Keterangan	Indonesia	Sudan	Malaysia
Kapan Dimulainya Bank Islam	Tahun 1992 ditandai dengan beroperasinya Bank Muamalat Indonesia	Ditandai dengan adanya Faisal Islamic Bank of Sudan (1977)	Tahun 1983 ditandai dengan lahirnya nya Bank Islam Malaysia Berhad (BIMB) Sebelumnya juga dikeluarkannya Islamic Bank Act (1983)
Compliance (Kepatuhan Ke- pada Prinsip Sya riah)	More than Malaysia	Fully Islamized	Menjadikan Islamic Economics, Finance, and banking salah satusebagai alat untuk meninkatkan economic growth of Malaysia
Stability (Kestabilan Sistem dan Manfaat Bagi Perekonomian)	As long as Murabaha More Dominant Than PLS, The Benefits For Economy As a whole are Less.	Loan to Deposit Ratio (around 40%) indicates no pressure on the whole Banking System, and a high level of liquidity to respond shocks	As long as Murabaha More Dominant Than PLS, The Benefits For Economy As a whole are Less.
Financing (Pembiayaan)	Pembiayaan terbesar adalah pembiayaan murabahah yaitu sebesar lebih kurang 55%	Murabahah declined from 53% in 1996 to 50% in 1999 further to 30% in 2000. Musharakah increased from 30,8% in 1999 to 42% in 2000. Mudarabah increased from 4,1% in 1999 to 6% in 2000, Bai al-salam increased from 5,1% in 1999 to 15,8% in 2000	Pembiayaan terbesar perbankan Islam di Malaysia yaitu Bai Bithaman Ajil (BBA) sebesar 32% dari total pembiayaan

Ref:

 

1. Huda, Nurul dan Zulihar. 2000, Perbandingan Lembaga Keuangan Islam Indonesia dan Malaysia, Volume 1 Nomor 2, November 2010, 138
2. Mohsin, Magda Ismail Abdel. 2005. The Practice of Islamic Banking System in Sudan, Journal of Islamic Cooperation 26 (4) page 27-50

 

Hal ini disebabkan karena Islam mengajarkan ummatnya kepada keyakinan kepada Tuhan Yang Maha Gagah, Perkasa, Esa dan tidak lemah atau cengeng.

Konsep Tuhan yang diajarkan dalam Islam, adalah Tuhan yang tidak perlu bersekutu, karena dengan keberadaannya sendiri saja Dia sudah mampu untuk berbuat apa saja.

Allah Subhaanahu wataala dalam ajaran Islam adalah satu-satunya Penguasa (Penguasa Tunggal) dan tidak pernah berbagi kekuasaan dengan siapa pun.

Allah Subhaanahu Wataala dengan kesendiriannya tidak menunjukkan kelemahan sedikitpun.

Allah menjadikan yang selain dari dirinya adalah makhluk belaka.

Semua selain dari Allah adalah dibawah kekuasaannya.

Karena begitu berkuasanya Allah sehingga Dia tidak beranak apalagi diperanakkan. (Al Qur’an Surat Al Ikhlas ayat  3).

Allah Subhaanahu Wataala memiliki sifat absolute, distinct, unique. (Al Qur’an Surat Al Ikhlas ayat 4).

Oleh karena sifat-sifatNya yang sedemikian itulah Allah SWT juga menyukai hamba-hambanya yang memiliki sifat yang hanya bergantung kepadaNya saja (Al Qur’an Surat Al Ikhlas ayat 2).

Seorang yang beriman, memiliki sifat tidak berhajat kepada makhluk, yang juga merupakan sifat Allah. Akan tetapi yang membedakan dia dengan Kholiknya adalah dia tidak mau bergantung kepada makhluk tetapi dia masih bergantung kepada KholikNya, sedangkan kholik  sekali-kali tidak bergantung kepada siapa pun.

Jadi SDM yang ada di sebalik praktek ekonomi syariah adalah SDM yang dikehendaki oleh Allah dan RosulNya, yaitu SDM yang tidak bergantung kepada sesama makhluk Allah.

Hal ini yang ditunjukkan oleh manusia-manusia pilihan Allah yaitu para Nabi dan Rosul, dan juga para shahabat Rosulullah SAW.

Bagaimana coba kita lihat pada peristiwa yang sangat kritis yaitu peristiwa yang menentukan  ada atau tidaknya eksistensi ummat Islam di kemudian hari yaitu peristiwa perang Badar.

Nabi SAW, selama semalam-malaman mencurahkan harap dan pintanya hanya kepada Allah saja, tidak kepada sesiapa pun, bahkan sama sekali tak pernah terbetik dihatinya untuk minta bantuan kepada malaikat Jibril, yang sering menjumpainya.

Jadi ekonomi syariah hanya dapat ditegakkan jika elemen-elemen manusianya (SDMnya)  adalah orang-orang yang hanya bergantung dan berharap kepada Allah saja.

Disinilah maksud atau inti pembahasan buku ini, yaitu bagaimana kemakmuran ekonomi yang pernah dicapai ummat Islam di masa-masa permulaan kekhalifahan Islam karena ditopang oleh elemen-elemen manusianya yang bertauhid kuat, sehingga mengundang campur tangan Yang Kuasa dalam segala segi kehidupan khususnya di bidang ekonomi (syariah), karena waktu itu belum ada praktek ekonomi yang dinamakan dengan ekonomi kapitalis ataupun sosialis/komunis.

 

Pengertian Sunnah

Sunnah biasanya juga disebut hadits. Menurut harfiah kata sunnah berarti adat istiadat. Menurut definisi, sunnah adalah sesuatu yang merupakan perkataan, perbuatan dan taqrir (penetapan) Rasulullah SAW. Merupakan perkataan (qauliyah) yaitu hadits-hadits Nabi SAW yang beliau sabdakan. Disebut sebagai perbuatan (sunnah fi’liyah) yaitu sesuatu yang Nabi SAW kerjakan dan yang merupakan ketetapan (taqririyah) ialah suatu perbuatan yang dikerjakan sahabat di hadapan Nabi SAW atau beliau sendiri mengetahui orang mengerjakan perbuatan tersebut namun beliau SAW berdiam diri.

Di kalangan ulama ada perbedaan pandangan mengenai hadits dan sunnah. Sunnah diartikan pada kenyataan yang berlaku pada masa Rasulullah SAW atau telah menjadi tradisi umat Islam pada waktu itu, menjadi pedoman untuk melakukan ibadah dan mu’amalah. Sedangkan hadits adalah keterangan-keterangan dari Rasulullah SAW yang sampai kepada kita.

Apabila memandang dari segi riwayat penyampaian secara lisan, sesuatu keterangan dari Rasulullah SAW menjadi hadits dengan kualitas yang bertingkat-tingkat. Ada yang kuat dan ada yang lemah. Oleh karena itu hadits belum tentu sunnah, tetapi sunnah adalah hadits.

 

 

Penulisan Hadits

 

Dalam sejarah, mulanya Rasulullah SAW melarang sahabatnya menulis hadits. Motifnya jelas, yaitu agar warisan Al Qur’an murni semurni-murninya secara tertulis. Namun setelah itu beliau secara khusus mengizinkannya. Kemudian memerintahkan secara umum.

Di zaman Rasulullan SAW Sunnah lebih banyak dihafal daripada ditulis. Tetapi penghafalan hadits tersebut terjamin keutuhannya dengan alasan (Said Hawa, 126-127):

1. Rasulullah SAW dalam memantapkan ucapannya biasa mengulangi sampai tiga kali.
2. Para sahabat biasa terdidik dengan kejujuran dan selalu menjaganya, serta sangat takut melakukan perbuatan dusta.
3. Dizaman sahabat kedustaan sesuatu yang menyangkut diri Nabi mudah diketahui, sebab semua perbuatan Nabi diamati oleh orang banyak dan banyak sahabat yang selalu menyertai nabi kemanapun beliau pergi.
4. Kekuatan hafalan yang mengagumkan orang Arab yang tidak ada bandingannya. Ini menjadikan kredibilitas sahabat dalam menghafal Sunnah tidak diragukan.

 

 

Kedudukan Sunnah

 

Sunnah merupakan sumber kedua setelah Al Qur’an. Ia berkedudukan sebagai juru tafsir dan pedoman pelaksanaan yang otentik terhadap Al Qur’an.

Apa yang diberikan Rasul kepadamu maka terimalah dia. Dan apa yang dilarangnya bagimu maka tinggalkanlah; dan bertaqwalah kepada Allah. Sesungguhnya Allah sangat keras hukuman-Nya. (QS. 59:7)

 

Ayat tersebut menunjukkan bahwa seorang muslim selain menerima Qur’an juga harus menerima sunnah. Rasulullah SAW Rasulullah SAW bersabda:

“Aku tinggalkan padamu dua urusan, sekali-kali kamu tidak akan sesat bila berpegang pada keduanya: Al Qur’an dan Sunnah Nabi-Nya.”

 

Tanpa Sunnah, Al Qur’an tidak dapat difahami secara praktis. Misalnya, dalam Al Qur’an ada perintah shalat. Sunnahlah yang menjelaskan prakteknya. Begitu juga zakat, secara rinci Sunnah menjelaskan ketentuan-ketentuannya, baik persentase harta yang harus dikeluarkan ataupun pendistribusiannya. Demikian pula ajaran-ajaran lain dalam Islam. Karena itu mengikuti Kitabullah harus dengan mengikuti Sunnah Rasulullah SAW.

Barangsiapa yang menta’ati Rasul itu, sesungguhnya ia telah menta’ati Allah. Dan barangsiapa yang berpaling (dari ketaatan itu), maka Kami tidak mengutusmu untuk menjadi pemelihara mereka. (QS. 4:80)

 

Selain itu, dari segi pengalaman praktis, Rasulullah SAW merupakan perwujudan dari Al Qur’an. “Akhlaqnya adalah Al Qur’an” (HR Muslim,  Ahmad dan Abu Daud). Beliau SAW merupakan teladan yang baik bagi seluruh manusia.

Sesungguhnya telah ada pada (diri) Rasulullah itu suri teladan yang baik bagimu (yaitu) bagi orang yang mengharap (rahmat) Allah dan (kedatangan) hari kiamat dan dia banyak menyebut Allah. (QS. 33:21)

 

Berdasarkan uraian diatas maka tampak jelas antara Al Qur’an dan Sunnah tidak ada perbedaan dalam segi kewajiban taat kepada keduanya. Taat kepada Allah SWT harus taat kepada Rasul. Sebab, Rasulullah tidak akan menyuruh suatu perintah kecuali yang diperintahkan Allah SWT.

Barangsiapa yang menta’ati Rasul itu, sesungguhnya ia telah menta’ati Allah. Dan barangsiapa yang berpaling (dari ketaatan itu), maka Kami tidak mengutusmu untuk menjadi pemelihara mereka. (QS. 4:80)

 

Konsekuensi taat kepada Allah SWT adalah taat kepada kitab-Nya, sedangkan konsekuensi taat kepada Rasulullah SAW adalah taat kepada Sunnahnya.

 

Pengertian Sunnat

 

Sebetulnya dalam bahasa Indonesia ketika menulis kata Sunnah dengan Sunnat tidak dapat dibedakan seperti antara kata hidayah dengan hidayat karena kata kata dalam bahasa Arab yang berakhir dengan huruf ta marbutho sering dalam bahasa Indonesia dibaca seperti huruf h atau huruf t seperti hidayah dengan hidayat tadi. Disini saya memberi istilah yang satu sunnah dan yang satu sunnat hanya untuk membedakan saja.

Sudah sepatutnya kita sebagai bangsa Indonesia bersyukur ke hadirat Allah Subhaanahu Wata’ala, karena kita ditakdirkan berbahasa Indonesia yang banyak menggunakan vocabulary banyak yang berasal dari Bahasa Arab. Dan terlebih lagi dalam istilah sunnah dalam uraian di atas (sebagai pendamping yang tidak dapat dipisah-pisahkan atau dijadikan suatu amalan yang bersendirian dari pada AlQuran). Sebagaimana pembahasan di atas yaitu seorang muslim mustahil dapat mengamalkan Al Quran saja tanpa panduan tambahan dari sunnah misalnya dalam pelasanaan perintah AlQuran dalam hal sholat.

 

Dalam hal sunnah yang demikian (yang penjelasnnya telah diuraikan di atas), tentu sangat berbeda dengan pengertian sunnat dalam artian sebagai salah satu klasifikasi hukum.

Bahasa Indonesia yang kita gunakan sehari-hari membedakannya dengan istilah yang agak berbeda yaitu yang pertama diberi istilah sunnah yang satu lagi diberi istilah sunnat, walaupun pada asalnya sama (dari istilah huruf Arabnya sama-sama pakai ta marbutho, seperti istilah hidayah dengan hidayat).

 

Khusus uantuk istilah sunnah (sebagai sesuatu yang harus diikuti sebagaimana halnya dengan Al Quran) dibedakan penulisannya dalam bahasa Indonesia dengan sunnat yang berarti sebagai salah satu dari klasifikasi hukum selain wajib, mubah haram dan makruh.

 

Ada pun kelima klasifikasi atau penggolongan hukum (ahkamul khomsah) atas setiap amal (perbuatan) dalam Islam adalah sbb.:

 

Klasifikasi Hukum	Ciri -cirinya
Wajib	Jika dikerjakan berpahala, dan jika ditinggalkan berdosa
Sunnat	Jika dikerjakan berpahala, dan jika ditinggalkan tidak berdosa
Mubah	Dikerjakan tidak berpahala, ditinggalkan tidak berdosa
Makruh	Jika dikerjakan tidak berdosa, dan jika ditinggalkan berpahala
Haram	Jika dikerjakan berdosa, dan jika ditinggalkan berpahala

 

Bahayanya Menyamakan Sunnah Dengan Sunnat

 

Coba bayangkan jika seseorang karena rancunya mengartikan sunnah sebagai sunnat, yang artinya sunnah itu dikerjakan berpahala dan ditinggalkan tidak berdosa, apakah ini bukan merupakah peluang buat golongan ingkar sunnah untuk berhujjah?

Kalau mereka memanfaatkan kerancuan pemahaman sunnah dengan sunnat, mereka akan bilang sunnah itu khan dikerjakan berpahala dan ditinggalkan tidak apa-apa/tidak berdosa. Kalau sudah begini upaya kita semua untuk menangkal berkembangnya paham mereka malah  jadi blunder.

Atau contoh lain jika sunnah diartikan atau disamakan dengan sunnat akan ada orang yang mengatakan sunnah itu khan ditinggalkan tidak berdosa, jadi  dalam hal sholat kita pakai Al Quran saja tidak usah dengan sunnah, kalau sudah begini bagaimana dia dapat melaksanakan sholat tanpa mengambil tuntunan sholat secara lebih jelas dan rinci yang justru didapat dari sunnah? Begitu juga dalam segala aspek kehidupan setiap ada perintah yang ada dalam Al Quran maka akan lebih rinci dan jelas jika dipandu dengan sunnah.

 

Jadi jika orang rancu dalam memahami posisi pentingnya sunnah, barangkali hal ini karena disebakan dia telah rancu dalam konsep pemikirannya karena tidak tahu atau tidak dapat membedakan apa itu sunnah dan apa itu sunnat.

 

 

AlQuran menjadikan Tuhan bukan sebuah realitas maha perkasa yang berada “jauh di luar sana”. Al Quran menghadirkan Tuhan di dalam fikiran, hati, dan wujud setiap orang yang beriman (mukmin). (Armstrong, 2016)

1. Seorang orientalis Kanada, Dr. Zuwaimer di dalam bukunya “Timur dan Tradisinya” mengatakan, “Tidak diragukan lagi bahwa Muhammad adalah termasuk pemimpin agama terbesar. Bisa juga dikatakan bahwa dia adalah seorang reformis, mumpuni, fasih, pemberani dan pemikir yang agung. Tidak boleh kita menyebutnya dengan apa yang bertentangan dengan sifat-sifat ini. Al-Qur’an yang datang besama Muhammad dan sejarahnya menjadi saksi atas kebenaran klaim ini.”
2. Seorang Orientalis Jerman Bretly Hiler di dalam bukunya “Orang-Orang Timur dan Keyakinan-keyakinan Mereka” mengatakan, “Muhammad adalah seorang kepala negara dan punya perhatian besar pada kehidupan rakyat dan kebebasannya. Dia menghukum orang-orang yang melakukan pidana sesuai dengan kondisi zamannya dan sesuai dengan situasi kelompok-kelompok buas di mana Nabi hidup di antara mereka. Nabi ini adalah seorang penyeru kepada agama Tuhan Yang Esa. Di dalam dakwahnya, dia menggunakan cara yang lembut dan santun meskipun dengan musuh-musuhnya. Pada kepribadiaannya ada dua sifat yang paling utama dimiliki oleh jiwa manusia. Keduanya adalah “keadilan dan kasih sayang”.
3. Bernardesho seorang pemikir Inggris di dalam bukunya “Muhammad” mengatakan, “Dunia ini sangat membutuhkan pemikiran Muhammad. Nabi inilah yang meletakan agamanya senantiasa dalam posisi terhormat dan tinggi, agama yang paling kuat di dalam mencerna seluruh peradaban dan kekal sepanjang masa. Saya melihat banyak dari anak keturunan bangsaku yang masuk agama ini dengan bukti nyata. Agama ini akan mendapatkan kesempatan yang luas di benua ini – maksudnya adalah Eropa. Bahwa para tokoh agama pada abad pertengahan, akibat dari kebodohan dan fanatisme, telah menggambarkan agama Muhammad dengan gambaran yang gelap. Mereka menyebut agama Muhammad sebagai musuh bagi Kristen. Namun setelah saya mengkaji tentang orang ini (Muhammad), saya menemukan kekaguman yang luar biasa. Saya sampai pada kesimpulan bahwa dia bukan musuh bagi Kristen. Namun sebaliknya harus disebut penyelamat manusia. Dalam pandangan saya, sekiranya dia memegang kendali dunia pada hari ini pastilah dia bisa menyelesaiakan masalah kita yang dapat menjamin perdamaian dan kebahagiaan yang menjadi harapan manusia.
4. Professor bahasa Aramaic, Snersten Elasogi di dalam bukunya “Sejarah Hidup Muhammad” mengatakan, “Sungguh kita tidak netral pada Muhammad kalau kota mengingkari apa yang ada pada dirinya, berupa sifat-sifat yang agung dan keistimewaan-keistimewaannya. Muhammad telah terjun di dalam perang kehidupan yang benar menghadapi kebodohan dan kesemrawutan, tetap teguh pada prinsipnya. Dia terus memerangi tindakan yang melampaui batas sampai berakhir pada kemenangan yang nyata. Sehingga syariatnya menjadi syariat yang paling sempurna, dia di atas para tokoh agung sejarah.”
5. Seorang orientalis Amerika Sneks di dalam bukunya “Agama Arab” mengatakan, “Muhammad muncul 570 tahun setelah Isa. Tugasnya adalah untuk meningkatkan akal manusia dengan memberinya dasar-dasar utama dan akhlak yang mulia, mengembalikan kepada keyakinan Tuhan yang Esa dan kehiduan setelah kematian.”
6. Michel Hart di dalam bukunya “Seratus Tokoh dalam Sejarah” mengatakan, “Pilihan saya Muhammad menjadi orang pertama yang terpenting dan teragung sebagai tokoh sejarah telah mengagetkan para pembaca. Namun dia (Muhammad) adalah satu-satunya tokoh dalam semua sejarah yang sukses dengan kesuksesan sangat tinggi pada tingkat Agama dan Dunia. Ada banyak rasul, nabi dan para pemimpin yang memulai dengan misi-misi agung. Namun mereka meninggal tanpa penyempurnaan misi-misi tersebut, seperti Isa di Kristen, atau yang lain telah mendahului mereka, seperti Musa di Yahudi. Namun Muhammad adalah satu-satunya (Rasul) yang menyempurnakan misi agamanya, menetapkan hukum-hukumnya dan diimani oleh bangsa-bangsa selama hidupnya. Karena dia mendirikan negara baru di sisi agama. Sedang di bidang dunia dia juga menyatukan kabilah-kabilah di dalam bangsa, menyatukan bangsa-bangsa di dalam umat, meletakan buat mereka semua asas kehidupannya, menggariskan masalah-masalah dunianya, meletakannya pada titik tolak menuju dunia. Dan juga di dalam hidupnya, dia adalah (Rasul) yang memulai risalah agama serta dunia dan menyempurnakannya.
7. Seorang sastrawan dunia, Lev Tolstewi, yang karya sastranya dianggap sebagai sastra yang paling bernilai tercatat dalam peninggalan kemanusiaan. Dia mengatakan, “Cukuplah Muhammad sebagai kebanggaan karena dia telah membebaskan umat hina yang haus darah dari cakar-cakar setan tradisi yang tercela. Membuka di depan muka mereka jalan yang tinggi dan maju. Bahwa syariat Muhammad akan menguasai dunia karena kesesuaiannya dengan akal dan kebijaksanaan.
8. Dr. Shaberk asal Austria mengatakan, “Sesungguhnya manusia pasti bangga memiliki afiliasi dengan tokoh seperti Muhammad. Dia itu meski dengan keumiannya (tidak bisa baca dan tulis) beberapa belas abad yang lalu mampu membuat undang-undang. Kita orang Eropa akan menjadi sangat bahagia apabila bisa sampai ke puncaknya.”
9. Seorang Filsuf Inggris yang penah mendapatkan hadiah Nobel, Tomas Karlil di dalam bukunya “Para Pahlawan” mengatakan, “Sungguh menjadi sangat aib bagi siapapun yang berbicara pada masa ini mengeluarkan ungkapan bahwa agama Islam adalah kedustaan dan bahwa Muhammad adalah penipu. Kita harus memerangi penyebaran kata-kata yang absurd dan memalukan ini. Sesungguhnya risalah yang ditunaikan utusan (Rasul) tersebut masih menjadi pelita yang bercahaya selama 12 abad lamanya. Apakah ada di antara kalian yang mengira bahwa risalah ini yang menjadi pegangan hidup dan matinya jutaan orang yang tak terhidung jumlahnya adalah kedustaan dan penipuan.”
10. Sedang seorang Sastrawan Jerman Gotah mengatakan, “Sesungguhnya kita warga Eropa dengan seluruh pemahaman kita, belum sampai kepada apa yang telah dicapai Muhammad. Dan tidak akan ada yang melebihi dirinya. Saya telah mengkaji dalam sejarah tentang keteladanan yang tinggi untuk umat manusia ini. Dan saya temukan itu pada Nabi Muhammad. Demikianlah seharusnya kebenaran itu menang dan tinggi, sebagaimana Muhammad telah sukses menundukan dunia dengan kalimat tauhid.”

Ref:

Armstrong, Karen. 2016, Sejarah Tuhan, Mizan,  Penerjemah Zaimul Am

Berbagai masalah yang muncul di muka bumi dari waktu ke waktu, dari zamanke zaman, senatiasa yang diturunkan oleh Allah Subhaanahu Wata’ala lewatnabi-nabinya selalu saja solusi yang itu-itu juga yaitu ajakan kepada kalimat tauhid atau bertuhan yang benar.Secara sekilas banyak yang kurang faham kok itu lagi itu lagi tawaran solusi yang datang dari “The Super Natural” yaitu Allah SubhaanahuWata’ala atau “The real Super Power”.Mengapa mesti bertauhid lagi dan mesti bertauhid lagi?, dan itulah tawaransepanjang segala masa atau tawaran sepanjang segala abad dari pemilikjagad raya, pemilik manusia.Relevankah di jaman manusia yang sudah sangat gandrung dengan segala yangcanggih kalau ajakan bertauhid masih dijadikan solusi?, Al Quran sebagai”The Last Testament” senatiasa secara konsisten mengajarkan begitu.Coba kita renungkan, sepanjang jaman manusia senantiasa diombang-ambingkan oleh berbagai tarikan ke arah mempertuhankan Zat Yang Maha Suci ataulawannya dari itu dengan berbagai manifestasinya.Ajakan kepada Zat Yang Maha Suci satu saja wujud dan manifestasinya yaitukepada bertauhid yang benar baik tauhid uluhiyah, tauhid rububiyah dantauhid asma wa sifat.Tetapi ajakan ke arah yang lain dari itu banyak sekali wujud danmanifestasinya walaupun bersumber dari musuh dari Zat Yang Maha suci yaituIblis laknatullah alaih beserta bala tentaranya yaitu Syaithon dan di backup oleh hawa nafsu.Pada jaman Adam alaihi salam, dan sepanjang segala jaman a.l. zaman Musaa.s. wa Fir’aun wa Qorun, atau zaman Nabi SAW dan disitu ada Abu Jahal,Abu Lahab, dan Abdullah bin Ubay bin Salul.Ada dua tarikan dari tarikan kepada  Allah SWT dan tarikan kepada selain Allah.Sebagai contoh jika orang sudah mempertuhankan selain Allah misalnya sajamempertuhankan pangkat dan kekuasaan maka ukuran baik buruknya seseorang bukan lagi dinilai dari ketakwaannya kepada Allah SWT atau kebenaran Tauhidnya tetapi sejauh mana dia dapat mencarikan jalan-jalan menujukekuasaan atau kepada orang-orang yang dapat menumpuk-numpuk kekuasaan dan kemudian dapat pula membagi-bagikannya kepada para pengikut atau kroni-kroninya seperti yang terjadi pada jaman kejayaan Fir’aun atau mungkin juga jaman Orde Baru yang baru lewat. Kita semua tahu pada jaman seperti itu siapa saja yang coba-coba menyuarakan  kebenaran yang datang dari hati nurani yang paling dalam bentuk bisikan-bisikan ilahi yang mengajak kepada kemurnian tauhidpasti diberangus dan dicap sebagai makar atu subversif. Atau contoh lain kepada orang-orang yang memperuhankan harta kekayaan duniawi dengan cara yang sama dengan kelompok yang mempertuhankan kekuasaan mereka akan menjadikan ukuran atau nilai baik buruknya seseorang dari sejauh mana dia dapat menumpuk-numpuk harta kekayaan dan kalau bisajuga sekaligus dapat membagi-bagikan harta kekayaan kepada siapa saja yangmau ikut mempertuhankan harta kekayaan, tidak peduli apakah harta itu diperoleh dengan jalan halal ataukah menghalalkan segala cara. Begitu juga analog lainnya kepada tuhan-tuhan lain selain Allah SWT. Jadi disini akan terlihat jelas korelasi antara mempertuhankan selain Allah SWT dengan segala bentuk kejahatan yaitu usaha meraih harta benda atau kekuasaan dengan menghalalkan segala cara sebagaimana yang kitapernah alami di jaman orde baru yang baru lewat. Memang secara sekilas orang banyak yang rancu dalam membedakan antara bertuhan yang benar kepada Allah SWT atau kepada yang selain dari itu. wallahu a’lam bishowab.

What is Ethics?

From Wikipedia, the free encyclopedia, Ethics is a major branch of philosophy, encompassing right conduct and good life. It is significantly broader than the common conception of analyzing right and wrong. A central aspect of ethics is “the good life”, the life worth living or life that is satisfying, which is held by many philosophers to be more important than moral conduct.

The field of ethics, also called moral philosophy, involves systematizing, defending, and recommending concepts of right and wrong behavior. Philosophers today usually divide ethical theories into three general subject areas: metaethics, normative ethics, and applied ethics. Metaethics investigates where our ethical principles come from, and what they mean. Are they merely social inventions? Do they involve more than expressions of our individual emotions? Metaethical answers to these questions focus on the issues of universal truths, the will of God, the role of reason in ethical judgments, and the meaning of ethical terms themselves. Normative ethics takes on a more practical task, which is to arrive at moral standards that regulate right and wrong conduct. This may involve articulating the good habits that we should acquire, the duties that we should follow, or the consequences of our behavior on others. Finally, applied ethics involves examining specific controversial issues, such as abortion, infanticide, animal rights, environmental concerns, homosexuality, capital punishment, or nuclear war. By using the conceptual tools of metaethics and normative ethics, discussions in applied ethics try to resolve these controversial issues. The lines of distinction between metaethics, normative ethics, and applied ethics are often blurry. For example, the issue of abortion is an applied ethical topic since it involves a specific type of controversial behavior. But it also depends on more general normative principles, such as the right of self-rule and the right to life, which are litmus tests for determining the morality of that procedure. The issue also rests on metaethical issues such as, “where do rights come from?” and “what kind of beings have rights?”

Abraham Edel in his paper “Science and The Stucture of Ethics” defined, the ethics is a reflective enterprise; moralities (frequently called ‘moral codes’) have a more overly regulative character. In Kant, from whom stem most modern claims for the autonomy of morals-that morality is not a function  of any existential situation  is unique or sui generis; that ethical  processes somehow transcend  existence and tell it what it ought to be  there is little difficulty  in discovering  an incomplete stage setting. The autonomy stress directed primarily against hedonistic views or any that make obligation a function of desires passions, sentiments. But there is one feeling Kant wishes to maintain as ethically relevan; this is awe, or respect, which he denies to be a natural sentiment. He is perfectly ready to set broad  existence conditions for morality, both  in the portrayal of man as in tension between two words and in construing his account of the categorical imperative as an exhibition of man’s rational nature. (In fact, the account is said to hold for all rational being other than man if there is be such in the universe.) The outcome is simply that Kant is setting a stage but is procluded by his own theory of knowledge from investigating it scientifically. Hence it remains incompletely presented, there remain large gaps and obscurities in his ethics.

 

The Importance of Ethics.

Allah Subhaanahu Wa Ta’ala said in Al Quranul Karim (QS. 68:4)

4. and Thou (standest) on an Exalted standard of character.

In Islam we know the nearest word for ethics, and it is akhlaq, but the word akhlaq is Islam is more far complete or perfect than the word of ethics, because in the word akhlaq contains the meaning of behavor not only between human and other human (hablum minannaas) but also the behavior between all of human being personally or together ( as an ummah) and their The Only One Creator, Allah Subhaanahu Wa Ta’ala, The Real Divine Lord. And according to one hadith (tradition) of Prophet shallallahu ‘alaihi wasallam had ever said that :” Indeed that I was sent to this world for only and only to perfect (make completeness) the behavior of human being”. And so many verses in Al Quranul Karim which are their contain appreciate the the akhlaq which is the meaning including ethics and from the Hadith of our beloved Prophet Shallallahu ‘Alihi Wasallam as well. Especially about akhlaq, Allah, the Divine Lord not so such a particularly give a special praising through His verse or ayat in Al Quran about a good face or about the cleverness of the Prophet PBUH, but for the Prophet good akhlaq Allah has sent down His Ayat (QS. 68:4)  as written above.

In the time of Prophet PBUH, he (prophet) had ever forbidden someone who tried to make a cheeting by pretending to purchase something, but actually just only playing a drama or theatrical troupe in order to earn some finacial benefit by cheeting others  with this play, and in Islamic terminology we call bay najasy. In Islamic Economic we know as manipulating demand, and in fiancial market for those who want to earn capital gain by doing short selling, and they also have a big amount of money to influence the market by making a peudo-demand of the stock.

Amartya Sen in his book “On Ethics and Economics” said that he had tried to argue that the distancing of economics from ethics  has impoverihed welfare economics, and also weakened the basis of good deal of descriptive and pedictive economics. So ethics is so important in all of aspects of life, including the behavior of every kind or every level of person who interacts in the capital market especially in Islamic capital market.

The Importance of Ethics in Financial Reporting

Under present accounting rules, lessees frequently structure contracts for leased assets, in situations where they enjoy benefits similar to outright ownership, in a way that keeps both the leased assets and related liabilities of their books. This method of accounting creates off-balance sheet financing and is called operating lease accounting. There is a debate of the ethicality of intentionally structuring lease contracts to avoid disclosing leased asset and liability amounts and describes the ‘‘slippery slope’’ of rule-based accounting for synthetic leases and special purpose entities, that, in the author’s opinion, led to the accounting debacles at Enron and other companies. The ethical intent that is implicit in the Securities and Exchange Commission and Financial Accounting Standards Board regulations is discussed and suggestions for improving the ethicality of financial reporting are provided.

Thomas J. Frecka in his paper, “The Ethical Issues in Financial Reporting” discusses lease accounting as an example of how one can structure a discussion of ethical issues related to financial reporting choices. The importance of this topic relates to the complexity of issues surrounding lease accounting, the slippery slope that violating the intent of lease accounting rules leads to, and the generally ‘‘gray’’ conclusions that result from attempting to answer the question, Is intentional structuring of lease contracts to avoid capitalization unethical? A second intention of his paper is to illustrate how the question of ethics can be used to help students understand and appreciate the effects of technical financial reporting rules. After an introduction that provides background concerning how one accounts for leases, the other part of his paper is organized as follows. Part two of that paper discusses the ethical ideals of financial reporting as summarized by terms such ‘‘fair and full disclosure’’ and ‘‘transparency.’’  The paper of Frecka is not the only one paper that contain of the issue of ethics but still many others of papers like this written by other scholars who try to think and try to discuss how important the ethics in making financial reporting.

Because so many cases just like Enron, WorldCom, Xerox, Halliburton, Qwest System, Nicor Energy, Adelphia Communication, AOL TIME Warner, Bristol Myers Squibb, and so many other frauds in making finacial reporting  reminded us about the importance of  ethics in making Financial Reporting.

What is Efficient Markets Hypothesis?

Markets in term of EMH (Efficient Markets Hypothesis):

Whenever there are valuable commodities to be traded, there are incentives to develop a social arrangement that allows buyers and sellers to discover information and carry out a voluntary exchange more efficiently, i.e. develop a market. The largest and best organised markets in the world tend to be the securities markets.

Efficiency in Economics:

The concept of efficiency in economics is a general term for the value assigned to a situation by some measure designed to capture the amount of waste or “friction” or other undesirable economic features present.

Within this context, it has several quite distinct meanings. For example, /allocative efficiency/ is concerned with the optimal distribution of scarce resources among individuals in the economy. An efficient portfolio is one with the highest expected return for a given level of risk. An efficient market  is one in which information is rapidly disseminated and reflected in prices.

The Importance of Efficient Markets Hypothesis

The EMH has been the central proposition of finance since the early 1970s and is one of the most contoversial and well-studied propositions in all the social sciences.

History

The history of the EMH is covered in detail by Bachelier (1900) and Samuelson (1965) being the most important papers.

Definition

The term ‘efficient market’ was first introduced into the economics literature by Fama /et al./ in 1969.

Scope

The term ‘efficient market’ was initially applied to the stock market, but the concept was soon generalised to other asset markets.

Starting Point

Regardless of whether or not one believes that markets are efficient, or even whether they /are/ efficient, the efficient market hypothesis is almost certainly the right place to start when thinking about assetprice formation. One can then consider relative efficiency.

Two informal explanations for market efficiency

If one could be sure that a price will rise tomorrow, the asset would be bought today, raising the price, so that it will not, in fact rise tomorrow. Ergo, the price is unpredictable.

The intrinsic value of an asset is implied by the cumulative impact of information we receive as news. Successive news items must be random because if an item of news were not random, that is, if it were dependent on an earlier item of news, then it wouldn’t be news at all.

After all, news — by definition — is new. If the rapidly price reflects all information (i.e. the market is efficient), then the price will fluctuate randomly.

Academics Versus Practitioners

There is little consensus between the opinions held in academia and industry. Unsurprisingly, most of the support for the EMH comes from the former.

Is it Rational?

Contrary to popular belief, the EMH does not require that all market participants are rational. Indeed, markets can be efficient even when a group of investors are irrational and correlated, so long as there are some rational traders present together with arbitrage opportunities (Shleifer, 2000).

Not Possible

Grossman and Stiglitz (1980) argued that because information is costly, prices cannot perfectly reflect the information which is available, since if it did, those who spent resources to obtain it would receive no compensation, leading to the conclusion that an informationally efficient market is impossible.

Not Refutable

The EMH, by itself, is not a well-defined and empirically refutable hypothesis.

Jensen (1978) “If the efficient markets hypothesis was a publicly traded security, its

price would be enormously volatile.”

Shleifer and Summers (1990)

“It is disarmingly simple to state, has far-reaching consequences for academic pursuits and business practice, and yet is surprisingly resilient to empirical proof or refutation.”

Lo in Lo (1997) said “Market efficiency survives the challenge from the literature on

long-term return anomalies. Consistent with the market efficiency hypothesis that the anomalies are chance results, apparent overreaction to information is about as common as underreaction, and post-event continuation of pre-event abnormal returns is about as frequent as post-event reversal. Most important, consistent with the market

efficiency prediction that apparent anomalies can be due to methodology, most long-term return anomalies tend to disappear with reasonable changes in technique.”

Fama (1998) said “What, then, can we conclude about market efficiency? Amazingly, there is still no consensus among financial economists. Despite the many advances in the statistical analysis, databases and theoretical models surrounding the efficient markets hypothesis, the main effect has been to harden the resolve of the proponents on each side of the debate.”

Muir and Schipani (2007) said in deciding cases involving stock price valuations, the Delaware courts seem more concerned than the DOL17 with the possibility that the markets may be unable to price shares fairly. The courts thus seem somewhat more skeptical of reliance on the market price, and the EMH, for the fair valuation of stock. At least one visible concern of the courts is the availability of material information in the market. The courts recognize that without full information, the market, in a particular instance, may be unable to price shares fairly.

Ethics and Efficiency, Both are Important In The Islamic Capital Market(Conclusion).

Based on the facts that how important ethics in all of aspects of our life that Allah like most for somebody who has the greatest achievement in presenting best akhlaq (including good ethics contained in it) to all over the wold and as long as the worldly life is still in existing, who is that the most noble personality? It est our Prophet PBUH (QS : 68:4). Especially in this paper I try to depict how important ethics. So many shortcomings we’ll encounter if we neglect ethics in making financial reporting just like in many cases of frauds when they (companies or corporates) made light of the ethics. In EMH we know that the real value of the firm (without any cheeting), especially which emerged through Islamic Capital Market caused by the good financial reporting. In making this good financial  reporting they must adhere the principles of ethics. It is unplausible if we do everything ethically but we neglect the principle of efficiency, so both of them are important in Islamic capital market.

 

Reference:

 

1. Best Reference: Al Quranul Karim, Translated bu Yusuf Ali and Hadith of Prophet Peace Be Upon Him.
2. Abraham Edel, “Science and the The Structure of Ethics”
3. Amartya, Sen. On Ethics and Economics
4. Lo (2000) in Cootner (1964)
5. Muir, Dana , Cindy A Schipani. The Use of EMH. Michigan Law Review. AnnArbor: Jun 2007. Vol. 105, Iss. 8; pg. 1941, 40 pgs
6. Best Paper: Fama (1970).
7. Best book: “The Econometrics of Financial Markets” by Campbell, Lo and Mackinlay(1997).

Ustadz-ustadz Jamaah Dakwah wa Tabligh Yang Saya Ketahui.

Ustadz-ustadz dalam jamaah tabligh yang saya ketahui antara lain Ustadz Luthfi bin Yusuf (lulusan Al Azhar Mesir) beliau menuntut ilmu hadits di Pakistan, Almarhum Ustadz atau Kyai H. Huzairon (lulusan Mekkatul Mukaromah), Ustadz Najib Mahfud (lulusan Universitas Medinah), Ustadz Najib Ayub di Pondok Ranji, Al Hafiz Ustadz Sofyan Nur dan banyak lagi yang tidak mungkin saya sebutkan satu persatu semuanya.

Pengalaman berdakwah di Lingkungan Jabodetabek.

Akhirnya saya bertambah syukur kepada Allah Subhaanahu Wataala sampai saat ini Allah SWT masih menggunakan jasmani rohani saya untuk menjalankan dakwahnya di lingkungan Jakarta dan wilayah sekitarnya.

Dalam berdakwah dan bersilaturahmi tidak jarang pula kami dibodoh-bodohi oleh mereka yang merasa dirinya lebih pandai dari kami, namun akhirnya mereka sendiri yang merasa malu karena merasa telah telanjur berfikir bahwa dirinya lebih berilmu dari saya.

Saya jadi teringat pepatah kuno (Janganlah sombong karena di atas langit biasanya ada langit lagi), yang kalau dalam dunia ilmiahnya bahwa time and space itu unlimited.

Dalam prinsip dakwah yang kami jalankan ada sifat ketiga dari sahabat Nabi SAW yang mesti kami tauladani yaitu sifat ilmu ma’a dzikrullah. Mengapa ilmu menjadi penting Allah SWT berfirman yang artinya:

 Tidak sepatutnya bagi orang-orang beriman itu pergi semuanya (ke medan perang). Mengapa tidak pergi dari tiap-tiap golongan di antara mereka beberapa orang untuk memperdalam pengetahuan mereka tentang agama dan untuk memberi peringatan kepada kaumnya ketika mereka telah kembali kepadanya, supaya mereka itu dapat menjaga dirinya.(QS 9:122)

Mengapa ilmu harus ma’a atau artinya menyertai atau beserta dzikir yaitu dimaksudkan agar terhindar dari perilaku sombong atau menyombongkan ilmu atau takabur. Perilaku berdzikir ini yang apabila dilakukan secara terus menerus dan teratur,  insya Allah akan membentuk suasana hati yang lebih lembut.

Di tambah lagi bersilaturahmi dan bergaul dengan saudara Islam kita yang ekonominya lemah juga akan melembutkan hati, begitu juga belajar banyak-banyak beshodaqoh ( bersedekah) akan menimbulkan suasana hati yang penuh kasih sayang dengan hati yang lembut. Hal ini janganlah diartikan kami jamaah tabligh tidak mau bergaul dengan orang kaya atau membenci kekayaan. Jamaah tabligh yang setahu saya justru dilatih mandiri untuk tidak minta-minta sumbangan di dalam menjalankan kegiatan dakwahnya tetapi dengan biaya sendiri.

Hal ini saya pikir jamaah tabligh bukanlah mengada-ada, karena ada salah satu ayat Al Quran yang mendasari perjuangan di jalan Allah dengan harta dan diri sendiri (QS.61:11).

Jikalau kami membenci kekayaan bagaimana mungkin saudara-saudara kami dapat menggunakan uangnya yang dari kantongnya sendiri menyambut panggilan untuk berdakwah ke negeri-negeri yang jauh seperti ke Afrika Selatan, Madagaskar, Eropah, Suriname, Jepang, bahkan ke Cina.

Lalu apakah keluarga dan yang dekat-dekat ditelantarkan? Sama sekali tidak, dalam amalan dakwah ada amalan dakwah intiqoli (secara periodik ke daerah –daerah setanah air atau ke negeri-negeri jiran atau negeri jauh) dan ada amal maqomi yaitu membina nilai-nilai keimanan dan nilai-nilai keagamaan di lingkungan rumah tangga dan jiran tetangga.

 Urgensi Jamaah Tabligh Indonesia Juga dikirim kenegeri Jauh.

 Lalu bagaimana dengan kendala bahasa? Misalnya kalau dakwah ke Jepang? Jawabnya adalah bahwa perlu diketahui di Jepang sendiri ada ribuan saudara muslim dari Indonesia yang sedang sibuk untuk cari uang tetapi karena kesibukannya lupa untuk ibadah (misalnya sholat 5 waktu dan sholat Jum’at). Memang berdakwah dalam arti sesungguhnya seperti apa yang dilakukan Nabi dan Shahabatnya yaitu langsung mengajak kepada nonmuslim, tetapi kami lebih prioritas kepada saudara muslim yang sudah mulai meninggalkan ajaran agamanya dalam hal ini mereka yang sudah mulai tidak sholat.

Di Madagaskar banyak sauradara serumpun (ras Melayu) tetapi sudah tidak beragama Islam lagi. Di negeri Belanda dan negeri-negeri eks jajahan Belanda seperti South Africa, Suriname, banyak saudara seetnis yang lebih akrab jika jamaah-jamaah dakwah dari Indonesia yang datang ke sana ketimbang jamaah India atau Pakistan yang dikirim ke sana.

Dalam khuruj bukan semata-mata kita hanya menyampaikan atau apalagi menggurui  tetapi juga kita dapat banyak belajar dari perilaku yang terkadang lebih “Islami” di negeri yang kita datangi misalnya dalam memberantas atau menindak tegas koruptor seperti yang dilakukan  di Cina.

Atau dengan melihat langsung suasana kehidupan masyarakat muslim di negeri-negeri yang mereka sebagai minoritas, yang tidak kalah semangat keislamannya, ukhuwahnya dan makmurnya sholat berjamaah di masjid-masjid mereka, sementara masjid-masjid di tempat kita kalau shubuh masih jauh dari yang idealnya. Begitu juga ukhuwah di tempat-tempat yang sudah merasa mayoritas lebih rapuh dan lebih mudah tercabik-cabik, sedangkan di tempat-tempat mereka sebagai minoritas dapat lebih solid.

Atau dapat juga melihat tanda-tanda kebesaran Allah seperti saudara-saudara kita yaitu rekan-rekan yang dikirim ke South Africa biasanya diajak melihat tempat pertemuan dua laut seperti yang tercantum dalam Al Quran dalam Surat Ar Rahman ayat  19 –20.  Pada beberapa waktu yang lalu alhamdulillah saya sempat berdakwah ke negeri Jordan, dimana jiran dari negara tersebut dalam keadaan sangat menderita karena perang sementara negara Jordan juga ikut kebagian aliran pengungsi yang ratusan ribu jumlahnya.

Sekelumit Tentang Enam Sifat Sahabat Yang Dijadikan Dasar Ajaran Jamaah Tabligh Yang saya ketahui.

Islam mengajarkan kepada ummatnya, pertama sekali dan yang terpenting adalah sikap dan sifat bertauhid yang benar. Mengapa demikian?

Hal ini disebabkan karena Islam mengajarkan ummatnya kepada keyakinan kepada Tuhan Yang Maha Gagah, Perkasa, Esa dan tidak lemah atau cengeng.

Konsep Tuhan yang diajarkan dalam Islam, adalah Tuhan yang tidak perlu bersekutu, karena dengan keberadaannya sendiri saja Dia sudah mampu untuk berbuat apa saja. Allah Subhaanahu wataala dalam ajaran Islam adalah satu-satunya Penguasa (Penguasa Tunggal) dan tidak pernah berbagi kekuasaan dengan siapa pun.

Allah Subhaanahu Wataala dengan kesendiriannya tidak menunjukkan kelemahan sedikitpun. Allah menjadikan yang selain dari dirinya adalah makhluk belaka.

Semua selain dari Allah adalah di bawah kekuasaannya. Karena begitu berkuasanya Allah sehingga Dia tidak beranak apalagi diperanakkan. (QS.112:3).

Allah Subhaanahu Wataala memiliki sifat absolute, distinct, unique. (QS. 112: 4). Oleh karena sifat-sifatNya yang sedemikian itulah Allah SWT juga menyukai hamba-hambanya yang memiliki sifat yang hanya bergantung kepadaNya saja (Al Qur’an Surat Al Ikhlas ayat 2).Seorang yang beriman, memiliki sifat tidak berhajat kepada makhluk, yang juga merupakan sifat Allah. Akan tetapi yang membedakan dia dengan Kholiknya adalah dia tidak mau bergantung kepada makhluk tetapi dia masih bergantung kepada KholikNya, sedangkan kholik  sekali-kali tidak bergantung kepada siapa pun.

Untuk mobilisasi dakwah di kalangan seluruh ummat Islam yang  ada di dunia maka dibutuhkan Sumber Daya Manusia Muslim ( SDM Muslim) yang memiliki karakteristik unggulan adalah SDM Muslim yang dikehendaki oleh Allah dan RosulNya, yaitu SDM Muslim yang tidak bergantung kepada sesama makhluk Allah.

Hal ini yang ditunjukkan oleh manusia-manusia pilihan Allah yaitu para Nabi dan Rosul, dan juga para shahabat Rosulullah SAW.

Sifat-sifat shahabat Nabi SAW yang dimaksud setahu saya adalah sbb.:

Mentahqikkan kalimat Thoyyibah Laailaaha illallah Muhammadur rosuulullah Dalam Al Qur ‘an banyak dijumpai ayat-ayat atau dalil-dalil tentang keberkahan. Keberkahan yang akan diberikan Allah bukan terletak dari banyaknya kekayaan alam ataupun skill (keahlian ) dari SDMnya , akan tetapi terletak pada kualitas iman dan ketaqwaan SDMnya itu sendiri. Jadi kalau mau dikatakan sebagai suatu keahlian sekali pun yaitu keahlian untuk menarik atau mendatangkan bantuan Allah. Sebagaimana Firman Allah : Lau anna ahlal quroo aamanu wa taqau lafatahnaa alaihim barokaatimminassamaa’I wal ardhi. Artinya : Jika sekiranya penduduk suatu negeri beriman dan bertaqwa niscaya kami bukakan pintu-pintu keberkahan dari langit dan bumi. Dan satu lagi ayat Al Qur’an mengatakan :

Wa mayattaaqillaha jaj’al lahu makhrojaa. Artinya: Dan barangsiapa yang bertaqwa kepada Allah, Allah akan jadikan baginya jalan keluar (dari kesulitan apa pun). (QS 65:2)

Meyakini sepenuhnya bahwa dibalik sunnah Nabi ada kejayaan,  hal ini terbukti pada waktu terjadi peperangan Uhud. Ketika itu para sahabat dan bahkan Nabi ada bersama mereka tetapi hanya karena tidak mematuhi arahan Nabi, pasukan muslimin nyaris menderita kekalahan yang cukup fatal. Nabi juga memberikan arahan kepada ummatnya untuk membaca surat Al Waqiah sebagai penangkal kemiskinan.Begitu juga membaca surat Yasin di awal hari, ada fadilat yang dikemukakan Nabi yaitu bahwa Allah akan memenuhi keperluannya di hari itu.

Sholat khusyu dan tawadhu. Masyarakat Islam bentukan atau binaan Rosulullah SAW,  hanya mengharap dan memohon dan berhajat pada bantuan Allah saja lewat sholat  yang dilaksanakan secara teratur, istiqomah dan ditambah lagi sholat hajat sewaktu-waktu diperlukan jika mereka sedang memerlukan pertolongan Allah. Was ta’inu bishobri washsholah…..,artinya: Dan mohonlah bantuan (Allah) dengan sabar dan sholat…..(QS 2: 45)

Gemar menuntut ilmu dan senantiasa mengingat Allah setiap masa dan keadaan. Setiap muslim yang menjadi elemen kritis di sebalik praktek dakwah dan pembentukan pribadi muslim/muslimah yang kaaffah, harus memperdalam  ilmu pengetahuan yang dapat membuatnya  mampu untuk membedakan mana yang halal dan mana yang haram. Dalam Kitab Himpunan Fadhilah Amal karangan Maulana Muhammad Zakariyya Al-kandalawi Rah.a. terjemahan Ustadz Abdurrahaman Ahmad hal107 dijelaskan tentang perilaku semangat para shahabat Nabi SAW dalam menuntut ilmu. Hal ini untuk mengingatkan orang-orang yang mau bergabung dengan kegiatan berdakwah hendaklah mencontoh semangat para shahabat Nabi SAW dalam menuntut ilmu sehingga tidak memberi peluang timbulnya fitnah terhadap orang-orang yang berdakwah bahwa mereka menafikan ilmu agama dalam menjalankan dakwahnya.  Islam mengajarkan hablum minallah yang yang tanpa  batas dalam hal mengingat Allah. Maksudnya  adalah jika sholat berarti sebatas waktu sholat saja, tetapi dzikrullah ada perintah dari Allah untuk waktu yang tidak terbatas kecuali maut.

Mendahulukan keperluan saudaranya di atas keperluan pribadinya. Sekurang-kurangnya seseorang muslim harus dapat menunaikan hak-hak saudaranya. Sebelum itu berarti dia mesti mengetahui batasan-batasan apa-apa yang menjadi haknya, batasan-batasan apa yang menjadi hak orang lain. Satu hadits Nabi berbunyi: Laa yu’minu ahadukum hattaa yuhibba li akhihi maa yuhibbu li nafsihi(Al Hadts), artinya: Tidak beriman salah seorang dari kalian sampai dia mencintai saudaranya sebagaimana dia mencintai dirinya sendiri.

Ikhlas. Sifat ini yang juga melandasi setiap aktivitas seorang muslim.Sifat tidak haus pujian atau pamrih apa pun. Semua diniatkan semata-mata untuk mencari ridho kholiknya (penciptanya).Jadi sama sekali terjauh dari sifat menumpuk-numpuk harta, apa lagi untuk tujuan pamer atau ingin dilihat orang. Bahkan tangan kanan memberi tapi tangan kiri tidak mengetahui. (Al Hadits)

Mengorbankan harta dan diri untuk menarik hidayah Allah untuk diri sendiri dan seluruh ummat manusia sesuai dengan yang diperintahkan Allah. Dalam surat Ashshoff ayat 10-11 , Allah subhaanahu wata’ala berfirman: Yaa ayyuhalladziina aamanu hal adullukum ala tijaarotin tunjiikum adzaabin aliim. Tu’minuuna billahi wa rosuulihi wa tujaahiduuna fiisabiilillahi bi amwaalikum wa anfusikum dzaalikum khoirulakum in kuntum ta’lamuun. Artinya: Wahai orang-orang yang beriman, maukah Aku tunjukkan suatu perniagaan yang dapat menyelamatkan kalian dari siksa yang pedih. Yaitu kalian berimanlah kepada Allah dan rosulNya, dan berjuanglah untuk menegakkan Agama Allah dengan harta dan dirimu, yang demikian itu adalah lebih baik jika kamu mengetahui.  Setiap muslim yang merupakan SDM kritis dalam praktek dakwah adalah pribadi yang siap mempertaruhkan harta dan dirinya untuk terciptanya masyarakat yang sudah mendapat kucuran hidayah (petunjuk) Allah yang begitu melimpah ruah. Baginya harta adalah sarana atau alat bukan tujuan, berarti siap dikorbankan kapan saja diperlukan untuk kemaslahatan ummat. Dalam ayat-ayat  tadi dinyatakan bahwa proses pengorbanan harta dan diri yang didasari keimanan yang betul yaitu kepada Allah dan rosulNya, dapat menjadi solusi untuk dapat keluar dari berbagai krisis yang bersifat multi dimensi seperti yang tengah kita hadapi saat ini.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Islam sebagai suatu Sistem Kehidupan akan dapat berjalan sempurna jika semua unsur dalam sistem kehidupan Islam berfungsi dan berjalan sesuai dengan aturan atau ajaran Islam. Dan salah satu subsistem dalam sistem Islam tersebut adalah sumber daya insani Muslim yang lebih dikenal dengan istilah sumberdaya insani.

Islam mengajarkan kepada ummatnya, pertama sekali dan yang terpenting adalah sikap dan sifat bertauhid yang benar. Mengapa demikian?

Hal ini disebabkan karena Islam mengajarkan ummatnya kepada keyakinan kepada Tuhan Yang Maha Gagah, Perkasa, Esa dan tidak lemah atau cengeng.

Konsep Tuhan yang diajarkan dalam Islam, adalah Tuhan yang tidak perlu bersekutu, karena dengan keberadaannya sendiri saja Dia sudah mampu untuk berbuat apa saja. Allah Subhaanahu wataala dalam ajaran Islam adalah satu-satunya Penguasa (Penguasa Tunggal) dan tidak pernah berbagi kekuasaan dengan siapa pun.

Allah Subhaanahu Wataala dengan kesendiriannya tidak menunjukkan kelemahan sedikitpun. Allah menjadikan yang selain dari dirinya adalah makhluk belaka.

Semua selain dari Allah adalah di bawah kekuasaannya. Karena begitu berkuasanya Allah sehingga Dia tidak beranak apalagi diperanakkan. (Al Qur’an Surat Al Ikhlas ayat  3).

Allah Subhaanahu Wataala memiliki sifat absolute, distinct, unique. (Al Qur’an Surat Al Ikhlas ayat 4). Oleh karena sifat-sifatNya yang sedemikian itulah Allah SWT juga menyukai hamba-hambanya yang memiliki sifat yang hanya bergantung kepadaNya saja (Al Qur’an Surat Al Ikhlas ayat 2).Seorang yang beriman, memiliki sifat tidak berhajat kepada makhluk, yang juga merupakan sifat Allah. Akan tetapi yang membedakan dia dengan Kholiknya adalah dia tidak mau bergantung kepada makhluk tetapi dia masih bergantung kepada KholikNya, sedangkan kholik  sekali-kali tidak bergantung kepada siapa pun.

Untuk mobilisasi dakwah di kalangan seluruh ummat Islam yang  ada di dunia maka dibutuhkan Sumber daya insani ( SDM Muslim) yang memiliki karakteristik unggulan adalah SDM Muslim yang dikehendaki oleh Allah dan RosulNya, yaitu SDM Muslim yang tidak bergantung kepada sesama makhluk Allah.

Hal ini yang ditunjukkan oleh manusia-manusia pilihan Allah yaitu para Nabi dan Rosul, dan juga para shahabat Rosulullah SAW.

KARAKTERISTIK  SDM YANG DIMAKSUD ADALAH  SBB:

Mentahqikkan kalimat Thoyyibah Laailaaha illallah Muhammadur rosuulullah Dalam Al Qur ‘an banyak dijumpai ayat-ayat atau dalil-dalil tentang keberkahan. Keberkahan yang akan diberikan Allah bukan terletak dari banyaknya kekayaan alam ataupun skill (keahlian ) dari SDMnya , akan tetapi terletak pada kualitas iman dan ketaqwaan SDMnya itu sendiri. Jadi kalau mau dikatakan sebagai suatu keahlian sekali pun yaitu keahlian untuk menarik atau mendatangkan bantuan Allah. Sebagaimana Firman Allah : Lau anna ahlal quroo aamanu wa taqau lafatahnaa alaihim barokaatimminassamaa’I wal ardhi. Artinya : Jika sekiranya penduduk suatu negeri beriman dan bertaqwa niscaya kami bukakan pintu-pintu keberkahan dari langit dan bumi. Dan satu lagi ayat Al Qur’an mengatakan :

Wa mayattaaqillaha jaj’al lahu makhrojaa. Artinya: Dan barangsiapa yang bertaqwa kepada Allah, Allah akan jadikan baginya jalan keluar (dari kesulitan apa pun). (Al Quran Surat Ath Tholaq ayat 2)

Meyakini sepenuhnya bahwa dibalik sunnah Nabi ada kejayaan,  hal ini terbukti pada waktu terjadi peperangan Uhud. Ketika itu para sahabat dan bahkan Nabi ada bersama mereka tetapi hanya karena tidak mematuhi arahan Nabi, pasukan muslimin nyaris menderita kekalahan yang cukup fatal. Nabi juga memberikan arahan kepada ummatnya untuk membaca surat Al Waqiah sebagai penangkal kemiskinan.Begitu juga membaca surat Yasin di awal hari, ada fadilat yang dikemukakan Nabi yaitu bahwa Allah akan memenuhi keperluannya di hari itu.

Sholat khusyu dan tawadhu. Masyarakat Islam bentukan atau binaan Rosulullah SAW,  hanya mengharap dan memohon dan berhajat pada bantuan Allah saja lewat sholat  yang dilaksanakan secara teratur, istiqomah dan ditambah lagi sholat hajat sewaktu-waktu diperlukan jika mereka sedang memerlukan pertolongan Allah. Was ta’inuu bishobri washsholah…..,artinya: Dan mohonlah bantuan (Allah) dengan sabar dan sholat…..(Al Baqoroh ayat 45)

Gemar menuntut ilmu dan senantiasa mengingat Allah setiap masa dan keadaan. Setiap muslim yang menjadi elemen kritis di sebalik praktek dakwah dan pembentukan pribadi muslim/muslimah yang kaaffah (al Quran Al Baqoroh ayat 208), harus memperdalam  ilmu pengetahuan yang dapat membuatnya  mampu untuk membedakan mana yang halal dan mana yang haram. Islam mengajarkan hablum minallah yang yang tanpa  batas dalam hal mengingat Allah. Maksudnya  adalah jika sholat berarti sebatas waktu sholat saja, tetapi dzikrullah ada perintah dari Allah untuk waktu yang tidak terbatas kecuali maut.

Mendahulukan keperluan saudaranya di atas keperluan pribadinya. Sekurang-kurangnya seseorang muslim harus dapat menunaikan hak-hak saudaranya. Sebelum itu berarti dia mesti mengetahui batasan-batasan apa-apa yang menjadi haknya, batasan-batasan apa yang menjadi hak orang lain. Satu hadits Nabi berbunyi: Laa yu’minu ahadukum hattaa yuhibba li akhihi maa yuhibbu li nafsihi, artinya: Tidak beriman salah seorang dari kalian sampai dia mencintai saudaranya sebagaimana dia mencintai dirinya sendiri.

Ikhlas. Sifat ini yang juga melandasi setiap aktivitas seorang muslim.Sifat tidak haus pujian atau pamrih apa pun. Semua diniatkan semata-mata untuk mencari ridho kholiknya (penciptanya).Jadi sama sekali terjauh dari sifat menumpuk-numpuk harta, apa lagi untuk tujuan pamer atau ingin dilihat orang. Bahkan tangan kanan memberi tapi tangan kiri tidak mengetahui. (Al Hadits)

Mengorbankan harta dan diri untuk menarik hidayah Allah untuk diri sendiri dan seluruh ummat manusia sesuai dengan yang diperintahkan Allah. Dalam surat Ashshof ayat 10-11 , Allah subhaanahu wata’ala berfirman: Yaa ayyuhalladziina aamanu hal adullukum ala tijaarotin tunjiikum adzaabin aliim. Tu’minuuna billahi wa rosuulihi wa tujaahiduuna fiisabiilillahi bi amwaalikum wa anfusikum dzaalikum khoirulakum in kuntum ta’lamuun. Artinya: Wahai orang-orang yang beriman, maukah Aku tunjukkan suatu perniagaan yang dapat menyelamatkan kalian dari siksa yang pedih. Yaitu kalian berimanlah kepada Allah dan rosulNya, dan berjuanglah untuk menegakkan Agama Allah dengan harta dan dirimu, yang demikian itu adalah lebih baik jika kamu mengetahui.  Setiap muslim yang merupakan SDM kritis dalam praktek dakwah adalah pribadi yang siap mempertaruhkan harta dan dirinya untuk terciptanya masyarakat yang sudah mendapat kucuran hidayah (petunjuk) Allah yang begitu melimpah ruah. Baginya harta adalah sarana atau alat bukan tujuan, berarti siap dikorbankan kapan saja diperlukan untuk kemaslahatan ummat. Dalam ayat-ayat  tadi dinyatakan bahwa proses pengorbanan harta dan diri yang didasari keimanan yang betul yaitu kepada Allah dan rosulNya, dapat menjadi solusi untuk dapat keluar dari berbagai krisis yang bersifat multi dimensi seperti yang tengah kita hadapi saat ini.(Dari mulai krismon, beraneka ragam mushibah dalam bentuk berbagai kerusuhan, flu burung, demam berdarah, virus folio

Referensi:

1. Al Quranul Karim
2. Al-Kandahlawi, Maulana Muhammad Zakariyya. 2006. Himpunan Fadhilah Amal, Yogyakarta, Ash-Shaff

 

Dalam ajaran Islam akhlaq menempati posisi yang sangat vital setelah iman, karena di dalam mendakwahkan ajaran Islam akhlaq begitu penting sehingga dalam membuat daya tarik yang luar biasa efektifnya , Nabi SAW dan Shahabat-shahabatnya sering menampilkan akhlaq yang mulia dan mempesona bagi mereka yang belum memahami ajaran Islam.

Pengertian akhlaq yang dikutip oleh M Nipan Abdul Halim dalam bukunya yang berjudul Menghias diri dengan Akhlaq Terpuji dari Prof. Dr. Ahmad Amin dalam kitabnya Al- Akhlaaq sbb.:

Terjemahnya adalah sbb.:

“Sementara orang membuat definisi Akhlaq, bahwa yang disebut akhlaq adalah kehendak yang dibiasakan. Artinya apabila kehendak itu membiasakan sesuatu, maka kebiasaan itu dinamakan akhlaq.”

Di dalam sebuah riwayat diceritakan seorang pelacur diperkenankan memasuki surga dan menjadi penghuninya hanya karena dia telah berakhlaq baik kepada seekor hewan yang jilatan lidahnya termasuk kategori najis mugholadoh.

Standar Ukuran Akhlaq.

Yang menjadi standar ukuran akhlaq dikatakan baik atau buruk, hina atau mulia, tinggi atau rendah adalah menurut Allah dan RosulNya, yang tercermin dari apa yang yang termaktub dalam Al Qur’an atau Al Hadits.

Ada pun jika ada yang mengatakan adanya standar lain yang bukan mengacu kepada Allah dan RosulNya, mungkin istilahnya lain, seperti misalnya : budi pekerti.

Pengertian insan kamil.

Insan kamil kalau diterjemahkan menjadi istilah manusia sempurna mungkin agak rancu karena yang sempurna hanya Allah Subhaahu Wata’ala saja.

Jadi pengertian  sempurna ini hanyalah sebatas kesempurnaan yang dapat dicapai oleh seorang manusia dengan segala keterbatasan atau kekurangannya.

Manusia berada pada dua level derajat kedudukannya ditinjau dari sudut pandang Akhlaq, yaitu disatu sisi dapat seperti binatang dan bahkan lebih rendah lagi dari itu. Di sisi lain dapat seperti malaikat bahkan lebih tinggi dari itu.

Akhlaq menjalin hubungan baik secara vertical maupun horizontal.

Al Qur’an mengajarkan perlunya menjaga hubungan dengan Allah dan hubungan dengan manusia. Dalam Al Qur’an Surat Ali Imran ayat 112: Allah Subhaanahu Wata’ala berfirman yang artinya:

“Mereka senantiasa diliputi kehinaan dimana pun berada, kecuali jika mereka menjaga hubungan baik dengan Allah dan dengan sesama manusia.”(QS. 3:112)

Jadi manusia yang berakhlaq sempurna adalah manusia yang dapat menjalin hubungan yang sebaik-baiknya dengan kholiq (penciptanya) dan juga menjalin hubungan yang sebaik-baiknya dengan makhluq ciptaan kholiqnya.

Dari sudut pandang seseorang yang dikatakan insan kamil adalah justru dia akan senantiasa memandang dirinya penuh dengan kekurangan-kekurangan dan dia berusaha senantiasa memperbaiki dirinya agar menjadi lebih baik, sesuai dengan sabda Nabi SAW yang mafhumnya: Barang siapa yang hari ini lebih baik dari hari kemarin adalah  dia orang yang beruntung, barang siapa yang hari ini sama saja dengan hari kemarin adalah dia orang yang merugi dan barang siapa yang hari ini lebih buruk dari hari kemarin adalah dia orang yang celaka. Berikut ini marilah sejenak kita lihat nasihat Nabi SAW kepada sahabatnya yaitu Abu Dzar ra.

Abu Dzar ra berkata bahwa Rosuulullah SAW bersabda: “ Saya wasiatkan kepadamu, bertaqwalah kepada Allah, karena ia adalah induk segala urusan. Selalulah membaca Al Quran dan berdzikir kepada Allah, karena dengannya namamu akan diingat di langit dan menyebabkan terpancar nur bagimu di langit. Perbanyaklah waktu untuk diam, janganlah berbicara kecuali berbicara kebaikan. Yang demikian itu akan melindungi dari gangguan Syaithon dan memudahkan pengamalan agama. Jangan terlalu banyak tertawa karena hati akan mati dan memudarkan nur wajah. Teruslah berjihad karena itu adalah kebanggaan ummatku. Cintailah orang miskin, dan perbanyaklah duduk bersama mereka. Perhatikanlah kaum dhu’afa, dan jangan memandang  orang yang lebih tinggi derajatnya darimu, karena yang demikian itu dapat menyebabkan kamu tidak mensyukuri nikmat Allah SWT. Sambunglah tali kekeluargaan walaupun mereka memutuskannya. Katakanlah yang benar walaupun pahit. Jangan hiraukan hinaan dalam bermuraqabah kepada Allah SWT. Pandanglah aib sendiri, jangan memandang aib orang lain. Janganlah marah atas kesalahan orang lain, sedangkan kita juga melakukannya. Hai Abu Dzar tidak ada kebijaksanaan yang lebih bernilai selain dari tindakan yang sewajarnya, dan menghindari perkara yang dilarang, adalah ketakwaan yang paling baik. Selain akhlak yang mulia tidak ada lagi kemuliaan yang melebihinya. (dikutip dari Kitab Fadhilah Amal Mengenai Hadits-hadits Tentang Dzikir)

Akhlaq Kepada Pencipta

Akhlaq kepada pencipta adalah berupa pengakuan mutlaq dalam bentuk Syahadah (penyaksian/ kesaksian) bahwa tiada Tuhan yang patut disembah melainkan Dia saja yang menciptakan kita semua ini.

Semakin bersih seseorang di dalam bersyahadah (dalam arti tidak mengambil tuhan-tuhan lain sebagai sesembahan semakin murni tauhid seseorang).

Tauhid disini nampaknya seolah-olah tauhid uluhiyah saja, karena kalimat Laa ilaaha illallaah, disini ada kalimat (atau kata dalam bahasa Indonesia) ilah.

Tetapi dalam berakhlaq yang sempurna kepada pencipta juga berarti penyempurnaan juga tauhid rububiyah, dalam arti bahwa seorang yang berakhlaq (baik) kepada Sang Kholiq, tidaklah bergampang-gampang menganggap bahwa yang memberi rizki adalah segala sesuatu yang nampak (yaitu makhluq).

Dan sebagai implikasi dari tauhid rububiyah bahwa akhlaq yang sempurna kepada Kholiq tidak menggampang-gampangkan pula mengharap apalagi meminta bantuan makhluq dalam arti untuk pemenuhan kebutuhan jasmani atau keselamatan jasmaniah duniawiyahnya.

Sebagai contoh Nabi Ibrahim alahi salam tidak mudah menerima tawaran Malaikat Jibril alaihi salam, ketika dirinya terancam oleh Raja Zolim Namrud yaitu akan dilempar ke dalam kobaran api dunia yang dahsyat.

Hal ini karena sikap Nabi Ibrohim didasarkan pula pada keyakinannya yang kuat kepada Allah secara tauhid rububiyah yaitu tiada Yang dapat menyelamatkan secara  haqiqiyah melainkan ALLAH.

Begitu juga lisan Nabi Ibrohim dalam bentuk doa: “Hasbunallah wa ni’mal wakiil, ni’mal maula wa ni’mannashiir” bukan hanya di bibir atau di lisannya saja tetapi sudah mendarah daging dalam sikap dan perbuatannya.

Karena itu lisannya mengucap do’a yang mafhumnya : “Cukup hanya Allah lah yang mencukupi dan dan hanya Allah yang menolong.” Dia buktikan juga dengan sikap penolakkan terhadap tawaran Malaikat Jibril alaihi salam, dan ini bukan karena sombong apalagi takabur tetapi hanya karena kekuatan tauhid rububiyahnya yang hanya absolut yakin kepada Allah saja pada haqiqatnya Yang dapat mencukupi dan menyelamatkan.

Dan juga termasuk dalam akhlaq yang baik kepada pencipta juga berbuat baik kepada makhluqnya.\

Akhlaq kepada makhluq.

Allah juga mengajarkan berakhlaq baik kepada makhluq, kesempurnaan cinta yang benar kepada Pencipta selain bertauhid yang betul, beribadah yang betul dan baik tetapi juga bermuamalah kepada sesama makhluq Allah dengan baik, bermuasyarah dengan baik dan berakhlaq kepada semua makhluq Allah termasuk haiwan dan benda-benda mati sekalipun. Pembahasan Akhlaq kepada makhluq sebetulnya juga begitu luas namun dalam penulisan ini dibuat sedemikian ringkas.

Dalam hal ini Nabi SAW melarang memasuki kota Mekkah sewaktu Futhu Mekkah untuk memetik tumbuh-tumbuhan atau juga tindakan merusak lainnya.

Pentingnya peranan akhlaq sebagai penguasa dan bahayanya tidak ber akhlaq.

Yang dikhawatirkan jika tidak berakhlaq dalam arti yang dituntut menurut ajaran Islam, walaupun kita telah meraih kekuasaan, yaitu sebagai presiden, ketua parlemen, gubernur atau menteri,  atau apa saja maka hal itu (kekuasaan / politik) menjadi sia-sia, bahkan hanya akan terjadi “pembusukkan” dalam arti tidak berdampak positif bagi penyebaran ajaran Islam bahkan menjadi bumerang karena kita bukan memberikan informasi yang benar tentang ajaran Islam kepada mereka yang belum mengetahuinya tetapi malah memberikan disinformasi ajaran Islam dalam arti secara demonstratif mempertotonkan perilaku muslim yang korup, zolim, congkak dan takabur.

Begitu juga jika kita telah berhasil meraih gelar, atau meraih suatu kemampuan teknologi yang supercanggih, atau kita telah menguasai ekonomi atau kekayaan yang super melimpah, hal ini hanya menambah potensi kemudaratan yang tinggi jika tidak dibarengi dengan akhlaq yang baik.

Jadi tanpa kesempurnaan akhlaq semuanya yang kita miliki ( kekuasaan, teknologi, ekonomi bahkan umur dan status kemanusiaan sebagai makhluq tertinggi di jagad raya) menjadi sia-sia.

Pujian Allah kepada Nabi SAW.

Nabi dikenal sebagai Nabi yang Cerdas (fathonah), tampan, gagah, tetapi Al Quran yaitu Allah dalam Firman-firmanNya tidak menampakkan pujian kepada Nabi SAW dalam hal cerdas atau gagah atau tampannya Nabi, tetapi yang Allah tampakkan pujianNya kepada Nabi dalam hal akhlaqnya.

“Dan sesungguhnya kamu benar-benar berbudi pekerti yang agung” (QS:68:4)

Dari Anas ra., ia berkata: “Rosuulullah SAW. Adalah orang yang paling baik akhlaqnya” (HR. Bukhari dan Muslim).

Ketinggian akhlaq Nabi SAW yang diikuti oleh akhlaq shahabat Nabi SAW, kemudian dibandingkan dengan akhlaq ummat saat ini sangat memprihatinkan, jika jaman dahulu (jaman Nabi SAW) begitu mudahnya orang tertarik dan akhirnya mudah memahami dan akhirnya memeluk Islam, tetapi sayang di jaman ini figur utama yang telah sukses dalam memperagakan ajaran Islam telah tiada.

Kini tinggal yang ada ummat yang terkebelakang dalam hal keimanan, akhlaq dan ilmu agama. Oleh karena itu sulit untuk saat ini diharapkan ketertarikan orang di luar Islam terhadap Islam lewat pengamatan atau interaksi dengan perilaku ummat sehari-hari.

Hal mendesak yang tidak kalah pentingnya untuk saat ini adalah pembenahan akhlaq ke dalam. Yaitu bagaimana perilaku yang santun antar sesama muslim yang beda mazhab, aliran, paham atau organisasi keagamaan, harokah, partai dan lain sebagainya.

 

INTRODUCTION

The financial market turmoil in 2007 and 2008 has led to the most severe financial crisis since the Great Depression and threatens to have large impacts on the real economy. The bursting of the housing bubble forced banks to write down several hundred billion dollars in bad loans caused by mortgage delinquencies. At the same time, the stock market capitalization of the major banks declined by more than twice as much. While the overall mortgage losses are large on an absolute scale, they are still relatively modest compared to the $8 trillion of stock market wealth lost between October 2007, when the stock market reached an all-time high, and October 2008 (Brunnermeier, 2008)

So what does all this mean? It means two main things. Firstly, there is a significant concern about the conventional financial system and indeed the model used by many investment banks (Lehman Brothers) and retail banks has been questioned. Secondly, these indicators show that there is a large flight to quality, with gold prices surging and money managers facing mounting challenges of buying Treasury bills.

Confidence and trust, two of the most precious commodities, are at record low following the bailout of Fannie Mae, Freddie Mac and AIG. The collapse of Lehman Brothers, Bear Stearns and Merrill Lynch’s takeover by Bank of America makes this crisis arguably the worst since 1929. This chaos has led many observers perplexed, with the BBC asking: Where now for capitalism?

From Islamic economics point of view, no doubt, riba (interest, usury) and maysir (gambling, speculative activities similar to gambling) are the major factors leading to the current financial crisis. Islam’s prohibition of Riba and Maysir along with Islamic values and morals, and recognizing others’ interest in one’s economic fortunes, if adhered to, could not have lead the world to the present day financial crisis. Keeping individuals and Society free form financial and economic crises can clearly be seen as one of the objectives of such institutions. While the conventional financial system disintegrates, Islamic banking seems to be flourishing, accounting for 17% of Qatari and 15% of Malaysian banking assets and impressively, over 95% of banking activity in Saudi Arabia conforms to Islamic principles.

Given this level excitement around this fledgling, but promising industry – we must ask ourselves “What are the main challenges facing the industry and what can we learn from the credit crisis (Brunnermeier, 2008)?”

 

THE UNFOLDING OF THE CRISIS

Brunnermeier (2008) said that to understand these threads, it is useful to recall some key factors leading up to the housing bubble. The U.S. economy was experiencing a low interest-rate environment, both because of large capital inflows from abroad, especially from Asian countries, and because the Federal Reserve had adopted a lax interest rate policy. Asian countries bought U.S. securities both to peg the exchange rate on an export-friendly level and to hedge against a depreciation of their own currency against the dollar, a lesson learned from South-East Asia crisis in the late 1990s. The Federal Reserve Bank feared a deflationary period after the bursting of the Internet bubble and thus did not counteract the buildup of the housing bubble. At the same time, the banking system underwent an important transformation. The traditional banking model, in which the issuing banks hold loans until they are repaid, was replaced by the – “originate and distribute” – banking model, in which loans are pooled, trenched and then resold via securitization. The creation of new securities facilitated the large capital inflows from abroad.

Brunnermeier (2008) indicates that two trends in the banking industry contributed significantly to the lending boom and housing frenzy that laid the foundations for the crisis. First, instead of holding loans on banks‘ balance sheets, banks moved to an ―originate and distribute – model. Banks repackaged loans and passed them on to various other financial investors, thereby off-loading risk. Second, banks increasingly financed their asset holdings with shorter maturity instruments. This left banks particularly exposed to a dry-up in funding liquidity. The trigger for the liquidity crisis was an increase in subprime mortgage defaults, which was first noted in February 2007. Figure 1 shows the ABX price index, which is based on the price of credit default swaps. As this price index declines, the cost of insuring a basket of mortgages of a certain rating against default increases. On May 4, 2007, UBS shut down its internal hedge fund, Dillon Read, after suffering about $125 million of subprime-related losses. Later that month, Moody’s put 62 tranches across 21 U.S. subprime deals on ―downgrade review, indicating that it was likely these tranches would be downgraded in the near future. This led to a deterioration of the prices of mortgage-related products.

Source: LehmanLive (Brunnermeier, 2008)

Figure 1: Rising Losses on Mortgage Credit Default Swaps.

 

The ABX index is based on a basket of 20 credit default swaps referencing asset-backed securities containing subprime mortgages (rated, for example, BBB-). An investor seeking to insure against the default of the underlying securities pays a periodic fee (spread) which – at initiation of the series – is set to guarantee an index price of 100. As the price of the ABX drops, the protection buyer has to pay an additional fee of (100 – ABX price), when purchasing the default insurance.

Rating downgrades of other tranches by Moody’s, Standard & Poor’s, and Fitch unnerved the credit markets in June and July 2007. In mid-June, two hedge funds run by Bear Stearns had trouble meeting margin calls, leading Bear Stearns to inject $3.2 billion in order to protect its reputation. Then a major U.S. home loan lender, Countrywide Financial Corp., announced a 12 earnings drop on July 24 and on July 26, an index from the National Association of Home Builders revealed that new home sales had declined 6.6 percent year-on-year, and the largest U.S. home builder reported a loss in that quarter. Ever since then, house prices and sales have continued to drop.

Umer Chapra quoted by Ghafour (2008) says that the Islamic finance system, which introduces greater discipline into the economy and links credit expansion to the growth of the real economy, is capable of minimizing the severity and frequency of financial crises. Islamic finance can also reduce the problem of subprime borrowers by providing them loans at affordable terms. This will save billions of dollars that are spent to bail out the rich bankers. Chapra estimated the derivatives market at $600 trillion, more than 10 times the size of the world economy. George Soros described derivatives as hydrogen bombs while Warren Buffett called them financial weapons of mass destruction. The derivatives include credit default swaps (CDS) worth $54.6 trillion.

 

OVERVIEW OF SECURITIZATION

Securitization is the process of packaging designated pools of assets with or without credit enhancement into securities, and the sale of these securities to the appropriate investors. The process involves the creation of homogenous assets – both in kind and in underwriting criteria – and then pooling them into a significant saleable size. Generally, a pool, on the whole, has a better credit characteristic (through diversification of credit risk, transaction size, geography, etc.) than an individual asset. The process may also involve the provision of additional protection for the investors against late payments, pre-payments, potential write-offs, as well as cash-flow timing mismatches.

The collapse of the securitization market and the ensuing market turbulence, however, have cast serious doubt on this economic proposition of unbundling, transforming and re-distributing credit risk via structured finance instruments. In view of sweeping fiscal intervention in the financial sector, a widespread retrenchment of mortgage exposures, and substantial liquidity injections by central banks to support inter-bank money markets, both the scale and persistence of the current credit crisis, seem to suggest that pervasive securitization — together with improvident credit origination, inadequate valuation methods, and insufficient regulatory oversight — can perpetuate market disruptions, with potentially adverse consequences for financial stability and economic growth.

The growth of securitization is basically driven by four factors; first, the imposition of capital adequacy ratios and reserve requirements on financial institutions by the regulatory agencies have made financial institutions safer place to invest in. However, these restrictions have “costs” as they either add direct cost or restrict the ability of these financial institutions to increase their volume of business. Securitization enables these institutions to efficiently remove assets from their balance sheet. It allows them to monetize previously illiquid assets, recycle cash to be reinvested and, hence, expand the volume of their business without a corresponding increase in their equity capital. In simple terms, securitization allows financial institutions to serve more customers without having to raise new funds in the form or either equity or deposits. Second, whenever the global cost of capital increases, securitization helps financial institutions to raise cheaper capital for their businesses at the asset level instead of the enterprise level. Third, there is a growing convergence of many capital markets into one, as the barriers between them were removed. As all segments of the economy now compete for the same capital, efficient, low cost of financing have become more necessary. Fourth, increased ability to generate and utilize information through popular use of rapidly improving computer technology has resulted in significant gains for the securitization business. It is now possible to obtain credit and liquidity information on millions of financial assets, enabling the market players to isolate certain types of assets with the objective of making them self-financing. The availability of information enables institutions to remove certain assets from their balance sheets and obtain better credit than what the originators could command in the market, and, hence, lower cost of funding.

 

The Subprime Mortgage Credit Securitization

Until very recently, the origination of mortgages and issuance of mortgage-backed securities (MBS) were dominated by loans to prime borrowers conforming to underwriting standards set by the Government Sponsored Agencies (GSEs). Outside of conforming loans are non-agency asset classes that include Jumbo, Alt-A, and Subprime. Loosely speaking, the Jumbo asset class includes loans to prime borrowers with an original principal balance larger than the conforming limits imposed on the agencies by Congress; the Alt-A asset class involves loans to borrowers with good credit but include more aggressive underwriting than the conforming or Jumbo classes (i.e. no documentation of income, high leverage); and the Subprime asset class involves loans to borrowers with poor credit history.

Table 1 documents origination and issuance since 2001 in each of four asset classes. In 2001, banks originated $1.433 trillion in conforming mortgage loans and issued $1.087 trillion in mortgage-backed securities secured by those mortgages, shown in the “Agency” columns of Table 1. In contrast, the non-agency sector originated $680 billion ($190 billion subprime + $60 billion Alt-A + $430 billion jumbo) and issued $240 billion ($87.1 billion subprime + $11.4 Alt-A + $142.2 billion jumbo), and most of these were in the Jumbo sector. The Alt-A and Subprime sectors were relatively small, together comprising $250 billion of $2.1 trillion (12 percent) in total origination during 2001.

 

Table 1: Origination and Issue of Non-Agency Mortgage Loans

Souce: Brunnermeier (2008)

A reduction in long-term interest rates through the end of 2003 was associated with a sharp increase in origination and issuance across all asset classes. While the conforming markets peaked in 2003, the non-agency markets continued rapid growth through 2005, eventually eclipsing activity in the conforming market. In 2006, non-agency production of $1.480 trillion was more than 45 percent larger than agency production, and non-agency issuance of $1.033 trillion was larger than agency issuance of $905 billion.

Interestingly, the increase in Subprime and Alt-A origination was associated with a significant increase in the ratio of issuance to origination, which is a reasonable proxy for the fraction of loans sold. In particular, the ratio of subprime MBS issuance to subprime mortgage origination was close to 75 percent in both 2005 and 2006. While there is typically a one-quarter lag between origination and issuance, the data document that a large and increasing fraction of both subprime and Alt-A loans are sold to investors, and very little is retained on the balance sheets of the institutions who originate them. The process through which loans are removed from the balance sheet of lenders and transformed into debt securities purchased by investors is called securitization.

The securitization of mortgage loans is a complex process that involves a number of different players. Figure 2 provides an overview of the players, their responsibilities, the important frictions that exist between the players, and the mechanisms used in order to mitigate these frictions. An overarching friction which plagues every step in the process is asymmetric information: usually one party has more information about the asset than another. Ashcraft and Schuermann (2007) discuss the seven frictions and evaluating the mechanisms designed to mitigate and understand how the securitization of subprime loans could generate bad outcomes:

 

Figure 2: Key Players and Frictions in Subprime Mortgage Credit Securitization

 

 

Source: Ashcraft and Schuermann (2007)

1. Frictions between the mortgagor and originator: Predatory lending

The process starts with the mortgagor or borrower, who applies for a mortgage in order to purchase a property or to refinance and existing mortgage. The originator, possibly through a broker (yet another intermediary in this process), underwrites and initially funds and services the mortgage loans.

The first friction in securitization is between the borrower and the originator. In particular, subprime borrowers can be financially unsophisticated. For example, a borrower might be unaware of all of the financial options available to him. Moreover, even if these options are known, the borrower might be unable to make a choice between different financial options that is in his own best interest. This friction leads to the possibility of predatory lending, defined by Morgan as the welfare-reducing provision of credit. The main safeguards against these practices are federal, state, and local laws prohibiting certain lending practices, as well as the recent regulatory guidance on subprime lending.

 

2. Frictions between the originator and the arranger: Predatory lending and borrowing

The pool of mortgage loans is typically purchased from the originator by an institution known as the arranger or issuer. The first responsibility of the arranger is to conduct due diligence on the originator. This review includes but is not limited to financial statements, underwriting guidelines, discussions with senior management, and background checks. The arranger is responsible for bringing together all the elements for the deal to close. In particular, the arranger creates a bankruptcy-remote trust that will purchase the mortgage loans, consults with the credit rating agencies in order to finalize the details about deal structure, makes necessary filings with the SEC, and underwrites the issuance of securities by the trust to investors. The arranger is typically compensated through fees charged to investors and through any premium that investors pay on the issued securities over their par value.

The second friction in the process of securitization involves an information problem between the originator and arranger. In particular, the originator has an information advantage over the arranger with regard to the quality of the borrower. Without adequate safeguards in place, an originator can have the incentive to collaborate with a borrower in order to make significant misrepresentations on the loan application, which, depending on the situation, could be either construed as predatory lending (the lender convinces the borrower to borrow “too much) or predatory borrowing (the borrower convinces the lender to lend “too much”).

There are several important checks designed to prevent mortgage fraud, the first is the due diligence of the arranger. In addition, the originator typically makes a number of representations and warranties (R&W) about the borrower and the underwriting process. When these are violated, the originator generally must repurchase the problem loans. However, in order for these promises to have a meaningful impact on the friction, the originator must have adequate capital to buy back those problem loans. Moreover, when an arranger does not conduct or routinely ignores its own due diligence, as suggested in a recent Reuters piece by Rucker, there is little to stop the originator from committing widespread mortgage fraud.

 

3. Frictions between the arranger and third-parties: Adverse selection

There is an important information asymmetry between the arranger and third-parties concerning the quality of mortgage loans. In particular, the fact that the arranger has more information about the quality of the mortgage loans creates an adverse selection problem: the arranger can securitize bad loans (the lemons) and keep the good ones (or securitize them elsewhere). This third friction in the securitization of subprime loans affects the relationship that the arranger has with the warehouse lender, the credit rating agency (CRA), and the asset manager.

4. Frictions between the servicer and the mortgagor: Moral hazard

The trust employs a servicer who is responsible for collection and remittance of loan payments, making advances of unpaid interest by borrowers to the trust, accounting for principal and interest, customer service to the mortgagors, holding escrow or impounding funds related to payment of taxes and insurance, contacting delinquent borrowers, and supervising foreclosures and property dispositions. The servicer is compensated through a periodic fee by paid the trust.

Moral hazard refers to changes in behavior in response to redistribution of risk, e.g., insurance may induce risk-taking behavior if the insured does not bear the full consequences of bad outcomes. Here we have a problem where one party (the mortgagor) has unobserved costly effort that affects the distribution over cash flows which are shared with another party (the servicer), and the first party has limited liability (it does not share in downside risk). In managing delinquent loans, the servicer is faced with a standard moral hazard problem vis-à-vis the mortgagor. When a servicer has the incentive to work in investors’ best interest, it will manage delinquent loans in a fashion to minimize losses. A mortgagor struggling to make a mortgage payment is also likely struggling to keep hazard insurance and property tax bills current, as well as conduct adequate maintenance on the property. The failure to pay property taxes could result in costly liens on the property that increase the costs to investors of ultimately foreclosing on the property. The failure to pay hazard insurance premiums could result in a lapse in coverage, exposing investors to the risk of significant loss and the failure to maintain the property will increase expenses to investors in marketing the property after foreclosure and possibly reduce the sale price. The mortgagor has little incentive to expend effort or resources to maintain a property close to foreclosure.

In order to prevent these potential problems from surfacing, it is standard practice to require the mortgagor to regularly escrow funds for both insurance and property taxes. When the borrower fails to advance these funds, the servicer is typically required to make these payments on behalf of the investor. In order to prevent lapses in maintenance from creating losses, the servicer is encouraged to foreclose promptly on the property once it is deemed uncollectible. An important constraint in resolving this latter issue is that the ability of a servicer to collect on a delinquent debt is generally restricted under the Real Estate Settlement Procedures Act, Fair Debt Collection Practices Act and state deceptive trade practices statutes. In a recent court case, a plaintiff in Texas alleging unlawful collection activities against Ocwen Financial was awarded $12.5 million in actual and punitive damages.

5. Frictions between the servicer and third-parties: Moral hazard

The servicer can have a significantly positive or negative effect on the losses realized from the mortgage pool. Moody’s estimates that servicer quality can affect the realized level of losses by plus or minus 10 percent. This impact of servicer quality on losses has important implications for both investors and credit rating agencies. In particular, investors want to minimize losses while credit rating agencies want to minimize the uncertainty about losses in order to make accurate opinions. We have a similar problem as in the fourth friction, namely where one party (here the servicer) has unobserved costly effort that affects the distribution over cash flows which are shared with other parties, and the first party has limited liability (it does not share in downside risk).

 

6. Frictions between the asset manager and investor: Principal-agent

The investor provides the funding for the purchase of the mortgage-backed security. As the investor is typically financially unsophisticated, an agent is employed to formulate an investment strategy, conduct due diligence on potential investments, and find the best price for trades. Given differences in the degree of financial sophistication between the investor and an asset manager, there is an obvious information problem between the investor and portfolio manager that gives rise to the sixth friction.

In particular, the investor will not fully understand the investment strategy of the manager, has uncertainty about the manager’s ability, and does not observe any effort that the manager makes to conduct due diligence. This principal (investor)-agent (manager) problem is mitigated through the use of investment mandates, and the evaluation of manager performance relative to a peer benchmark or its peers.

As one example, a public pension might restrict the investments of an asset manager to debt securities with an investment grade credit rating and evaluate the performance of an asset manager relative to a benchmark index. However, there are other relevant examples. The FDIC, which is an implicit investor in commercial banks through the provision of deposit insurance, prevents insured banks from investing in speculative-grade securities or enforces risk-based capital requirements that use credit ratings to assess risk-weights. An actively managed collateralized debt obligation (CDO) imposes covenants on the weighted average rating of securities in an actively-managed portfolio as well as the fraction of securities with a low credit rating.

As investment mandates typically involve credit ratings, it should be clear that this is another point where the credit rating agencies play an important role in the securitization process. By presenting an opinion on the riskiness of offered securities, the rating agencies help resolve the information frictions that exist between the investor and the portfolio manager. Credit ratings are intended to capture the expectations about the long-run or through-the-cycle performance of a debt security. A credit rating is fundamentally a statement about the suitability of an instrument to be included in a risk class, but importantly, it is an opinion only about credit risk. It follows that the opinion of credit rating agencies is a crucial part of securitization, because in the end the rating is the means through which much of the funding by investors finds its way into the deal.

 

7. Frictions between the investor and the credit rating agencies: Model error

The rating agencies are paid by the arranger and not investors for their opinion, which creates a potential conflict of interest. Since an investor is not able to assess the efficacy of rating agency models, they are susceptible to both honest and dishonest errors on the agencies’ part. The information asymmetry between investors and the credit rating agencies is the seventh and final friction in the securitization process. Honest errors are a natural byproduct of rapid financial innovation and complexity. On the other hand, dishonest errors could be driven by the dependence of rating agencies on fees paid by the arranger (the conflict of interest).

Some critics claim that the rating agencies are unable to objectively rate structured products due to conflicts of interest created by issuer-paid fees. Moody’s, for example, made 44 per cent of its revenue last year from structured finance deals. Such assessments also command more than double the fee rates of simpler corporate ratings, helping keep Moody’s operating margins above 50 per cent.

Beales, Scholtes and Tett (quoted by Ashcraft and Schuermann,2007) write in the Financial Times:

The potential for conflicts of interest in the agencies’ “issuer pays” model has drawn fire before, but the scale of their dependence on investment banks for structured finance business gives them a significant incentive to look kindly on the products they are rating, critics say. From his office in Paris, the head of the Autorité des Marchés Financiers, the main French financial regulator, is raising fresh questions over their role and objectivity. Mr Prada sees the possibility for conflicts of interest similar to those that emerged in the audit profession when it drifted into consulting. Here, the integrity of the auditing work was threatened by the demands of winning and retaining clients in the more lucrative consultancy business, a conflict that ultimately helped bring down accountants Arthur Andersen in the wake of Enron’s collapse. “I do hope that it does not take another Enron for everyone to look at the issue of rating agencies,” he says.

 

This friction is minimized through two devices: the reputation of the rating agencies and the public disclosure of ratings and downgrade criteria. For the rating agencies, their business is their reputation, so it is difficult – though not impossible – to imagine that they would risk deliberately inflating credit ratings in order to earn structuring fees, thus jeopardizing their franchise. Moreover, with public rating and downgrade criteria, any deviations in credit ratings from their models are easily observed by the public

 

FIVE FRICTIONS THAT CAUSED THE SUBPRIME CRISIS

Ashcraft and Schuermann (2007) believe that five of the seven frictions discussed above help to explain the breakdown in the subprime mortgage market.

The problem starts with friction #1: many products offered to sub-prime borrowers are very

complex and subject to misunderstanding and/or misrepresentation. This opened the possibility of both excessive borrowing (predatory borrowing) and excessive lending (predatory lending).

At the other end of the process, we have the principal-agent problem between the investor and asset manager (friction #6). In particular, it seems that investment mandates do not adequately distinguish between structured and corporate credit ratings. This is a problem because asset manager performance is evaluated relative to peers or relative to a benchmark index. It follows that asset managers have an incentive to reach for yield by purchasing structured debt issues with the same credit rating but higher coupons as corporate debt issues. The fact that the market demands a higher yield for similarly rated structured products than for straight corporate bonds ought to provide a clue to the potential of higher risk.

Initially, this portfolio shift was likely led by asset managers with the ability to conduct their own due diligence, recognizing value in the wide pricing of subprime mortgage-backed securities. However, once the other asset managers started to under-perform their peers, they likely made similar portfolio shifts, but did not invest the same effort into due diligence of the arranger and originator.

This phenomenon worsened the friction between the arranger and the asset manager (friction #3). In particular, without due diligence by the asset manager, the arranger’s incentives to conduct its own due diligence are reduced. Moreover, as the market for credit derivatives developed, including but not limited to the ABX, the arranger was able to limit its funded exposure to securitizations of risky loans. Together, these considerations worsened the friction between the originator and arranger, opening the door for predatory borrowing and provides incentives for predatory lending (friction #2). In the end, the only constraint on underwriting standards was the opinion of the rating agencies. With limited capital backing representations and warranties, an originator could easily arbitrage rating agency models, exploiting the weak historical relationship between aggressive underwriting and losses in the data used to calibrate required credit enhancement.

The inability of the rating agencies to recognize this arbitrage by originators and respond appropriately meant that credit ratings were assigned to subprime mortgage-backed securities with significant error. The friction between investors and the rating agencies is the final nail in the coffin (friction #7). Even though the rating agencies publicly disclosed their rating criteria for subprime, investors lacked the ability to evaluate the efficacy of these models.

Saqlain (2008) observes that the collapse of Bear Stearns had ironically little to do with sub prime mortgage meltdown, in which it was a major stakeholder. It collapsed as a result of plummeting market value for ultra safe assets, such as the triple A rated bonds by Freddie Mac and Fannie Mae. Peloton, Carlyle Capital and many other hedge funds, which had absurd level of leverage, were forced to sell their ultra safe assets, after banks became reluctant to roll over short term loans held by these hedge funds. This was followed by a fall in the prices of the triple A rated assets, even though there was little change in the probability of default for many of these bonds. Given the fall in prices of these “safe” assets and multiplied by the leverage, many hedge funds went bankrupt. Bear Stearns was a significant holder of these ultra safe assets, which were used as collateral to fund its obligations to other banks. Following these price falls, other banks were simply not willing to accept the triple A value of Bear’s collateral. The latter point was confirmed by a Standard and Poor’s research note before the collapse of Bear Stearns, which reiterated that most of the subprime losses had been realized. Therefore, the final “knock out” came from the lack of liquidity for these triple A rated assets, rather than sub prime losses.

From an Islamic banking perspective – liquidity risk is one of the key concerns, which has been given extra heat by recent events around the credit crisis. Of course, the money market is out of reach for Islamic banks, due to Shariah constraints. In addition, surplus liquidity cannot simply be given to conventional banks, since the interest revenue would be prohibited. Having said this, it is possible for exchange of funds between Islamic banks, by the use of Mudarabah and Musharakah instruments. The effectiveness of this depends on number and diversity of Islamic banks. It is promising to see some of the most respected names in Islamic banking playing an important role in this area, such as the Islamic Development Bank, Bahrain Monetary Agency and Bank Negara Malaysia. Currently, the focus is on learning from some of the liquidity management schemes operating in Bahrain. In addition, Bank Negara Malaysia has introduced a PLS scheme for Islamic banks to obtain short term funds. With the credit crisis in mind, efforts that are currently underway, need to be extended.

 

Islamic Securitization

An Islamic economic and financial system is a rule-based system comprising a set of rules and laws, collectively referred to as Shariah governing economic, social, political and cultural aspects of Muslim societies. Shariah originates from the rules dictated by the Quran, from the practices of the Prophet Muhammad, and further elaboration of the rules by scholars in Islamic jurisprudence through the process of deduction (Qiyas) and consensus (Ijma’). Over time, four different schools of thought – Hanafi, Maliki, Shafei and Hanbali have emerged with some variations on the rules depending on respective interpretations.

Islamic finance is limited to financial relationships involving entrepreneurial investment subject to the moral prohibition of (i) interest earnings or usury (riba) and money lending, (ii) haram (sinful activity), such as direct or indirect association with lines of business involving alcohol, pork products, firearms, tobacco, and adult entertainment, (iii) speculation, betting, and gambling (maisir), including the speculative trade or exchange of money for debt without an underlying asset transfer, (iv) the trading of the same object between buyer and seller (bay’ al inah), as well as (v) preventable uncertainty (gharar) such as all financial derivative instruments, forwarding contracts, and future agreements (Jobst, 2007)

These distinctive properties derive from two religious sources predicated on the creation of an equitable system of distributive justice and the promotion of permitted activities (halal) and public goods (maslaha): (i) the Shari’ah (or Shariah) which comprises the qur’an (literally, “the way”) and the sayings and actions of the prophet Mohammed recorded in a collection of books known as the sahih hadith, and (ii) the figh, which represents Islamic jurisprudence based on a body of laws deducted from the Shariah by Islamic scholars.

As opposed to conventional finance, where interest represents the contractible cost for funds tied to the amount of principal over a pre-specified lending period, the central tenet of the Islamic financial system is the prohibition of riba, whose literal meaning “an excess” is interpreted as any unjustifiable increase of capital whether through loans or sales. The general consensus among Islamic scholars is that riba covers not only usury but also the charging of interest and any positive, fixed, predetermined rate of return that are guaranteed regardless of the performance of an investment. Since only interest-free forms of finance are considered permissible in Islamic finance, financial relationships between financiers and borrowers are governed by shared business risk (and returns) from investment in lawful activities (halal). Islamic law does not object to payment for the use of an asset, and the earning of profits or returns from assets is indeed encouraged as long as both lender and borrower share the investment risk together. Profits must not be guaranteed based on assumption and can only accrue if the investment itself yields income. Any financial transaction under Islamic law assigns to investors clearly identifiable rights and obligations for which they are entitled to receive commensurate return. Hence, Islamic finance literally “outlaws” capital-based investment gains without entrepreneurial risk. In light of these moral impediments to “passive” investment and secured interest as form of compensation, Shariah compliant lending in Islamic finance requires the replication of interest-bearing, conventional finance via more complex structural arrangements of contingent claims. The permissibility of risky capital investment without explicit interest earning has spawned several finance techniques under Islamic law. We distinguish among three basic forms of Islamic financing methods for both investment and trade finance: (i) synthetic loans (debt-based) through a sale-repurchase agreement or back-to-back sale of borrower or third party-held assets, (ii) lease contracts (asset-based) through a sale-leaseback agreement (operating lease) or the lease of third-party acquired assets with purchase obligation components (financing lease), and (iii) profit-sharing contracts (equity-based) of future assets. As opposed to equity-based contracts, both debt- and asset-based contracts are initiated by a temporary transfer of existing assets from the borrower to the lender or the acquisition of third-party assets by the lender on behalf of the borrower.

In defining securitization we need to focus on processes – the process of pooling assets, the process of packaging them into securities, and the process of distributing securities to investors. As Islamic institutions are more concerned with the Islamic acceptability of the securitization business, their focus is more on the content of the “package” rather than the process of packaging. Therefore, they tend to ensure that the assets in the package – and not the package alone – are Islamically acceptable.

Banks operating under Islamic law are predisposed to adopt “buy-and-hold” (as opposed to “originate-and-distribute” under conventional banks) investment strategies and carry excess short-term reserves for lack of sufficient long-term reinvestment opportunities, which has inhibited efficient financial intermediation and capital-market deepening. Nonetheless, financial institutions have been able to develop various forms of Islamic finance instruments that are virtually identical to their conventional counterparts in substance. However, these securities are not surrogates for conventional interest-based securities that mimic the interest rate structure.

Global securitization market has been driven by several factors. The major among which are the case that the cost of capital is tending to be tremendously increasing especially in those countries which have a low credit rating class (where major Arab countries listed), in addition to capital regulatory requirements imposed by monetary and supervisory bodies. So, it’s inevitably for institutions there to resort to another innovative, cheaper sources of capital, and the securitization can help actively in this connection. Also, alongside with the growing convergence of capital markets through global financial dynamism, and ongoing technological advancement, the barriers among such markets were removed, so severe competition for efficient type of capital has been aggravated made the reliance upon new sources is inevitably art for business survival.

Another important dimension that made securitization very appreciable industry for Islamic institutions is that it can be viewed as a viable bridge for those institutions to money market environment. This merit, and others, allows Muslim investors to deal successfully in money market instruments, and permitting corporate institutions to manage their A/L actively. Considering the fact that bond issuance and trading are important means of investment in the modern economic systems, Muslim jurists are striving to find alternatives. As Islamic jurisdiction prohibit dealings through interest-based transactions, so all financial and credit dealings under Islamic philosophy tend to relate finance to assets, asset-backed securities (ABS) become islamically possible to be structured as long as it conveyed to Islamic principles. Therefore, the use of securitization will bring in much needed liquidity to these institutions by enabling them to free part of their capital which is tied-up with these illiquid assets into short, partnership-based unpre-determined rate of return instruments. Obviously, we cannot ignore the huge benefit that realized to the macro economy form the evolvement of securitization process.

According to the above mentioned constrains that bound the working of Islamic entities, there are several regulatory issues that organize securitization process, such issues include,

 

The type of assets to be securitized:

As securitization is evolved tremendously in non-Islamic world, the ABS generated there does not necessarily conform to Islamic principles (Interest -bearing credit and receivables, etc.) So according to prescribed guidance, the assets to be securitized might include leasing contracts -can be used in different business lines – equity ownership, murabahah and other sales contracts, in addition to current tangible assets that generate systematic cash flows, which acceptable to be traded by Islamic investors.

 

The securitization structure:

The structure of securitization under Islamic philosophy in its features does not differ greatly from that of conventional type. The major player composed of the originator, trustee, Servicer, special purpose vehicle (SPV), investment bankers, Credit Enhancer and rating agency. Without keeping close specifications of their functions in securitization process, we confine merely to describe the differences in their roles under Islamic philosophy as follows:

1. The securities that issued by SPV are claims on assets held by the issuer SPV. Such that claims are closely attached to the ownership of such assets.
2. Accordingly, ABS does not guarantee a pre-determined rate of return but variable one alongside with the performance of the assets under securitization.
3. The credit enhancer provide that required credit (if needed) could be either part of the fund generated from asset cash flows, or collateral pledged to support assets, or guarantee in order to obtain sound credit rating.
4. The pass – through securitization structure can be visualized as closest arrangement that satisfy Islamic principles.
5. The transfer of assets from an originator to an SPV should be in true sale basis, in some securitization cases that related to productive investment project, the originator has a right to compete in the repurchasing of the assets underlying after selling it to an SPV, when securitization deal is finalized. This always done in securitizing government productive assets where the public interest dictate the retention of Govt. ownership to specific strategic venture.

 

The major securitization experiences in Arab and Muslim countries is adopted under the case of financing specific-contained project through securities (with variable return according to the asset performance, for short duration backed by the expected flows of such specific project. As the most Arab and Muslim countries are banking-based economies rather than financial-based economies, this made securitization and financial instruments transaction very rarely used. So, at first glance to Arab and Muslim financial statistics we can realize that their ratio of market capitalization to GDP is almost not more than 10 percent generally, where in an emerging market tends to approach more that 50 percent. Probably the securitization would be in Arab region as low as compared to that of advance economies. Such situation, can be attributed to several factors, the important among which are:

• As Islamic entities conduct their major part of businesses in Muslim world. Being a regulating-driven process, securitization, however, is prevalent only in countries with developed regulatory framework with adequately institutional settings, like that of most advanced countries, in addition to few emerging countries i.e. Malaysia and Taiwan. While Islamic institutions, therefore can easily securitize the assets they own in most developed economies, they may not easily do the same with the bulk of their assets in Muslim world due to insufficient organizational arrangements
• In addition, securitization process requires availability of sophisticated credit and financial information on the underlying assets, and existence of proper accounting standards which might not be adequate under Arab region.
• Most of Arab and Muslim countries are creditably unrated, and this might jeopardize their chances in promoting securitization products esp. abroad.
• One of the main factors that hinder spreading of securitization know-how practices in Arab economies, is the poor financial structures and consciousness among individuals and institutional bodies.

 

THE EFFECT OF SUBPRIME MORTGAGE TO ISLAMIC BANKS

Al-Hamzani (2008) noted that a number of experts and officials of Islamic banks and financial institutions have confirmed that Islamic banks have not been affected by the global financial crisis, and that any effects would be limited due to the nature of Islamic banking. Islamic banks are untouched by the current crisis due to the nature of Islamic banking especially that it does not deal in debt trading and distances itself from market speculation that takes place in European and American banks.

CEO of the Bahraini-based Albaraka Banking Group Adnan Ahmed Yousif stated that Islamic banks do not rely on bonds or stocks, and are not involved in the buying and selling of debt unlike most conventional European and US banks. He noted that Islamic banking is distinguished by the fact that it is prohibited from buying debts under Islamic Shariah law; therefore, Islamic banks are safe from the effects of the global financial crisis.

Adnan Yousif, who also chairs the Union of Arab Banks, reiterated that Islamic banks are largely sheltered from this crisis; however, it is inevitable that they will be affected to a certain degree as they are part of the wider global financial system and consequently will be affected by all global financial dealings, even if only in an indirect manner. Yousif predicted that this global crisis will continue for two years or more. He argued that Islamic banks have become a safe haven for secured liquidity and are in a good position. The success of Islamic banking will lead to serious consideration of Islamic economics, which continues to realize numerous achievements, as a viable alternative to the current global economic system which continues to be hit by these crises. The expected losses to be incurred by a number of banks in the Gulf region and Arab countries will not be declared, as major banks and investment funds, and sovereign wealth funds in particular, have investments in Europe and America.

General Manager and board member of the Arab Finance House Dr. Fouad Nadim Matraji explained that Islamic banks have not been affected by the mortgage crisis that afflicted the international financial markets and that they are largely immune against such crisis thanks to inherent factors within Islamic banking. The most important of these factors is the prohibition of debt trading, taking precautions against money laundering, as well as the official and professional restraints upon which banks are based such as caution against embarking upon projects that entail financial difficulties and risks. Islamic banks have several alternatives to conventional banking products such as Ijarah Bitamlik (a renting contract that ends in ownership), Murabaha etc. which demonstrates that Islamic banking is a sound and systematic alternative banking system that others should take as an example. Islamic finance is expected to increase on the international level and its number of customers is also expected to rise as they search for an alternative banking system. Islamic banking is distinguished by a commitment to uphold integrity and its distancing from risky projects. The crisis has caused significant global inflation in world banks because they buy debts and enlarge accounts without tangible transactions taking place or without brokers being aware of them, highlighting that Islamic banks do not engage in such ventures. Only the profits of Islamic banks could be affected by the international financial crisis, but not the capital, which is protected by Islamic banking unlike conventional banks.

 

 

THE CURRENT STATE OF ISLAMIC CAPITAL MARKET SECURITIES (SUKUK)

Of all the rapidly growing Islamic capital market securities none is gaining in popularity as much as sukuk. The Islamic finance industry has grown by about 15 percent on average over the last three years in response to a profusion of investment products, which has been fueled by an increasing demand for investments that comply with Islamic law. Currently, more than US$800 billion are lodged in Islamic banks, mutual funds, insurance schemes (takaful), and Islamic branches of conventional banks (Jobst et al., 2008). The most popular form of Islamic finance is commonly referred to as sukuk, which are wholesale, asset-based capital market securities. Recent years have witnessed a surge in the issuance of sukuk by corporate and public sector entities amid growing demand for alternative investments.

Sukuk do not pay interest, but generate returns through actual transactions, such as profit-sharing or leasing. While sukuk are structured in a similar way to conventional asset-backed securities (ABS) or covered bonds, they can have significantly different underlying structures and provisions. Most importantly, sukuk—like Islamic financial instruments in general—need to comply with Shariah, which prohibits the receipt and payment of interest and stipulates that income must be derived from an underlying real business risk rather than as a guaranteed return from a loan. Thus, sukuk do not provide an explicit return guarantee or investment protection. As such, investors own the underlying asset(s) via a special purpose vehicle (SPV), which funds unsecured payments to investors from direct investment in real, religiously-sanctioned economic activity.

Sukuk commoditize the proceeds from asset transfers between capital providers and users of different Islamic finance contracts. Issuers of sukuk substitute capital market investors for traditional lenders as source of funding by converting the expected proceeds from bilateral risk sharing between borrowers and lenders in Shariah-compliant finance contracts—such as lending transactions (installment sale) or trust-based investments in existing or future assets—into marketable securities. Hence, sukuk usually refinance the assets of one (or a combination) of three basic forms of Islamic finance3—synthetic loans (murabaha), sale-leasebacks (ijara), or profit-sharing arrangements (musharaka or mudharabah).

Although the current level of sukuk issuance remains a fraction of the global issuance of conventional bonds and ABS, the market for sukuk has been growing rapidly despite the global financial crisis triggered by the collapse of the U.S. subprime market. At the end of 2007, outstanding sukuk globally exceeded US$90 billion. Gross issuance of Islamic structured securities has quadrupled over the past two years, rising from US$7.2 billion in 2004 to close to US$39 billion by the end of 2007 (Table 1 and Figure 3)—despite the financial market fallout of the U.S. subprime mortgage market crisis.

 

Figure 3. Global Issuance of Islamic Bonds (sukuk), 2004–07 (in US$ billions)

 

Source: Jobst, et al., 2008

 

The number of sukuk transactions rose to 119 (up from 109 in 2006), while the average transaction size increased to about US$270 million from US$175 million. Based on current trends, the total amount of issued sukuk is likely to exceed US$200 billion by 2010. Total issuance in 2007 was equivalent to roughly a quarter of conventional securitization in emerging markets but only two percent of conventional (local and foreign) bond issuance during the period. Although the issuance of sukuk has slowed to US$2.3 billion in the first quarter of 2008 (down by almost half from the first quarter in 2007), the prevailing market uncertainty and the retrenchment of real estate exposures worldwide has created a significant backlog of planned sukuk issues, which could see a restoration over the course of this year.

Recent excesses in conventional financial markets have shed light on Islamic finance as an alternative framework for securitization. Predatory lending, deteriorating underwriting standards, and a series of incentive problems that have infested the conventional securitization process belie fundamental Islamic principles of not extending beyond one’s means and the supremacy of public interest in social justice. Moreover, any financial transaction under shariah law implies direct participation in asset performance and assigns to financiers clearly identifiable rights and obligations for which they are entitled to receive commensurate return in the form of state-contingent payments. Profits are earned in line with shariah prescriptions and cannot be guaranteed ex ante but accrue only if the investment itself yields income. Thus, investment is not guaranteed but secured, mitigating adverse selection and moral hazard of both lenders and borrowers.

Sukuk might be a viable source of funds that could help stabilize the securitization market, as they already contain many contractual features that are now being considered instrumental to a resolution of inherent conflicts of interest in the conventional securitization model. While sukuk are structured in a similar way, risk-sharing and the full participation of both issuers and investors in the capital structure of the transaction offer an alternative mechanism to establish incentive compatible behavior.

There are several Islamic principles of sukuk, which could potentially resolve many conflicts of interest and valuation problems that infested the conventional securitization process:

• between asset manager and investor (“principal-agent dilemma”):
• The religious prohibition of both gambling (maisir) and speculation (gharar) prevents excessive risk taking (asset substitution) and commands clear object characteristics and/or delivery results as part of contractual certainty.
• The trading activity of asset managers is restricted to bona fide merchant transactions on real debt while investor return must be derived from defined asset value associated with effective (or intended) ownership interest.
• Since there is no mutual deferment of contractual obligations (and/or absence of actual and direct transfer of asset as object of unconditional sale) in Islamic finance, any contingency risk from unfunded claims is limited to pre-defined timing mismatch of delivery or payment in accepted contracts (salam/istisna vs. bay al’ajal/bay bithaman ajil)
• Asset managers cannot create leverage on the underlying asset portfolio as unilateral gains (i.e., benefit from moral hazard in response to redistribution of risk/no consequence of bad outcomes) are limited to the nominal value of the reference portfolio in asset-based contracts or the scope of distribution of profit in equity-based contracts respectively.

 

• between originator and issuer:

The shari’ah approval and certification process promote adequate disclosures underpinned by a solid foundation of religious standards.

 

• between issuer and investor:

Investor return derived from effective (or intended) ownership of real asset(s) underlying the securitization structure (after actual and direct transfer as object of an unconditional sale) generates indebtedness and amounts to direct recourse.

 

• between servicer and investor/asset manager:

Contract certainty rules out potential of inflated, back-loaded (and variable) servicer expenses (and cannot be prioritized due to prohibition of provisions aimed at creating unilateral gains from interim changes in asset characteristics and valuation). Servicer fees are fixed and defined ex ante.

 

 

• between borrower and originator:

The Islamic principle of social benefit as public interest (maslaha) and the precept of supporting a system of distributive justice would preclude any moral hazard of originators (“predatory lending” or borrowers (“walking away”). Moreover, the shari’ah prohibits debt modification and unilateral gains (which are considered exploitation).

 

• between arranger and guarantor:

Guarantees must not establish the possibility of mutual deferment of contractual obligations without actual transfer of asset. Thus, only funded agency contracts with pre-specified terms would be deemed sufficient to rule out contingency risk of payment and actual delivery.

 

 

 

CONCLUSION

 

1. Two trends in the banking industry contributed significantly to the lending boom and housing frenzy that laid the foundations for the crisis. First, instead of holding loans on banks‘ balance sheets, banks moved to an – originate and distribute – model. Banks repackaged loans and passed them on to various other financial investors, thereby off-loading risk. Second, banks increasingly financed their asset holdings with shorter maturity instruments. This left banks particularly exposed to a dry-up in funding liquidity.

 

2. The Islamic system does not allow the creation of debt through direct lending and borrowing. It rather requires the creation of debt through the sale or lease of real assets by means of its sales- and lease-based modes of financing such as murabaha, ijara, salam, istisna and sukuk. The asset which is being sold or leased must be real, and not imaginary or notional; the seller must own and possess the goods being sold or leased; the transaction must be genuine with the full intention of giving and taking delivery; and the debt cannot be sold and thus the risk associated with it cannot be transferred to someone else. The conditions set by the Islamic system would help eliminate most of speculative transactions. Financing extended through the Islamic products can expand only in step with the rise of the real economy and thereby help curb excessive credit expansion. This is the significance of the condition that prevents a creditor from transferring the risk to someone else by selling the debt that will help eliminate a great deal of speculative and derivative transactions where there is no intention of giving or taking delivery. It will also help prevent an unnecessary explosion in the volume and value of transactions and the debt from rising far above the size of the real economy.

 

3. The sukuk market has expanded dramatically over the recent past and continues to generate strong interest by new issuers in Muslim and non-Muslim countries alike. Given the existing intensity of investor interest in Shariah-compliant assets, the potential of sukuk is likely to strengthen, especially given increasing opportunities from financial innovation. Sovereign sukuk are likely to gain popularity as more governments in both Muslim and non-Muslim countries explore options to diversify their traditional debt portfolios.

 

4. Securitization and structured finance is an inevitably financial technology that any institutions should adopt for their survival. This rule can be generalized to Islamic financial and business institutions where they are working, always in a risky environment. In spite of that, major Arab and Muslim countries are striking progressively toward setting the relevant institutional and regulatory structures for locating such new dynamic technology.

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