Ulumuddin Nurul Fakhri
Mahad Aly An-Nuaimy, Jakarta, Indonesia

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Designing of digital-based Islamic social finance model through role of mosque Aminah Nuriyah; Ulumuddin Nurul Fakhri
Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol8.iss1.art6

Abstract

Purpose – This study aims to optimize the role of mosques in increasing economic welfare and reducing widespread public usury loans. Moreover, this study also aims to determine the right model for Islamic financial activities.Methodology – This is a qualitative study and the Analytic Network Process (ANP) BOCR model was utilized to obtain the ideal model according to literature reviews and expert opinion. This study conducted in-depth interviews with 5 experts (Ulama, Regulators (Financial Services Authority), Fintech Practitioners, fintech academics, and the Indonesian Mosque Council).Findings – Three alternative models were chosen by the experts, namely the Crowdfunding Model (0.47), Peer-to-Peer landing (0.37), and Bank Infaq (0.17). In addition, the experts suggested for attention to be made to the cost factor (0.47) so as not to burden the mosque. Moreover, according to the experts, the benefits (0.28) that will be obtained will be greater for the welfare of the mosque and residents around the mosque if fintech crowdfunding is implemented.Originality – Research on the role of mosques in improving people's welfare by utilizing fintech is very rarely done. The results of this study are expected to increase the role of the community in collecting funds and controlling the distribution of tabarru' funds.Research limitations – This type of research is exploratory, and empirical research is needed for in-depth results.Practical implications – If this research is implemented, it will accelerate the recovery of economic conditions during a crisis.Social implications – The successful implementation of the Islamic Social Finance (ISF) model by utilizing the role of the mosque will improve the welfare of the community evenly.
The impacts of Covid-19 on macroeconomic indicators and the performance of Islamic banks in Indonesia Ulumuddin Nurul Fakhri; Aminah Nuriyah
Jurnal Ekonomi & Keuangan Islam Volume 8 No. 2, July 2022
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol8.iss2.art5

Abstract

Purpose – The purpose of this study was to determine the extent of the impact of Covid-19 on the macroeconomic indicators and financial performance of Islamic banks in Indonesia. The results of this study may serve as a reference for the Indonesian government and Islamic banks’ stakeholders in formulating strategic decisions in creating innovative solutions during the Covid-19 pandemic.Methodology – Quantitative research method with 2 approaches, namely Partial Least Square-Structural Equation Modeling (PLS-SEM) and Artificial Neural Networks (ANN) was selected for this study.Findings – This study demonstrated that macroeconomic indicators were significantly affected by the Covid-19 pandemic. However, the results of the ANN and PLS-SEM models varied. The PLS-SEM model illustrated the impact of the Covid-19 pandemic affecting the performance of Islamic banking, while the ANN model did not.Implication – This research has implications for stakeholders, especially the government to maintain macroeconomic stability, while for Islamic banking management to focus more on product innovation and service excellence so that it can be closer to the public, especially Muslims community.Originality – Numerous studies examining macroeconomics and the financial performance of Islamic banking have been conducted. This study aimed to offer an alternative perspective by using two models, namely PLS-SEM and ANN.