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Layanan Urun Dana Shariah (Sharia Equity Crowdfunding) Bagi Umkm, Mana Yang Harus Jadi Prioritas? Atika Rukminastiti Masrifah
Jurnal Ilmiah Ekonomi Islam Vol 7, No 3 (2021): JIEI : Vol. 7, No. 3, 2021
Publisher : ITB AAS INDONESIA Surakarta

Equity crowdfunding has emerged as one of many alternative financing options chosen by start-ups that cannot be financed by banks. There have been numerous studies conducted on equity crowdfunding. However, there have been few studies on Sharia equity crowdfunding. This research is expected to provide start-ups with the priorities they need to pursue in the use of Sharia equity crowdfunding, analyze their problems, and develop authority strategies to develop Sharia equity crowdfunding in Indonesia using the Interpretative Structural Modeling (ISM) approach. According to the findings of the study, information disclosure is still regarded as a critical issue in the development of Sharia equity crowdfunding. The main strategy for developing Sharia equity crowdfunding is the existence of regulations as a foundation for community protection and security, as well as Sharia aspects such as Sharia declarations, contractual aspects, Sharia issuers, Sharia stock instruments, Sharia banks as transaction intermediaries, and the Sharia Supervisory Board, which thoroughly oversees and evaluates them. Furthermore, Sharia equity crowdfunding is highly recommended as a financing solution for start-ups. As a result, it was deemed critical for this study to create a Sharia equity crowdfunding model as a form of advanced acceleration to provide new budgeting for a start-up, which then graduates to a sustainable business.

THE INTEGRATION OF ISLAMIC COMMERCIAL AND SOCIAL ECONOMY THROUGH PRODUCTIVE WAQF TO PROMOTE PESANTREN WELFARE Ratih Winarsih; Atika Rukminastiti Masrifah; Khoirul Umam
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

A pesantren (Islamic boarding school) as an Islamic educational institution based on self-financing system has implemented waqf as a pillar of its development and become a potential waqf asset development. The productive waqf is considered as a key instrument for providing funds to actualizing its educational program. Since both productive waqf and pesantren emphasize sustainability, and since productive waqf can assist to support the process of education in pesantren, the study aims to investigate an integrated Islamic social and commercial economy model applicable in pesantren. This will ensure utilization of the combined resources of productive waqf and pesantren in promoting pesantren welfare. The study focuses on 263 operational chief, assatidz or teacher, musyrif, musyrifah or santri companion and santri or students in Pesantren in Java and Sumatra using. Structural Equation Modeling (SEM) adopted to examine the relationship among the five constructs i.e., productive waqf, business unit, project financing, human resource and pesantren welfare. While the reliability and validity are established, the structural relationship between the constructs reveals that the integrated model has a strong relationship with the pesantren welfare in many ways. In relation with business unit and profitable commercial activities, human resources have its significant role to assist pesantren tries its level best to realize developed productive waqf. Specifically, the result shows all five constructs have significant impact in promoting pesantren welfare, which suggests that the model as well as the instrument should be further implemented in pesantren.

Baitul Māl Wat Tamwīl (BMT) sebagai Alternatif Strategis Memajukan Usaha Mikro Kecil Sektor Pertanian Atika Rukminastiti Masrifah
Islamic Economics Journal Vol 3, No 1 (2017)
Publisher : University of Darussalam Gontor

Micro and Small Enterprises (MSE’s) has an important role in economic development in Indonesia. However, MSE’s still has a lot of problem. They are still having difficulties to access business financing provided by Islamic financial institutions and banking. This paper attempts to analyze the benefit, opportunity, cost and risk of Islamic financial institutions espesially Baitul Mal wat Tamwil (BMT) in promoting MSE’s utilizing Analytical Network Process (ANP) method with Benefit Opportunity Cost Risk (BOCR) approach, including the proposed alternative strategies. Results of this study show that the highest priority of cost and risk is the lack of support and the understanding of community. Moreover the highest priority of benefit and opportunity is that Islamic Financial Institutions has a just profit-loss sharing system i.e., taking into account the possibility of profit and loss, and BMT has a wide and deep outreach for the poor and poorest. The priorities of strategic alternative in the agricultural sector to promote SME are providing alternative financing schemes based on sub-activities, establishing Linkage Program between BUS-BPRS-LKA-Government, organizing incentive schemes, and forming a National Agrarian Bank, which will be totally focused on projects in agriculture.

Efisiensi Baitul Māl wat Tamwīl (BMT) Pesantren di Indonesia Atika Rukminastiti Masrifah
Islamic Economics Journal Vol 6, No 1 (2020)
Publisher : University of Darussalam Gontor

Pesantren and Baitul Māl Wa Tamwīl (BMT) are not seemingly equal things to compare. The first focuses on spiritual and religious education, while the latter concentrates on the economic and financial activities. Nevertheless, Pesantrens have been considering the significance of economic development and empowerment, through a micro-finance institution. Hence, the analysis of its performance, in particular, the efficiency level is inevitable. This paper attempts to analyze the technical efficiency (including pure technical and scale efficiencies) of some Pesantren BMTs by using Data Envelopment Analysis (DEA). Additionally, this article also analyses the role of Pesantren BMTs for developing Micro-Entreprises (MEs), as well as toanalyse the roles of Pesantren BMT in ME’s wealth management. The results show that: first, generally, the efficiency of Pesantren BMTs is relatively low. Scale efficiency also indicates that operating of BMTs are still far from the optimal scale. Moreover, the average technical efficiencies (TE), scale efficiency (SE), and pure technical efficiency (PTE) of Pesantren BMTs in terms of intermediation have always been higher than those in terms of production. The possible improvements for inefficient Pesantren BMTs include increasing debitors (Y1) and total financing (Y2). They have to always been struggling to collect sizeable depositors, especially MEs, as well as total financing as their main purpose to empower them and enhance their economic development. The other possible improvements are to increase the collection (X4) and the distribution funds of ZISWAF (Y3). This result suggests that most Pesantren BMTs still focus on baitut tamwīl activities, extending financing as their main business. While the future, BMTs should play a more active role in baitul māl activities as their primary business. Second, Pesantren BMTs are useful for developing MEs and contribute a tremendous social benefit to society in several ways. Although the efficiency of BMTs is relatively low since generally, BMTs have achieved both profit and social benefit. Therefore, Islamic financing might be an appropriate model for MEs.

PROBLEM ANALYSIS IN ISLAMIC COOPERATIVE IMPLEMENTATION FOR KARANGASRI FARMER GROUP KAMPUNG DURIAN PONOROGO Faaza Frisky Aulia; Atika Rukminastiti Masrifah
Journal of Islamic Economics and Philanthropy Vol 4, No 02 (2021): Mei
Publisher : Universitas Darussalam Gontor

Cooperatives in Indonesia is the cornerstone of the economy for all people, especially those with low economies. Agriculture in Indonesia experienced a decline in 2017. One of the problem factors is the problem of capital. To overcome the problem of capital in agriculture, the right step is the establishment of a cooperative. The cooperative will regulate the financial circulation of the farmer groups. The farmer group that is the object of this research is the Karang Asri Kamnpung Durian Ngebel farmer group. This Karang Asri farmer group is the focus of this research because it has the potential for agricultural products that are much sought after by the community, namely durian fruit. In this study, the researcher will analyze the problems that exist in the Karang Asri farmer groups in Durian Ngebel Village which are the causes for the not yet established cooperatives in the farmer groups and formulate a cooperative model that can be established in the Karang Asri farmer groups. The method used in this research is descriptive qualitative with data collection techniques through, observation, interviews, and documentation. By interviewing the head of the Karang Asri farmer group representing the entire group. The results of this study indicate that six problem sectors are ranging from human resources, natural resources, production, distribution, systems, and problems from outside the farmer group. The problems that exist are divided into two groups, namely roots and branches. The root problem is the main problem because there is no cooperative in the farmer group. The branch problem is a factor that indirectly causes the absence of a cooperative. Then the cooperative model that was successfully designed was the sharia producer cooperative. It is hoped that this cooperative model will be a capital solution and also all problems that exist in farmer groups.

The Framework of Maslahah Performa as Wealth Management System and its Implication for Public Policy Objectives Atika Rukminastiti Masrifah; Achmad Firdaus
Media Syari'ah Vol 18, No 2 (2016)
Publisher : Sharia and Law Faculty

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/jms.v18i2.1916

Muslims are encouraged to plan their lives economically and financially in order to achieve the objectives of Shariah. The intention to conduct Islamic economical and financial planning must be aligned with the application of Maqasid Shariah, which emphasizes on the protection of essential needs of Muslims that include preservation of wealth. Furthermore, goal of wealth management is to achieve falah. Objective of wealth management is to get maslahah. Maslahah based wealth management can be derived from cycle of acquiring and utilizing wealth (Firdaus, 2014). Acquiring wealth can be carried out by fullfilling worship orientation, internal process orientation, talent orientation, learning orientation, customer orientation and wealth orientation. Utilizing wealth can be carried out by allocating asset to wealth orientation, customer orientation, learning orientation, talent orientation, internal process orientation, worship orientation. This study proposes the framework of Maslahah Performa as wealth management system in order to highlight its contribution to more comprehensive, rational and realistic answers to contemporary public policy issues in Islamic economic system and to thereby increase awareness of Maslahah Performa approach in structuring and developing public policy products. For this purpose, the authors examine the position of the Maslahah Performa concept in public policy. They also present the essential elements of Maslahah Performa and explain how this approach may contribute to better solutions for various public policy issues and challenges.

Determinant of Sharia Stock price Evidence Sharia Stock Price in Indonesia and Malaysia Syofi Aruni Mafaza; Atika Rukminastiti Masrifah; Eka Risana Putri; Anisa Rosdiana Zein
ISLAMICONOMIC: Jurnal Ekonomi Islam Vol 12, No 2 (2021)
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat (LP2M) Universitas Islam Negeri (UIN)

In attendance of sharia capital market shows that the improvement and development. It is can be considered from the majority moslems on investment. Then, the author attracted to compare the sharia stock price in both country. To determine the sharia stock price in Indonesia and Malaysia, it is caused by external factors and internal factors. The author attracted to analyze the determinant of stock price in both countries,the variables and systematic risk, that is EPS, BVPS, Dividend, and Beta. The researcher used panel regression in analyze nine companies in Indonesia and Malaysia. The result from this study shows that the fundamental factors which consist of EPS, BVPS, dividend, and beta have not significant impact on the sharia stock price in Indonesia although in Malaysia. They are many reason to explain the result of study. First reason, we used sharia stock in Indonesia which represented by JII and Malaysia which represented by FBHSM where both of capital market are sharia which the companies did not see on profit to determinant sharia stock price. Second reason, it is totally different, when we do the research in sharia stock and if we considered from muslims insvestors perspective we conclude that the muslims investor more to prioritize the religious aspect than the other aspect. The different about sharia and conventional capital market are in screening method to determine the stock and sharia stock. Third reason, It is caused by the other factors from external

PROBLEM ANALYSIS IN ISLAMIC COOPERATIVE IMPLEMENTATION FOR KARANGASRI FARMER GROUP KAMPUNG DURIAN PONOROGO ‪Atika Rukminastiti Masrifah‬; Faaza Frisky Aulia; ‪Iqbal 'Imari
Journal of Islamic Economics and Philanthropy Vol 5, No 3 (2022): Agustus
Publisher : Universitas Darussalam Gontor

Cooperatives in Indonesia is the cornerstone of the economy for all people, especially those with low economies. Agriculture in Indonesia experienced a decline in 2017. One of the problem factors is the problem of capital. To overcome the problem of capital in agriculture, the right step is the establishment of a cooperative. The cooperative will regulate the financial circulation of the farmer groups. The farmer group that is the object of this research is the Karang Asri Kamnpung Durian Ngebel farmer group. This Karang Asri farmer group is the focus of this research because it has the potential for agricultural products that are much sought after by the community, namely durian fruit. In this study, the researcher will analyze the problems that exist in the Karang Asri farmer groups in Durian Ngebel Village which are the causes for the not yet established cooperatives in the farmer groups and formulate a cooperative model that can be established in the Karang Asri farmer groups. The method used in this research is descriptive qualitative with data collection techniques through, observation, interviews, and documentation. By interviewing the head of the Karang Asri farmer group representing the entire group. The results of this study indicate that six problem sectors are ranging from human resources, natural resources, production, distribution, systems, and problems from outside the farmer group. The problems that exist are divided into two groups, namely roots and branches. The root problem is the main problem because there is no cooperative in the farmer group. The branch problem is a factor that indirectly causes the absence of a cooperative. Then the cooperative model that was successfully designed was the sharia producer cooperative. It is hoped that this cooperative model will be a capital solution and also all problems that exist in farmer groups.

Zakat Fund Model In Developing Micro, Small And Medium Enterprises (Msmes) In Ponorogo Through Capital, Human Resource And Religiousity As Mediating Variable Atika R. Masrifah; Furqan hifdzur rahman
Journal of Islamic Economics and Philanthropy Vol 5, No 2 (2022): Mei
Publisher : Universitas Darussalam Gontor

Micro, Small and Medium Enterprises (MSMEs) play an important role in the Indonesian economy. MSMEs account for nearly ninety percent of all Indonesian businesses. MSMEs, which account for nearly half of all businesses in Indonesia, have enormous potential to boost the Indonesian economy. However, MSMEs, particularly micro enterprises, face challenges in running their businesses. Capital is an issue that always occurs in MSMEs. Access to capital loans has always been a barrier in the operation of small businesses, particularly Micro Enterprises. To Adress this productive zakat funds are one type of Instrument can assist MSMEs in facing barier acces to fund. This study attempt to examine the effect of productive zakat on developing MSMEs and what factors can affect MSMEs' growth. The quantitative approach is used in this study, and the research method is SEM (Structural Equation Modeling) used as analysis of techniqal. The results of this study indicate that the variables of capital and human resources have a significant and positive effect on the development of MSMEs. while zakat funds have a significant and negative effect on mustahik capital and religiosity. This shows that if the productive zakat increases, mustahik capital and mustahik religiosity will decrease. The suggestion from this research is that monitoring of productive zakat distribution needs to be improved and it is hoped that it will be more selective in giving to mustahik.Keywords: Zakat, MSMEs, SEM

Determinant Of Sharia Stock Returns And The Impact Of The Pandemic As Moderation Variables (Case Study of Jakarta Islamic Index (JII) for the 2017-2021 Period) Muhammad Ridha Irsyadillah; Atika Rukminastiti Masrifah
Jurnal Akuntansi Indonesia Vol 12, No 1 (2023): Jurnal Akuntansi Indonesia
Publisher : Universitas Islam Sultan Agung (UNISSULA), Faculty of Economics, Department of Accounting

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30659/jai.12.1.91-110

ABSTRACT The aim of this research is to carry out further tests on the variables that influence Sharia Stock Returns on the Jakarta Islamic Index (JII) by considering the Covid-19 pandemic as a moderating variable. The research population is companies registered on the Jakarta Islamic Index (JII) for 2017 - 2021. The data was analyzed using a purposive sampling technique, 95 data were obtained. Data were analyzed using the E-Views analysis technique. The results of this research indicate that the variables EPS, DER, ROA, CR have no significant effect on Islamic stock returns, but the pandemic variable can affect Islamic stock returns. Meanwhile, the moderating impact of the pandemic on the relationship between EPS, DER, ROA, CR variables on Sariah's stock returns is not proven. These results provide empirical evidence that the pandemic has greatly worsened Islamic stock prices in the Journal of Islamic Index (JII).Keywords: Pandemic Covid 19, Stock Return, Profitability, Sovabilty, LikuidityÂ ABSTRAKTujuan Riset ini adalah ingin melakukan pengujian lebih lanjut terhadap variabel-variabel yang mempengaruhi Return Saham Syariah di Jakarta Islamic Index (JII) dengan mempertimbangkan pandemi Covid-19 sebagai variabel moderasi. Populasi riset ini adalahÂ perusahaan yang terdaftar di Jakarta Islamic Index (JII) tahun 2017 - 2021. Data dinalisis menggunakanÂ Teknik purposive sampling diperoleh data sebanyak 95 data. Data dianalisis menggunakan teknik analisis E-Views. Hasil riset ini menunjukkan bahwa variabel EPS, DER, ROA, CR tidak berpengaruh signifikan terhadap Return Saham Syariah namun variabel pandemic mampu mempengaruhi return saham syariah. Sedangkan dampak moderasi pandemic terhadap hubungan variabel EPS, DER, ROA, CR terhadap return saham Sariah tidak terbukti. Hasil ini memberikan bukti empiris bahwa pandemic sangat memperburuk harga saham syariah di Jurnal Islamic Index (JII).Keywords: Pandemic Covid 19, Return Saham, Profitabilitas, Sovabiltas, Likuiditas

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