The Policy on Sharia Ultra Micro Business Funding based on Ibnu ‘Asyur’s Thought

Indonesia “is experiencing backwardness in the mu’amalat (transactions or dealings) sector of the economic law as it tends to emphasize the usury concept.” This paper aims to reconstruct the Indonesian government’s legal policy on the Sharia ultra micro business funding and its implementation. It was found that Sharia-based funding contains usury that is prohibited in Islam, even though the regulation already contains a clause on Sharia funding that becomes its legal basis. This was a type of qualitative research. It was empirical/sociolegal research that analyzed Sharia ultra micro funding contracts, interview results, and direct observation of ultra micro business actors in Surakarta City, Central Java, Indonesia. It used the maqāṣid al-sharīʿa economic theory as a basis, including the principles of usury in books written by Islamic scholars, especially those that regard the mu’amalat contract in transactions and business capital. Research results show that the Indonesian government’s legal policy on the Sharia ultra micro business funding is still not aligned with the maqāṣid al-sharīʿa theory. Thus, there needs to be a reconstruction that is in line with the goal of the Indonesian nation to give maximum benefit to the community. Then, in this paper, the authors offer a legal policy concept on the Sharia ultra micro business funding according to Ibnu ‘Asyur’s perspective of maqāṣid al-sharīʿa that is free from usury.

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