{
    "success": true,
    "data": {
        "id": 1331828,
        "msgid": "muhammadiyah-cool-on-islamic-bank-edict-1447893297",
        "date": "2003-12-18 00:00:00",
        "title": "Muhammadiyah cool on Islamic bank edict",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Muhammadiyah cool on Islamic bank edict Sri Wahyuni, The Jakarta Post, Yogyakarta Muhammadiyah chairman Ahmad Syafii Maarif called on Muslims on Wednesday to play down an edict that bans bank interest and suggested that they continue using conventional banks. Syafii, who leads the country's second largest Muslim organization, said the issue of bank interest remained controversial even among ulemas. \"As an opinion, an ijtihad (individual interpretation or judgment), we appreciate the edict.",
        "content": "<p>Muhammadiyah cool on Islamic bank edict<\/p>\n<p>Sri Wahyuni, The Jakarta Post, Yogyakarta<\/p>\n<p>Muhammadiyah chairman Ahmad Syafii Maarif called on Muslims on<br>\nWednesday to play down an edict that bans bank interest and<br>\nsuggested that they continue using conventional banks.<\/p>\n<p>Syafii, who leads the country's second largest Muslim<br>\norganization, said the issue of bank interest remained<br>\ncontroversial even among ulemas.<\/p>\n<p>\"As an opinion, an ijtihad (individual interpretation or<br>\njudgment), we appreciate the edict. But, I think it was hastily<br>\nformulated as there has been no agreement among ulemas regarding<br>\nthe issue,\" Syafii told reporters at Muhammadiyah headquarters<br>\nhere.<\/p>\n<p>The Edict Commission of the Indonesian Ulemas Council (MUI)<br>\nannounced a ban on Tuesday on the payment of interest on deposits<br>\nand loans involving financial institutions such as banks,<br>\ninsurance companies, pawnbrokers and cooperatives, saying it<br>\nresembled the practice of riba that was haram (prohibited) during<br>\nthe era of the Prophet Muhammad.<\/p>\n<p>The commission also said it would ban Muslims from using<br>\nconventional banks once sharia banks were operational, but<br>\nconventional banks would be accepted in areas where sharia banks<br>\nwere absent.<\/p>\n<p>Syafii, however, said that the edict could not work in that<br>\nway as most of the sharia banks operating in the country were<br>\nmanaged by conventional banks.<\/p>\n<p>\"This is actually a classic issue. It has been around for<br>\nyears. There was a similar edict in the past, but it proved<br>\nunworkable,\" he said.<\/p>\n<p>Syafii, therefore, suggested that Muslims remain calm in<br>\nresponse to the issue, quoting the opinion of a prominent ulema<br>\nwho said that bank interest was not haram as long as there was no<br>\nriba practice involved.<\/p>\n<p>\"The law on riba is very, very clear. It's haram and will stay<br>\nthat way until the end of the world. But, the question is, is<br>\nbank interest with no element of exploitation also to be<br>\nconsidered as riba?\" said Syafii, adding that he would ask<br>\nMuhammadiyah's Tarjih (supervisory) Commission to further study<br>\nthe matter.<\/p>\n<p>Syafii also expressed support for the operation of what are<br>\ntermed \"Islamic\" banks in the country, provided that they were<br>\nable to serve the needs of modern society.<\/p>\n<p>\"It hasn't happened yet, has it?\" Syafii asked.<\/p>\n<p>He said the assets of the banks currently using the Islamic<br>\nlabel accounted for only some 0.6 percent of the total assets<br>\nheld by the country's banks, with the rest being controlled by<br>\nconventional banks.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/muhammadiyah-cool-on-islamic-bank-edict-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}