By Timur Abimanyu, SH.

MH

The Washington Post

ABLE OF ISLAMIC ECONOMIC ALLEVIATE

POVERY AND INCREASE THE ENERGY
ECONOMIC BETTER LIFE
If you look at Indonesia's natural wealth, what happens now when the fair is called anomaly.
Why? Because of the tremendous natural wealth, Indonesia should be the richest country in
the world. But why it did not happen. Could be due to an economic system that is applied is
not the economic system in accordance with the religious character of Indonesian society.
Since 20 years ago Islamic economy is already running. Islamic banking grows everywhere,
as well as insurance, capital markets, and so forth, but why we have not started to move into
a better direction? What remains to be done? What are the prospects of Islamic finance,
including banking, in 2011?

Period of five to ten years into the future, may be different. Now there are 11 Islamic Bank.
It should logically be held up market share. In 2008 we had a dream, in 2009 the market
share could reach 5%, it did not. Because the conventional banking also grew. On the other
hand is good enough, especially banking, existing laws, regulations exist.

For nearly 20 years, should have been 5%, because the level of awareness of society as a
whole new show 5 years later. Previously, we still find a great scholar, a respected person
and has a congregation, not to say that the Islamic banks and the emergence of Islamic
sharia law. Indeed when we see the umbrella is very good. Only the implementation is still
lacking but the regulation is still not adequate, especially for non-banks it is because the
Government is less concerned and there must be action from government.

In the State of Malaysia in the early stages of growth made policy, for foreign investors who
invest funds into the Islamic banking sector, will get free tax. Just 20 years later, Malaysia
impose taxes to the investor. So fast growing market share. For Indonesia, do not need 15
years like in Malaysia, just 10 years only, or 5 years old. Deliver the next 5 years free of
VAT, after which it equated with the conventional back. I guarantee you will be more heavy
investment flows, mainly from Middle Eastern countries.

If sharia want to get these facilities from the government. Because the conventional banking
has got it since many years ago. In business dealings, and it has been commonplace in many
countries, if a business is already good and wants to be developed, the government will
provide various facilities to grow the business. Especially in SMEs and sharia business in
Indonesia because this is a successful two-sector crisis well yesterday, deserves special
government facilities, such as VAT-free. Governments should also have a bias in policies,
such as the state budget funds for local development needs are instructed to be channeled
through Islamic banking. As ever conducted in Malaysia in the first 10 years, 50% of funds
channeled through Islamic banking and 50%, again via conventional banking.

Regarding the funds that should be stored in islamic bank, instead stored in conventional
banks, such as pilgrimage or endowment fund race. This problem. My concrete proposal as a
practitioner, the government should want 50% of the funds channeled through the Islamic
banks and 50%, again through a conventional bank. If you want proportional 80% of Islamic
banks and 20% of conventional banks. And funds related to the Islamic sharia must be
stored in the bank.

With reason, the haj funds in the bank that uses a system of usury. MUI fact already forbids
usury. Government ought to require that people trust fund or funds in the bank Islamic
pilgrimage. This happens because many ministers who do not understand about Islamic
economics, including ministers of religion. They're not anti, but more do not understand
what to do.

If the result of structural movement is still not significant, what if the switch through cultural
movement ..... MES in the roadmap the next 10 years to make way. So, we do so that the
cultural movement of Islamic economics belongs to everyone. Yesterday there was still the
impression is still exclusive. Muslims to be proud of the Islamic economy, the non-Muslims
feel more calm. In the UK why Islamic banking to grow there, because this is understood as
a business with a new model, and a good system. So anything that happened in Singapore.

Other phases are to socialize with soft and highlight its superiority is not kosher-haraam.
Like the ads on the BI, 'More than a bank or with the language of Sharia Economy Society
(MES), making the Islamic economy belongs to everyone. So that each region was eager to
know more about the Islamic economy.

Targets to be achieved from the preparation of road map is 10 years ahead if it runs properly
market share of Islamic banking could reach 10%. Why do we dare to target like that?
Because in the banking law is mentioned after 15 years implemented legislation could reach
15% market share. Way, who founded the bank's Islamic unit, has been running for 2 years
though, but it had assets of 15% of the conventional (parent), then it should be in spin-offs.
On the other articles mentioned, after 15 years running, although still 1% of their assets must
also be in spin-offs. That is, according to the Islamic Banking Act, within the next 15 years
of market share should be 15%.
Apart from government policy, but Remain government role, if there are no government
regulations will remain below 3%. That is, we expect to complement government legislation
that does not exist, such as Sharia Economic Law (non-bank). In it set about the insurance,
capital markets and financial institutions as well as the guarantee.

Socialization into Islamic mass organizations had no problems. Muhammadiyah has been
discussed in Congress and had to go to Islamic banking as well as NU, where both
organizations are already quite intensive cooperative sharia, BMT and SRB. If market share
targets set out in the road map MES and Islamic Banking Act realized then that needs to be
imagined is banking crimes like that happen to Century Bank will not happen. Because of
Islamic ethics in business will be more preserved than the conventional. Second, if true, a
strong economy is the real sector. Our economy will be increasingly robust. Although the
shares fell on the capital markets, the economic recession, the economy of Indonesia will
remain standing upright. So the level of ignorance, poverty, unemployment, will further
recede in the people of Indonesia.

The relevance of increased market share by reducing the poverty rate is the rate of market
share grew 2%, then the poverty rate to be reduced 2-5%? This is when the conventional
banking in Indonesia, its market share only 2.3% and 97.7% of Islamic banking. Means the
economy in Indonesia is already using the system of sharia. If now is not painful, so as if did
not affect anything. Because we are still very few and limited. By Yudi Rahman - BANKING Magazine,
Issue No. 137.
===================

Illustration By Timur Abimanyu, SH.MH

It should be the Government of Indonesia in this through Bank Indonesia, the Islamic
Banking policies and prepare the Sharia law in case of dispute Sharia. Especially the Sharia
laws in the Field of Special Religious Courts, because the Islamic dispute pertained in
particular cases on judicial Religion. On the future of Islamic economics would exceed the
quota as imagined, if this happens it will be more and more disputes in the field of Shariah,
while the legal instruments of Islamic finance is still not available with sale and purchase
disputes should as sharia, Islamic bankruptcy, and other Islamic bonds other part.
Government special attention should be sharpened again especially in the field of justice is
Religion Special.
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