The economic crisis that has hit the superpower United States (US) has had an impact on the economy in this country. The occurrence of global imbalances, bad credit, and the development of financial derivatives in the US are believed to be the root causes of the current global economic crisis. This was conveyed by M. Ismail Yusanto, speaker at the Islamic Economics seminar entitled “Shari’a Economics, solution to the world economy?” who is also the Director of Shari’a Economics & Management (SEM) Jakarta on Saturday (25/4) in the Seminar Room on the 4th floor of the Widyatama University Rectorate Building in Bandung.
Organized by Community Share’a Economic under the auspices of the Muslim Student Family (KAMMI) of Widyatama University, this seminar featured Yudi Ismail, a financial practitioner who is also the director of PT Cirrus Indonesia, explaining that Islamic economics is a doctrine and not a science, because it is a method recommended by Islam based on revelation and the Sunnah of the Prophet. The root cause of current economic problems is believed to be usury, where money is no longer just a medium of exchange but has become a commodity that is traded (on the foreign exchange market) and from which profit (interest) or usury is derived from every transaction involving borrowing or depositing money. Second, the development of gambling and speculative economic activities such as “trading” in stocks and derivative financial products.Finally, the use of paper money and the value of a country’s currency are tied to other countries, not to itself (its nominal value is not the same as its intrinsic value), so its value is never stable.
Finally, Yusanto added that this crisis can be overcome by reorganizing the real sector with broad market participants, with real goods and services that have a tangible economic impact (economic growth and employment). Furthermore, by abandoning the elitist, speculative, manipulative, and destructive pseudo-market that results in the impoverishment of society. Functioning money solely as a medium of exchange by eliminating gambling and speculation activities and removing usury-based economics as a source of economic instability, while implementing the dinar and dirham currencies and restructuring financial institutions (banks and non-banks) in accordance with Sharia principles as the sole option.
