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Ihtifaz: Journal of Islamic Economics, Finance, and Banking
Published by Universitas Ahmad Dahlan
ISSN : 26224755     EISSN : 26225798     DOI : 10.12928
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
The Ihtifaz, Journal of Islamic Economics, Finance, and Banking published by Department of Islamic Banking, Ahmad Dahlan University, is a peer-reviewed open access international journal published twice in a year (June and December). The Ihtifaz aims to provide an international forum for researchers and professionals to share their ideas on all topics related to Islamic Economics, Finance, and Banking. It publishes its issues in an online (e-ISSN 2622-5798) and a printed (p-ISSN 2622-4755) version.
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Articles 105 Documents
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GOOD PUBLIC GOVERNANCE IN ISLAMIC PERSPECTIVE: AN ANALYSIS ON THE WORLD GOVERNANCE INDICATOR IN OIC MEMBER COUNTRIES Wibowo, Muhammad Ghafur
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 1 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2158.897 KB) | DOI: 10.12928/ijiefb.v3i1.1718

Abstract

This study seeks to reveal the suitability of Islamic teachings with Good Public Governance (GPG), which in recent decades, has become a concern of various countries in the world. By exploring many reputable references, it is known that there is a match between the governance index published by the World Bank and the teachings of Islam. Practically even OIC has made the issue of good public governance represented by the governance index as a common goal of all its members. However, the facts show that the governance index in various OIC member countries is still relatively low compared to other countries. Therefore, all OIC member countries need to enhance further the implementation of Islamic teachings in the management of the country to produce better governance.
MACROECONOMIC ANALYSIS AND FINANCIAL RATIOS ON SHARIA COMMERCIAL BANK PROFITABILITY: A CASE STUDY OF INDONESIA Nahar, Faiza Husnayeni; Faza, Calvin; Azizurrohman, Muhammad
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 1 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1964.427 KB) | DOI: 10.12928/ijiefb.v3i1.1721

Abstract

Having experienced significant growth, sharia commercial bank in Indonesia has become one of the drivers of economic growth in Indonesia. This study aims to analyze the effect of macroeconomic and financial ratios on the profitability of Islamic commercial banks in Indonesia. This study used qualitative data using secondary data during the period 2011-2018. The methodology used is panel data which combines time series data and cross section data. Variables used include Non Performing Finance (NPF), Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Operational Efficiency Ratio (OER), Inflation, Domestic Product Growth (GDP), and Exchange Rates. The results of this study indicate that Non-Performing Finance (NPF), Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Operational Efficiency Ratio (OER) have a significant influence on Islamic Bank Return On Assets (ROA) in Indonesia. Meanwhile, Growth Domestic Product (GDP), and Exchange Rate appear with no significant effect on the Return on Assets (ROA) of Sharia Commercial Banks in Indonesia.
RISK ANALYSIS OF SHARIA BANK FINANCING CONTRACT Riduwan, Riduwan; Danupranata, Gita
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 1 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (3896.611 KB) | DOI: 10.12928/ijiefb.v3i1.1943

Abstract

Non-Performing Financing (NPF) is the inability of customers to meet their obligations in accordance with the contract, which can be categorized into three types namely substandard, doubtful and bad debt (macet). NPF is the main and biggest risk for sharia banks, hence the ability of sharia banks to identify, measure, monitor and control the risks of financing and capital provision is very important. Sharia banks will face greater risks than conventional banks because of the risk of sharia reputation. Besides being influenced by internal and external factors of sharia banks, NPF can also be influenced by the financing contract (akad) used.This study analyzes the level of financing risk based on the contract. The population and sample are all Sharia Rural Banks in Indonesia with 167 secondary data in the form of the publication of financial statements for 2011-2018. Analysis of the data using quantitative descriptive methods with a survey approach. The analyzed data are NPF data based on an eight year financing contract. This study managed to obtain data that the BPRS is more interested in financing with certainty of results, proven that murabahah has the highest outstanding compared to other contract. The results of this study also indicate that the low risk contract is in the murabahah contract, while the contract with the medium risk is in the mudarabah, musyarakah, multijasa, qard and istisna and the contract with the highest risk is salam and ijarah contract.
CSR CONTRIBUTION TO SOCIO-ECONOMIC DEVELOPMENT: EVIDENCE FROM INDONESIAN ISLAMIC BANKS Muneeza, Aishath; Ma'ruf, Aminudin; Alam, Shahbaz
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 1 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2018.24 KB) | DOI: 10.12928/ijiefb.v3i1.949

Abstract

Islamic banks play a significant role in social and environmental responsibility. It is known that Islamic finance is not merely profit-oriented but also looking at the prosperity of the society, as an ethical financial system Islamic finance give a massive contribution towards social responsibility. This exploratory study examines the relations between corporate social responsibility (CSR) practices of Indonesian Islamic banks and socio-economic development. The evidence presented is based on the published annual reports of 13 Islamic commercial banks in 2017. The findings of this research suggests that CSR is a priority of Indonesian Islamic banks and has correlation to the socio-economic development. Furthermore, the findings suggest that the robust guiding principles on CSR need to be developed and it has potential of Islamic banks credibility and profitability.
THE CONVERGENCE OF CROWD FUNDING AND ZAKAT SYSTEM IN INDIA: AN INTEGRATED APPROACH FOR HUMAN WELFARE Ashiq, Muhammed; Mushtaq, Ubaid
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 1 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2259.061 KB) | DOI: 10.12928/ijiefb.v3i1.1879

Abstract

The impact of the Zakat system on human welfare is well established. In India, there is a significant development in terms of localised management of zakat system. However, the targeted delivery of zakat funds, unorganised collections and lack of transparency remain a matter of concern. There is no formal institutional mechanism for efficient Zakat distribution, and problems of circularity are at mostly affecting the progress of welfare mechanisms. Problems of circularity of Zakat funds are still, largely, incoherent and practically disconnected with the mechanics of philanthropic institutions. In our theoretical model, crowdfunding for welfare scheme is being treated as the determinant, which could mediate and alter the performance of zakat welfare. Further, make it more accessible and catering to more comprehensive economic benefits for the community. In this exploratory theoretical paper, we also examine the nature of a common platform for the Zakat distribution. In addition to this, how it could reduce the scrutiny of Government intervention and proper channelisation of Islamic philanthropic activities.  
Determinants of Islamic Social Responsibility Disclosure the Case of Islamic Bank: Cross Country Analysis Maulana, Agus; Violita, Evony Silvino
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 4, No 1 (2021)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i1.2123

Abstract

Introduction to The Problem: The rapid growth of Islamic financial institutions around the world attracts a lot of attention, but its growing is not supported by adequate accountability. Several evidence show that accountability of Islamic banks is still very low. The lack of accountability may causes low public trust, so it is important to study the determinant of Islamic Social Responsibility Disclosure by Islamic Bank.Objective Study: This study intends to examine the determinants of Islamic Social Responsibility disclosure (ISR). So practitioners and academics can get a clear view of Islamic Bank's accountability through ISR disclosure.Methodology: This paper applies some theories such as stakeholder theories, agency theory, and legitimacy theory to developed hypotheses linking ISR disclosure and its determinants (internationality, Islamic Corporate Governance, and Socio-Political Context). This paper uses the content analysis method to assess the ISR disclosure of Islamic banks from 13 countries spanning from 2014 to 2016. The ISR index consists of 72 items developed based on AAOIFI. Finally, OLS Regression Analysis is used to test the hypotheses.Findings: The paper find that the level of ISR disclosure is still very low (44%). From the internationality aspect, we found that the proportion of foreign ownership and the status of the multinational corporation influenced the level of ISR disclosure, but we did not find evidence that the CEO's overseas experience affected the level of disclosure. This paper also confirm that Islamic Corporate Governance and Socio-Political context are the main determinant of ISR disclosure by Islamic Bank.
Debt-Based Versus Equity-Based Financing: A Comparative Analysis on Efficiency of Islamic Financial System Maikabara, Abdullateef Abdulqadir; Maulida, Sri; Aderemi, Abdulmajeed M
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 4, No 1 (2021)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i1.3171

Abstract

Introduction to The Problem: The financial system, as a subset of economics, plays a prominent role in solidifying the socio-economic development and wellbeing of people of a society. However, debt-based and equity-based financing are the main models employed by Islamic financial institutions to help small and medium enterprises (SMEs) that need funding to facilitate their businesses' projects. Operationally, debt-based financing seems to be the prominent financing model than equity-based financing, which only accounts for either zero or small scale in Islamic financial institutions.Objective Study: This study explores the rightful financing model that can contribute much better to the efficiency of the Islamic financial system in achieving socio-economic development.Methodology: To achieve the study's purpose, a literature-based method and secondary data collection technique are adopted as related previous studies from articles, books, conferences, and working papers are reviewed and analyzed.Findings: Equity-based model as a partnership model is somewhat more productive in contributing to socio-economic development than debt-based financing, but not being widely applied due to specific issues such as high risk, agency problem, costumer’s awareness, and sensitivity, and others more. It is recommended that researchers empirically investigate the suitable financing model between debt-based and equity-based financing models to ensure the achievement of sustainable socio-economic development.
Financial Technology Regulation in Malaysia and Indonesia: A Comparative Study Diniyya, Aulia Arifatu; Aulia, Mahdiah; Wahyudi, Rofiul
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 2 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v3i2.2703

Abstract

Introduction to The Problem: The era of innovation in information technology has emerged to ease daily commercial transactions. The innovation in financial technology has created numerous new business model to cater the customers’ need. This development needs a regulation and supervision to avoid chaos in the financial system. Particularly in Indonesia and Malaysia, which both countries were recorded by CCAF to be among the top countries in the ASEAN region by the number of fintech firms.Purpose/Objective Study: This study is aimed to analyze the financial technology regulation and supervision in Indonesia and Malaysia.Design/Methodology/Approach: The comparative study is conducted to compare the regulatory environment related to Digital payment, Equity Crowdfunding, P2P lending, Crypto Asset, Consumer protection, cybersecurity law and Islamic fintech in both countriesFindings: The study found that compared to Malaysia, Indonesia has lack of jurisdiction that protecting the customer from the cyber-attack which highly threatening the fintech industry. Both countries also treat ICO differently. Malaysia treats it under RMO guidelines, while Indonesia banned it as the method of payment but still allows the trading of ICO as a commodity under Commodity Futures Regulatory Agency.
Islamic Capital Market Reaction on Presidential Election 2019 (Case Study of the Jakarta Islamic Index) Utami, Syintia Dwi; Qoyum, Abdul
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 2 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v3i2.2638

Abstract

General Election (GE) is one of the most important political issues which has an impact on the economic condition. This research aims to reveal the effect of General Election 2019 on the capital market reaction. Specifically, the study compares the impact of three events in the GE 2019, namely, The General Election 2019, the announcement of Elected President 2019, and Mahkamah Konstitusi (MK) decision. By employing Abnormal Return with t-test analysis, the study reveals that the publication of the elected-president has the most significant impact on the Islamic Capital Market compares to the two other events. While using Trading Volume Activity (TVA), all the three events of GE 2019 affects the TVA. This finding suggests that for the Islamic capital market investor, the announcement of the elected president is seen as the most significant event that determines the whole of economic condition for the next five years. Hence, for the policy-makers, they must focus on the date of the announcement by preparing such a policy to maintain the market condition.   
Mosque-Based Zakat Collection in Maximizing Zakat Potential in Yogyakarta Jannah, Syayyidah Maftuhatul; Al-Banna, Hasan
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 4, No 1 (2021)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i1.1891

Abstract

Introduction to The Problem: Indonesia as the most populous Muslim country has huge potential of zakat collection. However, the zakat collection never meets its potential. Hence, the need for localization is critical in order to maximize the zakat collection.Objective Study: this paper attempt to develop the mosque-based zakat collection in order to maximize the potential of zakat.Methodology: based on literature review and empirical investigation, self-administered questionnaire is developed to collect the data. Hence, we use Partial Least Square Structural Equation Modelling (PLS-SEM) to analyze the data. The sample of this research is the mosque management (takmir masjid).Findings: This study found that service quality of zakat institution significantly influences the intention to distribute the zakat. While zakat distribution influences insignificantly to the intention to distribute the zakat. Meanwhile, trust moderates between zakat distribution from zakat institution to intention to distribute the zakat

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