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HALAL GOVERNANCE IN INDONESIA: THEORY, CURRENT PRACTICES, AND RELATED ISSUES Fahmi Ali Hudaefi; Irwandi Jaswir
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

Considering Indonesia’s target to lead halal industry worldwide, the discussion upon the current practices of halal governance in the country is critical to get into a comprehensive insight. Several major drawbacks within the previous studies on this topic is found along the followings. There has never been a study that has specifically discussed the term of halal governance substantively or comprehensively investigated the subject matters in Indonesia. Driven by this gap, we set out to review halal governance practices in Indonesia by employing a qualitative method of documentary. In doing so, the present paper firstly discusses the substantive materials upon lines of defense in halal governance that covers the four themes, which the present paper particularly reviews as the current practices in Indonesia. From the present discussion, this paper offers the novelty on the explanation of lines of defense in halal governance, and that of the current practices in Indonesia along with the related issues presently associated with it. In addition, this paper further delivers the applicable advises for the improvement of the practices. This study is relevant for the stakeholders of halal industry including the domestic government agencies, practitioners and academics.

ZAKAT AND SDG 6: A CASE STUDY OF BAZNAS, INDONESIA Fahmi Ali Hudaefi; Abdul Aziz Yahya Saoqi; Hidayaneu Farchatunnisa; Ulfah Lathifah Junari
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1144

Recent zakat distribution by the National Board of Zakat, Republic of Indonesia (BAZNAS), such as the construction of private lavatories for underprivileged households, have contributed to the idea that zakat promotes the sustainability of clean water and sanitation (SDG 6). However, this notion demands detailed academic explanation to better understand it systematically. This paper thus aims to explore the degree to which the toilet construction project has benefitted its recipients. This case study of BAZNAS’s project in Kendel, Boyolali, Indonesia, employs a qualitative approach based on participatory observation and semi-structured interviews. The findings explain the perspectives of local community after receiving the assistance, including the identification of reduction in numbers of local people affected by diarrhoea. This information may validate the relationships between health, water and sanitation. Furthermore, the findings capture the involvement of local government in the project execution. Thus, social and practical implications are revealed by this study. This study pioneers the establishment of scholarly-based evidence about the programme of individual toilet construction executed by BAZNAS, and about the perspectives of its recipients in the wake of receiving the aid.

POOL OF FUNDS APPROACH AND ASSET ALLOCATION APPROACH IN SHARIA'S PERSPECTIVE (A Literature Review) Fahmi Ali Hudaefi; Ahmad Bisyri
JURNAL EKONOMI DAN PERBANKAN SYARIAH Vol 2, No 1 (2014): JURNAL EKONOMI DAN PERBANKAN SYARIAH
Publisher : Sekolah Tinggi Ekonomi Islam (STEI) SEBI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46899/jeps.v2i1.140

The aim of this research is to explore the Islamic perspective on the conventional thought of funds banking allocation methods, they are asset allocation approach and pool of funds approach, which one of them is practiced in Islamic banking in Indonesia, it is pool of funds approach. Sharia instruments that used to explore Islamic perspective on those two conventional methods are the verses of Islamic values in transaction, they are doing amanah in muamalah as taught in An-Nisa 68, being identified the owned property as taught in Al-Baqarah 188, doing abetter notation in muamalah as taught in Al-Baqarah 283 and being fair in fulfilling weight and measure as taught in Hud 85. Other used sharia instruments are history of Prophet Muhammad pbuh and Caliph Umar bin Abdul Aziz and Fiqh special axiom in muamalah. This descriptive qualitative research with the method of content analysis data finds that the asset allocation approach is more agreeable method to all sharia instruments that used in this research.Keywords: Al-Qur’an, Tafser, Islamic Values in Muamalah, Islamic BankPrincipal, Bank Fund Allocation MethodsAbstrakPenilitian ini berujuan untuk mengetahui pandangan syariah terhadap metode alokasi dana bank yang berasal dari pemikiran konvensional, yaitu pool of funds approach dan asset allocation approach, dimana pool of funds approach dipraktikan di perbankan syariah Indonesia. Instrumen syariah yang digunakan dalam penelitian ini atau yang menjadi tolak ukur pandangan syariah terhadap kedua metode tersebut adalah nilai-nilai Islam dalam bermuamalah yang terkandung di dalam Al-Qur’an, yaitu berlaku amanah di dalam surat An-Nisa 58, jelasnya sumber kepemilikan harta didalam surat Al-Baqarah 188, melakukanpencatatan yang baik didalam muamalah dalam surat Al-Baqarah 283 dan berlaku adil dalam memenuhi takaran dan timbangan didalam surat Hud 85. Instrumen syariah lainnya yang digunakan adalah sejarah keuangan yang ada hubungannya dengan sistem pengalokasian dana pada zaman Nabi Muhammad Saw dan Khalifah Umar bin Abdul Aziz, serta Kaidah Khusus Fiqh di bidang muamalah. Penelitian dekriptif dengan pendekatan kualitatif dan content analysis sebagai alatanalisis data menunjukan bahwa metode asset allocation approach lebih sesuai dengan nilai-nilai syariah yang terdapat di dalam instrument-instrumen syariah yang menjadi tolak ukur di dalam penelitian ini.

Public Sentiment on Sustainable Finance and Implications for Islamic Banks Septiana, Nurul Izzati; Swandaru, Randi; Hudaefi, Fahmi Ali
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 11 No. 2 (2024)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v11i2.10441

This paper attempts to identify the challenges and strategies for implementing sustainable finance in Islamic banking and to analyze public opinion on sustainable finance on the Twitter platform using sentiment analysis. The research methods used in this study are the Analytical Network Process (ANP) method to answer the first research objective and the sentiment analysis method, which can assess public opinion based on emotions and sentiments in a particular text to answer the second research objective. The results of the study identified several challenges and priority strategies for implementing sustainable finance in Islamic banks. They identified the sentiment of words that can be used to design communication strategies to create a positive image for the company because it is associated with sustainable finance. This study may contribute to enhancing the implementation of sustainable finance in Islamic banks and better communicating with the public on this matter.

EVALUATING INDONESIAN ISLAMIC BANKING SCHOLARLY PUBLICATIONS: A DATA ANALYTICS Hassan, Muhammad Kabir; Hudaefi, Fahmi Ali; Agung, Ahmad
Journal of Islamic Monetary Economics and Finance Vol 8 No 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1560

This study employs bibliometric analysis to evaluate 443 scholarly works on the topics of Indonesian Islamic banking published on 194 academic platforms, and authored by 1049 scholars. The machine learning tools i.e., R Studio and VOSviewer were employed to analyse the Scopus’ bibliographical data automatically harvested from the database. We developed four research questions based on the theories that are fundamental to bibliometric study, i.e., performance analysis, citation and co-citation analyses, bibliographic coupling and social network analysis, to identify the most impactful manuscripts, scholarly journals, authors, and institutions of affiliation. We further established the discussion of the current issues in Indonesian Islamic banking topics from the keyword analysis and the bibliographic coupling. These findings derive some recommendations for future research. This study provides a supply of scholarly novelty in the assessment of Indonesian Islamic banking publications which are both practically and theoretically importance to regulators, academia and industry professionals. Acknowledgment The authors would like to thank Bank Indonesia for the funding that made this study possible.

FINTECH REGULATION IN SCHOLARLY DEBATE: A BIBLIOMETRIC ANALYSIS Hudaefi, Fahmi Ali
Journal of Central Banking Law and Institutions Vol. 4 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i2.259

This study used bibliometric analysis to assess 688 scientific publications on fintech regulation, which were published across 436 academic publishing outlets and authored by 1,395 scholars. Research questions were developed through the lens of bibliometric theories, e.g., performance evaluation, citation and co-citation analysis, keywords analytics, and bibliographic coupling, to investigate the most influential papers, scientific publication outlets, authors, emerging trends, and affiliated institutions related to fintech regulation. This work primarily employed R Studio and VOSviewer to analyse bibliographic data from the Scopus database. Of the findings, the most influential source for fintech regulation was Sustainability (Switzerland), the most influential author was Douglas W. Arner (Professor at the University of Hong Kong), and the foremost institution was the University of Cambridge. Furthermore, qualitative inductive analysis was performed to address timely issues from the bibliometric findings. The issues identified were fintech and banking regulation, the implications of money laundering for financial regulators, the impact of central bank digital currency (CBDC) on financial inclusion and stability, and the challenges posed by cloud technology for fintech firms. Employing quantitative bibliometric analysis and qualitative inductive reasoning offers critical novelty in evaluating academic debates on fintech regulation, providing practical implications for the regulators, academia, and industry professionals.

EVALUATING INDONESIAN ISLAMIC BANKING SCHOLARLY PUBLICATIONS: A DATA ANALYTICS Hassan, Muhammad Kabir; Hudaefi, Fahmi Ali; Agung, Ahmad
Journal of Islamic Monetary Economics and Finance Vol. 8 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1560

This study employs bibliometric analysis to evaluate 443 scholarly works on the topics of Indonesian Islamic banking published on 194 academic platforms, and authored by 1049 scholars. The machine learning tools i.e., R Studio and VOSviewer were employed to analyse the Scopus’ bibliographical data automatically harvested from the database. We developed four research questions based on the theories that are fundamental to bibliometric study, i.e., performance analysis, citation and co-citation analyses, bibliographic coupling and social network analysis, to identify the most impactful manuscripts, scholarly journals, authors, and institutions of affiliation. We further established the discussion of the current issues in Indonesian Islamic banking topics from the keyword analysis and the bibliographic coupling. These findings derive some recommendations for future research. This study provides a supply of scholarly novelty in the assessment of Indonesian Islamic banking publications which are both practically and theoretically importance to regulators, academia and industry professionals. Acknowledgment The authors would like to thank Bank Indonesia for the funding that made this study possible.

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