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.
Articles
205 Documents
<![CDATA[Sharia Governance and Sustainability Reporting: The Mediating Role of Financial Performance ]]>
<![CDATA[Falikhatun Falikhatun]]>;
<![CDATA[Salamah Wahyuni]]>;
<![CDATA[Afifah Oki Nilasakti]]>;
<![CDATA[Milanda Ainun Niswah]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol. 4 No. 2 (2020): July ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n2.p218-234
<![CDATA[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.]]>
<![CDATA[Cryptocurrency as A Main Currency: A Maqasidic Approach ]]>
<![CDATA[Mohd Shahid Mohd Noh]]>;
<![CDATA[Mohamed Syakir Abu Bakar]]>
<![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-syariah. 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 markets needs.]]>
<![CDATA[Revisiting Zakat Distribution on Income Inequality and Welfare: The Malaysia Experience ]]>
<![CDATA[Patmawati Ibrahim]]>;
<![CDATA[Maimunah Ali]]>;
<![CDATA[Mazliana Muridan]]>;
<![CDATA[Amirul Iman Mohd Jazid]]>
<![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[The Role of Corporate Social Responsibility Disclosure in Improving Financial Performance (Case study in Indonesian Islamic Bank) ]]>
<![CDATA[Hasan Mukhibad]]>;
<![CDATA[Muthmainah Muthmainah]]>;
<![CDATA[Dita Andraeny]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol. 4 No. 2 (2020): July ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n2.p162-173
<![CDATA[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.]]>
<![CDATA[The Islamization of Economic Systems: A Methodological Approach ]]>
<![CDATA[Denizar Abdurrahman Mi'raj]]>;
<![CDATA[Nissar Ahmad Yatoo]]>
<![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[Survival of Traditional Retailers: An Islamic Business Perspective ]]>
<![CDATA[Lilik Rahmawati]]>;
<![CDATA[Mutimmatul Faidah]]>
<![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 stores 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.]]>
<![CDATA[Solution for Islamic Banks Exploitation: A Criticism of Fixed-Yields Based Financing in Indonesia ]]>
<![CDATA[Muhamad Nafik Hadi Ryandono]]>
<![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[Corporate Social Responsibility in Morocco: Are Small and Medium-Sized Enterprises (SMEs) Socialy Responsible? ]]>
<![CDATA[Hind Ait MHAMED]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol. 4 No. 2 (2020): July ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n2.p174-185
<![CDATA[CSR's dynamism in Moroccan business is very recent. It was started in 2006 with the initiative of the Moroccan Confederation of business associations (CGEM) through the CSR label. Nowadays, more than 70 companies in the majority of large firms had been labelled. In the same year, the Moroccan Kingdom accedes to the Global Compact. At the policy level, the country has presented its achievements regarding the objectives millennia and began the implementation of the objectives of sustainable development. In this dynamism, what about SMEs? Which are the key importance of the Moroccan economy? Therefore, the study aims to explore the existence of a specific CSR in the Moroccan context by focusing on SMEs' social practices. This study uses a qualitative approach based on a case study method that aimed at a scoping study in Moroccan CSR's nature. Our analysis demonstrates that SMEs' social practices would be socially responsible ones' and would reflect an implicit CSR that explained by the motivations of these practices and the relationship of SMEs with its stakeholders]]>
<![CDATA[The Influence of Muslim Batik Entrepreneurs' Financial Literacy of The Banking Sector on Productivity ]]>
<![CDATA[Norida Canda Sakti]]>;
<![CDATA[Martinus Legowo]]>;
<![CDATA[Herrukmi Septa Rinawati]]>;
<![CDATA[FX Sri Sadewo]]>;
<![CDATA[Sugeng Harianto]]>;
<![CDATA[Diyah Utami]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol. 5 No. 1 (2021): January ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v5n1.p60-75
<![CDATA[The batik business in the Islamic community of the North coast of East Java is categorized as a micro and small business. One of the main problems of the business is capital adequacy. Capital adequacy is one instrument to run and increase productivity. Although the government has provided soft capital loans through banking instruments and rural development program, not all micro and small businesses are willing and able to access it. It is heavily relied on the entrepreneurs' financial literacy on banking sector and their willingness to use banking access. The survey results show that there are variations of the financial literacy level of batik entrepreneurs on banking sector. Batik entrepreneur who have high financial literacy were motivated to access the bank financiang service and improve its productivity.Education and location play a significant role to financial literacy on banking sector.]]>
<![CDATA[The Synergy Model for Strengthening the Productivity of Indonesian Halal Industry ]]>
<![CDATA[Ana Toni Roby Candra Yudha]]>;
<![CDATA[Nasif Sidquee Pauzi]]>;
<![CDATA[Rafidah binti Mohd Azli]]>
<![CDATA[ al-Uqud : Journal of Islamic Economics Vol. 4 No. 2 (2020): July ]]>
Publisher : <![CDATA[Universitas Negeri Surabaya ]]>
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DOI: 10.26740/al-uqud.v4n2.p186-199
<![CDATA[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.]]>
