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A Comparative Analysis of the Productivity of Islamic and Conventional Mutual Funds in Indonesia: Data Envelopment Analysis (DEA) and General Least Square (GLS) Approaches Abd. Majid, M. Shabri; Maulana, Hartomi
Gadjah Mada International Journal of Business Vol 14, No 2 (2012): 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 (296.335 KB)

Abstract

This paper is an extended version of our earlier study (Abd. Majid and Maulana 2010) to further re-examine the relative efficiencies of selected Islamic and conventional mutual funds companies in Indonesia during the period 2004 to 2007 and their determinants. To measure their efficiencies, the output-input data consisting of a panel of conventional and Islamic mutual funds companies are empirically examined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis (DEA). It also attempts to investigate the influence of the mutual funds companies’ characteristicson efficiency measures using the Generalized Least Square (GLS) estimation. The study finds that, on average, the Indonesian mutual funds companies experienced a decrease in Total Factor Productivity (TFP) growth. It is mainly caused by a decline in both efficiency and technical efficiencies, where the efficiency change is largely contributed by the changes in pure efficiency rather than scale efficiency. Additionally, the study also documents that the funds size negatively affects efficiency. This indicates that due to its diseconomies of scale, a larger mutual funds company is less efficient than a smaller funds company. Finally, in comparing the efficiency of the mutual funds companies, the study finds that, on average, the Islamic unit trust companies perform more poorly than their conventionalcounterparts.
Identifying Financial Exclusion and Islamic Microfinance as An Alternative to Enhance Financial Inclusion Maulana, Hartomi; Umam, Khoirul
International Journal of Islamic Business and Economics (IJIBEC) IJIBEC VOLUME 1 NO. 2 DECEMBER 2017
Publisher : Faculty of Islamic Economics and Business of Institut Agama Islam Negeri (IAIN) Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (404.696 KB) | DOI: 10.28918/ijibec.v1i2.1004

Abstract

Even though the banking industry is growing exponentially, but they are still out of reach from the hardcore poor. The population under poverty remains financially excluded from the mainstream banking facilities. The aim of this paper is to examine the main factors that hinder customers to access financing from mainstream banking in Indonesia province of East Java using Exploratory Factor Analysis (EFA). The study also attempts to identify the possibility of Islamic microfinance, in this case Baitul Maal Tamwil, (BMT) as role of model in integrating commercial and social seeking which can be used as one of an alternative platform to enhance financial inclusion.  In quantitative data, the paper employs primary data collected by self-administered questionnaires involving a sample of 243 respondents. To explore the micro-entrepreneurs’ criteria of barrier access to finance, an exploratory factor analysis is employed. In qualitative data, a semi-structure interview used to generate information from the respondents. The interview covers the second objectives and involves seven experts in microfinance including practitioner and academicians.  The study reveals that, the religious factor is perceived as the most important factor to be considered as financing barriers factors, then followed by affordability, accessibility, eligibility, and availability factors. The study indicates that Islamic microfinance may be an alternative platform to integrate commercial and social objective in order to enhance financial inclusion.
Sikap Pelaku Pariwisata terhadap Potensi Wisata Syariah di Obyek Wisata Telaga Ngebel Ponorogo Maulana, Hartomi; Setiyono, Ahmad; Rusli, Lathiefa; Astuti, Rahma Yudi
Journal of Management and Business Review Vol 18, No 1 (2021)
Publisher : Research Center and Case Clearing House PPM School of Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34149/jmbr.v18i1.238

Abstract

Islamic tourism is based on the consideration that tourism has a very large potential market value and will provide great benefits to the people. Even the halal tourism segment is not only for Muslim tourists but also for non-Muslim tourists. This study examines the attitudes of tourism stakeholders toward the potential for Islamic tourism in Ngebel Lake tourism site, Ponorogo. To achieve the objectives, a qualitative approach is applied in this study. This study uses primary data collected through semi-structured interviews involving around 10 respondents consisting of tourists, business actors in the fields of restaurants, hotels and also policy makers (government). Thematic analysis is used as an analysis technique. The results of the study revealed that in general, respondents showed positive support for the potential for implementing Islamic tourism. The study also found that the readiness of implementing Islamic tourism in Ngebel tourism can be seen from the availability of Muslim-friendly facilities such as halal food, places of worship (musholla / mosque), Qibla direction signs and also Muslim friendly accommodation. In addition, the socialization strategy for Islamic tourism needs to be implemented. The study suggests the need to socialize the importance of the halal certification label, especially on food products in order to provide comfort for tourists who come to Ngebel as result it will have implications for increasing tourists.
A Comparative Analysis of the Productivity of Islamic and Conventional Mutual Funds in Indonesia: Data Envelopment Analysis (DEA) and General Least Square (GLS) Approaches M. Shabri Abd. Majid; Hartomi Maulana
Gadjah Mada International Journal of Business Vol 14, No 2 (2012): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (296.335 KB) | DOI: 10.22146/gamaijb.5439

Abstract

This paper is an extended version of our earlier study (Abd. Majid and Maulana 2010) to further re-examine the relative efficiencies of selected Islamic and conventional mutual funds companies in Indonesia during the period 2004 to 2007 and their determinants. To measure their efficiencies, the output-input data consisting of a panel of conventional and Islamic mutual funds companies are empirically examined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis (DEA). It also attempts to investigate the influence of the mutual funds companies’ characteristicson efficiency measures using the Generalized Least Square (GLS) estimation. The study finds that, on average, the Indonesian mutual funds companies experienced a decrease in Total Factor Productivity (TFP) growth. It is mainly caused by a decline in both efficiency and technical efficiencies, where the efficiency change is largely contributed by the changes in pure efficiency rather than scale efficiency. Additionally, the study also documents that the funds size negatively affects efficiency. This indicates that due to its diseconomies of scale, a larger mutual funds company is less efficient than a smaller funds company. Finally, in comparing the efficiency of the mutual funds companies, the study finds that, on average, the Islamic unit trust companies perform more poorly than their conventionalcounterparts.
Faktor Penghambat dalam Mengakses Pembiayaan pada Pengusaha Mikro di Karesidenan Madiun: Second Order CFA Hartomi Maulana; Mohammad Zaenal Abidin
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 12 No. 3 (2019)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v12i3.15792

Abstract

This paper examines factors that may hinder micro, small and medium enterprises (MSMEs) in accessing financing from banking services in the area of Madiun Raya. Among barrier access to finance factors is complicated eligibility, low accessibilities and religious factors. However, this study further highlights three factors of barrier access to finance by using Second-order Confirmatory Factor Analysis (CFA) to validate these factors. In achieving the objectives, a quantitative approach was applied in this study. This study uses primary data collected through a questionnaire involving 146 selected respondents who have micro businesses around the Madiun Raya area which includes Magetan, Ngawi, Ponorgo, Madiun and Madiun Kota. Structural Equation Modeling (SEM) in this case, second-order CFA is used as an analysis technique. The study revealed that second order CFA validates three variables which include religious factors, low accessibility and low eligibility are in the best fit indices as factor of access barrier to finance to financial services around Madiun raya area. With the results of this study, it allows academics and researchers to find out the factors that can prevent micro businesses in accessing finance in the context of Indonesian banking institutions.
Kontradiksi “Division Of Labour” Menurut Ibnu Khaldun Dan Adam Smith: Kajian Perbandingan Dan Implikasinya Dalam Ekonomi Setiawan Bin Lahuri; Dwi Kurnia Nurunisa; Hartomi Maulana
Jurnal Ilmiah Ekonomi Islam Vol 8, No 2 (2022): JIEI
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v8i2.4804

Abstract

Labor is the most important element in determining the value of an economic system. Therefore, the expertise of labor is very influential in the development of an economic industry so specialization of work is needed in the system. This theory was first proposed by Ibn Khaldun in the 14th century. However, conventional economists argue that Adam Smith is the father of all modern economic theories. So this paper aims to review the originators of the theory of division of labor and analyze its implications in industrial, social, and international economics. This study uses a qualitative method with a library research approach because this research is a historical study. The results of this study find that Ibn Khaldun is the father of world economics who preceded Adam Smith for six centuries. The implications of the division of labor theory are the increasing industrial economy, strengthening social relations between communities to advance the country's economy so that it can follow international trade.
PENGEMBANGAN KINERJA PERBANKAN SYARIAH BERDASARKAN MODEL MAQĀṢID AL-SHARĪ‘AH Hartomi Maulana; Setiawan Bin Lahuri; Soritua Ahmad Ramdani Harahap
FINANSIA : Jurnal Akuntansi dan Perbankan Syariah Vol 5 No 1 (2022): FINANSIA : Jurnal Akuntansi dan Perbankan Syariah
Publisher : Fakultas Ekonomi Dan Bisnis Islam IAIN Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (451.629 KB) | DOI: 10.32332/finansia.v5i01.3683

Abstract

This study aims to explain the performance development in BRISyariah Ponorogo with the maqāṣid al-sharī‘ah model. This study uses a qualitative research methodology with the object of research at BRISyariah Ponorogo. The results of this study indicate that BRISyariah Ponorogo refers to the five aspects described by Al-Ghazali in preservating of religion, soul, mind, progeny and wealth. The application is seen from the commitment of BRISyariah Ponorogo in maintaining the sharia of all products from the culture of usury practice.
Analysis of Strategic Risk Management on National Board of Zakat (BAZNAS) in Sukabumi Hartomi Maulana; Soritua Ahmad Ramdani Harahap; Mentari Mentari Fazrinnia
Islamic Economics Journal Vol 8, No 2 (2022)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (887.986 KB) | DOI: 10.21111/iej.v8i2.8787

Abstract

Zakat is one of the five basic pillars of Islam. The main function of zakat is to help the economy of the mustahik and become a counterweight in the national economic sector. Government Regulation of the Republic of Indonesia explained that the management of zakat is regulated by a non-structural government agency, namely, the National Board of Zakat (BAZNAS) which is responsible to the President through the Minister. The inaugural meeting of the International Working Group on Zakat Core Principles, which resulted in an agreement that the identification of risks in zakat management is very important because it will affect the quality of zakat management in the future. The purpose of this study was to analyze the implementation and mitigation of strategic risk management in the BAZNAS in Sukabumi. This study employs quantitative approach as research method. Interview and documentation are used as data collection techniques. The results of this study found that implementation of strategic risk management and the mitigation of strategic risk of BAZNAS in Sukabumi is well implemented. The vision and mission risk is the biggest strategic risk that is likely to occur, while the strategic risk that has the greatest impact is the objective risk. The BAZNAS in Sukabumi has good risk mitigation based on the scale of risk vulnerability.
Analisis Implementasi Good Amil Governance berdasarkan Zakat Core Principle di Lembaga Amil Zakat: Studi pada LAZ Nurul Hayat, Surakarta Hartomi Maulana; Muhammad Zuhri
Al Tijarah Vol. 6 No. 2 (2020): Al Tijarah | December
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/tijarah.v6i2.5500

Abstract

The development of zakah in Indonesia increased significantly when Law no. 38/1999 was introduced by the government. However, problems arise with the growth of the Amil Zakat Institution (LAZ) due to a lack of understanding of zakat regulations, for example the misuse of zakat funds, zakat distribution in the form of loan, and using zakat assets for investment. Good Corporate Governance (GCG) and Zakat Core Principle (ZCP) are systems that aim to realize good management of zakat institutions that lead to manage professionally and transparently. The purpose of this study is to analyze good Amil Governance and also to assess Amil Governance based on ZCP in LAZ Nurul Hayat Surakarta. This study uses a qualitative method with interview, observation, and documentation as data collection techniques. Thematic analysis is used as an analysis technique. The results of the study concluded that LAZ Nurul Hayat Surakarta has carried out a fairly good governance of amil and the implementation of the zakat core principle has been carried out well regarding amil management in this institution.
Islamic Financial Literacy Analysis of Islamic Economics Students using The Theory of Planned Behavior (TPB): Empirical Studies with SEM-PLS Approach Iqbal ‘Imari; Hartomi Maulana; Ahmad Suminto; Willy Tambayong; Soritua Ahmad Ramdani Harahap
Proceedings of Femfest International Conference on Economics, Management, and Business Vol. 1 (2023): Proceedings of Femfest International Conference on Economics, Management, and Busines
Publisher : Universitas Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

After the merger, Islamic banks are expected to be able to break the growth of public interest in saving in Islamic banks, because they inherit the good things from each merger bank, namely BNI syariah with its innovations, Mandiri Syariah with its professional system and BRI syariah with a widespread local understanding, in recent years has increased but not much, in this case, it will be seen interest in Islamic banks through students as a benchmark. Seeing that the student's interest in Islamic banking is quite low, so researchers want to see the extent to which Islamic financial literacy in young students is more focused on saving in Islamic banking, so the purpose of this research is to analyze Islamic financial literacy in Islamic economics students. It is located in several universities are especially for students of Islamic economics. This research uses quantitative methods using the Structural Equation Modeling-Partial Least Square (SEM-PLS) tool and uses the Theory of Planned Behavior as a measuring factor. The results of this research were obtained that attitudes, subjective norms, and perceptions of behavioral control had a significant positive effect on students interest in saving in Islamic banks.
Co-Authors Abadi, M. Kurnia Rahman Affandi, Muchammad Taufiq Ahmad Efendi Ahmad Setiyono Ahmad Suminto Ahmad Suminto Ahmad, Rusyda Afifah Ali Muhtar Ali, Badri Anas, M. Khalilurrahman Ari Anggara, Fajar Surya Asmarani, Mutia Bayu Segarahin Bimantara, Andika Rendra Cahya, Irfan Dwi Dhika Amalia Kurniawan Dwi Kurnia Nurunisa Ely Windarti Hastuti, Ely Windarti Farhan Fadhlurrahman Harahap, Soritua Ahmad Ramdhani Hayatul Maemunah Hudan Ngisa Anshori  Huril A'ini Iqbal Imari Iqbal ‘Imari Iqbal, Ahmad Khoirul Umam Labolo, Sultan Nanta Setia Dien Lathiefa Rusli M. Shabri Abd. Majid M. Shabri Abd. Majid M. Zaenal Abidin Mentari Mentari Fazrinnia Mohammad Nurfaiz Mauludin Mohammad Zaenal Abidin Mohd Thas Thaker, Mohamed Asmy bin Mohd. Zaidi Bin Md Zabri Mufti Afif MUHAMMAD SAID Muhammad Zuhri Mulyono Jamal Mumtaza, Isyraq Muzaki, Rofi Naufalt Arkyananto Nusa Dewa Harsoyo, Nusa Dewa Raden Muh. Syakur Fathurrahman Rahma Yudi Astuti Rahma Yudi Astuti, Rahma Yudi Rahmadani, Muhammad Rizky Rahmania, Nurul Rahmanita, Fahmilia Ramdani Harahap, Soritua Ahmad Ravie, Aufa Riza Ashari Rizky Rahmadani, Rizky Roihan, Muhammad Royyana Akmalia Sabila, Muna Ahda Salsabella, Oktavira Hanggreanda Sa’id, Roudhoh Hannaaris Setiawan Bin Lahuri Simanjuntak, M. Sahban Soritua Ahmad Ramdani Harahap Soritua Ahmad Ramdani Harahap Soritua Ahmad Ramdani Harahap Soritua Ahmad Ramdani Harahap Soritua Ahmad Ramdani Harahap Syafi’i, M Syahruddin Syahruddin Syamsuri Tarique, Kazi Md Taufani, Mochammad Kharits Ulya, Alfina Zein Syarifa Use Etica Willy Tambayong Yayan Firmansah yogi banar sasongko Yudi Astuti, Rahma Zahroturrosyidah, A’isa Zaki Rosyadi Zarkasyi, M. Ridlo zulfa, indana