Economy Syariah

I write this...b'ecause i've just to know about the Economic world especially on Syariah.. As you know, Since the global crisis has exploded in the world..many country have to thinking the solution..and one of the solution is Economy with Syariah asa well known...Syariah Economy. Many people asking for...what is economy with syariah?? what the functiion isthat?? what the basic principle and things in Syariah Economy ? How Syariah Economy is different from normal Economy ? now, I just want to share about Economy Syariah.. Syariah is the legal system framework for Muslims. It is divided to Ibadat and Muamalat. Ibadat governs the devotional aspect of law, the relationship between man and god. Muamalat means business transactions. It concerns the practicalities of a persons daily life, in context of man to man relationship.

Syariah economy is a part of Muamalat. The most significant principles of Muamalat is the prohibition of riba (interest) and gharar (speculation). The western economy is full with riba and gharar , for example conventional banks offer deposit and financing products based on interest and most futures and options are based on speculation.

The syariah system is the best banking system to create welfare and prosperity for the people as the system is applied on the basis of togetherness/cooperation.

Syariah banking had grown in prominence recently, because it relied on the principles of fairness and working together, where as traditional, western, forms of banking were overly centre on the profit motive where “money seeks money”. Syariah banking in contrast was based not on money but on trade in goods and that both the customers and the banks shared the risks of transactions equally. It also enabled poor people and small businesses to participate in the banking sector because little or no collateral was required.

He added that a number of banks in non-Muslim countries had provided syariah compliant banking facilities, including the United Kingdom and Hong Kong. This had happened to the point where syariah banking could no longer be considered the exclusive preserve of the Islamic religion:

Syariah is no longer a monopoly of Islam.