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Ekonomi Islam Indonesia
Published by Smart Insights
ISSN : -     EISSN : 27156346     DOI : -
Core Subject : Religion, Economy, Science,
Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Ekonomi Islam Indonesia adalah publikasi ilmiah yang diterbitkan oleh SMART Insight yang berada di bawah lembaga riset SMART Indonesia. Sharia Economic Applied Research and Training (SMART) adalah lembaga penelitian di Indonesia yang fokus pada riset seputar ekonomi dan keuangan Islam.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 61 Documents
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Development of Zakat in Indonesia : Which are the Priority Aspects? Khalifah Muhamad Ali; Aam Slamet Rusydiana; Mohamad Handi Khalifah
Ekonomi Islam Indonesia Vol. 5 No. 2 (2023): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v5i1.274

Abstract

This research aims to identify prioritized strategies within the scope of zakat development in Indonesia. The research method employed is the Analytic Network Process (ANP), utilizing primary data sourced from in-depth interviews with the respondents who are experts, practitioners, and regulators possessing a comprehensive understanding of the pertinent subject matter. The research findings reveal that the foremost priorities across the respective facets investigated in the context of zakat development in Indonesia are the amil competence aspect, followed by the regulatory aspect, sharia compliance aspect, collection aspect, utilization aspect, and institutional framework aspect. Subsequently, within each aspect, the sub-criteria priorities are determined to be the amil competence standard, regulatory refinement, fiqh zakat standard, IT-based collection, ashaf-based map for mustahik, and performance management. The implications of this research proffer recommendations for pertinent stakeholders to further cultivate zakat in Indonesia through the identified priority facets. Furthermore, for future research endeavors, scholars are encouraged to delve deeper into the exploration of prioritized aspects and employ alternative methods or analytical tools that remain pertinent.
Zakat & Sustainable Development Goals (SDGs): A Review Neneng Nurhasanah
Ekonomi Islam Indonesia Vol. 5 No. 2 (2023): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v5i2.275

Abstract

This study aims to look at the development of research on "Zakat & SDGs" around the world and research plans that can be carried out based on published journals with this theme. This study used a qualitative method with a bibliometric analysis approach. The data used is secondary data with the theme "Zakat & SDGs" which comes from the Scopus database with a total of 39 journal articles. Then, the data is processed and analyzed using the VosViewer application with the aim of knowing the bibliometric map of research development "Zakat & SDGs" in the world. The results of the study found that in the bibliometric author mapping, the authors who published the most research on the theme "Zakat & SDGs" were Abubakar J.; Aysan AF; Ahmad S.; Siddiqui KA; Aboalsamh HM; Akmal IKB; Majid MAS; Gunawan E. Furthermore, based on the bibliometric keyword mapping, there are 4 clusters that can become research lines with topics related to Implementation of Sharia-Based Finance to Achieve SDGs, Zakat Institutions and SDGs, Sustainable Finance and Investment during the Covid-19 Pandemic and Human Development Index (HDI) and Zakat Recipients. Last, the words most used are Islamic Finance, SDGs, zakat institutions, IFI, HDI, sustainable finance & investment and Covid.
Equity Market & Islamic Finance: Innovation and Product Development Muhammad Syafii Antonio
Ekonomi Islam Indonesia Vol. 5 No. 2 (2023): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v5i2.278

Abstract

The growth of the Islamic finance industry has been encouraging and it is becoming more advanced. In its early development, product offerings of Islamic finance tended to be in more traditional area such as (murabahah) financing and funding. However, as the industry matures, the trend is towards a more sophisticated and complex products and financial instruments. This paper attempts to provide a brief overview of this development, with a strong emphasis on shariah perspectives. The paper begins with reviewing the philosophy of an Islamic economy, especially its moral aspects and main objectives. Then it will show some recent global developments in the Islamic finance industry and Islamic capital markets. From this overview, it also becomes necessary to highlight a conceptual overview of the nature and process in designing Islamic finance products, followed by a close look at the progress of the Islamic equity market, especially sukuk. The paper also observes the strategic position of values and ethics in product development, specifically through a shariah governing body such as National Shariah Boad in Indonesia and Shariah Advisory Council in Malaysia. At the end the paper identifies some critical issues on the development of Islamic equity and finance products.
Islamic Social Finance as Source of Financing Agricultural Sector in Indonesia Irfan Nurfalah; Salman Al-Parisi
Ekonomi Islam Indonesia Vol. 5 No. 2 (2023): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v5i2.279

Abstract

The shrinking of rice fields causes crop yields to decrease. Apart from that, financing in this sector is not attractive to investors because it is high risk. The minimal financing of agricultural sector credit is the reason for the author to discuss the problems faced in agricultural sector credit. The source of agricultural credit capital is the synergy between agricultural zakat and the government budget for food security and is allocated according to needs. So, sharia banking, the government and Baznas collaborate in raising funds for agricultural credit. This paper takes an example of an agricultural sector financing scheme from Japan which has been successfully implemented. However, Japan's credit financing comes from government funds only. This encourages the author to innovate credit financing in the agricultural sector, especially food diversification commodities, namely the synergy between agricultural zakat and the government budget for food security. Agricultural zakat is centralized by Baznas and then handed over to the Indonesian Agricultural Association (API). API determines the budget allocation of these funds and then submits it to Bank Indonesia (BI). BI hands it back to sharia banking to be credited to farmers with a predetermined allocation and the remaining allocated funds are deposited.
Bibliometric Analysis on Islamic and Conventional Money Demand Fiona Ramadhini; Mohammad Iqbal Irfany
Ekonomi Islam Indonesia Vol. 5 No. 2 (2023): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v5i2.295

Abstract

The Islamic finance industry in the world has been snowballing in the last ten years. In its implementation, the Islamic financial system does not use an interest rate system but uses a profit-sharing system. The increase in global Islamic financial assets is in line with the theory that states that the profit-sharing system is better than the interest system because the Islamic money demand model, which uses the profit-sharing system, tends to be more resistant to shocks compared to the conventional money demand model which uses the interest system. This research aims to prove the validity of this theory. By using the method of bibliometric, the author found 391 studies that discussed "Islamic and Conventional Money Demand". The results show that there are 5 cluster which have become research paths, namely the Economic Policy Framework and Financial Analysis, Real Sector Activities, Economic Research Matrix, Financial Governance in Dual Banking Systems, and Money Markets.
Is There a Relationship Between Islamic Banking Liquidity and Inflation? Empirical Evidence from Indonesia Jazmiyanti, Nisrina; Cahyono, Eko Fajar; Kassim, Salina H.
Ekonomi Islam Indonesia Vol. 6 No. 1 (2024): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v6i1.406

Abstract

This study aims to determine if there is a relationship between the Islamic bank liquidity and inflation in the context of Indonesia. In achieving this objective, the effects of Bank Indonesia Certificates Sharia (SBIS), Bank Indonesia Islamic Deposit Facility (FASBIS), Inflation on Sharia Banking Liquidity for the period of 2011-2019 are analysed. The research method is quantitative approach and analyzed using multiple linear regression analysis. The data used in this study are secondary data obtained from official data from Bank Indonesia and the Financial Services Authority (OJK).The results showed that the Bank Indonesia Certificates Sharia (SBIS) had a significant negative effect on Islamic banking liquidity; the Bank Indonesia Islamic Deposit Facility (FASBIS) had no influence on Islamic banking liquidity; and inflation had a significant positive effect on Islamic banking liquidity. For monetary authority, this research can be used as an evaluation material for programs that are carried out specifically in the FASBIS instrument so that in the future FASBIS has an influence on Islamic banking liquidity and also while maintaining monetary instrument stability.
Islamic Financial Inclusion Index in Indonesia and its Correlation to Women's Quality of Life Azqia, Hidayatul; Ali, Mohammad Mahbubi; Nurhasanah, Saniatun
Ekonomi Islam Indonesia Vol. 6 No. 1 (2024): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v6i1.479

Abstract

This thesis discusses and provides an overview of the Islamic financial inclusion index in Indonesia and its correlation with women's quality of life. This study uses a descriptive quantitative approach with the method of calculating the Index of Sharia Financial Inclusion (ISFI). The data from this study uses secondary data obtained from the publications of the Financial Services Authority, the Central Statistics Agency and the Ministry of Child Protection and Women's Empowerment of the Republic of Indonesia. The study covers 33 provinces for the 2015-2020 period. The results of this study found that the level of Islamic financial inclusion in Indonesia was still relatively low at 0.105. Based on the observations, the provinces of DKI Jakarta and Nanggroe Aceh Darussalam, are the most superior provinces in measuring the Islamic financial inclusion index in this study, with the acquisition value of each province respectively 0.531 and 0.435. This study also found that the Islamic financial inclusion index (ISFI) has a positive relationship to women's quality of life (IPG). These results indicate that changes in the level of Islamic financial inclusion will result in changes in women's quality of life (IPG) in the same direction or if the ISFI index increases by one unit it will increase the GPA index by 7.811.
Short-term Overreaction of the Indonesian Islamic Stock Market to Specific Events during the Covid-19 Pandemic Rosmala, Novia; Irfany, Mohammad Iqbal; Camara, Bumi; Haq, Daffa Aqomal
Ekonomi Islam Indonesia Vol. 6 No. 1 (2024): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v6i1.489

Abstract

The COVID-19 pandemic is a rare and unexpected occurrence. Everyone has felt the global economic impact of the health crisis, including the Indonesian Islamic stock market. The shock in the Islamic stock markets has created uncertainty and a shift in investor behavior, potentially leading to an overreaction abnormality. The aim of this research is to look into a phenomenon in Indonesia's Islamic stock market. Analytical methods include the event study approach and cross-sectional regression. This study discovered that Joe Biden's election as President of the United States during the COVID-19 pandemic (Event 8) and the increase in daily COVID-19 deaths (Event 11) overreacted to the winner category stocks using the Jakarta Islamic Index (JII). A component that drives such overreactions is market capitalisation, which has a substantial influence on it. Furthermore, trading volumes influenced overreaction significantly.
Challenges and Obstacles in the Standardization and Harmonization of Fatwa in Islamic Finance Industry and Way Forward Devi, Abrista; Hamid, Baharom Abdul
Ekonomi Islam Indonesia Vol. 6 No. 1 (2024): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v6i1.494

Abstract

The purpose of this paper is to explore the potential benefit, challenge and obstacles in the standardization and harmonization of fatwa in Islamic finance industry. This paper is also intended to formulate strategies to release the standardization and harmonization of fatwa. This study employs qualitative approach and reviews literatures that are relevant to the research objective. The finding indicates that the potential benefit of harmonization of fatwa are efficient and manageable regulation and control, IFIs will have a set of reporting and guideline standards, contribute to IFIs’s growth, enhance public and IFI’s confidence, and lead to greater transparency. Meanwhile, the challenges to harmonize the fatwa can be divided into four main problems, technical, governance, human resource, and regulation. Technical problems comprise difference of opinion in ijtihad and fatwas, the absence of consensus (ijma’), and national cultural specificities. Governance consist of international fatwa bodies are only followed by selected member countries, difference in sharia compliance governance model among countries, and difference level of Islamic finance industry growth among countries. Human resource involves lack of inclusivity, lack of professionals, personal/group interest. Finally, regulation be made up of lack of support from regulators, enforcement problem, and lack of legal system. This study also purposes some important strategies to release the standardization of fatwa and some recommendations for future studies.
Capital Structure and Bank Performance in Indonesia's Dual Banking System Melinda, Vera; Wiliasih, Ranti; Irfany, Mohammad Iqbal; Haq, Daffa Aqomal; Camara, Bumi
Ekonomi Islam Indonesia Vol. 6 No. 2 (2024): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v6i2.491

Abstract

The capital structure of a bank is directly tied to the risk and rate of return. The aim of this study is to examine the impact of capital structure on financial performance in Indonesia's dual banking system from the first quarter of 2013 to the third quarter of 2019, using 9 Conventional Commercial Banks (BUK) and 9 Sharia Commercial Banks (BUS) as research samples. Panel data regression is employed in this study, with Return on Assets (ROA) and Return on Equity (ROE) as dependent variables, and Equity to Total Asset Ratio (EAR), Debt to Equity Ratio (DER), company size, and economic growth as independent variables. The findings reveal that EAR, DER, and economic growth all have beneficial and significant effects on conventional commercial banks' ROA and ROE. Company size and economic growth have a positive and significant effect on ROA and ROE, while Sharia Commercial Banks, EAR, and DER have a negative and significant effect on ROA and ROE. These findings indicate that capital structure has a sometimes beneficial impact on financial success.

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