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All Journal Jurnal Manajemen Teknologi Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Journal of Indonesian Economy and Business Islamic Ecomonics Journal Tazkia Islamic Finance and Business Review Economica: Jurnal Ekonomi Islam al-Uqud : Journal of Islamic Economics Indikator: Jurnal Ilmiah Manajemen & Bisnis Jurnal Ekonomi Islam Al-Muzara'ah Amwaluna Jurnal Ekonomi dan Keuangan Syariah Journal of Islamic Monetary Economics and Finance International Journal of Zakat (IJAZ) Al-Awqaf: Jurnal Wakaf dan Ekonomi Islam Jurnal Ekonomi Islam
Ascarya Ascarya
Universitas Darussalam Gontor
Religion Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences Other

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TOWARD OPTIMUM SYNERGY OF MONETARY POLICY IN DUAL FINANCIAL/BANKING SYSTEM Ascarya, Ascarya
Journal of Indonesian Economy and Business Vol 24, No 1 (2009): January
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (116.247 KB)

Abstract

In a country adopting dual financial/banking system, where a conventional financial system coexists with an Islamic financial system, monetary authority has the responsibility to maintain financial/monetary stability and synergy of both systems. This study analyses and compares one of the main pillars of conventional monetary system and Islamic monetary system (i.e., interest system vs. profit-and-loss sharing/PLS system) and try to come up with the possible conduct of optimum monetary policy under dual financial/banking system. The results show that PLS system is superior to interest system in fairness, justice, efficiency, and stability. Therefore, the optimum synergy in the dual financial/banking system can be achieved when monetary policy in conventional systembenchmarks its policy rate to the PLS market return in Islamic financial market of Islamic system, which will ensure optimum market efficiency that maximize distributive social welfare and justice. Monetary policy in managing money supply is only a response to thedynamic activity in the real sector. While, active monetary policy can be conducted, not by altering M, but by altering V, i.e. to increase the flow of money in the economy by issuing central bank SUKUK with PLS market return to finance government projects, commercially as well as socially, in the real sector.Keywords: Islamic Monetary System, Islamic Financial System, Dual Banking Financial System
THE ROOT CAUSES OF FINANCIAL CRISIS IN ISLAMIC ECONOMIC PERSPECTIVE Ascarya, Ascarya
Jurnal Ekonomi Islam Vol 8 No 02 (2017): November, 2017
Publisher : Universitas Muhammadiyah Prof Dr Hamka

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Abstract

The ongoing global financial crisis is just a repeat of financial crises which have occurred one after another since the England crisis in 1825. The crises have subsided in the period under Bretton Woods Agreements (BWA) in 1950-1972, with the implementation of the gold standard. The crises have reemerged with the collapse of BWA in 1971, and up to 2011, there are 421 financial crises covering 147 banking crises, 218 currency crises (10 episodes in 2008-2011), and 66 sovereign debt crisis, including 68 twin crises and 8 triplet crises (Laeven and Valencia, 2012). These repeated man-made financial crises happened due to the transgressions of God?s laws in financial dealings, especially in the abandonment of main pillars of Islamic financial system, namely prohibition of rib? (usury or interest), prohibition of maysir (game of chance or speculation) and prohibition of gharar (excessive uncertainty), in their many forms, as well as due to misbehaviors of economic actors, poor governance and unsustainable fiscal system. This study applies Analytic Network Process (ANP) to determine the main root causes of the financial crisis from Islamic economic perspective which are grouped into five clusters, namely: Misbehavior, External Factor, Poor Governance, Unstable Monetary System and Unsustainable Fiscal System. Each cluster will have six relevant elements obtained from literature and in-depth interviews with several experts. The ANP results show that the main root causes of financial crisis from Islamic economic perspective are Social Instability (External Factor), Speculation (Misbehavior), Ineffective Fiscal System (Unsustainable Fiscal System), Hedonism (Misbehavior), Fractional Reserve Banking System (Unstable Monetary System), Political Instability (External Factor), Corruption (Poor Governance), Interest Rate (Unstable Monetary System), Fiat Money (Unstable Monetary System), and Wrong Man in the Wrong Place (Poor Governance). These main root causes should be removed gradually in order to systematically and gradually improve the stability of financial system so that financial crisis will not reappear again and again in the future.
COMPARISON AND PREDICTING FINANCIAL PERFORMANCE OF ISLAMIC AND CONVENTIONAL BANKS IN INDONESIA TO ACHIEVE GROWTH SUSTAINABILITY Fakhri, Ulumuddin Nurul; Anwar, Saiful; Ismal, Rifki; Ascarya, Ascarya
al-Uqud : Journal of Islamic Economics Vol 3, No 2 (2019): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (257.574 KB) | DOI: 10.26740/al-uqud.v3n2.p174-187

Abstract

Islamic banking fall on stagnation of financial performance in 2011 after successfully overcoming the financial crisis in 1998 and 2008, as though the Islamic banking sector had only run in place and had no clear purpose in developing the Islamic finance business. The purpose of this study is to clarify the variables that predispose financial performance, as well as predict the decrease and increase of financial performance. This study uses an Artificial Neural Network (ANN) model to find out the variables that affect financial performance and predict the decrease and increase of financial performance of sharia and conventional banking for the next five months. This research generates the variables which affect the financial performance of sharia banking and the prediction of financial performance over the next five months. The variables which affect the level of financial performance of sharia banking affected dominantly by inflation, although the results of conventional banking are the same but not too significant. This shows that sharia banking CBGB (Commercial Bank – Group of Business) 2 is very vulnerable with macroeconomic factors compared with conventional banking. ANN predictions produce an average of 80% success in predicting performance over the next five months.
Determinant Indonesian Islamic Rural Bank's Characteristics on Implementing Financial Technology for Their Business Priyo, Ahsanul Hadi; Arsyianti, Laily Dwi; Ascarya, Ascarya
Jurnal Manajemen Teknologi Vol 20, No 2 (2021)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2021.20.2.7

Abstract

Abstract. Indonesian Islamic rural bank or usually called Bank Pembiayaan Rakyat Syariah (BPRS) conducts business in Indonesia in activities based on sharia principles and providing banking services. The challenging business of BPRS right now is facing the Financial Technology (Fintech) business that grows very fast. Current market conditions request transactions simpler and easier, and the financial industry must be changed to accommodate this condition. To be able to compete with Fintech company, BPRS must be changed to adapt to the customer's needs by implemented Fintech in their business. The study aims to determinant the issues on implementing Fintech for BPRS. This study applies by using the Delphi method combined with the Likert scale. Data was obtained by an in-depth interview with three groups of experts as respondents including BPRS practitioners, Fintech practitioners, and experts. The result of this study shows Fintech is needed by BPRS to simplify the registration process, assess the quality of financing, expand their market share, and adopt ecosystem processes. This study has resulted in BPRS should develop Fintech by their resource, then collaborate with Fintech company on the Fintech area that can't be developed by BPRS.Keywords: BPRS, Collaboration, Delphi, Ecosystem, Fintech. Abstrak. Bank Pembiayaan Rakyat Syariah (BPRS) melakukan kegiatan usaha di Indonesia dengan kegiatannya berdasarkan prinsip syariah, dan menyediakan jasa layanan perbankan. Tantangan bisnis BPRS saat ini adalah menghadapi bisnis Teknologi Finansial (Tekfin) yang berkembang sangat pesat. Kondisi pasar saat ini meminta transaksi yang lebih sederhana dan mudah, mengakibatkan industri keuangan harus berubah untuk mengakomodasi kondisi tersebut. Untuk dapat bersaing dengan perusahaan Tekfin, BPRS harus bisa mengubah strategi bisnisnya dengan menerapkan Tekfin dalam mengadopsi kebutuhan nasabah. Penelitian ini bertujuan untuk mengetahui permasalahan terkait penerapan Tekfin bagi BPRS. Penelitian ini menggunakan metode Delphi yang dikombinasikan dengan skala Likert. Data diperoleh melalui wawancara mendalam dengan tiga kelompok ahli sebagai responden yaitu praktisi BPRS, praktisi tekfin, dan tenaga ahli. Hasil penelitian ini menunjukkan bahwa Tekfin dibutuhkan BPRS untuk bisa mempermudah proses registrasi, menilai kualitas pembiayaan, memperluas pangsa pasar, dan mengadopsi proses ekosistem. Penelitian ini juga menyimpulkan bahwa BPRS akan mengembangkan Tekfin menggunakan sumber dayanya sendiri, baru setelah itu berkolaborasi dengan perusahaan Tekfin untuk area Tekfin yang tidak dapat dikembangkan oleh BPRS.Kata kunci: BPRS, Kolaborasi, Delphi, Ekosistem, Tekfin.
Measuring the Competitiveness of Islamic Banking in Indonesian Dual Banking System Ir Ascarya; Diana Yumanita
Tazkia Islamic Finance and Business Review Vol. 3 No. 2 (2008)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v3i2.23

Abstract

Islamic banks in many countries have emerged as important component of financial system that contributes to the growth and development of the country’s economy. They have proven to be a viable and competitive component of the overall financial system. In the dual banking system, Islamic banks have to be competitive to survive. One of the key to competitiveness is efficiency. This study will measure and compare the efficiency of Islamic and conventional banks in Indonesia using Data Envelopment Analysis (DEA) methodology. DEA is a non-parametric, deterministic methodology for determining the relative efficiency and managerial performance, based on the empirical data on chosen inputs and outputs of a number of decision making units. DEA allows us to compare the relative efficiency of banks by determining the efficient banks as benchmarks and by measuring the inefficiencies in input combinations (slack variables) in other banks relative to the benchmark. Intermediation approach will be applied. This study will identify the sources and level of inefficiency for each of the inputs and outputs of Islamic banks and conventional banks in Indonesia. The result shows that in overall, Islamic banking is relatively more efficient than conventional banking. This means that Islamic banks are competitive enough to compete with conventional banks. Islamic banking is technically more efficient, but less scale efficient than conventional banking. Internal inefficiency is the main source of disintermediation of conventional banking in Indonesia. Furthermore, accelerated expansion, organically and inorganically, is needed to improve scale and overall efficiencies of Islamic banking in Indonesia.Keywords: Banking, Islamic Banking, Efficiency, Data Envelopment Analysis
POSITIONING ANALYSIS OF ISLAMIC BANK vis-àvis CONVENTIONAL BANK IN INDONESIA USING PARAMETRIC SFA AND DFA METHODS15 Ir Ascarya; Noer Achsani; Diana Yumanita; Guruh S. Rokhimah
Tazkia Islamic Finance and Business Review Vol. 4 No. 2 (2009)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v4i2.36

Abstract

This study will measure and compare the efficiency of Conventional and Islamic banks in Indonesia using parametric approach stochastic frontier approach (SFA) and distribution free approach (DFA). These measurements will provide comprehensive and robust results of efficiency of individual bank compare to its peer group. The results using parametric SFA show that in 2002, conventional banks (0.79) were slightly more efficient than Islamic banks (0.77), while in 2003, the efficiency of Islamic banks improved to 0.84 and the efficiency of conventional banks worsen to 0.76, so that Islamic banks have become more efficient than conventional banks. Conventional and Islamic banks have been improving and converged to the highest level of efficiency (1.00) since 2004. The DFA results show that conventional banks (0.89) are only slightly more efficient than Islamic banks (0.87). Conventional public bank (0.93) is the most efficient, while Islamic regional bank (0.84) is the least efficient. Moreover, efficient banks (conventional and Islamic) do not always have lower OCOI (operating costs divided by operating income), while banks with better OCOI usually are more profitable (have better return on assets or ROA). Therefore, technically, Islamic banks have shown their readiness to compete head to head with their conventional counterparts. However, other aspects, such as, number of networks and branches, service quality, convenience, products and services provided, human resources, and pricing, should have become the next priorities for improvements.JEL Classification : C10, C33, G21, G28Keywords : Islamic Banking, Efficiency, Stochastic Frontier Approach, Distribution Free Approach
Analisis Pengaruh Instrumen Moneter Terhadap Stabilitas Besaran Moneter Dalam Sistem Moneter Ganda Di Indonesia Eva Misfah Bayuni; Ir Ascarya
Tazkia Islamic Finance and Business Review Vol. 5 No. 1 (2010)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v5i1.42

Abstract

 Penelitian ini bertujuan untuk menganalisis pengaruh instrumen moneter yaitu Sertifikat Bank Indonesia (SBI) dan Sertifikat Bank Indonesia Syariah (SBIS) terhadap stabilitas besaran moneter, komponen besaran moneter dan hubungan besaran terhadap IHK dalam sistem moneter ganda di Indonesia. Penelitian ini menggunakan metodologi Vector Auto Regression (VAR) dan Vector Error Correction Model (VECM). Variabel yang digunakan dalam penelitian ini adalah besaran moneter, SBI rate, SBIS return dan IHK. Hasil pengujian menunjukkan bahwa perubahan pada besaran moneter stabil dalam jangka pendek. Perubahan pada SBI dan SBIS tidak terdefinisi dalam jangka panjang. Selanjutnya pada komponen besaran moneter, hanya tabungan yang stabil dan berpengaruh dalam jangka panjang. Sedangkan variabel lainnya, hanya stabil dan efektif dalam jangka pendek. Selain itu, hubungan perubahan besaran moneter dengan perubahan IHK hanya stabil dalam jangka pendek, dan tidak terdefinisi dalam jangka panjang.JEL Classifications : E5, E58, E42Keywords : SBI, SBIS, besaran moneter, dan sistem moneter ganda.
Analisis Efisiensi Baitul Maal Wat Tamwil Dengan Pendekatan Two Stage Data Envelopment Analysis (Studi Kasus Kantor Cabang BMT MMU Dan BMT UGT Sidogiri) Muhammad Mahbubi Ali; Ir Ascarya
Tazkia Islamic Finance and Business Review Vol. 5 No. 2 (2010)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v5i2.44

Abstract

Penelitian ini bertujuan untuk mengukur tingkat efisiensi Baitul Maal Wat Tamwil (BMT) dengan mengambil studi kasus BMT MMU dan BMT UGT Sidogiri Pasuruan tingkat cabang dengan total sampel 50 cabang. Metode yang digunakan dalam penelitian ini adalah Two Stage DEA. Tahap pertama mengukur tingkat efisiensi BMT MMU dan BMT UGT dengan menggunakan DEA. Tahap kedua menguji faktor-faktor internal dan eksternal, yang mempengaruhi tingkat efisiensi BMT MMU dan BMT UGT dengan menggunakan pendekatan Tobit. Hasil penghitungan DEA menunjukkan, efisiensi overall technical BMT MMU (0,84) dan BMT UGT (0,88) pada tahun 2008 masih kurang optimal. Penyebab utama inefisiensi untuk BMT MMU adalah penyaluran pembiayaan, sementara sumber utama inefisiensi BMT UGT adalah penghimpunan dana pihak ketiga yang kurang maksimal. Hasil pengolahan Tobit menunjukkan bahwa kekuatan modal dan ukuran BMT memiliki pengaruh positif secara signifikan terhadap efisiensi overall technical pada dua BMT. Sementara dari sisi eksternal, PDRB perkapita memiliki pengaruh negatif secara signifikan. Adapun pertumbuhan pengangguran, tingkat pendidikan, dan komitmen keberagamaan tidak berpengaruh secara signifikan.JEL Classification : G21, R15Keywords : Efisiensi, BMT, Two Stage DEA
Determining the Real Causes of Financial Crisis in Islamic Economic Perspective: ANP Approach . Ascarya
Tazkia Islamic Finance and Business Review Vol. 9 No. 2 (2015)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v9i2.85

Abstract

Objective – The purpose of this study is to determine the real causes of financial crisis from Islamic economic perspective.Methods - This study applies Analytic Network Process (ANP) to determine the real causes of financial crisis from Islamic economic perspective to be able to formulate the real solutions to end financial crisis.Results - The ANP results show that the real causes of financial crisis from Islamic economic perspective are Social Instability (EXTERNAL FACTOR), Speculation (MISBEHAVIOR), Ineffective Fiscal System (UNSUSTAINABLE FISCAL SYSTEM), Hedonism (MISBEHAVIOR), Fractional Reserve Banking System (UNSTABLE MONETARY SYSTEM), Political Instability (EXTERNAL FACTOR), Corruption (POOR GOVERNANCE), Interest Rate (UNSTABLE MONETARY SYSTEM), Fiat Money (UNSTABLE MONETARY SYSTEM), and the Wrong Man in the Wrong Place (POOR GOVERNANCE). These main real causes should be removed gradually in order to systematically and gradually improve the stability of financial system so that financial crisis will not reappear again and again in the future.Conclusions - Financial crisis would not happen under Islamic economic system if all Allah’s laws in financial dealings were followed. Financial crisis in conventional economic system could be prevented or lessened by gradually adopting Islamic economic and finance laws and regulations, partly or fully, especially the main pillars of Islamic financial system, namely the prohibition of ribā (usury or interest), prohibition of maysir (gambling and game of chance or speculation) and prohibition of gharar (excessive uncertainty), in their many forms.
Design the Roadmap of Holistic Financial Inclusion for Baitul Maal wat Tamwil . Ascarya; Siti Rahmawati; Hendri Tanjung
Tazkia Islamic Finance and Business Review Vol. 12 No. 1 (2018)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v12i1.112

Abstract

This paper aims to design the roadmap of Holistic Financial Inclusion (HFI) by Baitul Maal wat Tamwil (BMT), where Baitul Maal carries out social inclusion and Baitut Tamwil carries out financial inclusion, using Analysis Network Process (ANP). The results show that the most important aspects of HFI are Sustainability, Development Program, Financing Program and Islamic Microfinance Services, while the most important elements of HFI are regular meeting, micro savings, simplicity and easy access, consumption smoothing, bailout debt, savings program and income increase, followed by funding independent, total deposits, mindset change, and micro financing. HFI of BMT could be developed gradually. At the first stage, BMT should have the minimum 16 elements of HFI comprising 4 (four) Social Inclusion elements, 4 (four) Financial Inclusion elements, 4 (four) Double bottom-Line elements and 4 (four) Welfare Impact elements. At the second stage, BMT should add the next 16 elements comprising 5 (five) Social Inclusion elements and 3 (three) Financial Inclusion elements, 5 (five) Double Bottom-Line elements and 3 (three) Welfare Impact elements. Moreover, at the third stage, the remaining 24 elements of HFI should be fulfilled. All Islamic financial institution must have the characteristic of HFI.
Co-Authors Aam Slamet Rusydiana, Aam Slamet Afifah Nur Millatina Bayu Arie Fianto Bayu Taufiq Possumah Diana Yumanita Diana Yumanita Dina Wening Ati Dianti Ebrinda Daisy Gustiani Erliza Noor Eva Misfah Bayuni Fakhri, Ulumuddin Nurul Guruh S. Rokhimah Haris Al Reza Hendri Tanjung Heni Hasanah Huda, Nurul Irfan Syauqi Beik JAENAL EFFENDI Laily Dwi Arsyianti Maya Asfarina Mochammad Novi Rifa’i Muhammad Mahbubi Ali Nisful Laila Noer Achsani Priyo, Ahsanul Hadi Pupun Saepul Rohman Raditya Sukmana Rifki Ismal Rifki Ismal Rifki Ismal Saiful Anwar Saiful Anwar Saiful Anwar Siti Fatimah Zahra Siti Nur Jannah Siti Rahmawati Siti Rahmawati Solahuddin Al-Ayubi Surbakti, Muhammad Syarif Ulumuddin Nurul Fakhri Ulumuddin Nurul Fakhri