A Historical Review of the Development of the Islamic Banking System (An Analytical Study)

Authors

  • Novan Fatchu Alafianta University of Darussalam Gontor
  • Muhammad Abdul Aziz University of Darussalam Gontor
  • Jaya Sahputra University of Darussalam Gontor

DOI:

https://doi.org/10.21111/al-iktisab.v5i2.6799

Keywords:

Historical, Development, Islamic Banking

Abstract

This paper tries to investigate the historical development of Islamic banking in the world. The formation of Islamic banking was inspired by the incompatibility between conventional banks and Islamic teachings based on the Qur'an and al-Hadith. Islamic economists are trying to replace and improve the traditional system of banking that has developed rapidly with the Islamic banking system. The establishment of Mit Ghamr marked the emergence of Islamic banking. Since then, many Islamic banks have been established and have proliferated. The primary purpose of this study is to analyze and determine the historical development of the Islamic banking system in various countries. Thus, this research can provide further information for Muslim economic actors as a guide in carrying out economic activities, especially those related to banking. This study using the historical analysis method and at the end of this paper, confirm that the Islamic banking system was preceded by applying a profit-sharing approach to avoid interest in banking. The development of Islamic banks cannot be separated from the efforts made by the Organization of the Islamic Conference (OIC), which since 1970 has issued many recommendations and encouraged its member countries to improve the people's economy in their respective countries. Then, Islamic banks developed in various countries, including Pakistan, Egypt, Iran, Cyprus, Kuwait, Bahrain, United Arab Emirates, Malaysia, Turkey, and Indonesia.

References

Antonio, Muhammad Syafi’i. Bank Syariah: Dari Teori ke Praktik. Jakarta: Gema Insani, 2010.Arief, Abd. Salam. “Bank Islam: Suatu Alternatif Pemberdayaan Ekonomi Umat”. Asy-Syir’ah Jurnal Ilmu Syari'ah, 7(-), 2000. Retrieved from -.Ariff, Mohamed. “Islamic Banking”. Asian-Pacific Economic Literature, 2(2), 1988. Retrieved from https://doi.org/10.1111/j.1467-8411.1988.tb00200.x.Chaudhry, Muhammad Syarif. Prinsip Dasar Sistem Ekonomi Islam. Jakarta: Kencana Prenada Group, 2016.Dewi, Gemala. Aspek-Aspek Hukum dalam Perbankan dan Perasuransian Syariah di Indonesia. Jakarta: Kencana, 2006.Gustina. “Islamic Banking System: Studi Analisis Perkembangan Perbankan Syariah di Indonesia”. Jurnal Akuntansi dan Manajemen, 6(1), 2011. Retrieved from -.Janwari, Yadi. Pemikiran Ekonomi Islam: Dari Masa Rasulullah Hingga Masa Kontemporer. Bandung: Remaja Rosdakarya, 2016.Lewis, Mervin K., and Latifa M.A. Algaoud. Perbankan Syariah: Prinsip, Praktik, dan Prospek. Jakarta: Serambi Ilmu Semesta, 2003.Machmud, Amir, and Rukmana. Bank Syariah: Teori, Kebijakan, dan Studi Empiris di Indonesia. Bandung: Erlangga, 2010.Mairijani. “Analisis SWOT Perkembangan Bank Syariah di Negara Megara-Negara Muslim”. Jurnal Hukum Islam, 10(2), 2012. Retrieved from http://e-journal.iainpekalongan.ac.id/index.php/jhi/article/view/565/752.Muhammad. Bank Syari’ah: Analisis Kekuatan, Kelemahan, Peluang, dan Ancaman. Yogyakarta: Ekonesia, 2006.Mujib, Abdul. “Dinamika Hukum dan Perkembangan Perbankan Islam di Indonesia”. Al-Ahkam, 23(2), 2013. Retrieved from https://doi.org/10.21580/ahkam.2013.23.2.21.Nasution, Mustafa Edwin, et.al. Pengenalan Eksklusif Ekonomi Islam. Jakarta: Kencana Prenada Group, 2015.Saeed, Abdullah. Bank Islam dan Bunga: Studi Kritis Larangan Riba dan Interpretasi Kontemporer. Yogyakarta: Pustaka Pelajar, 2008.Sjahdeini, Sutan Remy. Perbankan Syariah. Jakarta: Jayakarta Agung Offset, 2010.Soemitra, Andri. Bank dan Lembaga Keuangan Syariah. Jakarta: Kencana, 2017.Syukron, Ali. “Dinamika Perkembangan Perbankan Syariah di Indonesia”. Economic: Jurnal Ekonomi & Hukum Islam, 3(2), 2013. Retrieved from http://ejournal.kopertais4.or.id/tapalkuda/index.php/economic/article/view/785/550.

Downloads

Published

2021-11-01

How to Cite

Alafianta, Novan Fatchu, Muhammad Abdul Aziz, and Jaya Sahputra. 2021. “A Historical Review of the Development of the Islamic Banking System (An Analytical Study)”. AL-IKTISAB: Journal of Islamic Economic Law 5 (2):133-47. https://doi.org/10.21111/al-iktisab.v5i2.6799.

Issue

Vol. 5 No. 2 (2021)

Section

Articles

License

Publishing your paper with Al-Iktisab: Journal of Islamic Economic Law means that the author or authors retain the copyright in the paper. Al-Iktisab: Journal of Islamic Economic Law granted an exclusive non commercial reuse license by the author(s), but the author(s) are able to put the paper onto a website, distribute it to colleagues, give it to students, use it in your thesis etc, so long as the use is not directed at commercial advantage or toward private monetary gain. The author(s) can reuse the figures and tables and other information contained in their paper published by Al-Iktisab: Journal of Islamic Economic Law in future papers or work without having to ask anyone for permission, provided that the figures, tables or other information that is included in the new paper or work properly references the published paper as the source of the figures, tables or other information, and the new paper or work is not direct at private monetary gain or commercial advantage.

Al-Iktisab: Journal of Islamic Economic Law journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge. This journal is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. This license lets others remix, tweak, and build upon your work non-commercially, and although their new works must also acknowledge & be non-commercial, they don’t have to license their derivative works on the same terms.

Al-Iktisab: Journal of Islamic Economic Law journal Open Access articles are distributed under this Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Articles can be read and shared for noncommercial purposes under the following conditions:

  • BY: You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use (Attribution).
  • NC: You may not use the material for commercial purposes (Non Commercial).
  • SA: If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original (Share Alike).