutions foreign multinational purchase (acquisition) of private finance companies in Indonesia. Banks or Financial Institutions foreign excess cost funds, such as Japan. The interest rate they offer to finance companies is very low, so that the Islamic banks far less than the pricing of the multinational banks.

"Islamic banks should be included in the management of funds both central and local government, including funds of SOEs and enterprises," he added.

The sixth challenge, namely the strengthening of human resources. In the development of Islamic banking is the main pillar of human resources. Provision of competent human resources with a sufficient amount into an absolute demand for Islamic banks, especially in the face of the MEA. Therefore, management of Islamic banks should prioritize the creation of a competent and qualified human resources to continue to conduct training and workshops or graduate school.

"HR quality Islamic banking is a force that can promote the growth of Islamic banking business," he said.

While the latter challenge, is to improve the technology of Islamic financial system. Classic problem that should not be overlooked, even should the priorities are the technological aspects. These aspects should be a major concern Sharh bank. Islamic banks should invest danaya in the provision of information technology (IT). In the midst of the current era of digital financial use of IT in business processes has been expanded and became a necessity.

Current consumer trends have made the Internet become one of the main needs. It can be seen from a surge in Internet users, especially during the era of smartphones today. Related to these developments, Islamic banks can not miss in upgrading the technology used. The benefits that can be perceived by Islamic banks with cutting-edge IT systems is an increase in the number of customers and cost efficiency.

"If these things can be achieved then the performance of Islamic banks will be better next year," said Agustianto.

Meanwhile, Head of the Department of Islamic Banking FSA Ahmad Buchori once said, a number of factors have influenced the development of Islamic banking in 2016 are getting better when compared with 2015. Among them is the increased economic growth.

"That obviously will be driven by economic growth, next year there is also a convertible Bank Aceh it will definitely push the share of Islamic banks. We hope also to be formed National Committee for Islamic finance, so it will encourage Islamic banks to grow more rapidly. In addition, Bank Syariah Mandiri already BOOK 3, so the chances of their activities more diverse, "he said.

Related market share of Islamic banking, Buchori said that until October 2015 the FSA noted the share of Islamic banking is still below 5%. However, the FSA remains optimistic to reach the target market share in 2016. "For our market share next year are more optimistic due to the projected growth in almost all institutions expect economic growth will be higher in 2016," said Buchori.

On average, he explained, in 2016, Islamic banking is expected to grow between 12% -13%. "Not daring growth target to above 20%. Current consolidation phase is nearing completion and next year already started to rebound. Clearly 2016 will be higher than 2015, "he said. (*)

Value - Basic Value Islamic Economic System

a continuation of what we learn from the Basic -Basic understanding of Islamic Economics, pal Here I will explain to you all, especially the readers of this blog is about Value - Basic Value Islamic Economic System.

     Value - the value of the Islamic economic base consists of:

    A. The basic value of ownership

   B. The basic values ​​of justice

   C. The base value of balance

   D. Value freedom

    E. Value togetherness

, A. The basic value of ownership

        The concept of ownership in Islam is not the same in the concept of ownership in liberalism, capitalism and socialism. In liberalism- ideology of capitalism, such as that put forward Jhon Lock "every man is lord and ruler over personality full, on his body and on workers coming from his body."

So thus the concepts of ownership in liberalism, capitalism is absolute.

     

        In the ideology of socialism is the opposite, People person be permitted to have "capital or capital, because that has the capital itself has also means - the means of production".

        Continue like where it is with the concept of ownership in Islam?

God has stated that all that is in the heavens and on the earth belongs to Allah.

In: Surah Al-Baqoroh, verse: 107

This means:

            Do you not know that the kingdom of the heavens and the earth belongs to God? And none for you besides Allah a protector or a helper.

       In this verse explains that everything that exists in nature and what is in man himself is God SWT.dan existing holdings in humans is the only proprietary management.

     

       This is in accordance with the opinion of Adnan Khalid al-Turkmani, saying "Truly a treasure belongs to God from the perspective ijadiah (procurement) and belong to human beings from the perspective use"

      So therefore we understood that the concept of ownership Islam is not included in the substance, but to its usage. "Holdings in humans is a mandate from God almighty one that should be respected. And while the ownership in Islam itself split wide - range. No personal ownership, joint ownership and ownership by the state, but the most bottom line is "each - each of such ownership is not absolute, but depend on with the creation of the common good and the effort to preclude risk"

 in the Qur'an mentioned in

Surah Adh-Dzâriyât (51): 19

  means:

 

    "And in their wealth there is a right to ask the poor and the poor who have no part." (Adh Dzaariyaat (51): 19)

      And in the rights to create / establish the ownership is divided into three:

1. The Right of Allah SWT.

2. The Right of  worshipers.

3. The Right of personal or individual.

     And of the three rights is clearly visible in the command zakat. where in spending zakat then someone has to provide and issue titles that is not right.

 but even so, it does not mean that he was free to do anything with the things which he possesses. but should be used as best as possible and should not be rushed - squander.

B.Nilai basic economic justice in Islam

Plato defines justice as a virtue of the highest in view of the reasonable condition that necessitates being gathered meanings of wisdom (al-wisdom), courage (al-Siyasiyah), and the continuance (aliffah). For plato say that all is not fair. Because everyone thinks it does not have the talent and abilities and innate same.

     Aristotle defined justice is the value of virtue, not virtue that barren nor purely individual justice must have the effect and implications to others. By because it is justice according to contain an element of commonality and demanded that the objects - objects that exist in this world for evenly whose implementation is controlled by law.

     In the system-capitalism liberalism something is fair to say that the solution if economic problems in fully submit to the market mechanism.

This means that a process is fair to say the economy in which the government does not intervene in it and fully submit to the existing market mechanisms

     How the concept of justice in Islam?

The word fair with all derivatives mentioned in al-Quran at his lack of as many as 28 times. This shows that the problem of justice in Islam occupies a position that is very vital and fundamental.

Word of Allah in Surah an-Nahl verse 90:

This means:

Indeed, Allah tells (you) to be fair and do good, giving to kinsfolk, and God forbid of indecency, evils and hostility. He teaches you, that ye may take heed.

So therefore Islam strongly emphasizes the importance of our attention and justice .Not only justice to others but also to ourselves. Islam also requires human beings to uphold justice in all spheres of human life, including in the economic field, but the sense of justice in Islam does not mean that Islam requires in j principle of equal or similarities end results as contained in communism, because it is clearly contrary to human nature itself that is already in creation by the gods, so different, both in the plains of intelligence, skill, or other capabilities.

C. The Concept economic equilibrium values ​​of Islam.

The balance is the basic values ​​that affect various aspects of economic behavior of a Muslim.

The balance is not biased, whether our efforts as individuals associated with the mundane and here-after, as well as those related to the interests of self and others, about the rights and obligations

As God's call in the QS. Al - Baqoroh, verse: 201

ومنهم من يقول ربنآ ءاتنا في الدنيا حسنة وفي الأخرة حسنة وقنا عذاب النار

 (QS. Al-Baqoroh: 201)

It means: "And among them there are people who pray:" Our Lord! Give us good in this world and good in the Hereafter and save us from the torment of hell ". (Qur'an, 2: 201)

And if Allah wills to the creature creation is different from one another, therein lies the balance.

    That difference is not there to be a gap (gap), but rather to achieve a balance or harmony.

D. The concept value of freedom

In the social economic system does not recognize the freedom of the individual, because everything is set and determined by the state in a centralized way.

Whereas in liberialism economic system, capitalism is a matter of freedom of individuals really get anywhere Sir, even the state should not interfere in the affairs of m hey, including in the field of economy

In the economic system of Islam, In Islam the problem of economic freedom is the first pole in the market structure of Islam. The freedom is based on the fundamental teachings of Islam or in other words the basic values ​​of freedom is a logical consequence, from the teachings of monotheism in which the statement is no god besides Allah, meaning people escape from bondage either by nature or by man himself.

E. The concept  Basic Value Togetherness

In the economic system-capitalism liberalism emphasizes respect for individual more. Their assumptions when each individual was prosperous then automatically be prosperous society. The opinion was based on the idea "Adam Smith" which states: "there is a symmetrical relationship between private and public interests."

In a socialist economic system, this system is more concerned with the values ​​of togetherness and brotherhood between people of the value - the value of individualism. Within this system lies in its respect for the value - the value of togetherness is too excessive - overage thus compromising side - individualism or as a result of a person's personal. and no place in this system.

In the Islamic economic system is principle monotheism brought Islam which teaches there is no god but Allah. Having similarities between humans that every human being is sourced from one that is: Allah SWT. In other words, in Islam there is no social distinctions on color, and to the physical circumstances, there was the same they all belong to Allah SWT. So the concept of togetherness that brought Islam has created a new concept in a democratic system, which is not the same as a western democracy. When a western democracy only associate the concept of equality before the law only. But in Islam are equal in front of God. Thus, the meaning of democracy in Islam is not only a nuanced insaninyah (humanity) but also nuanced Ilahiyyah (divinity).

Principles of Islamic Economy

1. Introduction

There are three economic system known in the world, the economic system of the Socialist / Communist, Capitalist economic system and economic system Islam.Masing individual has the characteristics of these systems.

First, the Socialist economic system / communist mind have emerged as a result of the capitalist to exploit human understanding, so that the state interfered enough in the role very strong. In case  is no freedom in economic activity for individuals, but everything's for the benefit together, so that the non-recognition of ownership . State is responsible in distributing resources and products to the entire community.

Second, the capitalist economic system. In contrast to the communist system, the system is so diametrically opposed to the Socialist / Communist, in which the state does not have a primary role. System is very adopts a market mechanism. The system recognizes the existence of an invisible hand that intervene in the market mechanism in the event of irregularities (invisible hand). Which became his main aspiration is both economic growth, so that every individual can engage in economic activities with the recognition of private property.

Third, the economic system of Islam present economic Islam System far ahead of the two systems referred to above, namely the 6th century, while the 17th century capitalist and socialist economic system of the 18th century In Islam, the emphasis is on the creation of equitable distribution of income, as written in the Al-Hashr verse 7.

Any booty (fai-i) that God gave to His Messenger (of the property) from the people of the towns then is for God, for the apostle, kinsfolk, orphans, the poor and people that way, so that it may not circulate among the rich among you. what is given unto the Apostle, then accept it. and what he forbids you, then leave. and fear Allah. Verily Allah is severe in punishment.

2. Differences in Islamic Economics and Conventional economics in terms of moral and ethical

According Qardhawi system of Islamic economics is no different with the economic system so on, in terms of shape, branch, details, and how the application of diverse, but concerns the global picture that include a number of instructions, rules Sure, directives principle also encompasses most important branch-specific because there different. Hal the Islamic system has always set globally on issues that are changing because of the changing environment and time. In the contrary expounds on issues unchanged.

The fact history shows that Islam is a living system that is comprehensive, which manage all aspects, both in social, economic, and political as well as spiritual.

In regulating economic life, of course God has set rules that constitute the limits of human behavior that benefits an individual without harming other individuals . The habit these are to be supervised by the enactment of rules based on Islamic rules, to face individuals so that they are well implement the rules and control and supervise the passage of those rules.

Things are different with other economic system is located on the moral and ethical this rules . The rule formed in Islamic economics is a rule which is based on the conceptual framework of the community in conjunction with the Higher Power (God), life, human beings, the world, fellow human beings . So final destination on another system there are no rules that define the limits of human behavior that can be detrimental to one party and the other parties benefit.

Some of the rules in the Islamic economy is as follows:

a.Segala things belong to God, man was given the right to take advantage of everything that exists on this earth as God's caliph or the mandate, to take advantage and benefit as much as possible in accordance with the ability of the goods of creation of God.

b.Allah has set certain limits on human behavior and thus benefit the individual without compromising the rights of other individuals.

c. All human beings are dependent on God, so that each person is responsible for the development of society and the removal of the difficulties they face.

d. Status caliphate common to every human being, but by no means always have the same right to benefit. The similarity is only in the opportunity, and every individual can enjoy the benefits of it according to his ability.

e. Individuals have a common dignity as human beings. The rights and obligations of individual economies adapted to the abilities he has and with the normative roles of each in the social structure.

f.Dalam Islam, work rated as good and idleness was rated as kejahatan.Ibadah it is best to work and at the same time work is a right and obligation.

g. Life is a dynamic process towards improvement. Allah loves those who do things when he did a very good way.

h. Do not make harm and do no harm.

i.Suatu good in small ratings clearly dirumuskan.Setiap Muslims are encouraged by the system of ethics (morality) Islam to move beyond minimum rank in righteous deeds.

The market mechanism in the Muslim community should not be considered as an atomistic structure, but the accumulation and concentration of production is possible, do not violate the principles of freedom and cooperation.

In terms of value theory, in Islamic economics is no separation at all between the normative benefits sautu merchandise and value ekonomisnya.Semua prohibited use, automatic no economic value.

If talk about values ​​and ethics in Islamic economics, there are four main grades Rabbaniyyah (divinity), Moral, Humanity, and Pertengahan.Nilai These values ​​describe the uniqueness of the main Islamic economy, even in reality is a typical holistic apparent on everything that is based on the teachings of Islam. On that basis, a very real difference to the economic system laniinya.

Economic Rabbaniyyah meaningful economic ilahiah.Pada Islamic economy as capitalist economy merely talking about the material and keuntungana especially individual, earthly and kekinian.Islam has a way, understanding, economic values ​​that are different from Western economic man who did not expect tranquility of God and does not consider the afterlife at all. A Muslim when planting, work, or trade and others are in order beribadad to Allah.Ketika consume and enjoy various treasures are well aware that sebgai sustenance of Allah and His blessings, which must be grateful as where in God's word letter Saba verse 15.

Indeed, for the people of Saba there are signs (power of God) in the place they are two gardens on the right and on the left. (To be said): "Eat ye of the provision that (given) your Lord and thank you to him. (Your country) is a good country, and (Lord) is the Forgiving God ".

A Muslim is subject to the rule of God, will not attempt to something unlawful, will not do that usury, not hoarding, will not apply unjust, it will not cheat, will not gamble, do not steal, do not be bribed and will not accept bribes .a Muslim would not do waste, and not miserly.

Economic character, in this case the absence of separation between economic activity and morals. Islam does not allow Muslims to prioritize economic interests over the maintenance of the values ​​and virtues that are taught agama.Kegiatan that berkatian with morals contained on economic measures, both with regard to production, distribution, circulation, and konsumsi.Seorang Muslims are bound by faith and morals on any economic activity that is done, both in the business, as well as menginfakkan mengmebangkan property.

Economic humanity, meupakan economic activity whose main objective is the realization of the good life for human beings with all the elements and pilarnya.Selain it aims to enable human needs disyariatkan.Manusia life is the goal of economic activity in the view of Islam, as well as the means and the culprit with utilize the knowledge that Allah taught him and the grace and the ability he has given Nya.Nilai kemanusaian gathered in Islamic economics such as the value of freedom and glory of humanity, justice, and establish laws to humans by the justice, brotherhood, and love each other and help each other in manusia.Nilai among others, to love all mankind, especially people who lemah.Di between the fruit of these values ​​is the recognition of Islam on private property if it is obtained from the ways that justified the Shari'a and running property rights.

Economy middle, the middle value or the value keseimbangan.Pertengahanyang adail is the spirit of economic Islam.Dan this spirit is a very clear distinction with other economic systems. The spirit of the capitalist system is very clear and evident in the cult of the individual, personal interests, and freedom almost absolute in the ownership, development, and spending harta.Ruh tersermin communist economic system in prejudice against individuals and deprivation of instinct to own and become rich. Communists took the benefit of society, as represented by the State, is above any individual and everything.

Characteristic of this mid tersermin in fair balance maintained by Islam between the individual and society, as to which the enforcement in many other pairs, such as the world-hereafter, physical-spiritual-spiritual sense, idealism, and other facts.

3. Principles of Islamic Economics

Thomas Khun states bahsa every economic system had a core paradigm. Islambersumber core economic paradigm of Al-Quran and Islam Sunnah.Ekonomi have basic properties as the economy Rabbani Rabbani and Economic Insani.Disebut because it is loaded with the direction and values ​​of the Divine. While Insani economy because the economy was conducted and intended for human prosperity. (Qaradawi).

According to Yusuf Qaradawi (2004), Islamic economics has three basic principles, namely monotheism, morality, and balance. The first two principles which we both know is definitely not there in the basic foundation of conventional economics. The principle of balance was, in practice, is precisely what makes the conventional economy increasingly criticized and abandoned. Islamic economics is said to have a base as the economy Insani because of the economic system is implemented and is intended to prosperity manusia.Sedangkan according to Chapra, referred to as Tauhid.Keimanan economy has an important role in the economy of Islam, because it will directly affect perspectives in shaping the personality, behavior, style life, tastes, and preferences of humans, attitudes towards the human, moral lingkungan.Saringan resources and aims to maintain self-interest to remain within the boundaries of social interests by changing individual preferences compatible with the social priorities and eliminate or minimize the use of resources to which would frustrate the purpose of the social vision, which will increase the harmony between self-interest and social interest. (Nasution et al)

With reference to the Divine rule, then every human action has moral and religious values. At understand naturalist, resources and the most important factor in the monetarist understanding put financial capital as the Islamic ekomoni terpenting.Dalam insanilah most important resource.

Economic Karasteristik Islam rooted in Islam itself, which includes the three basic principles. All three are fundamental and shared set of economic theory in Islam, namely the principle of faith, morals, and principles of law (muamalah).

There are several economic Karasteristik Islam as mentioned in Al-Al-scientific Mawsu'ah wa al-amaliyah al-Islamiyah which can be summarized as follows:

a. Treasures Unto God and Man is a Khalifah Top treasure

Karasteristik The first consists of two parts:

First, all the treasures of both objects and means of production are the property of Allah, the word Q.S. Al-Baqarah, verse 284 and Q.S.Al -Maai'dah ayat17.

Secondly, man is the vicegerent upon a treasure miliknya.Sesuai with the word of God in QS. Al-Hadid verse 7.

In addition there are the words of the Prophet Muhammad, who also noted the role of man as caliph, among his saying "The world is green and sweet" .Allah has made you a caliph (ruler) of the world. Therefore be ye discusses how do about the treasure in the world.

It can be concluded that the wealth is in the hands of man essentially belongs to God, but God gives rights to people to use it.

Indeed Islam respects private property, be it consumer goods or capital goods. But their use must not conflict with the interests of others. Thus, ownership in Islam is not absolute, because the real owner is God Almighty.

In QS.an-Najm 31 and Word of Allah. in QS. An-Nisaa verse 32 and QS. Qur'an, verse 38. clear distinction between ownership status in the Islamic economic system with other economic systems. In Islam highly respected private ownership although not absolute essence, and their use must not conflict with the interests of others and certainly not contrary to the teachings of Islam as well. While in the capitalist system, ownership is absolute and utilization was bebas.sedangkan the socialist system on the contrary, private ownership is not recognized, that there is ownership by the state.

b. Economy Tied with Aqidah, Sharia (law), and Moral

Among the evidence of economic relations and moral in Islam (Yafie, 2003: 41-42) are: the prohibition against the use of his property owner that may menimbulkankerugian on the property of others or the public interest, the prohibition of fraud in the transaction, the prohibition hoard of gold and silver or sarana- other monetary means, sehinggamencegah circulation of money, a ban on waste, because it would destroy the individual in society.

c.Keseimbangan between spirituality and materialism

Some Western experts have their own interpretation of Islam. They claim that Islam as a religion that maintain themselves, but tolerant (opening up). In addition, the experts stated Islam is a religion that has a religious element (emphasis in terms hereafter) and secularity (in terms of the world) Lo! Islam does not separate between this world and the hereafter.

d. Creating a balance between Islamic economic interests of individuals with a common interest

The sense of balance in the social system of Islam is that Islam does not recognize the absolute right and absolute freedom, but has certain limitations, including in the field of property rights. Only justice can protect the balance between the restrictions set out in the Islamic system for individual and common ownership. Economic activity conducted by a person to prosper themselves, should not be done at the expense and the expense of the interests of others and society in general.

e. Individual freedom guaranteed in Islam

Individuals in the Islamic economy is given the freedom to move both individually and collectively to achieve the goal. But these freedoms must not violate the rules outlined Allah SWT. In the Al-Quran and Al-Hadith. Thus the freedom of nature is not mutlat.

The principle of freedom is very different from the principle of freedom of capitalist and socialist economic system. In a capitalist, individual freedom is not restricted in berekonomi ukhrawi norms, so that no matter halal or haram. While the socialists in fact there is no freedom at all, because all economic activity is regulated and is intended only for the country.

f. Given the state authority Participate in the Mixed Economy

Islam allows the state to regulate the issue of the economy so that the needs of society, both individually and socially can be met proportionally. In Islam the state is obliged to protect the interests of the people of the injustice committed by a person or group of people, or from other countries. States are also obliged to provide social security so that all people can live decent lives.

The role of the state in the economy in the Islamic system is clearly different from the capitalist system that severely limit the role of the state. The opposite is also different from the socialist system which gives the state authority to absolutely dominate the economy.

g. consumption guidance

Islam prohibits people who love luxury and swagger to the law because of the wealth, as the Word of God in QS. Al-Israa verse 16:

h. Investment instructions

On the criteria or standards in assessing investment projects, al-Mawsu'ah Al-ilmiyahwa-al amaliyah al-Islamiyah looked at five criteria in accordance with Islam to be a guide in assessing investment projects, namely:

a) The project is good according to Islam.

b) Providing sustenance as widely as possible to the community members.

c) reducing infidelity, improve income, and wealth.

d) Maintain and develop the property.

e) Protecting the interests of members of the public.

i. alms

Zakat is one of the Islamic economic karasteristik on property not included in other economies. Islam outside the economic system does not recognize God's demand to the owner of the property, in order to set aside a portion of certain assets as cleansing the soul of nature miserliness, envy, and resentment.

j.The prohition Riba

Islam emphasizes the importance of the proper functioning of the money on a normal field, namely as a transaction facility and assessment tools goods. Among the factors that embezzled from the normal field is of interest (usury). There are some other ideas on economic Islamic Caracters, among others proposed by Marthon (2004.27-33). He said things that differentiate Islamic economics operationally with the socialist and capitalist economies are:

a. Dialectics value -value Spritualisme and Materialism

b. freedom berekonomi

c.Dualisme Ownership