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All Journal Global Review of Islamic Economics and Business Jurnal Ekonomi & Keuangan Islam
Munrokhim Misanam
Department of Economics, Faculty of Business and Economics, Universitas Islam Indonesia, Yogyakarta, Indonesia
Economics, Econometrics & Finance

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General equilibrium model of Islamic macroeconomic framework tracing through zakat, profit share, and producers’ maslahah Munrokhim Misanam
Jurnal Ekonomi & Keuangan Islam Volume 9 No. 2, July 2023
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol9.iss2.art10

Abstract

Purpose – This paper is trying to build an analysis framework that can work like IS-LM in Western economics. Regarding the methodology, the discussion is developed from the role of profit share rate and zakat of unemployed (uninvested) wealth. Methodology – The research method is the first step to build an equilibrium Islamic financial market. In the Islamic financial market, Islam has prohibited interest rates due to usury (riba) and, as a bride, uses the concept of profit and loss sharing. The second step is to establish a goods market equilibrium. The last step is to build an equilibrium financial and goods market in Islamic macroeconomics.Findings – The result of the vestige finds two curves: first, the one representing the equilibrium in the commodity market (IP). At the same time, the other shows the equilibrium in the financing (counterpart of credit) market (FF). Those curves can then do the traditional task of IS and LM. So, the found framework can comprehensively analyze an economy of the Islamic type.Implication – This research uses the basic intuition of Islamic teachings, such as the role of the zakat of uninvested funds. In this arrangement, the zakat of uninvested funds is a “penalty” for not investing in the fund.Originality – The study is original in build models general equilibrium model of Islamic macroeconomic framework tracing through zakat, profit share, and producers’ maslahah.
Local Wisdom, Dignity, Trust, and the Construction of Social Collateral for Micro Financing Munrokhim Misanam
Global Review of Islamic Economics and Business Vol. 11 No. 1 (2023)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2023.111-07

Abstract

Micro business plays an important role in poverty alleviation. Yet, its development is constrained by the absence of access to banking at a reasonable cost. This is simply due to the unavailability of collateral to back up the loan/financing. Actually, the lack of physical collateral may be substituted by social collateral that informally exists in society and the micro-business community. Therefore, there has to be an effort to officialize and construct the social collateral in order for the banking industry to admit and accept it as collateral. This work begins with research on the effect of social capital on repayment performance. This is to the extent that the effect of social capital has long been recognized by many economists, even though not formally theorized. Yet, there are ample notions stating that there is a close relationship between those variables. This research was carried out to see in more detail the role of local wisdom, approached from religiosity. This research was accomplished using a survey method, which got primary data directly from the respondents. The ground of research was the Southern Region of Kedu, Central Java, Indonesia. The results suggest that religiosity shares the effect with social dignity as well as trust and they all show to be dominant variables affecting repayment. The implication is it seems better for both the government and banking industry to consider this arrangement a substitute for physical collateral. Moreover, the construction of social collateral is, indeed, in accord with the uncovered fact. Originality/Value: This paper addresses the issue of loan repayment in Islamic micro financing. Because of the unavailability of collateral in small and micro firms to support loans or financing, this study examines the importance of social capital to substitute physical collateral in dealing with repayment performance.
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