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All Journal El Dinar I-ECONOMICS: A Research Journal on Islamic Economics Dinar: Jurnal Ekonomi dan Keuangan Islam Jurnal Ilmiah Ekonomi Islam SABDAMAS Review of Islamic Economics and Finance Community Development Journal: Jurnal Pengabdian Masyarakat Abdi Kami : Jurnal Pengabdian Kepada Masyarakat Management of Zakat and Waqf Journal (MAZAWA)) Jurnal Ilmu Ekonomi dan Bisnis Islam Perbanas Journal of Islamic Economics and Business Journal of Social Commerce Jurnal Pustaka Dianmas Veteran Economics, Management & Accounting Review Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah
Faizi, Faizi
Unknown Affiliation
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Public Health Social Sciences Other

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Utilization of Zakat Funds in Improving Human Development: A Study on Scholarship Recipients of DKI Jakarta National Amil Zakat Agency Nur Athifah Lubis, Aisyah; Faizi, Faizi
Management of Zakat and Waqf Journal (MAZAWA) Vol. 5 No. 2 (2024): Management of Zakat and Waqf Journal (MAZAWA)
Publisher : Universitas Islam Negeri Sunan Ampel Sunan Ampel

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/mzw.2024.5.2.122-143

Abstract

this study aims to evaluate the effectiveness of zakat funds in improving human development through the Future of Jakarta Scholarship (FJS) programme, which addresses important issues such as the sub-optimal allocation of zakat in education, high dropout rate, and inadequate level of human development. Using descriptive qualitative research method, this study collected primary data through interviews. Interview subjects include zakat recipients, programme administrators, education experts and community leaders, to provide a comprehensive understanding of the impact of the programme. The FJS theoretical framework combines zakat and Islamic finance theories, highlighting the role of zakat in socio-economic development and poverty alleviation, alongside human development theory to assess its impact on life expectancy, years of schooling, and purchasing power. The findings show that the FJS programme effectively meets criteria such as accuracy, awareness, purpose, and monitoring in distributing zakat funds. This positive impact is seen from the increase in life expectancy, increase in years of schooling, and increase in purchasing power among the beneficiaries.
Determinants of Purchase Decision on Halal Product: The Mediating Effect of Halal Certification Zikry Ramadhan; Faizi, Faizi
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 5 No 2 (2023)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v5i2.180.187-214

Abstract

Many food and beverage products circulating among Muslim communities do not meet the standards for halal products, one of which is the display of halal certification labels. Halal certification is a major factor in a Muslim's purchase decision as part of observing Islamic law in terms of food and beverages. This study aimed to analyze the extent to which religiosity, viral marketing, and price affect the purchase decision of halal products for the Muslim community through halal certification as a mediation variable. The research model was quantitative and involved 174 respondents with non-probability sampling and purposive sampling sampling techniques. This study used primary data collected through questionnaires in Google Forms distributed through social media. The analysis technique utilized the Smart PLS software. The main findings confirm that religiosity and viral marketing have a significant influence on the decision to purchase halal products directly. In contrast, prices do not have a significant effect on the decision to purchase halal products directly. Meanwhile, the halal certification testing is mediation, and it is not able to mediate the relationship between religiosity, viral marketing, and price variables towards the purchase decision of halal products indirectly. A limitation of this study is the lack of references to halal certification as a mediating variable. The variables used are still limited to three independent variables, and the respondents obtained are still dominated by students and Generation Z. For further research, it is recommended to use independent variables other than those used in this study and embrace respondents from the general public.
Does the Jakarta Islamic Index Reflect Efficient Market? Insights from Calendar Effects and Volatility Modelling Widodo, Purwanto; Faizi, Faizi; Kusuma, Airlangga Surya
Journal of Social Commerce Vol. 5 No. 3 (2025): Journal of Social Commerce
Publisher : Celebes Scholar pg

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56209/jommerce.v5i3.184

Abstract

This study examines the efficiency of the Jakarta Islamic Index (JII) by testing for anomalies such as the Day of the Week Effect, Monday Effect, Friday Effect, and Week-Four Effect, both under normal conditions and during the Covid-19 crisis. This study seeks to determine whether JII adheres to the Efficient Market Hypothesis (EMH) or exhibits predictable patterns in stock returns. The study utilizes daily return data from JII, covering periods before (January 2008–February 2020), during (March 2020–December 2022), and combined before and during the Covid-19 crisis. Stationarity tests (Augmented Dickey-Fuller and Philips–Perron) were conducted, followed by ARMA/ARIMA modelling to address autocorrelation and heteroscedasticity. ARCH-GARCH models, including EGARCH, TARCH, and PARCH, were employed to analyze the volatility and leverage effects. Dummy variables for trading days and weeks are used to test for anomalies.  The results confirm the presence of the day of the week, Monday, and Week four effects in JII returns, indicating market inefficiency. However, the Covid-19 crisis did not significantly alter return patterns, suggesting resilience in the Islamic stock market. The study also identifies asymmetric volatility responses, with EGARCH (1,1) being the most suitable model, following a non-normal distribution (GED). These findings align with some prior research but contrast with others, highlighting mixed evidence on market anomalies in Islamic indices.
The Effectiveness Of Sharia Micro-Enterprise Capital Financing On The Development Of Msmes In Indonesia Faizi, Faizi; Sulthan Suci Yudhistira, Sulthan Suci Yudhistira
Jurnal Ilmiah Ekonomi Islam Vol. 9 No. 3 (2023): JIEI : Vol.9, No.3, 2023
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v9i3.9698

Abstract

The existence of micro, small, and medium-sized enterprises (MSMEs) is an important factor in society’s progress. It also plays an important role in Indonesia’s economic recovery process. MSMEs play an important role in the Indonesian economy because of the large number of industries in each economic sector. The purpose of this study is to analyze and determine the effectiveness of business capital financing on MSMEs development in BMT Bina Ummat Sejahtera (BUS) Pondok Gede. Testing the effectiveness of Islamic financial institution financing is important for measuring the extent to which disbursed financing is effective. The research method used was descriptive qualitative, using a case study approach. Data collection techniques included observation, interviews, and documentation to managers and members/customers BMT Bina Ummat Sejahtera (BUS) Pondok Gede. The results of this study show that the business capital financing scheme was implemented by Fatwa DSN-MUI No.07/DSN-MUI/IV/2000 on Mudharabah financing. The effectiveness of business capital financing distribution is measured using five main indicators: accuracy of targets, achievement of goals, program socialization, program monitoring, and financing procedures that have been running effectively and have a positive impact on the development of MSMEs assisted by BMT Bina Ummat Sejahtera (BUS) Pondok Gede.
SOSIALISASI DAN EDUKASI FINTECH PEMBIAYAAN SYARIAH BAGI PENGURUS MASJID KEMENTERIAN/LEMBAGA DAN BUMN Faizi, Faizi; Kusumastuti, Retno Dyah; Kusuma, Airlangga Surya; Widodo, Purwanto; Levianto, Jubei
Community Development Journal : Jurnal Pengabdian Masyarakat Vol. 5 No. 5 (2024): Vol. 5 No. 5 Tahun 2024
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/cdj.v5i5.35123

Abstract

Indonesia yang mayoritas penduduknya beragama Islam memiliki potensi yang besar menjadi pusat pengembangan keuangan syariah, termasuk fintech pembiayaan syariah. Namun perkembangan fintech pembiayaan syariah sendiri masih relatif kecil. Salah satu permasalahan yang menghambat perkembangan fintech pembiayaan syariah adalah rendahnya tingkat literasi fintech syariah masyarakat. Selain itu masyarakat juga masih menganggap fintech pembiayaan syariah sama dengan pinjol ilegal yang memiliki reputasi buruk. Oleh karena itu, perlu dilakukan sosialisasi untuk meningkatkan pemahaman fintech pembiayaan syariah di masyarakat. Agar lebih efektif, sosialisasi tersebut sebaiknya ditujukan ke pihak-pihak yang memiliki pengaruh di masyarakat, seperti pengurus masjid. Diharapkan dengan sosialisasi tersebut, pemahaman pengurus masjid terkait fintech pembiayaan syariah dapat meningkat, dan pengurus masjid dapat meneruskan pengetahuan mengenai fintech pembiayaan syariah ke masyarakat luas. Untuk melaksanakan sosialisasi tersebut, tim pengabdian UPN Veteran Jakarta selanjutnya bekerjasama dengan Forum Silaturrahim Takmir Masjid Kementerian/Lembaga dan BUMN untuk mengadakan sosialisasi fintech pembiayaan syariah bagi pengurus masjid. Metode kegiatan pengabdian ini menggunakan metode ceramah sebagai metode untuk sosialisasi fintech pembiayaan syariah, yang selanjutnya dilanjutkan dengan sesi tanya jawab. Kedepannya diharapkan pengurus masjid dapat meneruskan pengetahuan mengenai fintech pembiayaaan syariah ke masyarakat luas, sehingga pemahaman fintech pembiayaan syariah di masyarakat juga meningkat.
Sosialisasi dan Edukasi Sukuk bagi Pengurus Masjid Kementerian/Lembaga dan BUMN Kusuma, Airlangga Surya; Faizi, Faizi; Widodo, Purwanto; Levianto, Jubei
Jurnal Pustaka Dianmas Vol 5, No 2 (2025)
Publisher : Universitas Prof. Dr. Moestopo (Beragama)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32509/dianmas.v5i2.6553

Abstract

The sukuk market in Indonesia is still facing problems, even though Indonesia is a Muslim-majority country. One of the problems that hinders the development of the sukuk market is the poor understanding of sukuk. Therefore, training is needed to improve the community’s understanding of sukuk. To be more effective, the training should be aimed at parties that influence the community, such as mosque administrators. With this training, mosque administrators’ understanding of sukuk can be increased, and mosque administrators can pass on this understanding to a wider community. To carry out the training, the UPN Veteran Jakarta community service team collaborated with the Mosque Administrator Forum of Ministries/Institutions and SOEs to socialize sukuk for mosque administrators. The community service activity used a lecture method, followed by a discussion session. The result of this training is that mosque administrators have a better understanding of sukuk. Furthermore, mosque administrators should pass on knowledge about sukuk to the wider community.
The Impact of Macroeconomics on the Performance of the Indonesian Sharia Stock Index: A Comprehensive Analysis Faizi, Faizi; Anggoro, Muhammar Dinda Fahlepi Anggoro
Dinar : Jurnal Ekonomi dan Keuangan Islam Vol 12, No 2: Agustus 2025
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/dinar.v12i2.26348

Abstract

Unstable fluctuations in the Indonesian Sharia Stock Index (ISSI) are attributed to macroeconomic factors. Previous research has yielded inconsistent results regarding the factors affecting ISSI price changes, primarily focusing on the short to medium-term. This study aims to investigate and evaluate the impact of macroeconomic variables on ISSI prices. The research methodology employed is a descriptive quantitative approach, utilizing secondary data sources. The Error Correction Model (ECM) is used, utilizing quarterly time series data from the 2nd quarter of 2011 to the 4th quarter of 2022. The findings indicate that over an extended period, inflation and gross domestic product are the variables that influence the price of the Indonesian Sharia Stock Index (ISSI). In the short term, only the exchange rate affects the price of ISSI. However, money supply does not have a significant impact on ISSI prices in either the long or short term. The research findings underscore the significant influence of macroeconomic variables on the Indonesian Sharia Stock Index across different time frames. These results offer valuable insights for investors and policymakers by highlighting the complex interplay of factors affecting the stock market. Further analysis of these dynamics can contribute to a more comprehensive understanding of the Indonesian financial market and assist in making well-informed investment decisions. Moreover, exploring the underlying reasons for the observed relationships between macroeconomic variables and ISSI price movements can open opportunities for proactive risk management and strategic investment planning.
Assessing Disability Empowerment Initiatives: A Case Study of the Difabis Program in Jakarta Faizi, Faizi; Wardah, Siti
Perbanas Journal of Islamic Economics and Business Vol 6 No 1 (2026): Perbanas Journal of Islamic Economics and Business
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/pjieb.v6i1.360

Abstract

The Difabis program, initiated by Badan Amil Zakat Nasional (BAZNAS) DKI Jakarta, Indonesia’s National Zakat Agency at the provincial level, aims to empower individuals with disabilities through entrepreneurship and workforce integration. This qualitative case study evaluates the effectiveness of the program using Gibson's (1992) framework, which assesses seven indicators: clarity of purpose, clarity of strategy, process analysis and policymaking, comprehensive planning, establishment of appropriate programs, availability of facilities and infrastructure, and monitoring and control systems. Data were collected through semi-structured interviews with four participants (one BAZNAS administrator, two beneficiaries, and one academic), passive participant observation at two Difabis branches, and a document analysis of program reports and policies. The findings indicate that the program aligns with several empowerment indicators, demonstrating strengths in the clarity of purpose, strategic coherence, comprehensive planning, and infrastructure provision. Participants reported enhanced skills, income stability, and self-esteem, underscoring the program's role in promoting financial autonomy and social inclusion. However, gaps were identified in the process analysis and policy formulation, particularly in the reliance on self-reported data for beneficiary targeting, which risks excluding the most vulnerable groups. The program's innovative fusion of zakat redistribution with skill development offers a replicable model for Muslim-majority contexts, but its long-term sustainability and scalability remain unexamined. Despite limitations in generalizability and comprehensiveness, this study contributes to the literature on disability empowerment by highlighting the potential of faith-based initiatives to address intersectional marginalization. This study offers a novel contribution by being the first to evaluate a disability-empowerment zakat program using Gibson’s (1992) organizational effectiveness framework, thereby bridging faith-based social finance and disability empowerment studies.
Co-Authors Anggoro, Muhammar Dinda Fahlepi Anggoro Bin Shuib, Mohd Sollehudin Cheeryl Angelica Dewi Amalia Putri Dyah Kusumastuti, Retno Fadhli Suko Wiryanto Fathoni, Muhammad Anwar Kusuma, Airlangga Surya Levianto, Jubei Nur Athifah Lubis, Aisyah Nurjihan, Nabilah Purwanto Widodo Putri, Indira Fadhilla Retno Dyah Kusumastuti, Retno Dyah Siti Wardah, Siti Sulthan Suci Yudhistira, Sulthan Suci Yudhistira Suprima Surya Kusuma, Airlangga Suryani Suryani Zikry Ramadhan