Islamic Economy Is Beneficial for People in the World


Islamic economic system is valuable for not only Muslims but also all people of other religions. It could bring benefits for people in this world if it is implemented well.

The aforementioned paragraph was uttered by Pro. Dr. Din Syamsudin M.A. as a keynote speaker in the second dayof International Conference on Islamic Economics and Financial Inclusion (ICIEFI). It was conducted on Friday (24/4) at UMY, but it has been carried out since Thursday (23/4). It was organized by Islamic Banking Department (EPI/FAI) and Islamic Finance and Banking Department (EKPI/FE) of Universitas Muhammadiyah Yogyakarta (UMY) cooperating with Islamic Rule Management and Investigation Institute across Indonesia (INFAD), Universitas Sains Malaysia (USIM), and International Institute of Islamic Thought (IIIIT) USA. It aimed at discussing issues of banking and economy as well as developing world Islamic economy.

On his explanation, Din stated that Islamic economic system is different from economic system implemented in developed and developing countries. Economic system applied nowadays tends to liberal and capitalist economic system which gives benefits for only a few people.

In fact, Din continued, good economic system is beneficial for not only a small number of people but also all people of parties. He contended that those did not exist in liberal and capitalist economy system. “In Islamic economic system it has been settled and we are taught how to implement and run economy,” he mentioned.

Din argued that in the Islamic economy people are taught on how community and businessman are hand in hand for gaining benefits. They would no longer work for their own goodness or advantages. “Islamic economic system is the solution of poverty issues. Undertaking the system, we could bring good for people in this world,” he stated.

Din inserted that the implementation of Islamic economic system is a project of Muslims for the beneficence of people in the world. Muslims, Din argued, ought to be an activator in applying the Islamic economic system. “Therefore, we have to prepare everything and work hard to make it real. If countries in East Asia such as China and India could be independent with their own economic system, countries in Southeast Asia as Indonesia, Malaysia, and Brunei Darussalam should be able to be autonomous by implementing the Islamic economic system,” he conveyed.

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