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Efisiensi Emiten Properti dan Real estate yang Terdaftar di Indeks Saham Syariah Indonesia Tahun 2016-2020 Indah Fresma Sari; Jaenal Effendi
Shafin: Sharia Finance and Accounting Journal Vol. 1 No. 2 (2021)
Publisher : IAIN Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (587.106 KB) | DOI: 10.19105/sfj.v1i2.4747

Abstract

This study aims to analyze the efficiency of property and real estate issuers listed in the Indonesia Sharia Stock Index (ISSI) during 2016-2020 period and the factors that influence it. In the first stage, the researcher analyzes the efficiency value of property and real estate issuers using Data Envelopment Analysis (DEA) method. In the second stage, the researcher analyzes the factors that influence the efficiency value of property and real estate issuers by using tobit regression. There are 16 issuers used in this study. The results showed that none of the issuers consistently achieved the perfect technical efficiency score (the efficiency score is equal to 1) during the study period. The same thing happened to the pure technical efficiency analysis and the efficiency scale results. The results of the tobit model regression showed that the Return on Assets (ROA) has significant positive effect and the exchange rate (LNKURS) has significant negative effect on the efficiency value of property and real estate issuers. Meanwhile, the Debt to Asset Ratio (DAR), company size (LNSIZE), and interest rate (BIRATE) do not have significant effect on the efficiency of property and real estate issuers.
DETERMINAN NON PERFORMING FINANCING (NPF) PADA SEGMEN BUSINESS BANKING (STUDI KASUS DI PT BANK SYARIAH X) R. Bagus Sugiharto; Nunung Nuryartoro; Jaenal Effendi
Journal of Management Review Vol 3, No 1 (2019): Journal of Management Review
Publisher : Magister Manajement Studies Program

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (68.264 KB) | DOI: 10.25157/jmr.v3i1.1807

Abstract

Penelitian ini bertujuan untuk menganalisis Non Performing Financing (NPF) segmen bisnis banking di PT Bank Syariah X. Variabel independen yang digunakan dalam penelitian ini adalah adalah rasio rentabilitas (BOPO), rasio permodalan (CAR), rasio likuiditas (FDR), rasio rentabilitas (NIM), BI rate dan Inflasi. Populasi dalam penelitian ini adalah data Non Performing Financing pada segmen bisnis banking di PT. Bank Syariah X periode Januari 2012 sampai dengan Desember 2016 berupa data bulanan. Teknik pengambilan sampel yang digunakan adalah purposive sampling dan metode analisis data yang digunakan dalam penelitian ini menggunakan analisis Error Corrective Model (ECM). Hasil penelitian ini menunjukkan bahwa dalam jangka panjang BOPO, CAR, FDR, NMR dan BI rate mempunyai pengaruh positif terhadap Non Performing Financing segmen bisnis banking; sedangkan Inflasi tidak berpengaruh terhadap Non Performing Financing segmen bisnis banking. Dalam jangka pendek BOPO mempunyai pengaruh positif terhadap Non Performing Financing segmen bisnis banking; sedangkan CAR, FDR, NMR, BI rate dan inflasi tidak mempunyai pengaruh terhadap Non Performing Financing segmen Bisnis Banking.
Program Pembiayaan Lembaga Keuangan Mikro Syariah (LKMS) dalam Peningkatan Kesejahteraan Pelaku Usaha Mikro (Studi Kasus BMT Baitul Karim Bekasi) Widya Gina; Jaenal Effendi
AL-MUZARA'AH Vol. 3 No. 1 (2015): AL-MUZARA'AH (June 2015)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (314.922 KB) | DOI: 10.29244/jam.3.1.34-43

Abstract

The role of micro business enterprises in employment is quite large, namely 99.9% of the total workforce in Indonesia. This suggests that micro businesses have a great opportunity in economic development and increased prosperity. This is not in accordance with the improvement of social welfare of the poor because of the high of the poor up to 10.96% of the total population. The limited capital on micro businesses is an obstacle that is difficult to be avoided. In this case, the financing provided by the BMT is crucial for micro enterprises in accessing capital. The purpose of this study is to analyze the effect of the financing program in increasing income and welfare of micro businesses. The method used in this research is the method of Ordinary Least Square (OLS and logistics method. Significant variables that positively affect the revenue are captured financing of respondents, the number of family members whose income, education, and ethical and moral variables. The variables that positively and significantly affect the welfare are  the length of time member, meal expenses, average income, and financing that are taken by respondents.
Kajian Efisiensi Bank Umum Syariah di Indonesia Siti Karimah; Tanti Novianti; Jaenal Effendi
AL-MUZARA'AH Vol. 4 No. 1 (2016): AL-MUZARA'AH (June 2016)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (284.717 KB) | DOI: 10.29244/jam.4.1.33-43

Abstract

The aim of this study is to measure the efficiency of Islamic Bank in Indonesia and to analyze the factors that affect the level of efficiency. The objects of this study are ten Islamic Bank (BUS) in Indonesia which analyzes from the second quarter of 2012 until the first quarter of 2016. There are three method which are used in this study, two in first stage, namely non parametric method of Data Envelopment Analysis (DEA) and parametric method of Stochastic Frontier Approach (SFA) then the second stage is Tobit estimaton. Overall, the results showed that the efficiency level of Islamic banks in Indonesia during the time period in this study have not reached the optimum level of efficiency yet. Tobit estimation showed that total financing, total wadiah funds, CAR, ROE, total overhead cost significantly affect the Islamic bank`s efficiency in Indonesia.
Debt Financing dan Dampaknya terhadap Perkembangan Usaha Mikro di Bogor Jaenal Effendi; Ditta Wardhani
AL-MUZARA'AH Vol. 4 No. 2 (2016): AL-MUZARA'AH (December 2016)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (694.284 KB) | DOI: 10.29244/jam.4.2.110-126

Abstract

Micro and small enterprises (MSEs) have an important role in supporting the national economy. Nevertheless, MSEs still have a major problem in its development, called limited capital. The presence of BPRS which is part of sharia financial institutions is expected to provide financing assistance for MSEs. The financing provided by BPRS is not only given in the form of equity financing but also in the form of debt financing. This study analyzes the effect of debt financing on MSEs development and also the factors influenceing the income and profit of MSEs after getting debt financing. The method used in this research is paired sample t test and Ordinary Least Square (OLS). The result of paired sample t test showed that the variable of earnings and profit of MSEs have significant change after getting financing. Furthermore, the result of analysis with OLS method showed that labor variable, amount of financing, profit rate, gender dummy, and education dummy have a significant effect to earnings and profit of MSEs
PEMBERDAYAAN MASYARAKAT PENGUSAHA KECIL MELALUI DANA ZAKAT, INFAQ, DAN SEDEKAH (ZIS): Studi Kasus Program Masyarakat Mandiri Dompet Dhuafa terhadap Komunitas Pengrajin Tahu di Kampung Iwul, Kecamatan Parung, Kabupaten Bogor Jaenal Effendi; Wirawan .
AL-MUZARA'AH Vol. 1 No. 2 (2013): AL-MUZARA'AH (December 2013)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (366.917 KB) | DOI: 10.29244/jam.1.2.161-174

Abstract

Poverty is still one of big issues in the world particularly for developing contries. Poverty has close relation to the rural area where the people relied on agriculure activities for deriving income. Having a big Muslim population, Indonesia has great opportunity to utilize the huge potential of zakat fund particularly for empowerment program to the poor. Empowerment and capacity building program handled by Masyarakat Mandiri Dompet Dhuafa (MM-DD) to the poor people is believed to have a positive contribution to reduce poverty. The program includes providing business capital as agent of change and assistancy in order to increase the quality of human resources from the poor who generate income through producing tofu (in Kampung Iwul). Cross cultural innovation as well as regresion analysis is used to measure the program of MM-DD to their clients. The results show that based on the perception of the targeted clients regarding the indicator of material capabilties and intelectual, the empowerment program conducted by MM-DD reaches the goals of the program. While other perceptions linked to the manajemen ability from the targeted group show that the program can not reach the aims of MM-DD program yet. Several factors including their characteristics affected these perception. For the crosscultural innovation, most of respondent give positive response to the program. In addition, after adopting these programs, the avarage income of the people could increase. This increase is affected by the amount of lending, daily income from tofu business, and other income from other businesses.
Efisiensi Asuransi Syariah di Indonesia dengan pendekatan Data Envelopment Analysis Mustica Bintang Sabiti; Jaenal Effendi; Tanti Novianti
AL-MUZARA'AH Vol. 5 No. 1 (2017): AL-MUZARA'AH (June 2017)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1048.396 KB) | DOI: 10.29244/jam.5.1.69-87

Abstract

The purpose of this study is to estimate the efficiency level of Islamic insurance companies in Indonesia. The data used are taken from each financial report of 14 Islamic life insurance companies and 12 Islamic general insurance in the period 2013-2015. Efficiency score estimation is done by using Data Envelopment Analysis (DEA) method. There are three input variables, namely asset, load, claim payment and two output variables, namely income and tabarru’ funds obtained. The results show that islamic life insurance and islamic general insurance companies in Indonesia have not been operating efficiently. 
Faktor-faktor yang Memengaruhi Preferensi Nasabah terhadap Produk Rahn: Studi Kasus PT. BPRS Amanah Ummah Lisda Qotrunnada Nabila Putri; Jaenal Effendi
AL-MUZARA'AH Vol. 8 No. 1 (2020): AL-MUZARA'AH (June 2020)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (861.167 KB) | DOI: 10.29244/jam.8.1.1-16

Abstract

Rahn is financing for the community to borrow money using personal items as collateral. Public interest in rahn is still small, even though rahn knew as savings and loan services for property that is guaranteed by customers. The savings and loan services are paid every month along with the loan installments and do not use the interest system, only determining the nominal value of the rupiah determined by the pawning party. Thus, this study aims to determine the factors that influence customer preferences in choosing rahn products. The total of 120 respondents are taken, with a proportion of 60 as respondents representing rahn product respondents and 60 other respondents. The collected data is processed using logistic regression techniques. The results of the study show the factors that influence customer preferences for rahn products are factors of knowledge, promotion, service, education level, employment, income, expenditure and the number of dependents significantly influence customer decisions in choosing rahn products.
Analisis Faktor-Faktor yang Memengaruhi Perolehan Surplus Underwriting pada Asuransi Jiwa Syariah di Indonesia (Periode 2015-2020) Amelia Nadiah Wahyu Putri; Jaenal Effendi
AL-MUZARA'AH Vol. 9 No. 2 (2021): AL-MUZARA'AH (December 2021)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.9.2.185-196

Abstract

In Islamic insurance, if at the end of the period there is a surplus from the substraction result between total insurance income in the tabarru’ fund and insurance expenses, the surplus will be called as underwriting surplus. A good Islamic insurance company can be seen when the company succeeds in obtaining an underwriting surplus, because it is a proof when the company has managed the participant funds well. The underwriting surplus can be used as a reserve fund when an underwriting deficit occurs or when insurance expenses exceed insurance income, thereby it can improve the public interest in Islamic insurance. Therefore, this study aims to analyze the development of the underwriting surplus in Islamic life insurance in Indonesia and the factors that influence it by using panel data regression method. The estimation results using the REM model show that the variables of total assets and GDP have a positive and significant effect. Meanwhile, the contribution allowance, claim allowance, and inflation variables have a negative and significant effect.
The effect of macroeconomics variables to Net Asset Value (NAV) growth of sharia mutual funds in Indonesia Intan Aulia Ardhani; Jaenal Effendi; Mohammad Iqbal Irfany
Jurnal Ekonomi & Keuangan Islam Volume 6 No. 2, July 2020
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol6.iss2.art5

Abstract

Purpose­­­ – This study aims to perform the short-term and long-term relationships between net asset value of Islamic mutual funds within macroeconomic variables, to analyze responses towards the economic shock, and to analyze the composition of the net asset value of Islamic mutual funds within selected macroeconomic variables.Methodology – Monthly data over the 2015-2019 period were analyzed using the Vector Error Correction Model (VECM), impulse response test, and variance decomposition test.Findings – The results show that inflation, money supply, and gross domestic products had a positive and significant effect on the net asset value of Islamic mutual funds, on the other hand, the rupiah exchange rate had a negative thus insignificant effect on the net asset value of Islamic mutual funds.Research limitation/implication – The main limitation of this research is the lack of a variable that represents the Islamicity index, which can differentiate the driven factors of FDI in Muslim and non-Muslim organization countries.Practical implication – This study suggests that the society and the government should collaborate to maintain the stability of the rupiah exchange rate by buying domestic products, strengthening the real sector.Originality – Here we provide an update data of macroeconomics variables dynamics (e.g. GDP, inflation, exchange rate, and money supply) and its implication to Islamic mutual funds – i.e. net asset value over 2015-2019. We used a novel timeseries analytical approach (VECM) to estimate the magnitude of macroeconomics effects to Islamic mutual funds in Indonesia.