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All Journal Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
M. Shabri Abd. Majid
Universitas Syiah Kuala  Aceh
Economics, Econometrics & Finance Social Sciences

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The Typology of The Global Financial Crisis and the Solution in Islamic Economic Perspective Ramdansyah Fitrah; Ridha Alhamdi; M. Shabri Abd. Majid; Marliyah, Marliyah,; Rita Handayani
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 4 No 5 (2022): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (998.721 KB) | DOI: 10.47467/alkharaj.v4i5.921

Abstract

Economic globalization has triggered more frequent financial crises. Financial crises constantly repeat every specific time. This article reviews the typology of the global financial crisis and the solutions offered by Islamic economics. The research uses a historical approach. Five typologies of the global financial crisis, namely: Speculative bubbles and Crash, Sovereign Default, Balance of payment crisis, systemic banking crisis, and Energy Crisis. The financial crisis typologies of Speculative bubbles and Crash are the Wall Street Crash of 1929 and the Great Depression, Black Monday, Japanese Asset Bubble, Dot-com Bubble, US Saving & Loan Crisis, and the Suprime Mortgage Crisis. The financial crisis typology of Sovereign Default is the Latin American Debt Crisis, the Mexican Peso Crisis, the Asian Financial Crisis, and the European Crisis. The typology of financial crisis Balance of payment crisis is the Mexican Peso Crisis and the Russian Financial Crisis. The financial typology of the energy crisis is the oil crisis. Islamic economics offers a solution so that the financial crisis does not recur in the future. The prohibition of riba, maysir and ghaarar transactions offers a solution to the financial crisis typology of Speculative bubbles and Crash. The principle of equity financing in Islamic economics is a solution to the financial crisis of the Sovereign Default typology. Islamic economics prioritizes the financial sector, which is in line with the real sector as a solution to the financial crisis typology of the Balance of payment crisis. The value of morality (akhlakul karimah) is a solution to the financial crisis because of the moral hazard.
Tantangan Regulasi Keuangan   Bagi Perkembangan Perbankan Islam: Selfi Afriani Gultom; Pandapotan Pandapotan; M. Shabri Abd. Majid; Marliyah Marliyah; Rita Handayani
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 4 No 5 (2022): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (380.471 KB) | DOI: 10.47467/alkharaj.v4i5.928

Abstract

The literature study of this article aims to analyze the challenges that must be considered by financial regulators, especially for Islamic financial institutions (Islamic banking). Literature study through content analysis by discussing the book Intermediate Islamic Finance by Nabil Maghrebi, Abbas Mirakhor, and Zamir Iqbal Wiley publisher in 2016 and 30 articles from emerald and direct science publisher which is the world's best journal publisher with a scopus index. The results of the content search found seven challenges in financial regulation, namely the calculation of profit and loss sharing (PLS) still referring to the interest system, the practice of implementing contracts overshadowed by conventional contracts, capital and minimum liquidity regulations still referring to general regulations, regulatory indicators in assessing efficiency still referring to in the general (conventional) model, weakness of regulations requiring Islamic financial institutions in and supervision, weakness of regulatory control in implementing good corporate governance, weaknes of sharia law courts dealing with violations of sharia law. Financial regulations have not fully sided with Islamic banking (sharia). Financial regulations must continue to be adjusted and rearranged so that Islamic banking can develop and develop in a healthy manner with conventional banking and be resilient in the face of crises. Key words : challenges, finance regulation, islamic banking
Co-Authors Marliyah Pandapotan Pandapotan Ramdansyah Fitrah Ridha Alhamdi Rita Handayani Selfi Afriani Gultom