Финансовый кризис за пределами Америки и Европы (исламская финансовая система как альтернатива)

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Аннотация:
Финансовый кризис, ударивший по Америке и Европе сегодня, потрясает мировую экономику. Принимаются различные меры по преодолению его последствий, как локально, так и глобально. Однако поможет ли «План спасения» сохранить капиталистическую экономику? В качестве альтернативного решения проблемы предлагается Исламская финансовая система.

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финансовый кризис, исламская финансовая система
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Финансовый кризис за пределами Америки и Европы (исламская финансовая система как альтернатива) – С. 186-192.

Finansovyy krizis za predelami Ameriki i Evropy (islamskaya finansovaya sistema kak alternativa). , 186-192. (in Russian)

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INTRODUCTION

The financial crisis that hit theUnited StatesandEuropetoday has shaken the world economy. Many large companies collapsed, international banks and governments in many countries are forced to disburse large amounts of funds into money markets to ease the crisis shocks. Meanwhile, thousands and even millions of people are now at risk of unemployment because so many companies are failing.

* Vice Rector 4th of University 45 Makassar,. As well as lecturer in Faculty of Economics, S1 and S2 in the economy fields, now while continuing studies S3 at Hasanuddin University in economics.

This financial crisis started from the credit crisis experienced by the property at Lehman Brothers in Uncle Sam's country, where property businesses suffer huge debt, so that the debtor is unable to pay its debts, making banks and financial institutions that exist, bankrupt or nearly bankrupt.

As a result of this crisis, a number of financial institutions in theUnited Stateshave estimated that the losses to be suffered amounted to 300 billion U.S. dollars, while in other countries estimated at 500 billion U.S. dollars. Thus, a number of countries, began pouring billions of dollars into the stock market to prop up the market and backup liquidity to be able to move economic activity. In fact, some have directly intervened to rationalize the level of most banks, as happened in theUK.

The financial crisis that occurred in theUnited States, is the worst crisis in the past decades in the history of the American economy. U.S. President George W. Bush in his speech even admitted his country was threatened by recession and should be done immediately follow the rescue by pumping fresh funds into the money market. Because if this crisis continues into recession, which would become the victims are ordinary people who could lose their homes, lose their rights and their savings.

What happened to the U.S. now that the impact is felt around the world participated, demonstrated the fragility of the capitalist economic system adopted by the superpower and the majority of countries in the world, in other words, the current state of the economic system of capitalism has led to a dead faint.

Various measures have been taken to overcome this crisis, both locally and globally, such as the four major European countries namelyFrance,Germany,BritainandItalysoon hold a meeting to review the international monetary system, as well as finance ministers and central bank leaders incorporated in the G7.

However, whether these efforts will be able to save the capitalist economy as a term used by Americans to refer to it with the stride The term "Rescue Plan" and how did the Islamic financial system as an alternative solution.

DESTRUCTION OF CAPITALISM IN THE WORLD FINANCIAL SYSTEM

a. Riba-Based Financial Systems Capitalism

The world financial system or financial system in the majority of the economies of all countries in the world today embrace the interest-based system in the view of Islam is called usury. Within the scope of the domestic financial system to create a focus on economic policy toward balance by using the instrument of interest, so the flower becomes a vital variable in economic policy making both monetary and fiscal. From a critical perspective, the flowers make the world a crippled financial system, in which the poor and developing nations must continue to depend financially developed countries. Pre-determined return properties owned by "interest" will make the behavior of the equity holders tend to use money as a tool for ¬ generate income through the financial sector rather than a profit through productive activity in the real sector. The trend at this level of financial deepening world inequalities. Developed countries are victims of debt addicted (addicted to debt), while the poor countries and developing can never escape from debt bondage continuously bubbled.

b. Negative Characteristics of Money Market Capitalism

In the perspective of global trends, the role of private corporations in the regulation of the economy, seen also in the financial system. Submit economic power of market forces to surrender economic policy especially financial leaders of the world's financial institutions. It is a common understanding that the financial markets are so vulnerable to intervention by various interests. The interests that exploit the sensitivity of financial markets to the information or even just a rumor. Thus creating an asymmetric information tends to reflect the actual market ketidaktransparannya, became commonplace in the financial markets. And finally, through the weakness of financial market players the opportunity to benefit.

Meanwhile, Joseph E. Stiglitz, describes a similar trend, Stiglitz reveals that economic complexion of modern capitalism shifts from agriculture to manufacturing and from manufacturing to the idea (the idea), it is characterized by the emergence of the virtual nature business (dot.com industry) making faces and accelerated growth of the economy is at a more advanced level, making the information factor into the limelight of modern economic activity. Thus, anyone who controls the information, they are in power in the market, they will enjoy the greatest profit pie. At the end of the financial sector interests consistent profit motive for the actors in the financial markets and impede the collective interests who want the stability of the financial system. This contradiction is evident in the tendency of the economy, especially the financial mechanism of the modern world.

With the characteristic of the modern market like today, in fact it takes honesty that has the power so vital in creating a healthy and build mechanisms. But in reality, honest attitude to deal with the interests of profit, both of which are not always in one direction with the goal of honesty along with the development effort. Interaction of the two is then to make the face of classical economics which extol the power of the market, because the theory they never have all the facts in the economy. The eternal happens is the negative characteristics of the money market as asymmetry of information, lack of transparency, mis-allocation of production, and the uneven distribution of resources.

The world financial system, the conventional paradigm does not have a cure for this problem. Meanwhile, Islam has a system limitation that tends to be a tool to prevent the tendency of the problems that arise.

c. Principles and Financial System Root Problems of Capitalism

Actually, anyone who examines the reality of the capitalist financial system today, will see it was at the edge of the abyss, if it has not fallen into the abyss says. All rescue plan that they made will never be able to fix the situation, but just be drugs that ease pain for a while. It causes destruction requires the completion of a comprehensive and touching up the roots, not just patch up here and there.

The principle and the root of the problem can be broken down as follows:

1. Gold is Not as Reserve Currency

After World War II, gold as a reserve currency to the dollar removed and replaced. Once the dollar became the standard currency substitution, causing the dollar to dominate the global economy. As a result, any small economic shocks that occurred in theUnited Stateswould certainly be a crushing blow to the economy of other countries. Therefore, large foreign exchange reserves, partly, or even entirely, covered with the intrinsic value of the dollar is not worth the paper and the text contained in them. Upon entering the arena euro, new countries keep reserves to non-dollar currencies, although the dollar still has the largest percentage of foreign exchange reserves in the countries of the world in general.

2. Riba system as a Main Pillar

Debts with the concept of compound interest has also created a major economic problem. With such a concept of usury, debt principal plus interest will bubble over time, as a percentage of the enactment of usury. Consequently, the inability of the individual and the state in many cases the condition becomes apparent. As a result, the chain broken economy due to delays in repayment of loans (bad loans), the slow economy because some individuals or countries with debt can not resume production optimally.

3. Concentration of Economic Activity in Non-Real Sector

The system used in the stock and capital markets, the sale and purchase of stocks, bonds and commodities without any conditions handover commodity, can even be traded many times, without having to transfer the commodity from the original owners hands. Systems such as this is a false system and cause problems, not systems that can solve the problem, where the rise and fall of the transaction occurred without the handover process, even in the absence of a traded commodity. Everything that would trigger market speculation and shocks. Thus, the various costs and benefits continue to occur through a variety of means of fraud, manipulation and engineering. Everything is kept running and running, until a disaster unfolds and the economy, as is the case today.

4. Ignorance of Ownership Facts

One thing that becomes important also is the case of ignorance of the fact of ownership. Ownership is, in the eyes of Eastern and Western thinkers, are public property held by the state's theory of socialism and communism, and private property controlled by certain groups. Country is not going to intervene in accordance with the theory of liberal capitalism that relies on free markets, privatization and globalization. Ignorance of the fact that the ownership has indeed been and will cause shock and economic problems. That's because property rights are not implemented evident even between individual ownership tend to be chaotic, the public and the state.

ISLAMIC FINANCIAL SYSTEM AS AN ALTERNATIVE

The Islamic financial system can be alternative solutions to problems in the problems of the financial crisis such as this. Since the Islamic finance system to touch up the roots permasalahanya comprehensively.

a. System Money Gold and Silver

In the Islamic financial system, gold and silver are currencies, not the other. That is, the units of paper money should be convertible into a particular item, such as gold or otherwise, with a specific rate anyway. So for sure, in these circumstances the value of the currency of a country is always closely linked to the value of gold. If the value of gold associated with other goods rise, then the value of the currency was also up. Conversely, if the value of gold associated with other goods decreases, then the value of the currency will also decline. The advantage of this gold money system when compared to paper money system and other systems is that it is definitely an international gold money system stable. So it is very unlikely to change prices drastically, which could lead to instability of the economy.

b. Non usury Financial System

Actually it is not only Islam that strictly prohibit interest (riba). Religions other major celestial like Jews and Christians also banned. The Bible expressly forbids the practice of granting loans or loans with rates quoted do not even distinguish between the interest (interest) and the interest rate is too high a level (usury). The Old Testament also strictly prohibits the practice of borrowing and the interest in the debt owed. Last holy book revealed the Qur'an very clearly prohibit it. This prohibition through the four stages of decline revelation. The series is set in the last stages of surah Al-Baqarah: 275-281. Thus, the most common type of financing used by the Muslims in the course of their history is mudaraba and Musharaka (partnership). Mudarabah is a bentukperkongsian with one party acting as financier (provider of financial fund), while the other parties that provide services keusahaan (entrepreneurship). In this position, the financier is not acting as a lender of funds (lender or creditor), but as an investor who will donate the funds to finance productive purposes. Instead, the fund manager will act as an entrepreneur (fund manager) and not as a debtor.

The relationship between the two sides is a relationship of partnership and cooperation and not like what happened in the lending and borrowing transactions. Business profits will be divided according to the proportion which the two agreed to by both parties. However, in the event of a loss, the financier who get the loss, while the fund manager will lose energy and time. In Musharaka, the financier of the processes involved in business activities. He was different from the mudaraba mudaraba because the financier was sleeping partner (sleeping partner). In the event of a loss, that loss will be calculated proportionally to the capital that has been paid in this partnership. If there is a profit, it will be distributed based on the proportion of the agreed up front. The financier liability will be limited only to the amount of financing provided in this venture.

c. Focus on Real Sector Activity

One form of activity that is very striking in the system of capitalism is trade such securities promis, shares on the stock exchange. In fact, promis and stock trading like this, by Personality 'is absolutely forbidden. Because it has promis promis-defined function, so that it can enter the practice of usury, even promis promis-is itself a practice of usury. While the stock is actually a letter of interest in a perseoran, the status bathil by Personality 'and is not allowed. So the stock traded bathil law. The economic system of Islam also prohibits the sale of a commodity before it is controlled by the seller, so it is unlawful to sell items that do not belong to anyone. As business virtual nature, intangible commodity business, and is commonly practiced Muslim societies today.

d. Property Rights Must Clear.

The economic system of Islam prohibits individuals, institutions and companies have what the public ownership, such as oil, mining, energy and power, and others. Islam makes the state as the sovereign in accordance with the provisions of Personality '. Ignorance of the fact that the ownership has been and will indeed lead to shocks and economic problems. That's because property rights are not implemented evident even between individual ownership tend to be chaotic, the public and the state.

SUMMARY

In consideration of the above, clearly shows that Islamic finance has a philosophical foundation and a very strong scientifically rational and accountable. We now live as human intellectual sense given by God to study and apply them in civic life as an alternative financial system the best in the world until the end of time. Allaah knows best bi showab.



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