PROBLEM AND PERSPECTIVE OF ISLAMIC MONETARY POLICY
Faculty of Economics in Hasanuddin University Makassar and
Badan Supervisi Bank Indonesia (BSBI).
Jl. Perintis Kemerdekaan Km.10 Makassar, 90245
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This article would try to explicate several theoretical and practical concepts on the problems and prospects of Islamic monetary policy in Indonesia using a critical analysis approach, in accordance with standard scientific references, and would be complemented with descriptions and examples of practice. From these illustrations and analyses, it appeared that on one hand, Islamic monetary policy would find many difficulties if implemented fully, considering that there were several fundamental obstacles that would have to be surmounted by such an implementation, primarily the fact that Indonesian Constitution (UUD 1945) was not based on Islamic law or syariah. On the other hand, despite problems and challenges, the existing condition was still open for the possibility for partial implementation of Islamic monetary policy. It was because there were several conditions which were amenable for an implementation, for instance the facts that majority of Indonesian population was Muslim, the increasing acceptance of the public for the advantages of Islamic monetary and financial system, and increasing support by stakeholders of the banking system, especially the Indonesian central bank (BI). Moreover, there were facts about financial institutions and existing syariah banking institutions.
Key words: Islamic monetary policy, the basic prohibitions, riba, ghahar, qimar