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Share: Jurnal Ekonomi dan Keuangan Islam Fakultas Ekonomi dan Bisnis Islam UIN Ar-Raniry Banda Aceh, 2nd Floor Jln. Syech Abdur Rauf Banda Aceh 23111, Aceh, Indonesia Email: jurnal.share@ar-raniry.ac.id
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Share: Jurnal Ekonomi dan Keuangan Islam
Published by Universitas Islam Negeri Ar-Raniry Banda Aceh
ISSN : 20896239     EISSN : 25490648     DOI : https://doi.org/10.22373/share
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
Share: Jurnal Ekonomi dan Keuangan Islam [SHARE] is a double-blind peer-reviewed journal published by the Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry, Banda Aceh, Indonesia. SHARE publishes research and concept papers pertaining to the field of Islamic economics and finance in open access format, which enables readers to freely access and download the articles under the CC BY SA license. Since 2017, SHARE has become a CrossRef Member, meaning that each article published by the journal will have a unique DOI number. SHARE has been indexed in many trusted indexing sites, such as DOAJ, Index Copernicus, Scilit, WorldCat, Google Scholar, Dimensions, EBSCO, and many others. In Indonesia, SHARE is listed among the top-notch journals by the Indonesian journal accreditation body officialized with the Decree of Director General of Research Strengthening and Advancement, Ministry of Research, Technology, and Higher Education, No. 21/E/KPT/2018, starting from 9 July 2018 until 9 July 2023. Currently, SHARE is under consideration for inclusion in SCOPUS.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 328 Documents
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Efficiency Determinants of Zakat Institutions in Indonesia Nashr Akbar; Ihsanul Ikhwan; Novan Nurpahla
Share: Jurnal Ekonomi dan Keuangan Islam Vol 11, No 1 (2022)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v11i1.10341

Abstract

ABSTRACT - The purpose of this study is to examine the relative efficiency of national zakat organizations in Indonesia. Data was collected from decision-making units (DMU) consisting of 14 national zakat institutions in Indonesia listed on the BAZNAS website and selected using the purposive sampling technique. The information was derived from the DMU's publicly accessible financial reports. This study utilized the Data Envelopment Analysis (DEA) output-oriented approach to maximize output with the same level of input when analyzing the data. In selecting input variables, this study consulted previous research. In addition, it utilized Tobit regression based on the outcome of Maximum Likelihood (ML) to evaluate the determinants of the efficiency value (dependent variable) as the score ranges from 0 to 100. The result indicates that the efficiency of zakat institutions fluctuates slightly throughout the observation period. In addition, the significant efficiency determinants are size and community membership. Therefore, zakat organizations must maintain and increase their donors' loyalty. It is anticipated that the findings will contribute to the advancement of practice and knowledge regarding the study of zakat literature.   ====================================================================================================ABSTRAK – Determinan Efisiensi Lembaga Zakat di Indonesia. Penelitian ini bertujuan untuk mengkaji tingkat efisiensi relatif instituti zakat di Indonesia. Data dikumpulkan dari unit pengambil keputusan yang terdiri 14 lembaga zakat nasional yang terdaftar pada situs BAZNAS dan dipilih dengan teknik sampel purposif. Informasi yang diolah berasal dari laporan keuangan yang dapat diakses secara publik. Analisis data menggunakan Data Envelopment Anaysis (DEA) dengan pendekatan output-oriented yang memaksimalkan output di level yang sama dengan tingkat input. Dalam memilih variabel input, kajian ini menggunakan beberapa hasil riset sebelumnya. Selanjutnya, analisis data juga dilakukan dengan Tobit regression yang mendasarkan pada outcome dari Maximum Likelihood (ML) dengan maksud untuk mengevaluasi determinan nilai efisensi dalam rentang skor 0 sampai 100. Temuan kajian ini mengindikasikan bahwa tingkat efisiensi lembaga zakat di Indonesia cenderung berfluktuasi dalam periode yang diamati. Selain itu, determinan yang berpengaruh signifikan terhadap pencapaian tingkat efisiensi adalah ukuran (asset) dan afiliasi terhadap komunitas. Oleh karena itu, lembaga zakat harus menjaga dan meningkatkan loyalitas para donaturnya. Hasil kajian ini dapat berkontribusi pada kemajuan pengelolaan zakat dan memperkaya khazanah pengetahuan zakat dalam literatur. 
Firm Value and Its Predictors: An Examination of Companies Listed on Jakarta Islamic Index Muhammad Fajrul Novrizal; Muhammad Arfan; Ratna Mulyany
Share: Jurnal Ekonomi dan Keuangan Islam Vol 11, No 1 (2022)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v11i1.11867

Abstract

This study aims to determine whether financial leverage, managerial ownership, profitability, company size, and the Islamic Social Reporting Index influence the firm value of companies listed on the Jakarta Islamic Index. The study population comprises companies listed on the Jakarta Islamic Index (JII) over the period of 2015-2019, with a total of 70 observations. This research period was chosen to avoid the potential effect of COVID-19 in the years after 2019. It is revealed that simultaneously all the financial leverage, managerial ownership, profitability, company size, and Islamic Social Reporting Index variables have a positive effect on firm value. Moreover, in the partial test, it was also found that each independent variable had a positive effect on firm value. The study implies and signifies the role of Islamic social reporting not only in ensuring the achievement of firms’ social accountability but also in increasing their value, particularly of those listed on the Islamic index.====================================================================================================ABSTRAK - Nilai Perusahaan dan Prediktornya: Pemeriksaan Perusahaan yang Terdaftar di Jakarta Islamic Index. Penelitian ini bertujuan untuk mengetahui apakah financial leverage, kepemilikan manajerial, profitabilitas, ukuran perusahaan, dan Islamic Social Reporting Index berpengaruh terhadap nilai perusahaan perusahaan yang terdaftar di Jakarta Islamic Index. Populasi penelitian adalah perusahaan yang terdaftar di Jakarta Islamic Index (JII) periode 2015-2019, dengan total 70 observasi. Periode penelitian ini dipilih untuk menghindari potensi efek COVID-19 di tahun-tahun setelah 2019. Terungkap bahwa secara simultan semua variabel financial leverage, kepemilikan manajerial, profitabilitas, ukuran perusahaan, dan Islamic Social Reporting Index berpengaruh positif terhadap perusahaan. nilai. Selain itu, pada uji parsial juga ditemukan bahwa masing-masing variabel independen berpengaruh positif terhadap nilai perusahaan. Studi ini menyiratkan dan menandakan peran pelaporan sosial Islam tidak hanya dalam memastikan pencapaian akuntabilitas sosial perusahaan, tetapi juga dalam meningkatkan nilainya, terutama yang terdaftar di indeks Islam.
Islamic-Based Digital Ethics: The Phenomenon of Online Consumer Data Security Afriyan Arya Saputra; Muhammad Iqbal Fasa; Diana Ambarwati
Share: Jurnal Ekonomi dan Keuangan Islam Vol 11, No 1 (2022)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v11i1.11167

Abstract

This paper seeks to explain the problem of widespread consumer data theft and the significance of online consumer data privacy in a review of Islamic values-based digital ethics. This research employs a qualitative approach by reviewing a variety of books, journals, papers, and other reputable sources, which are then examined using content analytic tools. The findings of this research indicate that first and foremost, effective cybersecurity will secure customer data. Second, ethical conduct derived from Islamic beliefs will be able to deter criminal activity and data breaches against consumers. Data privacy is a fundamental right that must be maintained collectively, according to Islam. The key to combating crime and breaches in the digital environment is hence the precautionary principle of stakeholders.==========================================================================================================ABSTRAK – Etika Digital Berbasis Islam: Fenomena Keamanan Data Konsumen Online. Penelitian ini bertujuan untuk menjelaskan fenomena maraknya pencurian data konsumen serta melihat posisi penting privasi data konsumen online dalam tinjauan etika digital berbasis nilai Islam. Penelitian ini menggunakan metode kualitatif, dengan menelaah berbagai literatur baik buku, jurnal, laporan dan sumber reliable lainnya yang kemudian dianalisis menggunakan teknik content analysis. Hasil penelitian ini menemukan bahwa, pertama, keamanan siber yang baik akan mampu melindungi data konsumen. kedua, perilaku etis yang bersumber dari nilai Islam akan mampu mencegah kejahatan dan pelanggaran data konsumen. Ketiga, dalam Islam data privasi merupakan hak dasar yang harus dihormati secara bersama-sama. Untuk itu prinsip kehati-hatian daripara stakeholder menjadi kunci melawan kajahatan dan pelanggaran diruang digital.
Retail Green Sukuk in Indonesia: Toward A Maqashid Approach Khalilurrahman Khalilurrahman; Husni Mubarrak
Share: Jurnal Ekonomi dan Keuangan Islam Vol 11, No 1 (2022)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v11i1.12460

Abstract

Recent global trends include an increase in demand for sustainable development goals (SDGs) and green sukuk programs. The initiative has gained prominence due to the severe effects of climate change, global warming, and other environmental issues. With its green bond and green sukuk framework, Indonesia has endeavored to mitigate this effect. In response, the Indonesian government has issued Sukuk Tabungan (ST), which is designed to finance green projects. This article will examine the structure and performance of the Sukuk al-Wakalah contract, as well as the Maqashid method used to determine the mashlahah and priority level of Sukuk Tabungan, using the library research method and descriptive analysis. The study's findings indicate that Sukuk Tabungan could contribute to the achievement of the Sustainable Development Goals (SDGs) because it is designed in accordance with maqashid, which avoids Sharia-compliant practices in order to perform mashlahah. Even though it has a lower coupon rate and is of a smaller size than Sukuk Ritel, it has a high likelihood of being issued because its proceeds will be used exclusively to finance green projects in order to accelerate the Sustainable Development Goals. In addition, the objective of sukuk al Wakalah issuance appears to fall within the imperative level or dharuriyat of the Maqashid framework due to its five targeted projects, in accordance with the Islamic legal maxims "harm is to be eliminated" and "avoidance of harm takes precedence over the attainment of benefit," which should be the primary reason for the issuance of this Sukuk.========================================================================================================================================ABSTRAK – Sukuk Hijau Ritel di Indonesia: Sebuah Tinjauan Maqashid. Kebutuhan akan keberlangsungan tujuan pembangunan berkelanjutan (SDGs) dan sukuk hijau kian menjadi tren dunia belakangan ini. Inisiasi tersebut muncul ke permukaan sebagai respon terhadap dampak buruk perubahan iklim, pemanasan global dan isu lingkungan lainnya. Indonesia dengan kerangka program obligasi dan sukuk hijau (green bond dan green sukuk) mencoba mengatasi dampak buruk akibat isu tersebut. Sebagai tindak lanjut, Pemerintah Indonesia meluncurkan green sukuk, atau Sukuk Tabungan (ST) yang ditujukan untuk membiayai proyek hijau (green project). Dengan menggunakan studi literatur kepustakaan sebagai metode secara deskriptif analisis, artikel ini berupaya mendiskusikan lebih jauh struktur dan performa dari sukuk al wakalah, serta pendekatan Maqashid yang digunakan untuk menentukan kemaslahatan dan tingkat prioritas dari pembiayaan Sukuk Tabungan. Temuan penelitian menyimpulkan bahwa, Sukuk Tabungan harus menghindari dari praktik yang tidak sesuai dengan prinsip Syariah. Meskipun memiliki kupon yang lebih kecil dan jumlah yang lebih sedikit dari Sukuk Ritel, Sukuk Tabungan punya potensi yang besar untuk dikembangkan karena dana sukuk tersebut ditujukan secara khusus untuk membiayai proyek hijau demi mempercepat SDGs. Tujuan peluncuran sukuk al wakalah dapat disimpulkan terdapat pada level yang sangat penting atau dharuriyat, berdasarkan kerangka Maqashid, dikarenakan tujuan pembiayaannya pada lima target area, sejalan dengan kaedah fiqh yaitu “kemudaratan harus dihilangkan” dan “mencegah kemudaratan lebih utama ketimbang mencapai kemaslahatan”.
Subaltern Agency and Economic Resilience of Marginalized Community in Aceh Muhammad Suhaili Sufyan; Muhammad Ansor; Mawardi Mawardi; Syawaluddin Ismail
Share: Jurnal Ekonomi dan Keuangan Islam Vol 11, No 1 (2022)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v11i1.10362

Abstract

This article examines the gender practices of a marginal community based on economic resilience among traditional women parking attendants in Aceh, Indonesia. It specifically aims to challenge the framing of prior scholarship, which generally states that the daily gender practice of the marginal Muslim community does not provide ample room for a woman’s autonomy. The data was collected using semi-structural interviews and non-participatory observations of ten traditional women parking attendants in Langsa, Aceh. Using the concepts of agency, the article shows the way the women of a marginal community formulate and redefine gender relations in their socio-cultural sphere. Finally, the finding shows the ambivalences and the contribution of the gender practice within the marginal community in Aceh over the enrichment of gender equality discourse in Muslim societies.==========================================================================================================ABSTRAK - Agensi Subaltern dan Resiliensi Ekonomi Kaum Marginal di Aceh. Artikel ini membahas praktik gender komunitas marjinal berdasarkan resiliensi ekonomi perempuan petugas parkirt radisional di Aceh, Indonesia. Secara spesifik, studi ini bertujuan menantang pembingkaian kesarjanaan terdahulu yang mayoritas menyatakan praktik gender sehari-hari komunitas Muslim marjinal tidak memberi ruang memadai terhadap otonomi perempuan. Data dikumpulkan melalui wawancara semi terstruktur dan observasi non-partisipatoris terhadap sepuluh petugas parkir perempuan tradisional di Langsa, Aceh. Hasil analisis dengan konsep agensi, tulisan ini memperlihatkan cara dimana perempuan pada komunitas marjinal memformulasi dan meredefinisirelasi gender dalam ruang sosio-kulturalnya. Temuan kajian juga memperlihatkan ambivalensi dan kontribusi praktik gender dalam komunitas marjinal di Aceh terhadap pengayaan wacana kesetaraan gender dalam masyarakat Muslim.
Global Market Reaction to the Indonesian Islamic Capital Market During Covid Outbreak Ahmad Habibi; Khavid Normasyhuri; Aula Nurul Ma'rifah
Share: Jurnal Ekonomi dan Keuangan Islam Vol 12, No 1 (2023)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v12i1.14897

Abstract

The COVID-19 pandemic has impacted the global Islamic capital market, including Indonesia. As a result, it is critical to investigate the global stock market reaction to this issue. This study seeks to comprehend the global Islamic stock market's reaction to the Indonesian Islamic stock market, as represented by the Jakarta Islamic Index (JII), during the COVID-19 outbreak. To test the hypothesis, this study employs the Error Correction Model (ECM) techniques. The findings revealed that the global Islamic stock market had a significant influence on the Indonesian Islamic stock market during that time, both in the short and long term. This is due to the Islamic stock market's interconnected nature, which attracts investors as it allows foreigners to own Islamic stocks in Indonesia, and also offers valuable long- and short-term prospects. In addition, the globalization of the world economy, social and political relations are interrelated between countries, especially in the era of COVID-19. Because the outbreak was unavoidable, it caused global economic chaos and extreme crises, including investments in the Islamic stock market. In light of crisis, the findings of this study can be used as practical guidance for investors considering investing in the Islamic stock market.==============================================================================================================  ABSTRAK - Reaksi Pasar Global Terhadap Pasar Modal Syariah Indonesia Dalam Masa Covid-19. Pandemi COVID-19 berdampak pada pasar modal syariah global, termasuk Indonesia. Oleh karena itu, kajian yang berkaitan dengan hal tersebut sangat penting dilakukan. Penelitian ini bertujuan untuk mengkaji reaksi pasar modal syariah global terhadap pasar modal syariah Indonesia yang diwakili oleh Jakarta Islamic Index (JII) dalam masa COVID-19. Untuk menguji hipotesis, penelitian ini menggunakan teknik Error Correction Model (ECM). Hasil temuan menunjukkan bahwa pasar modal syariah global memiliki pengaruh signifikan terhadap pasar modal syariah Indonesia, baik dalam jangka pendek maupun jangka panjang. Hal ini disebabkan oleh sifat interkoneksi pasar modal syariah, yang menarik investor karena memungkinkan orang asing untuk memiliki saham syariah di Indonesia, dan juga menawarkan prospek jangka panjang dan jangka pendek yang menguntungkan. Selain itu, akibat globalisasi ekonomi, hubungan sosial dan politik antar negara saling berkaitan, terutama di era COVID-19. Karena pandemi tersebut tidak terhindarkan, kondisi ekonomi global dan krisis terjadi dalam berbagai sektor, termasuk pasar modal syariah. Temuan penelitian ini berimplikasi sebagai pedoman praktis bagi investor dalam berinvestasi di pasar modal syariah di Indonesia.
Household Spending, Social Media Addiction, and Its Impact on Muslim Family Ties Hari Candra; Helmalia Helmalia
Share: Jurnal Ekonomi dan Keuangan Islam Vol 11, No 2 (2022)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v11i2.15119

Abstract

Few are aware that spending more time on social media within the home and allocating domestic work can disrupt the household's economic equilibrium. Currently, the modern way of life has eroded the values of Muslim homes. On the basis of Islamic values, Muslim household ties reflect an attitude that balances the satisfaction of needs with the allocation of time for domestic work. This study examines the relationship between the household's social media addiction, household spending, and its impact on family ties in the West Sumatra Province of Indonesia. This study employs a relational survey model and quota sampling to collect data from 250 households in the ten cities/districts of West Sumatra Province with the most significant internet usage in 2020. Various statistical analysis methods, including descriptive statistics and moderating regression analysis using ordinary least squares (OLS), are utilized for modeling throughout the entire study. The empirical findings indicate that household spending has a significant negative impact on family ties, with a coefficient of 2.00, and that social media addiction among both parents and adolescents has a relatively significant negative impact on family ties, with coefficients of 0.0011 and 0.0082, respectively. In addition, this phenomenon has not occurred across all categories of household spending, nor has marital status moderated the relationship between household spending, social media addiction, and family ties. At the same time, adolescents from divorced homes are susceptible to social media addiction.======================================================================================================== ABSTRAK – Pengeluaran Rumah Tangga, Kecanduan Media Sosial, dan Dampaknya terhadap Ikatan Keluarga Muslim. Tidak banyak yang menyadari bahwa menghabiskan lebih banyak waktu dengan media sosial di dalam rumah tangga dan mengalokasikan pekerjaan rumah tangga dapat mempengaruhi keseimbangan umum dalam ekonomi rumah tangga. Gaya hidup modern saat ini telah mengikis nilai-nilai rumah tangga Muslim. Ikatan rumah tangga Muslim merupakan sikap harmonisasi pemenuhan kebutuhan dan alokasi waktu pekerjaan rumah tangga berdasarkan landasan nilai-nilai Islam. Penelitian ini mengeksplorasi fenomena kausal kecanduan media sosial rumah tangga, pengeluaran rumah tangga, dan dampaknya terhadap ikatan keluarga di Provinsi Sumatera Barat, Indonesia. Penelitian ini menggunakan model survei relasional, dengan teknik pengambilan sampel kuota 250 rumah tangga, dari sepuluh wilayah Kota/Kabupaten di Provinsi Sumatera Barat, dengan penggunaan internet paling tinggi pada tahun 2020. Berbagai metode analisis statistik digunakan, antara lain statistik deskriptif dan analisis regresi moderasi Ordinary Least Square (OLS), untuk pemodelan selama penelitian. Temuan empiris menunjukkan bahwa pengeluaran rumah tangga berpengaruh negatif signifikan terhadap ikatan keluarga, koefisien= 2,00, dan kecanduan media sosial antara orang tua dan remaja memiliki pengaruh negatif signifikan relatif 0,0011 dan 0,0082 terhadap ikatan keluarga. Selain itu, fenomena ini belum terjadi pada semua kategori pengeluaran rumah tangga, dan status perkawinan belum memoderasi pengeluaran rumah tangga dan interaksi kecanduan media sosial pada ikatan keluarga. Pada saat yang sama, remaja di rumah tangga yang bercerai rentan terhadap paparan kecanduan media sosial.
Determinants of Islamic Banks' Net Income in Middle Eastern Countries Dewi Ayu Muliani; Suriani Suriani; Chenny Seftarita
Share: Jurnal Ekonomi dan Keuangan Islam Vol 11, No 2 (2022)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v11i2.15054

Abstract

ABSTRACT – Income is one of the most important performance indicators for Islamic banks; the higher the income, the better their performances. Among all Islamic financial institutions worldwide, Islamic banks in the Middle East are listed as having the largest assets and income. This study examined how inflation, total assets, foreign investment (FDI), and gross domestic product (GDP) affect Islamic bank net income in the Middle East. The research objects are Islamic banks in the Middle East, with the criteria being the oldest Islamic banks with the largest assets, as determined by the IFSB report. The data were collected on an annual basis (2005-2021) and analyzed with the Panel Vectorautoregressive method. The results show that the current income of Islamic banks will have both positive and negative effects one year earlier. Meanwhile, gross domestic product had a negative impact on the net income of Islamic banks in Middle Eastern countries during the previous two years, whereas total assets had a positive impact during the same time period. In addition, neither inflation nor FDI has any effect on net income. The accumulated assets of Islamic banks in the Middle East are substantial and can be used to increase their net income. Additionally, the GDP has a negative impact on the net income of Islamic banks. This demonstrates that enhancement income from the public did not flow to Islamic banks, but rather was redirected to safer, more profitable, and less risky sectors, such as mutual funds, real estate, and stocks. Therefore, an increase in GDP as well as total assets is necessary in order to increase Islamic banks' net income in the Middle East.========================================================================================================ABSTRAK – Determinan Pendapatan Bersih Bank Syariah di Negara Timur Tengah. Pendapatan adalah salah satu indikator kinerja yang penting bagi bank syariah dimana semakin tinggi nilai incomenya, semakin baik pula kinerjanya. Di antara semua lembaga keuangan syariah di dunia, bank-bank syariah di Timur Tengah tercatat memiliki aset dan pendapatan terbesar. Penelitian ini bertujuan mengindentifikasi pengaruh inflasi, total aset, penanaman modal asing, dan produk domestik bruto (PDB) terhadap pendapatan bersih bank syariah di Timur Tengah. Objek penelitian adalah bank syariah di Timur Tengah dengan kriteria menjadi bank tertua dengan aset terbesar yang ditentukan oleh laporan IFSB. Data dikumpulkan secara tahunan (2005-2021) dan dianalisis dengan metode Panel Vectorautoregessive. Hasil kajian menunjukkan bahwa pendapatan bank syariah saat ini akan memiliki efek positif dan negatif satu tahun sebelumnya. Sementara itu, produk domestik bruto berdampak negatif terhadap pendapatan bersih bank syariah di negara-negara Timur Tengah selama dua tahun sebelumnya, sedangkan total aset berdampak positif dalam periode yang sama. Selain itu, baik inflasi maupun penanaman modal asing tidak berpengaruh terhadap pendapatan bersih. Akumulasi aset bank syariah di Timur Tengah sangat besar dan dapat digunakan untuk meningkatkan pendapatan bersih mereka. Kajian juga menunjukkan bahwa PDB memiliki dampak negatif terhadap pendapatan bersih bank syariah. Hasil ini mengindikasikan bahwa pendapatan masyarakat tidak masuk ke bank-bank syariah, tetapi mengalir ke sektor-sektor yang lebih aman, menguntungkan, dan kurang berisiko, seperti reksa dana, real estate, dan saham. Oleh karena itu, peningkatan PDB serta total aset diperlukan untuk meningkatkan laba bersih bank syariah di Timur Tengah.
What Determines Corporate Sukuk Ratings in Indonesia? Sartini Wardiwiyono; Moch Imron
Share: Jurnal Ekonomi dan Keuangan Islam Vol 11, No 2 (2022)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v11i2.12085

Abstract

Along with the dynamic development of the Islamic capital market, sukuk is rapidly evolving into an Islamic financial instrument in high demand. However, because every investment involves risks, investors must exercise caution when purchasing sukuk. Sukuk rating is one piece of information that investors can use when purchasing sukuk. However, because there are multiple sukuk rating agencies with different rating methods, investors must understand what factors influence sukuk rating. This study aims to investigate the factors influencing the rating of corporate sukuk in Indonesia. It is specifically intended to answer three research questions regarding the influence of 1) financial performance, 2) sukuk maturity, and 3) sukuk structure on sukuk rating. To achieve the goals, 67 sukuk from 14 different nonfinancial sukuk issuers were chosen from 2014 to 2020. Secondary data from PT PEFINDO on profitability, leverage, liquidity, firm size, sukuk maturity, sukuk structure, and sukuk rating were analyzed using ordinal logistic regression to test six research hypotheses. The findings show that firm size and sukuk maturity have a positive impact on corporate sukuk rating in nonfinancial sukuk issuers in Indonesia. The findings lend support to signaling theory and agency theory.========================================================================================================ABSTRAK -  Determinan Apa yang Mempengaruhi Peringkat Sukuk di Indonesia? Seiring dengan dinamisnya perkembangan pasar modal syariah, sukuk berkembang pesat menjadi instrumen keuangan syariah yang semakin diminati oleh masyarakat baik di tingkat nasional maupun internasional. Namun demikian, karena setiap investasi mengandung risiko, investor tetap harus berhati-hati dalam membeli sukuk. Salah satu informasi yang bisa menjadi pertimbangan para investor dalam membeli sukuk adalah peringkat sukuk yang dikeluarkan oleh lembaga pemeringkat sukuk. Namun demikian karena lembaga pemeringkat sukuk yang jumlahnya lebih dari satu menggunakan metode yang berbeda-beda dalam melakukan pemeringkatan, investor perlu memahami faktor apa saja yang menjadi determinan dari peringkat sukuk. Penelitian ini ditujukan untuk menganalisis faktor-faktor yang mempengaruhi peringkat sukuk. Secara lebih khusus, penelitian ini didesain untuk menjawab tiga pertanyaan penelitian tentang apakah: 1) kinerja keuangan; 2) maturitas sukuk; dan 3) struktur sukuk berpengaruh terhadap peringkat sukuk. Untuk menjawab rumusan masalah tersebut, penelitian ini menggunakan data sekunder dari 67 sukuk korporasi yang diterbitkan oleh 14 perusahaan non keuangan dari tahun 2014-2020. Data berkaitan dengan profitabilitas, leverage, likuiditas, ukuran perusahaan, maturitas sukuk, struktur sukuk dan peringkat sukuk yang diterbitkan oleh PT PEFINDO dianalisis dengan menggunakan analisis regresi logistik ordinal untuk menguji enam hipotesis penelitian. Hasil analisis menunjukkan bahwa ukuran perusahaan dan maturitas masing-masing memiliki pengaruh positif terhadap peringkat sukuk. Temuan ini mendukung teori sinyal dan teori agensi.
What Drives the Zakat Payment Decision at the BAZNAS of South Sumatra? Eka Octavian Pranata; Irfan Syauqi Beik; Mimin Aminah
Share: Jurnal Ekonomi dan Keuangan Islam Vol 11, No 2 (2022)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v11i2.15379

Abstract

Promotional strategies have a significant impact on decisions to pay zakat at a zakat institution in the era of digital advancement. This study intends to investigate the determinants of zakat payment at the National Zakat Agency (Badan Amil Zakat Nasional - BAZNAS) of South Sumatra Province, Indonesia, using influencer endorsement and electronic word of mouth as independent variables. A total of 250 people, which were selected using the purposive sampling method, participated in this study. The data was processed and analyzed using Structural Equation Modeling (SEM). The findings indicate that electronic word of mouth strengthens the beneficial relationship between influencer endorsement and the decision to pay zakat at the BAZNAS. The impact of influencer endorsement on zakat payment decisions was shown to be substantially stronger when electronic word of mouth was included as a moderator variable. The finding suggests that the BAZNAS of South Sumatra must play an optimal role in utilizing public figures to promote the BAZNAS' features, as well as increasing information about BAZNAS on social media, so that muzzaki are interested in paying zakat through BAZNAS.========================================================================================================ABSTRAK – Apa yang Mendorong Keputusan Membayar Zakat pada BAZNAS Sumatera Selatan? Strategi promosi berpengaruh signifikan terhadap keputusan membayar zakat pada lembaga zakat di era kemajuan digital. Penelitian ini bertujuan untuk mengkaji determinan pembayaran zakat di Badan Amil Zakat Nasional (BAZNAS) Provinsi Sumatera Selatan, Indonesia, menggunakan influencer endorsement dan electronic word of mouth sebagai variabel independen. Sebanyak 250 orang, yang dipilih dengan menggunakan metode purposive sampling, berpartisipasi dalam studi ini. Data diolah dan dianalisis menggunakan Structural Equation Modeling (SEM). Hasil kajian menunjukkan bahwa electronic word of mouth memperkuat hubungan antara endorsement influencer dengan keputusan membayar zakat di BAZNAS Sumatera Selatan. Dampak influencer endorsement terhadap keputusan membayar zakat terbukti jauh lebih kuat ketika electronic word of mouth dijadikan sebagai variabel moderator. Hasil ini berimplikasi terhadap kebijakan BAZNAS Sumsel dalam mengoptimalkan tokoh-tokoh publik dalam mempromosikan fitur-fitur BAZNAS dan mendiseminasikan lebih banyak informasi mengenai BAZNAS di media sosial, agar muzzaki tertarik membayar zakat melalui BAZNAS.

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