PETITA / Vol. 4 No. 1, 2019 P-ISSN: 2502-8006 E-ISSN: 2549-8274 PETITA Jurnal Kajian Ilmu Hukum dan Syariah Published By: Lembaga Kajian Konstitusi Indonesia (LKKI) Fakultas Syariah dan Hukum Universitas Islam Negeri (UIN) Ar-Raniry Banda Aceh Jl. Syeikh Abdul Rauf, Kopelma Darussalam Banda Aceh, Telp: 0651-7557442 Website: http://petita.ar-raniry.ac.id Contents SHARIAH AND THE POLITICS OF PLURALISM IN INDONESIA: UNDERSTANDING STATE’S RATIONAL APPROACH TO ADAT AND ISLAMIC LAW (Ratno Lukito | 1-18) SOCIAL ENGINEERING THROUGH EDUCATION LAW: A COMPARATIVE ANALYSIS OF CULTURAL POLICIES BETWEEN THE DUTCH AND INDONESIAN CENTRAL GOVERNMENT (Saifuddin Dhuhri | 19-34) COMPATABILITY BETWEEN INTERNATIONAL HUMANITARIAN LAW AND ISLAMIC LAW OR WAR (JIHAD) (Faiz Bakhsh | 35-45) HUMAN RIGHTS PERSPECTIVES ON ISSUES IN THE IMPLEMENTATION OF ISLAMIC CRIMINAL LAW IN MALAYSIA (Mohd. Hisham Mohd. Kamal | 46-54) INTEREST IN ISLAM AND CROSS RELIGIONS (Muhammad Syauqi Bin Armia |55-68) THE GUARANTEING CAPITAL PUNISHMENT IS PEACEFULL AND HARMONIOUS LIFE: PROOFING FROM AROUND THE WORLD (Tajul Arifin | 69- 80) THE CHILD RIGHTS IN ISLAMIC LAW WITH A SPECIAL FOCUS ON ACEH (A. Hamid Sarong & Nur A. Fadhil Lubis | 81-92 ) THE CHANCE ON ISLAMIC FAMILY LAW STUDY IN INDONESIA (Ali Abubakar | 93-106) II PETITA, Vol 4, No. 1, 2019 PETITA: Jurnal Kajian Ilmu Hukum dan Syariah Volume 4, Number 1, 2019 P-ISSN: 2502-8006 E-ISSN: 2549-8274 DOI: https://doi.org/10.22373/petita.v4i1.3 INTEREST IN ISLAM AND CROSS RELIGIONS MUHAMMAD SYAUQI BIN ARMIA MBA, Bangor Business School, Bangor University, United Kingdom Email: [email protected] Abstract: The Islamic principle encourage people to be alert for the society. To achieve the objective of sharia, Muslim has been provided the clear path to collaborate with the emphasise to not involve. On the top of this, the usury (riba) where someone charge the excesscreatures for fairly.the loan The unfairly. injustice The financial interest practice practice one has of been the aspectsa critical that topic Islamic throughout principles the time. Due to the unfair practice, the major religions and civilisations cursed this practice as general. Nevertheless, in practical situations, there were number of approaches for each this is a media to squeeze poor people. In Judaism, the interest is prohibited among Jews, whilereligion in andthe Hinduism civilisation. allowed Plato withotherwise among in ancient a lower philosopher caste in the society.criticized In thethis Christianity, and argued th century due to the sovereign pressure. Islam sprightly prohibited the interest despite the diversity of itspriests models, in the the medieval value, the banned grade andthis topractice, whom butit will it has be exercised.been diluted This in thearticle 6 emphasises approacheson Islamic finance of the interestpoint of issues. view towards the cross religions and civilisation. Utilised the Keywords:library/literature-based Interest, Usury, research, Riba, theCivilisation. author delivers the main ideas in the comparative Abstrak: mencapai tujuan syariah, Muslim telah diberikan jalur yang jelas untuk bekerja sama Prinsip Islam mendorong manusia agar waspada terhadap masyarakat. Untuk dengan sesamanya secara adil. Praktik keuangan yang tidak adil merupakan salah satu merupakanaspek yang ditekankantopik penting agar dari di masahindari ke olehmasa. prinsip-prinsip Karena praktik Islam. ini tidak Riba adil, adalah agama-agama praktik di besarmana seseorangdan peradaban membebankan secara umum kelebihan telah mengutuk atas pinjaman praktik secara ini. Namuntidak adil. demikian, Praktik dalambunga memerassituasi praktis, orang-orang ada beberapa miskin. pendekatan Dalam Yudaisme, dari setiap bunga agama juga dan dilarang, peradaban. sedangkan Plato, kalangan dalam Hinduisme,filsuf kuno, mengkritikhal ini diizinkan hal ini kecuali dan berpendapat untuk kasta bahwa yang lebih praktik rendah bunga di adalah masyarakat. media Dalam untuk agama Kristen, para pendeta di abad pertengahan melarang praktik ini, tetapi praktik ini terlepas dari apa pun modelnya, nilainya, kelasnya dan kepada siapa ia akan dilaksanakan. Artikeltelah diizinkan ini menekankan pada abad sudutke-6 karena pandang tekanan keuangan kedaulatan. Islam Islam terhadap melarang lintas praktik agama bunga dan peradaban. Kata Kunci: Bunga, Riba, Peradaban PETITA, Vol 4, No. 1, 2019 55 Muhammad Syauqi Bin Armia Introduction 1 Riba is the part of consuming illicitly. In the past, the practice of riba is common amongThe fair people. trade and Indeed, treat inother’s previous wealth civilisation, in justice this is one practice of the occursIslamic and values legalised inherited by those from whothe Qur’an. in charge. However, the ancient cultures, religions and scholars denied this due to the inhumanity of this practice. Then, Islam comes and prohibit riba in all aspect and prevent all the ways that could be possible medium of this practice. Nevertheless, the fascinating thing in the prohibition of riba in Islam undergone stage by stage, until there was fully prohibition of this practice. This article will explain about the philosophical foundation of Islamic finance at a glance,riba as well will asbe the explored, objectives then of focuses Shariah on and the the legal ethics foundation of Islamic of thefinance. prohibition The brief of ribadiscussion on negative elementriba of transaction. Finally, will will emphasis be presented on riba next. and itsAfter practice these, accordingthe definition to other of religions and cultures. , as well as classification of The Philosophical Foundation in Islamic Finance As the word Shariah refers to, the path in Arabic term and new in Islam. In the Islamic literature, Shariah2 or Islamic law mostly referred to rulings related to practical matters.3 It a comprehensive, in thesystem Islamic of values, finance norms is not and a fancyrules regulating all aspects of Muslim life including the hereafter. As a set of ethical guidelines, the shariah emphasise on the fairness and justice. Therefore, instruments are formed to maintain these purposes, such as: the sources of Shariah,4 the lawful and unlawful and the 5 restrictions that for the benefit of humanity. upon him – centuries ago. It based on the paradigm of collegiality and value neutral. Islamic finance was derived from the values that broughtTauheed by the (believeProphet in– Godpeace who be always watching us), Akhirah subjectDerivations of justice), of Islamic Istikhlaf economic (where and the financehuman issystem the custodian are and the ultimate owner is God), ‘Adalah (the justice between (the daythe mankindof judgement as the where custodian every on human’s the earth), action Maslahah will be Risalah (the virtue of Islam that gives the guidance to interact with each other) and kafalah(the common (the collegiality interest is wherealways the be allthe the first mankind priority can if it assist contradict each otherwith personal in a proper interest), way). 6 Thus, to apply these philosophies, the main principles in Islamic finance that need to basedbe reflect on real from assets each and Muslim wellbeing as well of the as society.mankind are: the believe in divine guidance, encouragement of risk sharing, avoidance the negative elements of transactions, financing As the servant of God, the human is the custodian of the earth and has to be treated as brothers to each other. All the resources have been trusted to the mankind and need to be used wisely consent. And do not kill yourselves, for God is Merciful towards you. 21 Qur’an, 4:161: O you who believe! Do not consume each other’s wealth illicitly, but trade by mutual International Shari’ah Research Academy for Islamic Finance, Islamic Financial System: Principles 3 & Operations, 2nd Edition (Millenia Comms, 2016), P. 5. See also Muhammad Taqī ʻUs̲mānī, An introduction to Islamic finance, (Arham Shamsi, 1998) 9-11. See also Muhammad Siddiq Armia, ‘Implementing Islamic Constitutionalism: How Islamic Is Indonesia Constitution?’ (2018) 15(2) Al 'Adalah 437-450. 4 See also Muhammad Siddiq Armia, ‘Ultra Petita and the Threat to Constitutional Justice: The Indonesian Experience’ (2018) 26(2) Intellectual Discourse 903-930. 5 International Shari’ah Research Academy for Islamic Finance, Islamic Capital Market: Principles & Practices, (Kuala Lumpur: Pearson Malaysia, 2015) 54. See also Al-Qaradawi, Madkhal li Dirasah al- Shari’ah al-Islamiyyah (Cairo: Maktabah Wahbah, 2001) 6 Hossein Askari, Zamir Iqbal, Abbas Mirakhor, Globalization and Islamic Finance: Convergence, Prospects and Challenges (John Willey & Sons, 2010) 11-16. 56 PETITA, Vol 4, No. 1, 2019 INTEREST IN ISLAM AND CROSS RELIGIONS the materials, but also must satisfy both material and spiritual needs of humanity.7 This can bethrough actualised the guidance through of the Shariah. implementation Well-being of in IslamMaqasid not al only Shari’ah on utilise (the the objective resources of Shariah).in possess 8 Muslim community, and the laws within Sharia are conducted to protect and accommodate As the ultimate purpose of Shariah is to benefit the individual and community, not only duties of Islamic civilisation are to spread rahmah (compassion) to the world.9 the improvement of the human life standard. As clearly stated in Qur’an than the main The former, mostly related to the obligation and encouragement from the Shariah, such as: wealthThe moral creation aspects through of Islamic trade finance and entrepreneurship, based on two sides: justice, the honesty,allowing fair and trading,