Riba in Islamic Economics and Finance: A Review

Lina Marlina; Aisyah As Salafiyah; Ahlis Fatoni; Nurismalatri; Purnama Putra

doi:10.58968/jiel.v4i1.224

Authors

Lina Marlina Siliwangi University, Tasikmalaya
Aisyah As Salafiyah SMART Indonesia
Ahlis Fatoni IIUM Malaysia
Nurismalatri Universitas Pamulang
Purnama Putra Universitas Islam 45 Bekasi

DOI:

https://doi.org/10.58968/jiel.v4i1.224

Keywords:

Riba, Interest, Scientometric, R

Abstract

Islam, Judaism, and Christianity prohibit Riba from economic and finance. The firm refusal of the practice of riba is because it negatively affects society, spiritual morals, social life, and the economic sector. This study aims to find out the development map and trend of riba published in Islamic economics and finance. The data analyzed were more than 169 research publications indexed by Scopus. The export data is then processed and analyzed using R Biblioshiny software to determine the bibliometric map of the development of riba. The result shows that the number of publications on the development of riba in Islamic economics and finance research increases continuously. This study provides a comprehensive explanation of usury and finds that usury negatively impacts both spiritually, socially and economically. This study is a comprehensive study that discusses the theme of redefining riba in bibliometric analysis.

Downloads

Download data is not yet available.

References

Acharya, V.V. & Richardson, M. (2010). Causes of the financial crisis, Critical Review, Vol. 21, No. 2-3.

Ahlgren, P., Jarneving, B., & Rousseau, R. (2003). Requirements for a co-citation similarity measure, with special reference to Pearson's correlation coefficient. Journal of the American Society for Information Science and Technology, 54(6), 550–560.

Ahmad, A. H. J. (2009) Maqashid Syariah, (Jakarta: Amzah), 167-197.

Ahmad, S., M. (2019). Negative effects of interest in our social development and its solution through Islamic finance concepts. Proceeding book: International Congress on Islamic Education, pp. 337-354

Algaoud, L., M. & Mervyin K., L. (2001). Perbankan Syariah, Prinsip, Praktik, dan Prospek. Jakarta: Serambi.

Al-Muslih A. dan Ash-Shawi, S. (2004). Fikih Ekonomi Keuangan Islam, (Jakarta: Darul Haq, 2004), 345.

Archer, S., Karim, R. A. A., & Al-Deehani, T. (1998). Financial contracting, governance structures and the accounting regulation of Islamic banks: An analysis in terms of agency theory and transaction cost economics. Journal of Management and Governance, 2(2), 149–170. https://doi.org/10.1023/A:1009985419353

Aria, M., & Cuccurullo, C. (2017). bibliometrix: An R- tool for comprehensive science mapping analysis. Journal of informetrics, 11(4), 959-975.

Arifin, Z. (1999). Memahami Bank Syari'ah, Alfabet, Jakarta, hal. V

As-Salafiyah, A., & Rusydiana, A. S. (2022). Finding Waqf Literacy Strategies for Millennials. International Journal of Waqf, 2(1).

Asy-Syathiri, Sayyid Ahmad ibnu Umar. (1997). Al- Yaqut an-Nafis fi Mazhab ibnu Idris. Surabaya: Maktabah al-Hidayah.

Bayindir, S. & Ustaoglu, M. (2018). The issue of interest (riba) in the Abrahamic religions. International Journal of Ethics and Systems, 34(3), 282–303. https://doi.org/10.1108/IJOES-09-2017-0148

Berg, N., & Kim, J. Y. (2014). Prohibition of Riba and Gharar: A signalling and screening explanation? Journal of Economic Behavior and Organization, 103, S146–S159. https://doi.org/10.1016/j.jebo.2014.02.016

Boyack, K. W., Klavans, R., & Börner, K. (2005). Mapping the backbone of science. Scientometrics, 64(3), 351-374.

Chapra, M., C. (2008). The Nature of Riba in Islam. Millah Vol. VIII, No. 1, pp. 107-121

Dimyauddin, D. (2008). Pengantar Fiqh Muamalah, (Yogyakarta: Pustaka Pelajar). 192.

Gunawan, M. R., & Herman, F. (2022). Islamic Fiscal Policy. Islamic Economics Methodology, 1(1).

Habib, N. & Hassanuddin, M. (2004). Ensiklopedi Ekonomi dan Perbankan Syariah, (Bandung: Kaki Langit), 497.

Haniffa, R. & Hudaib M. (2010). Islamic Finance: From Sacred Intention to secular goals?. Journal of Islamic Accounting and Business Research. ISSN: 1759-0817

Haque, Z. (1994). The Nature and Significance of the Medieval and Modern Interpretations of Riba. The Pakistan Review. 32:4, pp. 933-946.

Haroen, N. (2007). Fiqh Muamalah. Jakarta: Gaya Media Pratama.

Hidayanto, M. F. (2008). “Praktek Riba dan Kesenjangan Sosial”. La-Riba

Ibn Manzur, M. I. M. (1968). Lisan al-Arab. Beirut Dar Sadir li al-Taba’ah wa al-Nashr.

Ismail, A. G., Possumah, B. T., & Ali, M. A. M. (2018). What you sell is what you lend? Revealing the complexity of riba in the loan contract. European Journal of Law and Economics, 45(3), 591–609. https://doi.org/10.1007/s10657-013-9404-1

Ismail, A.G. & Tohirin, A. (2010). Islamic Law and Finance. Humanomics. ISSN: 0828-8666

Ismail, N. (2012). Fikih Muamalah Klasik dan Kontemporer, (Bogor: Ghalia Indonesia), 69.

Izza, N. N. (2022). Scientometric Analysis of Islamic Bank in Indonesia. Fara'id and Wealth Management, 2(1).

Kamla, R. & Alsoufi, R. (2015). Critical Muslim Intellectuals' discourse and the issue of "Interest" (ribā): Implications for Islamic accounting and banking. Accounting Forum, 39(2), 140–154. https://doi.org/10.1016/j.accfor.2015.02.002

Khan, F. (2010). How "islamic" is Islamic banking?. Journal of Economic Behavior and Organization. Vol.76, Issue 3, Pages 805-820.

Kholis, N. (2006). Modul Transaksi dalam Ekonomi Islam. Yogyakarta: MSI UII.

Kula, E. (2008). Is contemporary interest rate in conflict with Islamic ethics? Kyklos, 61(1), 45–64. https://doi.org/10.1111/j.1467-6435.2008.00392.x

Laeven, L. & Valencia, V. (2020). "Systemic Banking Crises Database II," IMF Economic Review, Palgrave Macmillan; International Monetary Fund, vol. 68(2), pages 307-361, June.

Latifa, M. (2001). Algaoud dan Mervyin K. Lewis, Perbankan Syariah, Prinsip, Praktik, dan Prospek, 264.

Mardani. (2011). Ayat-Ayat dan Hadis Ekonomi Syariah.

Jakarta: PT. RajaGrafindo Persada.

Mews, C. J., & Abraham, I. (2007). Usury and just compensation: Religious and financial ethics in historical perspective. Journal of Business Ethics, 72(1), 1–15. https://doi.org/10.1007/s10551-006-9151-0

Mihajat, M. I. S. (2016). Contemporary Practice Of Ribā, Gharar and Maysir In Islamic Banking And Finance. International Journal of Islamic Management and Business Vol. 2, No. 2, pp. 1-19.

Nienhaus, V. (2011). Islamic Finance Ethics and Shari'ah Law in the Aftermath of the Crisis. Journal: Ethical Perspectives Volume: 18 Issue: 4. Pages: 591-623 DOI: 10.2143/EP.18.4.2141849

Niswah, I. D. (2020). A Review of Zakat Studies in ASEAN. Ekonomi Islam Indonesia, 2(1).

Nuraini, I. (2021). The Evaluation of Zakat Index Literatures. Fara'id and Wealth Management, 1(1).

Nurjihad. (2013). Filosofi Larangan Bunga dalam kontrak Syariah. Jurnal Hukum IUS QUIA IUSTUM No. 3 Vol. 20 pp. 440 – 459

Presley, J. R., & Sessions, J. G. (1994). Islamic economics: the emergence of a new paradigm. Economic Journal, 104(424), 584–596. https://doi.org/10.2307/2234633

Rampell, C. (2009). "Great Recession: A Brief Etymology", New York Times, March 11, 2009.

Riani, R. (2021). A Literature Review on Islamic Donation. International Journal of Waqf, 1(1).

Ruhana, A. S. (2021). Research on Halal Certification in Indonesia. Journal of Islamic Economic Literatures| http://journals. smartinsight. id/index. php/JIEL/index December, 2(2).

Saeed, A. (1996). Islamic Banking and Interest, a Study of Prohibition of Riba and its Contemporary Interpretation, (Leiden: E.J. Brill), 20.

Sari, M. (2022). Halal Food Quality and The SDG-3 Goal. Halal Tourism and Pilgrimage, 2(1).

Selim, M. (2021). The effects of eliminating Riba in foreign currency transactions by introducing global FinTech network. International Journal of Islamic and Middle Eastern Finance and Management Vol. 14 No. 3, pp. 506-523

Siddique, Z. (2021). Modern Money and Islamic Banking in The Light of Islamic Law of Riba. International Journal of Finance and Economics, pp. 1-16

Suhaib, A., Q. & Mahmood, T. (2021). A Study on: Philosophy in Prohibition of Riba & Some Scholars' View Regarding Interest. PJAEE, 18 (4) pp. 2812-2826

Suharto, U. (2018). Riba and interest in Islamic finance: semantic and terminological issue. International Journal of Islamic and Middle Eastern Finance and Management, Vol. 11 No. 1, pp. 131-138

Suhendi, H. (2008). Fiqh Muamalah. Jakarta: PT. RajaGrafindo Persada.

Sunarto, Z. (2007). Panduan Praktis Transaksi Perbankan Syariah, (Jakarta Timur: Zikrul Hakim), 1

Umar, A., Ahmad, F., & Hassan, M.K. (2008). Riba and Islamic Banking. Journal of Islamic Economics, Banking and Finance, 3 pp. 1-33.

Uula, M. M. (2022). Research Map on Islamic Audit Literatures. Review on Islamic Accounting, 2(2).

Wartoyo. (2010). “Bunga Bank: Abdullah Saeed VS Yusuf Qaradhawi (Sebuah Dialektika Pemikiran antara Kaum Modernis dengan Neo Revivalis)”, La- Riba Jurnal Ekonomi Islam, Volume IV, No. 1, 116.