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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.Â