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All Journal Jurnal Akuntansi Indonesia Islamic Ecomonics Journal Jurnal Ekonomi dan Bisnis Islam Jurnal Ilmiah Ekonomi Islam Li Falah: Jurnal Studi Ekonomi dan Bisnis Islam Economica: Jurnal Ekonomi Islam Journal of Islamic Monetary Economics and Finance Media Syari'ah: Wahana Kajian Hukum Islam dan Pranata Sosial Journal of Islamic Economics and Philanthropy Islamiconomic: Jurnal Ekonomi Islam Nusantara Islamic Economic Journal Equilibrium: Jurnal Ekonomi Syariah Engagement: Jurnal Pengabdian Kepada Masyarakat Islamic Economics Journal
Atika Rukminastiti Masrifah
Universitas Darussalam Gontor
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences Other

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THE IMPACTS OF CASH WAQF LINKED SUKUK EMPOWERMENT PROGRAMS: EMPIRICAL EVIDENCE FROM INDONESIA Yumna, Aimatul; Masrifah, Atika Rukminastiti; Muljawan, Dadang; Noor, Feri; Marta, Joan
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1940

Abstract

This study analyzes the impact of Cash Waqf Linked Sukuk (CWLS) empowerment programs on beneficiaries’ welfare, financial inclusion, social participation, and spirituality. Using questionnaires administered to the beneficiaries and non-beneficiaries of the empowerment programs in Central Lampung, South Tangerang, Trenggalek East Java, and Bima Nusa Tenggara Indonesia, the study constructs three impact indicators: the welfare index, financial inclusion index, and social and spiritual index. The data are analyzed using the difference-in-difference (DiD) method, where the three impact indices are compared between the two groups of respondents in 2021 and 2022. We find that the CWLS empowerment programs improve the welfare and financial inclusion of beneficiaries but have no discernible effect on social and spiritual participation. However, the DID analysis reveals that the overall impacts of welfare, financial inclusion, and social and spiritual participation are not statistically different between beneficiaries and non-beneficiaries in 2021 and 2022. This study provides significant implications for policymakers and nadzir to enhance the impacts of CWLS on socioeconomic development and poverty alleviation. Acknowledgment This research was funded by Departemen Ekonomi dan Keuangan Syariah (DEKS), Bank Indonesia.
THE IMPACT OF ZAKAT ON MONEY DEMAND FUNCTION: EVIDENCE FROM MUZAKKI IN INDONESIA Masrifah, Atika Rukminastiti; Safitri, Fajrin Intan
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 7 No. 2 (2021): JULY-DECEMBER 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v7i2.28670

Abstract

Most research in the Islamic economy on the money demand have employed the Keynesian approach, while in this research money demand functions are derived from a microeconomic approach. Thus, the aim of this study is to test and analyze some of the key factors in Islamic money demand model with the microeconomics-based approach, and then, in accordance with Islamic principles, chooses muzakki as the best sample. The data source for this study is 200 muzakki in Java, with a period of 2020. Structural Equation Modelling (SEM) is adopted to examine the relationship between the seven constructs, i.e., zakat, PLS rate, state, regulation, goods and services, conspicuous consumption, and money demand. The systemic relationship between the structures indicates that the integrated model of demand for money has a strong zakat relationship, while reliability and validity have been established. Zakat plays a key role in applying the established paradigm of demand for money in relation to goods and services. Zakat significantly affects both goods and services as well as models of money demand. This proposed new model equation is intended to help each household economic actor increase the demand for philanthropic money. As many muzakki are spread throughout Indonesia, it is expected that the welfare of the poor and the low-income society will gradually improve and, finally, the distribution of income in Indonesia will be on an equal footing. 
Efisiensi Baitul Māl wat Tamwīl (BMT) Pesantren di Indonesia Atika Rukminastiti Masrifah Masrifah
Islamic Economics Journal Vol. 6 No. 01 (2020): Islamic Economics Journal
Publisher : Faculty of Economics and Management

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Abstract

Pesantren and Baitul Māl wat 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 MicroEntreprises (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 distributionfunds 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 theefficiency 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.
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

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1065

Abstract

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.
Designing a Modified Salam Contract Model for the Halal Industry: Insights from Delphi-ANP Analysis Atika Rukminastiti Masrifah Masrifah; Sri Herianingrum Herianingrum; Abdul Ghafar Ismail Ismail
Islamic Economics Journal Vol. 12 No. 01 (2026): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v12i01.118

Abstract

This study addresses a gap in the Islamic supply chain finance literature: while factoring and reverse factoring models for conventional supply chains are well documented, no prior study has designed a Sharia-compliant financing business model that addresses the cash-to-cash cycle problem specific to the halal value chain. This is the first study to combine the Delphi and Analytic Network Process (Delphi–ANP) methods to design and validate a modified salam contract model for this purpose, drawing on three respondent groups: Sharia banking practitioners, regulators, and suppliers/fintech practitioners across four rounds of focus group discussion and in-depth interviews. The results show that differentiation of the Islamic bank's business model was ranked as the most important objective (weight 0.221), ahead of halal value chain development (0.204) and MSME development (0.194), while value proposition emerged as the most influential model criterion (weight 0.217). Based on these findings, the study proposes a Fund Distribution Product Scheme that uses salam contracts, in which Islamic banks finance suppliers who hold an underlying contract with a standby buyer. Theoretically, this study contributes a validated ANP-based decision structure for Islamic supply chain financing that can be extended to other value chains facing cash-to-cash cycle constraints. Practically, it offers Islamic financial institutions (IFIs) a ranked, evidence-based set of priorities for target market, distribution channel, and value proposition for implementing salam-based financing in the halal value chain industry.
Determinants of Public Participation in Retail Cash Waqf Linked Sukuk (Retail CWLS): Evidence from Indonesia Atika Masrifah; Mufti Afif; Aimatul Yumna; Ali Sakti
Economica: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.2.27880

Abstract

Indonesia continues to be the world leader in sukuk; on the other hand, Islamic social finance has not yet developed in the country. As of today, six series of Retail Cash Waqf Linked Sukuk (SWR001-SWR006) have been issued in the market; however, there is still a gap in both objectives policy and public goals. Micro-level studies on the behavior of retail investors have been neglected, while a majority of the studies have focused on macro-level studies of the regulatory environment. This research attempts to analyze public participation in Retail Cash Waqf Linked Sukuk (Retail CWLS) to gain an understanding of the dynamics, potential, and policy implications through the lens of the Analytic Network Process (ANP). Primary data through in-depth interviews with middle government officials of Indonesia is used to analyze interdependent relationships and feedback loops of barriers to Retail CWLS and prioritize them for policy recommendations. Results of this research state that for Retail CWLS to improve, there is a need to strengthen, invest, measure social impact, and identify the motivators of the investors. Investors demand fund distribution transparency, digital platforms that are easy to use, and competitive returns.
Co-Authors Abdul Ghafar Ismail Ismail Achmad Firdaus Aimatul Yumna Ali Sakti Anisa Rosdiana Zein Eka Risana Putri Faaza Frisky Aulia Faaza Frisky Aulia Furqan hifdzur rahman Haris Setyaningrum Imam Haryadi Iqbal Imari Khoirul Umam Marta, Joan Mufti Afif Muhammad Ridha Irsyadillah Muljawan, Dadang Noor, Feri rafid nopram Ramadhan, Mohammad Ali Ratih Winarsih rifai, muhammad rizqi Safitri, Fajrin Intan Sri Herianingrum Herianingrum Susilo, Adib . Syofi Aruni Mafaza Yumna, Aimatul