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Islamic Hedging, Spekulasi atau Manajemen Risiko? (Analisis Kritik terhadap Islamic Hedging) Fatturroyhan Fatturroyhan; Royyan Ramdhani Djayusman
Jihbiz : Jurnal Ekonomi, Keuangan dan Perbankan Syariah Vol 1 No 2 (2017)
Publisher : Universitas Islam Raden Rahmat

Permasalahan fluktuatif nilai tukar mata uang menyebabkan tergeraknya para ekonom keuangan konvensional melaksanakan hedging dalam bentuk kontrak-kontrak derivatif untuk menghindari risiko yang diakibatkan dari fluktuasi mata uang. Para ekonom Muslim, dalam menawarkan reformasi hedging mainstream dengan menghilangkan unsur-unsur pelanggaran syari’ah dan memasukkan akad-akad syari’ah ke dalamnya. Namun demikian, apakah unsur-unsur penyebab dilarangnya hedging sudah dieliminasi secara menyeluruh. Tulisan ini mencoba mendiskusikan permasalahan Islamic hedging, untuk dapat menawarkan solusi dari permasalahan tersebut. Penelitian ini adalah jenis penelitian literatur, metode analisis kritik pemikiran dengan menggunakan metode induktif dalam menemukan konsep Islamic hedging secara umum. Kemudian, dijelaskan dengan menggunakan metode deskriptif dengan analisis kritik sebagai kritikan terhadap Islamic hedging. Kesimpulan akhir dari tulisan ini adalah Islamic investment funds dan cadangan risiko nilai tukar sebagai alternatif dari Islamic hedging yang ternyata belum sepenuhnya mengeliminasi unsur-unsur gharar, riba dan maysir dan dapat dikatakan bahwa Islamic hedging adalah bentuk spekulasi.

TEACHINGS OF THE MASYARAKAT TANPA RIBA IN THE LIGHT OF THE SOCIOLOGY OF KNOWLEDGE Devi Ernantika; Luhur Prasetiyo; Royyan Ramdhani Djayusman
Muslim Heritage Vol 7, No 2 (2022): Muslim Heritage: Jurnal Dialog Islam dengan Realitas
Publisher : IAIN Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/muslimheritage.v7i2.3916

AbstractThe purpose of this study is to explore the attitude background of the Society Without Usury (herein after written MTR). The MTR rejects the existence of interest and banks. MTR is a community committed to developing a business without usury, without debt, and without contracts that are not under sharia. One form of this commitment is that MTR members refuse to pay bank debts and interest. Meanwhile, the banks believe that the customer should pay the debt and interest according to the contract. This research is qualitative. Data were obtained through in-depth interviews, observations, and documentation. Key informants are administrators and members of the MTR. Based on the results of the study, it can be concluded that the MTR community has three qualification meanings in the sociology of knowledge, namely objective meaning, which can be seen from community understanding and community beliefs regarding usury, especially bank interest. The behavior of MTR residents is formed due to external factors, namely the stimulus from the family environment that has previously joined the MTR community. The expressive meaning of the MTR community is the meaning impregnated by every MTR citizen who is integrated with the behavior of avoiding usury and doing other teachings, such as improving the creed, improving relations with the social environment, still seeking knowledge, especially the science of good peace, and others. Meanwhile, the documentary meaning is a material activity manifested in religious practices and rituals. AbstrakTujuan dari penelitian ini adalah untuk mendalami latar belakang sikap kelompok Masyarakat Tanpa Riba (selanjutnya ditulis MTR) yang menolak keberadaan bunga dan bank. MTR adalah sebuah komunitas yang mempunyai komitmen mengembangkan bisnis tanpa riba, tanpa utang, tanpa akad-akad yang tidak sesuai syariah. Salah satu bentuk komitmen tersebut adalah anggota MTR menolak untuk membayar hutang bank beserta bunganya. Sedangkan pihak bank berpandangan bahwa nasabah memiliki kewajiban untuk membayar hutang beserta bunganya sesuai kesepakatan kontrak di awal. Penelitian ini bersifat kualitatif. Data diperoleh melalui wawancara mendalam, observasi, dan dokumentasi. Informan kunci adalah pengurus dan anggota MTR. Berdasarkan hasil penelitian dapat disimpulkan bahwa komunitas MTR memiliki tiga makna kualifikasi dalam sosiologi pengetahuan, yakni makna objektif yang dapat dilihat dari pemahaman komunitas dan keyakinan komunitas mengenai riba terutama bunga bank. Perilaku warga MTR terbentuk karena faktor eksternal, yakni stimulus dari lingkungan keluarga yang sudah terlebih dahulu bergabung dengan komunitas MTR. Makna ekspresif dari komunita MTR adalah makna yang diresapi oleh setiap warga MTR yang terintegrasi dalam perilaku menghindari riba dan melakukan ajaran lainnya, seperti memperbaiki akidah, memperbaiki hubungan dengan lingkungan sosial, tetap mencari ilmu terutama ilmu bermuamalah yang baik, dan lain-lainnya. Sementara, makna dokumenter, yakni sebagai kegiatan material yang terwujud dalam bentuk praktik agama dan ritualnya.

TEACHINGS OF THE MASYARAKAT TANPA RIBA IN THE LIGHT OF THE SOCIOLOGY OF KNOWLEDGE Devi Ernantika; Luhur Prasetiyo; Royyan Ramdhani Djayusman
Muslim Heritage Vol 7, No 2 (2022): Muslim Heritage: Jurnal Dialog Islam dengan Realitas
Publisher : IAIN Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/muslimheritage.v7i2.3916

AbstractThe purpose of this study is to explore the attitude background of the Society Without Usury (herein after written MTR). The MTR rejects the existence of interest and banks. MTR is a community committed to developing a business without usury, without debt, and without contracts that are not under sharia. One form of this commitment is that MTR members refuse to pay bank debts and interest. Meanwhile, the banks believe that the customer should pay the debt and interest according to the contract. This research is qualitative. Data were obtained through in-depth interviews, observations, and documentation. Key informants are administrators and members of the MTR. Based on the results of the study, it can be concluded that the MTR community has three qualification meanings in the sociology of knowledge, namely objective meaning, which can be seen from community understanding and community beliefs regarding usury, especially bank interest. The behavior of MTR residents is formed due to external factors, namely the stimulus from the family environment that has previously joined the MTR community. The expressive meaning of the MTR community is the meaning impregnated by every MTR citizen who is integrated with the behavior of avoiding usury and doing other teachings, such as improving the creed, improving relations with the social environment, still seeking knowledge, especially the science of good peace, and others. Meanwhile, the documentary meaning is a material activity manifested in religious practices and rituals. AbstrakTujuan dari penelitian ini adalah untuk mendalami latar belakang sikap kelompok Masyarakat Tanpa Riba (selanjutnya ditulis MTR) yang menolak keberadaan bunga dan bank. MTR adalah sebuah komunitas yang mempunyai komitmen mengembangkan bisnis tanpa riba, tanpa utang, tanpa akad-akad yang tidak sesuai syariah. Salah satu bentuk komitmen tersebut adalah anggota MTR menolak untuk membayar hutang bank beserta bunganya. Sedangkan pihak bank berpandangan bahwa nasabah memiliki kewajiban untuk membayar hutang beserta bunganya sesuai kesepakatan kontrak di awal. Penelitian ini bersifat kualitatif. Data diperoleh melalui wawancara mendalam, observasi, dan dokumentasi. Informan kunci adalah pengurus dan anggota MTR. Berdasarkan hasil penelitian dapat disimpulkan bahwa komunitas MTR memiliki tiga makna kualifikasi dalam sosiologi pengetahuan, yakni makna objektif yang dapat dilihat dari pemahaman komunitas dan keyakinan komunitas mengenai riba terutama bunga bank. Perilaku warga MTR terbentuk karena faktor eksternal, yakni stimulus dari lingkungan keluarga yang sudah terlebih dahulu bergabung dengan komunitas MTR. Makna ekspresif dari komunita MTR adalah makna yang diresapi oleh setiap warga MTR yang terintegrasi dalam perilaku menghindari riba dan melakukan ajaran lainnya, seperti memperbaiki akidah, memperbaiki hubungan dengan lingkungan sosial, tetap mencari ilmu terutama ilmu bermuamalah yang baik, dan lain-lainnya. Sementara, makna dokumenter, yakni sebagai kegiatan material yang terwujud dalam bentuk praktik agama dan ritualnya.

Murabahah antara Teori dan Praktik: Analisis Fiqh dan Keuangan Royyan Ramdhani Djayusman
Ijtihad Vol. 6 No. 2 (2012)
Publisher : Universitas Darussalam Gontor

Akad murabahah menjadi pilihan favorit produk pembiayaan dan sangat perkembangan dan sangat perkembangan di Lembaga Keuangan Syariah (LKS). Menurut data statistik perbankan syariah BI, rata-rata porsi pembiayaan murabahah di bank syariah berkisar antara 55% sd 80%. Namun, perkembangan ini tidak diimbangi dengan kepatuhan terhadap syariah (sharia comlpiance) dalam praktek di beberapa LKS. Tujuan dari tulisan ini adalah untuk mengetahui konsep dasar dari murabahah dalam fiqh dan aplikasinya pada LKS. Kemudian menganalisis murabahah antara konsep dan prakteknya di LKS.Tulisan ini merupakan penelitian kualitatif dengan menggunakan analisa fiqh dan keuangan untuk membandingkan antara konsep murabahah dan praktiknya di LKS. Adapun jenis data yang digunakan adalah data kualitatif. Hasil penelitian ini menjelaskan bahwa murabahah adalah jual beli dengan harga awal dengan tambahan keuntungan, yaitu penjual menyebutkan harga perolehan kepada pembeli dan penjual mengambil keuntungan dari penjualan tersebut. Murabahah terdiri dari 5 (lima) persyaratan dan dalam aplikasi LKS terdapat 6 (enam) tahapan. Kemudian ditemukan pula beberapa praktek murabahah yang tidak sesuai dengan akad murabahah dalam kajian fiqh, seperti LKS memberikan uang bukan barang, tidak ada kepemilikan LKS, terjadi asymethric information dalam penyebutan harga awal, potongan harga diri supplier, dan dalam pembebana biaya administrasi murabahah.

ANALISIS TINGKAT KEPUASAN NASABAH TERHADAP PRODUK LEMBAGA KEUANGAN ISLAM (Studi Kasus Lembaga Keuangan Islam Buana Kartika, Demak 2013) Royyan Ramdhani Djayusman
Islamic Economics Journal Vol. 2 No. 1 (2013)
Publisher : University of Darussalam Gontor

This study aims to analyze the level of customer satisfaction views of each product and service attributes analyzing customer satisfaction level on product IFI Buana Kartika Mranggen Demak . The product which is the object of research is the deposit and financing products IFIs Buana Kartika. This study used a 5 ( five ) dimensions of services quality namely reliability (reliability), responsiveness (responsiveness), guarantee (assurance), direct evidence (tangible) and empathy (empathy). In order to achieve the research used quantitative methods with a statistical analysis tool independent sample t - test by comparing the average performance level of IFI Buana Kartika with the average level of customer expectations . The results showed that significant value ratio and performance values for each variable, reliability ( 0.537 ) , responsiveness ( 0.249 ), Assurance ( 0,059 ), Tangible (0.240 ) and Emphaty ( 0,117 ) which is greater than the total value of the level significant 0.05 . That is, H0 stating “ there is no difference between the expected value and performance “ acceptable, meaning customers satisfied with every variable Reliability, Responsiveness, Assurance, Tangible and Emphaty in Islamic Financial Institutions Buana Kartika. In addition, if the value of the variable reliability sorted by the value 0.537 in the highest position which means a very high customer satisfaction rate on variable reliability. While the lowest position is variable with the assurance that the value of 0.059 indicates that the level of customer satisfaction at the lowest variable among other variables that has studied.

Pengaruh Pembiayaan Mudarabah terhadap Pendapatan Anggota/Nasabah Royyan Ramdhani Djayusman; Achmad Nasution
Islamic Economics Journal Vol. 1 No. 1 (2015)
Publisher : University of Darussalam Gontor

Mudarabah is a high risk product in Sharia banking and Islamic financial institutions. However, in Baitu-t Tamwil At-Tamzis, Mudarabah becomes as a superior product. The Mudarabah financing reaches Rp 6.592.378.131,- with profit rate Rp 219.235.450,- in 2013. After researching directly at Baitu-t Tamwil At-Tamzis, its capital and its clients’ finacing increase each year. The researcher aims to know the mecanism of mudarabah financing in Baitu-t Tamwil At-Tamzis and to know the influence of mudarabah financing to its clients’ income. This research is a field research using quantitative approach. To analyze the mecanism of mudarabah in Baitu-t Tamwil At-Tamzis, the researcher used analyzing/controlling method and interview, in other words the researcher controls the situation and work procedurs in Baitut Tamwil At-Tamzis. Whereas, to analyze its influence to its clients’ income, the researcher used analyzing/controlling method, interview, and documentation, it means that the researcher controls the activities of clients and interviews them, then referrs to the existing documentation as the first basis in formulating the research. To analyze the data obtained from the controlling, interview, and documentation method, the researcher use deductive and inductive method, and for analyzing approach, he uses statistics (regression) by employing SPSS 19 to analyze the influence of mudarabah financing to clients’ income. The result of analyzing statistic data is Adjusted r 2 0,571. It means 57,1% income variation can be explained by the variation of all three indepedent variables, namely trading times, capital, and experience. Whereas, the rest (100% - 57,1%= 42,9%) was explained by other reasons beyond the research model. The result of f-count is 45,012 larger than ftable. Therefore, H 0 was rejected. In other words, the independent variables which consist of trading times, capital, and experience simultaneously influence dependent variable (clients’ income). The capital has a significant value, t-count (4,090) > t-table (1,660) with significance 0,000 < (0,05), therefore H 0 was rejected and H 1 was accepted.

Analisis Efisiensi Lembaga Amil Zakat terhadap Pengentasan Kemiskinan Royyan Ramdhani Djayusman; Muhammada Khafid Abdillah
Islamic Economics Journal Vol. 1 No. 2 (2015)
Publisher : University of Darussalam Gontor

Collection and Distribution of Zakah Funds to Mustahiq is the main goal of Amil Zakah Institution (LAZ). In Its Management, Laz Ummat Sejahtera has program to reach its target. Zakah funds, both collection and distribution funds must be efficient, because LAZ USP is a trusthworthyand professional institution of Zakah that belongs to society. This research aims to analyze the efficiency rate of zakah funds on LAZ USP in poverty allevation and to measure the influence of staff management to the efficiency of zakah funds. The researcher use interviewand documentation method. The interview was held to the staff LAZ USP. This research is a field research in form of quantitative by processing data which is obtained from documentation of financial reports LAZ USP 2008-2013. The standard to measure the efficiency is Data Envelopment Analysis (DEA). DEA is a nonparametric method. It is a linear programming model, used to measure technical efficiency. The analysis will show scale 0 to 1 or 0% to 100% on the zakah funds, according to its efficiency rates. In spite of that, this research will use multiple regression to know the influence of staff managements to efficiency of Zakah Funds. The Analysis presented the efficiency rate in 2008-2009 is still in inefficiency condition, because the efficiency rate in 2008 is 97,8% and in 2009 is 99,7%. In 2010 to 2013, the efficiency rate is 100%. It indicates the maximumwas reached. The analysis with multiple regression shows that the whole management of staff has a significant influence to the efficiency of Zakah Funds. But, personally, only program management that has a significant influence to the efficiency of Zakah Funds with T Count is 2,161 and T Table is 2,02, and = 0,05.Finally, Researher hopes to LAZ USP to keep its efficiency of Zakah Funds, because collection and distributionof Zakah Funds is the main Goal of LAZ. It can be done by improving the management of staff LAZ USP, especially program management.

Analisis Strategi Penghimpunan Dana Zakat, Infak, dan Sedekah (Studi kasus di LAZ Ummat Sejahtera Ponorogo) Royyan Ramdhani Djayusman; Mufti Afif; Andi Triyawan; Faizal Abduh
Islamic Economics Journal Vol. 3 No. 1 (2017)
Publisher : University of Darussalam Gontor

One of the Zakat Institution in Ponorogo is LAZ Ummat Sejahtera Ponorogo, which has a muzakki 1.500 people in Ramadan, but except that month, it has 350-400 people of muzakki. The Aim of this research is to identify the preferences and factors influencing the Muslims of Ponorogo in paying Zakat infaq,shodaqoh and to identify the strategy of accumulating zakat infak shodaqoh at LAZ Ummat Sejahtera Ponorogo. The method that used in this research is mixed method or trianggulation method. Also Quantitative research methods used to determine the preferences and factors that influence the interest of Muslims Ponorogo in paying ZIS. While the qualitative method used to analyze the strategy that has been done by LAZ Ummat Sejahtera in order to collect ZIS funds. Data collection in quantitative research through the spreading of questionnaires to 250 Moslem Ponorogo using non probability sampling method with purposive sampling technique. After that, the data were analyzed by factor analysis method. While collecting qualitative research data obtained through interviews with LAZ Ummat Sejahtera, observation, and documentation related to LAZ Ummat Sejahtera. After that, analyzed by SWOT analysis technique (strengths, weaknesses, opportunities, and threats). The results of the research is factor analysis show that four factors influencing interest of Muslim Ponorogo for paying ZIS are factor of faith, factor of Intitution service, factor of religion knowledge, and factor of worship. Second, from the SWOT analysis get 24 strategies funding according to the behavior of Muslims at Ponorogo in paying ZIS.

Pemberdayaan Ekonomi Berbasis Masjid dan Manajemen Ketakmiran pada Masjid An Nur dan FORSIMAL, Dadung, Mantingan Mufti Afif; Andi Triyawan; Royyan Ramdhani Djayusman
Islamic Economics Journal Vol. 3 No. 1 (2017)
Publisher : University of Darussalam Gontor

The purpose of outreach activities with the title of “ The Administrators Empowerment An Nur Dadung Mosque in the administrator’s management is to help the mosque administrators as the responsible to manage all activities and routines which connected for ummah on the religious, education and economics”. The second purpose, is to improve the scientific religion administrators An Nur Dadung mosque. To achieve the purpose of outreach has been implemented by a lecturer team faculty of economic and management, University of Darussalam Gontor, the outreach activities is conducted in the form of management training, discussion, and administrators supervision activities. From the outreach activities carried out by An Nur Dadung mosque, Mantingan, Ponorogo it can be concluded that an increase in the participation of society on activities conducted by An Nur mosque administrators. The existence of thought between a members of An Nur mosque administrators in fostering the community of this mosque. There’s no mosque administrators thought an old fashioned (jumud) and blamed another communities in terms of believed (madzhab).The next holding the investigation in Sunday morning between mosque each monthly with a doorprize from muhsinin and breakfast together.

Pengaruh Kebijakan Pengurangan Beban Pajak Penghasilan bagi Pembayar Zakat (Studi Kasus Muzakki di Lembaga Amil Zakat YDSF Surabaya) Muhammad Zaki; Royyan Ramdhani Djayusman
Islamic Economics Journal Vol. 2 No. 2 (2016)
Publisher : University of Darussalam Gontor

Zakat is an obligation for a capable Muslim, while tax is also an obligation borne by every citizen. Meanwhile, zakat and taxes are two instruments that have the same function, which is to perform the income distribution function and overcome the poverty of its citizens. If the Muslim community in Indonesia pays these two obligations completely, then it will add a burden to the Muslim community in Indonesia. Therefore, Muslims in Indonesia who have paid zakat may be subject to a deduction of the tax burden so that Indonesian Muslim societies do not have double burden of obligation in their country. This study aims to determine the difference in the average number of muzakki in Institute Amil Zakat YDSF Surabaya before and after the policy of income tax deduction for paying zakah. Furthermore, the purpose of this study is to know the perception of opinion muzakki about the policy of deduction of income tax burden for zakat payer in YDSF Surabaya. This type of research is field research using triangulation method. The triangulation method is used to reinforce the data under study. And to identify components through quantitative data analysis and then collect qualitative data to expand the available information. The results showed that the average value of muzakki before this policy was 1523.37, while the mean value of muzakki after the policy was 1413.35. The difference indicates that the average amount of muzakki before the policy of reducing the tax burden is greater than the average amount of muzakki after the policy of reducing the tax burden. That is, the number of muzakki in zakat amil institutions decreased after the implementation of the policy of reducing the tax burden for the payers of zakat. The perception of muzakki regarding the existence of this policy is that this policy does not have a significant effect on the tax burden they have, because the amount of tax burden reduced by zakat only slightly.

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