Kebijakan dan Upaya Pemerintah Mendorong

Kemajuan Ekonomi Syariah di Indonesia

Wahyu Jatmiko, PhD
Sekretaris Eksekutif IAEI / Dosen & Peneliti FEB UI
[email protected]

SEMINAR NASIONAL EKONOMI SYARIAH

Universitas Muhammadiyah Tangerang
Tangerang, 20 Januari 2022
Disclaimer: The views and opinions expressed in this presentation are my own and do not necessarily reflect the views or positions of any entities I represent.
 The Plan…

Take a step back & reflect: What do we mean with Islamic

economics (IE)?
Outline

Development Paradigms of IE

The 3 decades of government involvement in

Indonesian IE development

What next from the Govt?

Step Back & Reflect What do we mean with Islamic economics? (1 of 3)
Is it… (?)
Step Back & Reflect What do we mean with Islamic economics? (2 of 3)

The founding fathers’ definitions:

"Islamic economics is Islamic economics ”Islamic Economics has a
the knowledge and "aims at the study of different task with
application of human falah conventional economics.
injunctions and rules of achieved by Duties in addition to studying
the Shariah that prevent organising the the reality of the behavior of
injustice in the resources of earth on economic agents, both
acquisition and disposal the basis of domestic producers, domestic
of material resources in cooperation and consumers, and governments,
order to provide participation” also must formulate the
satisfaction to human concept of ideal behavior
(Akram Khan, 1984, pp. 55)
beings and enable according to Islamic
them to perform their teachings should be made by
obligation to Allah and economic agents, as well as
the society". its effects are possible for the
economy”
(Hasanuz Zaman, 1984, pp. 52)
(Umer Chapra, 2000, pp. 127-128)
Step Back & Reflect What do we mean with Islamic economics? (3 of 3)
Instrumenting the Islamic economics
Justice
Sources of knowledge (product development) Equity in the interaction amongst
Labour | Capital | Environment |
Social
Derived Knowledge Revealed Knowledge
(Ijtihad) Profit and Loss Sharing
(Al-Qur’an dan As-Sunnah) Supererogation: beyond providing
Sharī’ah-compliant products. The
Fiqh Ethical and Moral System products should have value added
and promote social welfare.
Islamic Economics
Social dimension

Convergence
No dichotomy between commercial
and social. The business of business
is not only doing business.
Islamic Finance
Development Paradigms Development Paradigms of IE

Top - Down Bottom - Up

Within Islamic legal Within Non-Islamic legal Within Non-Islamic legal regime
regime (ex.): regime (ex.): (ex.):

1. Iran 1. Common Law 1. With excplicit legal support

2. Saudi Arabia 1. Malaysia 1. Indonesia (early period)

3. Sudan 2. Pakistan 2. Turkey

3. Oman 2. Without explicit legal support

2. Civil Law 1. UK

1. Bahrain 2. US

2. Indonesia (later) 3. Singapore

Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

The development of Islamic

Scholars
Islamic economics in
Indonesia seems
following the ‘coalition Actor in Islamic Rich &
the
building’ appoach, State Economy Wealthy

combining the elements

of bottom-up with that of
Political
top-down approaches Islam
Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

• 1900s • 1970s • Mid Mid

Pre-
Development • Early 1st Phase of
Development • Mid 2nd Phase of
Development 1980s 3rd Phase of
Development 2000s
1970s 1980s • 2000s onward
Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

☞ Pre-Development (1900s – early 1970s)

1905 1912 1926 1968 1972

Muhammadiyah Muhammadiyah
Islamic Trade Nahdhatul
Muhammadiyah opinion on the recommended
Union (SDI) was Ulama (NU)
was founded prohibition of the concept of
established. was formed.
bank interest. Islamic banking.
Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

☞ 1st phase of the development (1970s – mid 1980s)

1975 1976 1980 1982 1983

ITB's Students First National

MUI (Indonesian The Centre for
The First Islamic (Salman Conference of
Council of Agribusiness
Economics Mosque) Islamic
Religious Development
Conference was founded Economy at
Scholars) was (PPA) was
held at Mecca. Cooperative Bandung
established. established.
Teknosa. (UNISBA).
Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

☞ 2nd phase of the development (mid 1980s – 2000s) (1 of 4)

1984 1990 1990 1990 1991

Cooperative
MUI National
Teknosa was
Summit where NU-Summa Bank Muamalat
transformed ICMI was
issue of banking Bank was Indonesia was
into Baitut- founded.
in Muslim world erected. established.
Tamweel
was raised.
Teknosa.
Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

☞ 2nd phase of the development (mid 1980s – 2000s) (2 of 4)

1992 1992 1992 1993 1994

Government
Issuance of BI
Regulation No. PT Syarikat
Law No. 7/1992 BMI started Governor’s
72/1992 on a Takaful
on banking was operational on Letter No.
Profit-sharing Indonesia was
issued. May. 25/4/BPPP
Based Bank Established.
1993.
was issued
Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

☞ 2nd phase of the development (mid 1980s – 2000s) (3 of 4)

1997 1999 2000 2000 2002

Law No. MES (Islamic

First Islamic Jakarta Islamic First sukuk
38/1999 on Economic
mutual fund Index (JII) was corporate
Zakat Society) was
was issued launched. issuance.
Management established
Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

☞ 2nd phase of the development (mid 1980s – 2000s) (4 of 4)

2003 2004 2004 2004 2006

IAEI (Indonesian
Muhammadiyah
Pegadaian Islamic MUI gave official
Law No. strengthened
Syariah (Islamic Economics fatwa on the
21/2004 on their position on
Pawnshop) was Scholars prohibition of
Waqf the prohibition of
established. Association) bank interest
bank interest
was established
Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

☞ 3rd phase of the development (mid 2000s onward) (1 of 3)

2008 2008 2011 2011 2014

Law No.
Laws on Halal
Law No. ISSI (Indonesia 23/2011 on
Law No. Product
19/2008 on Sharia Stock Zakat
21/2008 on Guarantee and
Government Index) was Management
Islamic banking Hajj Fund were
Sukuk launched. replacing Law
issued
No. 38/1999.
Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

☞ 3rd phase of the development (mid 2000s onward) (2 of 3)

2016 2017 2017 2020 2020

KNKS was
National Islamic The Indonesia
Halal Product transformed into
Finance Indonesia Hajj Masterplan of
Assurance KNEKS or National
Committee Fund (BPKH) Sharia Economy
Agency (BPJPH) Islamic Economics
(KNKS) was was established. 2019-2024 was
was founded and Finance
established. launched.
Committee
Indonesian IE Development
The 3 decades of government involvement in
Indonesian IE development

☞ 3rd phase of the development (mid 2000s onward) (3 of 3)

2020 2021 2021 2021 2021

BSI was
Indonesian
established as BMI was
Cash Waqf Link Islamic The national
the results of acquired by
Sukuk was economic movement of
merger from 3 Indonesia Hajj
launched. brand was cash waqf.
state-owned fund (BPKH).
launched.
Islamic banks.
Indonesian IE Development
Beyond the
“Islamic”,
“Syari’ah”, or
“Halal” labeling
 What next from the Govt?
What Next

• RUU Ekonomi Syariah

What to expect?

Consumer protection, Investor protection, SME access to

capital, finance-real sectors coupling, environmentally
friendly, sustainability, blended financing.

• RUU DSI (Dana Sosial Islam)

• Integrated database

• Higher education – Industry mismatch

• IEF curriculum for early education

• KIH (Halal Industrial Estate)

 Terima Kasih

Wahyu Jatmiko, PhD

([email protected])