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Syariah Monetary Fund: An Alternative Way to Reach MDGs in Developing Countries

Nurindra Rusmana and Ramadoni Wahyu
University of Indonesia, Jakarta, Indonesia

Abstract—As we know, the current issues in developing countries that are included in Millenium Development Goals (MDGs) are impossible to achieve in such crisis situations. The world has agreed that the global humanitarian issues are serious problems and need to be resolved as an actualization of concern among mankind. Structural poverty that afflicts more than half of the people in the world can be explained as a result of the dependence of developing countries on loans from developed countries. We found that this conventional loan system with interest traps the developing countries so they can’t get out of the debt bondage. The developing countries not only have to pay the main loan, but also the interest of the loan. Moreover, if there are certain conditions that force developing countries to do things that hamper their economy for the benefit of developed countries. This condition makes developing countries cannot stabilize their economy so it is impossible for them to achieve MDGs. Therefore we recommend Islamic countries to unite and form a model that called “Syariah Monetary Fund” as an institution that lends money based on the principles of Syariah. This is because the Syariah economic system does not recognize interest, more equitable and easier even when compared to the soft loan system. We hope that this effort becomes a smart solution to reduce poverty in developing countries and fight against the greediness of contemporary system.

Index Terms—Millenium Development Goals, poverty, interest, Syariah economic system

Cite: Nurindra Rusmana and Ramadoni Wahyu, "Syariah Monetary Fund: An Alternative Way to Reach MDGs in Developing Countries," Journal of Advanced Management Science, Vol. 3, No. 1, pp. 17-21, March 2015. doi: 10.12720/joams.3.1.17-21
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