Analisis Perbandingan Time Value of Money dan Economic Value of Time dalam Perspektif Keuangan Syariah

Abstract

ABSTRACT.

The advancement of contemporary financial theory has sparked intense debate regarding the concept of the Time Value of Money (TVM). This study aims to analyze the comparison between the TVM concept in conventional economics and the Economic Value of Time (EVT) from an Islamic economic perspective. The research method employed is qualitative with a library research approach to examine previous literature on the implementation of both concepts. The results indicate that TVM bases the value of money on time increments measured through interest. However, in Islamic economics, interest is prohibited as it is equated with riba, which is earned without risk or effort. Islam rejects TVM and replaces it with the EVT concept, which asserts that time possesses economic value if used effectively, efficiently, and based on faith, rather than money growing by itself. As a practical implementation, Islamic finance replaces interest mechanisms with trade-based contracts (murabahah, salam, istishna’), leasing (ijarah), and profit-sharing partnerships (mudharabah, musyarakah). This study concludes that in Islam, money functions as a medium of exchange (public goods) rather than a commodity; thus, its added value must arise from real economic activities instead of mere time factors.

Keywords: Time Value of Money, Economic Value of Time, Riba, Islamic Economics, Money.