Muchlis Yahya
Fakultas Syariah Institut Agama Islam Negeri Walisongo Semarang

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ANALISIS NORMATIF KRITIS KEBIJAKAN PEMANFATAN OBLIGASI SYARIAH (SUKUK) DALAM MENUTUP DEFISIT APBN Yahya, Muchlis
Economica: Jurnal Ekonomi Islam Vol 6, No 2 (2015)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2015.6.2.793

Abstract

Tulisan ini bertujuan menganalisis keabsahan pemanfaatan sukuk (obligasi syariah) dalam menutup APBN defisit menurut kajian iE (Islamic Economics). Sebelum tahun anggaran 2008 celah APBN defisit ditutup dengan obligasi (surat utang) konvensional (surat utang berbasis suku bunga). Akan tetapi obligasi syari’ah yang dikenal sukuk (surat utang berbasis bagi hasil) mulai dimanfaatkan. Pemegang sukuk pada periode tertentu akan mendapatkan keuntungan melalui bagi hasil. Secara teoritik, bagi hasil hanya akan muncul jika ada kegiatan komersial/bisnis. APBN adalah dokumen yang menunjukkan kondisi keuangan pemerintah yang menyajikan informasi mengenai pendapatan, pengeluaran, aktivitas dan tujuan yang hendak dicapai. Semua pengeluaran APBN hampir dipastikan diperuntukkan kegiatan konsumtif. Suatu kegiatan konsumsi tidak akan mungkin melahirkan laba/profit. Karenanya pemanfaatan sukuk guna menutup APBN defisit tidak sesuai secara teoritik iE. Tawaran alternatifnya adalah pengintegrasian zakat pada APBN dengan berbagai pertimbangan kritis.
TEORI BAGI HASIL (PROFIT AND LOSS SHARING) DAN PERBBANKAN SYARIAH DALAM EKONOMI SYARIAH Yahya, Muchlis; Agunggunanto, Edy Yusuf
JURNAL DINAMIKA EKONOMI PEMBANGUNAN Vol 1, No 1 (2011): JDEP Volume 1 Number 1 Year 2011
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (362.643 KB) | DOI: 10.14710/jdep.1.1.65-73

Abstract

Profit sharing (Mudharabah) is a monetary instrument of Islamic finance as interest is a monetaryinstrument of conventional economics. Both have extreme one another paradigm. Results have a theoreticalbasis for the profit and loss sharing (PLS). PLS theory was built as a new offer on the outside of the systemwhich tend not to reflect the interest of justice (injustice / dzalim) due to discrimination against the sharingof risks and profits for economic actors. Profit-loss sharing means profits and or losses that may arise fromeconomic activities / business borne together. In the instrument for the results are not fixed and there is a certainreturns as interest, but do profit and loss sharing based on the real productivity of the product. Therefore thesystem to better reflect the outcome of justice. Profit sharing as a monetary instrument has been frequentlyapplied in studies of Islamic economics, both from the supply side (financing) or the supply side economicsand/or demand-side economics.
Why Zakat Collection in Indonesia is Not As Effective As it is in Malaysia Purwatiningsih, Aris Puji; Yahya, Muchlis
Jurnal Penelitian Vol 14, No 1 (2020): JURNAL PENELITIAN
Publisher : LP2M IAIN kUDUS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/jp.v14i1.6785

Abstract

The purpose of this article is to find out the practices and problems of why zakat in Indonesia have not been manage optimally as it is in Malaysia. This study applies descriptive method by collecting data and information from previous articles about zakat, especially zakat management in Indonesia and Malaysia. The findings show that the main problems in managing zakat in Indonesia are: first, there is no government regulation that requires all Muslim citizens who have property that reach nisab requirement to give out zakat. Secondly, Moslem community prefers to pay zakat to the people whom they have already known rather than to the existing formal zakat institutions. Third, there is a lack of good cooperation between zakat institutions owned by the government and the other institutions run by private parties. The result of this of this study may be useful to be used by all parties involved in zakat management so that it can be managed more optimal.
Why Zakat Collection in Indonesia is Not As Effective As it is in Malaysia Purwatiningsih, Aris Puji; Yahya, Muchlis
Jurnal Penelitian Vol 14, No 1 (2020): JURNAL PENELITIAN
Publisher : LP2M IAIN kUDUS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/jp.v14i1.6785

Abstract

The purpose of this article is to find out the practices and problems of why zakat in Indonesia have not been manage optimally as it is in Malaysia. This study applies descriptive method by collecting data and information from previous articles about zakat, especially zakat management in Indonesia and Malaysia. The findings show that the main problems in managing zakat in Indonesia are: first, there is no government regulation that requires all Muslim citizens who have property that reach nisab requirement to give out zakat. Secondly, Moslem community prefers to pay zakat to the people whom they have already known rather than to the existing formal zakat institutions. Third, there is a lack of good cooperation between zakat institutions owned by the government and the other institutions run by private parties. The result of this of this study may be useful to be used by all parties involved in zakat management so that it can be managed more optimal.
Sharia-compliant financing as fiscal policy instrument: an Islamic economic approach to budget deficit management Kartika Marella Vanni; Yahya, Muchlis; Murtadho, Ali; Nurotul Faizah, Fita
Journal of Islamic Economics Management and Business (JIEMB) Vol. 7 No. 1 (2025)
Publisher : Prodi Magister Ekonomi Syariah FEBI UIN Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/jiemb.2025.7.1.26208

Abstract

Budget deficits are a recurring fiscal challenge for many countries, including Indonesia, where reliance on conventional financing methods such as interest-based debt often imposes long-term economic burdens. This study explores the potential of Islamic financial instruments as an alternative solution to address budget deficits, emphasizing sustainability, fairness, and compliance with sharia principles. Using a qualitative approach through literature review and descriptive analysis, the research examines the implementation and effectiveness of instruments such as sukuk, crowdfunding, and securities crowdfunding based on sukuk. The findings reveal that these sharia-compliant tools not only provide viable financing options without the burden of interest but also foster public participation and uphold social justice principles. The study highlights the importance of strengthening regulatory frameworks and integrating Islamic financial systems into national fiscal policies to create a more inclusive, stable, and ethical financing ecosystem. The implications of this research underscore the potential of Islamic finance to contribute to sustainable economic development while adhering to ethical and religious values.