EXAMINING THE EXTERNAL DEBT CRISIS IN INDONESIA FROM ISLAMIC PERSPECTIVE

Khonsa Tsabita

Abstract


One of major economic problems particularly in developing countries is external debt crisis. Several developing countries including Indonesia have paid their external debt more than total fund they have received from developed countries. Moreover, the indebted country has to pay the interest every year which the amount keeps accruing. Debt is the main causes of poverty since most of them are “unjust” debt. Islam discourages Muslims to depend their lives on borrowing money, including at the state level. This research attempts to scrutinize the issue of external debt crisis and try to come out with a solution to the problem of the external debt crisis in Indonesia from Islamic perspective. This paper is using a qualitative analysis approach and collecting external debt data from the Central Bank of Indonesia and the World Bank. Findings indicate that the current system on managing external debt crisis in Indonesia has not been successful and need to be examined from different frameworks. Overall, this paper contributes to literatures on the debt crisis and provides some alternative solutions to government to manage the external debt crisis.

===============================================

Pengkajian Krisis Utang Luar Negeri Di Indonesia Dari Perspektif Islam - Salah satu persoalan ekonomi utama khususnya di negara berkembang adalah krisis utang luar negeri. Negara-negara berkembang termasuk Indonesia membayar utang luar negeri mereka kepada negara-negara maju melebihi total dana yang diterima. Selain itu, negara-negara tersebut juga harus membayar bunga setiap tahun yang jumlahnya terus meningkat. Utang merupakan penyebab utama kemiskinan disebakan sebagian besar dari utang bersifat "tidak adil". Islam melarang umat Islam untuk menggantungkan hidupnya pada pinjaman uang, termasuk pada level negara. Penelitian ini bertujuan untuk mengkaji masalah krisis utang luar negeri Indonesia dan mencoba menawarkan solusi dari perspektif Islam dalam mengatasi masalah tersebut. Artikel ini menggunakan pendekatan analisis kualitatif, dan mengumpulkan data utang luar negeri dari Bank Indonesia dan Bank Dunia. Hasil kajian menunjukkan bahwa sistem pengelolaan krisis utang luar negeri di Indonesia belum berjalan dengan dengan baik sehingga perlu dilakukan dengan kerangka kerja yang berbeda. Secara keseluruhan, artikel ini berkontribusi dalam memperkaya literatur tentang krisis utang dan juga menyediakan beberapa solusi alternatif kepada pemerintah untuk mengelola krisis utang luar negeri.


Full Text:

PDF

References


“AboutOIC”, http://www.oic-oci.org/oicv2/page/?p_id=52&p_ref=26&lan=en (accessed on May 23, 2014).

Ahmad, Khurshid. “Global Debt Crisis - An Islamic Perspective.” 15 May 2007. http://www.jubileedebt.pwp.blueyonder.co.uk/Res-World.Debt.day.Lecture%2007.Prof%20Khurshid.pdf (accessed February 27, 2014).

Arif, Sritua, and Adi Sasono. Foreign Capital, External debt Burden and The Indonesian Economy. Jakarta: The Institute for Development Studies, 1897.

Ariff, Mohammed, and M Semudram. Trade and Financing Strategies: A Case Study of Malaysia. London: Overseas Development Institute, 1987.

Azzam, Muhammad , Chandra Emirullah, A C Prabhakar, and A Qayyum Khan. “The Role of External debt in Economic Growth of Indonesia - A Blessing or Burden?” World Applied Sciences Journal, no. 25 (2013): 8.

Bajo, Claudia Sanchez, and Bruno Roelants. Capital and the Debt Trap Learning from Cooperatives in the Global Crisis. Hampshire: Palgrave Macmillan, 2011.

Benazir, & Ibrahim, A. (2017). Analisis Faktor-Faktor yang Mempengaruhi Kemiskinan di Kabupaten Pidie Jaya. Paper presented at the Seminar Nasional Pascasarjana (SNP) Unsyiah 2017, Banda Aceh.

Central Bank of Indonesia. External debt Statistics of Indonesia. Vol. V, April 2014. http://www.bi.go.id/en/iru/economic-data/external-debt/Contents/SULNI%20APRIL%202014.pdf (accessed May 12, 2014)

Central Bank of Indonesia. External debt Statistics of Indonesia. Vol. IV, January 2010. http://www.bi.go.id/en/iru/economic-data/external debt/Documents/9a8d1dbcf46c4b548444c07ac7d8ad28FinalesWeb.pdf (accessed May 12, 2014)

Dusuki, Asyraf Wajdi. “Challenges of Realizing Maqasid al-Shariah (Objectives of Shariah) in Islamic Capital Market: Special Focus on Equity-Based Sukuk.” Conference on Islamic Capital Market, Organised by Centre for Islamic Management Studies University Sains Malaysia. Penang: University Sains Malaysia, 2009.

“Debt-for-nature swaps: a decade of experience and new directions for the future.” http://www.fao.org/docrep/w3247e/w3247e06.htm (accessed May 18, 2014)

Elkamiliati, & Ibrahim, A. (2014). Pengaruh Bi Rate Terhadap Persentase Bagi Hasil Pembiayaan Musyarakah Pada Bank Aceh Syariah Banda Aceh. Share: Jurnal Ekonomi dan Keuangan Islam, 3(2).

Feridhanusetyawan, Tubagus. “Escaping the Debt Trap.” In Governance in Indonesia Challenges Facing the Megawati Presidency, oleh Hadi Soesastro, Anthony L Smith dan Han Mui Ling, 248-249. Singapore: Institute of Southeast Asian Studies, 2003.

“GDP Per Capita”, http://useconomy.about.com/od/glossary/g/Gdp-Per-Capita.htm (accessed May 23, 2014).

Ibrahim, A., & Kamri, N. A. (2013a, 27-28 November). Measuring the Islamic Work Ethics: An Alternative Approach. Paper presented at the International Convention on Islamic Management, Kuala Lumpur, Malaysia.

IMF’s External debt Statistics: Guide for Compilers and Users 2003, https://www.imf.org/external/pubs/ft/eds/eng/Guide/file2.pdf (accessed May 14, 2014)

The Jakarta Post. "Indonesia Pays IMF Debt." The Jakarta Post, 6 October 2006. http://www.thejakartapost.com/news/2006/10/06/indonesia-pays-imf-debt.html (accessed February 27, 2014).

Kamali, Mohamad Hashim. “Siyasah Sharʻiyah or the Policies of Islamic Government.” The American Journal of Islamic Social Sciences, 1989: 60-61.

Kamri, N. A., Ramlan, S. F., & Ibrahim, A. (2014). Qur'anic Work Ethics. Journal of Usuluddin, 40(July-December), 135-172.

Kayadibi, Saim. “The Pool Finance Economic System.” In Pool Finance Economic System: Law, Democracy, Alliance of Civilization, 9-36. Kuala Lumpur: IIUM Press, 2011.

Khan, Ajaz Ahmed, and Helen Moud. Islam and Debt. Birmingham: Islamic Relief Worldwide, 2008.

Kusumaningtuti, S S. “Docstoc.” 6-7 July 2004. http://www.docstoc.com/docs/21119914/Country-Experiences-of-Indonesia-on-Foreign-Debt-Management (accessed April 10, 2014).

"Malapetaka Utang Luar Negeri." Berdikari Online, 6 December 2012. http://www.berdikarionline.com/editorial/20121206/malapetaka-utang-luar-negeri.html (accessed March 12, 2014).

Meera, Ahamed Kameel Mydin, and Moussa Larbani. “Seigniorage of Fiat Money and the Maqāsid al-Sharī’ah: The Unattainableness of the Maqāsid.” In Real Money, by Ahamed Kameel Mydin Meera, 1-34. Kuala Lumpur: IIUM Press, 2009.

“Meluruskan Pemahaman Sesat tentang Hutang”, http://ekonomi.kompasiana.com/moneter/2014/03/17/meluruskan-pemahaman-sesat-tentang-hutang-639880.html (accessed May 23, 2014).

Mohammad, Mustafa Omar and Syahidawati Shahwan, “The Objective of Islamic Economic and Islamic Banking in Light of Maqasid Al-Shariah: A Critical Review.” Middle-East Journal of Scientific Research, 2013.

“Natural Resources”, http://www4.bkpm.go.id/contents/general/7/NATURAL+RESOURCES#.U374adKSyZU (accessed May 23, 2014).

Rangooni, Moulana Muhammad Iqbal. The Islamic Perspective of Loans. New Delhi: Islamic Book Services, 2006.

Setya, Anirullah, Tri Widodo, Diyah Putriani, and Saim Kayadibi. “The Root Cause of Indonesia Environment Degradation: An Islamic Economics Perspective.” In Between The Mountain and The Sea: Positioning Indonesia. Yogyakarta: Gadjah Mada University Press, 2013.

Ugurel, Ilhan. “External Debt of The Islamic Countries: The Present Situation and Future Prospects.” Journal of Economic Cooperation, 1999.

Woo, W T, and Anwar Nasution. “The Conduct of Economic Policies in Indonesia and Its Impact on External debt.” In Developing Country Debt and The World Economy, by Jeffrey D Sachs, 111. Chicago: University of Chicago Press, 1989.




DOI: http://dx.doi.org/10.22373/share.v7i1.2297

Copyright (c) 2018 Share: Jurnal Ekonomi dan Keuangan Islam

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Welcome to Share Journal of Islamic Economics and Finance Open Journal System. Thank you very much for Visiting.