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Journal of Islamic Economics and Finance Studies
Published by Universitas Pembangunan Nasional Veteran Jakarta
ISSN : 27236730     EISSN : 27236749     DOI : -
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
Journal of Islamic Economics and Finance Studies (JIEFeS) is a peer-reviewed journal published twice a year, in June and December by the Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta, Indonesia. The journal accepts scientific articles in the form of research results and theoretical or conceptual papers, written in standard Indonesian or English. JIEFeS particularly focuses on the main issues and studies in Islamic Economics and Finance areas. It covers Islamic Economics, Islamic Banking and Finance, Islamic Microfinance, Islamic Philanthropy (Zakah and Waqf), and Halal Economy.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 10 Documents
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Search results for , issue "Vol 4 No 2 (2023): JIEFeS, December 2023" : 10 Documents clear
Why do Zakah Institutions in Sri Lanka Underperform? Mohammed Arafath Careem Mohammed Jiffry; Abdulhamid Mohammed Ali Zaroum; Muhammad Amanullah; Ataollah Rahmani
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6157

Abstract

Zakah as a compulsory worship obligation of Muslims has been practiced for several decades in an institutionalized form in Sri Lanka. Although the institutionalized mechanism contributes to some improvements in socioeconomic conditions, recent research highlighted that the impact of such a model is yet below the expected level. The institutional zakah practice in Sri Lanka has remained essentially informal lacking any state recognition or zakah specific regulation. This paper examined the contemporary challenges and root causes of the zakah institutions’ underperformance in Sri Lanka. This paper took a qualitative methodology and collected primary and secondary data through official documents, interviews, and published literature. The empirical findings of the paper reveal a threefold challenge that contributes to the inefficient institutional zakah performance, namely low collection, ineffective disbursement, and external hurdles. The paper suggests that the prolonged dominant informal and individualist zakah culture of Sri Lankan Muslims fails to actualize the designated goals of zakah and this in turn has contributed to the contemporary challenges. The paper highlights the need for developing an alternative jurisprudential methodology that has the potential to offer sensible remedies to the contemporary identified challenges. The paper suggests that zakah institutions must thoroughly re-evaluate existing zakah applications to improve the effectiveness and efficiency of their zakah management systems. It is also suggested that it would be helpful to establish a National Zakah Consultative Body that can advise the government on adopting effective regulations or guidance relevant to zakah management for the Sri Lankan Muslim minority.
Analysis of Zakat Management with Institutional Isomorphic Theorizing Approach Mufti Afif; Ahmad Agus Hidayat; Ahmad Suminto; Taufiqul Alvin Abidin; Fahmi Akhyar Al Farabi
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6333

Abstract

The potential of zakat in East Java is significant, reaching Rp547.4 billion. However, the collection results of ZIS by Baznas of East Java, both collected by Baznas at the provincial level and in districts/cities in East Java in 2021, only reached Rp122 billion. This means that only about 25 percent of ZIS potential could be collected. The objective of this study is to investigate how zakat institution applies institutional isomorphic theory to governance and administration. The research was conducted in Laznas Yatim Mandiri Ponorogo that employed in-depth interviews, observations, and documentation. Meanwhile, data sources were drawn from various references including journals, books, and other articles. The findings of the study demonstrate that the Laznas Yatim Mandiri in Ponorogo, Indonesia has managed in a coercive manner, within compliance with the shariah law and the 1945 Constitution. Through mimetic features, the Laznas Yatim Mandiri's administration has embraced many of the governance practices of other charitable institutions, particularly in the areas of information collecting, distribution, and transparency. In addition, the administration of the Laznas Yatim Mandiri through the normative aspect has served its purpose as an institution that adheres to the principles of good corporate governance, which include transparency, accountability, responsibility, independence, fairness, and equality.   Potensi zakat di Jawa Timur cukup besar yakni mencapai Rp547,4 miliar. Namun hasil penghimpunan ZIS yang dilakukan Baznas Jatim, baik yang dihimpun Baznas tingkat provinsi maupun kabupaten/kota di Jatim pada tahun 2021, hanya mencapai Rp122 miliar. Artinya, potensi ZIS yang bisa dihimpun baru sekitar 25 persen. Tujuan dari penelitian ini adalah untuk menyelidiki bagaimana lembaga zakat menerapkan teori isomorfik kelembagaan dalam tata kelola dan administrasi. Penelitian dilakukan di Laznas Yatim Mandiri Ponorogo dengan menggunakan wawancara mendalam, observasi, dan dokumentasi. Sedangkan sumber data diambil dari berbagai referensi antara lain jurnal, buku, dan artikel lainnya. Temuan penelitian menunjukkan bahwa Lembaga Zakat Yatim Mandiri di Ponorogo, Indonesia telah melakukan pengelolaan secara korosif, sesuai dengan hukum syariah dan UUD 1945. Melalui ciri-ciri mimesis, penyelenggaraan Lembaga Zakat Yatim Mandiri telah banyak mengadopsi praktik tata kelola lembaga amal lainnya, khususnya di bidang pengumpulan, distribusi, dan transparansi informasi. Selain itu, penyelenggaraan Lembaga Zakat Yatim Mandiri melalui aspek normatif telah mencapai tujuannya sebagai lembaga yang berpegang teguh pada prinsip-prinsip tata kelola perusahaan yang baik yang meliputi transparansi, akuntabilitas, tanggung jawab, independensi, kewajaran, dan kesetaraan.
The Role of Halal Center in Increasing Sustainable Economy in the Halal Industry Sector Rahmat Husein Lubis; Fatwa Syibromalisi
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6465

Abstract

The role of the Indonesian Ulama Council (MUI) in halal labeling is still considered ineffective. So, the government enacted Law Number 3 of 2014 concerning Halal Product Guarantees. Through this regulation, the authority for halal certification is given to BPJPH, through the Halal Center. The role of the Halal Center in improving the halal economy also has various challenges in terms of human resources, producer compliance, and the need for cooperation with related institutions. This research aims to determine the role of halal centers in boosting the halal economy in the Indonesian halal industrial sector. This research is a qualitative descriptive type of research. The research sources used come from books, scientific journals, encyclopedias, literature, works of scientists, and relevant websites. The object of this research is the role of halal centers in improving a sustainable halal economy in the halal industrial sector. The results of this research can conclude that the role of halal centers through certification, education, product innovation, and supervision is considered effective in improving the halal economy in the halal industrial sector in Indonesia. It is proven that in 2020, the number of halal certification registrations was 11,103, and in 2023 the number increased to 155,451.   Peran Majelis Ulama Indonesia (MUI) dalam pelabelan halal masih dinilai belum efektif. Sehingga pemerintah menetapkan UU Nomor 3 Tahun 2014 tentang Jaminan Produk Halal. Melalui aturan tersebut, wewenang sertifikasi halal diberikan kepada BPJPH,  melalui Halal Center. Peran Halal Center dalam meningkatkan ekonomi halal juga memiliki berbagai tantangan baik dari sisi sumber daya manusia, kepatuhan produsen, serta perlunya kerja sama dengan intitusi yang berkaitan. Tujuan dari penelitian ini adalah untuk mengetahui peran dari halal center dalam mendongkrak ekonomi halal pada sektor industri halal Indonesia. Penelitian ini berjenis deskriptif kualitatif. Sumber-sumber penelitian yang digunakan berasal dari buku, karya ilmiah jurnal, ensiklopedia, literatur, karya ilmuan, serta website yang relevan. Objek pada penelitian ini yaitu mengenai peran halal center dalam meningkatkan ekonomi halal yang berkelanjutan di sektor industri halal. Hasil penelitian ini dapat disimpulkan bahwa peran dari halal center melalui sertifikasi, pendidikan, inovasi produk, dan pengawasan dinilai efektif dalam meningkatan ekonomi halal dalam sektor industri halal di Indonesia. Terbukti pada tahun 2020, jumlah pendaftaran sertifikasi halal sebanyak 11,103 dan pada tahun 2023 jumlahnya meningkat menjadi 155.451.
The Effect of Dividends and Capital Gains on Underlying Assets in Green Sukuk Agus Purnomo; Atika Zahra Maulida
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6473

Abstract

Underlying assets are one of the required instruments for issuing sukuk to attract investors to invest in the Sharia capital market. Green sukuk is one of the sharia investment instruments issued by companies for retail sukuk products and has the aim of obtaining funding through debt securities or securities to encourage the company's growth and development performance through underlying assets. This research aims to determine the effect of dividends and capital gains on the underlying assets in retail sukuk. This research method uses a quantitative method with a descriptive approach. In collecting data, the random sampling method was used, where the research determined the number of samples using the Slovin method to know the number of samples and determine the sample categories for distributing questionnaires. The results of dividend research do have a significant influence on underlying assets. Based on the graph, dividend distribution has increased every year, thereby influencing the growth performance of underlying assets. A company will be said to be good if the income it earns is greater than its expenses, so it affects the company's assets. While capital gains also have a significant effect on the underlying assets in retail sukuk, it does not rule out the possibility that they will be influenced by other factors that are related to capital gains.   Underlying aset merupakan salah satu instrumen yang diperlukan dalam penerbitan sukuk untuk menarik minat investor berinvestasi di pasar modal syariah. Green sukuk merupakan salah satu instrumen investasi syariah yang diterbitkan perusahaan untuk produk sukuk ritel dan bertujuan untuk memperoleh pendanaan melalui surat utang atau surat berharga untuk mendorong pertumbuhan dan perkembangan kinerja perusahaan melalui aset yang mendasarinya. Penelitian ini bertujuan untuk mengetahui pengaruh dividen dan capital gain terhadap underlying asset pada sukuk ritel. Metode penelitian ini menggunakan metode kuantitatif dengan pendekatan deskriptif. Dalam pengumpulan data digunakan metode random sampling, dimana penelitian menentukan jumlah sampel dengan menggunakan metode Slovin untuk mengetahui jumlah sampel dan menentukan kategori sampel untuk penyebaran kuesioner. Hasil penelitian dividen memang mempunyai pengaruh yang signifikan terhadap aset dasar. Berdasarkan grafik, pembagian dividen mengalami peningkatan setiap tahunnya sehingga mempengaruhi kinerja pertumbuhan aset dasar. Suatu perusahaan akan dikatakan baik apabila pendapatan yang diperoleh lebih besar dibandingkan dengan pengeluarannya, sehingga mempengaruhi kekayaan perusahaan. Meskipun capital gain juga berpengaruh signifikan terhadap aset dasar sukuk ritel, namun tidak menutup kemungkinan hal tersebut akan dipengaruhi oleh faktor lain yang terkait dengan capital gain.
Exploring the Dynamic Nexus between Indonesian Economic Forces and Islamic Banking Financial Performance Nora Ria Retnasih
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6581

Abstract

World economic uncertainty during the pandemic resulted in a decline in overall economic activity. This has an impact on the financial performance of Islamic banks, especially those related to business and consumer financing. Most customers face financial difficulties and ultimately have the potential for increased credit risk. So, there is a mutual connection between macroeconomic indicators and the financial performance of Islamic banks. This research aims to measure the magnitude of the influence of economic variables on the financial performance of Indonesian Sharia Banking for the period 2020 quarter 1 to 2022 quarter 4. The method used in this quantitative research is Panel Vector Autoregressive (PVAR). The research results show that the exchange rate significantly affects Islamic banks' financial performance. In the long term, exchange rate shocks positively impact the FDR and NPF variables, while the ROA and CAR variables give a negative response. The exchange rate also makes the largest contribution to all financial performance variables compared to interest rates and the consumer price index. The implication is for policymakers to always maintain domestic economic stability, especially the exchange rate. Exchange rate stability reflects price stability as measured by inflation and will have an impact on other economic indicators.   Ketidakpastian ekonomi dunia selama pandemi mengakibatkan penurunan aktivitas ekonomi secara keseluruhan. Hal ini berdampak pada kinerja keuangan bank syariah terutama yang terkait dengan pembiayaan bisnis dan konsumen.  Sebagian besar nasabah menghadapi kesulitan keuangan dan pada akhirnya berpotensi pada peningkatan resiko kredit. Sehingga terdapat keterikatan satu sama lain antara indicator perekonomian makro dan kinerja keuangan bank syariah. Penelitian ini bertujuan untuk mengukur besarnya pengaruh variabel ekonomi terhadap kinerja keuangan Perbankan Syariah Indonesia periode tahun 2020 triwulan 1 sampai dengan tahun 2022 triwulan 4. Metode yang digunakan dalam penelitian kuantitatif ini adalah Panel Vector Autoregressive (PVAR). Hasil penelitian menunjukkan bahwa nilai tukar berpengaruh signifikan terhadap kinerja keuangan bank syariah. Dalam jangka panjang guncangan nilai tukar memberikan dampak positif terhadap variabel FDR dan NPF, sedangkan variabel ROA dan CAR memberikan respon negatif. Selain itu, nilai tukar juga memberikan kontribusi paling besar terhadap seluruh variabel kinerja keuangan dibandingkan tingkat suku bunga dan indeks harga konsumen. Implikasinya bagi pengambil kebijakan untuk selalu menjaga stabilitas perekonomian dalam negeri, khususnya nilai tukar. Stabilitas nilai tukar mencerminkan stabilitas harga yang diukur dengan inflasi dan akan berdampak pada indikator perekonomian lainnya.
Community Empowerment Dynamics of Masjid-Based Bayt al-Mal: A Phenomenology Approach Aditya Pratama
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6618

Abstract

Historically, masjids were the center of government, education, and economy.  Nowadays there is an impression that Muslims are only busy to build the physical masjid and are not familiar with reality because Muslims tend to prioritize ceremonial rituals and underestimate the social functions of masjids. This study aims to assess the above assumptions and provide an overview of analytical reviews in capturing the phenomena of the management of masjid-based bayt al-mal. Thus, it can be well recognized the sides of excellence and weaknesses that may exist. This research uses qualitative methods with a phenomenological approach. The research found that there are four phenomena of management of masjid-based bayt al-mal in the Special Province of Yogyakarta namely providing people with social funds through bayt al-mal, empowering people through bayt al-mal, empowering communities not through bayt al-mal. This research emphasizes the evolving roles of masjids, extending beyond mere places of worship. The effectiveness of these multifaceted roles hinges on strong financial management, active fundraising, and transparent utilization of bayt al-mal funds. Training and professional management are also crucial for optimizing resources and building community trust. Masjids can serve as centers of community empowerment and positive social change when embracing their broader roles and responsibilities.   Secara historis, masjid adalah pusat pemerintahan, pendidikan, dan perekonomian. Saat ini ada kesan umat Islam hanya sibuk membangun fisik masjid dan tidak paham dengan kenyataan karena umat Islam cenderung mengutamakan ritual seremonial dan meremehkan fungsi sosial masjid. Penelitian ini bertujuan untuk mengkaji asumsi-asumsi di atas dan memberikan gambaran tinjauan analitis dalam menangkap fenomena pengelolaan masjid berbasis bayt al-mal. Dengan demikian, dapat diketahui dengan baik sisi keunggulan dan kelemahan yang mungkin ada. Penelitian ini menggunakan metode kualitatif dengan pendekatan fenomenologis. Penelitian ini menemukan bahwa terdapat empat fenomena pengelolaan bayt al-mal berbasis masjid di Daerah Istimewa Yogyakarta yaitu pemberian dana sosial kepada masyarakat melalui bayt al-mal, pemberdayaan masyarakat melalui bayt al-mal, pemberdayaan masyarakat tidak melalui bayt al-mal, -mal. Penelitian ini menekankan perubahan peran masjid, tidak hanya sekedar tempat ibadah. Efektivitas peran multifaset ini bergantung pada pengelolaan keuangan yang kuat, penggalangan dana yang aktif, dan pemanfaatan dana bay al-mal yang transparan. Pelatihan dan manajemen profesional juga penting untuk mengoptimalkan sumber daya dan membangun kepercayaan masyarakat. Masjid dapat berfungsi sebagai pusat pemberdayaan masyarakat dan perubahan sosial yang positif ketika menjalankan peran dan tanggung jawab mereka yang lebih luas.
Socio-Economic Determinants of Individual Muslim Zakat Payment Behavior in Indonesia Hapid Durohman; Fajar Adrian Sutisna; Muhammad Yuka Anugrah
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6715

Abstract

Zakat is one of the pillars of Islam and holds significant potential in Indonesia. However, the amount of zakat collected remains far below its potential. This disparity arises because many Muslims neglect zakat payment and perceive it as less important. Therefore, it is crucial to understand the socio-economic behaviors and factors influencing individual decisions to pay zakat. This research aims to investigate the determinants of socio-economic factors on individual zakat behavior. The data utilized is sourced from the Indonesian Family Life Survey (IFLS) conducted in 2014, focusing on individuals aged 15 and above. The study employs probit regression methodology to examine individual decisions regarding zakat payments, utilizing STATA 17 for analysis. The research findings statistically indicate that individuals with higher socio-economic status have a greater likelihood of paying zakat. This is evident from socio-economic variables, including gender, household size, age, home ownership, loans, years of schooling, income, religiosity, and occupation, all significantly influencing individual decisions to contribute to zakat. However, variables such as place of residence and marital status do not significantly affect individuals' decisions to pay zakat. Therefore, socio-economic factors play a crucial role in formulating strategies to enhance zakat fund collection. Zakat institutions can refer to socio-economic research to determine their strategies for maximizing the significant zakat potential in Indonesia. For instance, by targeting income levels, zakat institutions can develop awareness programs for individuals with higher incomes, accelerating zakat fund collection in alignment with its substantial potential.   Zakat adalah salah satu pilar Islam dan memiliki potensi besar di Indonesia. Namun, jumlah zakat yang terkumpul masih jauh di bawah potensinya. Ketidaksetaraan ini muncul karena banyak Muslim yang mengabaikan pembayaran zakat dan menganggapnya kurang penting. Oleh karena itu, sangat penting untuk memahami perilaku sosial-ekonomi dan faktor-faktor yang memengaruhi keputusan individu untuk membayar zakat. Penelitian ini bertujuan untuk menyelidiki faktor-faktor sosial-ekonomi yang memengaruhi perilaku zakat individu. Data yang digunakan berasal dari Indonesian Family Life Survey (IFLS) yang dilakukan pada tahun 2014, dengan fokus pada individu yang berusia 15 tahun ke atas. Studi ini menggunakan metodologi regresi probit untuk menguji keputusan individu tentang pembayaran zakat, dengan menggunakan STATA 17 untuk analisis. Temuan penelitian secara statistik menunjukkan bahwa individu dengan status sosial-ekonomi yang lebih tinggi memiliki kemungkinan yang lebih besar untuk membayar zakat. Hal ini terlihat dari variabel sosial-ekonomi, termasuk jenis kelamin, ukuran rumah tangga, usia, kepemilikan rumah, pinjaman, tahun-tahun sekolah, pendapatan, religiusitas, dan pekerjaan, yang semuanya secara signifikan memengaruhi keputusan individu untuk berkontribusi pada zakat. Namun, variabel seperti tempat tinggal dan status pernikahan tidak secara signifikan memengaruhi keputusan individu untuk membayar zakat. Oleh karena itu, faktor-faktor sosial-ekonomi memainkan peran penting dalam merumuskan strategi untuk meningkatkan pengumpulan dana zakat. Institusi zakat dapat merujuk pada penelitian sosial-ekonomi untuk menentukan strategi mereka dalam memaksimalkan potensi zakat yang signifikan di Indonesia. Sebagai contoh, dengan melihat tingkat pendapatan, institusi zakat dapat mengembangkan program-program kesadaran untuk individu dengan pendapatan lebih tinggi, mempercepat pengumpulan dana zakat sesuai dengan potensi yang substansial.
Designing Ziswaf-Based Financing Model for Enhancing Micro, Small, and Medium Enterprises Lili Puspita Sari; Ade Nur Rohim; Fadhli Suko Wiryanto; Dzaky Ammar Fauzi
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6822

Abstract

Micro, Small, and Medium Enterprises (MSMEs) are important in advancing the economy. However, among some existing MSME actors, many of them face obstacles in developing their businesses. Some of those obstacles are the lack of competence and expertise, the lack of business networks, and the limited amount of capital. This research aims to design the development of a sharia financing model based on using zakat, infaq, sadaqah, and waqf (ziswaf) funds to develop MSMEs. This research uses qualitative methods by analyzing various data collected from several works of literature related to ziswaf and MSME studies. This research produces a design model for integrated ziswaf management in the MSME development program. This model describes the process flow starting from collecting ziswaf funds, with a distribution process that is adjusted to the characteristics of the funds. ZIS funds are channeled to the procurement of goods and business equipment, as well as to capacity-building programs for MSMEs. The waqf funds are distributed in the form of business capital investment with a mudharabah agreement. The profits received are given to the nazhir according to the agreement, to be managed by the nazhir, and distributed to the mauquf alaih. The entire process is carried out with supervision and monitoring to maintain conformity of procedures with existing rules and regulations. It is hoped that this model can become a new direction for the development of MSMEs by optimizing ziswaf funds in an integrated manner.   Usaha Mikro, Kecil, Menengah (UMKM) merupakan unit ekonomi yang penting dalam memajukan perekonomian. Namun, di antara sejumlah pelaku UMKM yang ada, banyak dari mereka menghadapi kendala dalam pengembangan usahanya. Di antara kendala yang dihadapi antara lain terkait minimnya kompetensi dan keahlian, minimnya jejaring usaha, hingga jumlah modal yang terbatas. Penelitian ini bertujuan untuk mendesain pengembangan model pembiayaan syariah berbasis pemanfaatan dana zakat, infak, sedekah, dan wakaf untuk pengembangan UMKM. Penelitian ini menggunakan metode kualitatif dengan menganalisis berbagai data yang dihimpun dari beberapa literatur terkait kajian ziswaf dan UMKM. Penelitian ini menghasilkan sebuah rancangan model pengelolaan ziswaf terintegrasi pada program pengembangan UMKM. Model tersebut menggambarkan alur proses yang dimulai dari penghimpunan dana ziswaf, dengan proses penyaluran yang disesuaikan dengan karakteristik dana. Dana ZIS disalurkan pada pengadaan barang dan perlengkapan usaha, serta pada program peningkatan kapasitas pelaku UMKM. Adapun dana wakaf disalurkan dalam bentuk investasi modal usaha dengan akad mudharabah. Keuntungan yang diterima diberikan kepada nazhir sesuai dengan kesepakatan, untuk nantinya dikelola oleh nazhir dan disalurkan kepada para mauquf alaih. Keseluruhan proses tersebut dilakukan dengan pengawasan dan monitoring untuk menjaga kesesuaian prosedur dengan aturan dan ketentuan yang ada. Model ini diharapkan dapat menjadi arah baru pengembangan UMKM dengan mengoptimalkan dana ziswaf secara terintegrasi.
Welfare Analysis Through Human Development Index with Maqasid Sharia Approach Prima Dwi Priyatno; Fitri Yetty; Lili Puspita Sari; Ahmad Zahran Rizqulloh
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6831

Abstract

The existing Human Development Index (HDI), published by UNDP may be the most comprehensive indicator. Even though, it is not fully compatible and sufficient to measure human development from an Islamic perspective. The purpose of this study is to analyze the Human Development Index in Indonesia with the maqasid sharia approach using several indicators that include crime, life expectancy, long school expectancy, average length of schooling, births, infant mortality, and per capita expenditure. The measurement results show variations in I-HDI from year to year, with the highest value in 2022 and the lowest in 2021. The I-HDI categorization classifies 2017, 2018, 2019, and 2022 as very high categories, while 2020 and 2021 are in the high category. The factors that make up I-HDI are divided between the Material Welfare Index (MWI) and the Non-Material Welfare Index (NWI). Although MWI showed low numbers, NWI made a significant positive contribution. NWI has a dominant role, with the highest score in 2017 and an average of 83.58 percent. This finding implies that Non-Material Welfare is a key factor in shaping I-HDI in Indonesia. These conclusions can be used as a basis for formulating more effective development policies, reinforcing aspects that are considered lacking, and providing guidance for future policy considerations.   Indeks Pembangunan Manusia (IPM) yang diterbitkan oleh UNDP dapat menjadi indikator yang paling komprehensif. Namun, alat ukur tersebut tidak sepenuhnya kompatibel dan memadai untuk mengukur pembangunan manusia jika ditinjau dalam perspektif Islam. Tujuan penelitian ini adalah menganalisis Indeks Pembangunan Manusia di Indonesia dengan pendekatan maqashid syariah yang meliputi beberapa indikator seperti kriminalitas, angka harapan hidup, lama sekolah, rata-rata lama sekolah, kelahiran, kematian bayi, dan pengeluaran per kapita. Hasil pengukuran menunjukkan adanya variasi I-HDI dari tahun ke tahun, dengan nilai tertinggi pada tahun 2022 dan terendah pada tahun 2021. Kategorisasi I-HDI mengklasifikasikan tahun 2017, 2018, 2019, dan 2022 dalam kategori sangat tinggi, sedangkan tahun 2020 dan 2021 termasuk dalam kategori tinggi. Faktor-faktor pembentuk I-HDI terbagi menjadi Indeks Kesejahteraan Material (MWI) dan Indeks Kesejahteraan Non-Material (NWI). Meski MWI menunjukkan angka yang rendah, namun NWI memberikan kontribusi positif yang signifikan. NWI mempunyai peran dominan dengan skor tertinggi pada tahun 2017 dan rata-rata mencapai 83,58 persen. Implikasi dari temuan ini menunjukkan bahwa kesejahteraan non-material menjadi faktor kunci dalam pembentukan I-HDI di Indonesia. Kesimpulan tersebut dapat dijadikan landasan untuk merumuskan kebijakan pembangunan yang lebih efektif untuk memperkuat aspek-aspek yang dianggap kurang optimal, dan memberikan pedoman pertimbangan kebijakan di masa depan.
The Impact of Islamic Monetary Policy on Indonesia's Economic Growth Marpaung, Taufik Arnanda; Imsar; Tambunan, Khairina
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.8034

Abstract

Indonesia is a Muslim-majority country with relatively low economic growth. Therefore, the success of monetary policy does not only depend on conventional instruments, but also on Islamic instruments. Islamic monetary policy instruments tend to be more related to real activities and real assets. So that increasing public awareness of Islamic principles will cause the effectiveness of Islamic monetary instruments to become stronger, which will also be followed by increased economic growth. This research aims to determine the effect of PUAS, FASBIS, and SBIS on GDP using secondary data in the form of monthly time series from 2018-2022. Data was collected using the Purposive Sampling technique, with the Quantitative Associative method. The data was processed using Eviews 9 and then analyzed using the VAR VECM method to see the long-term and short-term effects of PUAS, FASBIS, and SBIS on GDP. The results show that there is a two-way causal relationship between PUAS and FASBIS, FASBIS and GDP, SBIS and PUAS, as well as a one-way relationship between GDP and SBIS. There is a significant relationship between SATISFIED and GDP, in the long term. Meanwhile, in the short term, all variables do not have a significant effect on GDP. In the long term, the variable that is strong and dominant in influencing GDP is PUAS and has the largest composition that contributes to the GDP variable. This research provides practical and theoretical implications to increase scientific insight in the field of economics and references in making policy decisions to improve technological infrastructure and regulations that support the development of Sharia financial markets.

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