1

SHARIAH COMPLIANCE SALES AND RIBA BASED TRANSACTIONS:

A COMPARISON

Rhesa Yogaswara1

rhesayogaswara@yahoo.com

Abstract

In the business activities within an economic system nowadays, there are have

many violations occur in which each transaction contains riba, which is called the

interest. Islam has been revealed by God, with one of the purpose is to regulate

economic affairs.

There are many assumptions which the interest is perceived allowed in some

cases. But in Shariah rules, the usage of interest in the transaction is not allowed.

Riba is part of the prohibited transaction in the terms of the way we do the

transaction. There is no strong reason to assumed that the prohibition is only applies

for the debt in consumptive purpose and not for commercial loan.

Therefore, there several aqads in the business transaction, which are allowed

and do not violate the Shariah rules. We can compare the transactions between

transaction which comply with Shariah rules and transaction with interest based, in

the aspect of law, transaction process, and also the impact after the implementation.

We can see that the implementation of Shariah in every transaction, economic

stability can be achieved accordance with the Maqasid Shariah, where protect the

Religion, Life, Knowledge, Inheritance, and Treasure.

Finally, we can conclude that with the elimination of riba from economic

system, not only affected the positive impact in the economic side, but also social

justice, and economic condition with good moral and ethical environment.

1 Certified Islamic Finance Professional (CIFP) Candidate. INCEIF – Kuala Lumpur – Malaysia

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1. BACKGROUND

Business is an activity that has been being implemented since the first. Various

activities have been varies the business activities. These business activities occur

naturally in realizing the economic situation, continue growing and stable. Economics

is a system made by residents of an area, or commonly called the state, which

includes labor, capital, resources, and economic actors, who participate in the

production, distribution, consumption, and exchange of goods and services in the

State.

Economics is divided into two branches of economic, which there are micro-

economic and macro-economic. Micro-economics is the economic activity which

concentrates on the market behavior, companies, and individuals themselves. While

macro-economic branches of the economy concentrated on the economic

performance of the country as a whole, such as investment, consumption levels,

monitoring the money supply by central banks, and also interest rates. In every

activities, individual has a role through every single business transactions with one of

the motive is, to meet the human needs.

With the development of Islamic economics, economic concepts that is

coming from the west, are called conventional economic. Conventional economics

has adopted capitalism theory. In the Islamic perspective, conventional economics has

many weakness, where there are many assumptions that has been proved

inconsistently, such as (1) The desire of human being in consumption can be limited;

(2) The value of a goods and services considered to have the same level of urgency;

(3) Equitable distribution will occur naturally; (4) The economy will always be in

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equilibrium; (5) Social cost will always be counted in determining the price.2

The conventionalist assumed that consumptive level for every individual

could be limit by themselves without any rules and regulation that needs government

intervention. The actual, the consumptive level is unlimited, since human is always

doing anything to fulfill their needs and also their wants.

The value (price) of goods or services is assumed as the urgency level.

However, the price is consisting of many variables that could not assume as urgency

level.

The wealth distribution is assumed happen naturally. While in fact, the

distribution is never happen automatically without any government intervention. The

huge gap between rich people and poor people is still happened.

To help the poor, social expense assumed has been included in the price of the

goods and service, which in fact, that condition is never happen. The social expense

needs to be realized with government support, to make it happen.

However, the conventional economic system is considered failed, Islam

revealed by God as a balanced system between material needs and spiritual needs.

Some Islamic economic concepts are (1) The moral-based of economic mechanism;

(2) Strong economic motivation to direct each individual in providing the best, both

for themselves and also for the community; (3) Economic and Social restructuring by

considering resources scarcity.3

With the economic growing in many countries today, the economic system has

2 Chapra, M Umer. The Need For A New Economic System. Review of Islamic Economics. Journal of

the Islamic Economic Association published from Leicester, UK. Vol. 1, No.1, 1991 pp.9-47 3 Ibid

4

high reliance on financial resources, economic transactions, and economic efficiency,

which are also the efficiency in financial institutions. So that every single transaction

which is carried out both by individuals and by financial institutions is essential, in

order to distribute funds through intermediation from people who have the funds, to

the people who lack in funds, can running well-balanced. Currently, the role of

intermediation conducted by financial institutions, such as banks, insurance, stock

brokers, multi-finance, capital markets, etc.

In practical, the process of every single transaction has much variation

transaction forms. So that, it needs to be determined in details, which transaction is

permitted according to Islam, and which transactions are prohibited by Islam.

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2. SALES TRANSACTION

There are several basic motives behind the process of making profit from

every business transaction is conducted, there are (1) There are some efforts to add

value to in the product or service (Al-Kharaj); (2) There is a risk in doing business (Al

- Ghurm); (3) and the third is the cost in selling product or service (Al-Dhaman).4

In its development, every transaction is within the monetary system by using

money as a commodity that serves as a standard to facilitate trade value. Is is

indicated as standard of wealth such as land, animals and buildings. Those

developments are accompanied by the practice of lending, where rich people lend the

money to individuals or other companies that could utilize their excess funds.

But in the implementation of borrowing process, there are some deviations

occur, which is not complying with Islamic rules. These irregularities have occurred

in many countries and have occurred since the Rasulullah saw era, which was the riba

in each transaction. There is some misunderstanding of riba in various circles, where

the perception that interest in banking industry is not riba because it is not excessive.

Next perceptions are, interest is needed because of inflation, riba is irrelevant to

commercial loans, and the final perception is riba allowed in dharurah conditions.

These assumptions are wrong because Islam revealed by God to manage all

affairs in the world, including the economic field. Rules about riba were governed in

some verses of the Quran, and Sunnah.

4 Karim, Adiwarman. Islamic Bank: Fiqih and Financial Analysis. Rajagrafindo Persada. Third Edition.

Jakarta. 2006. Pg 38

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3. SHARIAH RULES

Shariah is a rule in Islam, where Islam is closely associated with the concept

of Tawheed. Tawheed is a relationship between man and Allah SWT as the Creator of

the universe, where humans have a commitment to Allah SWT to follow all the rules

given by Allah SWT.

Islamic law (Shariah) covers all aspects of life. For clarity of understanding

one has to distinguish between laws related to ibadat (worship, prayer) and laws

relating to muamalat (transactions, worldly affairs). 5

In terms of economics, Islam have several objective which covered in the

Shariah that have five goals which need to be protected for the achievement of

Maslahah, ie Religion, Life, Knowledge, Inheritance, and Treasure. These goals has

been known as Maqasid Shariah. So in business transactions, the achievement of

Maslahah can be reached by applying the Shariah.

In the Al-Quran, it found that 12 Quranic verses dealing with Riba, which

occurs 8 times, 3 times in 2:275 and one time each in 2:276, 2:278, 3:130, 4:161 and

30:39. Here are quotes from Qur'anic verses that had been mentioned above

Al-Baqarah (2:275) "… And Allah has justifies the trades and forbids the Riba…."

Al-Baqarah (2:276) " Allah destroy usury and cultivating charity. And Allah does not

love everyone who remain in unbelief, and always doing sin. "

Al-Baqarah (2:278) – “… and leave the rest of Riba (who have not collected)…”.

Ali-’Imran (3:130) – “… do not eat Riba with the multiply… "

5 Siddiqi, Mohammad Nejatullah. Riba, Bank Interest And The Rationale of Its Prohibition. IDB-IRTI.

Jeddah-Saudi Arabia. 2004

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An-Nisaa (4:161) - “and because they eat riba, but in fact they have been banned

from it, and because they eat the wealth of people with a wrong path….”

Ar-Ruum (30:39) - “… and riba (additional) that you gave to her property only grew

for human’s wealth, then the riba does not give additional value for Allah. …"

From the verses mentioned above, Islam has provided rules in transactions.

Which transaction is prohibited, and which one will be allowed. The explanation

regarding that statement will be described in the next section.

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4. PROHIBITED TRANSACTIONS

There are several things that must be observed to see which transaction is

prohibited or not. There are the objects in the transaction, the way we do the

transaction, and the uncomplete transaction. From the object side, some transactions

became forbidden because the objects in transactions were prohibited by Shariah

Rules, i.e. alcohol, pork, carrion, and blood.

The second is the prohibition transaction from the way we do the transaction,

which is considered unlawful. Each human activity, including the economic field, it is

strongly associated with shariah laws that should not be violated. For example are

tadlis, taghrir (gharar), ikhtikar, ba'inajasy, riba, maisir, and risywah.

And the last is the prohibition of uncomplete akad in a transaction. All

transactions were done by two people or more, based on the pleasure of each side,

that must meet the Shariah rules. A transaction can be said to be illegal or uncomplete

akad if not fulfilled the terms, there has been ta'alluq, and the last is would happen

shafqatain fi al-shafqah.

In the following discussion, this paper will focus on the prohibition of

transactions performed by way we do the transaction. In conventional practice, one of

people do the transactions are carried the application of interest. Interest in Islamic

perspective is prohibited transaction because it violates the rules of Shariah, which

known as riba.

Literally, riba means “to increase, to grow, to rise, to swell”.6 In Shariah

6 Rosly, Saiful Azhar. Critical Issues on Islamic Banking and Financial Markets. Dinamas. Malaysia.

2007. Pg 49

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perspective, Hanafi’s School has explained, which riba is a surplus of commodity or

an excess in return without counter value. It means that riba is a predetermined excess

or surplus over and above the loan received by the creditor conditionally in relation to

a specified time period. Riba was also made forbidden in the 8th or 9th year after the

Rasulullah saw Hijrah (flight from Makkah). In the Al-Quran, it found that 12

Quranic verses dealing with Riba. The word riba occurs 8 times, 3 times in 2:275 and

one time each in 2:276, 2:278, 3:130, 4:161 and 30:39.

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5. THE PRACTICE OF RIBA

Riba in every transactions nowadays, riba can be categorized into several

types include Riba Fadl, Riba Nasiah, and Riba Jahiliyah.7 Riba Fadl has also known

as Riba Buyu'. It occurs as a result of Riba from the exchange of similar goods that do

not meet several criteria. The violated criteria are the qualities of goods which are not

equal (mistlan bi mistlin), the quantity of goods exchanged are not equal (sawa-an bi-

sawa-in), and the last is, the time of delivery is not in the same time (Yadan bi Yadin).

Riba that we mentioned above can affect the oppression either for one of the

party, both parties, and possible also for other parties. In banking, Riba Fadl is found

in terms of buying and selling in a foreign exchange, which is not in cash (spot

transaction).

The next category of riba is Riba Nasi'ah. Riba Nasi’ah can be referred as

Riba Duyun. It happened as a result of debts that do not meet the criteria for taking

profits in the transaction. These criteria consist of the profit is not taken because of

the risk (al ghunmu bil ghurmi), profit is not taken because of the effort to give the

additional value, and then the criteria which is not taken align with the expense (al-

kharaj bi dhaman).

In practice, Riba Nasi'ah occurred because there is a difference, changes, or

addition of goods delivered today with the goods delivered later. In every business

activity, there is always a possibility of gains and losses. So that might be happened

and it is also not certain (uncertain). But in this Riba Nasi'ah, everything is always

7 Karim, Adiwarman. Islamic Bank: Fiqih and Financial Analysis. Rajagrafindo Persada. Third Edition.

Jakarta. 2006. Pg 36

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considered to be certain. These exchanges can cause oppression for one party, both

parties, as well as other parties.

For the case of conventional banking, Riba Nasi’ah is found in many credit

interest payments and interest payments from deposits, savings, current accounts, and

others. The conventionalist’s opinion on the application of interest is that applies the

principle of time value of money, which is defined where "A dollar today is worth

more than a dollar in the future because a dollar today can be Invested to get a

return" (Aswath, 2001).8

The argument is not accurate, because in every investment there is always the

possibility to get return (positive return), loss (negative return), or zero (no return and

no loss). Thus in conventional economic theory, uncertainty returns converted into a

certainty returns. Almost no strong reason for the assumption that the prohibition is

only applies to debt for the consumptive purpose, and not for business loans.

And the last is Riba Jahiliyah, which Riba came as repayment activities

carried out by providing a greater return than the principal loan. The returns greater

than the principal because the borrower is not able to return the loan at the agreed

date (Usmani, Muhammad Taqi. 2001)9

The violation from the Shariah rules has occurred in the case of Riba

Jahiliyah, where the loan is a transaction on the basis of goodness (tabarru '), while

asking for compensation or reward is a business transaction (tijarah). It means that,

there was happened that the goodness transaction intended to be a transaction for

8 Karim, Adiwarman. Islamic Bank: Fiqih and Financial Analysis. Rajagrafindo Persada. Third Edition.

Jakarta. 2006. Pg 39 9 Ibid. Pg 40

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business purpose. In the conventional banking example, Riba Jahiliyah is found in

many loan transactions such as credit cards, loans without collateral, interest payment

savings, deposits, etc.

Not only banks, but also in the modern financial system, it has now occurred

business activities that do not have a positive impact on the real sector. What

happened was the collection of money by the banks to open savings services, and take

advantage from the loan disbursed.

When a bank provides business loans, the bank did not provide financial

advice to the borrower to increase profits. What happens is where the borrower must

pay the loan on time, regardless of ability to make payments to the borrower.

The main thing from the application of the riba from the economic side is the

exploitation of social and economic. This has violated the core of Islamic teachings in

terms of social justice.

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6. SHARIAH COMPLIANCE SALES

It has been mentioned in Qur'an in the verse of Al-Baqarah (2:275) that

“Allah has permitted trade and forbidden Riba”. In business transactions, buying and

selling is allowed since there is not any oppressed party. Sharing of risks and

uncertainties is an important characteristic of Islamic Contract.

Shariah emphasized the distribution of gains and losses fairly. So that an

uncertainty is not only for one party, but also all parties have the uncertainties. From

these uncertainties, the contract/aqad of the transaction can be categorized into two

major groups, namely Natural certainty Contracts and Natural Uncertainty

Contracts.10

Natural Certainty Contract is a form of contract or business co-operation

which provides certainty in the payment, both in terms of quantity and also the

payment time. In this transaction, there is an agreement about certainty in the

beginning of the transaction between both parties. Some certainty criterias are the

certainty in terms of the object exchange, the amount, quality, price and delivery time.

As an example of these transactions, there are transactions about trade, pay-paid, and

lease transaction. From these types of contracts, business transactions are conducted,

do not have the capital to build business ventures to share profits and risks.

From the object side of the exchanged, there are two general types of

exchange. The first is the exchange with goods and services as the object ('Ayn),

which is a real asset. And the second is the exchange of money and securities, which

10

Karim, Adiwarman. Islamic Bank: Fiqih and Financial Analysis. Rajagrafindo Persada. Third

Edition. Jakarta. 2006. Pg 51

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are financial assets (Dayn).

From those two types, there will be able to be identified for several types of

exchange. The first is the exchange of real assets ('Ayn) with real assets ('Ayn), and

the exchange of real assets ('Ayn) with financial assets (Dayn), and the last is the

exchange of financial assets (Dayn) with financial assets (Dayn).

In the exchange of real assets ('Ayn) with real assets ('Ayn), if the types of

asset are different, the transaction would be allowed. But if it is in the same type, it

should consider the quality of the assets exchanged. If the quality of visible asset can

be distinguished, then this transaction according to the rules of shariah is allowed.

For the cases where tangible assets are indistinguishable in the terms of the

quality, it must meet several criteria which the asset have same amount, and the time

of the exchange, is performed simultaneously.

For transactions that conduct the exchange in real assets ('Ayn) with financial

assets (Dayn), it needs to be identified by the asset type. When the real assets ('Ayn) is

a goods, then the exchange of real assets ('Ayn) with financial assets (Dayn) called as

a trade (Al-Bai'). Meanwhile, if the eschange asset ('Ayn) is in the form of services,

then this type of transaction can be said as the rental transaction or wage-paid (Al-

Ijarah).

Payment method that became a medium of exchange in the form of financial

assets (Dayn) can be categorized into several types of trading which comly with

Shariah rules. These types of payment include cash (now for now), Bai'Naqdan or

deferred payment (Bai 'Muajjal), delivery of goods or services are deferred

(Bai'Salam)

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Bai'Muajjal category consists of two types of deffered payment. The first is a

payment made in full payment (Muajjal), and the second is how to make a payment

through installments (Taqsith).

While the category of deffered goods or services delivery (Bai'Salam), it is

consists of two types. The first was carried out full payment at the beginning

(Bai'Salam), and the second is a payment made through installments, but the

payments must be paid before the goods are full delivered (Bai 'Istishna).

In the form of contract where assets ('Ayn) is a service (Al-Ijarah), can be

categorized based on the benefits gained. Ijarah to get the benefit from goods is

called lease, and Ijarah to get the benefit from the service is called the wage-paid.

From the category of wage-paid, Ijarah can be subdivided into two categories,

based on the performance of the services. For the performance that reflected to the

payment directly is called Ju'alah or success fee. However, for the performance that

does not reflect the payments is called salary or rental.

In the exchange between financial assets (Dayn) and financial assets (Dayn), it

can distinguish between the Dayn in money with Dayn not in money (bonds). For

Dayn in money, the exchange is allowed to meet the criteria where the exchanged is

done for the same amount (Sawa-an bi Sawa in), and exchanges made at the same

time (Yadan bi Yadin). In Dayn in securities must meet the condition, where the

payment of debt must be certain (Mustaqir).

Back to the main group of contracts, Natural Uncertainty Contracts is a

mixing theory based on the mixing object and the time of the mixing activities.

Where the real asset ('Ayn) is in goods and services, and financial assets (Dayn) is the

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form of money or securities, as the difference in natural uncertainty contracts.

In the terms of time, mixing theory distinguishes between the period of

delivery, which is done at the time of the aqad, and the delivery time is done in the

future. From the grouping based on the object and the mixing time, there are three

types of mixing that can be identified. First is the mixing of real assets ('Ayn) with

real assets ('Ayn), and then mixing of real assets ('Ayn) with financial assets (Dayn),

and the last is the mixing of financial assets (Dayn) with financial assets (Dayn).

In mixing between real assets ('Ayn) with real assets ('Ayn), mixing occurs

between the two parties to mix the owned product or service in order to create a

single product or service that can be used as a source of income. It is usually called

Shirkah 'Abdan.

Next is the mixing of real assets ('Ayn) with money (Dayn), which is divided

into two kinds of contracts, namely Shirkah Mudaraba and Shirkah Wujuh. Shirkah

Mudaraba is mixing the money with the services expertise, where the money

invested by the owners of capital and services expertise by the party who will run the

business. While Shirkah Wujuh is a contract where the owners of capital invest in

money (Dayn) and others contributed the good name or reputation.

For the mixing of money (Dayn) with money (Dayn), it can be grouped based

on the amount of funds. If the amount is provided by two sides equally, then the aqad

is called the Shirkah Mufawadhah. If the money by two parties is not equally, then the

aqad is called the Shirkah 'Inan.

In terms of payment methods, the mixture of money (Dayn) with money

(Dayn) in accordance with Shariah rules, if the transfer was made during aqad. For

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the delayed delivery of the money would violate the rules of Shariah.

7. COMPARISON

With the availability of Shariah rules, businesses transactions are not allowed

if the transaction contains the prohibited content, such as riba, while trade is allowed

in Islam as mentioned in Al-Quran verse Al-Baqarah (2:275). The detail explanation

on the previous section about Riba and Shariah compliance Sales, then we can

compare between them, which will be described in the following table:

Interest (Ar-Riba) Profit Margin from Trade (Ar-Ribh)

Platform: Positive Law Platform: Shariah Law

Source: Capitalism Ideology Source: Al-Quran, Sunnah & Ijtihad

Ulama

Money as a commodity. Bank lend the money Goods as an object. Bank use goods as a

commodity

Relationships: Debtor-Creditor Relationship: Partnership

Interest may be changed unilaterally The agreed price cannot be changed

Not associated with the real sector (Monetary

Real Sector is separately)

Monetary and Real Sector related strong,

so encourage the acceleration of the flow

of goods, production and employment.

If non performing loan was getting higher,

then the interest will be a compound interest Margins and selling prices unchanged

No trade transaction Fulfill buying and selling principles

Determining the interest is not considering

the profit and loss

Determination of the profit sharing ratio in

aqad, based on the profit and loss

The percentage of interest previously

determined, based on the lending amount

The profit sharing is accordance with the

agreed ratio

Interest payment amount is not increased

align with the increment of profits

The number of profit-sharing increases

align with the increment of the income

If loss heppened, it is only covered by the

Borrowers, based on fixed interest payment as

promised in the agreement

If loss happened, both parties will covered

the loss

The interest paid by the borrower must be

received by the bank

The success of the business is going to be

both parties’s concern

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Tabel.7.1. Tabel perbandingan antara riba dengan jual-beli11

We can explain the above table. The first is the platform side, which the

transaction could comply with the Shariah if the platform of the transaction is coming

from Shariah Law, which Al-Quran, As-Sunnah, and also Ijma threated as the

sources.

In business activities, transaction between two parties could have the

relationship types. In interest based transaction, the relationship between both parties

is called as debtor-creditor. While the deptor is the party who borrow the modey for

rich people who lend the money, and expect get the return as an interest, which is not

comply with Shariah rules.

However, the relationship between both parties in transaction which comply

with Shariah is called partnership. There are several types of partnership that has been

described in the previous section. There are Shirkah Mudaraba, Shirkah Wujuh,

Shirkah Mufawadhah, and Shirkah 'Inan as the sample aqad which comply with

Shariah rules.

Since interest based transaction is using money as a commodity, the real

business sector would not be reflected in the interest rate that used as a benchmark in

determining the profit margin. While in Shariah transaction, goods and services used

as a commodity that can implies the positive return. Money is used as a tool of

exchange. Therefore, monetary and real sector related very strong, that can encourage

the acceleration the flow of goods, production and employment.

11

Agustianto. Riba Empiris. Presentation Slide in Muamalah Bank. Indonesia. 2006

19

In Shariah transactions, the margin and the selling price would not be changed

as the agreed in the aqad. Whereas in interest based transaction, interest could be a

compound interest when the borrower could not pay the installment timely. It means

that higher non performing loan; the amount of interest could be higher.

In the interest based transaction, the determination of the interest rate is not

reflecting the profit and loss rate. Lender tends not to care the ability of the borrower.

Nevertheless in Shariah transaction, profit sharing was determined based on the profit

and loss.

Shariah transaction has to fulfill buying and selling (trade) principle in every

single transaction. Contrary with interest based transaction; there is no need to do

trade transaction money has been used as a commodity.

In uncertainty contracts, there are three posibilities that could happen. While

the loss happened, the loss must be covered by the borrowers, based on fixed interest

payment as promised in the agreement. And the lender still received the principal

with additional margin which called as interest. Different with Shariah contracts, if

loss happened, both parties will cover the loss.

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8. CONCLUSION

In the business activities within an economic system nowadays, there are have

many violations occur in which each transaction contains riba, which is called the

interest. Islam has been revealed by God, with one of the purpose is to regulate

economic affairs. The prohibition of riba has been explained in Al-Quran surah Al-

Baqarah (2:275).

There are many assumptions which the interest is perceived allowed in some

cases. But in Shariah rules, the usage of interest in the transaction is not allowed.

There are several things that must be observed to know which transaction is

prohibited, and which transaction is allowed. There are the objects of the transaction,

the way we do the transaction, and the completeness of the aqad in the transaction.

Riba is part of the prohibited transaction in the terms of the way we do the

transaction. In practice of Riba, it can be categorized into several types include Riba

Fadl, Riba Nasiah, and Riba Jahiliyah. Riba could affect the oppressed for one of the

party, both parties, as well as another parties which could get the impact from the

implementation of riba. There is no strong reason to assumed that the prohibition is

only applies for the debt in consumptive purpose and not for commercial loan.

Therefore, there several aqads in the business transaction, which are allowed

and do not violate the Shariah rules. Those types of transactions can be categorized

into two major groups. There are Natural Certainty Contracts and Natural Uncertainty

21

Contracts. Those two major groups is described by aqad with exchange theory, and

also aqad with mixing theory.

We can compare the transactions between transaction which comply with

Shariah rules and transaction with interest based, in the aspect of law, transaction

process, and also the impact after the implementation. We can see that the

implementation of Shariah in every transaction, economic stability can be achieved

accordance with the Maqasid Shariah, where protect the Religion, Life, Knowledge,

Inheritance, and Treasure.

Finally, we can conclude that with the elimination of riba from economic

system, not only affected the positive impact in the economic side, but also social

justice, and economic condition with good moral and ethical environment.

22

9. REFERENCE

Agustianto. Riba Empiris. Presentation Slide in Muamalah Bank. Indonesia. 2006

Chapra, M Umer. The Need For A New Economic System. Review of Islamic

Economics. Journal of the Islamic Economic Association published from

Leicester, UK. Vol. 1, No.1, 1991 pp.9-47

Dewi, Miranti Kartika. Introduction to Islamic Financial Management. Presentation

Slide in Pramadina University, Master of Islamic Business and Finance.

Jakarta. 2008

Dusuki, Asyraf Wajdi. Islamic Banking System and Operation. Lecture Material.

International Islamic University Malaysia

INCEIF. Islamic Financial Institutions and Markets. INCEIF Module

Karim, Adiwarman. Islamic Bank: Fiqih and Financial Analysis. Rajagrafindo

Persada. Third Edition. Jakarta. 2006.

Rosly, Saiful Azhar. Critical Issues on Islamic Banking and Financial Markets.

Dinamas. Malaysia. 2007. Pg 49

Siddiqi, Mohammad Nejatullah. Riba, Bank Interest And The Rationale of Its

Prohibition. IDB-IRTI. Jeddah-Saudi Arabia. 2004

Wibisono, Yusuf. Islamic Economics. Presentation Slide in Pramadina University,

Master of Islamic Business and Finance. Jakarta. 2008