The Historicity of the Economic Verses on Fatwa of DSN-MUI about Sharia Electronic Money

In the Quranic revelations period, the electronic money has not been known yet, but the National Sharia board-Indonesia Council of Ulama (DSN-MUI) has issued a fatwa and referred to the Quranic verses as one of its legal bases. The fatwa mentioned is fatwa Number: 116/DSN-MUI/IX/2017 about Sharia Electronic Money. This fatwa said that sharia electronic money is electronic money suitable with sharia principles. The verses in this fatwa were analyzed based on the historical background of revelation, to find out whether the legal basis for the fatwa is the verses related to economic activities or not. This study showed that the Quranic verses used as a legal basis for a fatwa on the sharia electronic money were not only the verses revealed in relation with the economic activity or the verses in which economic activity was implied, but also the Quranic verses revealed in relation with other activity in which the Islamic principles were implied, and then those Islamic principles have been applied in a fatwa about sharia electronic money.


A. Introduction
In Indonesia, electronic money has been developing since the 1990s (Usman, 2017) and used in various non-cash transactions, including micropayments such as toll payments and ticket purchases (Tazkiyyaturrohmah, 2018). Banknotes, paper money, coins, gold dinar, and silver dirham are heavy to carry, but electronic money is not only easy to carry but also more practical in its use, which increases the efficiency of the payment system and reduces the time and costs required in trade transaction (Usman, 2017). The benefits of this electronic money not only felt by the community as a user but also by the state because it will be able to reduce banknotes and paper money as currency and to save budget for money (Tazkiyyaturrohmah, 2018) so that the state also supports and campaigns to use this electronic money through various policies that facilitate and indulge peoples as users.
Electronic money is non-physical cash and does not constitute bank deposits, such as deposits and savings so that they are not guaranteed automatically by LPS (Usman, 2017). When the electronic money is lost, the user cannot propose a replacement to the issuer of money, and this is different from deposits and savings which are guaranteed. Unlike banknotes, coins, gold dinar, and silver dirham, electronic money has several provisions for the users, such as the maximum balance and the cost of the transaction (Tazkiyyaturrohmah, 2018) which of course has been agreed between the users of electronic money and the issuer of it.
The National Sharia Board was formed in 1997 and as the recommendation of the Sharia Mutual Fund Workshop in July in the same year (Hadi, 2011), organized in 1998 (Afrelian & Furqon, 2018), and formalized the formation by the Indonesia Council of Ulama (MUI) on the decree No. Kep-754/MUI/II/1999on February 10, 1999(Sainul & Afrelian, 2015. The National Sharia Board-Indonesian Council of Ulama (DSN-MUI) is a board that plays an important role in the implementation of economic activities that are suitable with Islamic values, which has several functions, these are (1) developing the application of sharia values in economic activities; (2) issuing fatwas on types of financial activities; (3) issuing fatwas on Islamic financial products and services; (4) controlling the application of the fatwas that have been issued (Hadi, 2011). The National Sharia Board has issued a fatwa on the economic activities since the year 2000. The first issued fatwa is on April 1, 2000, on the current account. Until 2019, the National Sharia Board has issued 130 fatwas. This calculation is based on the fatwa number of the National Sharia Board.
Electronic money developing in Indonesia has been issued by several issuers with a variety of uses. In Indonesia, one of the issuers of electronic money is Islamic bank which has become a benchmark for the success of the Islamic economy (Yusuf, 2019). Other than the bank, the issuers of electronic money in Indonesia are the sum of institutions such as financial companies, telecommunications companies, or public transportation companies (Usman, 2017). Because of the various uses of electronic money, the presence of fatwa by the National Sharia Board is very important and urgently needed, especially the use of electronic money which is potentially contrary to Islamic values. This is evidenced by the demand of PT Veritra Sentosa International Quran is the first legal basis, Hadith is the second legal basis, and Jurisprudence is the third legal basis. The provisions in this fatwa about sharia electronic money revealed that electronic money is allowed to use as a means of payment by following the provisions contained in the fatwa.
The Quran as the first legal basis used by the National Sharia Board is a source of Islamic law. The Quran has revealed to Prophet Muhammad in the year 611 AD when electronic money hasn't been applied yet. Being the Quran as a legal basis for an activity that has not happened in the revelation period is an interesting object to study. Based on this reason, this Law in Islamic Banking in Indonesia, which analyzed the fatwa to find out the istinbath method used (Hidayah, 2011).

B. Method
This study aims to find out the historicity of the Quranic verses This asbab an-nuzul is the response of the Quran following the case that happened (Khoiruddin, 2013), by which it will be known whether it is a case in economic activities or not. While munasabah (correlation in the Quran) is used to explain the historical background of the verses which have no cause of revelation. Munasabah is a course discusses the various correlation of Quranic verses, whether it is a relation in one verse, relation in one sura, or relation among verses and sura (Khoiruddin, 2016). It is possible to explain the historicity of a verse based on the relationship between one word and another word in the Quran.

The Historicity of the Economic Verses on Fatwa of DSN-MUI about Sharia Electronic Money
Mohamad Anton Athoillah, et.al.

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The systematic of writing in this study consists of introduction, method, discussion, and conclusion. The discussion in this study begins by explaining money and its history since the Prophet Period, followed by electronic money in the fatwa, and the verses used as the legal basis for the fatwa. The explanation of money and its history is a very important thing to explain. Money (and its use) during the Quranic revelation period is a part of the economic activity that happened at that time, and become a part of the historical background of the economic verse revelation.

C. Result and Discussion 1. Money and Its History since the Prophet Period
At the Prophet period or the revelation of the Quran period, electronic money was not known by the people. At that time, the trade was carried out through barter (exchanging goods without money) or used gold dinar and silver dirham, which had been enforced long before Quranic Revelation. Both gold dinar and silver dirham became the currency of the Byzantine empire and the Persian empire (Nezhad, 2004) (Meera, 2018).
When the Arab community went to Sham for trading, they returned home with gold dinar and when they went to Iraq for trading, they returned home with the Persian dirhams (Santoso et al., 2017).
Lots of people of the book used dinars (See, QS. Ali Imran, 3:75), even dirhams were used during Joseph's period (See, QS. Yusuf, 12:20). In Ancient West Asia, gold and silver were used as a transaction tool by the Lydia kingdom from 570-546 BC (Santoso et al., 2017). Dinar Heraclius (Byzantine Emperor) and Dirham Bagheli from Persia had been used by the Mecca community during the Jahiliya period, however, the money they use to carry out trading transactions is generally still in the form of granules and has not been printed as currency. At that time, The Arab community used both gold dinar and silver dirham was based on the scales, not on the numbers because they were not same in scales. They didn't differentiate them whether it was printed money, stamped money, or which is still in the form of granules, and all forms that they use as money on the basis that it is gold or silver (Wahyuddin, 2009).

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At the Prophet period, gold and silver (dinars and dirhams) were still used, and this continued until the Abbasid period (Fadilla, 2019), and severity was still influenced by the Byzantine imperial dinar (Meera, 2018).
The difference at that time was only found in the form and symbols of Islam used in money. During the Prophet period, the Persian dirham had three measurements, namely 20 carats, 12 carats, and 10 carats, then issued in Islam to be 14 carats (Santoso, et al., 2017) (Fadilla, 2019) by dividing them all by an average of 3, which is this value equal to daniq value and equal to 7 mitsqal, which today is equated with gram (Fadilla, 2019 In the next period, the use of pure gold and silver was decreased, and start to create the money made from alloys. During the Fathimiya period, lots of mixed dirhams were created to become money. Then in the Salahuddin al-Ayyub, the raw material of gold was inadequate for printing dinars due to war. Consequently, the printed money was mixed with copper, even during the era of al-Zhahir Barquq and his son Fajr, copper coins became the main currency (Fadilla, 2019).
Historically, besides gold and silver, the use of money has been used for a long time. In 910 AD, paper money was already used in China on the basis of a support of 100% gold and silver (Ilyas, 2016). During the Caliphate period, the use of money from other than gold and silver had been initiated by Umar, namely, money made from animal skins with the reason that the basic material of animal skins was easy to carry, but this was canceled because lots of followers did not agree with the consideration that the skin could not be used as a standard of evaluation.
After all, leather prices fluctuate (Fadilla, 2019). Until the Ottoman government in the year 1839 AD issued banknote as currency with the name gaima, but its value continued to decline because the people did not

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believe it (Fadilla, 2019). The banknote is a bank's promise to pay coins to banknote users when there is demand (Ilyas, 2016). During the first world war in 1914 AD, Turkey and other countries adopted paper money as legal means of payment and canceled gold and silver coins as legal means of payment (Fadilla, 2019).

Electronic Money in Fatwa of The National Sharia Board
The Fatwa of the National Sharia Board about sharia electronic money is fatwa number 116/DSN-MUI/IX/2017. In this fatwa, these are several provisions as below: a. Electronic money is a means of payment that has several elements, are: (a) this electronic money is issued based on the nominal of money deposited in the issuer; (b) nominal amount of money in electronic money is deposited electronically in a registered medium; (c) nominal amount of money in electronic money managed by the issuer is not a deposit as referred to applicable banking regulations; (d) this electronic money is used as a means of payment for traders who are not the issuers of the electronic money(DSN, 2017); b. Sharia electronic money is electronic money suitable with sharia principles(DSN, 2017); c. Sharia electronic money must be far from some transactions containing sure, gharar, maisir, tadlis, risywah, and israf, and far from a forbidden object. Ribawi in this fatwa is explained in the fatwa provision 1, number 18, that is an addition given in the exchange of ribawi goods and an addition given to the debt in return for payment holds. Gharar in this fatwa is explained in the fatwa provision 1, number 19, that is an uncertain condition in a contract, not only regarding the quality or quantity of the object, but also regarding its submission. Maisir in this fatwa is explained in the fatwa provision 1, number 20, that is every contract held with unclear objectives, inaccurate calculations, and speculation. The

Quran as the Legal Basis for Fatwa of the National Sharia Board
The Quranic verses used as the legal basis for a fatwa about sharia electronic money are 9 verses, they are: a (2) the practice of usury actually does not increase the wealth; (3) the practice of usury is the eating up the property among people in vanities; (4) for those who have already practiced usury, they must leave the remains of usury, and for those who are in a difficult to repay, they must lighten them up till they are in easy to repay without usury.
What is the difference between trade and usury? Quraish Shihab (2008)interprets the verse of usury, and differs trade and usury into 4, they are: (1) the trade gives benefits to both parties, while the usury gives benefits only to one party; (2) the trade is profitable through human labor, while the usury is profitable through working money; (3) the trade demands human activities, while the usury does not demand human activities; (4) the trade contains the possibility of profit and loss, while the usury guarantees only profit and contains only the possibility of loss.
QS. Al-Baqarah, 2: 282 is about transactions made in cash for a specified time and the document of those transactions witnessed by two men or one man and two women. Some narrations in ath-Thabari (2005)explain that the transaction of this verse is salām, that is the trade of some suspended goods by payment on cash. This transaction must be recorded and witnessed by two men or one man and two women.
Qs QS. al-Kahfi, 18:19 is about the importance of transaction with the valid medium of exchange. This verse implies that money has a limit of time and place and it has a validity period. The word "wariq" in this verse is silver money or if it is read "waraq" means a piece of money made from silver (Shihab, 2008). This verse is about the seven young men, those who raised from sleeping in the cave for 309 years, namely Maksalmina, Martinus, Kastunus, Bairunus, Danimus, Yathbunus, and Thamlika, who were predicted that they lived during the era of Antiogos IV in 176-84 BC (Latif, 2016). They went to the market and held transactions with the expired money.
QS. al-Qasās, 28:26 is about the command of partnering with the right partner (strong and trustworthy). This verse is about Moses working for Shuaib. Strong and trustworthy are two characters that a party should have to partner with. The meaning of "strong" in this verse is general, not only physically and mentally strong, but also strong in a certain field of his competence, then the second is "trustworthy". (Shihab, 2008). The next verse, QS. al-Qasās, 28:27, emphasizes the offer given by the two women's parents who wanted to marry one of his daughters with Moses on the basis that he had been working with her for eight (pilgrimage) pilgrims. This verse also describes that Moses has the right to be a part of what he has done.

Islamic Principles Based on the General Quranic Verses as a legal basis
The second criterion is QS. An-Nisā, 4:58; QS. Al-Māidah, 5:1; QS. Al-Isrā, 17:34; dan QS. Al-Furqān, 25:67. These verses are revealed about other activities in which the Islamic principles are implied, and then those Islamic principles are applied in a fatwa about sharia electronic money.
QS. An-Nisā, 4:58 is about the command of rendering the trusts to the right man. This verse is not revealed relating to the economic activity, but relating to someone who has the right to hold the key of Kaaba. One day, QS. Al-Isrā, 17:34 is about the command of fulfilling all promises, because every promise will be enquired into (on the day of judgment). This verse is not revealed relating to the economic activity, but relating to the prohibition of eating up the orphan's wealth and the need to fulfill all promises.
The need to fulfill all promises in this verse uses general sentence of the Quranic text, only if it is associated with the prohibition of eating up orphan's wealth, those promises will relate to the need of fulfilling the orphanage to his child, especially in relating to his wealth until he grows up.
QS. Al-Furqān, 25:67 is about those who spend their wealth, are not extravagant and not niggardly, but hold a just (balance) between those. The meaning of "extravagant" in this verse is beyond the bounds of justice (Shihab, 2008)or used in rebellion against Allah (Ath-Thabari, 2005), and the meaning of "niggardly" in this verse is stingy to spend wealth according to Islamic principles (Ath-Thabari, 2005).
Those four verses above are not revealed relating to the economic activities, but relating to other activity. Those four verses use the general text of the Quran in which the Islamic principles are implied, they are: (1) rendering the trusts to the right people; (2) fulfilling all contracts; (3) fulfilling all promises; (4) spending the property wisely. Those are the general Islamic principles as the legal basis and they are applied in fatwa about sharia electronic money.

D. Conclusion
In Indonesia, electronic money has been developing and used in