ISLAMIC THEORY OF MONEY IN THE THOUGHT OF AQIYUDDIN AN-NABHANI

DIDIN SAMSUDIN, 00380586 (2007) ISLAMIC THEORY OF MONEY IN THE THOUGHT OF AQIYUDDIN AN-NABHANI. Skripsi thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

Current trends to refer back to AJ-Qm'iin and al-Sunna in all aspects of Muslims' life, including economy, has given a rise to modem Islamic economic revival era which is signed by the fast growing process of institutionalization of Islamic economic system all over the world One of instruments of Islamic economic system which has been now developing widely is Islamic banking institution. The major supporting factor of its development is because of the majority agreement of Muslims tbat bank interest applied by conventional banks is the same as riba so that it is definitely by Islamic Law forbidden and should be abolished. Conventional financial theory bases the presence of the institution of interest in its economic system on the concept of time value of 1110ney which consists of two basic elements: presence of in.Bation and preference of present consumption toward future consumption. Since the main business dealings of banking industries are related to money, the development of Islamic banking institutions in the world has brought out important questions: do paper money that is cmrently used is legalized by Shaii'a? Is not it the fact that the money which was used during the Prophet Muhammad era (peace be upon him), or, in other wo~ dming the time of revelation, dinar made of gold 31ld dirham made of silver? Do these two monies have close relationship with Islamic teachings? These questions emerge because paper money system is regarded as a great help to the existence of bank interest (rib.i) and violation of Islamic economic laws. This thesis emphasizes the importance of the stability of money from the viewpoint of economics on the one hand and its compatibility with Islamic teachings on the other. Therefore, anything that meets the criteria of st.able money and is able to carry Islamic valb..OS to be in application to the wide range of areas deserves to qualify as Islamic money. Taqiyyuddin an-Nabham is having the thought on the subject. It prompts the researcher to study and describe it with the purpose of [l] describing the theory of money in Islam according to Taqiyyuddin an-Nabhinl's thought and [2] knowing how 'ulimi' see money in Islam in relation to Taqiyyuddin an-Nabham's theory. To reach this go~ the writer makes use of historical and descriptive approaches in order to give the background of the origins and development of money used by people and describe the Islamic law (Shaii'a) elements as the basis ofTaqiyyuddin an-Nabhi:rii's theory of money. Finally, based on the religious arguments presented by an-Nabham, the writer comes to a conclusion that gold and silver, or in Islamic terms dinar and di.Ibam, are two things that fulfill the requirements of stable money and were used as the main Islamic monetary units in classical history of Islam and have an unchanged relationship with some Islamic teachings like zaki and hand-cutting punishment.

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