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Mekanisme Trasmisi Kebijakan Moneter di Negara Berkembang Nasution, Alya Arianti; Keisya Putri Balqis; Cindy Aulia Zalyanti; Indah Tri Sari Harahap; Maryam Batubara
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 3 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i3.23204

Abstract

The purpose of this study is to determine the mechanism of monetary policy transmission in developing countries, the mechanism of monetary policy transmission in developing countries is a complex process that involves interactions between central banks, banks, and economic actors in the circulation of money. This article uses a literature study method, which involves collecting data by studying theories from various research-related literature and qualitative research methods. In this mechanism, the central bank regulates and controls the flow of base money as the first step, which is then transmitted through the money multiplier to circulating money according to public demand. The impact of monetary policy on broad money will affect various aspects of the economy, including inflation and real output in developing countries. An in-depth understanding of the monetary policy transmission mechanism is crucial to achieving sustainable and stable economic growth in developing countries.
Dampak Kebijakan Moneter terhadap Kinerja Sektor Manufaktur dan Ditinjau Secara Syariah Dian Zahra Syahfitri Lubis; Fathiya Syahidah Nasution; Maulida Rahma; Maryam Batubara
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 3 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i3.23227

Abstract

Monetary policy is a tool used by central banks that can influence financial variables such as interest rates and the amount of money in circulation. The goal is to protect the value of money from external and internal threats while maintaining its stability. This monetary policy has a big influence on various sectors, one of which is the manufacturing sector. The method used is qualitative research. By using library research in collecting data. The Monetary policy is a policy that determines interest rates in a country, in the manufacturing sector, this is of course very influential for industrial progress if accompanied by restrictions that can hinder company. If viewed from an Islamic perspective, sharia economics has no regulations or determination regarding interest rates, the use of monetary policy in manufacturing companies is certainly not sustainable if the company is a sharia manufacturer. Monetary policy can influence the manufacturing sector, such as controlling inflation and interest rates to form a positive impact on policy. In this monetary context, monetary policy must be handled carefully in the context of Sharia economics so that it is in accordance with Sharia principles and has a good impact, especially in terms of managing interest rates and inflation. In Indonesia, the industrial sector plays an important role in driving economic expansion.
Perkembangan Financial Technology Terkait Central Bank Digital Currency (CBDC) terhadap Transmisi Kebijakan Moneter dan Makroekonomi Soleha, Safnah; Hikmah Indri Yani Harahap; Tri Wina Sabrina; Maryam Batubara
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 3 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i3.23293

Abstract

The purpose of this study is to determine the development of financial technology related to central bank digital currency (CBDC) on the transmission of monetary and macroeconomic policies. The advancement of financial technology (fintech) continues to show a significant increase in today's digital age. This research uses descriptive qualitative research methods with literature studies. The descriptive method used in this research is to describe the direction or process of research development. In brief, it can be concluded that CBDC is electronic money issued by the central bank and can be accessed universally. on the transmission of monetary policy in Indonesia can be shown by the effect of changes in BI 7DRR on banking rates both deposit and credit rates. If the economy is in recession, Bank Indonesia will implement a loose monetary policy by lowering the benchmark interest rate so that economic activity increases. macroeconomics is part of economics that explores economic events and problems holistically as a unit. Macroeconomics also focuses attention on the role of the state in regulating economic activity. The development of fintech, which is in line with the increasingly wide open access to digital finance, has great potential to increase public access to the financial sector.
DEVELOPMENT OF WAQF MANAGEMENT IN JORDAN Maryam Batubara; Mukhlis
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 3 (2024): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i3.121

Abstract

Waqf is one of the teachings of Islam and has been known since the time of the Prophet SAW. There are two opinions about who was the first to implement waqf. The first opinion, some scholars say, is that the first person to implement waqf law was Rasulullah SAW, where he donated his land to later build the Quba mosque when Rasulullah moved to Medina. The Quba Mosque was built in 622, located about 400 kilometers north of the city of Makkah. During the leadership of King Abdullah II, the law on waqf and Islamic affairs was revised again and became law number 32 of 2011 with the same name. The spirit is to utilize the potential of waqf so that it can be maximized in line with current developments. The message contained in law number 32 of 2011 is, first, the Ministry of Waqf for Islamic Affairs and Holy Places and Islamic Affairs is institutionally and financially independent in order to develop and invest waqf assets. Development of Endowment Funds in Jordan 50% of the foundation's income is used for places of worship and other needs. Meanwhile, the other 50% of income is distributed to four other charities (poverty, disease, education and society).
DEVELOPMENT OF WAQF MANAGEMENT IN SAUDI ARABIA Anisa Mawaddah; Siti Nurul Atiqah; Maryam Batubara
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 3 (2024): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i3.122

Abstract

Waqf management in Muslim countries in the modern era is very diverse, both in terms of history, regulations, implementation and development. In this article, the author will explain how waqf is managed in Saudi Arabia, which will then be compared with Indonesia which is managed by the Indonesian Waqf Board. In practice, Indonesia is far behind several Muslim countries in managing waqf. This is due to the lack of political will from the government in managing waqf. In terms of regulations, waqf management only had its legal umbrella in 2004, even though the practice of waqf management has been going on for quite a long time.
ZAKAT MANAGEMENT IN TURKI AND INDONESIA Muhammad Ramadhan; Melani Azzahra Nur; Maryam Batubara
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 3 (2024): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i3.123

Abstract

Zakat management is a crucial aspect in the Islamic economic system, which plays an important role in overcoming poverty and improving the welfare of Muslims. This journal examines zakat management in Turkey, a country with a majority Muslim population and a rich Islamic history. By focusing on the role of zakat institutions and cooperation between the government and zakat organizations, this research presents an overview of zakat management practices in Turkey. There are many Islamic countries that are successful in managing zakat, one of which is the United Arab Emirates. This research aims to find out how zakat is managed in Turkey and how it differs from zakat management in Indonesia. This research uses a qualitative approach with library research methods. The results of his research are that zakat funds in Turkey are managed by Zakat managed by several communities or charitable foundations such as the Turkish Red Crescent Kizilay, the Turkiye Diyanet Foundation and IHH Insani Yardim Vakfi.
DIFFERENCES IN THE ZAKAT SYSTEM IN QATAR AND INDONESIA Bella Delima; Maryam Batubara; Dea Sarah Sati Hana'an
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 3 (2024): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i3.124

Abstract

Zakat as an Islamic financial instrument has an important position in alleviating poverty, in managing zakat in Indonesia and Qatar. This research aims to provide an explanation of zakat management in Qatar and Indonesia. The practice of collecting and distributing zakat in Qatar involves several approaches, including direct payment by individuals, distribution through families, and through charitable organizations such as Qatar Charity. Despite efforts to increase transparency, politicization still influences some aspects, and Qatari regulations emphasize government control over zakat to direct it in line with state interests. This research suggests that there are differences in the management of zakat in the two countries, differences in various ways. Namely regulations, institutions, managers, supervisory institutions, models for implementing and collecting zakat, management of collection and distribution.
COMPARATIVE ANALYSIS OF ZAKAT MANAGEMENT IN INDONESIA AND KUWAIT Osman Ali; Maryam Batubara; Febriyani Natari Manik
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 3 (2024): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i3.125

Abstract

Zakat as an Islamic financial instrument has an important role in alleviating poverty. In its management, each country has its own characteristics and differences. As is the management of zakat in Indonesia and Kuwait. This research aims to provide an explanation of zakat management in Kuwait and Indonesia. This research found that there are differences in the management of zakat in the two countries. These differences are reflected in various things. namely, regulations, management institutions, supervisory institutions, models for implementing and collecting zakat, management of collection and distribution.
Differences Between Syariah Money Markets in Indonesia and Kuwait Safnah Soleha; Hikmah Indri Yani Harahap; Adelia Safitri; Maryam Batubara
Jurnal Multidisiplin Sahombu Vol. 5 No. 04 (2025): Jurnal Multidisiplin Sahombu, May - Juny (2025)
Publisher : Sean Institute

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Abstract

This study compares the Islamic money markets in Indonesia and Kuwait, focusing on their characteristics, instruments, and regulations. The Islamic money market, operating without riba (interest), gharar (uncertainty), and maisir (speculation), is a vital short-term financial instrument in the global Islamic financial system. Indonesia, as the country with the largest Muslim population, demonstrates a strong commitment to developing its Islamic money market through various regulations and innovative products such as Sharia Bank Indonesia Certificates (SBIS) and State Sharia Securities (SBSN). On the other hand, Kuwait is a pioneer in Islamic finance in the Middle East, possessing a mature Islamic money market strictly regulated by the Central Bank of Kuwait (CBK). Although both are based on Sharia principles, their implementation varies between countries due to factors such as regulation, market infrastructure, adoption rates, and macroeconomic conditions. This research employs a descriptive qualitative literature review using secondary data. The findings indicate that Indonesia excels in instrument diversification and the development of Islamic money market infrastructure, supported by progressive regulations. However, challenges in Indonesia include low Islamic financial literacy and the need for broader instrument diversification. Meanwhile, Kuwait, despite its strong foundation, faces the challenge of high reliance on Commodity Murabahah as a primary instrument, necessitating more diverse product innovation. This comparison is expected to enrich Islamic finance literature and provide practical implications for the global development of Islamic money markets.
The Application of Money Market and Capital Market in Islamic Economic Perspective Fitra Amar Rosuli; M. Aidil Syahputra; Yabib Fikri Rambe; Maryam Batubara
Jurnal Multidisiplin Sahombu Vol. 5 No. 04 (2025): Jurnal Multidisiplin Sahombu, May - Juny (2025)
Publisher : Sean Institute

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Abstract

The money market is a place for short-term financial instrument transactions that function to meet the liquidity needs of economic actors, while the capital market provides long-term instruments such as stocks and bonds that support investment and sustainable economic growth. In Islamic economics, the presence of the money market and sharia capital market provides investment alternatives that are in accordance with sharia principles, avoiding elements of usury, gharar, and maysir, and emphasizing justice and transparency. This article also reviews the differences in characteristics, mechanisms, and instruments between conventional and sharia markets, and highlights the importance of implementing the principles of fiqh muamalah in the development of sharia financial markets in Indonesia. This study uses a literature study method by examining various relevant sources to deepen the study of the money market and capital market from an Islamic economic perspective, so that it can provide understanding and references for the development of sharia finance in the future.
Co-Authors Abdillah Abdillah Abdurrozzaq Ismail Adelia Safitri Adik Tya Hasibuan Adinda Rizki Fadilah Ahyarul Juanda Sagala Alda Andrini Andini, Yuli Andri Soemitra Angga Putra Suhadi Anggi Luthfia Pane Anisa Mawaddah Aswan Nawawi Asyhari abdillah siregar Aulia Nurrahmah Lubis Ayu Ashara Harahap Ayu Elvina Azrin Bahri Harahap Bella Delima Bunga Anggita Batubara Bunga Dwi Fani Ritonga Cahya Amelia Cahya Purwati Sinulingga Cindy Aulia Zalyanti Cut Anggraini Dea Sarah Sati Hana'an Dian Zahra Syahfitri Lubis Didi Handono Syahputra Dini Anggraini Divya Reyvani Efendi, Bunga Artha Nefia Eka Lestari Elaeis Guineensis Jalil Hsb Fadillatunnisa Fadillatunnisa Fahriza Alyanisa Faisal Hamdani Harahap Farah Indah Azhari Farhan Syafiq Fathiya Syahidah Nasution Fazlurrasyid Sulaiman Martua Siregar Febriyani Natari Manik Fitra Amar Rosuli Gilang saka Maulana Herdian Nur Rahman Hikmah Indri Yani Harahap Iga Dwi Wardanah Ika Damai Sari Ilham Habibi Lubis Indah Simanjuntak Indah Tri Sari Harahap Indra Mualim Hasibuan Intan Juwita Damanik Iqbal Fahri Tobing Keisya Putri Balqis Khofifah Shofy Aulia Laura Oktarani Br Torong Lesmana, Alyatulnisa Ragil Lira Amelia Lubis, Fitrah Khairuna Ulfa Luthfiah Nazmi M. Aidil Syahputra M. Ridwan Mahlia Putri Malahayati Malahayati Malia Humaira Marlinda Mustika Marlinda Mustika Pane Marliyah Masitoh Sitorus Maulida Rahma Maura Faradita Mei Habibah Dalimunthe Melani Azzahra Nur Meutia Maulida Rahma Miftah Khoiriaturrahmah Miftah Rizki Addin Harahap Miftah Rizki Addin Hrp Muhammad Arif Muhammad Arisandi Junjungan Muhammad Luqman El Hakim Muhammad Ramadhan Muhammad Ridwan Muhammad Rizky Putra Muhammad Suhaimi MUHAMMAD YUSUF Mukhlis Mutia Salwa Hutahuruk nabilahirwani Najlah Kholilah Nasution Nasution, Alya Arianti Natasya, Fazira Putri Nesya Aulia NUR AHMADI BI RAHMANI Nuraila Rachman Nurhayati Hutagalung Nursantri Yanti Nurul Inayah Nurul Syafriani Osman Ali Piter Andrean Pratista Andanitya Siregar Putri Yuanita Rahmi Syahfitri Harahap Reza Rahmadani Ridho Erianto Risca Yunia Lestari Risky Sobari Risma Abidah Nasution Safnah Soleha Saibarani Nabila Salsabilla Siagian Sandi sipahutar Saparuddin Siregar Sauril Rahmadi Hutabarat Sekar Sari Septia Sakinah Rizki Shafa Sizli Kania Sihombing, Maya Sari Siti Khadijah Mtd Siti Nurul Atiqah Siti Sholeha Siti Zuhaira Ritonga Soleha, Safnah Suci Fadhilah R. Lubis Suhailatun Nafisah Syahputra, Reza Tambunan, Khairina Tri Wina Sabrina Triana Wahyu Syarvina Wahyudin Widia Febrianti Widia, Febrianti Yabib Fikri Rambe Yeni Yolanda Simatupang Yenni Samri Juliati Nasution Yusnita Ulfah Munthe Zidan, Muhammad Saladin