Islam and Economic Development: Exploring the Role of Indonesian Muslim Society in Developing Islamic Microfinance Institution

Ayi Yunus Rusyana

Abstract


Although a religion is considered as a one of the cultural barriers that can impede an economic development, nevertheless in this paper I prove that Islam as well as Muslim society has a big role to empower economic life in Indonesian Muslim. The growth of Bayt al-Māl wa al-Tamwīl (BMT), Islamic microfinance institution, initiated by Muslim community is a great evidence on how religioun gave a positive impact in economic development in Indonesia. Using the theory of collective action proposed by Alberto Melucci, I explore the main factors that influenced Muslims to establish BMT, and how BMT movement develops in Indonesian Muslim society. Overall, in this paper I argue that the BMT movement can be considered as a social movement where the civil society takes more important role than the state. Interestingly, the lack of regulation is not becoming an obstacle for Muslim society to establish and develop BMT in some regions in Indonesia.


Keywords


Bayt al-Māl wa al-Tamwīl (BMT); Muslim society; social movement

Full Text:

PDF

References


Abdullah Saeed, Riba. (1996). Interest and Islamic Banking: A Study of the Prohibition of Riba and its Contemporary Interpretation. Leiden: EJ. Brill,

Alberto Melucci. (1996). Challenging Codes: Collectives Action in the Information Age. New York: Cambridge.

Angelo M. Venardo. (2006). Islamic Banking & Finance in South-East Asia: Its Development & Future. Singapore: World Scientific Publishing Co. Pte. Ltd.

Bachtiar Effendi. (2003). Islam and the State in Indonesia. Singapore: ISEAS.

Darul Aqsha, et.al,. (1995). Islam in Indonesia: A Survey of Events and Development From 1988 to March 1993. Jakarta: INIS

Dawam Rahardjo. (2002). “Bank Islam” in Ensiklopedi Islam Tematik. Jakarta: PT Ichtiar Baru Van Houve.

Ibid

Jeffrey D. Sachs, (New York: Penguin Press, 2005). The End of Poverty: Economic Possibilities for Our Time. 59-60.

Lesmana, Tedy. (2008). The Role of Islamic Microfinance Cooperatives (Baitul Maal wat Tamwil) in Local Development: Case Study of Three Provinces in Indonesia. Journal of Islamic Economic, 02(1).

M. Amin Aziz. (2007). Kegigihan Sang Perintis. Jakarta: MAA Institute.

M. Amin Aziz. (2008). Tata Cara Pendirian BMT. Jakarta: PKES Publishing.

Minako Sakai. (2008), “Community Development through Islamic Micro-finance: Serving the Financial Needs of the Poor in a Viable Way”, in Greg Fealy and Sally White (eds), Expressing Islam: Religious Life and Politics in Indonesia. ISEAS: Singapore.

Muhammad Adnan, et all. (2003). Study on Factors Influencing performance of the Best Baitul Maal wat Tamwils (BMTs) in Indonesia. IQTISAD Journal of Islamic Economics, 04(1).

Muhammad, Djibril. (08 September, 2012). Citing Internet sources URL http://www.republika.co.id/berita/breaking-news/ekonomi/10/12/10/151291-2011-bmt-diperkirakan-tumbuh-45-,.

Muhammad Syafii Antonio. (2008). “Islamic Micro-finance Initiatives to Enhance Small and Medium-seized Enterprises”, in Greg Fealy and Sally White (eds), Expressing Islam: Religious Life and Politics in Indonesia. ISEAS, Singapore.

Nur Kholis. (2009). The Contribution of Islamic Microfinance Institution in Increasing Social Welfare in Indonesia. Paper was presented in The 9th Annual Conference on Islamic Studies (ACIS), 2-9 November 2009 in Surakarta.

Raharjo, Budi. (08 September, 2012). Citing Internet sources URL http://www.republika.co.id/berita/bisnis-syariah/berita/10/07/13/124332-baitul-maal-wat-tamwil-mulai-interkoneksi.

Robert, W. Hefner. (2003). “Islamizing Capitalism: On the Founding of Indonesia’s First Islamic Bank” in Arskal Amin and Azyumardi Azra (eds.) Shari and Politics in Modern Indonesia. Singapore: ISEAS.

Thomas B. Pepinsky. (8 September, 2012). Islamic Finance in Multicultural Indonesia. Citing Internet sources URL https://courses.cit.cornell.edu/tp253/docs/islamic_banking.pdf.

Robert, W. Hefner. (2003). “Islamizing Capitalism: On the Founding of Indonesia’s First Islamic Bank” in Arskal Amin and Azyumardi Azra (eds.) Shari and Politics in Modern Indonesia. Singapore: ISEAS.

Robert, W. Hefner. (2000). Islam Pasar Keadilan: Artikulasi Lokal, Kapitalisme dan Demokrasi . Yogyakarta: LkiS.

Richard Robison. (1986). Indonesia: The Rise of Capital. Sydney: Allen & Unwin.

Robert, W. Hefner. (2000). Civil Islam: Muslim and Democratization in Indonesia. Princeton NJ: Princeton University Press.

James B. Hoesterey. (2008). “Marketing Morality: The Rise, Fall and Rebranding of Aa Gym” in Greg Fealy and Sally White (eds), Expressing Islam: Religious Life and Politics in Indonesia.Singapore: ISEAS.

Nur Kholis, Arif. (02 May 2011). Citing Internet sources URL http://pdm1912.wordpress.com/2010/02/10/kisah-sukses-pemberdayaan-ekonomi-ala-muhammadiyah-pekalongan/, accessed on May 02, 2011.

http://pusatbtm.wordpress.com/2010/02/11/pemberdayaan-masyarakat-berbasis-ranting-dan-masjid/, accessed on May 02, 2011.

http://www.kopontrendt.com/divisiusaha/detail/1, accessed on June 10, 2012.




DOI: https://doi.org/10.15575/ijni.v2i1.50

Refbacks

  • There are currently no refbacks.


Flag Counter

View My Stats

Creative Commons License

International Journal of Nusantara Islam is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License