ANALISIS PERBANDINGAN TIME VALUE OF MONEY ATAU ECONOMIC VALUE OF TIME DALAM PERSPEKTIF SYARIAH

Abstract

In the daily lives of Muslims, many are unhappy with the current transactions. It is important for the Muslim community to understand the comparison between the time value of money and the economic value of time so as not to fall into ribawi transactions. The method used in writing this journal is a qualitative descriptive approach. The difference in terms of time value of money theory shows that money has time value, while time value of economy shows that time has economic value. If the economic value of time uses a ratio based on the value of money relative to time, then the time value of money uses bank accounts or bonds. The purpose of applying the time value of money is to maximize utility with respect to the good, but the purpose of the economic value of time is to maximize maslahah in accordance with the principles of Islamic economics. According to Islamic law, the time value of money does not follow the legal principles of the use of money and matters related to it, such as money in riba, while the economic value of time follows the law because it does not include money because it is calculated using the measure of time. Therefore, socialization and literacy to the wider community is necessary given the difference between the value of money and the economic value of time.