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All Journal Jurnal Bisnis, Ekonomi Syariah dan Pajak Natuja: Jurnal Ekonomi Syariah
Juwita Sifas Sembiring
Unknown Affiliation
Economics, Econometrics & Finance

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Sejarah Pemikiran Islam: Perkembangan Sistem Ekonomi dari Masa Ke Masa Afiyah Zahrah; Fikriansyah Fikriansyah; Juwita Sifas Sembiring; Ahmad Wahyudi Zein
Jurnal Bisnis, Ekonomi Syariah, dan Pajak Vol. 2 No. 1 (2025): Jurnal Bisnis, Ekonomi Syariah, dan Pajak (JBEP)
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/jbep.v2i1.748

Abstract

The history of the development of the Islamic economic system has undergone significant transformations from the time of the Prophet Muhammad SAW to the modern era. In the early period, the Islamic economic system was based on Qur'anic principles such as justice, transparency, and the prohibition of interest (riba). The Prophet Muhammad SAW established the foundations of the economy, which included the management of zakat, waqf, and market oversight. The era of the Khulafa' al-Rashidin continued these policies with the management of the baitul mal and economic expansion through ijtihad. During the Umayyad and Abbasid periods, the economic system became more complex with the introduction of Arabic currency and innovative tax management. In the modern era, Islamic economics has experienced a revival through its integration into academia and the implementation of Shariah   compliant financial institutions like Bank Muamalat.
FRACTIONAL REVERSE BANKING DAN FIAT MONEY: PROBLEMATIKA SISTEM MONETER KONVENSIONAL DALAM PERSPEKTIF SYARIAH Afiyah Zahrah; Juwita Sifas Sembiring; Ahmad Faturrahman
NATUJA: Jurnal Ekonomi Syariah Vol. 5 No. 1 (2025): November (2025)
Publisher : Department of Sharia Economics, Faculty of Islamic Economics and Business, Universitas Islam Ibrahimy Banyuwangi, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69552/557x4f42

Abstract

This study critically examines the Fractional Reserve Banking (FRB) and fiat money systems within the framework of the conventional monetary system and their relevance to Islamic financial principles. The main questions raised are how the practice of money creation through FRB and the use of fiat money impacts economic stability and social justice, and how Islamic economics offers a more equitable alternative. The analysis shows that FRB and fiat money contribute to imbalances in the monetary and real sectors, as well as giving rise to the risk of inflation and a crisis of confidence. In contrast, an Islamic monetary system based on real assets and the principle of profit-sharing offers a more stable and equitable solution, free from elements of usury, gharar, and speculation. These findings reinforce the urgency of reforming the global monetary system toward a model that aligns with Islamic values ??of justice and balance.
Co-Authors Afiyah Zahrah Ahmad Faturrahman Ahmad Wahyudi Zein Fikriansyah Fikriansyah