KONSEP UANG DALAM PERSPEKTIF ISLAM || TUGAS UTS || MANAJEMEN KEUANGAN SYARIAH 3F || IAIN TULUNGAGUNG
Summary
TLDRThis video presentation explores the concept of money from both conventional and Islamic perspectives. It delves into the definition, evolution, and various types of money, including paper currency, token money, and quasi-money. The presenters explain the functions of money, such as being a medium of exchange and a store of value. They also discuss the Islamic view on money, emphasizing fairness, prohibition of usury (riba), and the importance of circulating wealth in society. The presentation contrasts the profit-driven nature of conventional finance with the community-oriented approach of Islamic economics.
Takeaways
- 😀 Money is defined as a tool for exchange, a unit of account, a store of value, and a standard of deferred payment in general economics.
- 😀 In Islamic economics, money is derived from the Arabic word 'Al Nahdlah', which refers to something of value and is considered an essential public good.
- 😀 The evolution of money began with barter, moved to the use of metal coins like gold (dinar) and silver (dirham), and eventually led to paper money.
- 😀 Paper money was initially backed by precious metals like gold and silver but became widely used in the Islamic world during the Umayyad Caliphate.
- 😀 There are six key criteria for money to be effective: acceptance, stability, adequacy, portability, durability, and divisibility.
- 😀 The primary functions of money are: serving as a medium of exchange, a unit of account, and a store of value.
- 😀 Various types of money are introduced, including primary money (coins and paper currency), full-bodied money (value equal to the material), and token money (value greater than the material's cost).
- 😀 Money in the conventional economic system is treated as a commodity that increases in value when accumulated, with interest rates playing a key role in this growth.
- 😀 In contrast, Islamic finance rejects the accumulation of money purely for speculative purposes and promotes the circulation of money within the economy for the benefit of society.
- 😀 The concept of 'Value of Money' focuses on the idea that money is more valuable now than in the future due to inflation, while the 'Economic Value of Time' emphasizes using productive time to generate economic value through profit-sharing models.
Q & A
What is the general definition of money?
-Money is a medium of exchange, a unit of account, a store of value, and a standard of deferred payment, used to facilitate transactions and measure the value of goods and services.
How is money defined in Islamic economics?
-In Islamic economics, money is derived from the term 'Al nahdlah,' which refers to weight or value. Historically, money included gold dinars and silver dirhams, which were used in transactions.
What historical developments led to the creation of money as we know it today?
-Initially, humans used barter systems, exchanging goods directly. Later, metal coins like gold and silver were used as money, and eventually, paper money was introduced. The Islamic world used gold dinars and silver dirhams, and the first Islamic currency was introduced by Caliph Abdul Malik bin Marwan in 74 Hijri.
What are the six criteria for money to be considered effective?
-The six criteria for money include: 1) It must be accepted and recognized, 2) It should have stable value, 3) It should meet the needs of the economy, 4) It must be portable and easy to store, 5) It should be durable, and 6) It should be divisible.
What are the three primary functions of money?
-The three primary functions of money are: 1) As a medium of exchange, 2) As a unit of value to measure goods and services, and 3) As a standard for deferred payments.
What is the difference between full-bodied money and token money?
-Full-bodied money has intrinsic value equal to the nominal value on the currency, such as gold coins, where the material value matches the face value. Token money, on the other hand, has a nominal value higher than its material value, such as paper money, which costs less to produce than its face value.
Why was paper money chosen as a medium for currency?
-Paper money was chosen because it is lightweight and easy to carry, it is cheaper to produce than metal coins, and it is more abundant in material, which makes it easier for governments to produce when needed.
What is the Islamic perspective on hoarding money or issuing counterfeit currency?
-In Islam, hoarding money or issuing counterfeit currency is forbidden as it goes against the principles of public welfare. Money should be used ethically and for the benefit of the community, not for speculation or fraud.
What is the concept of 'Value of Money' and how does it relate to inflation?
-The 'Value of Money' concept suggests that money loses its value over time due to inflation. This means that the same amount of money today will have less purchasing power in the future, and thus, the nominal value needs to increase to maintain its real value.
What is the 'Economic Value of Time' and how does it relate to productivity?
-The 'Economic Value of Time' emphasizes the productive use of time. It argues that time, especially productive time, should be utilized efficiently to generate economic value, which in turn leads to economic growth. This concept often involves revenue sharing or profit-sharing models in business.
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