Research Hacks Series 1

PENGURUS WILAYAH KHUSUSUNITEO KINGDOM

FINDING IDEAS FORISLAMIC ECONOMICS ANDFINANCE RESEARCH

by Ebi JunaidiChairman of MES-UK

Ph.D Candidate in Islamic Finance, Durham University

Saturday, 8th December 201813.00 - 14.30 GMT (20.00 - 21.30 WIB)

at Doctoral Training Centre of Islamic FinanceDurham University

Pengantar:Bahasa Indonesia

Sabtu,PENGURUS WILAYAH KHUSUSUNITED KINGDOM

H|ber 2018

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MALAM MINCCU PRODUKTIFSAMBIL NCOPI Di DEPAN LAPTOP

TEMUKAlkÿ mIDE PENELITIANEKONOMI & KEUASYARIAH

A.V

Live di FB: Masyarakat Ekonomi Syariah United Kingdom

20.00 - 21.30 WIB

Finding Ideas for Islamic Economics and Finance Research

2. Riset di bidang Ekonomi

dan keuangan Islam

1.MEMBANGUN

IDE RISET?

Imam Asy-Syafi’i pernah ditanya, “Bagaimana ambisi anda untuk mendapatkan ilmu?”Beliau menjawab, “Seperti ambisi orang yang tamak terhadap dunia dan bakhil ketikamemperoleh kelezatan harta.”Lalu ditanyakan kepada beliau, “Seperti apakah anda didalam mencari ilmu?”Beliau menjawab, “Seperti pencarian seorang wanita yang kehilangan anak satu-satunya.”

Kisah John Nash dalam “Beautiful Mind” atau Alan Turning dalam “The Imitation Game”

Statistics!!

• Only 15 million people in the world of 7.3 billion are PhD holders

• Only 3 percents(?) with master degree

• Only 5800 professor (out of 270 million population) in Indonesia– The role of middle class in the society

• Consumption, education for future generation, start or improving business,

• Changes inspiration, etc

VISI: MENGABDI TUHAN, BANGSA DAN NEGARA

KNOW YOUR SELF

NO…. IT IS

PROCESS THAT COUNTS

You could not and should not be the star for

every stages

Be inspired!! But don’t get pressured

FOCUS

Help othersAlthough it was a simple kindness, be happy when you once done it.

Release yourself from being prejudice to others

Be Positive

“If I had been rich, I probably would not have devoted myself to mathematics.”

Why research?

• 1995: Lomba Karya Ilmiah SMA se Sumatera Utara: Minat Baca Pada Remaja• 1999: Lomba Karya Tulis Bank Indonesia: Independensi Bank Indonesia dan Inflasi• 2001: Western Economics Association International, San Francisco. Does

Musyarakah increase the Risk-Return Profile? The case of Bank Muamalat• Euro 2009, Bonn: How does Operation Research help the planning department of

a highly political institution.• 2010 : 49th Annual Financial Literacy and Economics Conference, Miami, USA.

Teaching Economics and Islamic Economics in Muslim-populated country • 2011 8th International Conference on Islamic Economics and Finance, Doha: Does

contract type influence the Zakat, Infaq and Shadaqah donation of Islamic Microfinance customers? Case study of Baitul Maal Wat Tamwil Beringharjo, Yogyakarta, Indonesia

• 2016 SASE, University of Berkeley, USA: Beyond Islamic Banking, How can the waqfplay the role of creating Islamic Moral Economy.

• 2016, ICBMR, Lombok Indonesia: Do borrowers behave differently under WaqfInstitution.

A tool for building knowledge and efficient learning

Means to understand various issues?

An aid to business success and job

search?A way to prove Lies and to support

Truths?

A seed to love reading, writing, analysing and sharing valuable information

Nourishment and Exercise for the

mind

PQRST Reading Tips

• Be active reader and listener ➔– From where did the author seem to draw the ideas? – What exactly was accomplished by this piece of work? – How does it seem to relate to other work in the field? – What would be the reasonable next step to build upon this

work? – What ideas from related fields might be brought to bear

upon this subject?

• One technique that some find helpful is to keep a written log of technical reading and listening. Review it periodically to see if some of the ideas begin to fit together.

ASKING QUESTIONSTambahannya ilmu adalah dengan

mencarinya, sedangkan untukmendapatkan ilmu adalah dengan

bertanya.” ” Ilmu itu perbendaharaan-perbendaharaan, dan

kunci-kuncinya adalah bertanya.”

Observing

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1322240/pdf/bmj33101498.pdf

Exposing Yourself to Research

• Set aside some time every week for trying to generate research ideas. Some possible catalysts are:

• Make a weekly effort to read at least the abstracts from the premier conferences or journals in your field. Choose an article or two to read in depth and then critique it.

• Make a weekly search to find preprints in your field. Read selectively and critique.

• Attend a research seminar or colloquium series. Listen and critique.

• Add these to your log, and ask the canonical questions. As you review the log (maybe sometimes in the near future), you may find something that has become important to you but was beyond you when you first encountered it.

Developing the Germ of an Idea

• Once you have identified a topic that looks feasible, make sure you are aware of all of the literature in the area. Keep reading and listening, and keep distinct in your mind what is different between your work and others. If you do not frequently review the literature you read months ago, you may find yourself unconsciously claiming credit for other people's ideas. On the other hand, don't let other people's frame of mind limit your creativity.

A Pitfall to Avoid

• It is possible to spend almost all of your time in literature review and seminars. It is easy to convince yourself that by doing this you are working hard and accomplishing something. The truth of the matter is that nothing will come of it unless you are an activereader and listener and unless you assign yourself time to develop your own ideas, too.

• It is impossible to ``finish a literature review and then start research." New literature is always appearing, and as your depth and breadth increases, you will continually see new connections and related areas that must be studied. Active listening and reading must be viewed as ``continuing education'' that will involve you for the rest of your career. Don't fool yourself into thinking it must be finished before you can begin research.

Remain Active and Open

• Even after you have decided on your initial focus, it is important to continue a routine of reading new material and attending seminars. All of these sources can contribute to the development of your idea.

• At this stage you can add one question to the canonical list: How can these ideas help me solve my research problem?

• Remember that often the initial idea is quite far from the final thesis topic. If you remain active in reading and listening, it will be much easier to generate alternative topics if the time comes.

Knox, K (2004). A Researcher’s Dilemma – Philosophical and Methodological Pluralism. Electronic Journal of Research Method 2(2). 119-128

Reseach in Islamic Economics and Finance?

Yuk….. Belajar dari Sejarah…..

1. Terbentuknya Ekonomi Islam

a. Kontroversi “Riba” di pertengahan abad ke 20 sebagai Pra-sejarah dari Ekonomi Islam➔ intelektual Muslim focus pada hubungan antara implikasi riba dan fungsi “interest” dalam operasi perbankan “barat” dan mempertanyakan (baca: RISET) apakah traksaksidengan bunga tersebut dilarang karena faktor Riba (Nagaoka, 2012, p.115)(Dalam praktek: Post office Saving Sudan pada Anglo-Egyptian Condominium (1899-1955) menyediakan jasa yang mengijinkan penabung utk menolak bunga pada akunnya(lih. Stiansen 2004), juga Rashid Rida, editor kepada pada majalah Al-Manar ketikapemerintah Mesir memperkenalkan tabungan dgn system bunga yang disebut Sanduqal-Tawfir, ada sekitar 3000 penabung yg menolak Bunga (Mallat 1988).RISET pada waktu itu banyak berkenaan tentang Sejauh apakah sesuatu itu dianggapRIBA? ➔ terdapat 2 school of thought: usury-riba school dan interest –riba school, ygmelibatkan nama-nama besar seperti: Muhammad Abduh, Syed Ahmad Khan, FazrulRahman (Riba and Interest 1964); Abul A’ala Mawdudi, Anwar Iqbal Qureshi (Islam and The Theory of Interest 1945) ➔ beberapa riset kemudian dipublikasikan juga oleh duniaArab, sejak tahun 1960, Namely bu Muhmammad Umer Chapra.

2. Asal dari Ekonomi IslamWhile the view of the usury-riba school was consistent

with the existing capitalistic system, that of the interest-ribaschool was against the dominant economic regime; it challenged the existence of interest rates. In the middle of the twentieth century, the supporters of the latter view started pursuing an alternative economic system, that is, the Islamic economic system. (Nagaoka, 2012 p.117)➔Mawdudi sebagai “Founder” Ekonomi Islam (Kuran 2004, Wilson 2004) menghasilkan karya2 yang menggabungkankonsep2 modern (bukan “barat”) dengan hal-hal ideal yang dibangun Islam pada era Rasulullah SAW. Riset tentang Zakat dalam upaya pemerataaan serta “preferable financial system based on the ideals of Islam”.

• Praktisnya apa?

Tahun 1940-an:Anwar Iqbal Qureshi: “Islam prohibits interest but allows profi ts and partnership. If the banks, instead of allowing loans to the industry, become its partners, share the loss and profi t with it, there is no objection against such banks in the Islamic system” [Qureshi 1945: 158-159]”. Together with Mahmud Ahmad➔ partnership-based financial system. But these works then elaborated to technicalities by Muhammad Uzair ““Interestless Banking: Will It be Success?” and Muhammad Nejatullah Siddiqi “banking without interest”

3. Ekonomi Islam sebagai Disiplin Ilmutersendiri?

Hingga tahun 1970-an penelitian dan tulisandari para intelektual ini tersebar di berbagaijurnal dan buku. Tahun 1976, februari 21-26, diadakan konferensi besar “International Conference on Islamic Economics” atau jugasering disebut Mecca Conference. Ada 180 peserta dengan topik yang sangat beragam:

Summary of Sessions Organized at the Makka Conference in 1976

• Day 1: February 21, 1976 • Inaugural Speeches

• Day 2: February 22, 1976 • Concept and Methodology • A Survey of Contemporary Literature on Islamic Economics

• Day 3: February 23, 1976 • Concept and Methodology • Production and Consumption • The Role of the Islamic State in a Modern Economy • Teaching Islamic Economics • Insurance within the Framework of Islamic Shari’ah (Jurisprudence)

• Day 4: February 24, 1976 • Production and Consumption • Interest-Free Banking • Economic Development in an Islamic Framework • Insurance within the Framework of Islamic Shari’ah (Jurisprudence)

• Day 5: February 25, 1976 • Interest-Free Banking • Zakat and Fiscal Policy • Economic Co-operation among Islamic States

• Day 6: February 26, 1976• Concluding Session

• Source: [Ahmad, K. 1980: 369-374]

2. Transformasi Ekonomi Islam

1. Kemunculan praktek Komersil KeuanganSyariah➔ lahirnya bank2 Islam

2. Islamisasi Perekonomian di Pakistan, Iran danSudan

3. Munculnya Pemikiran baru dalamEkonomi Islam

1. Cepatnya pertumbuhan ekonomi Syariah dankritik terhadap prakteknya (Mahmoud El-Gamal, etc)

2. Kontrovesi terhadap “Sharia-Compliant Finance” ➔ contoh kasus Tawaruq.

3. Beyond Sharia-Compliant Finance

What next?

Some Tips?

• DATA, DATA, DATA

• Experimental Economics/Finance?

• Islamic Social Finance

• "Bencana seorang hamba adalah jika ia telahmerasa puas dengan pengetahuannya, sertapuas dengan kebaikan yang dapat ia lakukan." (Abu Amr Ismail bin Najid rahimahullah)