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Comparison of Risks, Returns and Performance Measurements of Sharia and Non-Sharia Mutual Funds in Indonesia Prasetyo, Yoyok; Athoillah, Mohamad Anton; Yusup, Deni Kamaludin
Ijtim?'iyya: Journal of Muslim Society Research Vol 4 No 2 (2019)
Publisher : Postgraduate Program, State Institute on Islamic Studies Purwokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (634.33 KB) | DOI: 10.24090/ijtimaiyya.v4i2.3072

Abstract

Investment is a sacrifice to postpone current consumption by allocating a number of assets that are expected to earn benefits in the future. Islamic Sharia does not forbid Muslims to do it, even there is an indication that it is recommended. The main motivation is to be able to pay more alms in the future. One of investment instruments in Indonesia is Mutual Funds. Indonesia's predominantly Muslim population is one of the triggers for the development of sharia-based mutual funds. However, its development has not been as big as the existing potential market. One of the reasons is there is still a view in the community that sharia-based instruments provide lower returns than non-sharia. This study compares the risks and returns of mutual funds, between sharia and non-sharia based. Sampling of both used purposive sampling, where there were 6 sharia mutual funds and 8 non-sharia mutual funds. The study was conducted in 5 years. The results of the study were: (1) There was no significant difference between the risks of both; (2) There was no significant difference between the returns of both; (3) The performance of non-sharia mutual funds was more dominating than sharia mutual funds.
COMPARATIVE STUDY ON THE REGULATION OF SHARIA FINANCIAL TECHNOLOGY IN INDONESIA AND MALAYSIA Susilawati, Cucu; Sulaiman, Ahmad Azam; Abduh, Muhamad; Prasetyo, Yoyok; Athoillah, Mohamad Anton
Jurisdictie: Jurnal Hukum dan Syariah Vol 12, No 1 (2021): Jurisdictie
Publisher : Fakultas Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/j.v12i1.12213

Abstract

Financial technology is a part of digital ecosystem which development is rapid and massive, so does the sharia fintech. However, conventional and sharia fintech are two different systems and should have each regulation. The problem is if sharia fintech regulations in Indonesia is appropriate. Then what about Malaysia which are considered successful in developing the sharia fintech. This study compares sharia fintech regulations in Indonesia and Malaysia. The aim is to find out the readiness of Indonesia and Malaysia in supporting the sharia fintech trend realized in the regulations. This is a qualitative research using books and academic articles as an addition to the literature and regulations as the analytical method. The results indicate that Indonesia and Malaysia try to accommodate sharia fintech regulations. Indonesia still uses The Financial Services Authority Regulation (POJK) and Bank Indonesia regulations, both of which do not meet the sharia principles. Meanwhile, Malaysia uses the 2013 Islamic Financial Services Act (IFSA), a law to regulate sharia compliance of the Islamic financial services sector, including the Sharia Fintech. In addition, Malaysia also has a Sharia Advisory Council as a supervisor for the Islamic financial services implementations. Malaysia’s and Indonesia’s regulations have yet answered the sharia fintech developments. Financial technology merupakan bagian dari ekosistem digital yang perkembangannya sangat pesat dan masif, tak terkecuali fintech syariah. Namun, fintech konvensional dan syariah adalah dua sistem yang berbeda dan seharusnya memiliki peraturan yang berbeda pula. Permasalahannya apakah regulasi fintech syariah di Indonesia sudah tepat apa belum, lalu bagaimana dengan regulasi di Malaysia yang dianggap berhasil mengembangkan fintech syariah. Tujuannya adalah untuk mengetahui sejauhmana kesiapan Indonesia dan Malaysia dalam mendukung trend fintech syariah dalam regulasi. Penelitian kualitatif ini menggunakan buku dan artikel akademis sebagai tambahan literatur dan peraturan sebagai metode analisis. Hasil penelitian menunjukkan bahwa Indonesia dan Malaysia sama-sama berusaha mengakomodasi regulasi. Indonesia masih menggunakan Peraturan Otoritas Jasa Keuangan dan Peraturan Bank Indonesia, dan belum memenuhi prinsip syariah. Malaysia menggunakan Islamic Financial Services Act (IFSA) 2013, sebuah Undang-Undang yang mengatur kepatuhan syariah dari sektor jasa keuangan Islam. Malaysia juga memiliki Dewan Pertimbangan Syariah sebagai pengawas pelaksanaan jasa keuangan Islam. Regulasi yang dimiliki oleh Malaysia dan Indonesia belum menjawab perkembangan fintech syariah.
Amil Zakat Operational Fund In Indonesia Ridwan, Achmad; Athoillah, Mohamad Anton; Jubaedah, Dedah; Maricar, Hudzaifah Muhammad
AMWALUNA (Jurnal Ekonomi dan Keuangan Syariah) Vol 7, No 1 (2023)
Publisher : Univeristas Islam Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v7i1.10915

Abstract

This article aims to identify the use of amil rights funds obtained from the results of collecting zakat for one year to interpret QS. at-Taubah (9): 60 and related hadiths, further linked to KMA No. 606 of 2020 and MUI Fatwa No. 8 of 2011. Researchers used qualitative research methods with a normative juridical approach. Researchers used observation and literature study techniques on several interpretation books and hadiths at the data collection stage. They were then analyzed using interactive analysis models in data reduction, data presentation, and inference and verification. This research concluded that the maximum of amil zakat's rights is one-eighth of the set fund for one year, like the opinions of Mujahid and Syafi'i, then adopted into KMA No. 606 of 2020. As for the MUI Fatwa number 8 of 2011, according to the researcher, it is an ijtihad effort to overcome casualty in several locations managing amil zakat funds
Inflation And Monetary Policy: Bank Indonesia's Role in Suppressing the Inflation Rate of Islamic Economic Objectives Nugraha, Ahmad Lukman; Janwari, Yadi; Athoillah, Mohamad Anton; Mulyawan, Setia
Islamic Economics and Business Review Vol 2 No 1 (2023): IESBIR, April 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

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Abstract

This paper aims to define theories of inflation and photograph the response of Muslim scholars to the phenomenon of inflation itself. This paper aims to capture the role and position of Bank Indonesia (BI) as a monetary policy maker in overcoming the rate of inflation. The author uses descriptive qualitative methods of literature study and philosophical normative approaches. The results of this paper analysis state that Bank Indonesia plays an important role in suppressing the rate of inflation. Bank Indonesia plays a role in establishing and implementing monetary policy, regulating and maintaining a smooth payment system, and regulating and supervising banks. Bank Indonesia conducts open market operations in the rupiah money market, including foreign exchange intervention in order to stabilize the rupiah. BI sets the BI rate as the benchmark interest rate. BI has established a mandatory minimum reserve policy for banks. BI conducts comprehensive analysis and studies in assessing the effectiveness of monetary instruments and monetary policy transmission channels, analyzing and reviewing various information variables, conducting discussions with various parties such as business actors, government agencies, banks, and academics, comprehensively identifying factors that cause inflationary pressures, and formulating monetary policy exposure.
Peran Wanita dalam Pembangunan Ekonomi: Perspektif Ekonomi Islam Wahid, Abdurrahman; Athoillah, Mohamad Anton
Rayah Al-Islam Vol 8 No 3 (2024): Rayah Al Islam Agustus 2024
Publisher : Lembaga Penelitian dan Pengabdian Masyarakat, Sekolah Tinggi Ilmu Bahasa Arab Ar Raayah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37274/rais.v8i3.1006

Abstract

Pembangunan ekonomi merupakan salah satu isu terpenting yang diupayakan oleh semua masyarakat untuk memastikan kelanjutan kemajuan dan perkembangan. Pembangunan ini bergantung pada upaya ekonomi lokal masyarakat untuk mencapai tujuannya. Di sinilah peran sumber daya manusia, termasuk wanita, menjadi penting. Wanita merupakan salah satu pihak penting yang berkontribusi dalam proses pembangunan ekonomi dan memiliki peran aktif dalam masyarakat. Mereka bertanggung jawab atas inti masyarakat (keluarga) dan sebagai fondasi keluarga yang mengembangkan dan mendukung elemen manusia. Wanita juga memainkan peran utama dalam membesarkan generasi yang Akan terjun ke masyarakat dan menjalankan aktivitasnya di berbagai bidang yang pada akhirnya bertujuan untuk mencapai pembangunan ekonomi yang menyeluruh. Islam menegaskan peran wanita dalam proses pembangunan ekonomi dengan: memberikan mereka kapasitas ekonomi penuh, mengakui kecerdasan ekonomi mereka, melibatkan mereka dalam proses pembangunan secara menyeluruh, melibatkan mereka dalam proses produksi (sebagai sumber daya manusia), Menyatakan keabsahan kepemilikan (kepemilikan atas modal), memastikan keadilan ekonomi bagi wanita melalui standar distribusi ekonomi (pendapatan dan kekayaan). Penelitian ini menunjukkan pentingnya peran wanita dalam pembangunan ekonomi dari perspektif ekonomi Islam. Penelitian ini juga menunjukkan peran yang dapat disumbangkan wanita dalam proses pembangunan ekonomi. Economic development is one of the most important issues pursued by all societies to ensure continued progress and development. This development relies on the local economic efforts of the community to achieve its goals. This is where the role of human resources, including women, becomes important. Women are one of the important parties that contribute to the economic development process and have an active role in society. They are responsible for the core of society (family) and as the foundation of the family that develops and supports the human element. Women also play a major role in raising the generation that will enter society and carry out their activities in various fields which ultimately aim to achieve comprehensive economic development. Islam affirms the role of women in the process of economic development by: giving them full economic capacity, recognizing their economic intelligence, involving them in the overall development process, involving them in the production process (as human resources), Stating the validity of ownership (ownership of capital), ensuring economic justice for women through economic distribution standards (income and wealth). This research shows the importance of the role of women in economic development from an Islamic economic perspective. This research also shows the role that women can contribute in the process of economic development.
Optimization of micro and macro economic empowerment within the framework of Islamic economics: An integrative study Ghozali, Mohamad; Athoillah, Mohamad Anton
Journal of Enterprise and Development (JED) Vol. 5 No. Special-Issue-1 (2023): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

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Abstract

Purpose — This research aims to analyze micro and macro-economic empowerment within the Islamic economic framework, specifically in Indonesia. The study discusses the fundamental principles of economic empowerment in Islam and highlights the role of both micro and macro aspects in establishing a resilient and sustainable economic structure.Method — This study conducts a literature review to gather, analyze, and synthesize relevant literature sources on the research topic. Various sources such as journal articles, books, reports, theses, and policy documents are searched using academic databases like Google Scholar, Springer, Science Direct, and Scopus. The review involves critically assessing research methodology, findings, and conclusions, and identifying major themes in the literature.Result — This research identifies key barriers such as limited understanding and awareness, underdeveloped infrastructure, and a lack of diverse and innovative financial products. The proposed solutions and strategies include improving Islamic economic education and literacy, developing a broader array of innovative financial products, enhancing infrastructure, and establishing supportive policies and regulations. This study asserts that an economic empowerment strategy in line with Islamic principles can significantly contribute to Indonesia's economic development and foster financial inclusion as well as socio-economic justice.Contribution — This research offers fresh insights into micro and macro-economic empowerment within the Islamic economic framework, with a specific focus on the Indonesian context. The study explicitly integrates micro and macro aspects, which has been rare in previous research, and reveals how these two facets interact and contribute to sustainable economic development.
Tinjauan Terhadap Hadiṡ Tentang Ihtikār dan Praktiknya di Indonesia Hilyatin, Dewi Laela; Mukhtar, Naqiyah; Athoillah, Mohamad Anton
AL QUDS : Jurnal Studi Alquran dan Hadis Vol 7, No 2 (2023)
Publisher : Institut Agama Islam Negeri (IAIN) Curup

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29240/alquds.v7i1.3231

Abstract

Review of Hadiṡ Regarding Ihtikār and Its Practice in IndonesiaOne of the causes of market distortion is ihtikar, which is an act of hoarding goods needed by the community so that there is a shortage of goods in the market. So great is the impact of ihtikar, this can be seen from the many hadiths of the Prophet that discuss ihtikar. In this paper, the approach taken is a literature study approach to thematic hadith studies. Data were taken by means of documentation, and analyzed using qualitative descriptive methods. Based on the research conducted, it can be concluded that ihtikar is a prohibited and sinful act for the perpetrator; ihtikar can cause monopoly but monopoly is not always caused by ihtikar. Several cases of hoarding that occurred in Indonesia were related to the basic needs of the community. Among the items that have been stockpiled and caused problems are fuel, cooking oil, sugar, rice, onions, and several other basic necessities. Ihtikar has caused economic instability and harmed society. Because the impact caused by ihtikar is quite large. So the Indonesian government intervened to solve the problem. One of the interventions is through laws and regulations and several other policies
Konsepsi Dasar Ekonomi Mikro Berbasis Paradigmatik Hukum Ekonomi Syariah Yunus, Muhammad; Athoillah, Mohamad Anton
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 6 No 2 (2024): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v6i2.3591

Abstract

Islamic economics is believed to be a science that exists as an alternative to conventional economics which has failed to develop human welfare in general. Conventional economics is considered to have been born out of a vacuum and there is no role for Islamic scholarship in its historical development, as stated by Schumpeter in his great gap. Scientists emphatically argue that Greco-Hellenistic scholarship reaches the hands of modern European scholars today through the kindness of the hands of Muslims who modify it and add value to it, as stated by Mehdi Nakosteen. Therefore, it is important to explore the existence of conventional economic conceptions in classical Islamic literature. To prove that Conventional Economics does not depart from a vacuum and that Islamic Economics is part of the history of the birth of conventional economics. In several classical Islamic sources, several basic concepts of conventional economics are found which are not only similar but also exactly the same as a whole. In classical Islamic literature, basic concepts such as unlimited human needs, the concept of value, the concept of production, the theory of supply and demand, the mechanism of market prices and others are found. This provides evidence for us that Islamic economics is not a "new" thing that has never existed in the history of the development of science. Even the science of Islamic Economics existed even before the birth of conventional economics. Keywords: Conception, Microeconomics, Paradigm, Sharia Economic Law
Pola Manajerial Zakat Dalam Perspektif Hukum Ekonomi Islam Hilmi, Irvan; Rusli, Dodi Yarli; Pusvisasari, Lina; Athoillah, Mohamad Anton
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 6 No 2 (2024): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v6i2.3606

Abstract

his study intends to explain and examine the managerial patterns of zakat in the perspective of sharia economic law using qualitative methods, with a literature study approach. That zakat in a review of sharia economic law has strategic and significant potential. Therefore, zakat needs to get managerial attention that has a sense of alignment and is consistent with the mechanism of zakat according to syaari' instructions. In addition, the position of the state or in capacity as a government must of course guard it with all seriousness with the sharia mindset always being the basic motivation, so that the managerial pattern applied can function significantly to improve the welfare of society in a comprehensive manner. In this way, empowered zakat can be an alternative solution for people's welfare and a large source of state foreign exchange. So that zakat does not only have religious-spiritual value alone, but also zakat actually has an effective and useful economic value. Keywords: zakat, economic value, Islamid economic
Karakteristik dan Landasan Hukum Pasar: Analisis Efistimologis dan Metodologis Hukum Ekonomi Syariah Royani, Royani; Athoillah, Mohamad Anton
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 6 No 2 (2024): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v6i2.3607

Abstract

his study intends to explore and examine the concept of the market from the perspective of Islamic teachings, both epistemologically and methodologically which have been practiced in the past. The method used in this research is descriptive analysis with a qualitative research type with a literature study approach. The results of this study prove that Islamic teachings have applied the market concept which includes foundations and characteristics as parameters and references in market governance, price setting, which avoid usury, gharar, maisir. The existence of the market has an important position in human life and life in general, so that Islamic doctrine provides a constructive and complementary basic reference as an effort to clean up the process of transferring property rights and goods from just, civilized and prosperous social relations. Keywords: Characteristics, Foundation, Market, Sharia Economic Law