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All Journal al-Afkar, Journal For Islamic Studies El-Iqtishady IQTISHOD: Jurnal Pemikiran dan Hukum Ekonomi Syariah Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah J-CEKI
Sofyan Al-Hakim
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Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences

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Comparative Analysis of Conventional and Sharia Monetary Policies and Instruments in Indonesia Chandra; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 1 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i1.929

Abstract

In various literature on economics, the economy is divided into two sectors: the real sector which indudes the service market and the goods market, and the monetary sector which consists of the money market and capital market. In some economic systems, the monetary (financial) flows in a country will affect economic performance. Monetary economics can be applied in a policy called monetary policy. In a conventional discussion, a monetary policy is carried out to achieve an increase in national income, to stabilize market prices and control the rate of inflation. To achieve these macroeconomic objectives, interest rates are used where this is a weakness of conventional monetary stems. The use of interest rates has subsequently caused an economic crisis, even a global financial crisis. In connection with the need for a new economic system, the Islamic monetary system offers a solution to overcome the financial crisis. The system offered is an asset-based transaction, interest-free, avoiding transactions that contain speculation and uncertainty. Next, use stable currencies, namely dinars and dirhams
The Impact of Inflation on the Stability of the Islamic Financial System Moh. Asep Zakariya Ansori; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 1 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i1.957

Abstract

High inflation has become a challenge for a country's economy, including the Islamic financial system. The stability of the Islamic financial system is very vulnerable to be affected by inflationary turmoil. This study aims to determine and analyse the impact of inflation on the stability of the Islamic financial system. This research uses a qualitative method with the type of library research. Data were obtained from books, scientific journals, and relevant previous research reports. The data analysis technique uses content analysis with descriptive data presentation. The results showed that inflation exerts significant pressure on the stability of the Islamic financial system through various transmission channels. Inflation increases the cost of funds, the risk of non-performing financing, investment uncertainty, and systemic risk in Islamic financial institutions. On the other hand, price stability is a prerequisite for the stability of the Islamic financial system in carrying out the intermediation function and optimal allocation of financing. Therefore, the central bank and regulators need to take macroprudential policies to reduce inflationary pressures and maintain the stability of the Islamic financial system through adequate liquidity management, setting risk-based reserves, monitoring financial leverage, and supervising innovative financial products
The Role of Central Bank Monetary Policy in Controlling Inflation and Exchange Rates Jajang Herawan; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.962

Abstract

This research explains the role of the central bank as a monetary policy regulator that has the ability to control inflation and the exchange rate. This is proven by the circulation of currency in the economy which reflects changes in the amount of currency in circulation, interest rates, credit, exchange rates, and many other economic and financial variables. The method used in this article uses a qualitative descriptive approach. Descriptive refers to the researcher's efforts to systematically and accurately describe those who study or criticize literature, whether from books, journals or other documents, based on several opinions based on a number of research results from journalists or document critics. The results of the review show that a significant difference in Islamic monetary policy is that Islamic economics does not provide guarantees regarding nominal values, profit margins, or interest rates. Therefore, monetary policy automatically becomes sharia monetary policy, that is, it does not use interest rates as its operational target. The tool used is sharia law.
Comparative Analysis of the Monetary Policies of the Islamic State of Iran and Pakistan Asep Dadang Hidayat; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.970

Abstract

This research intends to analyse comparatively the monetary policy in Iran and Pakistan. The object of this research is the Islamic countries of Iran and Pakistan. This research is a descriptive-analytical research with qualitative research, which is a research procedure that produces descriptive data in the form of written words from people and observed behaviour, supported by literature studies. The results of this study indicate that monetary policy in Iran and Pakistan as Islamic countries, both apply Sharia-based monetary, but also opened monetary services to accommodate a number of general, commercial and or conventional economic transactions. This shows that both Iran and Pakistan apply monetary governance that is committed to Islamic law, but is inclusive of conventional ones even though it cannot dominate them.  Monetary governance in both countries plays a more direct role in economic growth, not as an effective moderator of government economic policy.
Implementation of Fiscal Policy of the Islamic State of Saudi Arabia and the Arab Emirates Suradi; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.1040

Abstract

This research aims to analyze the economic policies of Saudi Arabia and the Arab Emirates in anticipating the effects of fiscal policy on their national economies. These policies include international economic policy, fiscal policy, and monetary policy. This research uses qualitative research methods through scientific observation by collecting non-numerical data, focusing on creating solutions and meaningfulness. The results of the research show that there are efforts by the Kingdom of Saudi Arabia in its international economic policy. On the other hand, monetary policy is needed to stabilize the economy by supporting solid fiscal policy when the global world is flooded with liquidity such as nominal interest rates that are close to or below zero, so that the impact of lowering interest rates can trigger an outflow of cash from the stock market. In this case, the Kingdom of Saudi Arabia was very quick and responsive in implementing the combination of these policies. Meanwhile, the United Arab Emirates government is taking strategic steps, including in tax policy. This country issues various regulations related to taxation in terms of collecting tax funds and using tax funds through the state budget.
Fiscal Policy in Islam (Pre-Risalah, During the Prophet's time and Rashidun Caliphs) Royani; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.1041

Abstract

Fiscal policy is considered an integral part of the economic system governed by Islamic principles. Before the advent of Islam, the pre-Islamic Arab society had an economy based on trade, agriculture and property ownership, albeit without formal fiscal regulations. After Islam was introduced, the fiscal system began to be regulated in more detail. Zakat became an important component in fundraising to support needy Muslims and develop social infrastructure. Additionally, jizyah was also implemented, which is a tax levied on non-Muslims living under the protection of an Islamic state. During the Prophet's time, the Islamic economic approach aimed to achieve social and economic justice through fair distribution of wealth. During the reign of the Rashidun Caliphs, Islamic fiscal policy remained rooted in the principles of justice and solidarity. For example, Umar bin Khattab formulated various economic policies to support people's welfare, including land distribution to farmers, infrastructure development, and price control. Taxes and state revenues were directed to support social, religious and public interest programs. This descriptive-analytical research falls into the category of qualitative research, with a literature review approach focusing on primary materials, especially those related to Islamic economic thought.
Dynamics of Monetary Policy Comparative Study Between Indonesia and Malaysia Mugni Muhit; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.1043

Abstract

In countries that embrace a dual banking system, such as Indonesia and Malaysia, the monetary policy implemented is also a multiple monetary policy. Both Islamic and conventional monetary policies have the same goal, which is to create stable money value and full employment. This article aims to analyze the transmission of convergence monetary policy implemented by Indonesia and Malaysia with two objectives: first, to identify the transmission channel of dual monetary policy in Indonesia and Malaysia; second, to compare the effectiveness mechanism of dual monetary policy implementation in Indonesia and Malaysia. The analysis of several empirical studies concludes that the transmission channels, both Islamic and conventional in the monetary policy of dual banking system in Indonesia and Malaysia are the same, but the tendency of the channel depends on the real conditions of each country's economy. The mechanism of the effectiveness of monetary policy transmission in Indonesia and Malaysia is almost similar, namely the transmission instruments of Islamic monetary policy and or elements of Islamic banking that can withstand inflation as well as increase economic growth and development.
Measuring the Validity of Gharar from an Islamic Legal Perspective (Comparative Study of Gharar According to the Fuqaha) Dodi Yarli; Sofyan Al-Hakim; Iwan Setiawan
al-Afkar, Journal For Islamic Studies Vol. 7 No. 3 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i3.1065

Abstract

. Gharar is one of the important concepts in Islamic law related to uncertainty or ambiguity in a transaction. This concept has a significant impact on the validity of a contract or contract in the context of finance and trade in sharia. Therefore, a deep understanding of gharar is essential in determining the halalness of a transaction. The aim of this research is to carry out a comparative study of the ulama's views on the concept of gharar. This research uses a qualitative approach method by collecting data through literature studies and analysis of the opinions of different scholars. Results show that the views of scholars on gharar have variations and differences that can be distinguished in several categories. One category is scholars who consider gharar to be something that should be avoided completely, and they tend to limit transactions that contain significant uncertainty. Meanwhile, there are also scholars who allow a certain level of gharar in transactions, provided that there are clear economic benefits and no fraud or injustice. In addition, the study also identified factors that influence the different views of scholars on gharar. These factors include an understanding of related sharia texts, historical and social contexts, and an understanding of the sharia goals to be achieved through the concept of gharar.
Historical Analysis of the Islamic Fiscal Policies of Fatimid Egypt, Mamalik, Safavid Persia, and Mughol India Dodi Yarli; Yadi Janwari; Sofyan Al-Hakim
al-Afkar, Journal For Islamic Studies Vol. 7 No. 2 (2024)
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/afkarjournal.v7i2.1170

Abstract

The history of fiscal policy in Islam during the Fatimid and Mamaalik periods in Egypt, the Syafawiyah in Persia, and the Mughals in India, can be divided into two main phases: the glory phase and the decline phase. In the glory phase, historical records show that fiscal management under the governments of these caliphates generated revenue surpluses. This situation contributes to the country's economic stability and security. The Fatimids, Mamaaliks, Syafawiyahs, and Mughols in India implemented fiscal policies that encouraged increasing state income from diverse sectors such as agriculture, trade, and industry. The state's largest sources of income come from taxes, tīmār, muḳāṭa'a, waqf and ghanimah. High income is used to support the country's progress through financing territorial expansion, infrastructure development, education and health. However, during the decline phase, the Fathimiyah, Mamaalik, Syafawiyah and Mughol experienced budget deficits. Decreasing state income, failure to westernize the economy, high war costs, and high state debt are factors causing deficits in their fiscal policy.
HEDGING SEBAGAI SOLUSI DARI PENGELOLAAN DANA HAJI Ikhsan, Muhammad Miftahul; Shofya Humaira Siti Salma; Jaih Mubarok; Sofyan Al-Hakim
El-Iqthisadi Volume 5 Nomor 2 Desember 2023
Publisher : Jurusan Hukum Ekonomi Syariah Fakultas Syariah dan Hukum Uin Alauddin Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/el-iqthisady.vi.43427

Abstract

Abstrak Indonesia menjadi negara jumlah penduduk muslim terbesar dengan jumlah 240,62 juta jiwa. banyaknya muslim di Indonesia beribadah kerumah Allah melaksanakan ibadah haji. Jenis penelitian ini menggunakan penelitian kepustakaan yang mengambil data melalui informasi dengan mendapatkan bahan Pustaka, Teknik data yang telah didapatkan dengan mengkaji serta menganalisa, baik berbentuk buku, jurnal, hasil penelitian. Serta dengan menggunakan Teknik analisis deskriptif. Langkah pemerintah yakni membuat Lembaga yang khusus mengelola dana haji yakni Badan Pengelola keuangan haji. Bentuk pengelolaan dana haji merujuk pada Fatwa DSN No. 122 terkait pengelolaan biaya penyelenggaran ibadah haji dan BPIH Khusus bahwa akad yang dipakai dalam pengelolaan dana haji adalah wakalah. Pada dasarnya bahwa nilai uang dari tahun ke tahun akan menurun harganya karena disebabkan banyak hal salah satunya inflasi, untuk mengurangi penurunan nilai. Hedging (Lindung Nilai) ialah mekanisme atau Teknik dalam mengurangi resiko yang terjadi maupun yang diperkirakan akan terjadi karena fluktuasi nilai tukar. Mekanisme dari proses lindung nilai syariah atas nilai tukar dengan Akad al-Tahawwuth al-Basith, Para pihak saling berjanji baik secara tertulis maupun tidak untuk melaksanakan satu kali transaksi spot (pembelian serta penjualan mata uang asing sebagai penyerahan) dimasa yang akan datang sesuai dengan kesepakatan. Perlunya dilakukan hedging supaya ada keterikatan kontrak kita sebagai jamaah. Kata Kunci: Haji, Hedging, Pengelolaan Dana Haji Abstract Indonesia is the country with the largest Muslim population with 240.62 million people. This type of research uses literature research that takes data through information by obtaining library materials, data techniques that have been obtained by reviewing and analyzing, both in the form of books, journals, research results. As well as by using descriptive analysis techniques. The government's step is to create an institution that specifically manages Hajj funds, namely the Hajj Financial Management Agency. to reduce the decline in value. Hedging is a mechanism or technique in reducing risks that occur or are expected to occur due to exchange rate fluctuations. The mechanism of the Islamic hedging process on exchange rates with Akad al-Tahawwuth al-Basith, the parties mutually promise either in writing or not to carry out one-time spot transactions (purchase and sale of foreign currencies as delivery) in the future in accordance with the agreement. The need for Hajj fund management is carried out by hedging so that there is an attachment to our contract as pilgrims, represented by the Hajj Financial Management Agency to Saudi Arabia Where the exchange of currency from rupiah to riyal is not too high if something happens in the future. Keywords: Hajj, Hajj Fund Management, Hedging
Co-Authors Abdul Fattah Aris Fauzin Asep Dadang Hidayat Aulia Nurhikmah Chandra Dodi Yarli Farid Madani Fauzan Januri Ikhsan, Muhammad Miftahul Iwan Setiawan Jaih Mubarok Jajang Herawan Jajang Komaludin Jajat sudrajat Moh. Asep Zakariya Ansori Mugni Muhit Muhammad Fauzan Januri Muhammad Furqon Almurni Royani Shofya Humaira Siti Salma Suradi Wipkil Bashor Yadi Janwari