THE ISLAMIC PANACEA TO GLOBAL FINANCIAL PREDICAMENT: A NEW FINANCIAL ARCHITECTURE (Penyelesaian Secara Islam Bagi Krisis Ekonomi Global: Ke Arah Satu Rekabentuk Kewangan Baru)

Masudul Alam Choudhury

Abstract


Akar dari krisis 2008 kewangan global yang berasal dari pasaran gadai janji sub-prima Amerika Syarikat dapat ditelusuri dari sisi permintaan pembiayaan. Keutamaan peminjam dapat dijelaskan berdasarkan kepada kelebihan pemilikan dan perbelanjaan. Seperti keutamaan pelanggan berlebihan yang dipadankan dengan keputusan pembekal untuk membolehkan pinjaman mudah disediakan dan pinjaman terakumulasi yang menyebabkan hutang berganda. Kos terkait akibat pinjaman tersebut ditunjukkan oleh kadar bunga. Keterkaitan kadar bunga dari segi teori bagi menghasilkan pembiayaan yang cekap dan dapat memobilisasikan sumber ekonomi akan dibincangkan dalam makalah ini. Penolakan dan penggantian dengan instrumen pembiayaan penyertaan dalam kehidupan seharian akan dihasilkan. Sebuah rekabentuk arkitektur baru kewangan dicadangkan dengan meletakkan isu utama wang, kewangan dan ekonomi benar sebagai hubungan yang saling melengkapi. Hubungan ini boleh disimulasikan melalui persamaan penyebab melingkar. Premis asas konseptual ditetapkan oleh episteme kesatuan pengetahuan. Maka, pandangan dunia Islam tentang kesatuan pengetahuan diperlukan untuk mengatasi tema sistem kewangan rizab 100% (100% RRMS). Implikasi sosial dan ekonomi mengenainya akan dibincangkan.


Full Text:

PDF

References


Abdullah, F., Hassan, T. & Mohamad, S. 2007. Investigation of performance of Malaysian Islamic unit trust funds: comparison with conventional unit trust funds. Managerial Finance 33(2): 142-153.

Acikgenc, A. 1995. The indefinability of being. In Being and Existence in Sadra and Heidegger, a Comparative Ontology, pp. 19-21. Kuala Lumpur, Malaysia: International Institute of Islamic Thought and Civilization.

Ali, A. 1992. Technology transfer in manufacturing industries via direct foreign investment. Journal of Economic Cooperation among Islamic Countries 13: 3-4, July/October: 137-159.

Allouche, A. 1994. Mamluk Economics: A Study and Translation of Al-Maqrizi’s Ighatah. Salt Lake City, Utah: University of Utah Press.

Bakar, O. 1999. The History and Philosophy of Islamic Science. Cambridge, UK: Islamic Text Society.

Becker, G.S. 1989. Family. In Eatwell, J., Milgate, M. & Newman, P. (eds.). The New Palgrave: Social Economics, pp. 64-76. New York: W.W. Norton.

Bordo, M.D. 1989. The contribution of A Monetary History of the United States, 1867-1960 to Monetary History. In Bordo, M.D (ed.). Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, pp. 15-78. Chicago, ILL: The University of Chicago Press.

Braudel, F. 1995. A History of Civilizations. New York: Penguin Books.

Buchanan, J.M. 1990. Socialism is dead but leviathan lives on. John Bonython Lecture in CIS Occasional Paper 30, pp 1-9. Sydney, Australia: Centre for Independent Studies.

Buchanan, J.M. 1999. The domain of constitutional economics. In The Collected Works of James M. Buchanan, The Logical Foundations of Constitutional Liberty, pp. 377-95. Indianapolis: Liberty Press.

Choudhury, M.A. 1997. The theory of endogenous money in comparative Islamic Perspectives. In Money in Islam, pp. 38-70. London: Routledge.

Choudhury, M.A. 1998. The institutional basis of reformation: organizational theory of the firm. In Reforming the Muslim World, pp. 105-144. London: Kegan Paul International.

Choudhury, M.A. 1999. Resource Mobilization and Development Goals for Islamic Banks. Proceedings of the Second Harvard University Forum on Islamic Finance: ‘Islamic Finance into the 21st Century’. Organized by Harvard Islamic Finance and Investment Program, Center for Middle Eastern Studies, Harvard University.

Choudhury, M.A. 2004. The Islamic World-System, a study in polity-market interaction. London: Routledge Curzon.

CNNMoney.com. 2008. Bernanke’s speech on economic conditions. http://money.cnn.com/2008/10/07/news/economy,bernanke_remarks [7 October

.

Dunning, J.H. 2004. The moral imperatives of global capitalism: an overview. In Dunning, J.H. (ed.). Making Globalization Good, pp. 11-40. Oxford: Oxford University Press.

Fitzpatrick, T. 2003. Postmodernism and new directions. In Alcock, P., Erskine, A. & May, M. (eds.). Social Policy, pp. 126-133. Oxford: Blackwell.

Foucault, M. 1983. The Archeology of Knowledge and the Discourse on Language. Trans. Sheridan, A.M. New York: Harper Torchbooks.

Gruber, T.R. 1993. A translation approach to portable ontologies. Knowledge Acquisition 5(2): 199-200.

Hammond, P.J. 1989. On reconciling Arrow’s theory of social choice with Harsanyi’s Fundamental Utilitarianism. In Feiwel, G.R. (ed.). Arrow and the Foundation of the Theory of Economic Policy, pp. 179-221. London: Macmillan.

Hayek, F.A. 1990 (reprint). The use of knowledge in society. In Spechler, M.C. (ed.). Perspectives in Economic Thought, pp. 183-200. New York: McGraw-Hill.

Hegel, G.W.F. 1956. The Philosophy of History. Trans. Sibree, J. New York: Dover Publications.

Hegel, G.W.F. 1996. Conception of the philosophy of right. In Philosophy of Right, pp. 1-32. Trans. Dyke, S.W. Amherst, NY: Prometheus Books.

Heilbroner, R.L. 1985. The Nature and Logic of Capitalism. New York: W.W. Norton.

Henderson, J.M. & Quandt, R.E. 1971. Pareto optimality in general. In Microeconomic Theory, a Mathematical Approach, pp. 259-262. New York: McGraw-Hill.

Islahi, A.A. 1988. Ibn Taimiyah’s concept of money and monetary policy. In his Economic Concepts of Ibn Taimiyah, pp. 139-143, 1988. Leicester: The Islamic Foundation.

Jomo, K.S. 1992. Manufacturing growth and employment. Journal of Economic Cooperation among Islamic Countries 13:3-4.

Kahn, C-S. 2008. World Economic Forum link 2, [1/27/2008].

Kirzner, I. 1997. Entrepreneurial discovery and the competitive market process: an Austrian approach. Journal of Economic Literature XXXV:1, 60-85.

Mankiw, G. 2008. How to recapitalize the financial system. http://cgi.stanford. edu/group/wais/cgi-bin/?p=21187 and Mankiw’s blog: (http://gregmankiw. blogspot.com) [28 December 2008].

Masud, M.K. 1995. Shatibi’s Philosophy of Islamic Law. Islamabad, Pakistan: Islamic Research Institute.

Minogue, K. 1963. The moral character of liberalism On his The Liberal Mind. Indianapolis, IN: Liberty Fund.

Mydin, A.K. & Larbani, M. 2004. The Gold Dinar: The Next Component in Islamic Economics, Banking and Finance. Review of Islamic Economics 8(1): 5-34.

Myrdal, G. 1968. The wider field of valuations. pp. 71-125 in his The Asian Drama, an Inquiry into the Poverty of Nations. Vol. I. New York: Pantheon.

Noor, H. M. 1998. Razi’s human needs theory and its relevance to ethics and economics. Humanomics: International Journal of Systems and Ethics 14 (1): 59-96.

O’Donnell, R.M. 1989. Keynes: Philosophy, Economics and Politics. London: Macmillan.

Rozenthal, F. 1958. Ibn Khaldun’s the Muqaddimah: An Introduction to History. 3 vols. London: Routledge & Kegan Paul.

Sen, A. 1989. Justice. In Eatwell, J. Milgate, M. & Newman, P. (eds.). New Palgrave: Social Economics, pp. 181-89. New York: W.W. Norton.

Shackle, G.L.S. 1972. Epistemics and Economics. Cambridge: Cambridge University Press.

Sklair, L. 2002. Globalization, Capitalism & Its Alternatives. Oxford: Oxford University Press.

Smith, A. 1790. The Theory of Moral Sentiments. Raphael, D.D. & Mackie, A.L. (eds.). reprint 1976. Oxford: Clarendon Press.

Spechler, M. 1990. Marxism and neo-Marxism. In Perspectives in Economic Thought, pp. 111-165. New York: McGraw-Hill, Inc.

Taylor, O.H. 1967. The future of economic liberalis. In Economics and Liberalism, pp. 294-311. Cambridge, MA: Harvard University Press.

Venieris, Y.P. & Sebold, F.D. 1977. Liquidity trap. pp. 274-79. In Macroeconomics, Models & Policy. New York: John Wiley & Sons.

Ventelou, B. 2005. Economic thought on the eve of the General Theory. In Millennial Keynes (Chapter 2). Armonk, New York: M.E. Sharpe.




DOI: http://dx.doi.org/10.17576/JH-2010-0202-03

Refbacks

  • There are currently no refbacks.


  ISSN: 1985-6830

eISSN: 2550-2271

JURNAL HADHARI: AN INTERNATIONAL JOURNAL
Institut Islam Hadhari
Universiti Kebangsaan Malaysia
43600 UKM Bangi
Selangor, MALAYSIA.


Phone: +603-8921 7187/7176/6994
Fax: +603-8921 6990
Email: jhadhari@ukm.edu.my

Web: ejournals.ukm.my/jhadhari