INSTITUTIONAL ISLAMIC ECONOMY

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According to Kasper and Streit (1989:30) Institutional Economics is to include two-way relationship (Two-way relationship) between economic (Ekonomic) and institutional (institutions).- Institutional Economics Sharia is based on the rules derived from the Qur'an, Al-Hadith and the consensus of the scholars.- Islam gives freedom in a variety of economic behavior as long as not contrary to the fundamental law embodied in the Qur'an, Al-Hadith and the consensus of the scholars.- Islamic regulate the ownership of individual freedom but still manage kepemilikin management of public (community).- In essence, everything in the universe is God's. While the property possessed by humans is temporary and is a surrogate of God, but the people were given freedom to manage, empower and advantage by sticking to the provisions of the Shari'a.- Characteristics of Islamic economics lies in the balance. Individual rights must not be sacrificed for the common and public right opposite also can not be sacrificed for personal gain.- Some Islamic economic principles that should be used as a handle for the perpetrators of Islamic business.a. The principle of autonomy: that is the attitude and the ability of humans to act on his own consciousness of all things in good perspective. Autonomous attitude should be followed by the attitude of responsibility. Any form of behavior or autonomous decision must consider the consequences or responsibility for the behavior or decision that is selected.b. The principle of honesty. Honesty is the basic quality of moral personality. Some economic aspects in implentasinya require honesty is 1) Honesty in compliance with the terms of agreements and contracts. 2) fairness in relation to the supply of goods or services. 3) honesty concerning the employment relationship.c. The principle of doing no evil; not do something that is not like other people, such as what is not liked by yourself.d. The principle of respect for yourself. Respect the rights themselves, which means also respect the position and rights of others.- Justice Doing Business.Justice is the norm in all aspects of the world's major economies. The realization of justice in the economy associated with at least four things:a. Equity swapsb. Distributive justicec. Social Justiced. Legal justiceInstitutional sharia is an alternative that should receive attention from all economic players, after penerpan capitalist and socialist economy failed.