International Short Course Program Session 1, “Islamic Economics and Halal Industry: Indonesia and Global Perspectives”
DEPOK – (18/09/2021) As part of the internationalization program at the Faculty of Economics and Business Universitas Indonesia, FEB UI is conducting an International Short Course Program with the topic “Islamic Economics and Halal Industry: Indonesia and Global Perspectives” that will run between the 18th of September until 9th of October 2021 via the Zoom Online Platform.
The first session has been held on Saturday, 18th of September 2021, attended by 150 students from universities in Indonesia, Malaysia, New Zealand, and the United Kingdom. This session discussed the topic of Basic Islamic Economics, which was delivered by Ebi Junaidi, S.E., M.FinMgmt and moderated by Karina Mariz.
The event was opened by Acting Dean of the Faculty of Economics and Business Universitas Indonesia, Dr. Teguh Dartanto, who welcomed the students for joining the program with the hope that they will gain knowledge from the courses. In his welcome speech, Dr. Teguh remarked on the national and global development of Islamic economics and finance, as well as the rise of the halal industry. After the opening, Nur Dhani Hendranastiti from the International Office Faculty of Economics and Business, Universitas Indonesia. Explained the details of the activities for the next four weeks and several housekeeping rules to be followed by the students.
The first session continued on with a lecture delivered by Ebi Junaidi on Basic Islamic Economics. He started with a quote by Prof. Jomo KS in Islamic Economics in the 21st Century Conference in 1999: “Islamic Economics is not Capitalism minus interest; Islamic Economics is not Socialism plus free enterprises. Islamic Economics should stand on its own feet and on its own principles. Ebi Junaidi then proceeded with the definition of the economic system, the current state of the global economic system, and critiqued on the mixed market economic system.
Ebi Junaidi elaborated on the paradigm of Islamic economics. This paradigm differentiates Islamic economics from conventional economics. From its institutional framework and elements that aim to create social justice and equality, Islamic economics built foundations quite different from conventional economics. These elements consist of property, contracts and contractual obligations, trust, markets and a code of conduct, risk sharing, wealth accumulation and utilization, wealth distribution and redistribution, work and work ethics, and competition and cooperation.
The second part of the lecture examined the features of the Islamic economic system, which consist of social economic justice, the prohibition of riba, a risk-sharing based economic system, and the role of government. Ebi Junaidi continued by explaining how Islamic Economists work, followed by a brief explanation on Islamic microeconomics and macroeconomics. He took the time to explain the concept of waqf, and concluded by discussing on the differences among economic systems.
This took in Q&A from students asking for further clarifications and examples on the topics explained. The discussion was also conducted on the Chats coming from questions and responses from the participants.
The next sessions will be held on Saturdays until 9th of October 2021 with further explanations about Islamic economics and finance in Indonesia and global perspectives, and the halal industry. (hjtp)
