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Dimas Bagus Wiranatakusuma

Genevieve G. Panerio

Jumlah halaman: 320

Ukuran Buku: Unesco (15,5×23)

Versi Cetak: Tersedia

Versi E- Book Tersedia

Cetakan Pertama: November 2023

Berat; 0 Kg

Harga; Rp. 135.000

The objective of organizing economic activities in any nation is the production of products and services to satisfy human wants. In the modern era, however, where division of labor and specialization are on the rise, those who produce products and services are not typically the same as those who consume or use them. Consequently, it is necessary to substitute one commodity for another. Barter required a ‘double coincidence of desires’; B needed to possess both what A desired and what A could offer in exchange. This arrangement restricted the types of transactions that could be conducted, occupied additional time that could have been spent on production, and impeded the specialization of production. The limitations that the barter system placed on human ambitions lead to the evolution of money.

First and foremost, money served to separate the act of selling goods from the act of procuring goods across time and space. The separation of sale and purchase increased the division of labor, facilitated specialization, and substantially increased the productivity of labor, thereby overcoming the barter system’s most significant drawback. Khaldun acknowledged the importance of money to the expansion of economic activity and the development of human civilization.

One reason for the emergence of specialized financial institutions was the fact that those who save money in a society are not typically those who require funds for productive or other purposes; intermediaries were required. Banks brought together depositors and spenders for their mutual benefit. Consequently, they became known as commercial banks and began as providers of short-term financing to trade, small businesses, and artisans, supplying working capital or covering seasonal cash shortages. The institutions have expanded their financing activities in terms of scope and duration under what is now known as “universal banking,” but their collective designation is still “commercial banks.”

In recent decades, the formalization of Islamic finance has been a significant development. But Islamic finance did not originate from the conventional system, as some believe; rather, it owes its emergence to religious movements in Muslim countries that labored to restore Islamic values and glory. In Muslim-majority nations, Islamic financial institutions operate alongside and in competition with their conventional counterparts. Despite their similarities, Islamic finance has distinct characteristics, as we shall see. Islamic finance now operates in 75 countries; its assets surpassed US$1.6 trillion in 2013, and it is the fastest-growing segment of global finance, with annual growth rates ranging from 15% to 20%.



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