19 Februari 2009


The modern economist these days, have been aware, that the scientific and empirical, flowers contain loss and economic oppression of the people. However, many Islamic religious leaders who do not have the scholarly background economy, not to understand the loss of economic interest. They understand the interest and only superficially look from the micro-economic perspective, the issue of usury is a more macro-economic studies. Usury can not be discussed only from the micro-economic, but also from the macro economy, even the macro much greater.

Due to shallowness of knowledge about the science of monetary, so many leaders and scholars / Ustaz who holds "misguided" about interest rates. Err in this regard isthe interest as a valid practice-legal only. While all economists Islamic world has ijma 'haramnya on bank interest. Ijma 'is the conclusion of scientific research from a number of professors, like Prof.. Dr M. umer Chapra, Prof.Dr.M.Akran Khan, Prof.. Dr. Joseph Qardhawi and Prof. Dr. Ali Al-Shabuni. According to their research, there is no Islamic economic experts, which allows the bank interest. Islamic economic experts here do not include Islamic religious experts who do not understand about economics. Jurisprudence expert who does not understand economics is not economic experts, including Islam. Individual experts in the field of fiqh economy can only be received if he was the economy, if not, then the fatwa can be misleading.

As mentioned in the beginning, the interest that has factual cause great loss for mankind. The number of economists do not be convinced that the economic crisis of the many countries and continue to occur caused by the usury system. Roy Davies and Glyn Davies in the book "A History of Money from Ancient Time to the Present Day" (1996), written and concluded, "Throughout the 20th century have occurred more than 20 times the crisis. This crisis is not the number of countries except USA, UK, France Japan, and countries of the world third. All the financial sector crisis. " The occurrence of the crisis could impoverish hundreds of millions and even billions of people in various countries. Indonesian one example of which is the target of a crisis.

In providing responses to the impact of interest rates, economists celebrated WC Mitchel exactly once said that flowers play an important role in causing the occurrence of crisis. So the factual and empirical, that the system has a lot of interest disaster in various countries and nations. Interest has created a country's economy became volatile (uncertain and unstable). This is because interest rates have opened the way for speculation activities through derivatives transactions. If the economy of a country is not stable (volatile), then there will be a decline in exports and investment. A research conducted by Esquivel and Larrain (2002) about the impact of exchange rate volatilitas G-3 in developing countries, concluded that the increase volatilitas 1% in developing countries will reduce the exports of developing countries as much as 2%. The research also concluded that volatilitas also significantly reduces the investment.

Some other economists also give a bad view of the interest, among others, Minsky (1985), Bernante and Gertler (1989), and Greenwald Stiglizt (1990). They have a certain system that cause the fluctuation of interest rates and instability, so that economic literature in the West have such a 'tradition' is not even including the main view, which indicates that the demons economy at this time is the result of interest rate and is related to the expansion and contraction loan bank. Therefore, Thomas Jefferson said: "Sincerely I believe that banking establishments are more dangerous than standing armies."

Meanwhile, Maurice Allaice (1993) also said, the main goal of fiscal policy and monetary economics in the modern (conventional) failed because the fluctuation siklikal reached as a result of the interest rate system. Interest also creates inflation everywhere throughout history. Roy Davis and Glyn Davis said many of the great inflation which he used as the hyper inflation, such as Germany, France, Hungary, Austria, England, and countries in Latin America.

In macro-economic studies, economic theory teaches that the interest rate is lower investment. If the investment will automatically decrease the production and due to lower interest rates next create unemployment and poverty. Specifically. Interest lead to bankruptcy productive sector, create unemployment, and for community life. Imagine if this phenomenon over the world, then poverty could be bigger.

In fact, the famous economist, Lord Keyness, once admitted and concluded that the high interest rates cause the interruption or the interruption of the market and the industry and negatively affect the receipt of which is the source of production. Storage (savings) in the customer's bank will be run continuously, even though the interest rate down to zero point.

Next, be subject to the fact that the debtor countries snared a big debt, 30% of which are debt interest. That not only on the capital borrowed, but also interest on interest. This is called the manifold of interest (compound interest). Finally, interest has created a debt pile that is not paid. The following data of third world debt since 1973 to 2000.

Source: IMF 2000
YearDebt (In billions of U.S. $)

Capitalist tool, i.e. interest-based monetary system to become the main instrument to support the capitalization. The owners of capital can enrich themselves without the need to work hard. Interest in the system, there was movement of assets from debtors to creditors are not fair, because the shoulder without taking a profit on the project risk management business, which the borrower is an injustice. Because of the capitalization that in such a way in which migration occurs wealth of third world countries to developed countries (creditor), then there is the sharp gap between consumer countries flysoul with developing countries that are victims of usury system. In this case, Ahmad Kameel Mydin Meera, in the writings of Nations Theft Returning to Gold said, "Interest focuses on the wealth of the minority with the majority of the burden."

From different data, theories and the economic facts of economic interest is clear that the system cause great loss of life for humanity. Thus the interest is a source of economic destruction, not economic growth. This surely meant that the Qur'an in Surah Ar-Rum (39-41). "What is given in the form of interest rate increases so that human wealth (economic growth occurs), then it does not grow according to God." In the next paragraph, that is, verse 41 God said, "The real damage on land and at sea as a result of human actions, that we feel to them, partly as a result of their deeds, so that they return to the correct road.According to this verse is the practice of interest "in the destruction of the world" that caused the crisis, volatilitas, inflation, the decline in investment and production, poverty, injustice, inequality in income and a variety of economic turmoil and other economic disasters. Therefore, there are no words that can be a conclusion, except "Flowers we absolutely must leave. Switching to the sharia system we absolutely do."

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