Meninjau Ulang Penerapan Fractional Reserve Banking pada Perbankan Syariah
Keywords:
Fractional, Shariah Bank, MaslahahAbstract
This article aims to discuss fractional reserve banking applied by Islamic banking. The practice of fractional reserve banking applied by Sharia banking is part of contemporary practice that was not discovered at the time of the Prophet. Thus, a comprehensive ijtihadi study of the Islamic banking system is needed, considering that the practice of fractional reserve banking applied by Islamic banking is also part of conventional banking practices. The practice of fractional reserve banking in conventional banking has been proven to have an impact on banking institutions and has an impact on the monetary crisis which destabilizes the country's economic stability. In addition, the practice of fractional reserve banking also contradicts Islamic law, for example Meera and Moussa (2009) stated in their research that fractional reserve banking was not in accordance with Islamic principles, because it contradicted the concept of al-milkiyah (ownership) in Islam. This can be seen from the creation of money through fractional reserve banking with the creation of purchasing power of nothingness (creating money out of nothing) which will have an impact on the unfairness of transfer of asset ownership in the structure of the economy, because transfer of ownership is not based on human effort by taking it legally and not with the knowledge or approval of the initial fund owner. This violates the principles of ownership in Islam and is tantamount to theft, let alone this system is very closely related to elements of usury. Publicity according to Sani and Aziuddin (2013) also concluded that fractional reserve banking is not allowed in the Islamic perspective. This perspective is based on the maqasid syariah parameters used to measure empirically the implications of the frational reserve banking system on the economic stability of the community.
Downloads
References
Abdullah, M. Amin. 1995. Falsafah Kalam di Era Postmodernisme. Yogyakarta: Pustaka Pelajar.
Al-Jarhi, Mabid Ali, Remedy For Banking Crises: What Chicago And Islam Have In Common: A Comment, Islamic Economic Studies Vol. 11, No. 2, March 2004
Asy Syarqowi, Abdur Rahman, Muhammad Sang Pembebas : Sebuah Novel Sejarah, diterjemahkan oleh Ilyas Siraj, (Yogyakarta : Mitra Pustaka, 2003)
Cavalcanti, R. O., Andrés, E., & Ted, T., (2004), Money Creation And Destruction, and The Returns To Banking, Working Paper Series No. 394 September
Chapra, M. Umer And Tariqullah Khan, Regulation And Supervision Of Islamic Banks, (Islamic Development Bank and Islamic Research And Training Institute, Jeddah, 2000)
Choudhury, M. A., (2004), Micro-Money and Real Economic Relationship in the 100 per cent Reserve Requirement Monetary System, International Association for Islamic Economics, Review of Islamic Economics, 8 (15): 35-54
Davies, Roy and Glyn Davies, (1996), The History of Money From Ancient Time of Present Day, (New York : Oxport University Press)
Dimyati, A. 2007. “ Ekonomi Etis: Paradigma Baru Ekonomi Islam” dalam Jurnal Ekonomi Islam La Riba, Vol. 1 No.2, Desember 2007
Diwany, Tarek, The Problem With Interest : Sistem Bunga dan Permasalahannya, diterjemah oleh Amdiar Amir, (Jakarta, Akbar Media Eka Sarana, 2003)
Dornbusch, Rudigerd, dkk, Makroekonomi, (Jakarta : PT Media Global Eduksi, 2008)
Duri A.A. (1986), “Baghdad”, The Encyclopaedia of Islam (Leiden, E.S. Brill), Vol.1, pp.894-909. Dalam Umer Chapra And Tariqullah Khan, Regulation And Supervision Of Islamic Banks, (Islamic Development Bank and Islamic Research And Training Institute, Jeddah, 2000)
Earnst & Young, the World Islamic Banking Competitiveness Report 2012- 2013. Dikutip dari http://emergingmarkets.ey.com/. Diakses tanggal 7 Juli 2013
Fischer, Irving, 100% Money, (New York : Adelphi, 1935)
Fontenla, M., & Fidel G., (2007), Self-fulfilling and Fundamental Banking Crises: A Multinomial Logit Approach, Economics Bulletin, 17 (6): 1-11
Hamoud, Sami, Islmic Bank,(London : Arabian Information Ltd, 1985)
Hülsmann, Jörg Guido. Has Fractional-Reserve Banking Really Passed the Market Test?, The Independent Review, vol. VII, n. 3,, Journal of political economy, (The Independent Institute,2003)
Iswad, Muhammad, (2007), “Ekonomi Islam: Kajian Konsep Dan Model Pendekatan”, dalam Jurnal MazahibVol. IV, No. 1, Juni 2007
Ismail R.1987. al-Faruqi, Islamization of knowledge: General principles and Work Plan, Herdon, VA: IIIT.
Karim, Adiwarman A., 2001. Ekonomi Islam Suatu Kajian Kontemporer, Jakarta : Gema Insani Press.
__________________, 2006.Sejarah Pemikiran Ekonomi Islam, edisi ketiga, Jakarta : PT Raja Grafindo Persada
Karim, S. A., (2010), The Islamic Moral Economy, A Study of Islamic Money and Financial Instruments, Boca Raton: Brown Walker Press
Khallaf, Abdul Wahab. 1978. Ilm Ushul al-Fiqh, Cet. XII, Kairo: Dal al-Qalam.
Khan, M. S., (1986), Islamic Interest-Free Banking: A Theoretical Analysis, IMF StaffPapers, 33 (l):1-27.
Mallet, Jacky, Analysing the Behaviour of the Textbook Fractional Reserve Banking Model As A Complex Dynamic System, (Institute of Intelligent Machines, University of Reykjavik),
Manurung, Mandala dan Prathama Rahardja, Uang, Perbankan, dan Ekonomi Moneter, (Jakarta : Penerbitan FEUI, 2004)
Mehmet, Asutay, A Political Economy Approach to Islamic Economics: Sistemic Understanding for an Alternative Economic Sistem, Kyoto Bulletin of Islamic Area Studies, 1-2(2007)
Meera, AKM., & Moussa, L., (2009), Ownership Effects of Fractional Reserve Banking: An Islamic Perspective, Journal Humanomics, 25(2): 101-116
Muhammad, 2009.Ekonomi Islam, Kontribusi Fundamentalisme Islam untuk Ekonomi Islam, ( Malang : Empatdua)
Praja, Juhaya S., Filsafat Ilmu : Menelusuri Struktur Filsafat Ilmu dan Ilmu-ilmu Islam, (Bandung :Program Pasca Sarjana Institut Agama Islam Negeri (IAIN) Sunan Gunung Djati, 2000)
Quinn, Stephan Francis, Banking before the bank: London’s unregulated goldsmith-bankers, 1660–1694, (University of Illinois, Urbana-Champaign 1994).
Rothbard, Murray, “Fractional reserve banking”, The Freeman (October 1995)
Safi, Louay. 2001. Ancangan Metodologi Alternatif: Sebuah Refleksi Perbandingan Metode Penelitian Islam dan Barat, terj. Imam Khoiri. Yogyakarta: Tiara Wacana
Sani, M.D., S. Arfah, A.K.M. Meera., & Aziuddin., (2013), Fractional Reserve Banking and Maqasid al-shariah: An incompatible Practice, Journal Humanity & Islam, 3 (1) : 1-8
Seabrook, Jeremy ,Kemiskinan Global : Kegagalan Model Ekonomi Neoliberalisme, (Yogyakarta : Resist Book, 2006)
Siddiqi , Muhammad Nejatullah, Islamic Banks: Concept, Precept And Prospects, Journal of King Abdulaziz University: Islamic Economics, Vol. 10, 1419/1998
Valeriano F. García,Vicente Fretes Cibils,And Rodolfo Maino, Remedy For Banking Crises: What Chicago And Islam Have In Common, Islamic Economic Studies. Vol. 11, No. 2, March 2004.
Valeriano F. García,Vicente Fretes Cibils,And Rodolfo Maino, Remedy For Banking Crises: What Chicago And Islam Have In Common.
Walter S., Functions of Central banks, (EconWPA Cambridge, 2002)
W. Montgomery Watt,1988. Islamic Fundamentalism and Modernity, London and New York Routledge
Wael B. Hallaq, 1997. A History of Islamic Theories Cambridge: Cambridge University Press.
Yatim, Badri, Sejarah Peradaban Islam, Dirasah Islamiyah II, (Jakarta : PT Raja Grafindo Persada, 2003)
Yesin, Pinar, Monetary Macroeconomics, (Zurich University press, 2005)
Zahrah, Abu, 2003. Ushul Fiqih, Edisi terjemahan Saifullah Ma’shum dkk., Cet. VIII. Jakarta: Penerbit Pustaka Firdaus.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Ayif Fathurrahman
This work is licensed under a Creative Commons Attribution 4.0 International License.
The journal can be accessed publicly, which means that all content is provided freely accessible without charge to either the user or the institution. Users are allowed to read, download, copy, distribute, print, search, or cite to the full text of the article did not have to ask permission from the publisher or author.
