Economic

If the question "Is there a difference between Islamic banks with conventional banks" submitted to the Muslims, the dominant response that was met was "no different from the same alias. This occurs because the activity or practice in the field mostly run by Islamic banks tend to match and direct it toward an answer. This paper tries to describe the analysis of issues related to sharia compliant Islamic Banking has swept over this.

Can not be denied that the Islamic Bank itself is a profit-oriented businesses, but in accordance with the principles of Islamic economy that a business must be in accordance with Islamic guidelines and consider the life of the world and the hereafter in a balanced way. Need to be reminded of one of the main differences between the Islamic Economic system with the conventional economic system is replaced with a system of instruments for interest rate and loss results (profit and loss sharing). This has of course also characterizes the differences with other Islamic Bank.

Things that make incessant accusations that the Islamic Banking Islamic labeled it only while it is like a big proportion of conventional financing or bai bitsaman murabaha based ajil fixed margin, and deviations made in implementing Bank Syariah selling this covenant. Data so far indicate that the proportion of murabaha akad approximately 60-70% over the amount of financing provided by Bank Syariah (Islamic Banking and both BMT). This situation is not only plagued the Islamic Banking in Indonesia but also in Malaysia and the countries of the Middle East.

In fiqh, there is no rule against murabaha if done in accordance with the terms and rukunnya. However, in practice in some Islamic Banking irregularities committed. The first example, the determination of margin / mark-up entirely conducted by the Bank Syariah. Unilateral determination is not allowed because the akadnya must have transparency and fairness between the seller (Bank Syariah) and buyers (customers). Islamic Banking is the fair should be informed about the cost of goods and variables that determine the profit margin for later offered to customers. The process of openness and bargaining is what eventually led to his willingness to both parties that it is different from conventional loans.

Usually customers are going to compare with the equivalent level of margin percent interest rate on the loan. Here, the Bank of Sharia should be careful in explaining this important issue, do not directly mention the equivalent rate, but the process must be explained first. Once again the process of determining margin above can help, because the margins on offer Islamic Banking from the real costs and should not be above the interest rate determined immediately (not real) by a conventional bank. Customers will certainly understand and recognize the difference between the covenant and the covenant syar'i syar'i not.

Second, most Islamic Banking does not give the goods to the customers, but giving money to customers as a representative to purchase the required goods. This certainly deviate from the rules of fiqh, because there are two transactions in one covenant that is wakalah and murabaha. In addition, with such transactions may be customers do fraud with funds provided by the Bank Syariah. To overcome this, Islamic Banking is expected to have a special network of distributors of goods the customer needs or even have their own sort of effort that provides goods for akad murabaha.

This process had to be a bit forced because as a medium of education and socialization. Sharia Bank employees should have the competence and patience in carrying out aspects of sharia compliance. Role of Sharia Supervisory Board (SSB) is also very necessary to control the Islamic bank's performance, especially related to sharia compílance. During this DPS problem lies in the professionalism, so expect management board or the Islamic Banking can provide incentives in the form of salary or a reasonable fee to DPS to work professionally and optimized.

Regarding the dominance of murabaha financing must also be addressed by the Bank Syariah. In accordance with the principles of Islamic economy is based on the results of the system is supposed Islamic Banking products are berakad more Mudaraba or Musharaka. Bank Syariah chose murabaha more because the stakes are small and provide certain benefits (fixed return) Mudharabah Akad which heralded by the Bank Syariah rarely done in the financing transaction. Besides having a high risk and cost of agency costs due to the emergence of Asymetric Information, the Islamic Bank also argued that customers do not want to and not ready to use the system for the results.

There are several things to note about this Mudharabah akad. First, if we look mudaraba practices in the field, then the covenant will not be seen purely as a akadnya mudaraba is a modified mudaraba musharaka for capital comes from two sides, Islamic Banking and customers. Although in terms of management, Bank Syariah not interfere. This happens because the Bank Syariah just want to give financing to businesses that have been running for a certain period of time.

Second, the financing division of the return was not based on profit-sharing system and the loss (profit and loss sharing) but using the system for revenue (revenue sharing). This system was chosen because Sharia Banks dare not fully share the risk or loss (loss / risk sharing) capital in full. Finally, the benefits to be provided by the customer turned out to have been estimated (defined in advance) by Bank Syariah because customers are not able to make financial reports to calculate the loss labaatau business.

Departure from the reality of the above, then the Bank should put more emphasis on Islamic Musharaka financing because it is more in accordance with Indonesia's economic situation today. Musharaka do require that the Islamic Bank for the costs involved in the management of projects dibiayainya, but it is more realistic and would be more beneficial to the system for long-term results both from the profit and Islamic aspects. For the division of return, it was time for Islamic Banking is not only safe course, the principle of sharing should be applied fairly. This could begin with a community assistance with joint responsibility that has been done on community mores Indonesia.

Islamic Banking program may be modeled after the Grameen Bank in Bangladesh that has been successfully running this system. Fellow members of the finance group can help each other and to bear when one of its members having business difficulties. In this way, the system can result in a genuine and do not need to specify in advance the estimated profit, because there is mutual trust between the Bank Syariah with customers and between members of the group itself. What needs to be addressed is the problem of moral disease which during the public descend through increased spiritual aspect and a good example. One reason why the proportion of customer financing is dominated is to know the characters from the customer before the akad financed with revenue sharing. The reason this is logical, but if used too long it will be a boomerang for the Bank Syariah. In fact after a long operation, the portion of murabaha financing does not decline significantly.

From the results of several studies indicate that the system for optimum results applied in developed countries and not optimally applied in developing countries. But Sharia Bank should conduct a breakthrough and breakthrough innovations to argue that research results. Although sharia compliant Islamic Banking in Malaysia and the Middle East - which first experienced a resurgence of Islamic Economics - no better than Islamic Bank in Indonesia, but Islamic Banking in Indonesia as the largest Muslim country in the world to provide differentiation and repositioning as do a fair Financial Institutions and economic empowerment of the people. If not immediately fix the aspect of compliance syariahnya, it is not wrong if there are allegations that the Islamic Banking and Islamic guise only selling a mere religion. Such situation will lead to mission efforts in this economic impasse and the loss was a matter of time. Bisshawaab Allaah knows best.

Observing the reality of the development of sharia banks in Indonesia today, the increasing competitiveness of Islamic banks is very urgent to be implemented. Secara objektif harus diakui bahwa bank syariah masih kalah bersaing dibandingkan dengan bank konvensional, sehingga diperlukan strategi bersaing yang tepat untuk meraih keunggulan kompetitif dalam industri perbankan nasional. In this case, the strength of competitiveness is crucial for the success or failure of a company in a particular industry. Rather than supporting the economic development of nations, if it continues to operate with low competitiveness of the existence of Islamic banks will be threatened by the map of banking competition is getting tighter. The development and current competitive conditions suggests the need for an accelerated program for Islamic banks are able to catch up on the conventional banks. There are three fundamental factors of the most influential in terms of infrastructure that must be addressed, namely:

First, limited office network that blocks access to Islamic banking clients. Service network owned Islamic banking system is still limited, the lack of coverage of these operations in turn will become a significant obstacle for the users of Islamic banking services and reduce the level of comfort and satisfaction of using Islamic banking services.

Office network expansion should be done in order to reach all layers of society, so the reason for the territory dhorurot no syariahnya banks can be minimized. Especially when the main focus is the distribution of Islamic banking capital to the SME sector that in fact require broad access to reach them. Islamic banking network expansion is not necessarily with offices opening a new branch, because it requires huge capital. Sharia banks have to be creative and innovative in making new breakthroughs in order to reach the wider community services to remote-corners. Options ways used by Islamic banks to extend their networks depends on the needs and abilities of the bank itself.

Several alternative strategies that could be considered Islamic banks such as: optimization of application services Office Channeling, with examples of a wide range of BNI, BRI Units or spread to rural areas; synergy among Islamic banks through savings and ATM products with special sharia banks; strategic alliances with other companies, such as mortgage insurance, as well as by BMI (Shar-e card) with PT. Pos Indonesia; symbiotic mutualism with other agencies, for example by hand or PTAIN Indonesia PTAIS a KTM in the making and opened outlets in college; considering a merger or acquisition policy between banks as one of efficiency and effectiveness of strategies to expand sharia banking network.

Second, Insani Resources. Recommendations based on data from DSN-MUI has found hundreds of financial institutions and businesses with thousands of Islamic sharia service office in Indonesia. Become common knowledge, however, that the rate of growth does not follow sharia business with the provision of adequate human resources. The situation is not balanced it would make sharia banks are having difficulty in doing professionalism in serving customers. Based on recent data, the characteristics of scholarly resources sharia banks dominated conventional science from ex-employees of conventional banks. This makes conventional strong tendency in the development of sharia banks.

To overcome this gap, it should be stressed to the Islamic banks to build a serious commitment to human resource issues. Recruitment or human resources management at the Syariah Business Unit is often hampered by the parent bank's policy, where implementation of the recruitment or human resource management is done by the parent bank centralization, especially many events at which banks make dual banking from conventional HR rotation to sharia. Rotation is carried out by the bank management is not accompanied by adequate debriefing, which led to the impression of sharia banks were no different from conventional banks. Islamic banking as a principal, has the responsibility of the bankers in developing Islamic banking system that really fit with the concept of sharia muamalah. Human Resources Development in the Islamic banking sector is very urgent because of the success of the development of sharia banks at the micro level is determined by the quality of management and the level of knowledge and skills of bank managers.

Bank Syariah must meet human resources that have extensive knowledge in the field of banking, understanding the implementation of sharia principles in banking practices, and has a strong commitment to implement it. Existing obstacles must be eliminated through the recruitment and selection of appropriate human resources competence requirements of sharia banks, by the way: Training and Human Resource Development needs to adjust to the ideal fulfillment of human resources for Islamic Banking; Evaluation and Job Design; Compensation, Senior Career, Succession Planning, etc. . Ideally, HR Profile Sharia Banking may be exemplified as follows: The formal education S1 or S2 of Islamic finance and economics university in the country or abroad; Mastering the soft and hard competency Islamic Banker; Paradigm Sharia. This qualification is very important because with a clear input of competence is professionalism Sharia bank office services will be improved and not with half-hearted and not just a 'cosmetic' alone.

To further facilitate efforts to improve human resource competency standards, Islamic banks can establish cooperation with the college education of Islamic Economics. This synergy and also to provide solutions that curriculum constraints and implementation challenges and match academic links to the Islamic banking industry. Furthermore, the BI and the DSN-MUI as the supreme authority can work together to establish human resource certification sharia banks. Standardization is very important to avoid differences in services, while increasing the asset so that it can compete with conventional banking resources. One also added Special Training for Accounts Officer (Finance) and Customer Service Officer to achieve service excellence.

Third, support of adequate information technology is absolutely required by Islamic banks to serve and provide convenience for customers. Without the help of IT (Information Technology) is a sophisticated, Islamic banks will be left behind the times and customers. Tendency bank customers today are choosing a bank that is already online and have extensive ATM network and the complete features. In this era of sophisticated telecommunications, IT controlled banks will win the competition in capturing customers. Therefore, the necessary IT systems are up to date in accordance with the will of the customer and the characteristics of Islamic banks.

The problem, however, banking technology is very complex, expensive and almost all affected parties outside the bank, including from overseas vendors. It was very burdensome Islamic banks which have relatively low IT spending. Ends with this condition, Islamic banking services will become expensive and the customers who will receive the effects. Therefore, BI is expected to endorse the proposal from the National Bank team (Perbanas) which has developed a scheme called Indonesian Banking Architecture Technology (ATPI). ATPI is considered to improve the bargaining position of the vendor because the bank allows banks to share technological resources. In ATPI, banks can collaborate using information technology resources to achieve compliance requirements (compliance). At the same time, they still compete through a variety of products and services.

One implication of this is the formation of ATPI cooperation model with the pattern of "shared-services" in which a few large banks can share technological resources it has to go serve the needs of other banks. Thus, a bank, including BPR can provide a service of technology based banking services to their customers by using resources from other banks or vendors of information technology solutions provider. Working together to share ATM networks such as ATM BCA, ATM or any ATM Prima Joint can be an example.

Islamic banks should also take advantage of the convenience provided by the ATPI is willing to share with conventional banks which are relatively more advanced technology or to unite all Islamic banks for later 'joint venture' to use IT services together. IT is used by Islamic banks themselves must meet the criteria of standardized, compatible and in accordance with bank products sharia (free of interest calculation) and in accordance with the regulations of Bank Indonesia and the MUI.

If the three fundamental factors that most influence on the development of sharia banking infrastructure has been fulfilled and done optimally, it is expected that Islamic banks can assist in the intermediation function.

If traced in depth, proved the existence of SMEs supported by the flexibility of their respective fields of business, whether starting from a small capital, simplicity of technology, limited human resources in quality and quantity, as well as the limited market. Such characteristics are also supported with a high morale to maintain self-esteem.

Most businesses SMEs in Indonesia that have shaped its own characteristics in accordance with the reality of the Indonesian economy. They run businesses can stand on their own feet and be independent without having a group or under other corporate groups. Most production is not a service but the goods using relatively low technology. The orientation focused on the local market so that any location in rural or suburban. Their capital is also limited, and that certainly was a very difficult business to get loans or financing from banks, in other words unbankable category.

While occupying the foundations of economic structures and Indonesia became the driving force of economic development, but received capital support MSMEs are still minimal. In such circumstances, financial assistance, technology, and management for the development of their institutional capacity is needed. One unique thing that currently found in the MSMEs is their commitment and concern for morality. At the time of the big businessmen and tycoons busy-busy doing all kinds of business crimes that violate the law, people working in the field of MSME clung to business ethics and morality. By looking at the contribution of SMEs and the urgency of the nation's economic development, so it's natural to sharia banking industry reorientation to focus on the real sector by empowering the SME entrepreneurs.

The role of Islamic banking in the real sector development can be seen from the scheme developed in the Islamic bank financing, but in the real contributions donated by Islamic banks through his duties as a financial intermediary institutions. Viewed from the financing scheme that was developed, only Islamic banks to channel funding to the real sector. Business dynamics that occur in the real sector will be reflected directly in Islamic banking activities. In channeling financing, Islamic banks use the akad-akad which is always associated with the real sector and financial sector growth simply follow the growth of real sector.

Financing with akad murabaha, greetings, and can only be channeled ijara if there is a good or service (real sector) that are funded. Even with the covenant Musharaka financing / mudaraba, not only channeled to finance the real sector, but also made perfect correlation between the cost of capital with return on capital. This is obviously very different from a lot of conventional banks are not disbursing credit to the real sector, namely to speculation in financial markets. Islamic banks are not based banking financial sector as conventional banks. Instead, Islamic banks are based banking real sector.

Most conventional bank funds are not having an impact on the growth of real sector since bought SBI (Bank Indonesia Certificate) to obtain revenue without the risk of interest rates. What's worse, a large number of conventional bank loans used for speculation in financial markets, or at least can be said, are not used to encourage the growth of real sector.

Islamic Banking Services for SMEs
Some things that can be provided by Islamic Bank for SMEs, to do with the achievement of targets and the vision above, among others: First, extensive alternative products with the result as the main product. Products with a system of profit and loss sharing partnership is appropriate paradigmatic to empower MSMEs. Second, business management based on moral and transactions in accordance with Islamic principles. This Keungggulan matched to the characteristics of people engaged in the MSMEs, who want to stick firmly to business ethics and morality. Third, manage and have access to funds in the voluntary sector. This is in accordance with the commitment of Islamic Banking concerned with the development of SMEs as part of poverty alleviation through economic instruments of Islam (Zakat, infak, Sadaqah, Endowments).

Is applicable, the concept of the above services can be implemented by the Bank Syariah through strategic programs as follows: First, Islamic banks to give top priority to serve the financing of SMEs. Financing SME segment itself can be executed directly by the branch offices of banks or do Channeling sharia or joint financing with the BPRS and BMT through linkage programs. But according to World Bank findings, the most appropriate approach for SMEs is that Microfinance Institutions here Sharia bank linkage programs with LKMS be optimized to reach SMEs.

Islamic Bank Linkage Program with BMT. This partnership program is the most important step because the condition of SMEs (small-scale, limited collateral, no legal status, remote location, and the administration is weak) is very difficult to reach by the Bank Syariah (high costs, high risks, legal requirements, difficult to reach, and the difficulties business rate). Existence LKMS as BMT is indispensable as a mediation between the SME sector with the Bank Syariah. This is because the characteristics of the BMT is matched with the needs of SMEs, which provide savings services, financing, payments, deposits; focus to serve SMEs; using the procedures and mechanisms for contextual and flexible; and was in the midst of a small or rural communities. BMT as a representative of the Islamic Bank to channel financing has been mandated to him so that his own Islamic Bank need not fear taking a huge risk.

The second program, the pilot project as well as the development of SMEs empowerment scheme or sharia investment models for SMEs. With this pilot project, will appear a good example and proves that the Islamic financing scheme is very beneficial and equitable. Islamic Banking can also jump directly handle mudaraba and musharaka financing with joint responsibility. As a first step of the pilot project, Bank Syariah can work with BMT to declare the agenda of "one SME, one superior product". This can improve the competitiveness of SMEs and encourage them to continue to innovate. The project was conducted by mentoring and education, especially in the management aspects of shari'a schemes and paradigms for the system.

Furthermore, the Third, the Islamic Banking Program Human Care and Development Sector Voluntary Blueprint Sharia. Through the ability to access and manage the social funds, Bank Syariah should make the stages and strategic steps to optimize the potential of social funds and more capable memproduktifkannya. To raise funds, for example, Bank Syariah can mewacanakan issues of social philanthropy to its customers or perhaps even implement CSR (Corporate Social Responsibility). Through the development of products qardhul hasan, Bank Syariah can reduce the difficulties experienced by SMEs that experienced natural disasters or natural disaster. Grants, gifts, or free assistance in the form of equipment or business can be conducted insfratruktur as a manifestation of concern to the people of Islamic Banking.

Fourth, improving SMEs capacity building by providing technical assistance in the form of management assistance, SOP standardization, the use of IT systems, and marketing products. This increased effort may involve relevant departments of the cooperatives and SMEs, industry and trade, as well as PNM SOEs or even NGOs in their respective fields.

Closing
Poverty alleviation programs through the empowerment of SMEs who became one of the mission of Islamic banks today will not by itself make the community prosper, as long as there has been no effort to remove barriers simultaneously the source of problems in the development of small and micro businesses. Barriers should be eliminated in pelaksanakan efficiency, increase output quality, reduction of unemployment, increasing rural incomes, and reduce the gap between the rich and the poor. For that, the Government must be able to make policies that do not harm the perpetrator parties small and micro businesses in the attempt. Unfair regulation will cause reduced output, increased reliance on imports, reduction in export competitiveness, and pressing the lower income communities both rural and urban, so the development of small and micro businesses and social welfare in the area are difficult to materialize.

This classic is always questioned why the perpetrators of micro and small businesses can not grow is not the availability of funding sources (financial) as capital to run its business. Actually it is not enough funding to develop a business. If we look at periods of the previous government, how much funding assistance programs (financial) loans are disbursed in the form of government to develop a variety of businesses that do not bring results, but instead make efforts have run into bankruptcy because it is unable to compete in developing a business that is not can repay their loans. The main cause of the failure of these programs, is not running an equal partnership between the stakeholders involved in the program, in addition to other reasons.

Therefore, Bank Syariah should take lessons from programs that have been made in the past. Programs that have succeeded, can be taken advantage by the Bank of sharia by reducing the weaknesses that caused the end of the program. All stakeholders need to be aware of development, that is currently developing an economic system based on the values of the Islamic Sharia as an alternative to the system running right now. Prevailing economic system currently can not solve the perceived problems of distribution are not well balanced and widen the gap between the rich and the poor. Thus, in a development program for the public welfare, have also examined the concepts of Islamic economy as an alternative solution of the prevailing economic system so far.

However, the most important of all the above programs is the lack of awareness of Islamic Banking own party to be a friendly bank to MSMEs. For that to be realized in concrete terms, the commitment of sharia banking in microfinance development, particularly by ensuring the allocation of significant funds in the banking business-plan is for the micro entrepreneurs. Thus, can actually channeled through Islamic microfinance institutions have proven integrity and capability.

In 1998, Islamic banks proved able to survive when the economy was rocked by the financial crisis Indonesia. Now, the ability of Islamic banks survive re-tested it. Therefore, the Islamic banking industry players must implement a strategy to focus on maintaining the existence of order and can increase its position in the market situation is erratic.

Survive
Adopt survival strategies is a must for the management of Islamic banks in order to remain able to perform the intermediation function in time of crisis. This strategy includes the first, Consolidation Strategy. This strategy is applied through the protection and strengthening the competitive position of Islamic banks in the market. This does not mean only the silent witness management market dynamics and invasion of competitors. Management should focus on core competence, especially Islamic banks commitment to the implementation of sharia principles, the strength of capital structure, and the availability of third party funds. Awareness to meet the competencies will help to increase resources that provide competitive position better than the competition.

Second, cost advantages. Achievement rates of return for shareholders and depositors are higher than usual will make it easier to apply Sharia bank consolidation strategy above. The best way is to cut operational costs (service cost) incurred. Indeed Islamic bank's capital structure contains no debt so there is no fixed interest payments to depositors or other maal Shahibul. This gives a competitive advantage for Islamic banks compared to conventional banks because of pressures related to the management of risk taking and investment decisions will be slightly relaxed. Therefore, the managerial costs are relatively more manageable than the interest cost.

Third, mergers and acquisitions. Based on the experience of financial institutions and non-financial, this strategy is the most common strategy recommended. The merger will have a positive impact on economies of scale, the ability to compete and synergy Islamic banks. But there are few records that need to be considered, namely the merger of two weak banks that sharia will only result in an Islamic bank is not strong enough. Differences nature (source and use of funds, cost structure) between Islamic banks and conventional banks also have to be really considered if applied to two different types of banks.

Striking out
This strategy can be used by Islamic banks to take initiatives to maximize opportunities and minimize threats. First, market expansion. The global financial crisis will provide opportunities sharia bank is open enough to enter this market for less untouched. This market provides new customers from sectors such as SME financing, empowerment of women, and the funding needs for the local government budget. This will provide a golden opportunity for Islamic banks to win new sectors. Islamic banks can expand and diversify its financing activities through the establishment of funding a new branch offices or affiliated with a bank in that market segment has not been touched by this.

Second, Diversification Strategy. Islamic banks can issue new products or innovations to existing products, with the approval of Shariah Supervisory Board. This can be done simultaneously with the introduction of a new market segment. This strategy involves the movement of Islamic banks to the market by offering new products. Islamic banks can be penetrated the market by bringing new products to the financial industry, such as the establishment of and investment in Islamic insurance, Islamic mutual funds and other Islamic financial institutions. In addition, Islamic banks may be diversifying its investments outside the financial sector through direct investment into the real sector such as manufacturing plants, hospitals, and other industrial companies.

Third, Dynamic Leadership. The crisis also forced the bank's sharia automatically change the target depth and structural. Therefore, the leadership of Islamic banks are required to take actions that are responsive, intelligent, and quite flexible. Unique character and leadership will be strong determinants of success or failure of implementation strategies that have been prepared. The top managers should be able to control the operational activities of Islamic banks are stable through the storm crisis. Managers of Islamic banks today challenged to be more willing to take strategic decisions as a form of response to urgent situations. The young managers also may be given the opportunity to escort the Islamic banks and try to do a variety of new and innovative breakthroughs.

The combination of business on the orientation is expected to create a national Islamic banking industry into compliance with the crisis phenomenon. An integrated manner is a major issue of these strategies. Cooperation among Islamic banks would have a significant role in reducing the ill effects of the global financial crisis. This strategy is also meant to build awareness to help one another in goodness (ta'awanu 'ala al-Birri) and strengthen brotherhood among Muslims (Ukhuwah Islamiyah). A comprehensive strategy to unify our Islamic banking industry in the vanguard.

However, the development of Islamic Economic science is itself not yet balanced. On the one hand, although in some deviations in the practice Islamic Economic development institutions rapidly. While on the other hand, excavation Economic theories of Islam is less and making relatively slow progress. This situation is certainly a challenge and an opportunity for the existence of Islamic Economic science today and in the future perkembangnnya.

Driven by a kind of background above, this paper seeks to identify opportunities and challenges of Islamic Economics to do science as a counter to conventional economics. While providing a strategy to determine the next steps in the development of the science of Islamic Economics.

Some Opportunities and Challenges
One of the biggest challenges in the development of Islamic Economic science came from the Muslim community itself. The challenge is feeling "insecure" or insecurity in the face of the West in this case conventional economics. Muslim economists Kekurangpercayaan myself this must be removed by the mastery of language, culture, science and conventional economic theory. Having mastered this, the Muslims' sense of inferiority can be overcome and the development of Islamic economy will be more elegant appearance. It is precisely from here can be seen, that science aims to overthrow the Islamic economy and restore the superiority of Western self-confidence of Muslims.

Islamic Economics and conventional economics has a difference in the moment of birth and development history. Conventional economics paradigm of positivism and secularism emerged in the middle of the expansion of Western imperialism. Until the end of this science is now used as a tool of legitimacy for penjajajahan and covert oppression through what is often referred to as globalization. In contrast, the science of Islamic Economics reborn as a noble effort to liberate the Muslim nations from the cruelty of an oppressive economic colonization. Based on the comparison of age, no one if the development of the science of Islamic Economics is still too early and searched for their raw form. This is reasonable because it was the age of science a few centuries of Islam Economy younger than conventional economics.

Actually, conventional economics does not take a neutral position, but more dominated by a paradigm that reflects the structure of Western consciousness shaped by modern civilization. Meanwhile, the science of Islamic economy was closer to the neutral position because it did not go after power and wanted the sides of the generosity and equality.

Muslims who categorically accept conventional economics will experience a variety of abuses such as the economic distortions from realistic positions, deprived of its economic roots, and depends on other nation's economy. By using the science of Islamic Economics, the danger of fraud that can be removed. A relatively new science develops it will protect Muslims from isolation and put the economy into a more realistic position.

With value-free based or value free, turned out to reviewers in conventional economics have to keep distance from the object studied. This Brief is a requirement of objectivity and neutrality heralded by Western economists. But really this is only used to hide his lust exploitation of existing resources. In contrast to the Qur'anic values, economists can be more closely Muslims and pro terhadp object it studies. This makes the science of Islamic Economics cleaner, objective, and neutral.

It is true that Islamic economics save huge potential for human prosperity. But economists did not rule out more Muslims to see what was in him than what is in reality. This can be caused mererka slipped into the rhetoric or fanaticism and economics of conventional attack blindly. In these circumstances, the science of Islamic economy will be used to make "intellectual revenge". But awareness and originality can prevent Muslim economist from the danger of slippage into the above.

Closing
From the above, there are at least three things that can be done strategically in order to arrange the next steps for the development of the science of Islamic Economics in the future. First, the revitalization of the old tradition that includes the Qur'an and Hadith and Muslims thought the classical economists. Al-Quran and Hadith are the main source of reasonable doubt to the science of Islamic Economics. So, too, could not be denied that long before there was Adam Smith, Keynes, Friedman, and other Western economists, have many ideas of Islamic Economic science born of such classics scholar Abu Ubaid, Abu Yusuf, al-Ghazali. Ibn Khaldun, Ibn Taymiyya, and so on. This long tradition should not necessarily be left in the development of the science of Islamic Economics.

Second, Renewal and development of a long tradition. Old tradition mentioned earlier certainly have a different context by the fact that we experience today. Therefore, the necessary adjustments to be relevant to the conditions that surround us here and now. It certainly made the adjustment should be within the framework of Shari'ah maqasidus. Third, Penyikapan of conventional economics. This action is also intended to contribute to the development of the science of Islamic Economics. The attitude is not called a reactionary and did not oppose a progressive scientific thought in the West. This is intended to create the foundations of economic science in Islam is strong scientific perspective. Here must be able to distinguish between good and bad. Of course keep in mind the phrase "do not accept everything and do not reject it".

Secularism is an idea that seeks to separate religion from human life. Thus science was not spared from this secularization efforts. Source of truth is only a mere knowledge that ultimately control their own people, while the revelation of God is no longer used as a guide of life. This has resulted in the destruction of human life and cause a lot of inequality. This situation encouraged the Islamic intellectuals deconstruct rollicking "disability" in the conventional economy, to then proceed with trying to bid or a responsible solution through Islam. With the source of the religion which is believed to provide guidance and perfect life in accordance with the development of this era, then it is proper Islamic Economic science serves as an answer to the economic reality that has hegemony of capitalism.

Economic science definition of Islam by Muslim intellectuals agreed that the science of Islamic Economics is economics in accordance with Islamic sharia, and if so will arise the question what schools used, its interpretation belongs, and the like questions. The author will not discuss the issue, because the different economics science discussion of fiqh and it will not bear an intellectual answer. According to the authors, the science of Islamic Economics standing on the typical paradigm. Paradigm that includes the Qur'an and Sunnah and its derivatives causes combined with the rationality and empirical research continues to move dynamically from text to context or otherwise from the context to the text. Paradigm, of course, must be in the corridor maqashidus sharia.

Concerning the epistemological paradigm or the basis of Islamic Economics is clear and we do not need to doubt it anymore. But there are difficulties experienced when we tried to formulate a theory of Islamic Economics. This has often been criticized, that why if the paradigm with the economic assumptions that are different but still the same theory. This is certainly reasonable, not merely an apology, because the new science of Islamic Economics begun to pick up again the last few years, whereas conventional economics has been and continues to grow several centuries ago to the present. Obviously this can be a challenge and an opportunity for young intellectuals.

Interestingly, even Kuntowijoyo encouraging that Muslim scholars are not inferior (not inferior) to say unscientific, because the size of objective scientific positivism secular sciences has obviously failed. Of course we agree with the suggestion that because we are building a foundation of knowledge and even a better civilization in the midst of Western hegemony. After all, Western civilization itself is the representative of the of the heyday of the Islamic and Western scientists are also many who take the thinking of Muslim scholars such as Ibn Rushd, Al-Ghazalli, Ibn Sina, Abu Yusuf, Ibn Khaldun, Ibn Taymiyyah and others. Finally, the future of Islamic Economics, of course, depends on the struggle and hard work of Muslim intellectuals who never gave up.

Most important examples of the derivative paradigm of Islamic Economics is the science of economics of the system free of riba, or interest rate instruments are replaced by exploitative sharecropping system. We can illustrate in a simple way: When we borrow loans from banks, in accordance with the agreement, we must pay principal and interest on the loan when due. Interest is charged as a percentage ribawi is set at the beginning, not our business whether for profit or suffer losses. Unlike the profit-sharing system, which must be paid the principal plus a number of results, if our efforts make a profit and if we experience a loss of business, then the losses will be borne jointly in accordance with the percentage of time akad. Therefore called for the results and the loss (profit and loss sharing) where Shahibul Maal (lender) and mudarib (debtors) are both sharing the risk in accordance with the real conditions experienced.

Turning to the empirical region, Islamic Economics has a real contribution, ranging from the establishment of Islamic Economics courses at several universities as a project pencerdasan people, until the emergence of BMT, Islamic banks, Islamic insurance, mortgage sharia, Islamic mutual funds, Islamic bonds, the market Islamic capital as an effort to improve the economic standard of the people as well as a counter to capitalism. That way, we can see the prophetic spirit in the body or prophetic knowledge of Islamic Economics. Soon to humanization, human awareness about the dangers of hegemony of conventional economics that gave birth to various forms of social pathology; to liberation - to offer the science of Islamic Economics as an effort to transform people into transcendence - present keilahiahan values, as the spirit of reality with text integralisasi (revelation). This task is one attempt to make the movement of social transformation and process requiring a long time. Muslims are supposed to give an appreciation of this noble effort. Efforts to shift the ideological consciousness of the people toward the science of consciousness.

Thus, Islamic Economics has a different task with conventional economics. Duties in addition to studying the reality of the behavior of economic agents, both domestic producers, domestic consumers, and governments, also must formulate the concept of ideal behavior according to Islamic teachings should be made by economic agents, as well as its effects are possible for the economy. Concretely, this science in addition to explaining the variables involved, which may cause a discrepancy between the real behavior with the ideal behavior also served recommend appropriate strategies to guide the behavior of economic agents to the ideal behavior can be realized (Chapra, 2000, pp 127-128 ).

Philosophy of Science
Ontology deals with the nature of what is studied, or in other words, ontology is the science of being qua being. Methodology of science can not be separated from the human perspective view of the world (worldview), among others, a view of where the origin of the universe, what meaning and purpose of human life, such as what rights and responsibilities of individuals and communities against one another (Chapra , 2001, p. 12).

Epistemology is about how the body of knowledge developed. In other words, discuss the scope and limits of science. The question that must be answered: Where the source of knowledge? What is the nature of science? How to verify the truth?. Truth revelation dogmatic and absolute, so the role of revelation in the search for truth is very important. However, we are required to place the truth of rational and empirical facts within the framework of Islam as a whole. In fact, Islam regards the position of reasonable importance, to the point that God's wrath against those who do not want to use reason (10:100). There are two main approaches used to develop the science of Islamic Economics deductive and inductive. Deductive approach begins with extracting the essence of Islamic teachings into elements of Islamic economic theory. Inductive approach, in contrast, begins by describing the real behavior of economic agents and the interactions between them in the economy.

Verificationism is a view which says that an idea can be said right when he discovered evidence that could support the idea. Falsificationism is a view which says that an idea can be said right when he did not find evidence that could refute the idea. Falsificationism versus verificationism debate so far is still going on among Western economists. Economic experts discuss Islam is not a lot of this debate because they are only at the level of empiricism. Meanwhile, epistemology in Islamic economics are even more extensive, including concepts or ideas that are non-empirical (eg, about God, afterlife, etc.). Masudul Alam Choudhury (1998), explained that Islamic economic approach to using the methodology shuratic individual process is replaced by a consensus of experts and market participants in creating a balance of economic and market behavior. Individualism which is the basic idea of conventional economics can no longer survive, because it ignores the right of distribution, so that created a gulf between the rich and the poor.

A science is said to be positive when discussing something at the level of what it is (what is), and normative when discussing something at the level of what should be (ought to). In accordance with his duties, Islamic economics is not limited solely as a positive science or normative nature. Restricted Islamic economics as a purely positive science or normative is unnecessary and unproductive. Any attempt to limit the positive aspects and normative in the end would be bad, in terms of causing birth and growth of secularism in the science of Islamic Economics (Mannan, 1997, p. 9-13).

Axiology discuss the purpose of organized science, or in other words, to what science has been developed that will be used. The purpose of Islamic economics is to achieve Falah, or the happiness of the world hereafter. For the life of the world, Falah contains three terms: survival, freedom from poverty, and strength and honor. For the life hereafter, Falah contains three terms: the eternal survival, welfare immortal, eternal glory, and knowledge that is free from all ignorance.

Position and Development
Some authors express different views about the relationship of Islamic economics and conventional economics. Some places of Islamic economics is de novo, as part of Islamic science as a whole. Some places of Islamic economics at par with conventional economics, as part of the overall economics. Although related, but not Islamic Economics muamalah fiqh. Muamalah fiqh is knowledge of Islamic rules that are practical in the economic field (civil) and the arguments associated with these rules. Islamic economics has three functions relationship with fiqh muamalah: [1] a different function with fiqh muamalah, [2] the same function with fiqh muamalah, [3] Function that supports muamalah fiqh.

Knowledge of the history of the Muslim economy is very useful for the development of Islamic economics. However, what has been done by predecessors Muslims should not be interpreted as an ideal guide for an Islamic economy (except for what is epitomized in the Prophet Prophethood). Many Muslim thinkers have valuable contributions that directly or indirectly affect the development of modern economics. This, again expressed need in order to raise awareness and pride of the Islamic civilization Muslims will. However, these contributions must be examined critically and objectively, and should not be accepted for granted just because it is done by a Muslim.

One of the drawbacks of conventional economics is the absence of a clear relationship between the objectives of macroeconomic and microeconomic. Islamic Economics is also trying to overcome this weakness by building the foundation for macroeconomic micro. However, these efforts have not completely fulfilled, the Islamic microeconomics is still groping in the new surface and discuss some key concepts, such as about self-interest, social interests, individual ownership, individual preferences, market mechanisms, competition, profit, utility and rationality. These concepts in a language similar to that of conventional economic dikemukan tends to give the impression that there is no difference, but in fact the foundation philosophy of the Islamic world view has given meaning and a different significance.

On the theoretical ground, there are some subjects of microeconomics that has become a study from the perspective of Islamic economics, among others:
1. Rationality Assumptions in Islamic Economics
- Expansion of the concept of rationality through transitivity requirements and the influence infak (alms) to the utility.
- Expanding the spectrum of utility by the Islamic values of halal and haram
- Loosening of the requirements of continuity, such as illicit goods demand emergency.
- Expanding the time horizon (as opposed to the concept of time value of money)

2. Demand Theory Islami
- Increased utility between lawful and unlawful goods.
- Corner Solution for halal-haram choice.
- Request for illicit goods in an emergency (not optimal)

3. Islamic Consumption Theory
- Consumption in Islamic Interporal
- Usury inverse relationship with the charity
- Inverse relationship with the savings ratio of final consumption
- Investment Savings

4. Islamic Production Theory
- Comparison of the effects of interest and for the results of the cost of production, income, and production efficiency.

5. Theory Offer Islami
- Comparison of the influence of the sales tax and commercial due to producer surplus.
- Internalisasi External Costs.
- Application Fee Compensation, the size limit, or recycling.

6. Islamic Market Mechanism
- The market mechanism according to Abu Yusuf, al-Ghazaly, Ibn Taymiyyah, Ibn Khaldun.
- The market mechanism Islami and Islami price intervention.
- Intervention price fair and unjust (version by Ibn Taymiyyah).

7. Market distortions Islamic perspective
- Distortion Demand and supply (Ba'i Najasy, Ikhtikar)
- Tadlis / fraud and Taghrir / uncertainty (quantity, quality, price, time)

8. Efficiency Allocation and Income Distribution
- Infak and utility maximization
- Superiority of the Islamic economic system

Discourse of microeconomics is still fundamentally flawed because it is often adopted from the model used in conventional economics that is not always consistent with the assumption paradigmatiknya. Moreover, empirical testing of these models is not possible now because of the lack of an economy that is truly Islamic or approach, and also the unavailability of data required for the test. Very few studies that show how the Muslim economic activity operates in the ancient times. In fact, empirical studies of modern Muslim societies in Muslim countries and non-Muslims from an Islamic perspective is also very rare.

However, this does not mean reducing the interest and enthusiasm we develop the science of Islamic Economics. Framework which has terintis hypothesis can serve as a useful purpose in providing a theoretical structure for the science of Islamic Economics and identify the strengths and weaknesses of an Islamic economy, when later it was already practiced in some countries. Only by developing appropriate microeconomic paradigm that will strengthen Islam is the unique identity of Islamic Economics. Therefore, "Construction of microeconomic theory under Islamic restrictions is the most challenging task in front of the science of Islamic Economics".

As we all know, conventional financial theory based arguments justifying the existence of interest (interest) through the concept of time value of money (time value of money). In the Islamic economy, the validity of this concept has been disproved his argument with the prohibition of usury in Islam. Instead, the business activities of Islamic Economics always stressed to the mechanism for the system (profit and loss sharing). The concept of partnership is considered more appropriate and in accordance with the principles of justice are realistic.

In conventional economics, the definition often used to describe the sense time value of money is "A dollar today is worth more than a dollar in the future because a dollar today can be Invested to get a return" This understanding is certainly not accurate because each investment is always have the possibility to obtain positive results, negative, or no return. That is why in financial theory, always known risk-return relationship (in the direction of the relationship between risk and outcome). The higher the level of risk faced / borne, the greater the results you want / get, and vice versa.
According to the opinion of conventional economists, there are two things that became the foundation of the concept of time value of money, namely:

1. Presence of Inflation
Can dimisalkan: inlasi level say 10% per year. One can buy 10 bananas fried today with pay 10,000 when he bought it, but next year, with the same amount of money he only 10,000 can buy fried bananas 9. Therefore, he will ask for compensation for the loss of purchasing power of money due to inflation.

2. Preference present consumption to future consumption
Assumes zero inflation rate, so with 10,000 person can still buy 10 bananas fried today or next year. For most people, eating 10 fried bananas now more unpopular than consuming fried banana 10 next year. With this reason, although the zero inflation rate, preferably 10,000 and consumed today. Therefore, to postpone consumption, it requires compensation.

The first argument be refuted because it is incomplete condition. In every economy there is always a state of inflation and deflation. It should state the reason for the deflation becomes a negative time value of money. Say deflation rate 10% per year. Fried banana 10 days worth 10,000, but when he bought it with money next year as it can be fried plantain 11. Therefore, it would give compensation for the rising purchasing power of money due to deflation. But in reality this does not apply, only one state are accommodated by the time value of money.

Conventional Economics is also incorporated elements of uncertainty and call return as the discount rate of compensation which is more general than the term interest rate. The uncertainty of return is converted to a premium for certainty over uncertainty. Investment course there is always a possibility of getting positive returns, negative return, and no return. This is what caused uncertainty (uncertainty), but the probability of negative returns and no return is exchanged for something definite, premium for uncertainty.

This situation is rejected in the Islamic Economy, a condition al-ghunmu bi la ghurmi (Gaining responsible for return without any risk) and al-kharaj bi la dhaman (without income Gaining responsible for any expense). Actually, this situation is also rejected by the financial theory that explains the direction of the relationship between risk and return.

The same quantity of time for everybody, which is 24 hours a day, 7 days a week. But the value of time will vary from one person to than others. For example for a laborer working hour is worth 25.000, for financial managers to produce Rp.250.000, whereas for Islamic Economics expert Rp.2.500.000 appreciated.

So the factors that determine the value of time is how someone used the time. The more effective (efficiency) and efficient (right way), the higher the value of time. Effective and efficient will be profitable in the world for those who carry it out. Therefore, whoever the perpetrator, the benefit sunnatullah action in the world.

Moreover, in Islam you are looking for profits not only benefit the world but also in the hereafter. Therefore the use of time not only to effective and efficient, but he also must be based on the faith. Faith is what will bring benefits in the afterlife. Conversely, if the faith can not be profitable in the world, means that there are factors that have not obliged.

Risk of Economic and Business Fluctuations
State of an economy would fluctuate from one period to another period. A business activity would also be affected by the macroeconomic situation, which inevitably have to take into account the risk factor in business. Referring to the time value of money, conventional economics use the scale to measure the interest rate and inflation uncertainty factor. This is to mensiasati to a smaller degree of risk and obtain the desired level of profit.

Uncertainty in conventional economic thinking was based on two things. First, the uncertainty caused by several investment options with the level of risk and benefits of different expectations. Second, the uncertainty as a result of economic conditions uncertain and unpredictable. The situation is all this uncertainty is usually addressed by monetary policy through interest as the main instrument for controlling the money supply / tackle inflation.

Instrument system in anticipation of interest rate uncertainty in economic studies of Islam itself does not want its existence. However, a business activity would be influenced by macroeconomic factors of inflation. This is what makes the reasons given in addition to the value of money paid in credit by taking into account inflation. This additional money allowed for the value of the fixed and does not include usury. The amount of additive is not allowed to be determined at the start / predictable for long-term but should be in accordance with the reality that has happened.

Modern business finances are often filled with elements of speculation (gharar) and interest (usury). On the contrary, Islam was strictly prohibits these elements and using real analysis to calculate the level of benefits and risks of each business. Thus, possible benefits and disadvantages of different for the same loan amount. Islamic Economic Studies of the theory itself is still interest in micro-economic approach has not so deep and comprehensive in the areas of macroeconomic policy and monetary policy.

Sharing System as a Solution
In response to a disagreement with the theory of interest (time value of money), Economics of Islam offers a system of cooperation with the mechanism for the results (profit and loss sharing). A fairer system departs from the assumption that every effort always is the risk of both profit and loss so that both parties must be prepared to share and accept whatever happens is not just one side only of profit or loss.

In Islamic Financial Institutions, principles and mechanisms for the results applied to mudaraba and musharaka product. But unfortunately the main product of this proportion is still smaller than other products. This deficiency occurs because of socialization and understanding of public institutions has not run optimally. Public education is needed so that more information for the same perception of the institution and the community.

The idea and concept for a just outcome will be successful if executed with a consistent and professional. However, difficult to apply in the real world, because the face the uncertainty and inflation. These obstacles can be overcome with modifications as long as still within the framework of sharia. Through the Islamic system is more equitable, Islamic Financial Institutions still have a chance for economic pemberdayakan primarily on small business.

Potential Zakat as an instrument of poverty alleviation has been getting serious attention in the literature of Islamic Economics. But there is still little scope to examine the role of the state in the management of zakat. This issue just developed in recent years.

According to Usher, there are four motives that underlie the rich to share portions of their income or wealth with the poor, namely: altruism, self-protection, prevent crime, and maintain a liberal society. These motifs in economics is often categorized as an activity, including consumption of goods which have characteristics of public goods.

In Islam, altruism is the main reason for doing charity, which is a form of obedience to the commandment of God. This is done by paying zakat is given to the poor. A true Muslim will get satisfaction when able to improve the welfare of the poor. This achievement mainly driven by the spirit of brotherhood and humanity.

Mannan (1997), called zakat as how ¬-religious economic activity with the five essential elements. First, ¬ keper element of religious belief, in the sense that the war ¬ seo Muslims pay Zakat believed his actions as a manifestation of faith and obedience. Second, elements of equity and justice, which refers ¬ charity's purpose as a medium of redistribution of wealth. Third, the element of maturity and productivity, which emphasizes the time of payment until after one year, the normal size for a human to get income gusahakan ¬. Fourth, the element of freedom and reason, in the sense that the ¬-due obligations apply only to healthy human body and mind, who feels responsible to pay for the sake of themselves and the people. Fifth, the elements of ethics and fairness, which implies that the charity is reasonably drawn according to ability, without leaving a very difficult burden of paying the zakat.

Prophet said that poverty could plunge men into infidelity. In this modern context, infidelity as the impact of poverty can be extended means include crime, child abuse, pornography, prostitution, etc.. Thus becomes very reasonable for the state to intervene in the management of zakat.

Nisab specifications and the imposition of zakat object should be one of the process of poverty alleviation programs in Islam. This program will contribute significantly if operated with proper administrative mechanism. Well prove the existence of a strong gradual mechanism than as an instant political interests alone.

The argument about the importance of the state's role in managing the charity must include the economic rationale is equipped with non-economic reasons. Right now the foundation needed to strengthen the micro-economic approach to religion (fiqh) in terms of confidence that the management of state-due conducted in a responsible manner.

Some empirical evidence shows that the small potential criticism of zakat funds is not right. Even the data in the 1990s showed that the transfer of income to the poor in the U.S. state equivalent to 2.5% of their national income. Therefore, the necessary mapping of the relationship more transparent mechanism between the political system, economics, and finance.

Zakat has very important meaning in the teachings of Islam that every Muslim must be fulfilled. Government is obliged to encourage and facilitate the Muslims in such a way that the religious orders, including charity, can be implemented.

The implications of these above causes a strong effort from Muslim scholars, especially in the economic field and accounting for formulating economic and accounting system in accordance with the guidelines of Islamic Shariah.

Personal duty of every Muslim to hold the property records as well as debt and obligations actually contained in the Qur'an in various dimensions, it reflects the orderly administration which is a very important part in the life of a Muslim to allow a Muslim can easily fulfill their obligations like charity, debt settlement receivables, etc. estate calculations.

Therefore, standardization of financial accounting based on Islamic Sharia becomes an obsession that realistic for the community of scholars and business practitioners around the world although Muslims Muslims are not in a position of power and influence is significant in social life and political economy to the global size of even the recent It is facing a very severe test.

Development of a desire to realize the Islamic identity of the new business successfully realized in the form of appearance-based banking on Islamic guidance, while other business entities such as manufacturing, commerce and other services not specifically stated as a business entity Islam with all its consequences.

The emergence of Islamic banking has been rapidly pushing the need to standardize operational systems that will terrefleksi in the accounting system used As with the base in the reporting system to meet the different interest groups who need the information tsb. to measure the accountability and effectiveness of the management of economic resources which they will be mandated by the entity.

Tsb needs facilitated by the existence of accounting and auditing organization for Islamic financial institutions (Accounting and Auditing Organization for Islamic Financial Institution) is headquartered in Manama, Bahrain, and encompassing nearly all Islamic financial institutions, professional accounting organizations and central banks of countries that allow operation tsb islam.Lembaga financial institutions. has published accounting standards for Islamic financial institutions / banks which certainly is expected to be adopted by professional accounting organizations and the central bank organizers countries Islamic banks.

Approach in tsb.menggunakan accounting standard-setting International Accounting Standards as the primary basis of the standard needs assessment in accordance with Islamic banking operations in a practical way so that IAS will accept as long as not contrary to the sharia and automatically rejected if it is not in line with Islamic guidance with the consequences of creating a standard only in accordance with sharia.

The difference is quite fundamental philosophical between conventional banks with Islamic banking standards have implications for financial statement presentation given Sharia bank sharia bank functions include the functions of investment managers, investors, service providers and financial traffic and charity managers of social funds.

Another thing that is not less important is the concept used for the results so that the Islamic banks do not know the cost of funds or cost of funds as a deduction on interest income to produce a spread / margin before operating expenses reduced by. That is why the Islamic banks do not recognize the negative spread is due to the results to investors or depositors actually based the ratio of pre-agreed outcome of the investment management and banking business solely on the funds entrusted by the owners or depositors' funds in banks.

The relationship between the customer funds with the bank owner is the investor relations with fund managers so that they will be investing in Islamic banks accounting standards should be recorded as investment accounts (investment accounts) and not as an obligation or liabilities. While funds are deposited not only on the basis of the covenant, but on the basis mudaraba wadiah covenant will be recorded as a liability or liabilities, although the funds the bank they will have the right to invest and get results for separate bank profits without any obligation to give the results. However, banks should provide rewards for owners wadiah funds in accordance with bank policy prevalent even picked the right bank fund management burden tsb (administrative burden).

On the other hand the relationship with the recipient's bank is funding and business partnerships or relationships because of the debt receivable purchase and sale transactions (murabaha) which have not been resolved or paid respite.

In the Islamic view is not strictly relevant to separate the financial institutions and non-bank banks even though non-financial institution that is the thing that could happen if an Islamic financial institutions conducting activities in real estate investing such as developers or developers like or do trading in cash and / or good leasing, which ended with the transfer of rights or not.

Broadly speaking, the financial report display on the side of Islamic banks is characterized by the existence of assets account financing (financing) either in the form of bills of transactions or the shape of the bank's participation in the position of the covenant or musharaka mudaraba also of other productive assets in the form of leased assets or even inventory can be significant depending on the activities of Islamic banks tsb. On the liabilities side wadiah characterized the funds in the form of current account and in some specific countries also include savings accounts and unrestricted investment accounts of a deposit account with the akad mudaraba so not classified as liabilities in the sense of mandatory return under any circumstances.

Definition of unrestricted investment accounts are free to show the bank can make an investment as long as not contrary to the sharia was on the other side there is a restricted investment account that according to Sharia bank accounting standards are not recorded as part of the liabilities, but are recorded as off balance sheets with a special report disclosure form reports change position limited investment funds (compared with funds managed by BI and SKAPI version) are forms of investment are also not recorded as productive assets. In this case the bank and earn a fee or for the results.

The contents of the report Profit - Loss also reflects the function of the Islamic banks in the form of sales revenue (from murabaha) for the results (of mudaraba and musharaka) rental income (from ijarah / leasing) and income other services as long as not contrary to the sharia and if forced banks receive income such as non-Islamic banking services from conventional deposits will be issued and distributed to the social interests which must be didisclose thing. On the load side of the load will not be found even for the fund should not be classified as an expense in the reporting of Islamic banks, but must be clearly disclose the basis for the use of other operational costs are no different from conventional banks.

Basically, Islamic banks are also embracing the concept of accruals, especially for the load was for revenue to be done carefully depending on the local Islamic council opinion whether to use cash or accrual basis. Use of cash basis refers to the precautionary principle is based on Islamic teachings that say that what will happen, so visiting is not ghoib should recognize revenue (read: luck) before you actually shaped the flow of real cash into the bank (remember the principle that BI is used before the SKAPI the cash basis). In Islamic banking accounting standards such as for billing murabaha benefits are recognized when the covenant was signed when the loan is not through a financial reporting period is when the credit through a financial reporting period either in lumpsum or installment is revenue recognition should be proportionate to the accrual unless sharia supervisory board to determine when cash or installment / payment is received.

From the description above shows that although not all things can be revealed but at least gives a picture that needs a new paradigm for designing applications dalm accounting for Islamic banks in accordance with existing standards. Although the academic discussion is still ongoing in order to deepen and enrich the discourse of ideas and business economic system of Islam is consistent with the effect of a law which is a refinement of banking laws earlier bank was very encouraging because it can adopt BI tsb standards. together with IAI, so there are standard guidelines for the practice of Islamic banking especially when it then began to appear a new Islamic bank in the form of a bank or a branch of Islamic sharia from conventional banks.

One of the main sources to achieve public confidence is a high level of information provided to the public, which the Islamic bank should be able to convince the public that he has the ability and capacity in achieving financial goals and objectives in accordance with Islamic Shari'a. Therefore, build a system of accounting and auditing standards is a necessity and has become the main requirement that must be met. Without it, it is impossible Islamic banks can increase its competitiveness with conventional banks. Even if we look at the Qur'an, then the need for recording transactions in an orderly accounting system is a very important thing. This is as stated in Sura Al-Baqarah: 282, where Allah SWT says: ¡° O ye who believe, if you do not bermuamalah in cash for a specified time, you should write it. And let a writer of you write properly. And do not be reluctant writer to write as Allah has taught him, then let him write, and let people who owe it mengimlakkan (what's going to write it), and let him fear Allah his Lord, and let it reduce its debt at all rather than ...¡± .

Of course, if we associate that verse with contemporary banking context, it has a systematic accounting systems, transparent, and accountable, is an inseparable part of Islamic teachings. But we need to consider, especially at the operational level, the accounting system on Islamic banking has its own characteristics different from conventional banking accounting system, although in certain aspects, both have similarities. Among the most basic difference is the prohibition of usury / interest in the practice of Islamic banking and Islamic banking product differentiation is more varied and diverse when compared with the conventional banking system. Thus the concept and basic structure of investment and finance in Islamic banking system should become the main preamble in building a credible accounting system.

As a financial intermediary institutions, the basic mechanism of sharia banks are accepting deposits from the owners of capital (depositors) at the side of his liability (obligation) to then offer financing to investors on the asset side, with a pattern or an appropriate financing scheme with the Islamic Shari'a. On the liabilities side, there are two main categories, namely interest-free current and savings accounts and investment accounts based on the principle of PLS (Profit and Loss Sharing) between the bank by the depositor. While the asset side, which is including all forms of financing patterns and usury-free Islamic standards, such as mudarabah, musharaka, istisna, greetings, and so on.

To achieve this goal is a standard accounting, the basic structure of our investment activities can be broken down into two parts, the first, unrestricted investment accounts (investment accounts without limitations) and the second, which is restricted investment accounts (investment accounts with limitations). The purpose of the first point is the Islamic banks have the freedom to invest the funds received in various investment activities without being limited by certain provisions, including the use together with the bank owners of capital. While the purpose of the second point is the bank only acts as a manager who does not have the authority to mix funding received by the owners of capital the bank without the approval of investors. Besides both cases, Islamic banks must also reflect its function as a charity fund managers, and charitable funds including funds qard hasan. Meanwhile, the aspect of recognition (recognition), measurement (measurement), and recording (recording) each transaction in the accounting system of Islamic banks have in common with the processes that occur in conventional systems.

Objectives of Financial Accounting
To maintain consistency, both internal and external banks, and to ensure compliance with Islamic law, then we need to define the purpose of standardization of financial accounting in Islamic banking. This is also an attempt to provide a general guide in determining a number of choices based on alternatives available. The purpose of this financial accounting system is the first, to determine the rights and obligations of all parties concerned, such as the depositor and the bank owners. Then the second is to ensure the security and safety of Islamic bank assets, including bank guarantees related rights and rights of other stakeholders. Third, ensuring improved management and the productive capability of Islamic banks to be always in harmony with the objectives and policies that have been established. And the fourth is to provide useful financial reports for the users ¡ª such as shareholders, owners of accounts, fiscal authorities, etc. ¡ª to enable them to make legitimate decisions in conducting negotiations and transactions with the Islamic banks.

In order for a financial report is really justifiable, then the quality of the information provided must meet several criteria, among others: (i) the principle of benefit, especially for the wearer; (ii) the relevance of financial reports with a view to reporting; (iii) level of trust; (iv) komparabilitas, meaning can be compared based on a specific time period; (v) consistency, which means that the method is used consistently and not easily changed; and (vi) easy to understand, and no multi-interpretation. In addition to these six, the information provided should also include some aspects. First, the information available should be able to describe accomplish existing goals and consistency with the Shari'a. If banks do deal in prohibited transactions, such as associated with the system of usury, it must be explained in detail about the separation of recording the transaction. And second, that information should be able to help outsiders to evaluate the bank's capital adequacy ratio, investment risk, liquidity, and various other banking financial aspects. This is very important to do, so that the credibility of the banks accountable.

Challenges ahead
At present, various efforts have been made to establish auditing and accounting systems that are standard for Islamic banks. Among them are the efforts made by AAOIFI (the Accounting and Auditing Organization for Islamic Financial Institutions), based in Bahrain. Since its founding in 1991, this institution has many significant contributions. But of course, still many things to be done by experts and practitioners of Islamic banking. This is due to the greater challenges, including how to compete in a healthy and productive with conventional banks.

Among the toughest challenges that the future is how to create a standard accounting methodology to various types of patterns or Islamic banking financing schemes that can be accepted internationally. Then also is the challenge that regulation in general has not shown more allegiance to the Islamic banking sector. But the author believes, if all parties have been consistent in upholding the concept of Islamic banking as a whole, then gradually Islamic banking have hope for the future may replace the conventional banking system. Hopefully. White six.

In Malaysia, Islamic Credit Card was first issued by the Bank Islam Malaysia Berhad in 2002. As the first Shariah bank in Malaysia, the bank is known as a pretty innovative banks in offering Shariah products. In the case of Islamic credit card is the basic one used in the transaction al innah bay. Though this scheme is forbidden in Islam and similar to muta 'marriage according to Imam Shafi'i.

However, there are still markets that use this credit card because it is based on their needs in the shop. Thus a cursory look of Islamic law becomes more flexible by the demand in the community. Is it should be the development of products with the label Shari'ah wants only to follow it regardless of the market or maintain law expressly Islamic fiqh?

Credit Card vs. Debit Card
What is the difference between credit card and debit card? Basically, credit card, the owner does not need to have the money in cash or in bank deposits. According to the Financial Consumer Agency Canada (FCAC), a credit card is a plastic payment card that allows the holder to obtain goods and services on credit terms and without the requirement to pay cash.

So just by giving the debt to the people who do not have the money, then the debt must be repaid on the term period. Another case with, a debit card where the owner should have money in the bank deposits related. So when buying and selling transactions conducted, debit card used to transfer a sum of money incurred in the purchase and sale. So the concept of the difference between debit cards and credit cards became clear. Debit cards require a specific deposit transactions can be run well, but it is certain types of any credit card called his name.

In the Shari'ah or credit card in Indonesia known as Shariah card use fee charged on loans for a period. And any extra on certain loans usury name. Riba course is forbidden in Islam, whether it changed with aqad for this service can be called instead of usury? Kehatian there is need for concern in this regard.

But the borrowers are allowed to add the debt that was borrowed without any coercion from creditors (Hadith Muslim). Therefore there is a name that is qardhul hassan benevolent loan without any additional fee, while Dayn's loan or debt.

Hassan Qardhul itself is aqad cooperation in providing assistance to businesses money, it is different with that in general Dayn used other than for business purposes such as for the consumptive and aqad different, so the relationship between borrowers with people who lend money are creditors and debtors. The difference is quite thin but could have broad implications.

Therefore, in Islam rather than using transactions with better Dayn syarikah system or a more equitable partnership. Rosly (2001) equate the contract system with the same basic Dayn riba financing system for use in additional transaction fees.

Substance Over Form
Analyzing opinions Assoc. Prof. Dr. Mohd Daud Bakar is a doubt kesyari'ahan credit card analogy is based on the credit card the same as those for debt manganjurkan. Whereas in Islam, debt is one thing that is not recommended. This refers to the many traditions narrated by Bukhari, whose contents are people who have debts are always telling lies and always was never kept her word.

Therefore, the Prophet Muhammad himself always pray that he is always in a state of debt. Therefore in the Koran (surah Al-Baqarah: 280) mentioned that people who struggle to repay debt relief should be given in pay, this is to avoid the hadith mentioned above.

According to Beekun (1996), the debt is allowed in a very forced one, the added debt must be repaid as soon as possible. Whatever type of transaction aqad used in credit cards and the like either Shariah ijara qardh or> wadiah, the substance remains to advise people in debt. This is what underlies why credit cards may not be a disyari'ah.

Shariah credit card that does not use interest rate or mortgage payments permissibility does not mean permissible in Islamic perspective. This behavior can cause the wrong paradigm for primarily Muslims themselves. Permissibility of a fatwa should be a credit card not only rests on halalnya but also refers to his kindness to the Muslims.

The same thing also commented on by Aries Mufti (Republika, May 7, 2004) which argues that in Australia in the form of credit card debt household reach 201 trillion U.S. dollars and foreign debt U.S. $ 172 trillion. Meanwhile, according Ameridebt, in the United States itself is almost a national consumer debt has reached more than one trillion U.S. dollars.

Credit card debt has reached 400 billion U.S. dollars in this case. On the other hand, there is one study by the Consumer Federation of America in mid-December 1997 stated that the increase in credit card debt in that year doubled the rate of inflation itself. This is based on that there should be a minimum amount spent on goods compared with the savings rate so that the burden of interest rates from credit card smaller than a ditabungkan. Credit card so that spur people to continue to buy and consume goods that are not needed to avoid loss of credit card fee burden.

In Islam there is known as yudfa 'asyaddu ADH-dhararyn, the intention is that the transaction may be allowed initially banned on the grounds there was no other choice, and to take things less dangerous. For example, to buy the book at www.amazon.com, type of payment that can be used a credit card. Certainly the use of credit cards is allowed if there is no other book stores or payment options besides using a credit card. Another case with buying in supermarkets in Indonesia, which also provides debit card facility, in this case the use of debit cards should be prioritized.

Attitude should be like this or paradigm that is applied in everyday life for Muslims. So there is a scale of priorities in the implementation of activities of daily life according to Islam. For example in the use of credit cards and other Shari'a is not at the level of dignity dharuriyat (primary) as long as there are other types of financing that is more Islamic, this card is not required. So the credit card and other Shariah into the category of dignity hajjiyat (secondary) or even dignity tahsinat (complementary) can still be used if other financing types, such as debit cards.

Thus Shari'ah credit cards and other "permissible" if the facility is a debit card or cash payment no. So its use only for things that are emergency and temporary, rather than become a necessity, or until all the fatwa was issued.