Vol. III, No. 1, Juli 2009

Akar Krisis Ekonomi Global dan Dampaknya Terhadap Indonesia

Edy Suandi Hamid


In the last two years, the world economy witnesses three type of crises emerging, namely fuel, food, and financial crises. Facing this crisis, Indonesian economy should indeed be ready for any short-term and long-term shocks to maintain sustainability of its performance. Based on these situations, this paper is aimed to oversee the nature of financial crisis and its effect on Indonesian economy. The study in this paper indicates that current financial crisis is an undeniable evidence of capitalism failure mainly caused by its paradigm and basic ideas which neglect the humanity. For this reason, turning economics back to meet the human needs and its philosophy is urgently required. Indonesia is still affected by current financial crisis and it is an important moment to evaluate capitalism-oriented economic policies as well as to oversee its suitable nature economic system which is relevant to the way of its people life.

Keyword: financial crisis, Indonesian economy, market fundamentalism.


Dampak Krisis Keuangan Global terhadap Perbankan di Indonesia: Perbandingan antara Bank Konvensional dan Bank Syariah

Heri Sudarsono


This article traces to analyze the impact of global financial crisis to Indonesian banking condition, a comparison between shari’ah and conventional bank. It starts with description about the root of financial crisis and its impact to Indonesian financial sector. Both shari’ah and conventional bank face the effects of the crisis and react to Bank Indonesia policy. As Bank Indonesia raises BI rate, conventional bank increases its interest as response to policy which mean businessmen have to pay higher for money they borrow from bank. Such a condition makes businessmen move to shari’ah bank in which its profit and losing share financing system make them pay the same amount as they borrow. The article concludes that sharia banking is stronger than conventional bank in facing financial crisis.

Keywords: global financial crisis, shari’ah and conventional bank


Krisis Keuangan Global dan Upaya Aktualisasi Ekonomi Islam

Nuruddin Mhd Ali


2008 financial crisis is believed as the worst during the history. Many says that neither this is the first and nor the last. The discussions on the background are still on progress. Howover, some causes are indicated to be responsible for the crisis such as strategic complementarities, leverage, asset-liquidity mismatch, regulatory failure, fraud, contagion effect, and lack of liquidity. Without ignoring those factors, according to sharia economics view there are other causes contribute to the current crisis such as involving interest (or riba in general), gharar, maysir, and tadlis in mainstream global financial transactions. Furthermore, bad modern human lifestyles such as debt-based transactions also play an important role to cause the crisis. This article is an attempt to discuss this problem from Islamic economic approach. It would suggest some ideas to prevent any kind of financial crisis in the future. They are ereasing financial operations involving riba, gharar, maysir, and tadlis in financial transactions, promoting equity financing, strengthening small business enterprises, aligning financial and real sectors, and revitalization of gold dinar.

Keywords: financial crisis, Islamic finance, dinar-dirham.

Menggugat Sistem Kapitalisme

Indah Piliyanti


The whole world is now in the grip of a financial crisis which is far more serious than any experienced since the Great Depression 1930. Mid of 2008, we all surprise that financial market down stairs seriously day by day. The US goverment has bailout more than three trillion dollars toward a number of industrial countries to abate somewhat the intensity of the crisis. The US goverment policy oppose capitalism paradigm: laissez faire. This article tries to discuss about capitalisme; history and the development in the global era. This economic system was fail overcome economic crises, even capitalism known as a cause of global financial crisis wordwide.

Keywords: economic crises, capitalism paradigm, Amerika, great depression.


Islam dan Pluralitas Paham Ekonomi



This article aims to explore the relationship between Islam (Islamic economy) and many different economic thoughts existing in the world. Islamic economy, since its existence, has established what is called superiority claim that lead its followers to blame other economic thoughts, mainly capitalism, socialism, and new classics. The superiority claim has been a boomerang for Islamic economy to establish an economic system based on Qur’an and hadith because of its counter attack from other economic thoughts followers. Using historic-sociologic approach combined with communicative active theory of Jurgen Habermas, the article tries to make a new silaturahim between Islam and economic thoughts to eliminate negative effects of the claim. It concludes that the fall of conventional economic system which is based on existing economic thoughts is an opportunity for Islamic economy to raises as long as its followers have a willing to communicate actively with previously existing economic thoughts.

Keywords: Islamic economy, economic thoughts, superiority claim, and communication active theory


Urgensi Hukum Perikatan Islam dalam Penyelesaian Sengketa Ekonomi Syariah

Achmad Fauzi


This article is aimed to oversee sharia economic legal lawsuit through litigation in court with analyzing judge capability in this lawsuit. This issue is important because every sharia economic activities is based on what contract (akad) contains. The article analyses law of engagement based on Indonesia civil law or Borgelijk Wetboek (BW), law of convention based on sharia economic law compilation, sharia court authority, and sharia economic lawsuit solution steps through litigation. It concludes that a judge should able to dig material justice, including in civil law so her/his decision aimed to reform and invention of law (rechtsvinding). As a new jurisdiction to sharia court, sharia economic lawsuit has still a few law instruments that imply the need for a judge to oversee justice values living in people. Formulation of sharia economic law decision should not be separated from sharia law of engagement.

Keywords: sharia economic, sharia law, legal, civil law, jurisdiction.


Analisis Resiko dan Pengembalian Hasil pada Perbankan Syariah: Aplikasi Metode VaR dan RAROC pada Bank Syariah Mandiri

Yudho Prabowo


The aim of this research is to comprehend the size of financial risk of investment on Islamic bank, using Value at Risk (VaR) and Risk Adjusted Return on Capital (RAROC) approaches. VaR is employed to measure the net return of mudharabah deposit, meanwhile RAROC is used for measuring the net bank profitability. This research is expected to give information for investors about financial and capital risk of their investment on Islamic banking industry, in term of deposits, share or Islamic bond. The object of this research is the financial reports of Bank Syariah Mandiri (BSM) for three years, 2004 to 2006. VaR analysis shows that return on Mudharabah deposit at the BSM is stable enough for the period of observation. It means that the loss potential is low. In 2006, The relationship between VaR (zero) and gross expected return on Mudharabah deposit for three months is prospective if it is compared by 2004 and 2005 years. On the other hand, RAROC analysis shows that the profit potential of BSM has been declined during three years, 2004 to 2006. The low level and fluctuation of the level of non-performing financing (NPF) already brought BSM to the lower capital risk.

Keywords: Investment, Value at Risk, Risk Adjusted Return on Capital, mudharabah deposits, potential loss, Bank Syariah Mandiri

Zakat (Alms-Giving) Management In Indonesia: Whose Job Should It Be?

Zulkipli Lessy


Zakat has been the source of Islamic social welfare for centuries. How zakat is linked with Islamic social welfare will be analyzed both as religious teachings and as actual practices in Indonesia. The problems of zakat in Indonesia which will be highlighted are: a failure to reach the target level; the problem of zakat versus tax; and the problem of Acts No. 38 Year 1999. This paper will discuss the roles of Rumah Zakat Indonesia (RZI) in trying to eradicate poverty. This paper concludes that private zakat institutions have tremendous efforts to improve the welfare of Indonesia. The government, however, wants to enact legislature to ensure that private zakat institutions are under state control. This paper suggests that the government and private zakat institutions should collaborate instead of competing with each other.

Keywords: Zakat, infaq, shadaqah, waqf, qurban, BAZ, LAZ, Islamic welfare.

Book Review Kebijakan Pemerintah dalam Membendung Dampak Krisis Keuangan Global 2008


Buku ini adalah sarana pemerintah guna mendapatkan kesatuan aksi dengan masyarakat. Pemerintah Indonesia berharap rakyat bisa mengerti tujuan dari kebijakan-kebijakan yang diambil pemerintah dalam rangka penyelamatan perekonomian Indonesia dari efek domino krisis keuangan global tahun 2008 ini. Pemerintah juga berharap agar rakyat berpartisipasi aktif mendukung program pemerintah tersebut sehingga proses penyelamatan ekonomi dapat lebih cepat terwujud. Dibalik dari sisi konten buku ini yang sangat bermanfaat bagi usaha peningkatan kualitas komunikasi antara pemerintah dan rakyat, hendaknya untuk edisi cetak berikutnya tim penulis lebih menjaga konsistensi tulisan. Tim penulis masih belum konsisten menyampaikan informasi dengan menggunakan kata atau istilah yang berbeda, yaitu pada saat menerangkan kebijakan berbagai negara dalam mengatasi dampak krisis keuangan global, penulis menggunakan kata “menurun” untuk perubahan angka dari yang rendah ke tinggi, sedangkan pada halaman berikutnya, istilah “menurun” digunakan untuk perubahan angka dari yang tinggi ke rendah.

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