Characteristics of Sharia Finance: A Study of the Principles Prohibiting Riba, Gharar, Maysir, and Haram Goods and Services, as well as Equality and Justice
DOI:
https://doi.org/10.63738/al-hukumah.v3i1.56Keywords:
Islamic Finance, Riba, Gharar, Maysir, Maqashid al-ShariahAbstract
Islamic finance is a financial system derived from the values of the Qur'an, Sunnah, ijma', and qiyas, and has grown rapidly as an alternative to the conventional interest-based financial system. This study aims to examine the fundamental characteristics of Islamic finance, namely the prohibition of riba, gharar, and maysir; the prohibition of financing unlawful (haram) goods and services; the principles of equality and justice; and the dialectic between shariah as a system of values and as positive law. This study employs a qualitative method with a library research approach toward classical fiqh works, contemporary Islamic finance literature, and applicable regulations and fatwas in Indonesia. The findings show that the characteristics of Islamic finance are integral: the prohibition of riba, gharar, and maysir serves as the negative pillars that restrict non-shariah-compliant financial activities, while the principles of justice, equality, and the prohibition of unlawful goods/services constitute the positive values that form the system's objectives. Furthermore, it was found that the main challenge of contemporary Islamic finance lies in balancing formal compliance with fiqh rulings (shariah compliance) with the internalization of the substance of shariah values (shariah minded), in order to avoid the practice of shari'ah arbitrage that reduces Islamic finance to a mere formal replica of conventional finance.
References
Kitab Klasik
al-Ghazali, A. H. M. i. M. (t.t.). Ihya' Ulum al-Din (4 jilid). Dar al-Ma'rifah.
al-Nawawi, Y. i. S. (t.t.). Rawdhah al-Thalibin wa 'Umdah al-Muftin (12 jilid). al-Maktab al-Islami.
al-Nawawi, Y. i. S. (t.t.). al-Majmu' Syarh al-Muhadhdhab (23 jilid). Maktabah al-Irsyad.
al-Qurtubi, M. i. A. (2006). al-Jami' li Ahkam al-Qur'an (24 jilid). Mu'assasah al-Risalah.
al-Sarakhsi, S. a.-D. (1993). al-Mabsuth (30 jilid). Dar al-Ma'rifah.
al-Suyuthi, J. a.-D. (1983). al-Asybah wa al-Nazhair fi al-Furu'. Dar al-Kutub al-'Ilmiyyah.
al-Syatibi, I. i. M. (1997). al-Muwafaqat fi Ushul al-Syari'ah (M. H. Al Salman, Ed.; 4 jilid). Dar Ibn 'Affan.
al-Thabari, M. i. J. (2000). Jami' al-Bayan 'an Ta'wil Ay al-Qur'an ('A. i. 'A. al-Muhsin al-Turki, Ed.; 26 jilid). Dar Hijr.
Ibn al-'Arabi al-Maliki, A. B. M. i. 'A. (2003). Ahkam al-Qur'an (M. 'A. al-Qadir 'Atha, Ed.; 4 jilid). Dar al-Kutub al-'Ilmiyyah.
Ibn al-Qayyim al-Jawziyyah, S. a.-D. (1991). I'lam al-Muwaqqi'in 'an Rabb al-'Alamin (T. 'A. al-Ra'uf Sa'd, Ed.; 4 jilid). Dar al-Jayl.
Ibn Hazm, 'A. i. A. (t.t.). al-Muhalla bi al-Athar (12 jilid). Dar al-Fikr.
Ibn Khaldun, 'A. a.-R. (2004). Muqaddimah Ibn Khaldun ('A. M. al-Darwisy, Ed.). Dar Ya'rib.
Ibn Qudamah, M. a.-D. (1997). al-Mughni ('A. i. 'A. al-Muhsin al-Turki & 'A. al-Fattah M. al-Hulw, Eds.; 15 jilid). Dar 'Alam al-Kutub.
Ibn Rusyd, M. i. A. al-Qurtubi. (2004). Bidayah al-Mujtahid wa Nihayah al-Muqtashid (4 jilid). Dar al-Hadith.
Ibn Taymiyyah, A. (1995). Majmu' al-Fatawa ('A. a.-R. i. M. i. Qasim, Ed.; 37 jilid). Mujamma' al-Malik Fahd li Thiba'at al-Mushaf al-Syarif.
Malik ibn Anas. (1994). al-Mudawwanah al-Kubra (6 jilid). Dar al-Kutub al-'Ilmiyyah.
al-Syafi'i, M. i. I. (2001). al-Umm (R. F. 'A. al-Muthallib, Ed.; 11 jilid). Dar al-Wafa'.
Buku Modern
al-Amine, M. a.-B. M. (2008). Sukuk market and its applications. Dubai International Financial Centre.
al-Qaradawi, Y. (2003). al-Halal wa al-Haram fi al-Islam. Maktabah Wahbah.
Askari, H., Iqbal, Z., & Mirakhor, A. (2009). New issues in Islamic finance and economics: Progress and challenges. Wiley Finance.
Bacha, O. I., & Mirakhor, A. (2013). Islamic capital markets: A comparative approach. Wiley Finance.
Chapra, M. U. (1992). Islam and the economic challenge. International Institute of Islamic Thought & The Islamic Foundation.
Hallaq, W. B. (2012). The impossible state: Islam, politics, and modernity's moral predicament. Columbia University Press.
Kamali, M. H. (2003). Principles of Islamic jurisprudence (3rd ed.). The Islamic Texts Society.
Karim, A. A. (2014). Bank Islam: Analisis fiqih dan keuangan (5th ed.). PT RajaGrafindo Persada.
Lewis, M. K., & Algaoud, L. M. (2001). Islamic banking. Edward Elgar Publishing.
Mirakhor, A., & Askari, H. (2010). Islam and the path to human and economic development. Palgrave Macmillan.
Siddiqi, M. N. (1985). Partnership and profit sharing in Islamic law. The Islamic Foundation.
Usmani, M. T. (2002). An introduction to Islamic finance. Kluwer Law International.
Wahbah al-Zuhayli. (1989). al-Fiqh al-Islami wa Adillatuh (11 jilid). Dar al-Fikr.
Regulasi dan Fatwa
Dewan Syariah Nasional Majelis Ulama Indonesia. (2001). Fatwa DSN-MUI No. 20/DSN-MUI/IV/2001 tentang Pedoman Pelaksanaan Investasi untuk Reksa Dana Syariah. DSN-MUI.
Islamic Financial Services Board (IFSB). (2024). Islamic financial services industry stability report. IFSB.
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). (2017). Shari'a standards. AAOIFI.
Undang-Undang Republik Indonesia Nomor 21 Tahun 2008 tentang Perbankan Syariah. Lembaran Negara Republik Indonesia.
