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Challenges in Developing Integrated Halal Industry in Indonesia Mohammad Iqbal Irfany
Halal Tourism and Pilgrimage Vol. 2 No. 1 (2022): Halal Tourism and Pilgrimage
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (347.034 KB) | DOI: 10.58968/htp.v2i1.114

Abstract

This study aims to determine the opinions and recommendations of experts regarding the problems of the integrated halal industry in Indonesia to determine the priority of the most important variables to be fixed first. This research was conducted in September 2020 using primary data obtained from interviews of experts consisting of academics, practitioners and regulators with a background in sharia economics. The data were analyzed by the Delphi method to find the main priority and agreed upon convergence by experts. The results showed that of the 6 criteria for integrated halal industry problems in Indonesia, there are 22 variables with convergent-convergent consensus based on expert opinion and only 2 variables with Divergent consensus. The 3 main priority problems of the integrated halal industry in Indonesia along with the problems in the sub-criteria are (1) Regulation & Policy: Implementation, (2) Information Technology & Services: Accessibility, (3) Public Awareness: Socialization. This research can be used by readers to make improvements in the halal industry system in Indonesia with priorities according to the findings of this study. This research is the first research to comprehensively calculate the expert's assessment regarding the integrated halal industry problem in Indonesia using the Delphi method and its priority recommendations.
Determinants of Saving Decisions at Indonesian Islamic Banks During the COVID-19 Pandemic Muhammad Afifuddin Abdurrosyid Kamil; Ranti Wiliasih; Mohammad Iqbal Irfany
Annals of Management and Organization Research Vol. 4 No. 1 (2022): August
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v4i1.1387

Abstract

Purpose: This study aims to determine the characteristics and factors influencing the decision to save at Islamic banks, during the COVID-19 pandemic. Research methodology: The sample used in this study amounted to 400 participants, which were collected by online questionnaire. A logistic regression was also employed to estimate the influence of independent variables on the saving decisions of customers. This was accompanied by the implementation of descriptive analysis, to determine the characteristics of Islamic bank customers during the pandemic. Results: The characteristics of the participants were dominated by people aged 17-25, with the majority of them residing in West Java and working as a student. Besides this, data were also analyzed by using logistic regression analysis. Based on the results, several factors influenced the saving decisions of Islamic bank customers. In this case, evaluation and strategy were carried out to increase customer interest through knowledge of the types and benefits of Islamic savings. Limitations: This study was limited to the analysis of the factors influencing the saving decisions of Islamic bank customers during COVID-19. The contribution derived was also related to the saving demands of customers in Islamic banking. Contribution: The results highlighted the characteristics of Islamic bank customers during the pandemic, as reference material for banking managers to increase interest in their financial products. Originality: Based on the logistic regression, religiosity, knowledge, promotion, location, and age positively/significantly affected saving decisions at Islamic banks during the COVID-19 pandemic. This indicated that Islamic banking was not stuck in the market segment of the Muslim community, regarding the promotion of their products. In addition, promotion quality should be essentially improved, accompanied by the maintenance of business ethics and image as an Islamic bank.
Strategy for Developing the Concept of Halal Beach Tourism in Gunung Kidul Regency, Yogyakarta Resfa Fitri; Muhammad Wildan Syakuro; Mohammad Iqbal Irfany
AL-MUZARA'AH Vol. 11 No. 1 (2023): AL-MUZARA'AH (June 2023)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.11.1.87-101

Abstract

One sector that is currently being featured in Indonesia is the development of tourism including halal tourism. The concept of halal is trending ranging from culinary, fashion, cosmetics and even the tourism sector. Gunung Kidul Regency of Yogyakarta has the largest beach tourism area and has the potential to be developed into halal beach tourism. However, appropriate strategy for the development of halal beach tourism in Gunung Kidul Regency is still lacking. Study on the topic on the halal beach tourism is also still limited. This study aims to analyze the strategy for developing the potential of halal beach tourism in Gunung Kidul Regency using the Analytic Hierarchy Process (AHP) method and the Strengths, Weaknesses, Opportunities, and Threats (SWOT) approach. The results of this study show that strength is a top priority in developing halal beach tourism in Gunung Kidul Regency. The strategy priorities are: a) improvement of facilities such as prayer facilities and supporting facilities with the concept of halal beach tourism, b) expanding cooperation with various parties and synergies between beaches, c) improving the quality of human resources through training activities and introducing the concept of halal beach tourism, d) designing an integrated promotion and marketing strategy, and e) improvement of services and providing tour guides for tourists. This research implicates for the establishment of a halal certification policy for entrepreneurs as well as promoting clear regulations on halal beach tourism, especially in Gunung Kidul Regency.
Testing the efficient market hypothesis with Indonesian Islamic Stocks during the Covid-19 pandemic Tiara Early Afifah; Neneng Hasanah; Mohammad Iqbal Irfany
Annals of Management and Organization Research Vol. 4 No. 3 (2023): February
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v4i3.1621

Abstract

Purpose: This study aims to identify the phenomenon of overreaction in Islamic stocks during the COVID-19 pandemic and understand how various pieces of information during the pandemic influenced investors to overreact, leading to market inefficiency. Research Methodology: This study employs two main methods: an event study focusing on the overreaction phenomenon in the Islamic stock market, and cross-sectional regression to analyze the factors that influence it. Results: Overreaction was observed in the winner's stock portfolio during the announcement of Indonesia's first COVID-19 case. However, during other significant events, such as the National Economic Recovery program issuance, the arrival of the vaccine, and the highest increase in daily positive cases, overreaction was seen in both the winner and loser stock portfolios. Factors such as abnormal returns, information leakage, and company ownership are identified as significant influencers of this overreaction. These factors were found to be negatively related to cumulative abnormal returns post-event, indicating their role in the overreaction phenomenon. Limitation: This study focuses on the overreaction phenomenon of Shariah stocks in the Jakarta Islamic Index (JII) during the COVID-19 pandemic in 10 selected events from October 1, 2019, to July 23, 2021. Contribution: This study offers insights into the behavior of Islamic stocks in Indonesia during the pandemic, helping stakeholders understand market inefficiencies during crises.
How different believers’ perceptions of choosing halal hotels an empirical analysis of non-muslim customers in Jakarta Nadiya Ulfa; Laily Dwi Arsyianti; Mohammad Iqbal Irfany; Daffa Aqomal Haq
Journal of Sustainable Tourism and Entrepreneurship Vol. 4 No. 1 (2022): September
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/joste.v4i1.1664

Abstract

Purpose: The primary objective of this study was to understand the factors that influence non-Muslim clients' perceptions of halal hotels in DKI Jakarta, Indonesia. Research Methodology:  Data were collected using questionnaires from 95 hotel guests in the DKI Jakarta region. Descriptive analysis and logistic regression were employed as analytical methods. Results: The results of the logistic regression revealed that education level and cost of hotel stay are significant determinants of non-Muslim consumers' selection of halal hotels. Limitations: This study was limited by its sample size of 95 visitors and geographical restrictions on the DKI Jakarta area. These variables may have affected the generalizability of our results. Contributions: This research enriches the halal tourism domain by elucidating non-Muslim guests' views on halal hotels and offering invaluable guidance for hoteliers, tourism entities, and policymakers to expand their target clientele in halal travel. Novelty: The novelty of this study lies in its focus on non-Muslim consumer perceptions, providing empirical evidence on how education and price influence hotel selection in the context of halal tourism.
Proposing Green Waqf Development Strategy in Protecting Land Ecosystems in Indonesia: An Interpretive Structural Modeling Approach Mohammad Iqbal Irfany; Sri Rahayu Ningsih; Qoriatul Hasanah; Aam Slamet Rusydiana
Ekonomi Islam Indonesia Vol. 5 No. 1 (2023): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v5i1.201

Abstract

Climate change and terrestrial ecosystems are one of the important things in sustainable development goals (SDGs). In Indonesia, there are about 14 million critical lands (The Ministry of Environment and Forestry, 2018) that motivated the formation of several innovative financing to utilize critical lands, including the Green Waqf Movement since August 2021. This study aims to describe, identify key sub-elements, and analyze the Green Waqf development strategy in maintaining terrestrial ecosystems in Indonesia through the Interpretive Structural Modeling (ISM) approach. The results show that several key aspects in the constraint element are the lack of professionalism of nazhir, the lack of low public literacy and the lack of education and socialization of Green Waqf in the development of Green Waqf. The main goal that needs to be achieved is the existence of legal support for Green Waqf. This study recommends Green Waqf development strategies by coordinating the Indonesian Waqf Board, WaCIDS, nazhir, The Ministry of Environment and Forestry, local governments and other related stakeholders to encourage the Green Waqf program. In addition, approaching and fostering good relationship between wakif, nazhir, and business (including SMEs) as well as developing a number of green product development programs are also important.
Intertemporal Social Efficiency on Indonesian Islamic Banks: DEA Window Analysis Aam Slamet Rusydiana; Mohammad Iqbal Irfany
Fara'id and Wealth Management Vol. 3 No. 1 (2023): Fara'id and Wealth Management
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/fwm.v3i1.227

Abstract

Measurement of the efficiency level of Islamic banks in Indonesia is widely carried out, but almost no study has been conducted with the DEA window analysis approach, especially in the 'social efficiency' perspective. We try to measure the social efficiency of the Islamic banks in Indonesia employing both Data Envelopment Analysis (DEA) and the DEA window analysis. For certain cases the results of the DEA window analysis are relatively more stable and can illustrate the actual results of the efficiency value. The results show that the social efficiency of Islamic banks in Indonesia from 2011-2018 are relatively fluctuated but tend to increase. From the perspective of the stability of efficiency value, we found only 4 (four) out of 11 (eleven) Islamic banks that have relatively stable efficiency levels.
Marketing Mix Strategy in Waqf Online Fundraising Platform: An Importance-Performance Analysis Vitriara Ahsana Nadya; Asep Nurhalim; Mohammad Iqbal Irfany
AL-MUZARA'AH Vol. 11 No. 2 (2023): AL-MUZARA'AH (December 2023)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.11.2.119-132

Abstract

As an Islamic social finance practice, waqf has a considerable potential to develop community following maqashid sharia and SDGs. At IPB University, one of few universities with authority as a nazir, the implementation of waqf from ‘civa to civa’ on campus has huge benefits for the development of their surrounding without having to rely on government funding. This study, using Islamic Economics students as its respondent, tries to formulate a marketing strategy for waqf online fundraising platform employing an Importance Performance Analysis. Results show that there is still a noticeable gap between the potential and realized the value of waqf in this platform and demography, indicating that the performance has yet to reach the select value from respondents. Three attributes of the marketing mix in IPB’s online waqf platform that needed the most attention: social media promotion, mass media promotion, and integration with other fundraising platforms.
Sharia hotel preferences among tourists in Bogor City: Factors and insights Alda Luthfiana; Ranti Wiliasih; Mohammad Iqbal Irfany; Daffa Aqomal Haq
Journal of Sustainable Tourism and Entrepreneurship Vol. 4 No. 1 (2022): September
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/joste.v4i1.1654

Abstract

Purpose: The objective of this study is to examine the factors influencing consumer demand for Sharia hotel services in Bogor City and their characteristics to provide invaluable guidance for related parties. Research Methodology:  This study employs descriptive and multiple regression analyses using data collected from Sharia hotel consumers in Bogor City using a convenience sampling technique with 59 samples. Results: The results show that consumers of Sharia hotels in Bogor City use conventional hotel services more often than Sharia hotels. The factors influencing tourists’ use of Sharia hotel services in Bogor City are the relative prices of Sharia hotels to conventional hotels, knowledge, religiosity, service quality, and facilities owned by Sharia hotels. Limitations: The study is geographically confined to three specific Sharia hotels in Bogor City: Sahira Hotel, Sahira Butik Hotel Bogor, and Sahira Butik Hotel Pakuan, which may not be representative of sharia hotels in other regions. Contributions: Offers insights into consumer behavior in Bogor City's Sharia hotel sector, aiding future business and policy decisions in halal tourism.
Determinants of Islamic and Conventional Banking Insolvency Risk in Indonesia Fitriyatustany Fitriyatustany; Mohammad Iqbal Irfany; Tita Nursyamsiah
Falah: Jurnal Ekonomi Syariah Vol. 9 No. 2 (2024): AUGUST
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v9i2.35116

Abstract

The insolvency risk has an important part in the development and sustainability of the banking industry. The fall in financial parameters due to the Covid-19 outbreak suggests that banks are at risk of insolvency. The study aims to detect and assess developments in insolvency risk in Islamic and conventional banking between 2018 and 2023. The methods used were Z-score, X-score, G-score, and panel data regression. The results indicate that internal factors, namely Loans to Assets at the Top Four Conventional Commercial Banks (BUK), Cost Income Ratio at BUK, Income Diversity, and Total Assets at Islamic Commercial Banks (BUS), have a significant negative effect on the Z-score value. External factors, namely Gross Domestic Product at BUS and BUK, have a substantial negative effect, and Interest Rates at BUK have a significant positive effect on the Z-score value. Islamic and conventional banking must preserve the bank's health by increasing capital, retaining factors important to the Z-score, and conducting additional research with more diversified variables and objects to improve efficiency and stability. A more thorough theoretical model for recognizing and controlling insolvency risk in both kinds of banking can be created using these insights. The article’s conclusions can help Indonesian banks create more effective risk management plans.
Co-Authors Aam Slamet Rusydiana Aam Slamet Rusydiana Aam Slamet Rusydiana Aam Slamet Rusydiana, Aam Slamet Aceng Hidayat Achsani, Muhammad Nur Faaiz Fathah Afiana, Riyyun Ahmad Izzuddin Aisyah, Tasya Nur Al Muharram, Muhammad Shiddiq Al Zahroh, Dina Naba Albajili, Abi Nubli Alda Luthfiana Alfiasari Amirah, Nurul Anggini, Karlita Anggraini, Lilik Asep Nurhalim Aulia Nur Cahyani Camara, Bumi Daffa Aqomal Haq Daffa Aqomal Haq Dharmarianti, Dian Putri Dwi Hastuti Erliza Noor Euis Sunarti Fadhila Meithasari Nurtjahjo Fiona Ramadhini Fitri, Resfa Fitriyatustany Fitriyatustany Handian Purwawangsa Haq, Daffa Aqomal Hutajulu, Ivonia R. Ikhsana, Nadya Ramadhani Indah Sulistya Intan Aulia Ardhani Irfan Syauqi Beik Isbayu, Muhammad Istiqlaliyah Muflikhati JAENAL EFFENDI Laily Dwi Arsyianti Lilik Noor Yuliati Maulidiya, Sherly Eka Melinda, Vera Melly Latifah Muhammad Afifuddin Abdurrosyid Kamil Muhammad Wildan Syakuro Mustika Mustika Muthohharoh, Marhamah Nadiya Ulfa Neneng Hasanah Neneng Hasanah Nur Wulan Nursyamsiyah, Tita Priyanto, Anindia Meil Putri, Fatimah Iskandar Putri, Syifa Izzati Anzania Putri, Uly Anggraeni Qoriatul Hasanah Rafki, Muhammad Rahmat, Muhammad Alifka Ramadhini, Fiona Ramadini, Kintan Nur Ramdhani, Arlita Ranti Wiliasih Rezkyarta, Alif Rosmala, Novia Setiawan, Alfianto Hendry Sofina Mujadiddah Sri Rahayu Sri Rahayu Ningsih Susanto, Astiani Tamaulina Br Sembiring Tiara Early Afifah Tita Nursyamsiah Tita Nursyamsiah, Tita Tsany, Fadhlan Ulhaqqi, Muhammad Fikra Yafi Vitriara Ahsana Nadya Widya Syafitri Yulina Eva Riany Zidan, Muhamad