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Riduan Mas'ud
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Institut Agama Islam Negeri Surakarta, Indonesia Jln. Pandawa No. 1, Pucangan, Kartasura, Central Java, Indonesia, 57168
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Shirkah: Journal of Economics and Business
Published by Institut Agama Islam Negeri Surakarta
ISSN : 2504235     EISSN : 25034243     DOI : 10.22515/shirkah.v7i1.403
Core Subject : Economy,
Economics, Econometrics & Finance
Syirkah: Jurnal Ekonomi dan Bisnis adalah jurnal peer-review yang diterbitkan tiga kali setahun (April, Agustus, dan Desember) oleh Fakultas Ekonomi Islam dan Bisnis Institut Agama Islam Negeri (IAIN) Surakarta Jawa Tengah Indonesia bekerja sama dengan Perhimpunan Indonesia Ekonom Islam (lihat naskah MoU ). Jurnal ini dimaksudkan untuk menjadi platform diseminasi artikel yang melaporkan hasil penyelidikan ilmiah tentang Ekonomi dan Bisnis Islam. Jurnal ini memfokuskan pembahasannya pada bidang keuangan Islam, filantropi Islam, pemikiran ekonomi Islam, dan pemasaran Islam (lihat Fokus & Ruang Lingkup ).
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 311 Documents
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The Contribution of Profit-sharing Characteristics to the Performance of Islamic Banks Hanafi, Syafiq Mahmadah
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (528.831 KB) | DOI: 10.22515/shirkah.v6i1.378

Abstract

Islamic commercial banks are highly identic with the profit-sharing as a sharia banking basic operational system. The profit-sharing becomes a specific characteristic of sharia banks as well as a distinction from conventional banks. Hence, this study aims to examine if the profit-sharing characteristic contributes to the performances of Islamic commercial banks in Indonesia. This study employed time series data derived from the Financial Service Authority (OJK) using regression-mixed test and auto-regressive heteroscedasticity (ARCH). The results pointed out that the profit-sharing system for the lending of Musharaka had an impact on the performance of sharia banks; while the profit-sharing for the funding of Mudaraba did not support the hypothesis with negative coefficient. The results suggest that the profit-sharing characteristic provides contribution to the performance of Islamic commercial banks through the lending of Musharaka. These results further indicate that the profit-sharing characteristic performed by Islamic commercial banks is proven to be effective in improving their performances. This study’s results have an implication for Islamic commercial banks to strengthen their profit-sharing characteristics and improve the public trust toward sharia banking system.
Concentration and Specialization of Economic Activities in the Kingdom of Saudi Arabia Abdelkader, Salim Bourchid; M'hamed, Hamidouche; Zian, Abderrazak Ahmed
Shirkah: Journal of Economics and Business Vol 5, No 3 (2020)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1296.571 KB) | DOI: 10.22515/shirkah.v5i3.348

Abstract

This study presents several indicators for understanding the structure of economic activities in terms of concentration and specialization in the Kingdom of Saudi Arabia. Subsequently, the theoretical description of the different notions of concentration and specialization relating to geographical or sectors aspect is applied to understand the equality in the distribution of wages and employment levels across the country. Thus, the authors have estimated the most important indexes used in a large part of the academic literature and which are most representative of concentration and distribution, such as the Gini, Herfindahl, Theil, Aigiur, and Krugman indexes for the Kingdom of Saudi Arabia during the year of 2017. The sample used in this study consists of four different kinds of firms (very small, small, medium, and large) of twelve sectors of activities and the wages perceived by employees in thirteen administrative areas in the Kingdom of Saudi Arabia. The data are in the forms of annual reports in the year of 2017 obtained from the General Authority for Statistics of Saudi Arabia. The results obtained certainly facilitate the comprehension of the type of income distribution to the active population by sectors and by administrative areas. As for the implication, this study’s results contribute to enrich statistical data and bring added-value to the knowledge that eventually leads to understanding socioeconomic context of the country.
A Critical Review of the Market Efficiency Concept Mustafa, Karwan Hussein; Ahmed, Amanj Mohamed
Shirkah: Journal of Economics and Business Vol 5, No 2 (2020)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (629.983 KB) | DOI: 10.22515/shirkah.v5i2.326

Abstract

The market efficiency hypothesis has attracted a notable number of economists to conduct investigations in this field. It could be considered as an effective method of driving investors towards the right direction while trading in the security market. A large number of researches believe that the market is efficient in some of its forms, while others take a different view. Drawing on previous theoretical and empirical studies investigating market efficiency and its three forms, this paper critically examines the concept of market efficiency through a critical review from different points of views. Moreover, it highlights a number of empirical tests and their results with regard to the three forms of market efficiency. It also focuses on the influence of market efficiency on the security prices. This paper concludes that the market seems to be more efficient in regards to its weak form instead of the strong and semi- strong forms, as a result, it is difficult to predict future security prices and obtain abnormal profits by only analyzing historical records.
Family in Top Management Team and Firm Value: Do Gender and Education of Family Manager Matter? Sumarsono, Hadi
Shirkah: Journal of Economics and Business Vol 5, No 2 (2020)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (856.425 KB) | DOI: 10.22515/shirkah.v5i2.319

Abstract

The in-hand study sheds some light on empirical relationship between involvement of family members in the top management team and family firm value. Specifically, this study examines how gender and education of family managers affect firm value in Indonesian context. The total sample employed in this study consisted of 935 observations with 235 family companies. The data required in this study were collected from various sources. Drawing on fixed effect regression, the results identified that the involvement of family members in top management team significantly affected the family firm value. It was also revealed that the female family manager had a lower firm value than the male family manager. Moreover, the education level of the family manager positively affected the firm value. These results provide an empirical evidence on how gender and education of family managers influence family firm value. It is further depicted that the results of this study are in line with the upper echelons theory in which the differences in human resources (e.g. gender and education) arisen from the family involvement in a management undeniably affect family firm value. As for the practical contribution, this study suggests that powerful actors in the family firms should be a family member involved in a management. It is also a worth saying that the involvement of family members on the top management teams should consider gender and level of education.
The Debt Status of Commercial Company under Gharimin Perspective Hardi, Eja Armaz; Arifin, Sirajul; Djamaluddin, Burhan
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (525.996 KB) | DOI: 10.22515/shirkah.v6i1.388

Abstract

Currently, commercial entity companies are not regarded yet as one of the groups that receive the zakat. This paper examines the debt status and its micro and macro-economic implications of corporations that experienced the debt shackled in the zakat system through analogy on personal gharim (person in the burden debt). The analysis presented here has been designed on a library research, an analogy method, as well as seen from a debt trap theory. This paper particularly argues that in the twist condition of enterprises to repay their debt, a commercial company may be entitled as the recipient of zakat on behalf of gharim (the fifth group who receives the zakat). It further argues that the loan of the commercial company has a larger impact than individual gharim. Synchronizing the entity companies as “syakhsun i’tibariyun” (the legal person) to the personal obligation to pay zakat is matched to be the reasons for their gharim’s status. The results of this paper contribute to expanding the recipient of zakat on behalf of gharim and enhance the insight of zakat distribution in Islamic philanthropy institutions.
Islamic Economics Development in Indonesia: Reflection on Contemporary Thoughts of Muslim Intellectuals Abidin, Zainal
Shirkah: Journal of Economics and Business Vol 5, No 3 (2020)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (539.99 KB) | DOI: 10.22515/shirkah.v5i3.345

Abstract

This study aims to establish the record of accomplishment of the strong hallmark of Islamic economic thought and its contribution to economic development. The ideas rooted from the Muslim intellectuals in Indonesia, the scholars of the State Islamic Religious Colleges (PTKIN) as institutions mandated in developing Islamic economics and human resources, were discussed to outline the multifaceted phenomenon of Islamic economic development. This study scrutinizes ideas conveyed in internationally reputed, Sinta 1-indexed, Web of Science-indexed, or Scopus-indexed journals. This study outlined a qualitative approach in the form of library research using content analysis. This study disclosed that Indonesian Muslim intellectuals brought to light the issue of zakah excessing other themes in the Islamic economy as the solution to perennial problems of the social, political, and cultural conditions of Indonesian society. The results of this study contribute to the views of Islamic economic concept and practice as insights and references of its continuous development in Indonesia.
Institutional Quality and Sukuk Development: A Study of Five OIC Countries Basyariah, Nuhbatul; Kusuma, Hadri; Qizam, Ibnu
Shirkah: Journal of Economics and Business Vol 5, No 3 (2020)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (624.123 KB) | DOI: 10.22515/shirkah.v5i3.335

Abstract

The objective of this study is to shed some light on the effect of institutional quality on the development of the global sukuk market. Specifically, this study examines the impacts of the institutional quality that adopts three dimensions of the Worldwide Governance Indicators (WGI), i.e., Rule of Law (RL), Regulatory Quality (RQ), and Government effectiveness (GE) on the global sukuk development of the top-five countries of sukuk issuance, i.e., Malaysia, Kingdom of Saudi Arabia, United Arab Emirates, Indonesia, and Bahrain. Drawing on a quantitative study with the data in the forms of global sukuk issuance from 2002 to 2017, panel-data regression (OLS) and General Method of Moment (GMM) were applied. This study showed that RL and GE have a significantly positive effect on sukuk issuance; however, RQ did not influence the development of the global sukuk market. These results imply that a country that is capable to maintain the institutional quality, especially in terms of rule of law and government effectiveness, will most likely be the country that can successfully develop the sukuk market. These results play a crucial role in filling a research gap among previous studies and provide an empirical evidence of the government’s role and its influence on the sukuk development.
Indonesian Consumers’ Intention of Adopting Islamic Financial Technology Services Purwantini, Anissa Hakim; Noor Athief, Fauzul Hanif; Waharini, Faqiatul Mariya
Shirkah: Journal of Economics and Business Vol 5, No 2 (2020)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (992.94 KB) | DOI: 10.22515/shirkah.v5i2.304

Abstract

With the rise of Halal Lifestyle in the digital era, Islamic Financial Technology (henceforth FinTech) has increasingly become impactful to economic growth. Islamic FinTech companies are in a dire need to figure out factors that influence the adoption and acceptance of the technology to promote their business. Addressing the issue, this study examines consumers’ intention of using Islamic Fintech services. An online survey was employed to elicit the required data from 75 Indonesian consumers of Islamic FinTech services. The results of data analysis by means of SEM-PLS depicted that perceived usefulness and interpersonal influence were two key factors driving the consumers to use Islamic FinTech services. The results further revealed that compatibility positively influenced perceived usefulness and perceived ease of use, which in turn, affected the consumers’ attitude. Moreover, it was also noted that attitude and internet self-efficacy as perceived behavioral control in decomposition of theory of planned behavior had no significant impact on consumers’ intention. The results of this study theoretically provide a basic model of consumers’ intention in the context of Islamic FinTech. At the same time, FinTech industry users can use the results of the present study as references to come up with appropriate strategy to deal with the market needs.
The Spiritual Values of Islamic Economics in Tasawuf Modern: Scrutinizing the Work of Haji Abdul Malik Karim Amrullah (Hamka) Hakim, Rahmad; Fanani, Ahmad
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (713.82 KB) | DOI: 10.22515/shirkah.v6i1.391

Abstract

Islamic economics has existed since the start of Islamic civilization. However, Islamic economic thoughts established by Indonesian scholars are limited. This exploratory research was carried out to determine the spiritual values of Islamic economics on Hamka's works entitled Tasawuf Modern. Primary and secondary data were collected from Hamka's works entitled Tasawuf Modern and from several papers or books that are relevant to the focus of the research. The data collected were analyzed by combining topics relevant to Islamic economics in modern Sufism and other secondary sources. Content analysis was used for data analysis. The results of this study revealed that, according to Hamka, the richest people are those that need the least. The true wealth lies in the contentment of the soul (qana'ah). Good wealth represents virtue and prohibiton for extravagancy and excessive consumerism. Further, humans need to be in between to carry out good deeds. The results of this study contribute to enriching the discourse of Islamic economic thought, especially in Islamic economic ethics and the role of ethics in business.
Responsibility and Accountability of University Social and Environmental Performances: A Sustainability Balanced Scorecard Model Pertiwi, Imanda Firmantyas Putri; Puspita, Rosana Eri; Saifudin, Saifudin
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (666.965 KB) | DOI: 10.22515/shirkah.v6i1.343

Abstract

Since research on the use of sustainability balanced scorecard to assess university social and environmental performances still remains unexplored, this study aims to fill the gap by examining the acceptance of the idea of the State Islamic Religious Colleges (PTKIN) performances in terms of responsibility for social and environmental aspects based on the sustainability balanced scorecard model. Drawing on a qualitative research, eight respondents from the Board of National Accreditation for Higher Education (BAN-PT) and PTKIN policymakers were interviewed. The results indicated that PTKIN must pay more attention to social and environmental perspectives. It was further revealed that although BAN-PT regulation has explicitly included these two perspectives, there were several indicators that still need to be added according to the sustainability balanced scorecard model. Moreover, the results depicted several challenges such as budgeting, regulations, and paradigms that required some adjustment from the policymakers. These results contribute as fruitful insights for university policymakers in developing strategies to enhance university performances, particularly in social and environmental aspects.

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