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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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Waqf and Impact Sustainable Finance in Indonesia: Lessons from ESG Reporting Concept Nur - Arifah; Putri Maulidiah; Lu'liyatul Mutmainah; Lisa Listiana
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 5 No. 2 (2022)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v5i2.6121

Abstract

Introduction to The Problem: The expansion of waqf institutions in Indonesia is increasingly promising. However, not many implement a strict reporting system. Moreover, most of the waqf institutions are managed by Nazhir individually. The application of ESG reporting is important to see how a waqf institution is seen as having an impact on a number of issues related to the existence of the institution in the context of sustainable finance. Purpose: Environmental, social, and governance (ESG) reporting is one method of reporting the sustainable impact of a company's performance as measured in a number of analytical tools. This study aims to reveal ESG aspects in reporting by waqf institutions. Design/Methodology/Approach: This study employs a qualitative approach by utilizing a meta-synthesis of ESG literature. This is a systematic exploratory research strategy for building or extracting references from qualitative research. Findings: This research found that ESG concept is also relevant to be applied in philanthropic institutions such as waqf institutions in Indonesia. Maqashid sharia is the principle in Islamic institution that mandates transparency and responsibility not only to the community, but also to the surrounding environment to realize modern organizational governance.
Halal Tourism: A Systematic Literature Review Azidni Rofiqo Zidni; Mahfud Sholihin; Syafiq Mahmadah Hanafi; Asadillah Irsyad Maulana
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 5 No. 1 (2022)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v5i1.6490

Abstract

Purpose: This study aims to analyze the article has been the most influential; underlying references that influenced; and the main subjects and issues related to halal tourism. Methodology: The Systematic Literature Review (SLR) method is used in collecting and analyzing a set of articles that are considered to be related to the topic of the study. While for data analysis, bibliometry, Scopus analyzer and VOSviewer are used. The keywords 'Halal Tourism' and 'Islamic Tourism' using this study. A total of 64 selected articles were obtained during the search and filtering process. Findings: The findings of the study reviewed from the development of research trends show that research on the halal tourism or Islamic tourism between 2001 and 2020 tends to be volatile. There is 1 type of journal from a total of 35 journals, namely Journal of Islamic Marketing that produces the highest number of articles among other journals. Hamira Zamani-Farhani's research became more widely cited research in halal tourism research. Mohamed Buttor is a prdouctive writer who influences halal tourism research. The main topics and trends in the discussion of halal tourism are divided into tird topics. Firstly, 45% of them are related to tourism concept. Secondly, 16% discuss tourism industry. Third, 55% concern tourism management.  
Determinants Affecting Growth Of Islamic Bank Assets In Indonesia: External Factors As Moderating Variables Priyono Puji Prasetyo Priyono; Agus Susetyohadi Agus
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 5 No. 2 (2022)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v5i2.6627

Abstract

Introduction to The Problem: Internal and external factors will affect the growth of an industry, including the Islamic banking industry. Both can measure Islamic banks' growth more broadly and deeply.. Purpose: This study aims to analyze the relationship of internal factors to the growth of Islamic bank assets in Indonesia: external factors as moderating variables. Methodology: To answer the objectives of this study, secondary data in the form of panel financial reports for the period 2012-2021 were used. The samples taken in this study were 12 Islamic Commercial Banks (BUS), 21 Islamic Business Units (UUS), and 164 Islamic BPRs. Internal factors include CAR, FDR, NPF, and DPK, and the external factor used is the BI Rate. These financial data were then tested using the panel data regression analysis method through the Moderated Regression Analysis (MRA) estimation model with the help of the SPSS 25 statistical tool. Findings: The results showed that the BI Rate variable increased the relationship of internal variables to the growth of Islamic bank assets.
Islamic Microfinance Institution Assistance Model in the Covid-19 Pandemic Riduwan; Norma Sari; Sunu Prasetya Adi
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 5 No. 2 (2022)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v5i2.7262

Abstract

Introduction: Sharia Microfinance Institutions in the form of Baitul Mal wa Tamwil (BMT) is a form of financial inclusion that plays an important role in the development of micro and small businesses. Its main activity is to raise member funds in the form of deposits and redistribute them in the form of microfinance. During the covid 19 era, almost all of its members were affected, causing operational disruptions. Purpose: This study aims to analyze the impact of covid 19 on BMT and members as well as the social assistance model carried out until December 2021. Methodology: Determination of the sample using porpusive sampling with respondents as many as 43 BMT spread across Sumatra, Java and Sulawesi. The three islands were chosen because they became the center of BMT's growth.  The data collection method uses google form, while the data analysis uses qualitative descriptive analysis. Findings: The results of the analysis show that covid 19 has a direct impact on BMT's performance by an average of 8.4%, in the form of a decrease in financing installments, deposits and profits as well as an increase in non-performing financing. Although BMT's performance has decreased, its social role has increased in the form of social assistance, such as relaxation of financing, member education and facilitation of marketing of member products through social media, and the provision of basic social assistance.
A Study of Empowerment of Mudarabah Practices in Facing Covid 19 Endemic Challenges in Malaysia. Mohamed Shaarani, Ahmad Zakirullah; Djasriza bt Jasin; Mohd Noor Adzwan Bin Adam
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 6 No. 1 (2023)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v6i1.6118

Abstract

Mudarabah is a type of partnership contract in Islamic banking and finance. The salient conditions of the contract are that capital is contributed by the capital provider to the entrepreneur and profits are shared between the two while losses are fully borne by the former. Despite the many advantages of the mudarabah contract as a financing instrument, it is not as popular as other financing concept, especially debt-based financing. This phenomenon is due to some issues associated with this contract, making it less attractive to investors. Therefore, the focus of this study is to discuss the practices of mudarabah contract, particularly concerning the constraints in its implementation and the measures to strengthen it to make it remain relevant, especially in developing the capacity and capability of entrepreneurs affected by the Covid-19 pandemic. This study fully employed the library research method in which information was obtained from classical and modern literature pertaining to mudarabah. Current information and data were analysed to come up with suggestions and measures for strengthening the application of mudarabah. The study found that although mudarabah has been widely practised in the Islamic financial system, the practice is limited to receiving funds in the form of deposits rather than direct financing from banks and investors to entrepreneurs due to certain risks associated with the contract that makes it incompatible with the prevailing banking system. Several steps have been identified to empower mudarabah, such as expanding the mudarabah application through the investment account platform (IAP), adopting the interest scheme approach, upskilling and training entrepreneurs, introducing mudarabah-based products in the market, offering incentives for mudarabah-based products, expanding the guarantee facilities to mudarabah contracts, and introducing mudarabah mutanaqisah.
Dynamics of Fiscal Policy in Islamic Countries and Muslim Countries: Pakistan, Saudi Arabia, and Indonesia Muhammad Asro; Sofyan Al Hakim; Iwan Setiawan
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 6 No. 1 (2023)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v6i1.7330

Abstract

Introduction: This research departs from the discussion of Islamic fiscal policy in Islamic countries and Muslim countries, where the dynamics of fiscal policy in Islamic countries and Muslim countries with various strategies to achieve the ideal fiscal. But to achieve the ideal of fiscal policy, there are challenges and obstacles that are not simple, because fiscal with all its dynamics must be carried out seriously for any country. Both Islamic countries, Muslims, and even other countries in general. Purpose: This study aims to determine the dynamics of fiscal policy in Islamic countries and Muslim countries, especially in Pakistan, Saudi Arabia, and Indonesia. Methodology: This research uses a descriptive qualitative method with a juridical research approach, which is an approach using the provisions of laws and regulations that apply to a country or a doctrinal legal approach method, namely legal theories, and opinions of legal scientists, especially with the problems discussed. Findings: The results of this study can be concluded as follows: First, fiscal policy in Islamic countries and Muslim countries continues to experience developmental dynamics. In addition, the development strategies implemented are often less comprehensive and pay less attention to the strengths possessed by the country in question. So, it often faces difficulties that are not light in building superiority and competitiveness; Second, the dynamics of fiscal policy differences as mentioned above prove that they are still in a state of facing an economic crisis, but countries in the Middle East, North Africa, and Central Asia, vary in their fiscal policy determination. Regarding fiscal policy in some Islamic countries, some countries formally apply zakat collection laws in their economic policies, such as Saudi Arabia, Libya, Jordan, Bahrain, Pakistan, Kuwait, Yemen, Sudan, and Indonesia.
Implementation Strategics of Productive Waqf and Zakat Funding Integration Model Toward Sustainable Character Development: A Case Study of Universitas Airlangga Mochamad Shamsul Arif; Wisudanto; Prawitra Thalib
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 6 No. 1 (2023)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v6i1.7815

Abstract

Purpose - This research aimed to implementation strategy on waqf and zakat funding to improve student character. This research took place at Universitas Airlangga students who want to participate in character development through the Griya Khadijah program. Methodology - This research used a qualitative method with an exploratory analysis approach and case studies. Data were obtained from in-depth interviews, focus group discussions, and field observations. The collected data were analyzed using triangulation techniques and effectiveness analysis to create a funding integration strategy. Findings - The results of the research indicated that the integration of zakat and waqf funding can be implemented with 2 different entities (Nazhir and PUSPAS). Nazhir acts as a provider of initial investment and curriculum development costs until Griya Khadijah was ready to run. While the role of PUSPAS was to provide operational costs by financing scholarships for students participating in the Griya Khadijah program. This funding integration process had several consequences, such as in accounting and curriculum aspects. Research limitations/implications - Research contributed to the Sustainable Character development of temporary waqf studies in Indonesia. In addition, the proposed model can be the basis of reference for other nazhir in Indonesia. Originality/value - This paper proposes a model which similar to (Mohd Thas Thaker et al., 2021), to implemented  strategy the management of waqf and zakat to improve the character of Universitas Airlangga students at Griya Khadijah.
Do Market Timing Incentives Affect The Debt-Equity Choice of Malaysian Shariah-Compliant IPOs? Bougatef, Khemaies; Oumayma Kassem
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 6 No. 1 (2023)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v6i1.7967

Abstract

Introduction: Empirical and theoretical literature points out that market timing attempts could shape financing decisions and persistently affect capital structure. However, prior studies on market timing did not distinguish between Shariah-compliant and non-compliant firms although Shariah compliance considerations may affect market timing incentives. Purpose: This paper aims to fill this gap in the literature by investigating whether market timing theory predictions are relevant in the case of Shariah-compliant firms. Methodology: This paper aims to fill this gap in the literature by investigating whether market timing theory predictions are relevant in the case of Shariah-compliant firms. We use a sample of 40 Malaysian Shariah-compliant companies that went public during the period from 1 January 2015 to 31 December 2018. Findings: The findings provide useful implications for investors and portfolio managers interested in investing in Shariah-compliant IPOs. They should identify market timers to avoid low subsequent returns of equity issuers.
Determining Factors for the Adoption of Islamic Insurance (Takaful) Business among Vehicle Owners in Nigeria Sayedi, Shuaib Ndagi; Abdulkadir, Usman; Bagudu, Suleiman Ndako; Hassan, Abubakar
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 6 No. 1 (2023)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v6i1.8159

Abstract

Introduction to The Problem: Despite the increase in growth rate and the influence Islamic financial system play in global financial system in recent decades, insurance (Takaful) as one of the three components of Islamic financial system has received little attention in Nigeria. Purpose/Objective Study: The study determined factors that influence vehicle owners’ intention to adopt auto – insurance in Nigeria. Design/Methodology/Approach: The study adopted survey research designs. The population of the study was 12,000,000 registered vehicles in Nigeria which 300 respondents were sampled. Questionnaire was the instrument for data collection. Findings: Regression result showed that awareness, relative advantage and social influence has significant influence on vehicle owners’ intention to adopt auto – insurance in Nigeria. But, religiosity, perceived compatibility, perceived complexity and perceived risk have no significant influence on vehicle owners’ intention to adopt auto – insurance in Nigeria.
Determinants of Participation in The Utilization of Islamic Microfinance Products: Empirical Studies Using the Theory of Planned Behavior (TPB) Approach in Indonesia Iqbal ‘Imari; Hartomi Maulana; Mohd. Zaidi Bin Md Zabri; Ahmad Suminto
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 6 No. 2 (2023)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v6i2.9129

Abstract

Introduction: It is hoped that the presence of Islamic microfinance in Muslim countries will not only pursue each other and increase productivity to increase their assets. However, Islamic microfinance is hoped to be able to provide benefits to the whole community, especially in eradicating poverty. The phenomenon, it becomes the basis for research to measure the determinants of participation in the utilization of Islamic microfinance products using the TPB approach in Indonesia Islamic microfinance. Purpose: This research has a purpose to measure the determinants of participation in the utilization of Islamic microfinance products. The model hypothesized that three factors, attitude, subjective norms and Perceived Behavior Control influence customers participation in the utilization of Islamic microfinance products. Methodology: This research uses a descriptive-quantitative-analytic method or approach with several stages, namely testing hypotheses, measuring data, interpretation and description of results and making conclusions. This research using primary data by questionnaires distributed to customers of Islamic financing products in Islamic microfinance. Data collection method using simple random sampling and the data analysis technique uses Structural Equation Modeling (SEM) with the Smart PLS-3 application. Findings: The research results show that attitude directly has a significant positive effect on intentions in participation behavior in utilizing Islamic microfinance products at Islamic microfinance institutions. Meanwhile, indirectly attitudes are formed and influenced by awareness, compability, complexity and relative advantadge variables. This finding also confirms that subjective norms originating from a person's group and the perceived pressure from a person's reference to carry out targeted behavior can influence the intentions in participation behavior in utilizing Islamic microfinance products at Islamic microfinance institutions. Other findings that perceived behavioral control results is increased, when individuals feel they have more resources and confidence to perform. Perceived behavior control as measured by individual perceptions about the extent to which behavior performance is easy or difficult and considers facilitators and barriers to doing so has a significant effect on the intention to utilizing Islamic microfinance products.

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