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Factors Determining the Successful Performance of Baitul Maal Wat Tamwil in Wonosobo Dawami, Qosdan; Razak, Dzuljastri Abdul; Hamdan, Hamdino
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 1 (2021): IJIEF Vol 4 (1), January 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Notwithstanding Baitul Maal wat Tamwil (BMT) has spread tremendously over the past three decades in Indonesia, some of them faced various obstacles that hamper their effectiveness and sustainability. While some of others sustained and developed well, even in the economic crisis conditions. Hence, this study aims to investigate the factors that determine the successful performance of BMT. This study is a field research with triangulation as a mixed method approach through semi-structured interviews and questionnaires. Whereby the empirical data were collected by means of conducting semi-structured interviews with 3 managers of the BMTs and administering questionnaires to 285 employees of the BMTs. This study examined five factors that influence the BMT performance, namely the capital structure of funding, the governance of the BMT, the human resource adequacy, the product innovation and the repayment of financing products. The results pointed that among the five selected factors, only three factors had positive and significant influence on the successful performance of the BMT, they are the capital structure of funding, the human resource adequacy and the product innovation. The result of this study will also assist policy makers and the BMT managers in further improving the effectiveness and sustainability of the BMT in Indonesia.

PROMOTING A SHARING ECONOMY IN THE ISLAMIC FINANCE INDUSTRY: A STUDY OF SELECTED OIC COUNTRIES Razak, Dzuljastri Abdul; Abdul-Wahab, Abdul-Hamid
International Journal of Islamic Economics and Finance (IJIEF) Vol 1, No 1 (2018): IJIEF Vol 1 (1), July 2018
Publisher : Universitas Muhammadiyah Yogyakarta

Islamic finance has been in existence for the past centuries. Nonetheless, the realization of the real objectives of the industry is still a dream yet to be true. The goal of Islamic finance is to promote a sharing economy whereby money is not concentrated in the hands of a few individuals. This purpose of this study is to investigate the application of mudarbah and musharakah concepts which facilitate a sharing economy where profit and loss is shared between the bank and customer compared to debt financing that utilizes murabahah concept. The methodology is based on secondary data obtained from central banks of five selected OIC countries. The results indicated that Indonesia, Sudan and Bangladesh recorded the highest amounts in terms of mudarabah financing while Malaysia, Indonesia and Pakistan recorded the highest amounts in terms of musharakah financing. The results also indicated that murabahah financing is high in Malaysia, Bangladesh, Indonesia and Sudan. Pakistan registered the lowest amount in terms of murabahah financing.Â

Factors Determining the Successful Performance of Baitul Maal Wat Tamwil in Wonosobo Dawami, Qosdan; Razak, Dzuljastri Abdul; Hamdan, Hamdino
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 1 (2021): IJIEF Vol 4 (1), January 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Notwithstanding Baitul Maal wat Tamwil (BMT) has spread tremendously over the past three decades in Indonesia, some of them faced various obstacles that hamper their effectiveness and sustainability. While some of others sustained and developed well, even in the economic crisis conditions. Hence, this study aims to investigate the factors that determine the successful performance of BMT. This study is a field research with triangulation as a mixed method approach through semi-structured interviews and questionnaires. Whereby the empirical data were collected by means of conducting semi-structured interviews with 3 managers of the BMTs and administering questionnaires to 285 employees of the BMTs. This study examined five factors that influence the BMT performance, namely the capital structure of funding, the governance of the BMT, the human resource adequacy, the product innovation and the repayment of financing products. The results pointed that among the five selected factors, only three factors had positive and significant influence on the successful performance of the BMT, they are the capital structure of funding, the human resource adequacy and the product innovation. The result of this study will also assist policy makers and the BMT managers in further improving the effectiveness and sustainability of the BMT in Indonesia.

Perception of Stakeholders on Abandoned Housing Projects in Malaysia Ariffin, Noraini Mohd; Razak, Dzuljastri Abdul; Imtiyaz, Mohamed Noorden Mohamed
International Journal of Islamic Economics and Finance (IJIEF) Vol 2, No 1 (2019): IJIEF Vol 2 (1), July 2019
Publisher : Universitas Muhammadiyah Yogyakarta

Home is a basicnecessity for everyone. However, one of the major issues affecting the construction industry in Malaysia today is that of abandoned housing projects. This issue has caused sufferings to the individuals and society. Several reasons have been cited for the abandoned housing projects, which include the debt financing structure, lack of justice and fairness, and weak regulatory system. The issues of the Islamic banking debt-based home financing products have remained prominent. There are also other issues such as role of the authority in addressing the situations. This study used mixed method of surveys and interviews in determining the perceptions of stakeholders regarding abandoned housing projects in Malaysia. The outcome of study highlights various prospects of mitigating the problem of abandoned housing projects. The findings show that the main cause of abandoned housing project from the interview with the relevant stakeholders is still due to insufficient legal provisions and protection to avoid and prevent abandonment of the housing projects, which is consistent with the previous studies.Â

Waqif Preference of Waqf-Based Qardhul Hassan Financing in Malaysia: An Analytic Hierarchy Process Perspective Amin, Hanudin; Abduh, Muhamad; Shaikh, Imran Mehboob; Panggi, Faizah; Ag Omar, Pg Mohd Faezul Fikri; Rizal, Hamid; Ghazali, Mohd Fahmi; Razak, Dzuljastri Abdul
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 2 (2023): IJIEF Vol 6 (2), July 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i2.17701

Although Islamic banking products like tawarruq and bay al-inah personal financing products available in the Malaysian Islamic banking market, their ability to meet the need of those disadvantaged in the case of health crisis like COVID-19 or financial crisis are somehow marginal. There is a need for Islamic social finance products to meet this challenge and one of them is the offered qardhul hassan financing funded through crowdfunding on the basis of waqf. This is called waqf-based qardhul hassan financing. For this purpose, this study introduces QAFSCALE, referred to qardhul hassan financing scale to gauge waqif preference on the facility should it is made available in the market. A total of 324 waqif or donors were participated in this study to identify their preference in donating their money in the facility should it is introduced. This study used Attia’s (2010) maqasid al-Shariah theory to generate the QAFSCALE, beginning from the conceptualisations, dimensions and importantly the batter items that represent the QAFSCALE. Analytic Hierarchy Process (AHP) is used. The results obtained indicate that humanity factor is ranked first in importance, followed by family factor, consumer factor and ummah factor. This study limitation is the sample size. A broader sample would have made the result better. Adding to that, the newly designed scale is first of its kind in the context of waqf-based qardhul hassan financing and more studies needed to prove its applicability and generalization, at least. The results obtained might be of interest to managers of Islamic banks and the like to understand their potential waqif preference in the context of waqf-based qardhul hassan financing. Four factors drawn from QAFSCALE were evaluated to identify important factors leading to the waqif contribution on waqf.

Examining Cash Waqf from the Perspectives of Malaysian Actual Donors Amin, Hanudin; Jam, Nor Syakina; Ring, Patrick J; Suhartanto, Dwi; Mai, Muhamad Umar; Razak, Dzuljastri Abdul; Shaikh, Imran Mehboob
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 1 (2024): IJIEF Vol 7 (1), January 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i1.21334

This study examined the cash waqf giving behaviour in Malaysia covering Selangor, Perak, Negeri Sembilan and Pahang. The theory of planned behaviour (TPB) was employed as a point of departure to observe the factors influencing the cash waqf behaviours involving 777. SPSS 27 was then utilised to assess and consider the data to test hypotheses and draw statistical conclusions. The TPB’s factors were instrumental in shaping the expansion of cash waqf giving in Malaysia. The added variable, Islamic altruism was also statistically influential and played an important role in determining the behaviour formation. Besides, in the post hoc analyses, we discovered a mediating role of attitude for the tested and examined independent variables involved. The usefulness of the results obtained was confined to the theory used as well as the geographical areas chosen. The results obtained can be learned by Malaysian waqf institutions to further strengthen the waqf collections by optimising the significant variables found in this study. This study is the first to check the effects of the TPB's factors in the context of actual behaviour, which adds more knowledge to the existing waqf literature available in the world.

Examining Cash Waqf from the Perspectives of Malaysian Actual Donors Amin, Hanudin; Jam, Nor Syakina; Ring, Patrick J; Suhartanto, Dwi; Mai, Muhamad Umar; Razak, Dzuljastri Abdul; Shaikh, Imran Mehboob
International Journal of Islamic Economics and Finance (IJIEF) Vol. 7 No. 1 (2024): IJIEF Vol 7 (1), January 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i1.21334

This study examined the cash waqf giving behaviour in Malaysia covering Selangor, Perak, Negeri Sembilan and Pahang. The theory of planned behaviour (TPB) was employed as a point of departure to observe the factors influencing the cash waqf behaviours involving 777. SPSS 27 was then utilised to assess and consider the data to test hypotheses and draw statistical conclusions. The TPB’s factors were instrumental in shaping the expansion of cash waqf giving in Malaysia. The added variable, Islamic altruism was also statistically influential and played an important role in determining the behaviour formation. Besides, in the post hoc analyses, we discovered a mediating role of attitude for the tested and examined independent variables involved. The usefulness of the results obtained was confined to the theory used as well as the geographical areas chosen. The results obtained can be learned by Malaysian waqf institutions to further strengthen the waqf collections by optimising the significant variables found in this study. This study is the first to check the effects of the TPB's factors in the context of actual behaviour, which adds more knowledge to the existing waqf literature available in the world.

The Nexus Between Blue Economy and Sustainable Development: A Systematic Literature Review and Mapping Study Aprizal, Anggi; Wiranatakusuma, Dimas Bagus; Razak, Dzuljastri Abdul
Journal of Economics Research and Social Sciences Vol. 9 No. 1: February 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v9i1.25954

This study investigates the relationship between the blue economy and sustainable development through a mapping study and systematic literature review (SLR) adhering to the PRISMA framework. An examination of 57 Scopus-indexed journal papers indicates a robust correlation between the blue economy and sustainability, highlighting significant developing topics such as innovation, the doughnut economy, environmental legislation, regenerative systems, digitization, and Sustainable Development Goals (SDGs). Prominent themes encompass the blue economy, sustainability, ocean economy, innovation, small-scale fisheries, blue equity, Sustainable Development Goals (SDGs), and fisheries. In contrast, underexamined yet promising subjects include economic growth, ocean sustainability, alternative livelihoods, deep-sea mining, aquaculture, tourism, and environmental law. The intersection of Blue Economy and Sustainable Development emphasizes Strategic Management and Marine and Coastal Tourism as the principal focus (21.05%), succeeded by Ocean Governance and Marine Spatial Planning, Sustainable Aquaculture, Marine Food Production and Blue Energy Innovation, and Climate Change, Risk and Conservation (17.54%). Fisher Support (12.28%) prioritizes fisher welfare, whilst Marine Cultural Heritage and Social Dimensions (10.53%) underscore social and cultural significance. This study delineates research trends, analyzes deficiencies, and provides policymakers, scholars, and practitioners insights to promote sustainable marine-based economic development. This study enhances the comprehension of the relationship between the Blue Economy and Sustainable Development by delineating research trends, pinpointing knowledge deficiencies, and emphasizing critical topic areas like strategic management, marine governance, sustainable aquaculture, and assistance for fishers. The results highlight the interdisciplinary aspect of this connection, especially in incorporating innovation, digitalization, and doughnut economy ideas into marine economic policies. The study's implications are relevant to academia, politicians, and practitioners, offering a basis for future research on emergent topics such as deep-sea mining, blue growth, and climate risk reduction. Enhancing marine spatial planning, fisher welfare, and socio-cultural aspects can promote inclusive and sustainable marine development, assuring ecological resilience and advancing economic fairness for coastal communities.

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