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The Opportunities Swallow's Nest Business to Increase Community Income from Islamic Economics Perspective Haris Al Reza; Mochammad Novi Rifa’i; Afifah Nur Millatina; Ascarya
Islamic Economics Journal Vol. 9 No. 2 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i2.9992

The swallow's nest business has a vast business opportunity, especially in areas that are crowded with swallows. Swallow's nests are very promising, but some obstacles and challenges must be faced. This study aims to find out how the swallow's nest business opportunity in increasing the income of the community in Kampung Baru village is viewed from the perspective of Islamic economics. This research uses a qualitative approach with the type of case study research. Sources of data in this study using primary data sources. Data collection techniques used are observation, interviews, and documentation. The results of this study indicate that Kampung Baru Village has the potential to conduct swallow's nest business in increasing the income of the community in Kampung Baru Katingan Kuala Village. This is evidenced by the increased income of SBW entrepreneurs, which is higher than the previous income when they had not built a swallow building. The increase in the revenue of the swallow's nest business can be seen from the rise in the swiftlet building owned by the swallow's nest entrepreneur, and the increasing level of education, as well as the increasing level of welfare of the people of Kampung Baru village through alms, infaq or donations. The Islamic economic perspective on the swallow's nest business is that no practices violate the Shari'ah that the swallow's nest entrepreneur has carried out. Efforts made by swallow entrepreneurs to increase people's income are reasonable efforts carried out with good intentions and efforts and are therefore in line with Islamic law.

THE ROOT CAUSES OF FINANCIAL CRISIS IN ISLAMIC ECONOMIC PERSPECTIVE Ascarya, Ascarya
Ekonomi Islam Vol. 8 No. 02 (2017): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

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

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 ribā (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.

THE ROOT CAUSES OF FINANCIAL CRISIS IN ISLAMIC ECONOMIC PERSPECTIVE Ascarya, Ascarya
Ekonomi Islam Vol. 8 No. 02 (2017): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

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

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 ribā (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.

Optimizing Capital Management in Baitul Maal wat Tamwil: Issues and Approaches Rohman, Pupun Saepul; Laila, Nisful; Fianto, Bayu Arie; Ascarya, Ascarya; Rusydiana, Aam Slamet
Economica: Jurnal Ekonomi Islam Vol. 15 No. 1 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.1.20131

Baitul Maal wat Tamwil (BMT) is a microfinance institution operating under Sharia principles, integrating social welfare and commercial finance to promote poverty alleviation and economic empowerment. Despite its potential, BMTs face significant capital challenges that hinder their sustainability and impact. This study explores these challenges using a qualitative methodology with a literature review approach. Six key issues are identified: (1) limited capital from low member savings, (2) inadequate accumulation of social funds, (3) mismatch between available funds and customer needs, (4) reliance on external funding, (5) low business volume, and (6) weak integration between the social (Baitul Maal) and commercial (Baitul Tamwil) functions. These issues restrict BMTs from fully achieving their financial inclusion and social welfare objectives. To address these challenges, the study suggests optimizing low-cost funds, managing cash waqf, strengthening Baitul Maal, collaborating with zakat institutions, and integrating Islamic social finance with commercial operations. Additionally, increasing principal and mandatory savings is recommended to improve capital stability. Resolving these issues is essential for enhancing BMTs' role in poverty alleviation and ensuring their long-term sustainability and effectiveness within the Islamic finance framework.

Developing Green Banking Performance Measurement for Islamic Bank with Maqasid Shariah Jannah, Siti Nur; Surbakti, Muhammad Syarif; Ascarya, Ascarya
Indikator: Jurnal Ilmiah Manajemen dan Bisnis Vol 9, No 1 (2025)
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/indikator.v9i1.29039

The application of green banking (GB) practices can be a solution to various environmental problems and help achieve the SDGs. However, the performance of GB implementation in Indonesia’s Islamic Bank is still unclear due to the unavailability of instruments to measure its implementation. Even though information regarding GB implementation in Indonesia’s Islamic bank is urgently needed to achieve the SDGs and sharia goals or maqasid sharia. This study aims to develop index for measuring GB performance in Islamic Bank using maqasid syariah and ESG as framework, namely green banking maqasid index or GBMI. Model development and weighting in this study use the Delphi-ANP (Analytic Network Process) method. The results of this study reveal the order of priority and weight of variables related to GBMI measurement. There are 6 main priorities out of 18 important variables in ESG and their weights, namely green human resource management (HRM) (0.075), health and safety of the workplace (0.072), green product and service (0.070), green strategic planning (0.069), and elimination of wastage (0.065). These results also indicate that green HRM is among the most emphasized variables in the application of GB concept. Thus, educating HRM to understand the GB concept well is quite important in the initial stage of implementing GB practices in Islamic banks.

The Potential Role of Qard Hasan Based Baitul Maal Wa Tamwil in Realizing Financial Inclusion Rohman, Pupun Saepul; Fianto, Bayu Arie; Laila, Nisful; Ascarya, Ascarya
AMWALUNA (Jurnal Ekonomi dan Keuangan Syariah) Vol 7, No 2 (2023)
Publisher : Univeristas Islam Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v7i2.7608

This study aims to describe the potential role of the qard hasan-based Baitul Maal wa Tamwil (BMT) in achieving financial inclusion. This article uses a literature study approach accompanied by a case study. This study concludes that financial inclusion in society is very likely to be realized by the practice of the qard hasan contract at BMT. The implications of this research can be useful for policy makers related to BMT and Islamic microfinance more broadly. This can help policy makers and regulators understand the challenges and opportunities in supporting and promoting financial inclusion through BMTs.

Optimizing Capital Management in Baitul Maal wat Tamwil: Issues and Approaches Rohman, Pupun Saepul; Laila, Nisful; Fianto, Bayu Arie; Ascarya, Ascarya; Rusydiana, Aam Slamet
Economica: Jurnal Ekonomi Islam Vol. 15 No. 1 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.1.20131

Baitul Maal wat Tamwil (BMT) is a microfinance institution operating under Sharia principles, integrating social welfare and commercial finance to promote poverty alleviation and economic empowerment. Despite its potential, BMTs face significant capital challenges that hinder their sustainability and impact. This study explores these challenges using a qualitative methodology with a literature review approach. Six key issues are identified: (1) limited capital from low member savings, (2) inadequate accumulation of social funds, (3) mismatch between available funds and customer needs, (4) reliance on external funding, (5) low business volume, and (6) weak integration between the social (Baitul Maal) and commercial (Baitul Tamwil) functions. These issues restrict BMTs from fully achieving their financial inclusion and social welfare objectives. To address these challenges, the study suggests optimizing low-cost funds, managing cash waqf, strengthening Baitul Maal, collaborating with zakat institutions, and integrating Islamic social finance with commercial operations. Additionally, increasing principal and mandatory savings is recommended to improve capital stability. Resolving these issues is essential for enhancing BMTs' role in poverty alleviation and ensuring their long-term sustainability and effectiveness within the Islamic finance framework.

The Influence of Maqāṣid Sharī‘ah Implementation on Satisfaction of Islamic Cooperatives’ Members Bhinekawati, Risa; Ascarya, Ascarya; Firdaus, Achmad
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 14 No. 2 (2024): October
Publisher : Islamic Economics Department, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/elqist.2024.14.2.112-140

This study aims to elaborate on the application of indicators of five lower-order constructs of maqāṣid sharī‘ah in measuring the satisfaction of Islamic cooperative members. Subsequently, the Social Exchange Theory is used to explain the relationships among reciprocity, trust, maqāṣid sharī‘ah, and satisfaction. This study uses a quantitative approach by applying a two-stage reflective-formative analysis of Partial Least Square – Structural Equation Modeling (PLS-SEM). The data were collected from nine Islamic cooperatives in six provinces of Indonesia, where 247 valid questionnaires were processed and analyzed using SmartPLS software. The first stage of analysis confirmed that the indicators of five constructs of maqāṣid sharī‘ah (Religion, Life, Intellect, Lineage, and Trust) could be used as valid and reliable measurements for maqāṣid sharī‘ah. The second stage of the analysis found that maqāṣid sharī‘ah, together with reciprocity and trust, have a significant and positive influence on the satisfaction of sharī‘ah cooperative members. The results of this study can be generalized to the Islamic financial cooperatives. However, the application of the model to conventional cooperatives will require further research research. Consistent implementation of maqāṣid sharī‘ah would improve cooperatives members’ satisfaction and overall cooperatives performance. This study confirms that indicators and variables of maqāṣid sharī‘ah can be applied as measurements to analyze the satisfaction of Islamic cooperative members. It also provides empirical evidence of the application of Social Exchange Theory in the context of Islamic cooperatives, which has not been done by previous studies. Future studies are recommended to test this model in non-Islamic cooperatives, expand the dataset across Muslim-majority countries, and explore longitudinal impacts of maqāṣid-based governance on institutional sustainability.

Optimization Of The State Sukuk As An Instrument Of Natural Gas Downstream Financing To Support National Energy Security Wartowiyono, Sudadi Sugi; Ascarya, Ascarya
At-tijaroh: Jurnal Ilmu Manajemen dan Bisnis Islam Vol 11, No 2 (2025): DESEMBER 2025
Publisher : Universitas Islam Negeri Syekh Ali Hasan Ahmad Addary Padangsidimpuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24952/tijaroh.v11i2.17220

Limited funding for downstream natural gas infrastructure challenges Indonesia’s energy security. Relying on the State Budget (APBN) amid rising investment needs, this study explores state sukuk (Islamic bonds) as an alternative financing tool during a sustainable energy transition. Using a descriptive-qualitative approach, it analyzes secondary data from ministries, sukuk reports, literature, and interviews with seven experts (regulators), academics, and practitioners. Data analysis involved content analysis and the Analytic Network Process (ANP) to identify problems, priorities, and strategies. Results show regulatory gaps, limited financing, and immature project planning are key obstacles. State Sukuk is promising due to its asset-backed, Sharia-compliant nature and ability to attract investors, though its use is low compared to other methods. Findings highlight the need for consistent policies, robust economic assessments, and pilot projects to enhance Islamic finance's role in energy security. This study provides empirical insights into Sukuk Negara's strategic importance for Indonesia’s downstream natural gas infrastructure, integrates stakeholder perspectives with ANP, and offers a framework for policy development and future sharia-compliant energy financing.

Redesigning Healthcare Waqf: Key Characteristics and Strategic Models for Indonesia Using the Delphi–Likert Approach Sulistyowati, Sulistyowati; Ascarya, Ascarya; Sukmana, Raditya; Astarudin, Tatang; Napitupulu, Rodame Monitorir
AL-IHKAM: Jurnal Hukum & Pranata Sosial Vol. 20 No. 2 (2025)
Publisher : Faculty of Sharia IAIN Madura collaboration with The Islamic Law Researcher Association (APHI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19105/al-lhkam.v20i2.21377

This study explores the essential characteristics of healthcare waqf and proposes context-appropriate models for implementation in Indonesia. Employing the Delphi method alongside a Likert scale, expert consensus validated 23 out of 31 proposed characteristics, with significant agreement indicated by Kendall’s W. The identified healthcare waqf types include clinics, general hospitals, children’s hospitals, and specialist hospitals. These institutions can be financed through a blend of Islamic social and commercial finance and managed by a subsidiary, third party, or nāẓir (waqf manager). Based on these characteristics, four models are proposed: social, simple productive, innovative productive, and integrated social-productive healthcare waqf models. These models aim to provide accessible healthcare services for both underserved populations and the general public. While designed for Indonesia, the study’s methodological approach and conceptual framework can be adapted for application in other contexts. This research offers a novel foundation for developing effective, sustainable healthcare waqf initiatives.

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