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al-Uqud : Journal of Islamic Economics
Published by Universitas Negeri Surabaya
ISSN : 25490850     EISSN : 25483544     DOI : http://dx.doi.org/10.26740/al-uqud
Core Subject : Economy,
Economics, Econometrics & Finance
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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Articles 7 Documents
 1 
Search results for , issue "Vol 4, No 2 (2020): July" : 7 Documents clear
Do Indonesian Islamic Microfinance Institutions Need Lender of the Last Resort? Mawardi, Imron; Widiastuti, Tika; Al Mustofa, Muhammad Ubaidillah; Prasetyo, Ari
al-Uqud : Journal of Islamic Economics Vol 4, No 2 (2020): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (288.251 KB) | DOI: 10.26740/al-uqud.v4n2.p235-249

Abstract

Liquidity risk is one of significant risk managed by financial intermediaries including Islamic Microfinance Institutions (IMFIs). The financial intermediaries accept short-term deposits and disburse these deposits in the form of long-term loans. This situation makes IMFI desperately need a lender of last resort (LOLR). Nevertheless, there has been no formal LOLR for Indonesian IMFIs. This study intends to construct the LOLR model for IMFI in Indonesia. This qualitative study applies a case study analysis. This study's subjects are IMFIs in East Java Province that was selected purposively with thirty managers as the key informants. Research findings show that the best model of LOLR is developing a secondary cooperative since the majority form of IMFIs in Indonesia are cooperative entities. With all members of a secondary cooperative deposit for reserve requirements, they can place excess liquidity in the secondary cooperative and ask for financial support.
The Synergy Model for Strengthening the Productivity of Indonesian Halal Industry Yudha, Ana Toni Roby Candra; Pauzi, Nasif Sidquee; Mohd Azli, Rafidah binti
al-Uqud : Journal of Islamic Economics Vol 4, No 2 (2020): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (360.699 KB) | DOI: 10.26740/al-uqud.v4n2.p186-199

Abstract

Halal industry has become a new commodity that is favoured by all countries around the world, including Indonesia. The main challenge of halal industry development is strengthening its position as a producer in the global halal industry market. This study aims to investigate the number of policy proposals relating to strengthening the productivity of the halal industry in Indonesia and then develop a model of synergy over this matter. This study uses a qualitative study approach, with literature review, observation and interview as data collection methods. The results obtained from this study include several things, specifically; the focus of economic development in Indonesia is fundamentally still focused on the processed industry, which incidentally is dominated by imported raw materials. Based on the results of the analysis of the discussion, the implications of these studies is providing input for authorities such as BPJH, MUI and related ministries to adjust the regulation that address the main business challenge of halal industry. Besides, the government should give special authority to state-owned and private sharia banks to finance the halal industries and agricultural to support their sustainable development.
The Malaysian Fund Managers Perspective on the Viability of Takaful Operators Investment Muhamat, Amirul Afif; Jaafar, Mohamad Nizam; Karim, Norzitah Abdul; Roslan, Azreen; Basri, Mohd Faizal
al-Uqud : Journal of Islamic Economics Vol 4, No 2 (2020): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (450.202 KB) | DOI: 10.26740/al-uqud.v4n2.p250-267

Abstract

Takaful operators are expected by the policyholders to act beyond the role of traditional insurance companies that only offer Shariah-compliant protection services. They are expected to be commercially viable. One of the ways to be commercially viable is takaful operators must be able to invest the policyholders' funds in the profitable investment avenues. Nevertheless, the critical issue before investing the funds is to develop products that are suitable with the takaful operators' investment strategy. This study employed a questionnaire survey to gather the feedback of fund managers from 11 takaful operators in Malaysia — all were the senior staffs of takaful operators in Malaysia were surveyed. The questionnaire is developed in the form of a Likert scale ranging from 1 to 5 as the research instrument. By Delphi technique, the draft of the questionnaire was sent to a panel of experts for review, was adopted, and their feedback reflected in the final questionnaire. The experts were a shariah advisor, a corporate finance manager, and a senior executive at the central bank. Findings indicate that policyholders' expectations on their investments are met and the products so far compatible with takaful operators' investment strategies.
How Islamic Bank Managing Risk? An Emphasis on Anticipating Financial Crisis Viphindrartin, Sebastiana; Zainuri, Zainuri; Anugrah, Muhammad Zilmi
al-Uqud : Journal of Islamic Economics Vol 4, No 2 (2020): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (293.556 KB) | DOI: 10.26740/al-uqud.v4n2.p208-217

Abstract

The global economic crisis in 2008 shocked and pressured Indonesian macroeconomic and financial system stability. The decline in macroeconomic stability has an impact on banking policy in lending. Most banks in the world respond to the crisis by doing credit rationing, but how about Islamic bank response toward this condition in Indonesia? Therefore, this study aims to examine the effect of Capital Adequacy Ratio (CAR) and macroeconomic variables on the amount of Islamic banking financing in Indonesia. The method used in this study is the SVAR (Structural Vector Auto Regression) analysis method. The results showed that inflation, capital, and CAR variables had a significant effect on Islamic bank’s financing amount. In contrast, GDP had no significant impact on Islamic bank’s financing amount which means that Islamic banking in Indonesia was not implemented pro-cyclical based lending policy.
Sharia Governance and Sustainability Reporting: The Mediating Role of Financial Performance Falikhatun, Falikhatun; Wahyuni, Salamah; Nilasakti, Afifah Oki; Niswah, Milanda Ainun
al-Uqud : Journal of Islamic Economics Vol 4, No 2 (2020): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (37.888 KB) | DOI: 10.26740/al-uqud.v4n2.p218-234

Abstract

Using a sample of registered Sharia Commercial Banks (BUS) in Indonesia during 2014-2017, we examine the effect of Sharia Governance on Sustainability Reporting with financial performance as a mediating variable. Our results support the idea that sharia governance (sharia supervisory board, independent commissioner, board of director's meeting and audit committee) has significant influence on the sustainability reporting. Further analysis indicates the mediating role of financial performance in the relationship between sharia governance and sustainability reporting. Our results suggest that it is essential for regulatory agencies to enhance the supervision role of independent commissioners.
The Role of Corporate Social Responsibility Disclosure in Improving Financial Performance (Case study in Indonesian Islamic Bank) Mukhibad, Hasan; Muthmainah, Muthmainah; Andraeny, Dita
al-Uqud : Journal of Islamic Economics Vol 4, No 2 (2020): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (212.681 KB) | DOI: 10.26740/al-uqud.v4n2.p162-173

Abstract

The influence of social care by business entities to their financial performance has been continuously debated in previous management reseearch. Nevertheless, studies about the influence of CSR on Islamic banks financial performance were rarely done. Therefore, this studyaims to examine the influence of Corporate Social Responsibility Disclosure (CSRD) on profitability as measured by Return On Assets (ROA), Return On Equity (ROE), Net Profit Margin (NPM) and Investment Account Holders (IAH) by debt and financing ratio. Data was obtained from Islamic banks in Indonesia through observation from 2012 to 2018 that analyzed by panel data regression and Fixed Effect Model (FEM). The results showed that the CSRD did not have a positive influence on ROA, ROE, NPM, IAH, Debt, and Financing Ratio. Therefore, the legitimacy theory was not proven in this study.
Halal Tourism Based on Value Creation Ratnasari, Ririn Tri
al-Uqud : Journal of Islamic Economics Vol 4, No 2 (2020): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (326.745 KB) | DOI: 10.26740/al-uqud.v4n2.p268-284

Abstract

Nowadays, halal tourism product is not only focused on Muslim tourists, but also non-Muslim one. The halal tourism industry needs to develop the people understanding of halal values in order to bring benefits to consumers through recognition of the tourism management potency as well as the need of value identification. This research aimed to develop value-based tourism, identify the value types, as well as create value as the basis for managing lawful tourism, which needs a model to facilitate recognizion of the tourism product excellence. This research used qualitative case study approach, with the head of tourism in the region where has potency to implement Islamic Marketing Concept as the key informants. The result showed that halal marketing included not only about product but also about pricing, promotion, and place. Muslim consumers were keen on tourism services that implement lawful approach. Furthermore, there were ten values of tourism in Indonesia e.g. Religious Tourism, Geo Tourism, Natural Tourism, Fashion Tourism, Culinary Tourism, Medical Tourism, Historical Tourism, Sport Tourism, Culture Tourism, and Hospitality Tourism.

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