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Comparison of Risks, Returns and Performance Measurements of Sharia and Non-Sharia Mutual Funds in Indonesia Yoyok Prasetyo; Mohamad Anton Athoillah; Deni Kamaludin Yusup
Ijtimā`iyya: Journal of Muslim Society Research Vol 4 No 2 (2019)
Publisher : Postgraduate Program, State Institute on Islamic Studies Purwokerto

Investment is a sacrifice to postpone current consumption by allocating a number of assets that are expected to earn benefits in the future. Islamic Sharia does not forbid Muslims to do it, even there is an indication that it is recommended. The main motivation is to be able to pay more alms in the future. One of investment instruments in Indonesia is Mutual Funds. Indonesia's predominantly Muslim population is one of the triggers for the development of sharia-based mutual funds. However, its development has not been as big as the existing potential market. One of the reasons is there is still a view in the community that sharia-based instruments provide lower returns than non-sharia. This study compares the risks and returns of mutual funds, between sharia and non-sharia based. Sampling of both used purposive sampling, where there were 6 sharia mutual funds and 8 non-sharia mutual funds. The study was conducted in 5 years. The results of the study were: (1) There was no significant difference between the risks of both; (2) There was no significant difference between the returns of both; (3) The performance of non-sharia mutual funds was more dominating than sharia mutual funds.

Waqf Literacy: The Dynamics of Waqf in Indonesia Ahmad Lukman Nugraha; Adib Susilo; Miftahul Huda; Mohamad Anton Athoillah; Chaerul Rochman
Journal of Islamic Economics and Finance Studies Vol 3, No 2 (2022): JIEFeS, December 2022
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v3i2.5082

In the history of Islamic civilization, waqf has been a pillar of the glory of Islam. The function of waqf is as a provider of public facilities and social facilities that support the life of the Muslim community, such as mosques, squares, Islamic schools, cemeteries and public roads. The development of waqf in Indonesia can have an influence on fiscal policy, namely through cash waqf. Even though Indonesia has a fairly large waqf potential, Indonesia has not been able to manage its waqf properly. Therefore, studies related to the development of waqf in Indonesia are still an interesting study for both scientists and practitioners. The purpose of this article is to review the development of waqf in Indonesia. The approach used in this paper is descriptive qualitative. The author finds the development of waqf in Indonesia is very dynamic. It can be seen from the existing phenomena, the dynamics of the waqf fatwa and the products being donated are increasingly diverse. At first, waqf only wallowed in fixed assets such as land, schools, Islamic boarding schools, and buildings that had a static nature. Beginning with the 2004 waqf law, waqf objects were transformed into cash waqf which were more practical and productive. Followed by the establishment of BWI in the same year by the Government led to an increase in the administrative management of waqf. Dalam sejarah peradaban Islam, wakaf pernah menjadi penopang kegemilangan Islam. Fungsi wakaf sebagai penyedia fasilitas umum dan fasilitas sosial yang menopang kehidupan masyarakat muslim, seperti masjid, lapangan, madrasah, kuburan dan jalan umum. Perkembangan wakaf di Indonesia dapat memberikan pengaruh terhadap kebijakan fiskal yakni melalui wakaf tunai. Meskipun Indonesia memiliki potensi wakaf yang cukup besar, namun Indonesia belum dapat mengelola wakafnya dengan baik, Oleh karena itu kajian terkait perkembangan wakaf di Indonesia masih saja menjadi kajian yang menarik baik di kalangan akademisi maupun praktisi. Tujuan dari artikel ini adalah untuk mengkaji bagaimana perkembangan wakaf di Indonesia. Pendekatan yang digunakan dalam makalah ini ialah kualitatif deskriptif. Penulis menemukan perkembangan wakaf di Indonesia sangat dinamis. Terlihat dari fenomena yang ada, dinamika fatwa wakaf dan pengembangan jenis aset yang diwakafkan semakin beragam. Pada awalnya, wakaf hanya berkubang pada aset tidak bergerak sepeti tanah, sekolah, pesantren, bangunan yang memiliki sifat statis. Diawali dengan undang-undang wakaf tahun 2004, benda wakaf bertransformasi menjadi wakaf tunai yang lebih bersifat praktis dan produktif. Disusul dengan pembentukan BWI pada tahun yang sama oleh Pemerintah menimbulkan peningkatan pengelolaan wakaf secara administratif.

Penyelesaian Sengketa Perjanjian Syariah pada Lembaga Keuangan Syariah Jajang Herawan; Mohamad Anton Athoillah
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 6 No 1 (2024): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v6i1.3587

Settlement of Sharia Agreement Disputes in Islamic Financial Institutions is a positive endeavor to provide legal certainty for justice seekers. The settlement of muamalah disputes in the Islamic tradition has been carried out since the time of the Prophet Muhammad. This is done through a court mechanism known today as litigation and through shulh, fatwa, tahkîm, mazhalim, and hisbah or what is known today as non-litigation. The forms of muamalah dispute resolution that operate in special Islamic financial institutions (LKS) that are currently in effect are almost the same as those that were in effect at the time of the Prophet. The path of litigation through the judiciary and the path of non-litigation through peace or alternative dispute resolution is known in fiqh as shulh, while the route through arbitration or in fiqh terminology is called tahkîm. Keywords: Dispute Resolution, Sharia Agreement, Islamic Financial Institutions

Landasan Implementasi Ekonomi Syariah Dalam Perspektif Maqāṣid al-Sharī‘ah Mugni Muhit; Mohamad Anton Athoillah
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 6 No 1 (2024): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v6i1.3586

Islam as a doctrine will certainly be the main foundation in every human activity that has claimed and positioned Islam as its belief. It is with this doctrine that all activities are guarded and regulate all forms of human activity universally and comprehensively, between humans as creatures and God as Creator and humans as His fellow creatures. A Muslim who needs a means of living, of course, will not be able to avoid all kinds of activities related to the economy, therefore as Muslims in their economic activities they must be based on God's doctrine to achieve prosperity and benefit. For this reason, the purpose of this research is to examine in more detail the transcendent basis of Islamic economics from the perspective of Maqāṣid al-Shari'ah, so that in its implementation, the economic welfare of Muslims increases to become a benefit that has a positive impact on other benefits. Keywords: Foundation, Implementation, Islamic Economics, Maqāṣid Sharī'ah

Sistem Keuangan Syariah Halalan Thayyiba (Telaah Teoritis Perspektif Hukum Ekonomi Syariah) Jajang Herawan; Mohamad Anton Athoillah
Ad-Deenar: Jurnal Ekonomi dan Bisnis Islam Vol 7, No 02 (2023): Ad-Deenar: Jurnal Ekonomi dan Bisnis Islam
Publisher : Sekolah Tinggi Agama Islam Al Hidayah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30868/ad.v7i02.4488

Sistem Keuangan syariah merupakan embrio kekuatan ekonomi di negara ini, di zamannya ia mampu menjadi sistem yang bisa mensejahterakan umatnya. Di masa krisis, ia mampu lolos dari kebangkrutan, sekalipun tidak mendapat bantuan dana BLBI. Konsep yang mengandung ke-Islaman ini harus menjadi kekuatan tersendiri dalam membangkitkan kembali perekonomian negeri ini. Sistem Keuangan Islam ini berkembang pesat memainkan peranan penting dalam mengalokasikan sumber daya dan meningkatkan pembangunan ekonomi. Hasil Penelitian menunjukan bahwa keuangan Islam merupakan sistem yang bersumber dari Al-Quran dan Sunnah, serta dari penafsiran para ulama terhadap sumber-sumber wahyu tersebut. Struktur keuangan Islam menjadi peradaban yang tidak berubah dengan karakteristik nilai ketuhanan, nilai dasar kepemilikan (al-milkiyah), keseimbangan, nilai dasar persaudaraan dan kebersamaan, nilai dasar kebebasan dan nilai dasar keadilan. Sedangkan instrumennya adalah zakat, larangan riba, kerjasama ekonomi, jaminan sosial, larangan praktik usaha yang kotor serta adanya peranan negara dalam sistem ekonomi syariah.

Landasan Teoretik Ekonomi Mikro Dalam Persepktif Islam Klasik Suradi Suradi; Mohamad Anton Athoillah
Ad-Deenar: Jurnal Ekonomi dan Bisnis Islam Vol 7, No 02 (2023): Ad-Deenar: Jurnal Ekonomi dan Bisnis Islam
Publisher : Sekolah Tinggi Agama Islam Al Hidayah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30868/ad.v7i02.4492

Ekonomi syariah merupakan ilmu yang hadir sebagai solusi alternatif dari ekonomi sistem konvensional yang tidak berhasil dalam menciptakan kesejahteraan bagi seluruh manusia. Ilmu ekonomi konvensional diduga tidak ada peran keilmuan Islam dalam catatan sejarahnya seperti diungkpkan Schumpeter dalam the great gap-nya. Padahal beberapa ilmuwan justru menulis bahwa ilmu pengetahuan Yunani-Helenistik didapatkan kelompok terpelajar Eropa saat ini berkat tulisan muslim yang memodifikasinya dan memberikan nilai tambah padanya sebagaimana dinyatakan oleh Mehdi Nakosteen. Maka tentu diperlukan penelusuran keberadaan teori-teori ekonomi konvensional dalam kitab dan buku Islam klasik. Untuk membuktikan bahwa Ilmu Ekonomi Konvensional tumbuh begitu saja dari zero dan tidak pula bahwa Ilmu Ekonomi Islam sebagai bagian dari sejarah kelahiran ekonomi konvensional. Pada beberapa literatur Islam klasik dapat ditemukan beberapa teori dasar ekonomi konvensional yang tidak hanya mirip tapi juga persis samasecara utuh. Pada literatur Islam klasik akan kita temukan teori dasar seperti kebutuhan manusia yang tidak terbatas, teori nilai, teori produksi, teori penawaran dan permintaan, mekanisme harga pasar dan lain-lain. Demikian ini membuktikan bahwa ilmu ekonomi Syariah (Islam) bukanlah konsep dan sistem baru yang sama sekali tidak eksis dalam ilmu pengetahuan.

Tracking the Implementation of Hybrid Contract Transactions in Islamic Banking Products in Indonesia Rani Mariana; Mohamad Anton Athoillah
al-Afkar, Journal For Islamic Studies Vol. 6 No. 3 (2023)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v6i3.695

Islamic Banking Product Development Is Believed To Be One Of The Parameters Of The Ability Of Islamic Banks To Adapt To Modern Human Needs. Basically, Islamic Banks Have Made Several Innovation Efforts, One Of Which Is By Engineering Contracts In Fiqh Muamalah. Some Contracts In Fiqh Muamalah Are Not Only Adopted, But Also Adapted By Islamic Banks So That They Are In Accordance With The Needs Of The Community. The Principle Of Freedom In Islam Is The Main Capital In Facing The Complexity Of Economic Problems And The High Needs Of The Community For The Role Of Islamic Banks. Hybrid Contract (Al-'Uqud Al-Murakkabah) Is One Example Of An Islamic Bank Strategy In Developing Business Innovation. Hybrid Contract Is An Agreement Between Two Parties To Do Business That Includes Two Or More Contracts. Hybrid Contracts Have Been Used In Various Islamic Bank Products. For Example, IMBT, Property Financing, Sharia Card, Takeover Financing, Sharia Pawn, Current Account Products, Sharia Current Account Financing, Sharia Bonds, And Sharia Hedging.

Functionalization of Cash Waqf for Solving Poverty Problems in Indonesia Dodi Yarli; Lina Pusvivasari; Mohamad Anton Athoillah
al-Afkar, Journal For Islamic Studies Vol. 6 No. 3 (2023)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v6i3.709

Increased economic power and growth in a country can be signaled from indicators of poverty levels and economic weakness. Poverty is the main reason for moral hazart and the unstable economy of a nation. Cash waqf exists to solve and overcome these socio-economic problems. Cash waqf has universal power and strength where every individual will be able to donate wealth without certain limits. Cash waqf is also very strategic in building and presenting employment areas and reducing unemployment in selective production activities according to Sharia rules and benefits. waqf has the potential to empower the real sector and strengthen economic fundamentals. Through the instrument of cash waqf, poverty alleviation can be overcome through the hands of the Government in the channel of community empowerment programs. The target of waqf in Indonesia is actually able to create social welfare for the community as the goal of economic justice, hence the need for effective waqf nadzir governance. Cash waqf has tremendous economic potential to take care of the mustadh'afiin group as well as to alleviate poverty, especially because the sociological conditions of the Indonesian people are Muslim so that waqf funds that can be collected from the community are very possible

Review of Islamic Economic Law on Islamic Banking Service Contracts Muhamad Maulana Darsono; Mohamad Anton Athoillah
al-Afkar, Journal For Islamic Studies Vol. 6 No. 4 (2023)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v6i4.763

Financial service activities provided by Islamic banking in Indonesia are applied with various service contracts such as wakalah, hawalah and kafalah. In its current operation, the service contract is still an issue that is discussed, especially regarding the suitability of the contract for sharia requirements. The purpose of this research is to analyze the service contracts of Islamic banks in the review of fiqh muamalah maliyah. The type of qualitative research used in this research describes descriptively to share a clear reflection of the application of contracts used in service products provided by Islamic banks. Literature research in this research is attempted by collecting data both in the form of a novel diary of Fatwa DSN, KHES to strengthen the conclusion. The results of this research describe the operational concepts of service contracts: wakalah, hawalah and kafalah in Islamic banking. Furthermore, the findings in this research state that the service contracts on wakalah, hawalah and kafalah contracts applied to various products in Islamic banking are suitable in the review of fiqh muamalah maliyah.

Wakalah Bil Ujrah Agreement in Compilation of Sharia Economic Law, DSN-MUI Fatwa and Qanun Muhammad Yunus; Muhamad Maulana Darsono; Mohamad Anton Athoillah
al-Afkar, Journal For Islamic Studies Vol. 6 No. 3 (2023)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v6i3.800

The purpose of this research is to analyze Akad Wakalah Bil Ujrah in the context of the preparation of Sharia Economic Law, fatwa and qanun and its impact on Islamic financial institutions. Akad Wakalah Bil Ujrah is a type of contract in Islamic finance law where one party acts as an agent to carry out transactions on behalf of another party for a fee. This study examines the rules and legal principles related to the Wakalah Bil Ujrah Agreement using the normative analysis method. The Compilation of Sharia Economic Law, Fatwa and Qanun are the main references to identify the rules governing this contract. In addition, the implementation of Wakalah Bil Ujrah in Islamic financial institutions is also analyzed using case studies of relevant Islamic financial institutions. The results of the study show that the Wakalah Bil Ujrah contract has a strong legal basis for compiling Islamic economic law, fatwa and qanun. Sharia principles are the main guidelines for the implementation of this contract, including the principles of justice, transparency and accountability. The impact on Islamic financial institutions includes investment management, pension fund management and sharia-based banking services. However, this study also identified several challenges in implementing Wakalah Bil Ujrah in Islamic financial institutions, such as the need for in-depth understanding of sharia principles and compliance with applicable regulations. Therefore, strict supervision and clear procedures are needed to ensure the fulfillment of sharia principles. In summary, Akad Wakalah Bil Ujrah plays an important role in the formulation of Sharia Economic law, Fatwas and Qanuns and has significant implications for Islamic financial institutions. To improve implementation, cooperation between Islamic financial institutions, regulators and academics should be enhanced to ensure compliance with Shariah principles and the achievement of sustainable financial goals.

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