Sistem Keuangan Non Bunga antara Idealitas dan Realitas

Abstract

The interest-free financial system is one of the main characteristics of the Islamic financial system, built on the principles of justice, balance, and the prohibition of usury in all economic activities. Conceptually, this system offers a financial intermediation mechanism that emphasizes risk sharing, the linkage between the financial sector and the real sector, and an orientation toward social welfare. Ideally, the Islamic financial system is expected to create more sustainable economic stability than the conventional interest-based financial system. However, developments in various countries demonstrate a gap between the normative values ​​underlying the Islamic financial system and its implementation in practice. This study aims to analyze the differences between the ideal concept of an interest-free financial system and the reality of its application in global practice. The study used a qualitative method with a literature study approach through analysis of academic literature, regulations, and reports from international financial institutions. The results of the study indicate that although the Islamic financial system has experienced significant growth globally, its operational practices still face various challenges, such as the dominance of debt-based instruments, limited innovation in profit-sharing products, differences in regulations between countries, and a tendency to adapt to the conventional system. This condition shows that the development of a non-interest financial system still requires institutional strengthening, regulatory harmonization, and a commitment to sharia principles so that the ideal goals of the Islamic financial system can be realized more substantially.