MUHAMMAD NEJATULLAH SIDDIQI'S CONTRIBUTION OF THOUGHTS TO THE DEVELOPMENT OF ISLAMIC BANKING IN INDONESIA
Intellectual Context and Positioning of Muhammad Nejatullah Siddiqi's Thoughts
DOI:
https://doi.org/10.56874/jhyhje03Keywords:
Muhammad Nejatullah Siddiqi, Islamic Banking, Islamic Economics, Profit And Lose Sharing, IndonesiaAbstract
This study analyzes the significant contributions of Muhammad Nejatullah Siddiqi's Islamic economic thought to the development of Islamic banking in Indonesia. Employing a descriptive-analytical approach and literature review, this article examines how Siddiqi's ideas on interest-free banking and profit-and-loss sharing (PLS) mechanisms became a theoretical and practical foundation for the Islamic financial industry. The findings indicate that Siddiqi, as a central figure in the Mainstream School of Islamic Economics, advocated for a banking system based on genuine partnership, not debt, to achieve distributive justice and economic stability. Although his thought profoundly influenced the genesis and regulation of Islamic banking in Indonesia, implementation challenges, particularly the dominance of sales-based schemes (Murabahah), remain a critical issue. This article concludes that Siddiqi's ideas remain a relevant compass for deepening the sharia substance and guiding Indonesian Islamic banking towards a more just, productive, and sustainable model.
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