Institutional Development of Islamic Banking & Finance: Strategies Based on Islamic Economics (Views of Chapra, Mannan, Kahf and Relevance to Indonesia)
Keywords:
Islamic Banking, Islamic Economics, Umer Chapra, M.A. Mannan, Monzer KahfAbstract
This research analyzes the concept of institutional development for Islamic banking and finance according to three prominent Islamic economists: Umer Chapra, M.A. Mannan, and Monzer Kahf. It aims to: (1) explore their concepts of Islamic banking institutional development; (2) identify the relevance of their thoughts for Indonesia's Islamic economic development strategy; and (3) identify challenges and solutions for strengthening Islamic banking in Indonesia.
Using a qualitative-descriptive literature review, the study analyzes the main works of these thinkers in the context of Indonesian Islamic banking. Findings reveal that Chapra emphasizes Islamic banking as a socio-economic transformative agent oriented toward justice and falah, focusing on ethics and integrity. Mannan highlights the need for a strong institutional framework, effective regulation, and central bank roles. Kahf underscores the importance of fiqh muamalat, product innovation, and standardization of Islamic financial instruments.
Their ideas are highly relevant for Indonesia: Chapra encourages real-sector orientation and social goals; Mannan supports regulatory and institutional strengthening; Kahf promotes innovation and financial literacy. Key challenges include murabahah-dominated financing, limited innovation, human resource quality, and regulatory harmonization. Recommended solutions include strengthening profit-loss sharing financing, product diversification, improving HR and literacy, regulatory harmonization, and enhancing economic scale and competitiveness. Implementing these scholars' ideas can help realize a more just, inclusive, and sustainable Islamic banking sector in Indonesia.
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