The 4th International Conference of Islamic Epistemology is held by Universitas Al-Azhar Indonesia in partnership with Research Synergy Foundation, co-hosted by Universitas Islam As-Syafi’iyah, International Institute of Islamic Thought, and Universitas Islam Indonesia virtually on 7-8 August 2023. Hundred of scholars coming from 20 countries had involved in the active scientific forum discussion. Since there were many questions and feedback from the audience to the Invited Speaker, we will continue the discussion in this forum. The second Invited Speaker is Prof. Dr. H. Jaih Mubarok, S.E., M.H., M.Ag. as the Secretary General of Nasional Shariah Board (DSN) and Professor at UIN Sunan Gunung Djati. He talks about "The Relevance of the Objectives of Shari'ah in the Regulation of Wealth Management Transactions".
Since the speech is delivered in Arabic language, here is the summary of Prof. Dr. H. Jaih Mubarok, S.E., M.H., M.Ag. in English language:
Topic: The Relevance of the Objectives of Shari'ah in the Regulation of Wealth Management Transactions
The focus of this study is to uncover the objectives behind the implementation of regulations in wealth management transactions. The study adopts an inductive method to trace the opinions of both early and contemporary scholars in the field of law and analyze them.
The objectives of wealth management transactions are to realize goodness, prosperity, and happiness. To achieve these objectives, three stages are necessary:
- Realizing brotherhood
- Achieving unity
- Following Allah's commands and abstaining from His prohibitions.
In other words, by starting with obeying Allah's commands and refraining from what He has forbidden, unity is fostered. Unity leads to brotherhood, and through brotherhood, the objectives of rules governing wealth management transactions, such as achieving goodness, prosperity, and happiness, can be realized.
There are 12 instruments, which are Allah commands, to achieve the objectives of the regulations governing wealth management transactions:
- Sincerity and good intentions
- Patience
- Honesty
- Trustworthiness
- Humility and tolerance
- Keeping promises
- Conducting business fairly and professionally
- Being just and proportionate in seeking profits
- Respectful competition
- Fulfilling rights
- Respecting time.
Likewise, there are 11 prohibitions set by Allah that need to be avoided as instruments to achieve the objectives of the regulations governing wealth management transactions:
- Usury, deception, gambling, and corruption
- False oaths/promises
- Bribery
- Procrastination and delaying work
- Selling above someone else's sale, such as outbidding a product being bid on by someone else
- Being too busy to fulfill religious obligations
There were several questions that are coming from the attendees.
Q1.) Mohammad Adnan --> Seeing the changes in financial transactions within the banking sector and its rapid developments now, how does Islamic law (sharia) adapt to achieve the well-being of the Islamic community, which is one of the goals of sharia?
Replies
Referring to the 12 instruments ordained by Allah to regulate the objectives of wealth management, in my view, the biggest challenge in implementing Islamic economics is its heavy reliance on human virtue, despite the fact that humans will remain human. What should be done to accommodate this condition? How can we create a system that we can trust to remain consistent or perhaps reduce the possibilities of bias occurring while this system is in operation?
Q2 كيفية ازدهار الاقتصاد الصغير المحاصر في الرأسمالية المحلية والرأسمالية العملاقة
What an interesting question. Let me help you translate the question into English
Q2 How does a small economy trapped in domestic capitalism and giant capitalism flourish?Please correct me if I am wrong with the translation