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All Journal Al-Muzara'ah
Imam T Saptono
Institut Pertanian Bogor

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Pemilihan Metode Spin Off Unit Bisnis Syariah Dengan Pendekatan Analisa Faktor (Studi Kasus PT. BNI Syariah dan PT. Bank Syariah BRI) Amzul Rifin; Imam T Saptono; H R Dewati
AL-MUZARA'AH Vol. 3 No. 2 (2015): AL-MUZARA'AH (December 2015)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (391.909 KB) | DOI: 10.29244/jam.3.2.122-135

Abstract

The banking sector in Indonesia is classified as a competitive economic sector. That condition force the bank management to implement appropriate strategies and innovation to improve the capability of the company and the quality of services offered. Of the various strategies available, spin-off considered as one of the strategies that are quite popular among banking companies. The implementation of spin-off in Sharia Business Unit (UUS) in Indonesia is carried out with the different method among Commercial Bank (BUK). The research focuses on 2 (two) alternative spin-off methods, which is spin-off through existing bodies and through the establishment of a new entity, with a case study of PT. Bank BRI Syariah and PT. Bank BNI Syariah. The data collection process in this paper is will be done through 2 stages. The first step is using factor analysis method to assign factors that are considered significant in spin-off process, and the second step to determine the factors that are more considered for different methods by using pairwise comparison method. The results show that there are 6 (six) factors considered in spin-off implementation, and there are differences in the factor that considered in spin-off implementation between Islamic Banks that was formed through existing bodies and through the establishment of a new entity.
Pengaruh Indeks Harga Saham Regional ASEAN dan Variabel Makroekonomi terhadap Indeks Harga Saham Syariah Indonesia (ISSI) Aurora Nur Firdausi; Idqan Fahmi; Imam T Saptono
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 (433.013 KB) | DOI: 10.29244/jam.4.2.76-96

Abstract

Investment in Indonesia is currently undergoing a good development. It is characterized by the good performance of the composite stock price index (IHSG), LQ45, Jakarta Islamic Index (JII), and Indonesia Sharia Stock Index (ISSI), which represents the actual conditions of the national Sharia capital market. The market share of the stock of Sharia has reached 58,89% of all issuers of stocks with the highest market capitalization of Rp 2,946 trillion, or of  56,37% of total market capitalization. The presence of Islamic capital market is expected to boost the performance of the national economy. Entering the ASEAN economic community 2015, the economy of Indonesia need more stable to be able to compete with the global economy. Stability macroeconomic factors of a country as well as the absorption of investment from domestic and foreign investors will be important in the face of  ASEAN economic community. This research attempts to examine the impact of ASEAN stock market and macroeconomic variables towards Indonesia Sharia Stock Index (ISSI). By using Vector Error Correction Model (VECM) as the method, this research utilizes time series monthly data from May 2011 to June 2015.
Harga Properti Residensial & Pembiayaan Pemilikan Rumah Perbankan Syariah dan Konvensional Christine Ullyana; Heny K Daryanto; Imam T Saptono
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 (584.959 KB) | DOI: 10.29244/jam.4.2.97-109

Abstract

. This study investigates the dynamic relationship between macroeconomic variables and housing financing provided by convensional and islamic banking in Indonesia. Utilizing quarterly data from 2007 to 2016, this study employs Vector Error Correction Model (VECM), Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD). It  finds that macroeconomics variables and housing price  have distinct long relationship with housing financing provided by both. Our study reveal that policy intervention to stimulate or dampen housing financing provided by islamic and conventional bank can focus on GDP, house prices and monetary policy however it should be implemented to right segment. In addition, this study documents evidence that Islamic housing financing in Indonesia really dependent on interest rate. Therefore the findings suggest that Islamic Banking could apply alternative rate, possibly IHPR to manage to live up to their ideals in achieving the objectives of Shari’ah