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Revisiting the Idealism of Syariah Audit for Islamic Financial Institutions Mulyany, Ratna; Furqani, Hafas; Ibrahim, Shahul Hameed Mohamed; Hamoudah, Manal Mohammed
al-Uqud : Journal of Islamic Economics Vol 5, No 2 (2021): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (318.68 KB) | DOI: 10.26740/al-uqud.v5n2.p184-202

Abstract

The rapid development of syariah audit goes hand in hand with demands for governance of syariah compliance that promotes accountability and transparency. From its inception, syariah audit as a concept has been interpreted and practiced from various perspectives. This research aims to conceptually revisit the ideal conception of syariah audit by looking back at its root, discussing the emergence, meaning, characteristics, and issues of syariah audit. This study demonstrates the need for more holistic development of the conceptual framework for the syariah audit. It consists of defining subject appropriately, standardising the qualification and competence requirements for syariah certified auditors, regulating who should appoint syariah auditors, identifying the scope and extent of syariah audit, establishing the regulatory body forsyariah audit, and enforcing the dedicated standards for syariah audit. 
Does Islamic Banking Contribute to Economic Development? Evidence from Malaysia Hafas Furqani; Ratna Mulyany
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.v3i2.22

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Does Islamic banking contribute to the economic development of a country? In what way Islamic banking contribute to the economic development? Are the main question might be asked to examine the viability of Islamic banking to the economic development. This paper attempts to answer those questions by examining the dynamic interactions between Islamic banking and economic development of Malaysia by employing the Cointegration test and Vector Error Model (VECM) to see whether the Islamic financial system contributes to the economic development and economic development that contribute to the transformation of the operation of the Islamic financial system in the longrun. We use time series data of total Islamic bank financing (IB financing) and real GDP per capita (RGDP), fixed investment (GFCF), and trade activities (TRADE) to represent real economic sectors. We found that in the short-run only fixed investment that granger cause Islamic bank to develop for 1997:1-2005:4. Where as in the long-run, there is evidence of a bidirectional relationship between Islamic bank and fixed investment and there is evidence to support ‘demand following’ hypothesis of GDP and Islamic bank, where increase in GDP causes Islamic banking to develop and not vice versa. Islamic banking is also found to have less contribution to the international trade in the form of export and import of goods and services.Keywords: Islamic banking, economic growth, Malaysia, VECM
Pergulatan Doktrin dan Realitas dalam Proses Teoretisasi Ekonomi Islam Hafas Furqani
Islamica: Jurnal Studi Keislaman Vol. 11 No. 1 (2016): September
Publisher : Postgraduate Studies of Universitas Islam Negeri Sunan Ampel Surabaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (443 KB) | DOI: 10.15642/islamica.2016.11.1.212-236

Abstract

This article examines the struggle between the doctrine and reality in the process of theorizing Islamic economics that until now remains a challenge in building the science of Islamic economics. The process of theorizing is a problem of epistemology and methodology. As a discipline in the realm of social sciences, Islamic economics uses authoritative sources of Islam (al-Qur’ân and Hadîth), logic and empirical experience. Islamic economic theory is expected to grow from all three of these sources. In contrast to conventional economic theory, the theory of Islamic economics is expected to grow from Islamic doctrine or principle of economy and rooted in empirical facts. The methodology of Islamic economics play a role in integrating doctrine and empirical reality in the process of theorizing Islamic economics. This article describes the three sources of Islamic economic epistemology, the link between doctrine and reality, and the interaction and integration of doctrine and reality in the process of theorizing Islamic economics. Islamic economic theory that is born must have integrity and be tested on three dimensions: doctrine, rationality, and empirical experience.
Innovation versus Replication: Some Notes on the Approaches in Defining Shariah Compliance in Islamic Finance Mohamad Akram Laldin; Hafas Furqani
Al-Jami'ah: Journal of Islamic Studies Vol 54, No 2 (2016)
Publisher : Al-Jami'ah Research Centre

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/ajis.2016.542.249-272

Abstract

Shariah contains the principles and foundations upon which financial system from an Islamic perspective is established and acts as guidance and framework on which the direction of the industry is set. This would include the whole processes from product conceptual inception of developing shariah product compliance manual, developing product structure, reviewing the legal documentation, and producing report or opinion on the product application in the market. Islamic finance is expected to offer something new to the market instead of a mere replication and modification of conventional practices in Islamic forms. The paper attempts to survey the approach in developing Islamic finance, including the debate on replication and innovation in a product to the structure as well as the gaps between ideals and practices.  [Keuangan Islam dikembangkan berdasarkan atas semangat, filosofi dan prinsip-prinsip hukum Islam sebagaimana terangkum dalam ekonomi shariah. Makalah ini berusaha mengamati berbagai pendekatan dalam mengembangkan keuangan Islam, perdebatan mengenai replikasi ekonomi konvensional, dan inovasi dalam produk hingga struktur maupun kesenjangan antara yang ideal dengan kenyataannya. ]
The Foundations of Islamic Finance: Appraising the Approaches and Challenges Hafas Furqani; Nazaruddin A. Wahid
Global Review of Islamic Economics and Business Vol 1, No 1 (2013)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (457.781 KB) | DOI: 10.14421/grieb.2013.011-02

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The emergence of Islamic finance as a system of thought and practice is timely in the midst of world crisis and the uncertain proposals for solving it. It is hoped that Islamic finance could offer a coherent perspective for understanding real economic problems as well as a genuine alternative to the very foundations of how finance should be managed to actualize human prosperity. It is widely expected that Islamic finance will continuously evolve into a more sophisticated form and structure in the next decade. Some, however, question whether the development is moving on the right track to realize the hopes pinned on it at the time of its initial establishment. This embarks from the differences in understanding the raison d?etre of Islamic finance emergence and hence approach taken in developing the industry. In this paper we argue that Islamic finance should be directed to provide for meaningful development in thetwenty-first century, Islamic finance must realize its full potential as a system, not merely a stopgap means of surviving the crisis. It must go beyond that to provide the guidelines for managing a good economy, stimulating growth and development, realizing socio-economic justice and promoting employment and stability. It cannot limit itself to merely offering economic and financial practices that satisfy the minimum standard of legal requirements.
Worldview and the Construction of Economics: Secular and Islamic Tradition Hafas Furqani
TSAQAFAH Vol 14, No 1 (2018): Contemporary Islamic Discourses
Publisher : Universitas Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (3329.121 KB) | DOI: 10.21111/tsaqafah.v14i1.2294

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Economics as a system of thought and body of knowledge is constructed based on certain philosophical foundations derived from a particular worldview. The term worldview, which originated from the German Weltanschauung (composed of Welt, ‘world’, and Anschauung, ‘view’ or ‘outlook’) refers to a world perception, or the concept and framework of ideas through which human interprets the human life and world. The term worldview, in general, refers to belief, doctrine, perspective and values in the sense that it supplies views, assumptions and images of how to perceive things. The worldview which is the perspective in understanding the existence and realities decorates the scientifc atmosphere, its direction as well as objectives. The worldview is also fundamental in supporting the development of a science and its progress. Mainstream economics is developed from the foundation of Secular Worldview which is characterized as materialist (excluding the metaphysics), reductionist (reducing the epistemological basis on positivism with atomistic perspective) and individualist (isolating individual from society). Islamic economics, on the other hand, is developed on the basis of Islamic worldview. The Islamic worldview is claimed to be more comprehensive, integrative and holistic in nature. This would make Islamic economics having a potential to answer the shortcoming found in conventional economics. The paper would explore the nature of worldview in Secular and Islamic tradition and its implications in developing discipline of economics and Islamic economics. The paper also seeks to develop some foundations for Islamic economics to be a distinct discipline.
ANALISIS PERBANDINGAN TINGKAT PRODUKTIVITAS BANK UMUM SYARIAH (BUS) DAN UNIT USAHA SYARIAH (UUS) DI INDONESIA PERIODE 2015-2018 Qadrun Nada; Hafas Furqani; Isnaliana Isnaliana
Jihbiz: Global Journal of Islamic Banking and Finance. Vol 3, No 2 (2021)
Publisher : Prodi Perbankan Syariah FEBI UIN Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/jihbiz.v3i2.10455

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Penelitian ini bertujuan untuk membandingkan tingkat produktivitas Bank Umum Syariah dan Unit Usaha Syariah di Indonesia periode 2015-2018. Data penelitian ini menggunakan data laporan keuangan yang diterbitkan oleh Bank Umum Syariah dan Unit Usaha Syariah periode 2015-2018. Penelitian ini menggunakan enam sampel BUS dan tujuh sampel UUS. Metode pendekatan penelitian adalah kuantitatif komparatif non parametrik. Metode analisis yang digunakan untuk mengukur tingkat produktivitas BUS & UUS adalah Malmquist Productivity Index (MPI). Variabel input terdiri dari dana pihak ketiga (DPK), modal dan biaya pegawai, sedangkan variabel output terdiri dari pembiayaan. Hasil penelitian ini menunjukkan bahwa rata-rata nilai produktivitas Bank Umum Syariah selama periode penelitian Total Factor Productivity (TFP> 1) sebesar 1.005, hal ini menunjukkan bahwa BUS telah mengalami perubahan tingkat produktivitas sebesar 0,005%. Sedangkan nilai produktivitas Unit Usaha Syariah pada periode tersebut juga mengalami peningkatan sebesar 0,004% (1.004> 1). Nilai produktivitas BUS dan UUS dipengaruhi oleh nilai Total Productivity Factor (TFP) yaitu perubahan efisiensi / EFFCH) dan perubahan teknologi (TECHCH). Hasil perhitungan dan pengujian hipotesis menunjukkan bahwa tidak terdapat perbedaan yang signifikan antara nilai produktivitas Bank Umum Syariah dan Unit Usaha Syariah di Indonesia.
Konsep Distribusi Muhammad Baqir al-Sadr dan Perbandingannya Dengan Teori Keadilan Distribusi Kontemporer Hafas Furqani; Abdul Hamid
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol 10, No 2 (2019): MUQTASID: Jurnal Ekonomi dan Perbankan Syariah
Publisher : IAIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1352.047 KB) | DOI: 10.18326/muqtasid.v10i2.107-123

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Abstract This study aims to examine the concept of distributive justice according to Muhammad Baqir al-Sadr and comparing it with the conventional theory of distributive justice. Al-Sadr’s concept of distributive justice is explored from his magnum opus, Iqtisaduna, in which he criticizes the Capitalist and Socialist economic system and put forward his thought on Islamic economic system. This research is a qualitative study using content analysis. The approach used is a comparative analysis with contemporary distribution justice concepts and theories. This study found that in al-Sadr’s conception, distribution should be put earlier than production in an economic system. Distribution is classified into pre-production distribution and post-production distribution. To realize distributive justice, al-Sadr also argues the importance of property ownership rights and compensation. He also argues that the state plays an important role in regulating the economy and establishing distributive justice. AbstrakPenelitian ini bertujuan untuk mengkaji konsep keadilan distribusi menurut Muhammad Baqir al-Sadr dan perbandingannya dengan teori keadilan distribusi kontemporer. Konsep keadilan distribusi al-Sadr digali dari magnum opusnya Iqtisaduna yang berisi kritikan kepada sistem ekonomi Kapitalisme dan Sosialisme serta kontribusi pemikiran beliau dalam membangun ekonomi Islam. Penelitan ini adalah penelitian kualitatif menggunakan analisa konten analisis. Pendekatan yang digunakan adalah analisa komparasi dengan konsep dan teori keadilan distribusi kontemporer. Hasil penelitian ini menemukan bahwa dalam pemikiran al-Sadr, distribusi menduduki posisi lebih awal daripada produksi. Ia melihat permasalahan ekonomi itu muncul pada ketidakmerataan distribusi, bukan pada produksi. Oleh karena itu, al-Sadr mengklasifikasikan distribusi kepada dua tahap, distribusi pra-produksi dan distribusi pasca-produksi. Untuk mewujudkan keadilan distribusi, menurut al-Sadr sangat penting memperhatikan hak kepemilikan dan kompensasi. Al-Sadr juga berpandangan bahwa negara berperan penting sebagai pilar utama dalam pengaturan ekonomi dan penegakan keadilan distribusi.
Revisiting the Idealism of Syariah Audit for Islamic Financial Institutions Ratna Mulyany; Hafas Furqani; Shahul Hameed Mohamed Ibrahim; Manal Mohammed Hamoudah
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (318.68 KB) | DOI: 10.26740/al-uqud.v5n2.p184-202

Abstract

The rapid development of syariah audit goes hand in hand with demands for governance of syariah compliance that promotes accountability and transparency. From its inception, syariah audit as a concept has been interpreted and practiced from various perspectives. This research aims to conceptually revisit the ideal conception of syariah audit by looking back at its root, discussing the emergence, meaning, characteristics, and issues of syariah audit. This study demonstrates the need for more holistic development of the conceptual framework for the syariah audit. It consists of defining subject appropriately, standardising the qualification and competence requirements for syariah certified auditors, regulating who should appoint syariah auditors, identifying the scope and extent of syariah audit, establishing the regulatory body forsyariah audit, and enforcing the dedicated standards for syariah audit. 
KAjIAN METODOLOGI DAN SIGNIFIKANSINyA DALAM PENGEMBANGAN DISIPLIN ILMU EKONOMI ISLAM Hafas Furqani
J-EBIS (Jurnal Ekonomi dan Bisnis Islam) Vol 1, No 1 (2016)
Publisher : IAIN Langsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32505/v4i1.1235

Abstract

Abstrak.Methodology, the study of science philosophy is generally included in the study of epistemology discussing the nature, sources, concepts and theories of science. Therefore, it follows the development of epistemology study and philosophy of science, although both of them are different in terms of their focus and scope of assessment. Epistemology discusses the theory of science, nature and its limitations, but the methodology is more arguing about the specific studies to examine how a theory born and its evaluation. As a new discipline, methodology study is very essential to build the scientific foundations of Islamic Economics producing its own theories. Solid methodology eases to raise the scientific structures of Islamic economics from the source of its discipline, utilizing its own scientific foundation. This paper examines the link between Islamic epistemology and the methodology of Islamic economics, the nature and the definition of the methodology itself and its significance in constructing the technical of Islamic economics.Keywords: epistemology, methodology, discipline, significance, Islamic economics