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Tazkia Islamic Finance and Business Review
Published by Institute for Research and Community Empowerment
ISSN : 24600717     EISSN : 24600717     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Tazkia Islamic Finance and Business Review (TIFBR) is a peer-reviewed journal published by the Institute for Research and Community Empowerment (IRCE), Tazkia University College of Islamic Economics in collaboration with Association of Islamic Economics Lecturers (ADESY). The Journal is semi-annual journal issued in July and December. The aim of the journal is to disseminate Islamic Economics, finance and business researches done by researchers both from Indonesia and overseas.
Arjuna Subject : -
Articles 188 Documents
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Empirical Study of Community Interest to Islamic Insurance Kuat Ismanto; Nalim .
Tazkia Islamic Finance and Business Review Vol. 13 No. 2 (2019)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v13i2.203

Abstract

This research explained the factors which influence people's interest to join sharia insurance customers. There were four factors which have been determined in this research, and would be tested, namely sharia compliance, insurance needs, information, and ease to get information. The research data was collected through questionnaires which randomly distributed to communities who agreed to film it and did not join insurance. Questionnaires which collected were selected according to criteria. There were 146 scattered questionnaires were selected to be 101. Data were analyzed by logistic regression, which included simultaneous testing, model accuracy test, and partial test. The findings of this study show that, four independent variables, only two variables which have a significant influence on people's interest in becoming a sharia insurance participant. These two factors are sharia compliance and insurance needs. These two significant factors indicate that people want economic motive and  religion motive walk together in Islamic insurance. Two other factors, information and ease of information, do not have a significant influence on interest. The results of this study have implications for Islamic insurance companies to be able to be consistent and innovative in presenting products that meet insurance needs and maintain sharia compliance. 
Law Review of Islamic Capital Market Role to Support Sustainable Economic Development Helza Nova Lita; Zahera Mega Utama
Tazkia Islamic Finance and Business Review Vol. 8 No. 2 (2013)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v8i2.69

Abstract

Objective - The objective of this paper is to assess on how the rule of Islamic capital markets to support   sustainable economic development and what kind of instruments can be developed.Method – The method used in this research is the study of normative juridical approach to legislation and the concept of Islamic economics through literature review.Result – Issuer's business activities related to support for environmentally friendly business activities are part of the implementation of sharia principles despite the provisions of the implementation of Islamic finance through a decision has not been stated . All types of instruments issued by issuers of sharia in Indonesia should be consistent with Islamic economic values, including the commitment to enforcement of environmentally friendly business activities.Conclusion – This finding suggests to strengthen the legal instruments in the issuer's issuance of Islamic instruments in the form of regulations issued by the Securities and Exchange Commission  and through the National Fatwa Council of Sharia.Keywords : Islamic Capital Markets, sustainable economic development, friendly environment
Improving Sharia Risk Compliance: Proposing Daily Index for Mudharaba Contract in Islamic Banks in Indonesia Laode Hasahu; Anita Priantina; Dewi Febriani
Tazkia Islamic Finance and Business Review Vol. 7 No. 1 (2012)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v7i1.4

Abstract

Objective – The objective of this paper is to analyze the profit distribution method applied in Islamic banks in Indonesia and to propose better method in order to improve sharia risk compliance.Methods – Employing a descriptive quantitative method and literature review. This paper evaluate weaknesses of the current profit distribution method and proposes daily revenue index to solve the problems arising from using current method which is unfairness between bank and customers.Results – By the two current profit distribution methods which use monthly revenue index calculated only at the end of the month, there are potential injustices occur. Therefore, instead of using monthly index, daily index is proposed. There are two steps in calculating profit distribution by using daily revenue index: (1) Accumulating Source of Fund (SoF), Reserve Requirement (RR), and Source of Fund after Reserve Requirement (SoFaRR), and (2) Determining Average Financing (AF), Revenue Index (RI), Cost Index (CI), Revenue Sharing Index (RSI), and Profit Sharing Index (PSI).Conclusion - Daily revenue index will solve the unfairness problems arise from current profit distribution method applied in Islamic banks. Daily revenue index is also applicable if Islamic banks apply profit and loss sharing instead of revenue sharing.
IMPLEMENTATION OF CORPORATE SOCIAL RESPONSIBILITY (CSR) THROUGH WAQF RELATED TO LAW NUMBER 41 YEAR 2004 ON WAQF Helza Nova Lita
Tazkia Islamic Finance and Business Review Vol. 9 No. 1 (2015)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v9i1.77

Abstract

Objective - Corporate Social Responsibility (CSR) is expected to continue to exist as an integral part of the management of a company. The existence of Law No. 41 Year 2004 on Waqf may be an appropriate alternative for the company to develop the concept of CSR through waqf management. Waqf is basically a form of philanthropy that is derived from Islamic law. It has its own characteristics that differentiate from other philanthropies. Characteristics of waqf  can provide a guarantee of legal protection for waqf objects that can be used to develop sustainable good deeds programs, instead of a normal charity program. The research discussess how the implementation of the concept of Corporate Social Responsibility through Waqf based on Law Number. 41 of 2004, and how the legal position of the company in the management of waqf.Methods – Analytical qualitative method on the legal aspect of waqf and theories of Islamic economics.Results - CSR within an Islamic framework includes a series of business activities in its various forms. The forms of CSR activities can be synergized through a planned management pattern, with separate funding sources.  Conclusions – The allocation of CSR through Waqf should be in accordance with the characteristics and conditions of the receiving society. Moreover, the role of  company in CSR management through waqf is either being a Wakif, Nazhir or partner of waqf institutions to improve productivity of waqf assets. Keywords : CSR, Waqf, Law
Applying Contingent Valuation Method for Economic Valuation of Awqaf Wealth Management in Welfare Changes of Muslim Households in Sarabdeen Masahina; A.C. Muhammadu Kijas
Tazkia Islamic Finance and Business Review Vol. 7 No. 2 (2012)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v7i2.9

Abstract

Objective- The main objective of this study is to estimate the Willingness to Pay of the Muslim households to contribute cash waqf as a strategy towards wealth management in Sri Lanka. Waqf is holding or confinement which is emphasised in Islam as ibadah as it can distribute the wealth among the Muslim society and would help to develop the Islamic vision of brotherhood.Method- Contingent valuation method is used to estimate the Willingness to Pay of Muslim households to improve socio-economic status of the low income people through waqf wealth management in Sri Lanka. This study is developed based on Random Utility Theory.Result- This paper identifies the appropriate methods to estimate the willingness to pay of Muslim households in Sri Lanka for waqf (awqaf is plural) institutions. Such evaluations are crucial for the Islamic financial system to function effectively in order to achieve the dignified objectives of socio-economic justice through proper distribution of wealth.Conclusion-This paper presents a conceptual model of waqf institutions which would be useful for further empirical research in this area. The findings are not only appropriate and applicable to Sri Lanka but also to other Muslim and non-Muslim countries. This is a unique contribution to the Islamic economic literature. The knowledge obtained from this study hopes to propose cash waqf to manage the wealth in order to improve the socio-economic status of low income people in Sri Lanka.Tujuan - Tujuan utama dari penelitian ini adalah untuk memperkirakan Kemauan Membayar rumah tangga Muslim untuk berkontribusi wakaf tunai sebagai strategi menuju pengelolaan kekayaan di Sri Lanka. Wakaf secara bahasa menahan (harta) yang ditekankan dalam Islam sebagai ibadah karena dapat mendistribusikan kekayaan di antara masyarakat Muslim dan akan membantu untuk mengembangkan visi Islam yaitu persaudaraan.Metode - Metode penilaian Kontingensi digunakan untuk memperkirakan Kesediaan membayar rumah tangga Muslim dalam meningkatkan status sosial - ekonomi masyarakat berpenghasilan rendah melalui pengelolaan kekayaan wakaf di Sri Lanka. Penelitian ini dikembangkan berdasarkan Teori Utilitas Acak.Hasil - Paper ini mengidentifikasi metode yang tepat untuk memperkirakan kemauan membayar rumah tangga Muslim di Sri Lanka untuk wakaf lembaga. Evaluasi tersebut sangat penting untuksistem keuangan Islam yang berfungsi secara efektif dalam rangka mencapai tujuan yang bermartabat keadilan sosial - ekonomi melalui distribusi kekayaan yang tepat.Kesimpulan - Paper ini menyajikan model konseptual lembaga wakaf yang akan berguna untuk penelitian empiris lebih lanjut di daerah ini. Temuan ini tidak hanya tepat dan berlaku untuk Sri Lanka, tetapi juga ke negara-negara Muslim dan non -Muslim lainnya. Ini adalah kontribusi yang unik untuk literatur ekonomi Islam. Pengetahuan yang diperoleh dari studi ini adalah mengharapkan agar wakaf tunai diusulkan untuk mengelola kekayaan dalam rangka meningkatkan status sosial - ekonomi masyarakat berpenghasilan rendah di Sri Lanka.Keywords: Awqaf, Contingent Valuation Method, Utility Theory, Willingness to Pay, Welfare Changes
A Critical Review on Interest Rate as a Tool of Monetary Policy diyah putriani; pras towo
Tazkia Islamic Finance and Business Review Vol. 9 No. 2 (2015)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v9i2.93

Abstract

Objectives: This research is aimed to critically review the relationship between interest rate and economic downturnMethods: Meta-analysis.Results: The existing monetary policy will always create higher inflation rate overtime triggering economic crisis in the long run. This is not merely about how the monetary authority strictly manages the supply and demand for money in the economy.Conclusion:This paper concludes that interest rate give negative contribution to the economic growth.
The Concept of Economic Development in The Thought of Selected Muslim Scholars Saprinal Manurung
Tazkia Islamic Finance and Business Review Vol. 7 No. 2 (2012)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v7i2.17

Abstract

Objective - Islam is a total way of life, and covers all dimensions of life. The life of the world is temporary; it is simply a transitional place before one embarks on final destination. Bearing this mind, the worldly life should be framed within Islamic paradigm, but that should not hinder Muslims to make progress and development in this temporary world as evidenced in history. During the “golden era” of Islamic civilization, Islam had produced such brilliant scientists as Ibn Hayyan (ca. 8th – 9th centuries), al-Kindi (801–873), al-Khawarizmi (ca. 8th–9th centuries), al- Battani (850–922), al-Razi (ca. 854–925/935), al-Farabi (ca. 870–950), Ibn Sina (908–946), al-Zahrawi (936–1013), Ibn Hayyan (965–1040), Omar Khayyam (1048–1131), and Ibn al-Nafis (1213–1288). In economic, Islamic civilization gave birth to scholars like al-Ghazali (1058–1111), al-Mawardi (1075–1158), Ibn Taimiyah (1263–1328), Ibn Khaldun (732-808), al-Maqrizi (1364-1442), and many others who had made great contribution to the development of Islamic economic thought.This paper is an attempt to explore the ideas and thoughts of those Muslim scholars on the concept of economic development and its relevance to the contemporary era.Method - Content AnalysisResult - Economic development is one of the objectives in achieving the welfare of the ummah and it must be based on Islamic valuesConcusions - Economic development is one of the objectives in achieving the welfare of the ummah. However, development must be based on Islamic value. Various scholars of classical and contemporary thought in the concept of development provide an opportunity for us to improve the current condition of the ummah.Keywords : Economic Development, Science and Technology, Islam, Scholar
THE EPISTEMOLOGICAL PERSPECTIVE OF FRACTIONAL RESERVE BANKING AND FULL RESERVE BANKING: WHERE ISLAMIC BANKING SHOULD STAND? Yaser Taufik Syamlan
Tazkia Islamic Finance and Business Review Vol. 10 No. 1 (2016)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v10i1.98

Abstract

Objectives – this research is aimed to compare those epistemological bases to the mindset of Islamic Bank and try to drive the philosophy in practical operation whether based on the Fractional Reserve Banking Sytem (RBS) or 100% RBS and analyze the challenges in deploying the 100%RBS. Methods - This research will be conducted based on an extensive literature review.Results - Based on the epistemological analysis of money and the business cycle as well as the views of Islamic scholars, 100%RBS should be the best for Islamic Bank. There are four types of 100% RBS namely Pure Commodity Money, Sovereign Money, Narrow Banking, and Limited Purpose Banking. To deploy it into the economic system, another philosophical work should be done to choose one of the types and strengthen it so that the theory of 100%RBS can be implemented for the goodness of Islamic Bank.  Conclusion - In Conclusions, Based on the epistemology defined by Islamic Scholars, FractRBS has more mafsadah if we compare to the maslahah. Therefore, 100% RBS should be better for the Islamic Bank.
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

Abstract

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
Evaluation of Business Model Development through Customer Discovery Approach (Case Study of PT Hijup.com) Teti Hariyati
Tazkia Islamic Finance and Business Review Vol. 10 No. 2 (2016)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v10i2.108

Abstract

Objectives: Islamic fashion e-commerce grows rapidly in Indonesia. Hijup.com is the pioneer and the biggest player in the industry. In order to thrive in fiercer competition, Hijup.com needs to improve its business model. The study aims to seek a more suitable business model for Hijup.com using customer development approach.Method: The research used action research strategy. Starting by mapping current businesss model, the research tested the model to customer, revised the business model, and tested back to the customer.  The data was collected through an in-depth interview to 60 customers.Result: The results found that the customers had problems with the user-friendliness of website, product variation, uninformative private shopping, payment methods, and pricing.  These problems were not answered yet by the available product and services offered.  It was also found that there was neglected customer segment: university students. As response to the problems, the solutions were designed by improving the web with mobile appstore, chat online, layout hot items, adding product variations, credit card promotion, adding new stocks for student segments.Conclusion: Having tested the solutions to the customers, the majority of them accepted the improvement although there were some minor improvements needed. Based on the new solutions, the new business model for Hijup.com was created.

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