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All Journal al-Afkar, Journal For Islamic Studies BUSTANUL FUQAHA: Jurnal Bidang Hukum Islam El-Iqtishady IQTISHOD: Jurnal Pemikiran dan Hukum Ekonomi Syariah J-CEKI
Sofyan Al-Hakim
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Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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Journal : al-Afkar, Journal For Islamic Studies

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Comparative Analysis of Conventional and Sharia Monetary Policies and Instruments in Indonesia Chandra; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 1 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i1.929

Abstract

In various literature on economics, the economy is divided into two sectors: the real sector which indudes the service market and the goods market, and the monetary sector which consists of the money market and capital market. In some economic systems, the monetary (financial) flows in a country will affect economic performance. Monetary economics can be applied in a policy called monetary policy. In a conventional discussion, a monetary policy is carried out to achieve an increase in national income, to stabilize market prices and control the rate of inflation. To achieve these macroeconomic objectives, interest rates are used where this is a weakness of conventional monetary stems. The use of interest rates has subsequently caused an economic crisis, even a global financial crisis. In connection with the need for a new economic system, the Islamic monetary system offers a solution to overcome the financial crisis. The system offered is an asset-based transaction, interest-free, avoiding transactions that contain speculation and uncertainty. Next, use stable currencies, namely dinars and dirhams
The Impact of Inflation on the Stability of the Islamic Financial System Moh. Asep Zakariya Ansori; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 1 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i1.957

Abstract

High inflation has become a challenge for a country's economy, including the Islamic financial system. The stability of the Islamic financial system is very vulnerable to be affected by inflationary turmoil. This study aims to determine and analyse the impact of inflation on the stability of the Islamic financial system. This research uses a qualitative method with the type of library research. Data were obtained from books, scientific journals, and relevant previous research reports. The data analysis technique uses content analysis with descriptive data presentation. The results showed that inflation exerts significant pressure on the stability of the Islamic financial system through various transmission channels. Inflation increases the cost of funds, the risk of non-performing financing, investment uncertainty, and systemic risk in Islamic financial institutions. On the other hand, price stability is a prerequisite for the stability of the Islamic financial system in carrying out the intermediation function and optimal allocation of financing. Therefore, the central bank and regulators need to take macroprudential policies to reduce inflationary pressures and maintain the stability of the Islamic financial system through adequate liquidity management, setting risk-based reserves, monitoring financial leverage, and supervising innovative financial products
The Role of Central Bank Monetary Policy in Controlling Inflation and Exchange Rates Jajang Herawan; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.962

Abstract

This research explains the role of the central bank as a monetary policy regulator that has the ability to control inflation and the exchange rate. This is proven by the circulation of currency in the economy which reflects changes in the amount of currency in circulation, interest rates, credit, exchange rates, and many other economic and financial variables. The method used in this article uses a qualitative descriptive approach. Descriptive refers to the researcher's efforts to systematically and accurately describe those who study or criticize literature, whether from books, journals or other documents, based on several opinions based on a number of research results from journalists or document critics. The results of the review show that a significant difference in Islamic monetary policy is that Islamic economics does not provide guarantees regarding nominal values, profit margins, or interest rates. Therefore, monetary policy automatically becomes sharia monetary policy, that is, it does not use interest rates as its operational target. The tool used is sharia law.
Comparative Analysis of the Monetary Policies of the Islamic State of Iran and Pakistan Asep Dadang Hidayat; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.970

Abstract

This research intends to analyse comparatively the monetary policy in Iran and Pakistan. The object of this research is the Islamic countries of Iran and Pakistan. This research is a descriptive-analytical research with qualitative research, which is a research procedure that produces descriptive data in the form of written words from people and observed behaviour, supported by literature studies. The results of this study indicate that monetary policy in Iran and Pakistan as Islamic countries, both apply Sharia-based monetary, but also opened monetary services to accommodate a number of general, commercial and or conventional economic transactions. This shows that both Iran and Pakistan apply monetary governance that is committed to Islamic law, but is inclusive of conventional ones even though it cannot dominate them.  Monetary governance in both countries plays a more direct role in economic growth, not as an effective moderator of government economic policy.
Implementation of Fiscal Policy of the Islamic State of Saudi Arabia and the Arab Emirates Suradi; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.1040

Abstract

This research aims to analyze the economic policies of Saudi Arabia and the Arab Emirates in anticipating the effects of fiscal policy on their national economies. These policies include international economic policy, fiscal policy, and monetary policy. This research uses qualitative research methods through scientific observation by collecting non-numerical data, focusing on creating solutions and meaningfulness. The results of the research show that there are efforts by the Kingdom of Saudi Arabia in its international economic policy. On the other hand, monetary policy is needed to stabilize the economy by supporting solid fiscal policy when the global world is flooded with liquidity such as nominal interest rates that are close to or below zero, so that the impact of lowering interest rates can trigger an outflow of cash from the stock market. In this case, the Kingdom of Saudi Arabia was very quick and responsive in implementing the combination of these policies. Meanwhile, the United Arab Emirates government is taking strategic steps, including in tax policy. This country issues various regulations related to taxation in terms of collecting tax funds and using tax funds through the state budget.
Fiscal Policy in Islam (Pre-Risalah, During the Prophet's time and Rashidun Caliphs) Royani; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.1041

Abstract

Fiscal policy is considered an integral part of the economic system governed by Islamic principles. Before the advent of Islam, the pre-Islamic Arab society had an economy based on trade, agriculture and property ownership, albeit without formal fiscal regulations. After Islam was introduced, the fiscal system began to be regulated in more detail. Zakat became an important component in fundraising to support needy Muslims and develop social infrastructure. Additionally, jizyah was also implemented, which is a tax levied on non-Muslims living under the protection of an Islamic state. During the Prophet's time, the Islamic economic approach aimed to achieve social and economic justice through fair distribution of wealth. During the reign of the Rashidun Caliphs, Islamic fiscal policy remained rooted in the principles of justice and solidarity. For example, Umar bin Khattab formulated various economic policies to support people's welfare, including land distribution to farmers, infrastructure development, and price control. Taxes and state revenues were directed to support social, religious and public interest programs. This descriptive-analytical research falls into the category of qualitative research, with a literature review approach focusing on primary materials, especially those related to Islamic economic thought.
Dynamics of Monetary Policy Comparative Study Between Indonesia and Malaysia Mugni Muhit; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.1043

Abstract

In countries that embrace a dual banking system, such as Indonesia and Malaysia, the monetary policy implemented is also a multiple monetary policy. Both Islamic and conventional monetary policies have the same goal, which is to create stable money value and full employment. This article aims to analyze the transmission of convergence monetary policy implemented by Indonesia and Malaysia with two objectives: first, to identify the transmission channel of dual monetary policy in Indonesia and Malaysia; second, to compare the effectiveness mechanism of dual monetary policy implementation in Indonesia and Malaysia. The analysis of several empirical studies concludes that the transmission channels, both Islamic and conventional in the monetary policy of dual banking system in Indonesia and Malaysia are the same, but the tendency of the channel depends on the real conditions of each country's economy. The mechanism of the effectiveness of monetary policy transmission in Indonesia and Malaysia is almost similar, namely the transmission instruments of Islamic monetary policy and or elements of Islamic banking that can withstand inflation as well as increase economic growth and development.
Measuring the Validity of Gharar from an Islamic Legal Perspective (Comparative Study of Gharar According to the Fuqaha) Dodi Yarli; Sofyan Al-Hakim; Iwan Setiawan
al-Afkar, Journal For Islamic Studies Vol. 7 No. 3 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i3.1065

Abstract

. Gharar is one of the important concepts in Islamic law related to uncertainty or ambiguity in a transaction. This concept has a significant impact on the validity of a contract or contract in the context of finance and trade in sharia. Therefore, a deep understanding of gharar is essential in determining the halalness of a transaction. The aim of this research is to carry out a comparative study of the ulama's views on the concept of gharar. This research uses a qualitative approach method by collecting data through literature studies and analysis of the opinions of different scholars. Results show that the views of scholars on gharar have variations and differences that can be distinguished in several categories. One category is scholars who consider gharar to be something that should be avoided completely, and they tend to limit transactions that contain significant uncertainty. Meanwhile, there are also scholars who allow a certain level of gharar in transactions, provided that there are clear economic benefits and no fraud or injustice. In addition, the study also identified factors that influence the different views of scholars on gharar. These factors include an understanding of related sharia texts, historical and social contexts, and an understanding of the sharia goals to be achieved through the concept of gharar.
Historical Analysis of the Islamic Fiscal Policies of Fatimid Egypt, Mamalik, Safavid Persia, and Mughol India Dodi Yarli; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.1170

Abstract

The history of fiscal policy in Islam during the Fatimid and Mamaalik periods in Egypt, the Syafawiyah in Persia, and the Mughals in India, can be divided into two main phases: the glory phase and the decline phase. In the glory phase, historical records show that fiscal management under the governments of these caliphates generated revenue surpluses. This situation contributes to the country's economic stability and security. The Fatimids, Mamaaliks, Syafawiyahs, and Mughols in India implemented fiscal policies that encouraged increasing state income from diverse sectors such as agriculture, trade, and industry. The state's largest sources of income come from taxes, tīmār, muḳāṭa'a, waqf and ghanimah. High income is used to support the country's progress through financing territorial expansion, infrastructure development, education and health. However, during the decline phase, the Fathimiyah, Mamaalik, Syafawiyah and Mughol experienced budget deficits. Decreasing state income, failure to westernize the economy, high war costs, and high state debt are factors causing deficits in their fiscal policy.
Trilogy of the Islamic Monetary System; Exploring the Proposits of Naqli as the Theological, Cosmological and Anthropological Basis of the Islamic Monetary System Aris Fauzin; Sofyan Al-Hakim; Iwan Setiawan
al-Afkar, Journal For Islamic Studies Vol. 7 No. 4 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i4.1143

Abstract

This article discusses the Trilogy of Islamic Monetary System with a focus on the exploration of naqli postulates as the theological, cosmological, and anthropological foundations of the Islamic monetary system. In this research, a qualitative descriptive method is used. In this case, the analysis is carried out by digging and exploring the understanding of Islamic principles contained in the Qur'an and As-Sunnah as a guide to building a monetary system that is in accordance with the values of Islamic teachings. The research discussion in this article is focused on three perspectives, namely: Theological, cosmological, and anthropological perspectives. In the theological perspective, this article identifies key concepts such as the principle of tawhidullah, God as the regulator of human sustenance, and obedience to God's law as the foundation for designing a just monetary system. From a cosmological point of view, this research investigates the relationship between the Islamic monetary system and the order of the universe, outlining how the principles of Islamic economics reflect harmony with God's other creatures. Meanwhile, in the anthropological aspect, the article analyses how the Islamic monetary system pays attention to human needs and rights, creating social and economic balance. The study concludes that this trilogy of Islamic monetary system enlightens the importance of understanding and applying naqli postulates in designing a holistic monetary system, encompassing theological, cosmological, and anthropological dimensions to achieve balance and blessings in the economic life of Muslims.
Co-Authors Aris Fauzin Asep Dadang Hidayat Aulia Nurhikmah Chandra Dodi Yarli Farid Madani Ikhsan, Muhammad Miftahul Imron Rosadi Iwan Setiawan Jaih Mubarok Jajang Herawan Jajang Komaludin Jajat sudrajat Lina Pusvisasari Moh. Asep Zakariya Ansori Mugni Muhit Muhammad Fauzan Januri Muhammad Furqon Almurni Royani Shofya Humaira Siti Salma Suradi Wipkil Bashor Yadi Janwari