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Perbandingan Kontribusi Pasar Uang, Pasar Modal, dan Pembangunan Sektor Riil di Indonesia dan Qatar dalam Perspektif Ekonomi Syariah: Studi Kualitatif Komparatif Eza Okhy Awalia Br Nasution; Maryam Batubara
JURNAL EKONOMI BISNIS DAN MANAJEMEN Vol. 4 No. 2 (2026): April : JURNAL EKONOMI BISNIS DAN MANAJEMEN
Publisher : CV. ALIM'SPUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59024/jise.v4i2.2436

This study aims to analyze and compare the contribution of the money market, capital market, and real sector development in Indonesia and Qatar using a qualitative comparative approach. The research method employed is library research with secondary data obtained from official financial institution reports, government publications, and relevant academic journals. The findings indicate that the money market in both countries primarily functions as a liquidity stabilization and monetary policy instrument, while the capital market plays a key role in long-term financing of the real sector. Indonesia demonstrates a more dynamic and inclusive financial market development; however, it still faces challenges in effectively channeling funds into productive sectors. In contrast, Qatar has a more stable, concentrated, and investment-oriented financial system supported by sovereign wealth funds. From an Islamic economic perspective, Qatar shows a stronger integration between the financial sector and the real sector based on asset-backed principles. The study concludes that the effectiveness of financial sector contributions to the real sector is influenced by economic structure, financial system stability, and investment orientation in each country.

Optimalisasi Ekosistem: Strategi Cerdas UEA Mendulang Keuntungan dari Hedge Fund Besar tanpa Mengorbankan Prinsip Syariah Habib Fitrah; Maryam Batubara
JURNAL EKONOMI BISNIS DAN MANAJEMEN Vol. 4 No. 2 (2026): April : JURNAL EKONOMI BISNIS DAN MANAJEMEN
Publisher : CV. ALIM'SPUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59024/jise.v4i2.2437

This study examines how the United Arab Emirates (UAE) capitalizes on global hedge funds while addressing Sharia concerns related to short-selling, gharar, and riba. Using a qualitative literature review of academic studies, regulatory documents, and industry reports, the study identifies five non-oil economic mechanisms underlying the UAE’s strategy: revenue generation through real economic activities such as leasing, licensing, and consumption; Emiratization to facilitate knowledge transfer and local workforce absorption; global asset control through sovereign wealth funds; economic stability as a safe haven during crises; and technology transfer enabled by innovative regulations in digital assets and financial artificial intelligence. Rather than establishing Sharia-compliant hedge funds, which have historically experienced limited success, the UAE prioritizes ecosystem optimization through Sharia authorities, Islamic structured products based on wa’ad and murabahah, fintech integration, and a liquid sukuk market. The strategy aligns with maqashid al-Sharia through risk-sharing mechanisms, social responsibility, and fintech-based risk management. The study contributes a five-mechanism framework to Islamic finance literature and provides a potential model for Muslim countries seeking global investment without relying on dedicated Sharia-compliant hedge funds.

Analisis Perbandingan Sistem Pasar Modal dan Pasar Uang Negara Indonesia dan Negara Turki: Perspektif Regulasi Syariah, Stabilitas Keuangan, dan Pertumbuhan Investasi Ira Damayanti Harahap; Maryam Batubara
JURNAL EKONOMI BISNIS DAN MANAJEMEN Vol. 4 No. 2 (2026): April : JURNAL EKONOMI BISNIS DAN MANAJEMEN
Publisher : CV. ALIM'SPUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59024/jise.v4i2.2438

This study aims to analyze the comparison between the capital market and money market systems in Indonesia and Turkey from the perspective of Sharia regulation, financial stability, and investment growth. This research employs a qualitative approach using a comparative study based on literature review and secondary data obtained from financial reports, regulatory policies, and official publications from both countries. The findings indicate that Indonesia has a more structured Islamic financial system supported by strong regulatory frameworks through the Financial Services Authority (OJK) and the National Sharia Board, while Turkey is still in the process of developing broader integration of Islamic finance within its financial system. In terms of financial stability, both countries demonstrate relatively strong resilience, although they remain influenced by global macroeconomic conditions. Meanwhile, investment growth in Indonesia tends to be more stable due to a diversified range of Islamic financial instruments, whereas Turkey shows significant growth potential driven by ongoing financial policy reforms. This study is expected to serve as a reference for strengthening Islamic-based financial systems in both countries.

Perbandingan Kontribusi Pasar Uang, Pasar Modal, dan Pembangunan Sektor Riil di Indonesia dan Qatar dalam Perspektif Ekonomi Syariah: Studi Kualitatif Komparatif Eza Okhy Awalia Br Nasution; Maryam Batubara
JURNAL EKONOMI BISNIS DAN MANAJEMEN Vol. 4 No. 2 (2026): April : JURNAL EKONOMI BISNIS DAN MANAJEMEN
Publisher : CV. ALIM'SPUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59024/jise.v4i2.2436

This study aims to analyze and compare the contribution of the money market, capital market, and real sector development in Indonesia and Qatar using a qualitative comparative approach. The research method employed is library research with secondary data obtained from official financial institution reports, government publications, and relevant academic journals. The findings indicate that the money market in both countries primarily functions as a liquidity stabilization and monetary policy instrument, while the capital market plays a key role in long-term financing of the real sector. Indonesia demonstrates a more dynamic and inclusive financial market development; however, it still faces challenges in effectively channeling funds into productive sectors. In contrast, Qatar has a more stable, concentrated, and investment-oriented financial system supported by sovereign wealth funds. From an Islamic economic perspective, Qatar shows a stronger integration between the financial sector and the real sector based on asset-backed principles. The study concludes that the effectiveness of financial sector contributions to the real sector is influenced by economic structure, financial system stability, and investment orientation in each country.

Optimalisasi Ekosistem: Strategi Cerdas UEA Mendulang Keuntungan dari Hedge Fund Besar tanpa Mengorbankan Prinsip Syariah Habib Fitrah; Maryam Batubara
JURNAL EKONOMI BISNIS DAN MANAJEMEN Vol. 4 No. 2 (2026): April : JURNAL EKONOMI BISNIS DAN MANAJEMEN
Publisher : CV. ALIM'SPUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59024/jise.v4i2.2437

This study examines how the United Arab Emirates (UAE) capitalizes on global hedge funds while addressing Sharia concerns related to short-selling, gharar, and riba. Using a qualitative literature review of academic studies, regulatory documents, and industry reports, the study identifies five non-oil economic mechanisms underlying the UAE’s strategy: revenue generation through real economic activities such as leasing, licensing, and consumption; Emiratization to facilitate knowledge transfer and local workforce absorption; global asset control through sovereign wealth funds; economic stability as a safe haven during crises; and technology transfer enabled by innovative regulations in digital assets and financial artificial intelligence. Rather than establishing Sharia-compliant hedge funds, which have historically experienced limited success, the UAE prioritizes ecosystem optimization through Sharia authorities, Islamic structured products based on wa’ad and murabahah, fintech integration, and a liquid sukuk market. The strategy aligns with maqashid al-Sharia through risk-sharing mechanisms, social responsibility, and fintech-based risk management. The study contributes a five-mechanism framework to Islamic finance literature and provides a potential model for Muslim countries seeking global investment without relying on dedicated Sharia-compliant hedge funds.

Analisis Perbandingan Sistem Pasar Modal dan Pasar Uang Negara Indonesia dan Negara Turki: Perspektif Regulasi Syariah, Stabilitas Keuangan, dan Pertumbuhan Investasi Ira Damayanti Harahap; Maryam Batubara
JURNAL EKONOMI BISNIS DAN MANAJEMEN Vol. 4 No. 2 (2026): April : JURNAL EKONOMI BISNIS DAN MANAJEMEN
Publisher : CV. ALIM'SPUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59024/jise.v4i2.2438

This study aims to analyze the comparison between the capital market and money market systems in Indonesia and Turkey from the perspective of Sharia regulation, financial stability, and investment growth. This research employs a qualitative approach using a comparative study based on literature review and secondary data obtained from financial reports, regulatory policies, and official publications from both countries. The findings indicate that Indonesia has a more structured Islamic financial system supported by strong regulatory frameworks through the Financial Services Authority (OJK) and the National Sharia Board, while Turkey is still in the process of developing broader integration of Islamic finance within its financial system. In terms of financial stability, both countries demonstrate relatively strong resilience, although they remain influenced by global macroeconomic conditions. Meanwhile, investment growth in Indonesia tends to be more stable due to a diversified range of Islamic financial instruments, whereas Turkey shows significant growth potential driven by ongoing financial policy reforms. This study is expected to serve as a reference for strengthening Islamic-based financial systems in both countries.

DEVELOPMENT OF WAQF MANAGEMENT IN JORDAN Maryam Batubara; Mukhlis
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 3 (2024): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i3.121

Waqf is one of the teachings of Islam and has been known since the time of the Prophet SAW. There are two opinions about who was the first to implement waqf. The first opinion, some scholars say, is that the first person to implement waqf law was Rasulullah SAW, where he donated his land to later build the Quba mosque when Rasulullah moved to Medina. The Quba Mosque was built in 622, located about 400 kilometers north of the city of Makkah. During the leadership of King Abdullah II, the law on waqf and Islamic affairs was revised again and became law number 32 of 2011 with the same name. The spirit is to utilize the potential of waqf so that it can be maximized in line with current developments. The message contained in law number 32 of 2011 is, first, the Ministry of Waqf for Islamic Affairs and Holy Places and Islamic Affairs is institutionally and financially independent in order to develop and invest waqf assets. Development of Endowment Funds in Jordan 50% of the foundation's income is used for places of worship and other needs. Meanwhile, the other 50% of income is distributed to four other charities (poverty, disease, education and society).

DEVELOPMENT OF WAQF MANAGEMENT IN SAUDI ARABIA Anisa Mawaddah; Siti Nurul Atiqah; Maryam Batubara
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 3 (2024): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i3.122

Waqf management in Muslim countries in the modern era is very diverse, both in terms of history, regulations, implementation and development. In this article, the author will explain how waqf is managed in Saudi Arabia, which will then be compared with Indonesia which is managed by the Indonesian Waqf Board. In practice, Indonesia is far behind several Muslim countries in managing waqf. This is due to the lack of political will from the government in managing waqf. In terms of regulations, waqf management only had its legal umbrella in 2004, even though the practice of waqf management has been going on for quite a long time.

ZAKAT MANAGEMENT IN TURKI AND INDONESIA Muhammad Ramadhan; Melani Azzahra Nur; Maryam Batubara
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 3 (2024): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i3.123

Zakat management is a crucial aspect in the Islamic economic system, which plays an important role in overcoming poverty and improving the welfare of Muslims. This journal examines zakat management in Turkey, a country with a majority Muslim population and a rich Islamic history. By focusing on the role of zakat institutions and cooperation between the government and zakat organizations, this research presents an overview of zakat management practices in Turkey. There are many Islamic countries that are successful in managing zakat, one of which is the United Arab Emirates. This research aims to find out how zakat is managed in Turkey and how it differs from zakat management in Indonesia. This research uses a qualitative approach with library research methods. The results of his research are that zakat funds in Turkey are managed by Zakat managed by several communities or charitable foundations such as the Turkish Red Crescent Kizilay, the Turkiye Diyanet Foundation and IHH Insani Yardim Vakfi.

DIFFERENCES IN THE ZAKAT SYSTEM IN QATAR AND INDONESIA Bella Delima; Maryam Batubara; Dea Sarah Sati Hana'an
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 3 (2024): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i3.124

Zakat as an Islamic financial instrument has an important position in alleviating poverty, in managing zakat in Indonesia and Qatar. This research aims to provide an explanation of zakat management in Qatar and Indonesia. The practice of collecting and distributing zakat in Qatar involves several approaches, including direct payment by individuals, distribution through families, and through charitable organizations such as Qatar Charity. Despite efforts to increase transparency, politicization still influences some aspects, and Qatari regulations emphasize government control over zakat to direct it in line with state interests. This research suggests that there are differences in the management of zakat in the two countries, differences in various ways. Namely regulations, institutions, managers, supervisory institutions, models for implementing and collecting zakat, management of collection and distribution.

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