The Basic Principles of Islamic Banking

There are at least six basic principles which are taken into consideration while executing any Islamic banking transaction. These principles differentiate a financial transaction from a Riba/interest based transaction to an Islamic banking transaction.
1. Sanctity of contract: Before executing any Islamic banking transaction, the counter parties have to satisfy whether the transaction is halal (valid) in the eyes of Islamic Shariah. This means that Islamic bank’s transaction must not be invalid or voidable. An invalid contract is a contract, which by virtue of its nature is invalid according to Shariah rulings. Whereas a voidable contract is a contract, which by nature is valid, but some invalid components are inserted in the valid contract. Unless these invalid components are eliminated from the valid contract, the contract will remain voidable.
2. Risk sharing: Islamic jurists have drawn two principles from the saying of prophet Muhammad (SAW). These are “Alkhiraj Biddamaan 21 ” and “Alghunun Bilghurum22”. Both the principles have similar meanings that no profit can be earned from an asset or a capital unless ownership risks have been taken by the earner of that profit. Thus in every Islamic banking transaction, the Islamic financial institution and/or its deposit holder take(s) the risk of ownership of the tangible asset, real services or capital before earning any profit there from.
3. No Riba/interest: Islamic banks cannot involve in riba/interest related transactions. They cannot lend money to earn additional amount on it. However as stated in point No. 2 above, it earns profit by taking risk of tangible assets, real services or capital and passes on this profit/loss to its deposit holders who also take the risk of their capital.
4. Economic purpose/activity: Every Islamic banking transaction has certain economic purpose/activity. Further, Islamic banking transactions are backed by tangible asset or real service.
5. Fairness: Islamic banking inculcates fairness through its operations. Transactions based on dubious terms and conditions cannot become part of Islamic banking. All the terms and conditions embedded in the transactions are properly disclosed in the contract/agreement.
6. No invalid subject matter: While executing an Islamic banking transaction, it is ensured that no invalid subject matter or activity is financed by the Islamic financial transaction. Some subject matter or activities may be allowed by the law of the land but if the same are not allowed by Shariah, these can not be financed by an Islamic bank.

Potensi Zakat Indonesia Rp 100 triliun pertahun

Baznas menyatakan terus mensosialisasikan pembentukan Unit Pelayanan Zakat (UPZ) demi meraih potensi zakat secara nasional yang diperkirakan mencapai Rp 100 triliun pertahun. Menurut Ketua Umum Baznas Prof.DR Didin Hafidudin, berdasarkan kajian Asian Development Bank potensi zakat Indonesia mencapai Rp 100 triliun pertahun, sementara zakat yang terkumpul oleh Baznas masih sangat kecil. Pada tahun 2007 dana yang terkumpul oleh Baznas mencapai Rp 450 miliar, tahun 2008 meningkat menjadi Rp 920 miliar dan pada tahun 2009 tumbuh menjadi Rp 1,2 triliun. Untuk tahun 2010 dengan berbagai program sosialisasi, Baznas bisa mengumpulkan Rp 1,5 triliun. Baznas memiliki 5 program yaitu Indonesia Sehat, Indonesia Cerdas, Indonesia Peduli, Indonesia Makmur dan Indonesia Taqwa. Beberapa kegiatan penyaluran zakat dengan perbaikan infrastruktur air bersih di kawasan Gunung Kidul Jogjakarta. Program Indonesia Sehat seperti mendirikan rumah sakit gratis untuk dhuafa di Masjid Sunda Kelapa Jakarta. Program Indonesia Cerdas memberikan beasiswa kepada sekitar 15.000 siswa dan mahasiswa yang tersebar di seluruh Indonesia termasuk program Satu Keluarga Satu Sarjana. Indonesia Makmur meliputi program pemberdayaan masyarakat di sejumlah daerah antara lain Aceh dan Jogjakarta. Menurut Didin, untuk mengoptimalkan pelaksanaan zakat, diharapkan tidak hanya melibatkan BUMN tetapi juga membutuhkan peran perusahaan swasta, termasuk perbankan syariah. Dengan pengalaman Baznas dalam mengelola zakat tersebut, menurut Didin ADB akan menjadikan program-program tersebut sebagai contoh untuk penerapan pengelolaan zakat di sejumlah negara. Sementara itu, Menteri BUMN Mustafa Abubakar menyatakan, potensi pengumpulan zakat masih sangat tinggi. Untuk itu ia mendukung BUMN mendirikan UPZ bagi karyawan yang muslim. Saat ini baru 30 perusahaan dari 141 BUMN yang telah mendirikan UPZ. Jumlahnya harus ditingkatkan, karena sejalan dengan program pemerintah memberdayakan masyarakat dan peningkatan ekonomi nasional. Menurut Mustafa penyaluran zakat,infaq dan sedekah (ZIS) melalui Baznas lebih tepat sasaran karena perkembangan penerimanya termonitor setiap tahun, di samping pelayanannya teruji dengan menerapkan sistem manajemen mutu berbasis ISO 90012008 (Harian Neraca)