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Case Sharia Banking (chapt 3)
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QUIZ SESSION 3The picture below is basic principles of the Islamic economy that are interconnected. Those
principles are: adl (justice), ukhuwah (brotherhood), hurriyah masuliyah (freedom that still
controlled and responsible), akhlaq (morals), tauhid (unification), synergy, ulil amri
(knowledge of and follow the one with authority), khalifah (leader), al amwal (a journal for
Islamic economic law), maslahah and falah (public interest and salvation).
Adl is an Arabic word meaning justice. In Sharia banking, adl or known as al-‘adl consists of
two elements: first, a sort of balance that should be maintained among the people while
respect the rights; second, everyone should get what is due to him (in terms of payment or
what must he do) and pay what is due from him. It demands on its balance and proportion,
rather than equal rights of citizenship. In different aspects, equal or equality can be quite
contradictive with justice. For instance: a and b wants the same amount of money they got
from working as a team from c without any specific agreement. C equally separate the money
for them according how much of what they did on work by that event without knowing that b
really needs at least half of the amount of the money for a certain reason but a and c have no
idea of it. Adl requires that every person should be rendered all of their moral, social,
economic, legal, political and civil rights. Adl is a virtue in Muslim society that individual
and the society, as a whole, should be more observe justice in every time they dealing with
something.
, Ukhuwah literal meaning is brotherhood. Ukhuwah is an inter-relationship of Muslim in the
society that are regulated by sense of ukhuwah. It also can be interpreted as the basis mutual
benevolence in the society for economic relations in Islam. Ukhuwah is a sign that Muslims
are head-to-head together to help each other, including in economy perspective. In Islamic
economy, ukhuwah can be shown by giving zakah or infaq for the one who need it the most.
Hurriyah masuliyah divided into two parts: Al-hurriyah and al-mas’uliyah. Al-hurriyah
means freedom. Islam giving their people freedom for having, buying, selling, and even
consuming products and services as long as it’s halal and proper by knowing where the
product come, following the agreement based on sharia law, not giving it to the liar, mentally
unstable or poor, have rights on collaborate and not prohibited to do or consumed. Al-
mas’uliyah means responsible or accountability for their basic business ethics. This principle
was built for a transaction that fair and responsible.
Our prophet, Muhammad PBUH, show a great integrity when fulfilling his agreement with
other party such as his customers by equalizing his services, sending his goods not passing
the time of the goods should arrives and the good quality of his goods for his customers. He
prohibited everyone including himself to selling or sending goods with poor quality to the
customers. By his action, it can be a baseline for Sharia business and can be included in both
al-hurriyah and al-mas’uliyah category.
Akhlaq is a word that concerning on morals, attitude, behaviour and work ethics which
devout Muslims believed in their daily life. There are many things in Islamic guides that
regulate the economic life of their people (Muslims), which are follows: prohibiting forms of
activities that contain elements of speculation and gambling including economic activities
that are causing harm to the community, assets must be rotated and productive so it not only
focusing on handful of people, working and/or earning a living is a worship and it is an
obligatory, it should be transparent or has transparency in business, obligated to record every
transaction (cash and non-cash), zakat as an instrument to fulfil the obligation to set aside
which are the right of other people who meet the requirements to receive, and lastly it has
become an agreement among scholars, jurisprudent and Islamic bankers that bank interest is
usury and riba is prohibited.
Tauhid or tawheed is another meaning of unification, oneness and uniqueness of Allah SWT.
Tawheed can be divided into three categories: tawheed al-rububiyah (maintaining the unity of
Lordship), al asma was shifat (maintaining the unity of Allah’s names and attributes) and
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