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All Journal Jurnal Indo-Islamika Gadjah Mada International Journal of Business Walisongo: Jurnal Penelitian Sosial Keagamaan HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam Tazkia Islamic Finance and Business Review al-Uqud : Journal of Islamic Economics International Journal of Islamic Economics and Finance (IJIEF) Al-Muzara'ah Airlangga International Journal of Islamic Economics and Finance Share: Jurnal Ekonomi dan Keuangan Islam Maqdis: Jurnal Kajian Ekonomi Islam International Journal of Economics (IJEC) INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen
Rifki Ismal
Faculty of Economics, University of Indonesia
Religion Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Model of Islamic Monetary Operation for Liquidity Management in Islamic Banking: Case of Indonesia 2000-2009 Ismal, Rifki
Gadjah Mada International Journal of Business Vol 11, No 2 (2009): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (68.908 KB)

Abstract

The paper attempts to construct the model of islamic monetary operation for liquidity management in islamic banking. Particularly, the model investigates variables that determine the role of the central bank in managing liquidity. Firstly, it explores the related conventional models and chooses one to find general variables involved in monetary operations for managing liquidity. Secondly, it formulates the islamic model after considering the islamic monetary operation principles, characteristics of both islamic monetary instruments and Indonesian islamic banking industry. Specifically, it models Bank Indonesia’s islamic monetary instrument called Bank Indonesia Sharia Certificate (SBIS). Thirdly, the model points out that the volume of SBIS is influenced by reserves requirement, currency in circulation, and prior auctions of SBIS. It means that the application of islamic OMO is not significantly different from monetary instrument in conventional OMO. Therefore, the paper suggests the issuance of islamic investment monetary instruments to implement the ideal islamic monetary instrument and OMO.
THE LESS-INTERRESTED OF ISLAMIC BANK FOR ISSUING SUKUK: Factors and Recommendations Awaludin, Taufik; Syauqi Beik, Irfan; Ismal, Rifki
Walisongo: Jurnal Penelitian Sosial Keagamaan Vol 24, No 1 (2016): Ekonomi (Bisnis) Islam
Publisher : LP2M - Universitas Islam Negeri (UIN) Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/ws.24.1.693

Abstract

This study attempts to identify dominant factors for banks to issue sukuk and emission features. Applying interviews and Analytic Network Process, this paper Found that the sub-elements which are dominant in influencing IB less interested in issuing sukuk, namely: averse selection/amount cost of fund (management), investment rating companies (investor), the results of using sukuk funds (regulation) and profitability condition (finance). Meanwhile, the sub-elements which are dominant in determining the features of the issuance of sukuk are: macroeconomic condition (emission values), expectations of investors (return)), the contract and the structure of sukuk (collateral), managing mismatch (period), and company liquidity (payment term).  The method used in this reseach is the Analytic Network Process (ANP). This study will identify the aspects of emission factors and features.***Penelitian ini bertujuan untuk melakukan identifikasi faktor-faktor dominan dalam persoalan sukuk dan ciri-ciri pengeluarannya. Menerapkan teknik wawan­cara dan proses jejaring analitis, makalah ini menemukan bahwa sub-sub elemen yang dominan mempengaruhi kurang menariknya IB dalam persoalan sukuk, adalah: menolak seleksi/jumlah pembiayaan (manajemen), rating investasi perusahaan (investor), hasil-hasil penerapan pembiayaan sukuk (regulasi) dan kondisi profitabilitas (keuangan). Sementara itu, sub-sub elemen yang dominan dalam menentukan ciri-ciri pengeluaran sukuk adalah: kondisi makro ekonomi (nilai pengeluaran), ekspektasi dari investor (keuntungan), kontrak dan struktur sukuk (jaminan), pengelolaan yang tidak sebanding (waktu) dan likuiditas perusahaan (syarat-syarat pembayaran). Metode yang digunakan dalam penelitian ini adalah Analytic Network Process (ANP). Penelitian ini akan mengidentifikasi aspek faktor emisi dan fitur. ANP adalah teori matematika dalam pengambilan keputusan yang mampu menganalisis pengaruh melalui asumsi untuk memecahkan berbagai masalah.
COMPARISON AND PREDICTING FINANCIAL PERFORMANCE OF ISLAMIC AND CONVENTIONAL BANKS IN INDONESIA TO ACHIEVE GROWTH SUSTAINABILITY Fakhri, Ulumuddin Nurul; Anwar, Saiful; Ismal, Rifki; Ascarya, Ascarya
al-Uqud : Journal of Islamic Economics Vol 3, No 2 (2019): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (257.574 KB) | DOI: 10.26740/al-uqud.v3n2.p174-187

Abstract

Islamic banking fall on stagnation of financial performance in 2011 after successfully overcoming the financial crisis in 1998 and 2008, as though the Islamic banking sector had only run in place and had no clear purpose in developing the Islamic finance business. The purpose of this study is to clarify the variables that predispose financial performance, as well as predict the decrease and increase of financial performance. This study uses an Artificial Neural Network (ANN) model to find out the variables that affect financial performance and predict the decrease and increase of financial performance of sharia and conventional banking for the next five months. This research generates the variables which affect the financial performance of sharia banking and the prediction of financial performance over the next five months. The variables which affect the level of financial performance of sharia banking affected dominantly by inflation, although the results of conventional banking are the same but not too significant. This shows that sharia banking CBGB (Commercial Bank – Group of Business) 2 is very vulnerable with macroeconomic factors compared with conventional banking. ANN predictions produce an average of 80% success in predicting performance over the next five months.
DOES INTENTION MATTERS FOR BMT MEMBER TO INVEST IN MUDHARABAH MUQAYYADAH DEPOSIT? : The Case of BMT Under Indonesia Sharia Cooperative Association (AKSYINDO) Priyadi, Rohman; Ismal, Rifki; Rahman, Arip
Airlangga International Journal of Islamic Economics and Finance Vol. 7 No. 01 (2024): JANUARY-JUNE 2024
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v7i01.58237

Abstract

Baitul Mal wat Tamwil (BMT) plays an important role in collecting and managing funds, as well as channeling them to mikor business actors with the principles of justice that are free from usury. However, it was found that members' interest in investment products in cooperatives is still relatively low. This study aims to analyze the intention of BMT members to invest in mudharabah muqayyadah savings by using the Theory of Planned Behaviour (TPB). The sampling method uses cluster random sampling by distributing online questionnaires to all investors in muqayyadah mudharabah deposits whose BMTs are registered with Aksyindo. Data from 191 respondents were analyzed by using SmartPLS 3.2.9 Structural Equation Modeling. This research was found that all intention determinant variables in TPB namely attitude, subjective norms and perceived behavioral control have positive and significant effects on the intention to invest in muqayyadah mudharabah savings, while other observed variables, namely knowledge, religious factors, risk and return, and sharia compliance have positive and significant effects on attitudes in investing in muqayyadah mudharabah savings. Based on the findings of this study, it is concluded that the BMT needs to improve the factors that influence the intention to invest in muqayyadah mudharabah savings in order to overcome the problem of low interest in investing in muqayyadah mudharabah savings. This study can be a consideration for regulators and practitioners to design effective strategies in developing the Islamic financial industry, especially BMTs that are developing in Indonesia.
ANALISA PENINGKATAN KONTRIBUSI MIGAS DALAM APBN DENGAN PENDEKATAN EKONOMI ISLAM Ramadani, Dwi Putri; Ismal, Rifki
Maqdis: Jurnal Kajian Ekonomi Islam Vol 9, No 1 (2024): Januari - Juni 2024
Publisher : Universitas Islam Negeri Imam Bonjol Padang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15548/maqdis.v9i1.1206

Abstract

Investigating Institutional Investors' Behaviours toward Cash Waqf Linked Sukuk (CWLS) using DTPB Nurhaida, Dida; Jasfar, Farida; Ismal, Rifki; Jayaprawira, Acep Riana
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.v6i2.16950

Abstract

Cash Waqf Linked Sukuk (CWLS) is a newly developed social investment instrument to stimulate Indonesia's productive waqf movement. CWLS has numerous commercial and social benefits and worship values. However, despite these advantages, it takes a long time for CWLS to collect funds due to various challenges and inadequate investors' response rate, which is still far from expectation. Thus, this study looks into the contributing factors and antecedence that entail and determine the decision of an institutional investor to invest. The theoretical framework applied the decomposed theory of planned behavior (DTPB). Additionally, it highlights a new perspective by delivering the specific determinants that impact investors' attitudes, moral norms, and perceived behavior control. These factors offer a deep understanding of the association and determine their definite effects on intentions. Based on a survey of 250 respondents, analyzed using partial least squares – structural equation modeling (PLS-SEM), it was found that the proposed hypotheses were accepted. Above all, the important finding is the contribution of attitude as the dominant determinant impacting the investor's intention. It was mainly driven by perceived Ihsan as part of the Muslim religiosity dimension reflecting the spirit to do good. This study's findings provide deeper insight into untested behavior literature. This study will also benefit policymakers, academicians, and future researchers.
Measuring The Trust of Corporate Waqifs to Donate Cash Waqf to The Indonesian Waqf Board Dewi, Sri Yanita; Ismal, Rifki; Tanjung, Hendri
International Journal of Economics (IJEC) Vol. 3 No. 1 (2024): January-June
Publisher : PT Inovasi Pratama Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55299/ijec.v3i1.791

Abstract

This research aims to measure the trust of institutional waqif to distribute waqf to waqf institutions, in this case, the Indonesian Waqf Board (BWI), in the form of an index referring to the Waqf Core Principles (WCP). This study measures the trust of institutional waqif to distribute cash waqf through BWI based on WCP using an index (100 scale), which composed of individual index of waqf supervision, nazhir governance, risk management, sharia governance, and the overall trust index. The institutional waqif trust index to distribute waqf to BWI is “trust” (53.36). Based on components: a. waqf supervision index is trust (13.49), b. nazhir governance index is trust (3.18), risk management index is trust (25.24), and sharia governance index is trust (11.45). Increasing the trust of institutional waqf in BWI can be done through the improvement and management of waqf from large-scale institutional waqf, preparation of BWI communication strategies which include implementation of waqf and policies, and transfer of knowledge from waqf institutions to institutional waqif. This thesis will provide additional knowledge to academics regarding the potential of institutional waqif and the implementation of WCP in Indonesia. In addition, this research practically provides recommendations for regulators, waqf institutions, and related parties to optimize the collection, management, and supervision of waqf in Indonesia. Based on the author's knowledge, this is the first paper to measure the trustworthiness of institutional waqif. This paper is expected to provide novelty regarding the level of trust of a institutional waqif to a waqf institution in the form of an index.
ANALISIS INTERAKSI DAN KONTRIBUSI SBIS JUALAH DENGAN PENYALURAN PEMBIAYAAN PERBANKAN SYARIAH Nasution, Anriza Witi; Tambunan, Khairina; Ismal, Rifki; Batubara, Chuzaimah
HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam HUMAN FALAH: Jurnal Ekonomi Dan Bisnis Islam │ Vol. 10 │ No. 1 │ 2023
Publisher : Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30829/hf.v10i1.16511

Abstract

In Indonesia, the development of Islamic banking has increased significantly from year to year. Controlling the money supply through financing can be used with SBIS selling contracts as one of the sharia monetary policy instruments. The purpose of this research is to see how far the interaction and contribution of SBIS selling contracts with Islamic banking financing. The analytical method used is VECM. The results show that the causality between these two variables is not significant and for the interaction response both show stability in both the short and long term. This research recommends that SBIS is not only in the form of a ju'alah contract but also the implementation of the contracts given by the MUI.
Cash Waqf Linked Deposit Potential for Revitalizing Islamic Banking in Indonesia Utomo, Gunawan Setyo; Ismal, Rifki
Share: Jurnal Ekonomi dan Keuangan Islam Vol 13, No 1 (2024)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v13i1.22087

Abstract

Despite existing for over two decades, the market share of Islamic banking remains stagnant. Conversely, Indonesia possesses immense, yet underutilized, potential for cash waqf (charitable endowments). This study investigates the Cash Waqf Linked Deposit (CWLD) product, an initiative by OJK, focusing on its potential to enhance Islamic bank participation in cash waqf management. The research explores the responses of cash waqf participants through in-depth interviews and Focus Group Discussions (FGDs) with seven key figures: two waqif (donors), three representatives from LKS PWU (waqf collecting institutions), and two nazir (managers). Descriptive qualitative analysis facilitated by NVivo software is employed to understand the responses. The findings reveal a high level of alignment (70% average word similarity) between the proposed CWLD product design and stakeholder expectations. All stakeholders expressed positive responses and support for CWLD. They perceive CWLD as a facilitator for waqf contributions through Islamic banks, a means to expand existing waqf assets, and an attractive option due to the temporary nature of the deposits with eventual return to the waqf. This study highlights the potential of CWLD to bridge the gap between Islamic banking and cash waqf in Indonesia, potentially contributing to a more dynamic Islamic banking landscape.==============================================================================================================ABSTRAK – Potensi Cash Waqf Linked Deposit dalam Revitalisasi Perbankan Syariah di Indonesia. Pangsa pasar perbankan syariah menunjukkan stagnasi meskipun sudah beroperasi selama lebih dari dua dekade. Di sisi lain, potensi wakaf uang di Indonesia sangat besar, namun belum difasilitasi secara optimal oleh perbankan syariah. Penelitian ini bertujuan untuk mengevaluasi produk Cash Waqf Linked Deposit (CWLD) yang diinisiasi oleh OJK, dengan fokus pada respons para pemangku kepentingan wakaf uang. Data penelitian dikumpulkan melalui wawancara mendalam dan Focus Group Discussion (FGD) dengan tujuh narasumber kunci, yaitu dua waqif (pemberi wakaf), tiga perwakilan LKS PWU (lembaga pengumpul wakaf uang), dan dua nazir (pengelola wakaf). Untuk memahami tanggapan responden, penelitian ini menggunakan analisis kualitatif deskriptif dengan bantuan perangkat lunak NVivo. Hasil penelitian menunjukkan bahwa desain dan usulan produk CWLD yang diinisiasi oleh OJK telah sangat mengakomodasi aspirasi dan harapan para pemangku kepentingan. Analisis kesamaan kata antar wawancara menunjukkan rata-rata 70%, yang mengindikasikan kesesuaian produk dengan kebutuhan pemangku kepentingan. Para pemangku kepentingan memberikan respons positif dan dukungan terhadap usulan produk CWLD. Mereka memandang CWLD sebagai fasilitator bagi waqif untuk melakukan wakaf melalui bank syariah, produk alternatif untuk meningkatkan aset wakaf yang sudah ada, dan pilihan menarik bagi waqif karena dana wakaf bersifat sementara dan akan kembali kepada waqif. Hasil kajian ini menggarisbawahi besarnya potensi CWLD dalam menjawab persoalan stagnasi pangsa pasar perbankan syariah dengan memanfaatkan potensi wakaf uang yang besar di Indonesia.
Factors Influencing Investors to Invest in the Sharia Capital Market Nur Shabrina, Rina; Ismal, Rifki; Firdaus, Achmad
Tazkia Islamic Finance and Business Review Vol. 18 No. 2 (2024): TIFBR
Publisher : Faculty of Islamic Business and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v18i2.380

Abstract

This study aims to analyze the factors influencing individual investors' decision-making in the Indonesian Islamic Stock Exchange (BEI). The observed factors include Islamic financial literacy, Islamic investment literacy, and Islamic behavioral investment. This research employs descriptive analysis and causality testing using Structural Equation Modeling (SEM). A sample of 500 active retail investors in the Indonesian Islamic Capital Market was collected via Google Forms, and the data were analyzed using Confirmatory Factor Analysis (CFA). Hypotheses were tested through composite reliability analysis. The findings reveal that Islamic financial literacy, investment literacy, and behavioral investment have a positive and significant influence on investment decisions, with a determination coefficient of 0.79. However, the study also found that religious factors did not significantly affect investors' decision-making behavior. Keywords: Islamic Financial Literacy, Islamic Investment Literacy, Islamic Behavioral Investment, Investment Decision
Co-Authors Achmad Firdaus Anriza Witi Nasution Arip Rahman Aris, Diba Anggraini Ascarya Ascarya Chuzaimah Batubara, Chuzaimah Dewi, Sri Yanita Dida Nurhaida Fakhri, Ulumuddin Nurul Farida Jasfar, Farida Hendri Tanjung Hermanto Siregar Irfan Syauqi Beik Ismail, Ahmad Faizal Jayaprawira, Acep Riana Kuntoro, Dwi Cahyono M. Suryadinata, M. Suryadinata nirdukita ratnawati, nirdukita Nur Shabrina, Rina Priyadi, Rohman Ramadani, Dwi Putri Saiful Anwar Tambunan, Khairina Tatik Mariyanti, Tatik Taufik Awaludin, Taufik Utomo, Gunawan Setyo Wibisono, Afrid