The Significance of Islamic Economics Study in Discipline of Modern Economics

Journal of Indonesian Economy and Business Volume 27, Number 1, 2012, 111 – 121

THE SIGNIFICANCE OF ISLAMIC ECONOMICS STUDY IN DISCIPLINE OF MODERN ECONOMICS

Suryani STAIN Malikussaleh Lhokseumawe ([email protected])

ABSTRACT

The development of Islamic economic practices in Indonesia shows an encouraging fact. Since the last fifteen years, the development of Islamic economic discourses in Indonesia has attracted the attention of many academicians and practitioners. From the academic view, the development of Islamic economics is marked by many educational institutions that offer training programs and courses of Islamic economics. Islamic economics study should lead to formation and internalization of Islamic values in the economiclife. Therefore, the suitable teaching method to increase the quality of Islamic economics is competency-based curriculum that combines textual and contextual approach. Both approaches should be incorporated in formal and nonformal education. Thus the development of Islamic economics are expected to line between conceptual and business practices in accordance with recent guidance that will eventually form an Islamic economic system truly in accordance with basic principles of sharia. Keywords: education, islamic economics.

INTRODUCTION teachings of Islam, emerged since the 1970s that continues to grow rapidly. Islamic economic ethics based on faith begins to be applied in various activities. This Umar Chapra, is one among the Muslim development brings the impact of the growing thinkers who did a very comprehensive study need for competent resources. The results be- on the future of economic science in view of gan to develop training and education systems Islam. His book entitled The Future of Eco- to improve competence in Islamic economics, nomics: An Islamic Perspective (2001), has which is commonly called Islamic economy, provided a very positive contribution in this including a higher education. area. He has made great efforts to reconnect economics with morality and justice, and en- Development of Islamic Economics as a force discipline to defend humanitarian values. science and economic system, has received He did scientific criticism and sympathetic to much positive response at the global level conventional economics, from the point of (Hamid, 2008). Various studies centers and economic and moral. He told the limitations educational programs offered at various cam- and advantages of both approaches. He did not puses to form human resources in the field of only criticize but also provided solutions. The Islamic economics. Likewise, financial insti- approach is very creative and positive. He saw tution that operates with Islamic principles, where one had been moving in the wrong which was formed from the principles of Is- direction and what it takes to make it right. His lamic economics is in harmony with the concern is not only confined to moral and so- 112 Journal of Indonesian Economy and Business January cial dimension, but also strengthens the micro There are things that underlie the differ- foundations of economic science. It is needed ences between Islamic economics and con- to enable them to strengthen the foundation of ventional economics as a science. Even from the macro framework and achieve social ob- logical thinking and basic assumptions are jectives. made, the Islamic economics is very different Chapra (2001) thinks that Islamic from conventional economics like it is taught economics is not separated from conventional in educational institutions. economics. He examines the economic prob- Similarly, this difference is also closely lems with comprehensive Islamic approaches related to the implementation of science in a to get a new view of economics that is fair and country's economic system. The existence of a concerns to ethical and spiritual values. This science can be viewed from three approaches study has been explained in a brief but very often used in general philosophy. Those are comprehensive. The explanation is not a sur- ontological, epistemological, and axiological vey within the meaning of techniques, but he approaches. Ontological approach is used as a presents a view of the main contributions to reference to determine the nature of Islamic economics made from the perspective of Islam economics. Epistemological approaches are by Islamic economists in the past centuries. used to see the basic principles, characteristics, This book of Umar Chapra has contrib- and the workings of Islamic economics. uted to new approaches in understanding the Axiological approach is required to view the past and plannng for the future. The main functions and benefits of Islamic economics in message of this book is that economics re- solving various problems faced by humans in quires enrichment of the moral perspectives of everyday life. Axiologically, it is recognized Islam so that he is really beneficial for man- that the discussion of both economics tend to kind in the search for a more equitable world have the same functions, that is to help people order. Thus, the presence of Islamic econom- in fulfilling their daily needs. ics is a response to efforts closes shortcomings Through a variety of tools, the similarities and weaknesses of conventional economics, so in most of both rules of economics in ad- that Islamic economics is a continuation re- dressing economic problems are a general finement of conventional economic develop- trend in economic activity. However, it is not ment. Al-Qur’an as a Muslim Scripture not absolute because in principle, conventional only regulates the problem of ritual worship, economics put forward to meet the wishes of but also provides a perfect guide (comprehen- material dimension alone and tend to be indi- sive) and timeless (universal) for all mankind vidualistic. Whereas, in Islamic economics, (Nasution, 2009). there is a social function through a variety of The Qur'an contains the principles and activities such as zakat, waqaf, and infaq, guidelines that are fundamental to every hu- which is inherently a part of the implementa- man problem, including issues relating to eco- tion of worship to Allah SWT. However, on- nomic activity. Economic principles that exist tologically and especially epistemologically, in various verses in the Qur'an comes with the science of Islamic economics obviously Sunnah of the prophet Muhammad through very different from conventional economics. various forms of Hadith and it is explained in Ontologically or the nature of science, Islamic more detail by the fuqoha at the time of the economics discusses the two disciplines si- triumph of Dinul Islamiyah in the form of Al- multaneously. The two disciplines are pure Ijma ' or Al-Qiyas (two guidances in Islam to economics and fiqh mu'amalah. take the conclusion of problems beside Al- Thus, economics in Islamic perspective Qur’an, and Al-Hadith). will always rely on the guidance of all eco- 2012 Suryani 113 nomic analysis to the Quran and Hadith of the are good but not useful in society, so that in Prophet SAW. There is a rule in Islamic the process of building and nurturing, teaching teaching "basically everything is allowed and educating are equally important. Simi- unless there is a theorem that forbids", so that larly, the synergy of each element of education the interpretation of economics is not merely in the process of achieving the goals of educa- based on rational thought alone. It must have tion itself, it takes a combination of ap- strong justification based on Islamic princi- proaches, methods and techniques together to ples, similarly, aspects of epistemological or run in this education process. fundamental principles that underlie. It is quoted from Qardhawi (2004), “Islamic Goals of Education economics has three basic principles of monotheism, morality, and balance”. This paper will present highlights of the significance education of Islamic economics. Lecturers College Student

DISCUSSION 1. Definition of Education Approach – Method – Technical In theory, education is different from teaching. In Arabic language, it is called ta'lim, while education is called tarbiyah(in Teaching Aids tarbiyah discussion as a means of education, (learning aids and media) may include general terms and specifically in Source: Samana (1992: 21) context. However, in general academics Figure 1. Process of Achieving Educational agreed that tarbiyah (education) is essentially Objectives is a science which deals with individual development goals methods and appropriate media. 2. Definition of Economics (Mahmud, 2000: 19-21).Teaching includes teaching and learning process or process study Economics can be defined as the science involving teachers, students, learning tools and of choice-the science that explains the choices methods of learning so that learners become that we make and how those choices change as kind persons and intelligent persons. we cope with scarcity. More details, Education itself is an iterative process that Samuelson (2004) defines economics as: involves values. There is a process of under- "the study of how man and society end up standing, appreciation, inspiration and practice choosing with or without the use of so that the results of this education are related money, to employ scare that could pro- to lifestyle learners (including character and ductive resources have alternative uses, to way of addressing the situation). produce various commodities and distrib- But we cannot educate without giving sci- ute them for consumption, now or in the ence, and vice versa. Teaching without educa- future, among various people and groups tion will produce intelligent society but bad in society.” characters and produce modern communities In short, it can be understood that eco- but they do not have a care about the sur- nomics is as a branch of social science that roundings. Conversely, educating without studies the behavior of economic actors of giving science will produce individuals who various economic decisions made. Therefore, 114 Journal of Indonesian Economy and Business January this knowledge is needed as a frame of mind Muslims economist need to develop the values to be able to make a choice of various limited of faith and Islam, that is Islamic economics. resources to meet unlimited human needs. An economic system that also explains all Becker (1976) explained that, the econ- the phenomena of behavior of choices and omy should not be confirmed through the decision making in every economic unit by main issue, but should be defined as an ap- entering the rules of sharia (Islamic rules) as proach to explain human behavior. an independent variable (also influences all "The traditional Chicago School, with its economic decision-making), which comes emphasis on economics being an empiri- from Allah SWT including restrictions on cal science aimed at explaining real-world economic activity. The process of integration phenomena, has insisted on the powerful- of norms and rules of sharia into the econom- ness of price theory as the tool of analysis. ics is because of the view that life in the world On the other hand, some economic theo- cannot be separated with life in the hereafter. rists have formed the view that a consis- Everything must be balanced because the tent economic theory may be useful even world is fields hereafter. Return (profit) that if at present no real world economy bears we get in the hereafter depends on what we out its prediction. " invest in the world.

In addition, economics can be defined as a 4. Islamic Economics as a Science science that explains human behavior in decision making when it is faced with choices. Historical evidences convinced that Is- lamic economics is a science. It is not an alter- 3. Definition of Islamic Economics native economy in the last decade toward a socialist economy that is not popular and the Mannan (1986) described Islamic eco- capitalist economy which is full of injustice. nomics as a social study that studies the eco- Many records proved that Islamic economics nomic problems of the people who were in- had a long history better than conventional spired by Islamic values. Islamic Economics is economy (classical) was recorded. Ali Zaid not science that prevents the Muslims to study bin Ali (80-120 H/699-738 M) had initiated the economic problems based on non-Muslims about the sale of a commodity on credit at a rules (conventional). price higher than the cash price (Karim, 2003: Islamic Economics is not an exclusive 5-7). study, but it is as a series of activities that are Abu Hanifa initiated the validity and legal integral to other rituals of ‘ubudiyah, and validity of the contract of sale with what is strongly support the livelihood in general (in- known as bay 'al-salam and al-murabahah. clusively). It is not a conventional economics, Abdurrahman al-Awza'i is an initiator of per- by focuses on the life behavior and afterlife missibility of capital borrowing in cash or its (goal of the hereafter). kinds. Abu Yusuf Ya’qub Ibrahim (112-182 Islamic Economics is a theory or funda- H/731-798 M) is known for its attention on mental laws that describe the behaviors be- public finance (public finance), as well as its tween economic variables by incorporating attention to the role of the state, public works elements of rules or particular norms (the ele- and agricultural development (Mannan, ment of the Divine) (Rais, 2010). Therefore, 1986:24). He was the first founder of the Islamic Economics is not just explaining the basics of taxation which are codified in the facts only, but also it has to explain what Book of al-Kharâj and then "followed" by should be done, and what should be ruled out economists as a canon of Taxation. Abu (avoided). According to Karim (2003:6), 'Ubayd al-Qasimibn Sallam (H/774-738 157- 2012 Suryani 115

224 AD) is an author of al-Amwâl who Islamic economics provide different defini- described economic issues relating to property tions of Islamic economics, but they all come and capital (Praja, 2004:3-4). From the data down to a relatively equal terms (Nurkholis, above, and many other data, the leaders of 2010). Islamic economics is far more advance than According to Ahmad (2001), Islamic eco- Adam Smith, Scottish man who was well nomics is a systematic effort to try to under- known as the Father of Classic Economics in stand the economic problems and man's be- his book “An Inquiry into the Nature and havior in relation to that problem from an Is- Causes of the Wealth of Nations”, or lamic perspective. Mannan (Ahmad, 2001) commonly abbreviated as “Wealth of Nations also defined that; Islamic economic is a social 12”, which lived in the eighteenth century science which studies the economics problem (1723-1790 AD) or slower ten centuries when of a people imbued with the values of Islam. compared from Ali Zaid who lived during the Meanwhile, Siddiqi (Etzioni, 1988: ix-x) de- eighth century (80-120 H/699-738 M). In fact, fined Islamic economics as the contents of the book Wealth of Nations is almost like the al-Amwâl work of Abu 'Ubaid, "The Muslim thinkers' response to the only Smith did not include the arguments of economic challenges of their times. This the Qur'an and Hadith. In fact, some things response is naturally inspired by the like the invisible hand (invisible market teachings of Qur'an and Sunnah as well as power), Smith pointed to the Islamic Arabian rooted in them". economy. From these various definitions, it can be From these data, the study of Islamic eco- concluded that Islamic economics is a study nomics cannot be denied as a study that had that attempts to looking, reviewing, research- long been developing. However, the move- ing, and finally solving the economic prob- ment of Islamic economics in the modern lems in Islamic ways (based on the teachings context (global) approximately started a quar- of Islam) (Buarque, 1993: xi). ter century ago. When the post-World War II Chapra (2001) called Islamic economy ended, many young Muslim students learn with the Tauhid economy, but in general it can economics in the West and get insight into be regarded as divine economics. Reflection of economy-wide, and then attempt to revive the the character "Divinity” of Islamic economics principles, values, moral and economic laws of is not on aspects of economic actors but on Islam (Praja, 2004:7). aspects of the rules or systems that must be Practically, Islamic economics can be de- followed by economic actors. It is based on fined as an economic as a study that is influ- the belief that all economic factors including enced by Islamic epistemology (Fitrianto, the human themselves essentially belongs to 2010). Whereas epistemology of Islam is the God, and to Him (to His rule) all affairs re- understanding of Islamic philosophy. Under- turned. standing the source of truth is from God repre- Islamic economics has never been popular sented by the Qur'an and Hadith. So, Islamic yet. Popularity of Islamic economics is still Economics originates process in the Qur'an, not long. Therefore, often the question arises hadith, ijtihad to solve human problems whether Islamic economics is relatively new (Chowdhury, 1989). Meanwhile, Rahman one? Looking to the history and the meaning Afzalur views that economic Islam is a system contained in Islamic economics, it is not a new that enforces the distribution of resources in a system. The arguments for this are: first, Islam fair and equitable and it is not collected on one as the most recent divine religions is the re- group or individual. Although, the experts of ligion which is guaranteed by Allah SWT for 116 Journal of Indonesian Economy and Business January its completion, as affirmed by Allah in surah the definition of welfare in the Islamic view, Al-Maidah(Q.S. 5: 3). On the other hand, Al- which of course it differs fundamentally with lah SWT has also ensures the completeness of conventional understanding of economic pros- the contents of the Qur'an as a guidance for perity in the secular and materialistic. Thus, mankind who believe in performing its role as the purpose of the Islamic economic system is the khalifah of God on earth. This is con- related to the goal that not only meets the firmed by Allah in His words QS. 6: 38. standard of living of the world (materialism) Second, the history recorded that Muslims but also the welfare of living a more eternal ever achieved the golden age, which cannot be (hereafter). Allah the Almighty is as the top denied by anyone. In those days, many Mus- destination. lim scholars contributed in various fields of science today, such as mathematics, astron- 5. Prospects of Islamic Economics Study omy, chemistry, physics, medicine, philosophy The development of Islamic economic and so others. practices, particularly in financing and bank- Third, history also notes that many promi- ing either in the world or in Indonesia is very nent Muslim economists who live and prosper encouraging. At the global level, many coun- in his time each, as Tusi, Al-Farabi, Abu tries have sharia banking and finance industry. Yusuf, Ibn Taymiyyah, Al-Maqrizi, Syah Recently, more than 75 countries around the Waliyullah, Ibn Khaldun and others. Even the world have been practicing the economic sys- last one called (Ibn Khaldun) is recognized by tem and Islamic finance like in Asia, Europe, (Boulakia, 1971: 1117-1118) as follows: America and Australia. "Ibn Khaldun discovered a great number Similarly in the academic field, several of fundamental economic notions a few leading universities in the world are actively centuries before their official births. He developing the academic study of Islamic eco- discovered the virtues and the necessity of nomics. Harvard University is a university that a division of labor before (Adam) Smith actively develops forums and sharia economic and the principle of labor before Ricardo. studies. (Zarqa, 1989: 29-38). In Britain, at He elaborated a theory of population be- least six universities develop Islamic eco- fore Malthus and insisted on the role of nomic studies. In Australia by Mettwally and the state in the economy before Keynes. several European countries like VolkerNien- The economist who rediscovered mecha- haus do the same thing. They are scientists of nisms that he had already found are too Islamic economics, not only among Muslims many to be named." but also non-Muslims. Those three arguments and the above in- Development of practices of Islamic dicators can be used as a convincing support economy in Indonesia also shows an encour- that the Islamic economic system is not new at aging fact. Since the last fifteen years ago, the all. But it should be recognized that this sys- development of Islamic economic discourses tem was ever forgotten in a long time. It is in Indonesia gets the attention of many people, because the strength influence of two systems both from the academic aspects and practical capitalism and socialism. aspects. From the academic side, the development of Islamic economics is marked by many Therefore, the main objectives of Islamic educational institutions that offer training pro- economics are the realization of human pur- grams and courses of Islamic economics, Is- pose to achieve the happiness of the world and lamic finance and Islamic banking, both at the hereafter (falah), as well as a good and bachelor (S1) and postgraduate level (S2 and honorable life (al-hayah al-tayyibah). This is S3). 2012 Suryani 117

In formal education, there are Islamic Moreover, the global era that is marked by Economic Studies Program in Faculty of Is- rapid technological advances and rapid lamic Studies in University of Islam Indone- changing of environment like economy, soci- sia, SBI institute, Shariah Economics and ety, culture, and politic, requires the readiness Banking Institute (SEBI), STEI Yogyakarta, of human resources. Human resource required Department of Islamic Economics STAIN is marked by analytical and predictive capa- Surakarta, UIN Syarif Hidayatullah Ciputat, bilities that are reliable and based on a com- UIN Yogyakarta, IAIN Medan, Economics prehensive theory with high integrity to Faculty of Airlangga University, STEI Tazkia, develop disciplines practiced. Therefore, the the Department of Middle Eastern and Islam role of higher education in improving the of University of Indonesia, and other efforts of quality of human resources through improving several Islamic universities. the quality of national education will be in- In addition, the discussion about devel- creased. opment of Islamic economy is also done Seeing that the development of Islamic through training activities, seminars, symposi- economics both global and local level is rap- ums, conferences, books study and other idly increasing, it needs more focused strategy, activities more in-depth study on the develop- so that era of a moral economy, fairness, and ment of Islamic economics and its application God oriented can be achieved. in the world of economics and business. Based on the existing situation, the Is- Among the institutes are; Tazkia Institute, lamic economic development strategy needs to Shariah Economic and Banking Institute consider at least two fundamental aspects, (SEBI), Pusat Pelatihan dan Pengembangan aspects of the conceptual/academic and opera- Sumber Daya Mandiri (PPSDM), Muamalat tional/practical aspects. Developing concep- Institute, Karim Bussiness Consulting, and tual aspect emphasizes on the development of Shariah Banking Division Indonesian Bankers Islamic economics as a science or systems. Institute (IBI). While the developing operational aspect em- In the implementation, the development of phasizes on the development of Islamic eco- Islamic economic system is marked by numer- nomics as it is applied to the business institu- ous Islamic financial institutions established tions. Both aspects should be developed such as Islamic banking, Islamic insurance, together, so it can create Islamic economic Islamic mortgage, Baitul Mal wat-Tamwil, system that can be applied to explore the po- Islamic capital market, Islamic mutual funds, tential of society in building an alternative and other institutions run by the guiding economic system. Islamic principles. More and more financial Islamic economic continues to develop in- institutions that is based on the basic princi- volving many people individually and institu- ples of sharia provide a larger alternative to tionally. The experts keep on trying to explore the public to use the financial institutions that and discuss seriously the Islamic economic are not based on interest system (conventional system and informing the community through financial institutions). seminars, symposia, writing books or through Developing education sector has a strate- the Internet and other media. On the other gic role as one of the reliability factor of hand, practitioners and businessmen also keen Human Resources (HR) which is required as on improving and implementing an Islamic one of the main factor of the sustainability of economic system in accordance with Islamic national development. Therefore, the devel- principles that are allowed in carrying out their opment of education is the responsibility of all business. Thus, the developments of Islamic parties, both government and private. economics are expected inherent between con- 118 Journal of Indonesian Economy and Business January cept and practices. Eventually, Islamic eco- funding and scholarships for students of Is- nomic system can exist with the right basic lamic economics. It is therefore necessary that principles of sharia. efforts should be more focused, systematic, The government gets involved in devel- and creative to explore the sources of alterna- oping Islamic economics by making regulation tive funding to meet the need to fund the edu- used as a formal basis in conducting business cational development of Islamic economics. activities based on Islamic economic system, One alternative, for example, by empowering namely regulation No. 19 of 2008 concerning institutions like waqaf, zakat, infaq, and sho- State Syariah Securities, regulation No. 21 of daqoh, as medias to gather charitable fund for 2008 on Islamic Banking. In public finance, maslahah ammah for Muslims community. there is regulation No. 38 of 1999 concerning Mirakhor (2007:23) proposed that ap- zakat, regulation No. 41 of 2004 on wakaf, and proach in the economic assessment of Islam others. (in educational institutions) also uses herme- Seeing this phenomenon, the strategy to netik approach. This approach is different develop Islamic economy is not simply done from the interpretation, because the nature of through education at the universities. Further- hermenetik is the process of extracting eco- more, the basic materials of Islamic economics nomic meaning from the first order interpreta- have to start to be taught at secondary school tion. With this approach, the Islamic economy level, either junior or senior high school. Eco- in the future will be rich with economic theo- nomic subjects in secondary schools should ries based on Qur'an and Sunnah. include the basic of Islamic economics in the Development of the study on Islamic eco- learning process. With this strategy, the con- nomics itself has shown a significant increase, cept and characteristics of Islamic economics both nationally and internationally. There have can be introduced early to the students, so that been many universities in European countries the public will get to know and understand the opened the formal program in the field of application of the Islamic economic system. Islamic economics such as University of Thus, at the university level, the teaching of Loughborough and University of Durham in Islamic economics does not start from the very England which open program S2 and S3. Even basic level but it can directly lead to a more Harvard University in United Sate held annual advanced, so it will be more possible to get the international forum on Islamic economics and qualified human resources of Islamic econ- finance. omy. In Indonesia, development of Islamic eco- Other challenge faced in the Islamic economics study in Indonesia is very encourag- nomic development in Indonesia is the lack of ing, some universities made Islamics study as public understanding on financial and banking focused program at their curriculum such as system based on sharia. It is seen from few STEI SEBI, STEI Tazkia and STIS Yogya- numbers of people who access the Islamic karta. Even, some universities have offers banking services, compared to conventional further degrees to Magister and doctoral such banking services. Thus, strategies are needed as University of Indonesia, University of Air- to socialize Islamic banking to the public. langga, Trisakti, IPB, UIN Jakarta, and so on. Moreover, monthly campaign of Islamic eco- Furthermore, more educated people on nomics to the community is needed. Islamic economics study will make Indonesian Other challenge faced in developing Is- economy grows more rapidly and dynami- lamic economics study is few number of cally. funding agencies which provide research 2012 Suryani 119

CONCLUSIONS Simposium Nasional I Sistem Ekonomi Islam. Pusat Pengkajian dan Pengem- Islamic economics education should be bangan Ekonomi Islam. Yogyakarta: FE- based firmly on the Qur'an and the Hadith and Universitas Islam Indonesia. other Islamic evidences. Furthermore, it must also be accompanied by contextual studies Al-Haritsi, J.bin Ahmad, 2006. Economic Ju- oriented to solving contemporary problems. So risprudence Umar bin Al-Khathab. the goal of Islam as rahmatanlil 'alamin and Translation by H. Asmuni Solihan Zamakhsyari, Lc. Jakarta: Khalifa. purpose of human creation as a Leader in the earth can be achieved. Islamic economics Ali, M. D., 1988. Economic System of Islam, study also should lead to goal of formation and Zakat, and Waqaf. Jakarta: Penerbit Uni- internalization of Islamic values in the econ- versitas Indonesia. omy itself, so that teaching methods to de- Amin, A R., 2006. “Reorientasi Kebijakan velop the quality of Islamic economics is Perbankan [Banking Reorientation Pol- competency-based curriculum that combines icy]”, Republika, December 4, 2006. textual and contextual approach. Among them Anto, M. B. H., 2003. Economics Introduction is through Islamic economics study, both for- to Islamic Microfinance. Yogyakarta: mal and nonformal study. That is why the in- EKONISIA. stitutions which can create the qualified people Ash Shadr, M. B., 2008. Parent Book of on Islamic economy are universities and other Islamic Economics: Iqtishaduna. Jakarta: schools under their levels. Seeing the devel- Zahra. opment of Islamic economics study as shown above, it makes us very optimistic that the Baldwin, R.W., 1966. Social Justice. London: Islamic economic study will be more ready Pergamon Press. and sufficient to produce qualified human re- Becker, G.S., 1976. The Economics Approach sources in the field of Islamic economics. to Human Behavior. Chicago: The Uni- versity of Chicago. REFERENCES Boulakia, D. J. C., 1971. “Ibn Khaldun: A Agustianto, 2008. “Preparing Human Re- Fourteenth Century Economist”. Journal sources Professional through the Eco- of Political Economy,79 (5), 1105-1118. nomic Sharia Islamic Economics of Buarque, C., 1993. The End of Economics: Higher Education”, Available at: Ethics and Disorder of Progress. London: http://www.swin.edu.au/aare/97pap/CHA Zed Books. N97058.html, accessed April 1, 2008. Chapra, M. U., 2001.What is Islamic Eco- Ahmad, K., 2001. ”Preface" in Umer Chapra nomics. Jeddah: IRTI-IDB. (2001), The Future of Economics: An Choudoury, M. A., 1989. The Paradigm of Overview of Islam/The Future of Eco- Humanomics. Bangi: UKM. nomics: An Islamic Perspective. Trans- lated by Ikhwan Abidin Basri. Jakarta: Corebest, 2007.“Theory, Model, Method, and Gema Insani Press. Implementation Technic”. Available at: http://www.corebest.net/teori,_model,_me Ahmadi, 2009, “Early Role of Madrasah Edu- toda_dan_teknik_implementasi.htm, cation Held a Sharia Economy”, Available accessed September24, 2007. at:http://www.pkesinteraktif.com/content/ view/, accesed January 19, 2009. Dahlan, A., 2010, “Prospects of Islamic Eco- nomic Studies”. Available at: http://ibda. Akhyar, and Muhamad, 2002. “Curriculum files.wordpress.com/.pdf, accessed Febru- Development in Islamic Economics Is- ary 5, 2010. lamic Higher Education", Proceedings 120 Journal of Indonesian Economy and Business January

Daulay, H. P., 2004. Islamic education in the Kholis,N., 2010. “Prospects of Islamic Eco- National Education System in Indonesia. nomic Education in the Context of Global Jakarta: Prenada Media. Economic Trend”, Available at: http:// Depag RI, 2000. Al-Qur’an dan Terjemahnya nurkholis77.staff.uii.ac.id/prospek- Al-‘Aliyy [Al-Quran and its Translation pendidikan-ekonomi-islam-dalam- Al-‘Aliyy]. Bandung: Penerbit Dipone- konteks-trend-ekonomi-global/, accessed goro. November 15, 2010. Eisenhauer, J. G., 2004. “Economic Models of Mahmashâni, S., 1978. Ta'lîm al-Insâniyahwa Sin and Remorse: Some Simple Ana- al-Qânûniyyah. Beirut: Dâr al-'Ilm al- lytics”. Review of Sosial Economy, LXII Malâyin. (2), 201-219. Mahmud, A. A. H., 2000. Spiritual Education. Etzioni, A., 1988. The Moral Dimension: To- Translation by Abdul Hayyie al-Kattani. wards a New Economics. New York: Jakarta: Gema Insani Press. McMillan. Mannan, M. A., 1986.Islamic Economics The- Fitrianto, A. R., 2010. “Epistemological Dis- ory and Practice. New Delhi: Idarat-I course Mu’amalah”, Available at: Delhi. www.sunan-ampel.ac.id/index.php, Meyers, C. D., 1993. Promoting Active accessed November15, 2010. Learning: Strategies for College Class- Gorringe, T., 1999. Fair Shares: Ethics and room. New York: Jossey-Bass Inc. The Global Economy. Slovenia: Thames Mirakhor, A., 2007. A Note on Islamic Eco- & Hudson. nomics. Jeddah: Islamic Research and Gregory, P. R., and R. C. Stuart, 1981. Com- Training Institute. parative Economic System. Boston: Mubyarto, 2002, “Errors of Teaching Eco- Houghton Miffin Company. nomics in Indonesia”, Jurnal Ekonomi Hafidhuddin, D., 2002. Zakah in Modern Rakyat, I (2), Available at: http://www. Economy. Jakarta: GemaInsani Press. ekonomirakyat.org/edisi_2/artikel_2.htm, accessed January 21, 2009. Hamid, E. S., 2009. “Islamic Economics in Indonesia: Contributions and Government Mubyarto, 2003.”Theory of Investment and Policies for Development", paper pre- Economic Growth in the Pancasila”, Jur- sented in the Public Lectures Islamic Eco- nal Ekonomi Rakyat, II (4), Available at: nomics and Islamic Education, Academic http://www.ekonomirakyat.org/edisi_16/ar Year 2008/2009 Master in Islamic Studies tikel_1.htm, accessed January 21, 2009. (MSI) UII, Saturday, September 13, 2008. Nasution, A. S., 2009. ”Islamic Economics (A Available at: www.msi-ui.net, accessed Review)”, Available at: http://sanoesi. March 12, 2009. wordpress.com, accessed April 2, 2009. Karim, A. A., 2002. History of Economic Nata, A., 2003. Education Management Over- Thought of Islam. IIIT Indonesia Transla- coming Weaknesses Islamic Education in tion Team. Jakarta: The International In- Indonesia. Jakarta: Prenada Media. stitute of Islamic Thought. Ndraha, T., 1988. Higher Education Manage- Karim, A., 2003. Economic History of Islam. ment. Jakarta: PT Bina Aksara. Jakarta: IIIT Indonesia. Perwataatmadja, K. A. and M. S. Antonio, Kemendiknas, 2009. http://www.diknas.go. 1992. What and How of Islamic Banks. id/headline.php?id=1149,accessed Yogyakarta: Dana Bhakti Wakaf. November 13, 2009. Rais, S., 2010. “The Concept of Islamic Eco- nomics”. Available at: http://www. 2012 Suryani 121

kafesyariah.net/wp-content/uploads/2009/ Education”, Hidayatullah Magazine Au- sasli/sasli-konsep-dasar-ekonomi-islam. gust 2006 Edition. Canalsobe Available at pdf, accessed January 28, 2010. http://www.sebi.ac.id/index.php?Itemid=3 Republika, 2009.“Minister of Education En- 3&id=19&option=com_content&task=vie courage State University to Open Islamic w, accessed January 28, 2010. Economy Study”. Available at: http:// Shiddiqi, M. N., 1992. Role of the State in the www.republika.co.id/berita/56629/Mendik economy: An Islamic Perspective. UK: nas_Dorong_PT_Buka_Prodi_Ekonomi_I The Islamic Foundations. slam, accessed November 13, 2009. Sukmadinata, N. S., 2002. Curriculum Devel- Samana, 1992. Teaching System: Procedure opment: Theory and Practice. Bandung: Instructional Systems Development (ITS) PT. Teens Rosdakarya. and Considerations Methodological. Yog- Suroso, I. Z., 2009. “Education and the Eco- yakarta: Kanisius. nomic System of Islam as a Solution Samuelson, P.A., and W.D. Nordhaus, 2001. Eliminates Poverty and in Justice in a Economics. Ed 17th. New York: Mc Graw- Frame Building Society in Kaffah Hill. Madhani". Delivered in Sharia Economy Sardar, Z., 2005. Back to the Future: Shari'a Festival in Jakarta Convention Center as Maslahah Solving Methodology. Jakarta, February 6, 2009. Translation by R. Cecelia Lukman Helmi Syafi'i, A. M., 2001. Sharia Bank: From The- Yaseen & Mustofa, Jakarta: PT Serambi ory to Practice. Jakarta: GemaInsani Ilmu Semesta. Press. Setiawan, A. B., 2006. “Sharia Economics Yasni, M. G., 2007. Economic Sufic: Fair and Curriculum for Elementary and Secondary Happy. Jakarta: PT Mizan Pustaka.