al-Uqud : Journal of Islamic Economics
al-Uqûd : Journal of Islamic Economics published by the Islamic Economic Studies Department of Economics Faculty of Economics, Universitas Negeri Surabaya in cooperation with the Forum of Economic and Business Lecturer Islam (FORDEBI). al-Uqûd published twice a year, in January and July. The journal will focus on providing quality research in the areas of Islamic economics, banking and finance. The goal of the journal is to cover topics that are paramount in modern Islamic economics and finance. The language used in the form of Indonesian and English. Editors invite research lecturers, the reviewer, practitioners, industry, and observers to contribute to this journal.
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<![CDATA[Revisiting Zakat Distribution on Income Inequality and Welfare: The Malaysia Experience ]]>
<![CDATA[Ibrahim, Patmawati]]>;
<![CDATA[Ali, Maimunah]]>;
<![CDATA[Muridan, Mazliana]]>;
<![CDATA[Mohd Jazid, Amirul Iman]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n1.p146-161
<![CDATA[This paper attempts to analyze the effects of zakat distribution on income inequality and welfare aspects of the poor Muslim society in Malaysia. The population of the study is the poor and hardcore poor of the zakat recipients in Selangor.  Exploring the cross sectional micro level data of nine districts in Selangor, Malaysia, this study adopted Lorenz curve and Gini coefficient to represent positive measures of income inequality. However, these measures do not take into account the welfare effects of the distribution to the society. Hence, Atkinson index is adopted to represent the normative measures of inequality that takes into account the welfare effects of the zakat distribution to society.  Results of the Gini coefficient and Lorenz curve have proven effectiveness of zakat distribution in reducing income inequality of the society. Whilst the theory of zakat says that zakat distribution will improve income inequality and welfare of the society, findings of the normative measures in this research show otherwise. Therefore, this study is extended with zakat distribution simulation model based on had kifayah. Results from the distribution simulation model proved the ability of zakat in narrowing down income inequality, reducing income loss and hence increasing the welfare of the society.  ]]>
<![CDATA[Cryptocurrency as A Main Currency: A Maqasidic Approach ]]>
<![CDATA[Mohd Noh, Mohd Shahid]]>;
<![CDATA[Abu Bakar, Mohamed Syakir]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n1.p115-132
<![CDATA[Cryptocurrency is a new phenomenon in investment industry in particular and financial world in large. The opportunities and threats come one over another in cryptocurrency debate that left people in perplex state whether to accept or reject the currency. In other view, it also brings advantages and inevitable disadvantages since it is operated online that vulnerable to number of threats and danger. This paper tries to examine maqasid views on this currency relying on SWOT analysis then will be viewed on the mirror of maslahah dan mafsadah as main pillars in maqasid al-syari’ah. As a result, this issue needs to be studied further since the maslahah and mafsadah sometime interchange the roles as particular, general maslahah and its counterparty since the system is always been designed for the benefits, that yet created the negative implication simultaneously. Furthermore, this innovation could be designed followed the desire of designers with dynamics structure in fulfilling the market’s needs.]]>
<![CDATA[What Attracts Guest to Stay? Brand Identity, Religiosity, and Reference Group towards Decision to Choose Sharia Hotel ]]>
<![CDATA[Jayanti, Winka Alfi]]>;
<![CDATA[Iriani, Sri Setyo]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n1.p32-47
<![CDATA[Indonesia has one of largest Muslim population in the world. Therefore, currently it is not surprising that Sharia Branding is currently widely used by business entities ranging from banking to the hospitality business. This phenomenon is observed in the city of Surabaya in which Sharia hotels are mostly found such as the Namira Syariah Hotel. Nevertheless, the growth in the number of consumers who stay in Syariah hotels is not as much as conventional hotels. Therefore, the purpose of this research is to (1) to analyze the effect brand identity on the decision of consumers to stay at the Hotel Namira Syariah Surabaya, (2) to analyze the effect the consumer religiosity on consumers decision to stay at the Hotel Namira Syariah Surabaya, (3) to analyze the effect of the reference group to the decision to stay at the Hotel Namira Syariah Surabaya. This type of research uses a causal research approach. The population in this research is infinite but have ever stayed at the Hotel Namira Syariah Surabaya only but to all Muslim who at least 17 years old. The sample collection technique used is non-probability sampling with the number of samples is 210 respondents. The research instrument used a questionnaire, while data analysis used multiple linear regression analysis. From the results of the discussion and analysis of the data, it can be concluded that there is a positive influence of brand identity, religiosity and reference groups on the decision to stay at the sharia hotel.]]>
<![CDATA[Solution for Islamic Banks Exploitation: A Criticism of Fixed-Yields Based Financing in Indonesia ]]>
<![CDATA[Ryandono, Muhamad Nafik Hadi]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n1.p48-68
<![CDATA[The profit-sharing system is the main characteristic of Islamic banking that distinguishes them from conventional (ribawi) banking. However, in reality, the profit-sharing contract is rarely implemented in Islamic banking. As a result, Islamic banking is still identified as ribawi banking. Many Islamic economists have examined the reasons behind fixed income contracts, especially murabahah contract that applied predominantly, structurally, systematically and massively compared to the profit-sharing contract. Therefore, with a critical analytical approach, this study aims to dismantle and look for solution towards exploitation of fixed income-based financing in Indonesian sharia banking. The results of this study are fixed income-based financing should be applied limited to covering the operational costs of Islamic banks but the remainder must be channelled based on profit-sharing systems. Meanwhile, funding for profit-sharing systems is intended to gain profits and cover the operational cost variables. Thus, predatory exploitation of Islamic banks in Indonesia can be minimized by maintaining the composition of the maximum financing about forty per cent which is a fixed-yield based and leave the rest to a profit-sharing system. Then, the more equitable Islamic bank system and Islamic economic goals will be created and offer benefits such as the achieving of the objectives of Islamic sharia (maqashid shariah) and minimizing the image of Islamic banks as ribawi bank.]]>
<![CDATA[Determinants of Customer Preference to Save in Islamic Bank ]]>
<![CDATA[Afriani, Tia]]>;
<![CDATA[Asandimitra, Nadia]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n1.p1-17
<![CDATA[The widespread use of sharia products and instruments encourages society to save funds in sharia banks. The main purpose of this research is to test the effect of financial literacy, profit sharing, knowledge of customers, gender, age, education, income to saving decisions. The type of research is quantitative research by using a non-probability sampling method with snowball sampling and purposive sampling technique to get a sample of 230 respondents. The object of this research was sharia bank's customers in Surabaya. The data obtained by spreading the questionnaire online and offline contains 41 items of statement and question. The data analysis technique is multiple linear regression that calculated by software package used for the analysis of statistical data. The result found that financial literacy’s of customer has medium effect about 72.1% to their saving decision. The higher level of customer’s financial literacy increases their ability to manage finance and saving. Meanwhile, profit-sharing has an effect to saving decision, as the higher level of profit sharing will raise society’s interest for saving in sharia bank. Otherwise, customer knowledge and demographic factors (gender, age, education and income) have no effect to their saving decision.  ]]>
<![CDATA[The Islamization of Economic Systems: A Methodological Approach ]]>
<![CDATA[Mi'raj, Denizar Abdurrahman]]>;
<![CDATA[Yatoo, Nissar Ahmad]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n1.p83-103
<![CDATA[This paper is an attempt to discuss Islamization of economics in historical perspective. Focus of the discussion is not only the Islamization of economics but also realization of an Islamic economic system. This research is based on library research methods and supported by historical analysis. Conclusive information was collected from various studies and analysed for the conception of implementing methodological steps to realize the Islamization of the economic system. Studies were reviewed and investigated in three stages: general, exploratory, and focused learning. The findings of this study reveal that Islamization of economics cannot stand alone without the Islamization of every Muslim and the Islamization of society. Like Islamization of a society is realized with organization of Muslim families, Islamization of economics can be realized by increasing the number of economists who have knowledge of sharia.]]>
<![CDATA[Revisiting Islamic Economics of Nusantara: Conceptual and Legal Perspectives ]]>
<![CDATA[Anwar, Moch Khoirul]]>;
<![CDATA[Febrianto, Nur Fitroh]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n1.p133-145
<![CDATA[The development of Islam in Indonesia is inseparable from the economy because Islam initially came to Indonesia through trade. The teachings of Islam are embedded through economic activities such as in commerce and agriculture, although not uses Islamic terms specifically. As a result, many people are not aware that their economic activity becomes part of the implementation of the Islamic economics concept. Therefore, this paper aims to examine the implementation of Islamic economics in this country, both in terms of conceptual and formal legal practice implemented by the community. This study based on library research that focused on studying a variety of works of literature about the Islamic economic system and its implementation in Indonesia. Interviews and observation also collect the data to farmers and cattle ranchers that have taken as the sample. Furthermore, the data analysis employs a content analysis method to identify the specific characteristics of the information when data had been collected. The results of this study indicate that some of the Islamic economics concepts has been applied in the Indonesian daily economy activities. This reflects the manifestation of the 33rd Article of the Indonesian Constitution 1945 that emphasizes economic built by the cooperations and kinship principle. In the society who do farming and animal husbandry, for example, people implements "Paron" and "Gaduh" that use the same principles with musyarakah in the Islamic financing system.]]>
<![CDATA[Source of Funds and Islamic Insurance Growth: Investment Returns as a Mediation ]]>
<![CDATA[Rahmanto, Dhidhin Noer Ady]]>;
<![CDATA[Fasa, Muhammad Iqbal]]>;
<![CDATA[Rijal, Khoirul]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n1.p104-114
<![CDATA[Sustainable growth must be maintained by maintaining an increase in investment returns, with the source of funds as a stimulant. The population of this study was all Islamic life insurance companies in Indonesia. The study used path analysis mediation with regression or two layers OLS (Ordinary Least Squares) and followed by Sobel test. The result showed that investment returns can mediate participant funds in influencing the growth of Islamic life insurance companies. Meanwhile, investment returns did not mediate the influence of company funds in influencing the growth of Islamic life insurance companies.]]>
<![CDATA[Survival of Traditional Retailers: An Islamic Business Perspective ]]>
<![CDATA[Rahmawati, Lilik]]>;
<![CDATA[Faidah, Mutimmatul]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n1.p18-31
<![CDATA[This study aimed to explain the reality of survival mechanisms and adaptive strategies by traditional retailers in Surabaya in facing the existence of massive modern retail stores. This study used qualitative research with a phenomenological approach. The data collection method used observation and interview techniques. Data analyzed with Clark and Scott's survival mechanism theory and the adaptive strategy by Miles and Snow. The result of this research was in the aspect of defender strategy, traditional retailers did various strategies when prices went up, and instead of increased the prices they choosed to reduce the profits. The stores equipped with people daily needs to retain customers. Even though the stock was small, the items sold were complete. It was important to promote family relations with buyers. A striking aspect is the close family relation that was so different from modern retail stores. In the aspect of reactor strategy, the owners responded to the situation without having a long-term strategy design. Their store’s responses were reactive and short-term oriented in the form of selling goods by following the tastes of buyers and current trends. Meanwhile, in carrying out business performance in connection with the survival mechanism, Surabaya traditional retailers met the business assessment of the Islamic perspective namely on the aspects of material, mental, spiritual, and fraternal.]]>
