The implementation of Islamic value in overall aspects of
human life is obliged, even though in social, politic, and economy. But,
unfortunately the phenomenon nowadays shows that the values
of Islam as a whole have not been implemented in various aspects of life. One
of examples is in the economic aspect that is the pilgrimage savings in
conventional banks. Pilgrimage is one of ways of worshiping Allah, so that we
have to concern and observe about the saving system we use with. The interest
system that applied by conventional bank is uncertain because it equals usury
and the prohibition of usury appears explicitly in Holy Qur’an. Qur’an is the
undisputed source of guidance for the whole Muslims. Usury is not an equitable
form of transaction. It is unlawful and inflicts financial loss. It creates
social inequality and diversity between the rich and the poor, because its profit
always flows to the rich. The pilgrimage saving in the conventional bank is
being debated nowadays because Islam prohibits the application of interest
system.
Bank is financial
institution which has principle business in money distribution and responsibility
in money circulation. Specifically, conventional bank is a bank that has the
same obligations conventionally. A bank acts as intermediary between customers
with surplus capital to those with capital deficits (2011). It collects funds
to be distributed to the general public who require such funds. Basically, bank
has a significant position and role towards countries
that are trying to improve their economic, especially
in the association with economic contacts of other countries. Conventional
principles applied by conventional bank contain of two methods, those are: first
is define interest as prices, both for products such as saving deposits, term
deposits, and loan products (credits) granted under certain interest rate.
Second is implement a costing system called fee-based by using a fee for the use
of service of other banks.
In the
conventional banks the importance of shareholder is to optimize interest rate
difference between the interest rates on deposits and loans, in other side
lenders expect a high interest savings, whereas debitors expect low interest
rate. So that conventional bank is an intermediary between these parties. As
for bank is an institution, it has systematic management aimed for obtaining
gains. It applies the interest system determined in the contract time and
profitable for bank. Its percentage is based on the amount of money or capital
lent. Total of interest payments are not binding even though the amount of gain
multiplied when economic conditions are good. Because of this interest system,
conventional bank is being debated nowadays.
Economic aspects
should be in accordance with Islamic principles which prohibit usury system of
interest. Therefore, Islam proposed one another bank system, profit loss
sharing system. It is allowable banking system because it does not implement the
system of interest in all activities while the conventional bank just the
opposite. This is a significant difference between the two systems, where to
avoid interest the system which is being developed is the buying and
partnerships undertaken in the form of profit-sharing. In the allowable banking
system, client funds are managed in the form of a deposit or investment. The funds
deposited in this system are highly liquid because it is based on the concept that
bank must be able to fulfill any customers need. High liquidity makes funds
deposited less qualified as an investment that requires the deposition of funds
(2012). Whereas if customer funds are invested, because the concept of
investment is business risk, meaning that in every opportunity to take
advantages of the business conducted, there is also a risk to accept a loss, so
that between the customer and the bank equally share both benefits and risks. In
accordance with the function of the bank as an intermediary, the institution of
money distribution from depositors to borrowers, customer
funds collected by deposit or investment and used for commercial transactions
that allowed. The benefits as result from the use of customer funds which are
channeled into efforts, which will be distributed to customers. So, the concept
of sharing can only work if the client funds in the bank are invested into the
business, then the business profit shared, whereas the deposits of customers in
conventional bank no matter whether the savings channeled into the business or
not, banks are still required to pay the interest. Thus the profit-sharing
system makes the size of the profits received by the customer equals to the
size of bank profits. In this system the customers get the benefits from
sharing agreement. This sharing
agreement is determined by a number of profit sharing ratios. The ratio of
profit sharing between the bank and its customers is determined in advance, for
example assume that each party's share is 60:40, which means that the results
obtained will be distributable by 60% to customers and 40% for banks. In the
organizational structure of an Islamic bank has a Sharia Supervisory Board
(DPS). DPS oversees all activities of the bank in order to always be in
accordance with the principles of Sharia. The sample of banks which implement
the profit loss sharing system are Muamalat, Sharia Mandiri, Sharia BNI, Sharia
BCA, Sharia Bukopin, and so on.
The different
perception on interest system and allowable banking system stimulates a debate
on thestatus of the interest system in Islam between ulama’. They debate
whether interest is allowed or not, although the prohibition of usury is listed
in Qur’an. They have their own opinions and perspectives upon interest system.
Some of them say that interest equals usury and therefore it is prohibited,
while others just the contrary. There are many reasons from ulama’ ahli fiqh
who allow the application of interest system in conventional bank, those are:
(a) the interest is not usury which is prohibited as it is mentioned in the
Quran and Hadits, (b) the usury is multiplied interest; while bank interest
lent is not that case. Sayyid Muhammad Thanthawi (via Jejen, 2012) said that conventional
bank or deposit is allowed and lawful in its various forms with the interest
determination. According to him, beside the determination will avoid any
dispute or deception in the future, as well as determination of interest is made
after careful calculation, and applied between the customer and the bank on
the basis of their willingness. Dr. Abdullah Ibrahim Al Nasir (via Jejen, 2012)
said Islam cannot exist without economic power, and no economic power is
sustained without banks, whereas no banking without usury. Banking system has
clear differences with usury that prohibited in the noble Qur'an, because interest
is a new system or muamalah, it means that the law is not listed in Qur'an
which explains about the prohibition of usury. According to the decision of Majma al-Buhust al-Islamiyah 2002 that advance determination
of benefits to those who invest their money through banks or non-banks is
lawful and no doubtful in the transaction, as long as both parties are willing
to such form transactions.
Ulama’ who decide interest system is unlawful
and prohibited have also specific reason related to the verses of Qur’an.
Interest has some characteristics, those are: determination of interest at the
time the contract was made with the assumption should always be profitable,
amount of percentage based on the amount of money (capital) lent, fixed
interest payments as promised without any consideration of whether the project
executed by the client is profit or loss, interest payment amount is not
increased even though the number of profits multiplied, the existence of interest is doubtful ( Gema
Insani Press, 2001). From those characteristics, majority of ulama decided
interest equals usury and therefore prohibited. According to Meeting of 150
Ulama 'in the Islamic research conference in Muharram 1385 H (May 1965) in
Cairo, Egypt suggested that any advantage over various kinds of loans, all are practices
of forbidden usury including bank interest. Majma'al Fiqh al-Islamy, OIC
Countries held in Jeddah on June 10-16 of Rabi’ul Awwal 1406 H/22 of December
1985 has the same decision that interest is not allowed. According to National
Fatwa Shari’ah Board (DSN) Indonesian Ulama Council (MUI) of 2000 which states
that bank interest is not in accordance with the Shari'ah principles.
There
are two groups of opinion about pilgrimage savings in conventional banks. This
case is due to the doubtful interest in conventional banking system. The first
group opines that interest system is allowed because it is not kind of usury
and determination of benefits to those who invest their money through banks or
non-banks is lawful and no doubtful in the transaction, as long as both parties
are willing to such form transactions. Whereas the second opines that bank interest
equals usury because it is included to multiply interest. The appearance of
usury prohibition in Holy Qur’an confirms this statement. Thus, the pilgrimage saving in the conventional bank is being debated nowadays because
Islam prohibits the application of interest system. Islam prohibits the use of money for money, money is just for the
exchange rate and because the amount of interest is determinated at the
contract time without knowing whether this effort will gain or suffer of loss.
Usury is uncertain thing (gharar) in Islam. It is unlawful and inflicts
financial loss because it always flows to the rich. As Muslims we have
to concern about the saving system we use with in order to avoid bans on
sharia. We already know that Islam prohibits usury as it appears in Holy Qur’an,
so that we have to avoid what to be prohibited by sharia and take a better way
to implement Islamic values in aspects of life.
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