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Soleh Hasan Wahid
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Invest Journal of Sharia & Economic Law
Published by Institut Agama Islam Negeri Ponorogo
ISSN : 27764982     EISSN : 27764354     DOI : http://dx.doi.org/10.21154/invest
Core Subject : Religion, Economy, Humanities, Social,
Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences
Invest Journal of Sharia & Economic Law, E-ISSN: published by the Sharia Faculty, IAIN Ponorogo, Indonesia. This journal is published every July and December. The Invest Journal focuses on the results of field studies and literature studies in Islamic economic law, especially the integrative study of Islamic economic law in Southeast Asia. This journal publishes original articles on current international issues and trends regarding Sharia economic law, policy, law, social issues to advance knowledge of the theory and practice of Sharia economic law. The Invest Journal of Sharia & Economic Law specializes in research results either theoretically, a particular approach, or geographically in the fields of: Sharia economic law Sharia business law Sharia banking law Sharia financial institution law Non-bank financial industry Fatwa Islamic economics Islamic law Economic Law Business Law Financial Law
Arjuna Subject : Ilmu Sosial - Hukum
Articles 123 Documents
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The Application of Maintenance Functions in The Human Resources Management of Islamic Financial Institutions Arik Putri Lestari, Yosy
Invest Journal of Sharia & Economic Law Vol. 3 No. 1 (2023): INVEST - Vol. 3 No. 1 (2023)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v3i1.5128

Abstract

Sharia Savings and Loan Cooperatives are unique in that they must balance their business principles with high and volatile work demands. The care function of human resource management is an essential aspect of ensuring employee well-being and job satisfaction within organizations, including sharia savings and loan cooperatives. This study specifically focuses on examining the application of maintenance functions at KSP BMT Surya Abadi Jenangan Ponorogo, an esteemed Islamic financial institution that has experienced rapid development in Indonesia and has contributed to economic improvement through its diverse financing products. This research aims to provide valuable insights into the organization's practices and contribute to the broader understanding of human resources management in Islamic institutions and ultimately improve the quality of their workforce and service performance. Through a comprehensive analysis, this study has illustrated the practices carried out by the organization in maintaining employee welfare and retention. KSP BMT SURYA Abadi Jenangan Ponorogo demonstrates efforts in prioritizing employee welfare and retention, with notable aspects including occupational health and safety, communication, and human resource welfare programs, although improvements are needed, particularly in the area of occupational health and safety.
Implementation of The MSME Empowerment Program Supervision System at The Infaq Management Foundation Syamsiyah, Syamsiyah; Choiri, Muttaqin
Invest Journal of Sharia & Economic Law Vol. 2 No. 2 (2022): INVEST - Vol. 2 No. 2 (2022)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v2i2.5139

Abstract

Zakat holds a very strategic position regarding religious, social, economic, and social welfare aspects. In terms of community welfare, three pillars must be optimized, one of which is the empowerment of zakat potential. To optimize zakat management, the government must perform a practical regulatory and supervisory function, which BAZNAS does at all levels. The potential of ZIS funds contributes to the expansion of MSMEs as a driver of economic growth. MSMEs require not only capital but also business advice. In Indonesia, zakat management institutions have funds that can be used for business capital or productive Zakat. However, numerous cases in Indonesia involve the mismanagement of productive zakat funds, one of which is the philanthropic organization Aksi Cepat Tanggap (ACT), which has recently come under scrutiny for cases of misappropriation of people's funds. The purpose of this research is to determine how the monitoring system for the UMKM empowerment program at the Infaq Management Institute (LMI) in Bangkalan Regency complies with Law No. 23 of 2011 on Zakat Management. As a result, it is necessary to investigate how the monitoring system for the MSME empowerment program is implemented at the LMI Bangkalan Branch. This study used a qualitative data collection approach, employing interviews, observation, and documentation studies. According to the findings of this study, the supervision of LMI Bangkalan takes the form of an annual report on the performance of LAZNAS LMI activities in the form of a Financial Audit. Supervision is carried out internally at the Bangkalan Branch LMI by holding weekly and monthly evaluation meetings in each field and external supervision from the East Java Central LMI and the Central BAZNAS.
Legal Framework To Support Islamic Banking and Finance In The United Arab Emirates Mohamed Mashal, Mahmoud Ismaeil
Invest Journal of Sharia & Economic Law Vol. 2 No. 2 (2022): INVEST - Vol. 2 No. 2 (2022)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v2i2.5341

Abstract

The duality of the banking system in the United Arab Emirates and its impact on economic development today represents the reality of banking systems in countries that license Islamic banking, especially with the state's first taking into account the traditional banking system. In contrast, banks, institutions, ministries, and organizations that manage work in this field practice these systems have been enabled in Muslim countries under the pressure of economic globalization. At the same time, the country is striving to develop the field of Islamic economy, support Islamic banking while enabling modern technologies and intelligent applications in the digital age, and encourage innovation in Islamic banking and finance. This trend calls for further research and deep consideration to clarify the role of the United Arab Emirates in supporting the Islamic economy and its banking and Islamic finance, as the idea of the duality of the banking system may seem contradictory in its application. As a result of this research, the Government of Dubai has started a strategic plan to develop the Islamic economy sector. The goal is to make Dubai the leading center for Islamic finance, e-commerce, the digital content industry, design and innovation, knowledge, education, and research, as well as the global reference for Islamic economy standards. The  UAE government has adopted blockchain technology to implement government transactions and to achieve the desired results; the country launched the UAE Blockchain Strategy 2021m. The characteristics of the Islamic banking system reflect the reality of Sharia rulings without living and manipulation. However, the current situation has many observations, so coexistence has become at the expense of differentiation.
The Influence of Plafond, Tenor, Application Process, and Loan Frequency on The Growth of Bank Syariah Indonesia's MSMEs Customers Viantina, Anisa Lia; Purbowisanti, Ratih; Ady Rahmanto, Dhidhin Noer; Ilmiah, Dunyati; Febriyanti, Novi
Invest Journal of Sharia & Economic Law Vol. 2 No. 2 (2022): INVEST - Vol. 2 No. 2 (2022)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v2i2.5405

Abstract

Micro, Small, and Medium Enterprises (MSMEs) are essential to economic growth. However, the growth of MSMEs is constrained by difficulties in accessing capital. This study aims to determine the effect of the variable amount of financing (plafond), the application process, the repayment period (tenor), and the frequency of borrowing on the growth of MSMEs. This study uses a quantitative method with a sample of 80 respondents from Bank Syariah Indonesia branch office Sleman Prambanan customers. The sample selection used a purposive sampling technique with the criteria that Bank Syariah Indonesia branch office Sleman Prambanan customers were SMEs in the Yogyakarta and Klaten areas and used financing products such as BSI KUR Micro, BSI KUR Kecil, and BSI Super Micro. The analytical technique used is the classical assumption test, multiple linear regression analysis, t-test, F test, and the coefficient of determination with the help of SPSS software. The results show that the amount of financing (plafond) and the repayment period (tenor) have a positive effect. In contrast, the application process and the borrowing frequency do not positively affect the growth of MSMEs.
An Islamic Ethnomethodology Approach to Examine Mosque Accounting Practices Thalib, Mohamad Anwar
Invest Journal of Sharia & Economic Law Vol. 3 No. 1 (2023): INVEST - Vol. 3 No. 1 (2023)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v3i1.5511

Abstract

This study utilizes an Islamic paradigm with an Islamic ethnomethodology approach to investigate mosque accounting practices. The study uses both primary data, obtained through interviews and observations, and secondary data, which consists of documentation of mosque financial information records in books and on information boards. The data is analyzed through five stages: charity, knowledge, faith, revelation information, and good deeds, and collected through interviews, observation, and documentation. The study results show that mosque accounting practices are based on three main values: sincerity, responsibility, and trustworthiness. First, capital and cost accounting are practiced based on sincerity, which is reflected through the voluntary donations of funds by donors for the prosperity of the masjid, and the optimal work of administrators who do not receive a salary. Second, a simple accounting recording method is used, requiring a sense of responsibility, which is reflected through detailed financial records in album booklets and on bulletin boards. Third, accountability for incoming and outgoing funds is conditional on maintaining the congregation's trust, which is reflected in the expressions of the informants who stated that financial responsibility is their effort to maintain donors' trust. The implication of this research is to present the concept of mosque accounting practices based on the values of faith and fear of God. It concludes that mosque accounting is not only about material (money) but also about a sense of faith in the creator. Further research can study mosque accounting using other social theoretical approaches, such as Islamic phenomenology.
Money Multiplication in Islamic Banking – A Discussion on Its Impact on Distributive Justice Javaid, Omar
Invest Journal of Sharia & Economic Law Vol. 3 No. 1 (2023): INVEST - Vol. 3 No. 1 (2023)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v3i1.5780

Abstract

This paper explores the legitimacy of the use of Fractional Reserve System in Islamic banking from the normative premise of Islamic economics. The paper uses a methodology of structured literature review and a conceptual analysis of the literature following the approach of Critical Interpretive Synthesis (CIS). The first section of the paper presents the analysis on fractional Reserve Bank (FRB) system, how it leads to multiplication of money supply and influence the long-term inflation and business cycles; the second part of the article explains the extent to which this framework obstructs in the achievement of the objectives of Islamic Economics. This is followed by a reflective analysis of concepts and information gathered from the literature to evaluate how FRB system fits into the fabric of Islamic Economic. The second section of this paper explains how Islamic Banks, with an FRB model and its inclination towards debt-based instruments, would allow Islamic banks to contribute to the problem of inflation, even if they use Musharakah and Mudarabah as a mode of finance.
Awareness of the Differences Between Islamic Insurance and Conventional Insurance amongst Students of Islamic Studies in Sri Lanka Mohamed Minaz, Mohamed Naushad; Mohamed Mazahir, Sayed Mohamed; Fathima Nihla, Ahamed Mukthar Faiser; Fathima Masliha, Kalanthar Lebbe
Invest Journal of Sharia & Economic Law Vol. 3 No. 1 (2023): INVEST - Vol. 3 No. 1 (2023)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v3i1.5794

Abstract

The purpose of this study is to assess the level of awareness and understanding of Takaful, an Islamic insurance scheme, as compared to traditional insurance among students of Islamic Studies in Sri Lanka. Despite the growing popularity of Takaful in the country, there is a notable lack of awareness and understanding of this concept among Sri Lankans. By conducting a survey among Sri Lankan students, this research seeks to determine the level of awareness and acceptance of Takaful, while identifying the factors that influence this perception. The research methodology employed was to collect data through questionnaires distributed to customers in Sri Lanka. The findings indicate that although there is a growing demand for Takaful in the country, a significant portion of the population is either unaware of its existence or hesitant to adopt it due to prevailing misconceptions. The study highlights the importance of increasing awareness and understanding of Takaful to encourage greater participation in this form of insurance. In addition, future research could examine the reasons for limited engagement with Takaful and explore strategies to promote insurance literacy and active participation in the industry.
The Relevance of Monzer Kahf's Views on Islamic Banking in Indonesia Wijaya, Buana Handa; Dzukha Asyiqin, Akbar; Marno Rahayu, Sherly
Invest Journal of Sharia & Economic Law Vol. 3 No. 1 (2023): INVEST - Vol. 3 No. 1 (2023)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v3i1.5875

Abstract

This article aims to analyze the relevance of Monzer Kahf's view of Islamic banking to the development of Islamic banking in Indonesia, with a particular focus on Bank Syariah Indonesia (BSI). Although Islamic banking has grown rapidly in Indonesia, there are still challenges in understanding the factors that influence its success and how these banks can serve the community more effectively. To achieve this goal, the method used is library research, which aims to collect some information obtained through books, journals and online media that have relevance to the topic with Monzer Kahf's Islamic banking thinking and secondary data on the development of Bank Syariah Indonesia. The results of the analysis show that some of the key factors identified by Monzer Kahf, such as increasing the form of deposits, improving the quality of customer service, expanding the banking service base, capital protection, and providing social and humanitarian services, are very relevant in the context of the development of Islamic banks in Indonesia. Bank Syariah Indonesia, as the largest Islamic bank in Indonesia, plays an important role in driving the country's economic growth. In addition, the bank is also expected to improve its social services to the community through various aspects, including education, health, environment and renewable energy. In conclusion, Monzer Kahf's views on Islamic banking are highly relevant to the development of Islamic banking in Indonesia.
Electricity Consumption and Economic Growth: Evidence From Nigeria Mohammed, Badamasi Sani
Invest Journal of Sharia & Economic Law Vol. 3 No. 1 (2023): INVEST - Vol. 3 No. 1 (2023)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v3i1.5949

Abstract

As one of the significant components of energy consumption, the importance of electricity to economic growth has been recognized by economists and business people, engineering, and government agencies. This paper seeks to investigate the impact of electricity consumption on economic growth in Nigeria from 1986 to 2021 by using the Autoregressive Distributed Lag (ARDL) model. The properties of the series were first checked using Augmented Dickey fuller (ADF) and Phillip Peron (PP) unit root tests, and the result found a mixture of the order of integration, which paved the use ARDL model. The findings of the ARDL bond test indicate the present cointegration. Evidence from the short run reveals that the speed of adjustment is negative and statically significant, confirming the expected equilibrium process in the short-run dynamics among the variables under study. The results also show that energy consumption, inflation, and industrial product are statistically significant and positively affect Nigeria's short and long-run economic growth. At the same time, Unemployment is negative and statistically significant both in the short and long run. Based on the findings, the paper recommends that government should undertake serious measures to curtail the shortage of electricity consumption in the country to promote economic growth in general. The government should adopt appropriate policies to reduce Unemployment, adversely affecting economic growth.
Islamic Corporate Social Responsibility Effect on Financial Performance and Reputation In OJK-Listed Banks Rizwanti, Jihan Dwi; Maknuun, Lu’lu’ Il; Yusri Aftian, Rahman
Invest Journal of Sharia & Economic Law Vol. 3 No. 2 (2023): INVEST - Vol. 3 No. 2 (2023)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v3i2.5991

Abstract

This study investigates the impact of Islamic Corporate Social Responsibility (ICSR) on financial performance and corporate reputation in the context of Islamic commercial banks in Indonesia. Specifically, it examines how ICSR affects return on assets (ROA) and return on equity (ROE) as indicators of financial performance and deposits from customers (DPK) as a measure of firm reputation. The research uses data from the annual reports of nine Shariah commercial banks over five years, from 2015 to 2019.  The results show that ICSR does not significantly affect ROA, indicating a limited impact on banks' asset-based financial performance. However, ICSR has a positive effect on ROE, suggesting that it enhances investor confidence and contributes positively to equity-based financial performance. In contrast, the study concludes that ICSR does not have a significant impact on corporate reputation, suggesting the complexity of factors that influence public perception beyond ICSR activities. This research provides valuable insights into the differential impact of ICSR on different dimensions of Islamic commercial banks' performance and highlights potential areas for further research in the field of corporate social responsibility and financial management in the Islamic banking sector.

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