Turnitin Monograf The Current Situation of Islamic Economics in Indonesia

Islamic economic practices in Indonesia are actually not a recent phenomenon and date back to the era of Sultanate in various regions of Indonesia. The applicable Islamic economic system was extinct in the era of colonialism. However, the independence in 1945 and the global consciousness in the Muslim world to restructure modern economy in line with Islamic principles in the 1970’s and 1980’s influenced Muslims in Indonesia to restructure their economic and financial institutions in accordance with the Islamic teachings. Although, the development of Islamic economics and finance in Indonesia is considered as somewhat late compared to other Muslim counties, however the discourse, debate and efforts are very dynamic and interesting. Indonesian authority being passive in the early emergence of Islamic economics and finance in 1980’s and 1990’s, started to take a more pro-active role by strategizing the roadmap and synergizing the policies, legal and regulatory framework related to Islamic economics and finance industry to gain benefits from its potential and to elevate further this industry. Specific laws and regulations on Islamic economics and finance, including zakat and waqf were also outlined to direct the industry in proper direction. The development can also be seen in the education, research and publications in Islamic economics and finance which are also flourishing. This report attempts to survey the progress and development of Islamic economic
practices in various dimensions such as banking and finance, zakat, waqf, and education, research and publication. The subject will be approached from various angles; the history, narratives and trends in Indonesian Islamic economy, as well as the institutions, researches and policies for developing Islamic economics in Indonesia.