Speaker at International Conference of Islamic Banking & Finance, 2010 Feb IRTI-IDB

Ramadhan, Momentum Kebangkitan Ekonomi Islam

Selama ini kerap timbul kesan bagi sebagian umat Islam bahwa bulan Ramadhan adalah bulan istirahat dan bulan berleha-leha menunggu kumandang adzan maghrib. Pemahaman seperti ini timbul dari salah baca terhadap makna Ramadhan yang sebenarnya. Secara etimologi, Ramadhan berasal dari akar kata "ramadl" yang berarti "membakar”. Artinya, Ramadhan adalah momentum umat Islam untuk membakar dosa lebih intensif dibandingkan bulan lain, sehingga usaha dan semangat beribadah pun mesti lebih masif dilakukan. Konon, para sahabat mempersiapkan penyambutan Ramadhan selama enam bulan. Enam bulan setelahnya, mereka khusyuk meminta kepada Allah swt. agar ibadah shaum-nya diterima.

Dalam lembaran sejarah generasi terdahulu, jihad sebagai jalan meraih kejayaan Islam kerap digelorakan justru pada bulan Ramadhan. Penaklukan, kemenangan dan kejayaan Islam seringkali dijumput dan diraih pada bulan ini.

What is The Future Outlook of Shariah Harmonization

Abstract:

This paper at first looks into the needs for harmonization in this turbulence and uncertain markets and economic condition. Market changes are among the prominent factors that leads to harmonization; and it is also the leading issue that Islamic finance industry will have to deal with in the near future. Then this brief paper dwells with the direction of harmonization efforts in the Islamic finance industry. No doubt that harmonization is not a panacea for problems faced by Islamic finance, rather it is a journey that we must take to propel and advance this endeavour. 

Keywords: Islamic Finance, Shariah Harmonization, IFSB, Islamic Fiqh Academy, AAOIFI
 

Shariah Economic This Year (SETY) SEF UGM 2011

Theme :
“Islamic Microfinance and The Future of Islamic Finance Industry In Southeast Asia”
 

SETY 2011 International Essay Competition consists of two categories (Public and Student). It is an INDIVIDUAL competition. The essay must be original and it has not been participated and published previously in the media (such as magazines, newspapers, journals, etc). All incoming essays belong to the comittee (The comittee have a right to use all incoming essays for non-commercial activity without informed previously to the author's essay). Each participant may submit more than one essay, but the winner will be entitled to only one prize. The prize will be awarded to a contestant  with  highest-scoring essay. 

Topics :

—  The Future and Challenge of Shariah Based Financial Industry Microfinance  in Southeast Asia
—  The role of islamic microfinance in SME (small medium enterprise) development in Southeast Asian countries.
—  The Rationale of Islamic microfinance in improving the welfare and prosperity of South-east Asian countries
—  How Islamic microfinance copes with global trend on free trade in Southeast Asia?

Transmission Mechanism on Dual Monetary System in Indonesia: Comparison Between Shariah and Conventional Instruments

Abstract

The transmission mechanism of monetary policy has been an area of abundant economic research in many countries. The financial system links monetary policy and the real economy. Thus, events or trends that affect the financial system can also change the monetary transmission mechanism. This study tries to analyze transmission mechanism in Indonesian dual monetary system, using Vector Auto Regression (VAR) and Vector Error Correction Model (VECM) methods.

Results show that the relationship between LNIHK and shariah instruments: financing (LNFINCG), SBIS and PUAS is negative. It means, when the total of shariah financing be increase, it will gives positive contribution for reducing inflation rate in Indonesia, because with this system possibility to make equal growth among monetary and real sectors appears. Therefore, it will be strategic action for monetary authority to grow up shariah banking share in Indonesia, for minimizing ‘bad inflation’ in economy.

JEL Classification: C32, E31, E42, E52

Keywords: Transmission Mechanism, Dual Monetary System, Shariah Instruments, VAR/VECM