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CSR CONTRIBUTION TO SOCIO-ECONOMIC DEVELOPMENT: EVIDENCE FROM INDONESIAN ISLAMIC BANKS Muneeza, Aishath; Ma'ruf, Aminudin; Alam, Shahbaz
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 1 (2020)
Publisher : Universitas Ahmad Dahlan

Islamic banks play a significant role in social and environmental responsibility. It is known that Islamic finance is not merely profit-oriented but also looking at the prosperity of the society, as an ethical financial system Islamic finance give a massive contribution towards social responsibility. This exploratory study examines the relations between corporate social responsibility (CSR) practices of Indonesian Islamic banks and socio-economic development. The evidence presented is based on the published annual reports of 13 Islamic commercial banks in 2017. The findings of this research suggests that CSR is a priority of Indonesian Islamic banks and has correlation to the socio-economic development. Furthermore, the findings suggest that the robust guiding principles on CSR need to be developed and it has potential of Islamic banks credibility and profitability.

The Potential of Fintech in Enhancing the Use of Salam Contract in Islamic Banking Muneeza, Aishath; Mustapha, Zakariya
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

An Islamic banking system employs different Shariah contracts to develop and offer products and services in different jurisdictions. One of such contracts is salam which is a forward sale contract. This study aims to examine the practice of salam as an instrument of Islamic banks financing and how technology can be used to enhance its application thereto. A qualitative approach is employed in this research where primary data sources on salam contract were examined, along with content analysis of relevant secondary data sources on the contract and how its practiced in Islamic banking. In furtherance of that practice, salam instrument can be leveraged on technology, mainly the blockchain. This would enhance its operation by bringing about automation, transparency, fair pricing, saving time and cost as well as enabling widespread access of Islamic bank financing to smaller enterprises to promote societal well-being. This research reveals that salam instruments cater for different clientsâ€™ needs and enjoy patronage in many jurisdictions even though it is currently the least utilized contract in Islamic banks financing due to divergence of juristic views on its general permissibility. Also, salam is an exceptional contract for Islamic banks financing of agriculture and related enterprises among others. The research offers an insight for Islamic banks to leverage on technology in utilizing salam contract towards providing financing for variety of clients, particularly poor farmers. Similarly, jurisdictions not practicing salam stand to learn of the benefits of using salam to offer technologically innovative yet affordable Islamic banking products/services for variety of clients.

The Potential of Fintech in Enhancing the Use of Salam Contract in Islamic Banking Muneeza, Aishath; Mustapha, Zakariya
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

An Islamic banking system employs different Shariah contracts to develop and offer products and services in different jurisdictions. One of such contracts is salam which is a forward sale contract. This study aims to examine the practice of salam as an instrument of Islamic banks financing and how technology can be used to enhance its application thereto. A qualitative approach is employed in this research where primary data sources on salam contract were examined, along with content analysis of relevant secondary data sources on the contract and how its practiced in Islamic banking. In furtherance of that practice, salam instrument can be leveraged on technology, mainly the blockchain. This would enhance its operation by bringing about automation, transparency, fair pricing, saving time and cost as well as enabling widespread access of Islamic bank financing to smaller enterprises to promote societal well-being. This research reveals that salam instruments cater for different clientsâ€™ needs and enjoy patronage in many jurisdictions even though it is currently the least utilized contract in Islamic banks financing due to divergence of juristic views on its general permissibility. Also, salam is an exceptional contract for Islamic banks financing of agriculture and related enterprises among others. The research offers an insight for Islamic banks to leverage on technology in utilizing salam contract towards providing financing for variety of clients, particularly poor farmers. Similarly, jurisdictions not practicing salam stand to learn of the benefits of using salam to offer technologically innovative yet affordable Islamic banking products/services for variety of clients.

A Comparative Analysis of Shariah Governance Framework of Islamic Bank in Malaysia and Pakistan Ahmad, Zaki; Muneeza, Aishath; Rahman, Md. Mahfujur; Mahomed, Ziyaad
Talaa : Journal of Islamic Finance Vol. 3 No. 1: June 2023
Publisher : Department of Sharia Financial Management, Institut Agama Islam Negeri Sultan Amai Gorontalo, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/talaa.v3i1.726

The aim of this paper is to investigate the differences between the contemporary Shariah governance frameworks of Malaysia and Pakistan. The study also examines the ways in which the Shariah governance frameworks of both countries can complement each other. This research concludes that the SGF principles of both countries under discussion abide by the AAOIFI and IFSB guidelines regarding SGF. Many aspects of the SGF of Malaysia are similar to the SGF of Pakistan. For example, both structures need to further develop the ethical aspect. While the similarities are plentiful, a few differences can be found between the two as well. This research provides insights to policy makers, regulators, and practitioners on approaches in governance policy and an assessment of the governance scope adopted by Malaysia and Pakistan via their respective SGFs. The SGFs have also been assessed for their conformance to international standards, including the AAOIFI and the IFSB.

The EFL Teacher's Perspective on Online English Learning Challenges Muneeza, Aishath
Majapahit Journal of English Studies Vol. 2 No. 1 (2024): English Studies
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/mjes.v2i1.119

The purpose of this study was to detail the examination of the challenges faced by the EFL instructor at the Junior High School while teaching English as a foreign language online. The participants in this descriptive qualitative study were English teachers at the Junior High School. Using complete sampling, we were able to collect data from four English teachers. Interviews and audio recordings were utilized to gather data for this study. Interview data analysis revealed the English teacher's online pedagogical strategy for delivering lessons amid the COVID-19 pandemic. The use of learning applications as the medium for this new approach to learning was dominant. Using another app to prepare lessons, all of the English teachers at the Junior High School delivered their lessons over the WhatsApp app. Students utilized the specialized learning app, which included G-Form and Quizizz, to complete assignments and tests. The author learned that the English instructors at the Junior High School were dealing with several issues. The English teachers at the Junior High School face several challenges, including students' lack of interest and motivation, network limitations, a cap on students' use of school computers, and pupils without personal devices. Students without access to computers or cell phones may be the ones who don't respond in this instance. Thus, it all began because the student lacked access to private internet study resources.

حوكمة الزكاة في الدول الإسلامية: دراسة مقارنة بين ماليزيا وتركيا وإندونيسيا لتعزيز الكفاءة والعدالة الاجتماعية Abdul Hamid, Mohamad; Muneeza, Aishath; Hardani, Ali
Al Urwah : Sharia Economics Journal Vol. 3 No. 1: Sharia Governance and Sustainable Finance: Ethical Transformation in the Digital and G
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v3i01.310

This study aims to analyze and compare the zakat management and regulatory systems in Malaysia, Turkey, and Indonesia by examining the legal, administrative, and technological frameworks of each model and identifying the challenges and opportunities for improving zakat fund distribution efficiency. The study employs a descriptive-analytical and comparative approach, collecting data from secondary sources, including academic literature, government reports, and zakat-related regulations in each country. The findings reveal that Malaysia adopts a centralized system supported by digital technology, enhancing transparency and efficiency. In contrast, Turkey follows a decentralized model based on non-governmental organizations, but it lacks a unified regulatory framework. Meanwhile, Indonesia employs a hybrid model, combining government supervision with non-governmental participation, providing greater flexibility but facing challenges in coordination and oversight. Based on these findings, the study recommends enhancing cooperation between government and non-governmental institutions, increasing the use of technology in zakat fund management, standardizing legal frameworks, raising public awareness, and developing an integrated monitoring system to ensure fairer and more efficient distribution. Implementing these recommendations can contribute to strengthening the role of zakat in economic and social development, making it a more effective tool for poverty alleviation and achieving social justice in Islamic countries.

Penyebab Kasus Sukuk yang Nyaris Gagal Bayar di Abad ke-21 dan Mekanisme Penyelamatannya Swandaru, Randi; Muneeza, Aishath
Jihbiz : Jurnal Ekonomi, Keuangan dan Perbankan Syariah Vol 8 No 1 (2024)
Publisher : Universitas Islam Raden Rahmat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33379/jihbiz.v8i1.2848

This study aims to examine the reasons that triggered sukuk to nearly default in the 21st century and the rescue mechanisms they used under the circumstance. This research is constructed as a case study examining selected near default sukuk cases from across jurisdictions. It is found that the main issues that triggered sukuk to nearly default are the lack of development of shariah governance, the backwardness in harmonizing shariah standards, and poor risk management through the business cycle of the underlying project. It is also found that two main rescue mechanisms are used in handling the sukuk that nearly defaulted. The first way is using commodity murabaha to pay out ijarah sukuk holders, as in the case of Ingress sukuk. The second way is by altering the terms of mudharabah sukuk to accommodate the aspiration of the sukuk holders, as in the case of Dana Gas sukuk. An anomaly in this regard is observed in Nakheel's case, where no restructuring effort was conducted as the Emirate of Dubai covered some of the debts.

Modified Reverse Salam Product as an Innovative alternative for mobilizing fixed deposits in Jurisdictions with Limited Sharia Compliant Investment Avenues to Promote Financial Inclusion Muneeza, Aishath
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 11 No. 1 (2019)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v11i1.7111

With the fintech (financial technology) solutions available in the market today, innovative ways to provide financial inclusion is needed. However, the most critical challenge in the arena is the limited availability of shariacompliant investment avenues in some of the jurisdictions of the world where Islamic banking and finance has not yet fully taken off. The main objective of this research is to introduce a universally accepted mechanism using salam, one of the least used Islamic finance contracts in Islamic commercial banking for mobilizing fixed deposits. This will be ideal to be used in jurisdictions with limited sharia-compliant avenues. This is exploratory legal research that aims to provide an adequate and effective product for the jurisdictions that aspires to have a sophisticated fixed return guaranteed investment products structured in a sharia-compliant manner. Simultaneously, the proposed product in this research will serve the less privileged community of the society whose commodities can be used as an underlying asset in structuring the product. However, this social impact of the product will differ depending on the jurisdiction in which it is applied and the decision of the financial institution in which the product is offered as it is there discretionary power to choose the underlying commodity used in the transaction. Fintech can also be fused with the suggested product, and as such, the product can be easily used by the population in physically remote locations in a convenient manner. Keberadaan solusi fintech di pasaran saat ini memerlukan adanya inovasi-inovasi untuk mewujudkan keuangan inklusif. Akan tetapi, tantangan yang paling serius dalam hal ini adalah terbatasnya cara investasi yang sesuai dengan syariah di beberapa yurisdiksi di dunia, dimana perbankan dan keuangan syariah belum sepenuhnya diadopsi. Tujuan utama dari penelitian ini adalah memperkenalkan mekanisme yang diterima secara universal dengan menggunakan salam, sebagai salah satu jenis kontrak keuangan yang paling jarang digunakan dalam perbankan komersial syariah untuk memobilisasi deposito dengan pengembalian tetap. Hal ini dapat menjadi ideal digunakan dalam yurisdiksi yang memiliki kesusaian syariah terbatas. Studi ini merupakan penelitian hukum eksploratori yang bertujuan untuk menawarkan produk yang tepat dan efektif bagi yurisdiksi yang berkeinginan untuk memiliki produk investasi terjamin dengan pengembalian tetap yang terstruktur dengan cara yang sesuai dengan syariah. Selain itu, produk yang ditawarkan ini akan dapat dimanfaatkan oleh komunitas yang kurang mampu dengan komoditas yang dapat digunakan sebagai asset dasar dalam penataan produk. Akan tetapi, dampak sosial dari produk ini akan berbeda-beda tergantung pada yuridiksi di mana ia diterapkan dan keputusan lembaga keuangan di mana produk tersebut ditawarkan. Hal ini karena adanya kekuatan diskresi untuk memilih komoditas dasar yang digunakan dalam transaksi. Fintech juga dapat digabungkan dengan produk salam, dan dengan demikian, produk tersebut dapat dengan mudah dimanfaatkan oleh populasi di lokasi-lokasi terpencil.

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