Dr. Ir.

A s c a r y a MBA, MSc
Unversitas Widyagama Malang, June 24, 2020
 PRINCIPLES OF IEF

▪ The principles of Islamic economic and finance is not only focused on the commercial side, such
as the prohibition of riba, gharar, maysir, dharar, dzalim and muharramat, but it is also focused
on the sosial side, such as zakat, infaq, shadaqa and waqf.
▪ Zakat is not only an instrument to achieve equitable distribution of income and wealth
inclusively, but zakat is also an instrument to control individual wealth to be channeled to
productive activities in the real sector.
▪ Waqf, along with infaq and shadaqa, is an instrument intended to encourage members of the
community to participate in social and commercial activities aiming to improve the welfare of
the community. 2
 ISLAMIC ECONOMIC &FINANCE

▪ Under Islamic economic system, Islamic finance is not only about commercial finance, but also covers
social finance with similar objective to achieve falah (wellbeing and prosperity in this world and in
the hereafter). Meanwhile, Islamic commercial finance is inherently stable (Aziz, 2010), while Islamic
social finance could simultaneously achieve triple bottom-line (Ascarya, et al., 2015).
▪ Moreover, Islamic finance encompass Islamic commercial finance (such as partnership, real activities,
governance and ethical), as well as Islamic social finance (such as zakat and waqf), which could
addressed SDG’s goals. 3
 HOW IEF WORKS
GOVT. GOVT. BUDGET
INCOME G Z

WEALTH
Land
INCOME
TAX P MARKET C
House,

MAYSIR
R O
Gold, 3 O N
1 MARKET
Etc. I D S
U
U
ZAKAT AL
MAAL RIBA 2 C Y 5 M
P
T T
MONEY MARKET
I I
Z O O

Z N MARKET N
Rich
W 4
IS 4

Poor 1 C
▪ So that economy would run sustainably to achieve equitable distribution of income and wealth
with stable and just monetary and financial system. 4
 AL-QUR’AN

▪ Dan belanjakanlah sebagian dari apa yang telah Kami berikan

kepadamusebelum datang kematian kepada salah seorang di antara kamu; lalu
ia berkata: "YaRabbku, mengapa Engkau tidak menangguhkan (kematian) ku
sampai waktu yang dekat, yang menyebabkan aku dapat bersedekah dan aku
termasuk orang-orang yang saleh?" (QS. Al-Munafiqun [63]:10).

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 AL-HADITH
▪ Ketika Aisyah r.a menghidangkan makanan kesukaan Rasulullah yaitu paha
domba (kambing) Rasulullah bertanya: ”Wahai Aisyah, apakah sudah engkau
berikan kepada Abu Hurairah tetangga kita?”
▪ Aisyah menjawab: “Sudah ya Rasulullah.”
▪ Kemudian Rasulullah bertanya lagi: ”Bagaimana dengan Ummu Ayman?”
▪ Aisyah kembali menjawab: "Sudah ya Rasulullah.”
▪ Kemudian Rasulullah bertanya lagi tentang tetangga-tetangganya yang lain,
adakah sudah di beri masakan tersebut, sampai Aisyah merasa penat
menjawab pertanyaan-pertanyaan Rasulullah.
▪ Aisyah kemudian menjawab "Sudah habis ku berikan, Ya Rasulullah ... yang
tinggal apa yang ada di depan kita saat ini ...“
▪ Rasulullah tersenyum dan dengan lembut menjawab: ”Engkau salah Aisyah,
yang habis adalah apa yang kita makan ini dan yang kekal adalah apa yang kita
sedekahkan.“ (HR. At-Tirmidzi)
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 UNDERSTANDING OF SADAQAH
Zakat Infaq Waqf
Rule Compulsory Compulsory/Voluntary Voluntary
Rate Fixed rate Any amount Any amount
Flexible expense categories. Donor Flexible expense categories. Donor can
Expense Categories 8 fixed expense categories
can decide decide
Spend Generally spend in 1 year Generally spend in 1 year Generally capitalized
Generally not invested – may be
Generally not invested – needs to
Investments discharged according to need & Invested in social or economic asset
be discharged as soon as possible
mandate
Shariah governance: Liability for payment is governed Donor must be sane, of age, male or
Any person can give
Liability by Shariah female
Mutawallee (trustee) Mutawallee not necessary Mutawallee not necessary Must appoint Mutawallee
May be done through Awqafiyyah
Document No document necessary No document necessary
(Donation Deed)
Always a continuous charity and
Sadaqah Jariyyah Generally not continues Generally not continues
continuous reward
Forms a capital base for Sustainable
Capital base Not a capital base Not a capital base
Community Development
May be applied to all, irrespective of May be applied to all, irrespective of
Beneficiaries Applied only to Muslims
creed creed
Once a year, generally paid in
Time for payment Can be paid in any time Can be paid in any time
Ramadhan
How payment is Can take the form of any asset – cash,
Generally paid in cash or stocks Can take the form of any asset
effected land, coins, jewelry 7
 SEDEKAH VS. RIBA

▪Allah memusnahkan riba dan menyuburkan sedekah. Dan Allah tidak menyukai
setiap orang yang tetap dalam kekafiran, dan selalu berbuat dosa (QS. Al
Baqarah [2]:276).
▪(Allah menghancurkan riba) dengan menguranginya dan melenyapkan
berkahnya (dan menyuburkan sedekah), maksudnya menambah dan
mengembangkannya serta melipatgandakan pahalanya. (Dan Allah tidak
menyukai setiap orang yang ingkar) yang menghalalkan riba (lagi banyak dosa),
artinya yang durhaka dengan memakan riba itu hingga akan menerima
hukuman-Nya (Tafsir Al-Jalalain, Al-Baqarah 2:276).
▪Dari Adh-Dhahak, dari Ibnu ‘Abbas RA berkata, “Allah menghancurkan riba
maksudnya adalah sedekah, jihad, haji, dan shalat dari pelaku riba tidak
diterima.” Sedangkan sedekah itu akan menyuburkan dan memberkahi harta di
dunia dan melipatgandakan pahala dan ganjaran di akhirat. 8
 THE ECONOMICS OF SADAQA
Sedekah dan Kepuasan Sosial
▪ Situasi A
AHMAD

SITUASI A SITUASI B
Jumlah Gelas 4 4
Jumlah Orang 1 4
Utilitas Total 25 10
Gap Utility 15 0

▪ Situasi B
AHMAD UMAR USMAN ALI

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 THE ECONOMICS OF SADAQA
Pengendalian Harga dan PPF

▪ Gambar Kiri: misalkan properti (dari status kepemilikan individual) dalam jumlah yang signifikan menjadi
lahan pertanian (berstatus wakaf) akan membuat kurva penawaran (suplai makanan pokok) bergeser ke
kanan. Pergeseran kurva (shift of the curve) ini disebabkan oleh selain harga. Dengan menganggap faktor
lain tetap (cateris paribus), maka harga equilibrium (beras) akan lebih rendah dari sebelumnya (E0 → E1).
▪ Gambar Kanan: misalnya, tanah-tanah yang menganggur (idle) diwakafkan untuk lahan pertanian. Selain
itu juga wakaf uang untuk pendirian pusat riset-riset yang akan menghasilkan teknologi tepat guna.
Keduanya akan menggeser PPF ke kanan menjadi PPF2. 10
 THE ROLES OF SADAQA

▪ Sadaqa provides positive sosio-economic impacts in micro level, as well as in macro level to
achieve improved wellbeing of individuals and the society. 11
 INTEGRATED ICF & ISF SYSTEM

Islamic financial system comprises of Islamic commercial financial system and Islamic social financial
system which are combined to form integrated Islamic commercial and social financial system. 12
 INFAQ CARACTERISTICS
▪ INFAQ is one of the unique Islamic economic & finance instruments which has various flexible
features and uses, such as:
▪ INFAQ is an instrument of ubudiyyah to gain ajr from Allah of individuals, as well as an
instrument of economy to improve distributed wellbeing of the ummah;
▪ INFAQ does not have requirements of haul and nisab. Some one could donate INFAQ as much
as he/she wish, and as frequent as he/she wish;
▪ INFAQ usually donated in the form of monetary or financial assets, but it could also be in the
form of other assets;
▪ INFAQ could be used as social instrument, such as cash transfer, free food, public kitchen, cash
for work, but INFAQ could also be used as empowerment instrument, such as Qardh financing
and Qardh Al-Hassan financing.
▪ INFAQ could be used to complement zakat programs, as well as waqf programs.
▪ INFAQ could be used for various social programs which could not be done by zakat programs
and waqf programs.
▪ ETC.

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 EXAMPLE ROLE OF INFAQ IN COVID-19
▪Infaq could be used to complement zakat immediately for consumptive zakat
program to provide mustahik with basic needs desperately needed by 60
million new mustahik affected by the Covid-19 outbreak.
▪Infaq could be used to complement zakat and waqf in other needs, such as
mask for vulnerables (non-muzakki).
▪Infaq could be used for cash for work program, food, etc. for vulnerable (non-
muzakki).
▪In longer term, infaq could be used to complement productive zakat providing
Qardh for mustahik to develop their micro businesses to be able to get out of
poverty and become self sufficient.
▪In longer term, infaq could also be used to complement the establishment of
productive waqf to cover initial operating costs needed, before it finally
generates profits.

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 CONCLUSION
▪ Islamic economic and finance (IEF) has two side of the coin, Islamic social finance (ISF) and
Islamic commercial finance (ICF), which has not been much discussed by Islamic economists,
academicians, practitioners or government, since the revival of Islamic economic and finance in
the early 1970s, so that the development of ISF has not been as advanced as Islamic
commercial finance, such as Islamic bank, takaful, sukuk, etc., even it has been largely ignored
and left underdeveloped.
▪ ISF with all its sadaqa instruments is an integrated part of IEF, which has great potential to
alleviate poverty, ensure sustainable economic and social development, achieve equitable
distribution of income and wealth and improve wellbeing of the society.
▪ Each ISF instrument, especially zakat, waqf and infaq, has unique characteristics and
complements each other in serving and solving problems of the community in the best way
possible.
▪ ISF ensures that the economy would always run, at least at a minimum speed, and helps ICF
and the economy to recover from the crisis.

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©Pivart, July 2018, Source: http://dreamstime.com/blue-mosque

Wallahu a’lam
ascarya@yahoo.com
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