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The Stability of the Indonesian Sharia Stock Index to Economic Shocks Mubarok, Faizul; Al Arif, Mohammad Nur Rianto; Mufraini, Muhammad Arief
IQTISHADIA Vol 13, No 2 (2020): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v13i2.7748

The stock market has a strategic role in the development of a country's economy in the era of globalization, including the Islamic stock market. The rapid growth of the Islamic stock market, especially in developing countries, is a historical record in Indonesia's financial sector. This study aims to analyze the factors that influence the return of the Indonesian Sharia Stock Index (ISSI) in the short and long term, how long shocks occur, and how much the contribution of these factors. This study uses monthly time series data from January 2012 to December 2019 using the Vector Error Correction Model (VECM) method. VECM estimation results show the price of gold has a significant effect on the short and long term, while inflation has an impact on a long time. ISSI's return quickly reaches stability when it receives a shock from the exchange rate. The price of gold dominates the diversity of ISSI's performances. Stakeholders should consider several things that affect the ISSI return, pay attention to the economic climate, and anticipate quickly the shock that occurs.

The Stability of the Indonesian Sharia Stock Index to Economic Shocks Mubarok, Faizul; Al Arif, Mohammad Nur Rianto; Mufraini, Muhammad Arief
IQTISHADIA Vol 13, No 2 (2020): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v13i2.7748

The stock market has a strategic role in the development of a country's economy in the era of globalization, including the Islamic stock market. The rapid growth of the Islamic stock market, especially in developing countries, is a historical record in Indonesia's financial sector. This study aims to analyze the factors that influence the return of the Indonesian Sharia Stock Index (ISSI) in the short and long term, how long shocks occur, and how much the contribution of these factors. This study uses monthly time series data from January 2012 to December 2019 using the Vector Error Correction Model (VECM) method. VECM estimation results show the price of gold has a significant effect on the short and long term, while inflation has an impact on a long time. ISSI's return quickly reaches stability when it receives a shock from the exchange rate. The price of gold dominates the diversity of ISSI's performances. Stakeholders should consider several things that affect the ISSI return, pay attention to the economic climate, and anticipate quickly the shock that occurs.

Performance of Depositor Fund: A Lesson from Indonesian Islamic Banking System Sayakhmad Olimov; Abdul Hamid; Muhammad Arief Mufraini
ETIKONOMI Vol 16, No 1 (2017)
Publisher : Faculty of Economic and Business

The objective of study is to analyze the performance of Depositor Fund in the operation of Islamic bank as an alternative banking sector in financial market based on the profit and loss mode of financing in the case of Indonesia. The research methodology is quantitative analysis based on the Multiple Regression. In the study secondary data is used and were collected from Annual Report of Islamic Banks. The sample of study is the bank, which is selected from 36 samples of Islamic Commercial Banks relates to non-probability purposive sampling method as a statistical research techniques. The result of study showed that the performance of Depositor Fund in the operation of Islamic banks has negative proficiency and otherwise the Islamic banks have weaknesses capability to improve the high ratio of increasing productivity Depositor Fund based on the financial ratio factors, which are analyzed.DOI: 10.15408/etk.v16i1.4871

Productive Waqf, Economic Empowerment, and Public Welfare: Evidence from Benefit Recipients at Daarut Tauhiid Waqf Institution Wildan Munawar; M Arief Mufraini
INFERENSI: Jurnal Penelitian Sosial Keagamaan Vol 15, No 1 (2021)
Publisher : State Institute of Islamic Studies (IAIN) Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/infsl3.v15i1.1-24

This study aimed to determine the effect of productive waqf management on public welfare with economic empowerment as an intervening variable. The research method used quantitative research, and the data collection used a closed-ended questionnaire. The sampling was selected based on the purposive sampling technique by determining certain criteria and objectives. The data analysis technique used Partial Least Square (PLS) with the PLS 3 smart application. The results of this study concluded that productive waqf management had a positive and significant effect on public welfare with economic empowerment as an intervening variable. The better the management of productive waqf carried out by the waqf institution, the more indirectly it would improve the public welfare with good economic empowerment. The good of productive waqf management can be used as a benchmark for waqf institutions in managing waqf. This was because past experience and history have proven that well-managed waqf improved public welfare through economic empowerment carried out consistently. However, not only through the cultivation of worship and Islamic character but also supported by skills and training in business improvement, mentoring, and monitoring of business operations, as well as providing business and marketing capital.

How Does Zakat Institutions Contribute to the Business Success of Mustahiq? Muhammad Khaerul Muttaqien; Muhammad Arief Mufraini; Ade Suherlan
Maliki Islamic Economics Journal Vol 2, No 2 (2022): Maliki Islamic Economics Journal
Publisher : Faculty of Economics UIN Maulana Malik Ibrahim Malang

The purpose of this study was to examine the effect of Zakat Institutions through funding and training provided by amil zakat institutions and mustahiq's knowledge on the success of mustahiq businesses based on the perspective of maqashid sharia. This study uses Partial Least Square analysis techniques. The sample used in this study were 75 small-scale traders (Mustahiq) assisted by LAZNAS Al-Azhar and LAZNAS Dompet Dhuafa in the Bogor Regency and Depok, West Java. The results show that funding and training provided by LAZNAS Al-Azhar and LAZNAS Dompet Dhuafa and knowledge possessed by Mustahiq significantly influence the success of mustahiq businesses.

How Does Zakat Institutions Contribute to the Business Success of Mustahiq? Muttaqien, Muhammad Khaerul; Mufraini, Muhammad Arief; Suherlan, Ade
Maliki Islamic Economics Journal Vol 2, No 2 (2022): Maliki Islamic Economics Journal
Publisher : Faculty of Economics UIN Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/miec.v2i2.18264

The purpose of this study was to examine the effect of Zakat Institutions through funding and training provided by amil zakat institutions and mustahiq's knowledge on the success of mustahiq businesses based on the perspective of maqashid sharia. This study uses Partial Least Square analysis techniques. The sample used in this study were 75 small-scale traders (Mustahiq) assisted by LAZNAS Al-Azhar and LAZNAS Dompet Dhuafa in the Bogor Regency and Depok, West Java. The results show that funding and training provided by LAZNAS Al-Azhar and LAZNAS Dompet Dhuafa and knowledge possessed by Mustahiq significantly influence the success of mustahiq businesses.

Pengaruh Pendayagunaan Zakat Produktif Terhadap Peningkatan Usaha Mikro Dan Religiositas Musta?iqq Rusunawa Marunda Jakarta Utara (Studi Di Baznas Provinsi Dki Jakarta) Tri Rahmawati, Desy; Mufraini, Arief
Cerdika: Jurnal Ilmiah Indonesia Vol. 5 No. 9 (2025): Cerdika: Jurnal Ilmiah Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/cerdika.v5i9.2896

Tujuan dari penelitian untuk mengidentifikasi hubungan pendayagunaan zakat produktif terhadap usaha mikro serta hubungan pendayagunaan zakat produktif terhadap religiositas. Penelitian kuantitatif ini didukung oleh literatur misalnya buku dan juga situs internet, menggunakan metode survei melalui penyebaran kuesioner dengan skala likert. Untuk menganalisis data, penelitian ini menggunakan partial least square dengan tiga model pengukuran yaitu model pengukuran (outer model), model struktural (inner model), kriteria Goodness of fit (GoF), dan uji hipotesis. Data primer berasal dari kuesioner musta?iqq dan wawancara yang dilakukan di Badan Amil Zakat Nasional Provinsi Daerah Khusus Ibu Kota Jakarta. Data sekunder diperoleh melalui studi kepustakaan, yang berarti mencari dan mengumpulkan berbagai bahan bacaan serta mempelajari teori-teori yang terkait dengan topik penelitian. Selain itu, data sekunder berupa informasi yang tersedia tentang Badan Amil Zakat Nasional Provinsi Daerah Khusus Ibu Kota Jakarta. Hasil penelitian menunjukkan bahwa pendayagunaan zakat produktif memiliki pengaruh signifikan terhadap peningkatan usaha mikro sebesar 0.593. Sehingga musta?iqq dapat memenuhi kebutuhan hidup. Kemudian hubungan pendayagunaan zakat produktif dengan peningkatan religiositas yaitu pendayagunaan zakat produktif memiliki pengaruh yang positif dan signifikan terhadap peningkatan religiositas sebesar 0.550. Sehingga musta?iqq menjadi religius. Tesis ini memiliki argumen bahwa lembaga keagamaan zakat memiliki peran dalam mengentaskan kemiskinan dengan memberi modal usaha serta pembinaan spiritual melalui kegiatan keagamaan. Sebagaimana yang dipahami Rozalinda (2018) bahwa zakat dapat berfungsi sebagai modal kerja bagi orang miskin untuk dapat membuka lapangan pekerjaan, sehingga bisa berpenghasilan dan dapat memenuhi kebutuhan sehari-hari. Serta sebagaimana dipahami Ridho dan Wasik (2020) bahwa pembinaan dapat mencegah musta?iqq terbiasa meminta-minta serta membuat jiwa orang yang miskin menjadi kaya dan siap kerja. Penelitian ini sejalan dengan penelitian Alaydrus (2016), Alifah (2022) dan Tanjung (2019), yang menemukan bahwa zakat produktif memiliki efek yang signifikan terhadap usaha mikro. Selain itu, penelitian ini juga sejalan dengan penelitian Nidityo (2014) yang menemukan bahwa zakat produktif memiliki efek terhadap religiositas musta?iqq. Penelitian ini tidak sejalan dengan penelitian Farid (2015) dan Shobhah (2020) yang menemukan bahwa zakat produktif tidak mempengaruhi usaha mikro musta?iqq.

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