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All Journal EkoBis ( Ekonomi & Bisnis ) Islamic Ecomonics Journal I-ECONOMICS: A Research Journal on Islamic Economics Al-Iktisab: Journal of Islamic Economic Law El-Barka: Journal of Islamic Economics and Business Journal of Digital Marketing and Halal Industry Indonesian Journal of Islamic Economics and Business Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah TAMKIN Jurnal Pengabdian Masyarakat Al-Infaq: Jurnal Ekonomi Islam Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah
Nurizal Ismail
Tazkia Universtiy College for Islamic Economics
Religion Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences

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A PROPOSED MODEL OF WEALTH MANAGEMENT IN INDONESIAN ISLAMIC BANKING Ismail, Nurizal; Riza, Muhammad
Jurnal Ekonomi Islam Vol 2, No 2 (2014)
Publisher : Universitas Darrussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The Muslim population is expected to increase by 26% to 2030 to approximately 2.2 billion, and currently have a 7.7% share of global GDP which is expected to grow to 8.7% by end 2016. Therefore, the need of wealth management from Islamic way is growing rapidly. Hajj is one of Islamic pillars that Muslim people should concern on it. This hajj is performed depending on the ability of person in term of health and wealth. Moreover, the government plays a major role in management and service of hajj in many Muslim countries. The hajj fund can contribute significantly to economic development of the country. One of the possible mechanisms can be used for managing the hajj fund is by using wealth management as the instrument in managing the fund. Moreover, this study will employs qualitative research that refers to the meanings, concepts, definitions, characteristics, metaphors, symbols and descriptions of the matter understudy by using content and descriptive analysis to get finding of the study. The finding of the study is that the concept of Islamic wealth management differs from Conventional one. It is very comprehensive that cover all philosophical foundation; ontology, epistemology and axiology. Semantically, it is different from the Conventional, because Islamic wealth management has its own paradigm and philosophical underpinning, derived from Qur’an and Sunnah, and secondary source can traced through Islamic literatures such fiqh, tasawwuf, kalam. In practice level, it can be implemented in Indonesian Islamic banking especially in managing the hajj fund to contribute to economic development of ummah.
The Role of Islamic Bank as Providers of Islamic Wealth Management in Enhancing the Potential of Waqf Funds Ismail, Nurizal; Cahyo, Eko Nur
AL- IKTISAB Journal of Islamic Economic Law Vol 1 No 1 (2017)
Publisher : University of Darusssalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/al-iktisab.v1i1.2381

Abstract

The purpose of this paper is to analyze the role of Islamic banks as providers ofIslamic wealth management product in relation with the enhancement of waqf funds.Theauthors use qualitative research that refers to the meanings, concepts, definitions,characteristics, metaphors, symbols and descriptions of the matter understudy by employscontent and descriptive analysis in order to get finding of the study. The data collectionis generated from Islamic sources: Qur’an, Sunnah and some Islamic literatures, andother sources such as books, journals, report documents, magazines and articles frominternet. These sources will be put in to coding and analyzed to answer the researchproblem of study. The role of Islamic wealth management is not only focusing on worldlyinvestment helping the clients’ need, but also hereafter investment. One of the instrumentsof wealth distribution that can be used for hereafter investment is waqf that helps theclients’ wealth to obtain blessing (barâkah) of Allah. By waqf, Islamic wealth managementinstrument can accomodate all models of waqf funds from cash waqf, insurance waqf,corporate waqf, etc. There are three options to of putting their wealth in waqf funds,they are: (i) family waqf, (ii) public waqf, and (iii) combination of waqf. All benefits ofthese waqf can contribute the the development of ummah. This paper is one of the veryfew conceptual studies concerning the practice of Islamic banking in implementing theproduct of wealth management for social purposes which is enhancement of waqf fundsfor the benefit of ummah.
Optimization of Agricultural Land: A Lesson from Islamic Economics Ismail, Nurizal; Aisyah, siti
AL- IKTISAB Journal of Islamic Economic Law Vol 1 No 2 (2017)
Publisher : University of Darusssalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/al-iktisab.v1i2.2387

Abstract

Human as social being is required to earn the wealth obtained from factors ofproduction to survive in his life. One of the important factors is land, which has beenmostly used in economy such as infrastructure, agriculture and mining. Unfortunately,the use of land tends to give more benefit to capitalist or land-owner than others intodays’ world. It impacts to inequality distribution of income in the society faced in thirdworld country that is mostly in Muslim countries. In Islam, administration of the landhas been concerned in primary sources (Qur’an and Sunnah) and Islamic literatures andpracticed into action in the state such as iqta, ihya al-mawat, zakah, rikaz, muzara’ah,salam, musaqah and other instruments. These instruments are mostly used in agriculturalfield in the Islamic age. Another instrument can contribute to sustainable agriculturaldevelopment is tax land: al-kharaj and al-’usyr. However, the result of this study statesthat to optimize the agricultural land, the state and Islamic banks can contribute togetherto solve the farmers problem such lack of financial support, shortage of water irrigation,lack of training and technology use by integrating appropriate Islamic financing andpolice of land tax that gives benefit and just to the farmers.
Law Enforcement through Justice and Ethical Institution: Historical Perspective Aisyah, Siti; Ismail, Nurizal
AL- IKTISAB Journal of Islamic Economic Law Vol 2 No 1 (2018)
Publisher : University of Darusssalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/al-iktisab.v2i1.2394

Abstract

Islam is the way of life which guides mankind to attain the happiness in here and thehereafter (falah). It is also a religion of peace through the submission to the will and laws ofGod, advocates the establishment of ethic and social justice in order to achieve peace. In thehistory of Islam, enforcement of law was implemented to preserve good ethic and justice in thesociety. Therefore, it is needed to know how the implementation of Islamic law enforcementregarding ethic and justice in Islamic framework. This paper aims to study how the Islamicstate in the early of Islam pays attention to ethic and justice of society in its governmentaffair or administration and how the wilāyat al mazālim and hisbah as Islamic institutionwill stand for law enforcement to promote justice and higher ethic in the society. Moreover,finding of the study states that the Justice and ethical values have been still concerned byIslamic State. The administration of justice carried out by Muslim should consist of theapplication of Shari’ah in name of God without any temporal consideration. Enforcementof law regarding ethic and justice is manifested in hisbah and wilāyat al-mazālim. Eachinstitution has different duties, but has mutual relation to administrate the state towardwelfare state. The hisbah institution plays its role to command good action (amar ma’ruf)and prohibit evil (nahi munkar). It has a responsible for the implementation of Shari’ahprinciples in society. Furthermore, wilāyat al-mazālim is an institution that carries out thejustice around the society. This institution looks into the cases which are not included incommon court authority, such as persecution matters which are committed by the authority,judges or member ruling family.
The Role of State on Social Justice: An Analysis from Ibn Sina’s Perpective Ismail, Nurizal; Cahyo, Eko Nur
AL- IKTISAB Journal of Islamic Economic Law Vol 2 No 1 (2018)
Publisher : University of Darusssalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/al-iktisab.v2i1.2398

Abstract

Every nation attempts to provide welfare for its citizen such as better economic growth,social security and better life. All economic systems either Capitalism or Socialism has thesame objective to provide welfare for its nation. In Islam, welfare lies in complete justice,mercy, welfare, and wisdom; anything that departs from justice to injustice, from mercyto harshness, from welfare to misery and from wisdom to folly has nothing to do with theShari’ah. The Islamic concept and values on welfare of the society are related to Islamiceconomic history that can be found from Qur’an and Sunnah and Islamic literatures suchas history, fiqh, philosophy, kalam, and tasawwuf. it is assumed that there are some Muslimscholars whose works are related to role of state on welfare. Therefore, the study attempts toknow the role of state on social justice derived from Ibn Sina and give some critical study onhis thought. To achieve its objectives; this study employs qualitative research that refers tothe meanings, concepts, definitions, characteristics, metaphors, symbols and descriptions ofthe matter understudy. Moreover, it is used content and descriptive analysis to get findingof the study. The data collection is generated from Islamic sources. The finding of this studyis that Ibn Sina’s thought on state role to promote social justice containts of providing law,job opportunities and social security. These roles of state can contribute to harmony, peaceand welfare of the society.
The Distribution of Zakat at The Time of Caliph Umar ibn Khattab Aisyah, Siti; Ismail, Nurizal
AL- IKTISAB Journal of Islamic Economic Law Vol 3 No 2 (2019)
Publisher : University of Darusssalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/al-iktisab.v3i2.3908

Abstract

Zakat is an important pillar in Islam that has a dimension of worship, but economical value that gives the benefit of the muslim community. In the current management of zakat in addition to gathering problems, but also the distribution of zakat. In Islamic history, the successful example of management of zakat was exemplified by the prophet, and was followed by caliph al-rasidun. One of the pros and cons of the centralization and decentralized problems of zakat. Therefore, this study tried to analyze zakat distribution policy in the time of Umar because it is a successful example in the management of zakat. Results of the study explained that the distribution system of zakat conducted by caliph Umar ibn Khattab use the desesntralization of zakat. This is chosen because it is more direct to the community in which the region is collected by zakat by the government-appointed zakat agency. Also more effective and efficient to do than zakat centralization. Furthermore, the priority distribution of zakat target is permissible according to the condition and state of mustahik zakat in a region. Not to be imposed with the distribution of zakat for the eight ashnaf or in part is adjusted to the state of mustahik.
Sharia Credit Card in The View of Maqasid al-Sharia Wijaya, Rusdiana Priatna; Ismail, Nurizal
AL- IKTISAB Journal of Islamic Economic Law Vol 4 No 1 (2020)
Publisher : University of Darusssalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/al-iktisab.v4i1.4347

Abstract

Islam is the perfect religious concept, all of life's activities are measured in the purpose of sharia enforcement. Maqashid sharia is a benchmark in determining activity in the determination, whether it is by these objectives or not. Credit card is a form of facility created to facilitate consumers in making transactions. This product is multiplying and changing the paradigm of consumers in making transactions in the digital era. Credit card has many benefits and functions, one of its functions is substituted for cash. Method of this study using literacy, data collection and collection of objects. The finding is that the contemporary scholars agree that in practice sharia credit cards are permissible as long as there are no aspects of gharar, usury, but also contain the maslahah of the users. DSN MUI responded favourably to the credit card with the issuance of the fatwa DSN No. 54/DSN/-MUI/X/2006 concerning KKS (Sharia Credit Card).
Rethinking the Paradigm of Islamic Banking: Integrated of Commercial and Social Oriented Aisyah, Siti; Ismail, Nurizal; Sulaiman, Ibrahim Fahad; Cahyo, Eko Nur; Sup, Devid Frastiawan Amir
AL- IKTISAB Journal of Islamic Economic Law Vol 6 No 2 (2022)
Publisher : University of Darusssalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/al-iktisab.v6i2.8844

Abstract

••• English ••• The recent appraisal of Islamic Banking and Finance (IBF) development has focused on the interest based banking system. Banks role and function have been retained to create sharia compliant instruments to replace conventional banks interest based instruments. Another issue is the objective of Islamic banking to contribute to social obligation despite profit maximization. In this context, IBF institutions have been involved in debt financing oriented transactions such as murabahah instead of musyarakah and mudharabah, as they are more profitable. This research attempts to clarify Islamic banking's objective derived from Muslim scholars views and how it complies with sharia. Thus, it is necessary to rethink the paradigm of IBF that is in line with pure Islamic economics, whereas conventional banking has been shifting toward social banking. The methodology used is qualitative-descriptive-literature. The result is, several applied integrated models in IBFs, such as Social Islamic Bank Limited (SIBL), have offered Mudaraba Waqf Cash Deposit Account (MWCDA). Then sadaqa house is provided by Bank Islam Malaysia Berhad (BIMB), an integrated institution model in which Islamic banking can cooperate with other Islamic social finance such as waqf institutions in Indonesia. Finally, the research finding argues that Islamic banking's paradigm is to promote the ummah's maslahat by integrating commercial and social aspects into its operational and objective. ••• Indonesian ••• Penilaian perkembangan Islamic Banking and Finance (IBF) baru-baru ini berfokus pada sistem perbankan berbasis bunga. Peran dan fungsi bank tetap dipertahankan untuk menciptakan instrumen yang sesuai dengan syariah untuk menggantikan instrumen berbasis bunga bank konvensional. Isu lain adalah tujuan perbankan syariah untuk berkontribusi pada kewajiban sosial selain juga keuntungan maksimal. Dalam konteks ini, lembaga IBF telah terlibat dalam transaksi yang berorientasi pembiayaan hutang seperti murabahah daripada musyarakah dan mudharabah, karena lebih menguntungkan. Penelitian ini mencoba mengklarifikasi tujuan perbankan syariah yang berasal dari pandangan cendekiawan Muslim dan bagaimana kepatuhannya terhadap syariah. Dengan demikian, perlu dipikirkan kembali paradigma IBF yang sejalan dengan ekonomi Islam murni, padahal perbankan konvensional sudah bergeser ke arah social banking. Metodologi yang digunakan adalah kualitatif-deskriptif-literatur. Hasilnya, beberapa model terintegrasi yang diterapkan di IBF, seperti Social Islamic Bank Limited (SIBL), telah menawarkan Mudharabah Waqf Cash Deposit Account (MWCDA). Kemudian, rumah sedekah disediakan oleh Bank Islam Malaysia Berhad (BIMB), sebuah model lembaga terpadu dimana perbankan syariah dapat bekerja sama dengan keuangan sosial Islam lainnya seperti lembaga wakaf di Indonesia. Akhirnya, temuan penelitian ini berpendapat bahwa paradigma perbankan syariah adalah mempromosikan kemaslahatan umat dengan mengintegrasikan aspek komersial dan sosial ke dalam operasional dan tujuannya.
The Islamic Social Finance in Poverty Alleviation: R Bibilioshiny Method Approach Birjaman, Muhammad Iqbal; Ismail, Nurizal; Mahfudz, Shaifurrokhman
AL- IKTISAB Journal of Islamic Economic Law Vol 7 No 2 (2023)
Publisher : University of Darusssalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/aliktisab.v7i2.11627

Abstract

The concept of Islamic social finance has gained significant attention in recent years as a tool for poverty alleviation. Islamic social finance refers to the use of Islamic financial instruments to address social and economic issues, including poverty, through zakat, infaq, shadaqah, and waqf. This research explores the application of Islamic social finance for poverty alleviation through the case study of the R Bibilioshiny program. Researchers conduct quantitative methods for data collection, primarily utilizing the Scopus database with the keyword "Islamic Social Finance on Poverty Alleviation". This research employs the R Bibilioshiny program application to process and visualize data obtained from the Scopus database. From the conceptual structure results in the thematic maps discussion, it is found that the most frequently appearing keywords closely related to the research are banking, poverty alleviation, and microfinance. This serves as a benchmark for influence, especially banking and microfinance as Islamic social finance in poverty alleviation efforts. The research finds that the R Bibilioshiny program has been successful in reducing poverty and improving the socio economic status of participants. The success of the R Bibilioshiny program highlights the potential of Islamic social finance as a tool for poverty alleviation. However, there are also challenges that need to be addressed, including the lack of awareness and understanding of Islamic social finance among the general public, and the need for more rigorous monitoring and evaluation of Islamic social finance programs to fully realize this potential, greater awareness and understanding of Islamic social finance is needed, as well as more rigorous monitoring and evaluation of Islamic social finance programs to ensure their effectiveness and sustainability.
Measuring the Role of Zakat in the Development of HDI with a License Approach (Case Study of BAZNAS Bekasi City) Wahyudi, Dikky; Ismail, Nurizal; Al-Ayubi, Solahuddin
AL- IKTISAB Journal of Islamic Economic Law Vol 8 No 1 (2024)
Publisher : University of Darusssalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/aliktisab.v8i1.11628

Abstract

This research creates a breakthrough by bringing the National Zakat Index (IZN) approach to measure the role of zakat in increasing the Human Development Index (HDI), an aspect that is still minimally explored in the literature. Focusing on analyzing the performance of BAZNAS Bekasi city provides added value, considering that BAZNAS Bekasi city has proven to be good and transparent in the distribution of Zakat, Infaq, and Shadaqah (ZIS) funds. This research aims to measure the role of zakat in increasing the Human Development Index (HDI) in Bekasi city. The research method used was a mixed method, where data was collected through interviews and questionnaires. The sample selection process was carried out randomly using a simple random sampling technique, and data analysis was carried out using the National Zakat Index (IZN) approach. The findings in this research indicate that the role of zakat in increasing the human development index in Bekasi city has a significant impact, with the micro dimension index value reaching around 84%. Apart from that, zakat also has a significant influence on the welfare and independence index of the community in Bekasi city.
Co-Authors Abdul Mughni Abdurroziq, Ali Aisya, Sitti Al-Ayubi, Solahuddin Al-Haq, Firmansyah Baiq Rosmala Dewi, Baiq Rosmala Birjaman, Muhammad Iqbal Devid Frastiawan Amir Sup Eko Nur Cahyo Grandis Imama Hendra, Grandis Imama Hendrawan, Muhammad Ridho Nur Alamsyah Heni Pujiastuti Ikhram, M. Ilham, Arifin Muhammad Mahfudz, Shaifurrokhman MD, Muthmainnah Muhammad Riza Muhammad Yusuf Ibrahim Nashr Akbar, Nashr NUR FITRIANI Nuriyah, Aminah Putra, Rizki Rahman, Faried Kurnia Riansyah, Abdi Siti Aisyah Siti Aisyah Solihat, Mutiara Sulaiman, Ibrahim Fahad Surur, Miftakhus Syamsu, Nur Wahyudi, Dikky Wijaya, Rusdiana Priatna