Hendy Herijanto


The characteristics of Islamic financing must follow the governing
Qur’anic verses and the Hadis of the Prophet Muhammad Puh. This
means that the epistemology derives from the Tauhidi Principle,
being different from the one of the conventional economy and
banking that is deriving from the western culture and purely rational
thinking. Their basic and main principles are for the creation of
both, the individual and collective well being of the society,
consisting of Tauhidi Principle, vicegerency, justice, and material
and spiritual balances. These principles can be fulfilled by adhering
to the Qur’anic stipulations, ie, emphasizing on trade and doing no
ribawi transactions (QS. 2: 275), and working on cooperative basis
(QS. 5: 2). These stipulations bring about a deep and wide
significance and implication.
For creating the collective well being of the society, Islamic
financing can only be implemented by using the existing contracts,
without riba, non gharar, non maysir, aiming on non ribawi work
results, common profit, using quasi equity and not purely money
loan, risk sharing concept, being trustworthy, and keeping promises
religiously. Consequently, money is put in its basic function that is
as a medium of exchange and as a measure of the counter value
being goods, services, and productive business in the real sector of
the economy.

Kata Kunci

Tauhidi principles, the well being of the society, non interest, non gharar, non maysir, goods and sevices, and trusworthy.

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