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M. Luthfi Hamidi
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INDONESIA
Muslim Business and Economic Review
Published by Universitas Islam Internasional Indonesia
ISSN : 28292499     EISSN : 29626471     DOI : https://doi.org/10.56529/mber
Core Subject : Economy,
Economics, Econometrics & Finance
Focus: the journal welcomes strong empirical studies and results-focused case studies that share research in current progress of Islamic Economics, Banking, Finance, and sustainable development. Scope: 1) Islamic economics, Digital economy, Political economy; 2) Trends and opportunities in Islamic Finance, Islamic banking and financial markets; 3) Islamic social finance (ZISWAK), Corporate social responsibility, governance; 4) Sustainable Development, Green economy, and SDGs; and 5) Halal and creative Industry (food, fashion, tourism).
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 49 Documents
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Does Trade Openness Foster Unemployment? Evidence from D-8 OIC Countries Ulima, Ananda Olga
Muslim Business and Economics Review Vol. 1 No. 1 (2022)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i1.28

Abstract

This study aims to analyse the effect of trade openness, wages, inflation, economic growth, and population toward unemployment in the D-8 Organization of Islamic Cooperation countries over the period, 1991 to 2020. The quantitative approach uses techniques analysis of panel data regression. The study result shows a significant simultaneous effect of trade openness, wages, inflation, economic growth, and population on unemployment of D-8 OIC member countries. While partially, trade openness has a significant positive effect on unemployment, wages, economic growth, and inflation have a significant negative relationship with unemployment. The population has a significant positive effect on unemployment. Overall, the result implies that each OIC member country should promote an effective and strategic plan to enhance the demand for labour and employment. Furthermore, professional courses and vocational training should be initiated to fulfil the growing demand for skilled labour.
Zakat Payment by Metal Backed Cryptocurrencies: Are They Allowed? Yunita, Patria
Muslim Business and Economics Review Vol. 1 No. 2 (2022)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i2.69

Abstract

This study aims to provide a scientific contribution to the feasibility of metal backed cryptocurrencies as a medium of exchange to pay zakat. To understand the dynamics and mechanisms of metal backed cryptocurrencies, the autoregressive conditional heteroscedasticity and generalized conditional heteroscedasticity (Arch Garch) methods were used. The metal backed cryptocurrencies used for this research are Bitcoin Gold, GoldFinch, Gold Coin, Digix Gold Token, E-Dinar Coin, Gold-Money, and E-Gold. Our analysis finds that even though these are metal backed cryptocurrencies, the volatility is high. Gold-Money has a long-term volatility 67 times higher than the volatility of gold, while E-Gold has eight times the volatility of gold. As a result, due to high levels of volatility, metal backed cryptocurrencies are not suitable as a medium for zakat payment.
The Use of Simultaneous Equation Model (SEM) in Understanding the Dynamic Relationships Between Economic Openness and Real Disposable Personal Income on Inflation: the Indonesian Experience Huda, Fahmi Alamil
Muslim Business and Economics Review Vol. 1 No. 1 (2022)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i1.30

Abstract

This paper examines the relationship between the degree of economic openness and real disposable personal income on inflation in Indonesia for a twenty-one-year period (2000Q1–2021Q3). The Simultaneous Equation Model (SEM) technique and the TSLS–Two Stage Least Squares (TSNLS and ARMA) method and long-term dependence for quarterly data from March 2001 (2001Q1) to September 2021 (2021Q3) were used to analyse and test the data. The study shows that the variables degree of openness of the economy (lopen) and real disposable personal income (ldpi) had a significant effect on inflation (linf) with a significance level of 5%. Interestingly, the estimates tend to show an appropriate sign and magnitude of the economic coefficient significance. The study has some implications. It explains the openness of the Indonesian economy and the real disposable personal income of the Indonesian population to recent inflation. Additionally, choosing appropriate policy actions to increase the competitiveness of Indonesia's export products both competitively and comparatively are discussed. If the permanent disposable income of people in Indonesia increases, the consumption demand for certain goods and services will also increase. When the demand for an item is high, the raw materials to be used also become scarce and this can cause inflation. In the context of fiscal stabilization, the Government is expected to be able to provide permanent non-cash subsidies that can help people generate permanent income independently and sustainably so that it has an impact on smoothing their consumption path over time.
Grounding the Applicability of Eloquent Theoretical Waqf for Rural Waste Management: A Case Study of the Gresik Industry Region Hudaifah, Ahmad; Prasetya, Fandi Angga; Cholilie, Irvan Adhin; Tutuko, Bambang
Muslim Business and Economics Review Vol. 1 No. 1 (2022)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i1.26

Abstract

Like many other cities, the industrial region of Gresik encounters problematic issues inherent in the burgeoning quantities of waste in landfill sites despite frequent policy implementations and other efforts from the local government. This study aims to examine and interlink between the possibility of the waqf concept and the growing number of waste issues in the Gresik industrial region. By harnessing ethnographical principles such as employing direct and consistent observations and reviewing numerous relevant literature surveys and archival documents, the study attempts to propose an executable design and model that will serve as a framework for stakeholders to address the weaknesses of current less favourable waste treatment programs. A comprehensive and rigorous consideration concludes that the viability of waqf can be a workable prospect and nucleus for an alternative solution and a complementary voluntary enhancement of effective regional policies and programs. An actionable and contributable waqf aspiration can start from the reformulation and rejuvenation of a rural waste bank which is designed to manage an effective balance between profitable and eco-friendly objectives. Professionalism and competence are significant factors in successfully enhancing the functionality of such an institution. Apart from the micro perspective, the bigger picture of a nexus of waqf and waste, including the current intermittent commitment from top policy makers transferred into timely execution, futuristic applicable technology, charitable giving and donation, and sensible collaborative cooperation, constitutes the conceivable determinants for the accomplishment of an efficacious program.
The Impact of Foreign Direct Investment, Economic Growth, Trade, and Covid-19 on Unemployment: Evidences from MENA Azhar, Neng Zulfa
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.111

Abstract

The objective of this study is to investigate the influence of foreign direct investment, economic growth, international trade, Covid-19 pandemic on unemployment rates in six developing Middle Eastern and North African (MENA) countries, as well as members of the Organization of Islamic Cooperation (OIC), over period 2010 to 2021. Quantitative approaches using panel regression fixed effect model are utilized. According to the findings of this study, all of the variable used include foreign direct investment, economic growth, international trade and the Covid-19 pandemic simultaneously have a substantial impact on unemployment rate in six MENA countries. While partially, foreign direct investment, economic growth and international trade have a strong influence in declining unemployment in six MENA countries, while the Covid-19 pandemic variable has a positive relation and insignificant effect on the unemployment rate which indicates that statistically there is no significant difference of the unemployment rate in the years before and during Covid-19 pandemic. In conclusion, since the MENA countries has experienced a high concentration of unemployment particularly among youth for a long time, the government ought to concentrate more on facilitating skills training support for young people. This will ensure that the young people have added value and are qualified in the sectors and fields offered, particularly in foreign direct investment, allowing the FDI to absorb domestic workers. The youth can so, collectively, escape unemployment and enhance productivity in a country, which will also raise the GDP of the country
Realizing the SDGs through Zakat: The Maqāsid al-Syari'ah Perspective at Zakat Institutions in Indonesia Isman, Ainul Fatha; Mansyur, Abdurrahman; Wardani, Ali
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.153

Abstract

Zakat is one of the essential instruments in sustainable development, and its implementation is considered relevant to the concept of Maqāṣid al-Sharī'ah, which aims to achieve benefit. The purpose of this study is to analyze the realization of Zakat on the achievement of SDGs from the perspective of Maqāṣid al-Sharī'ah, which includes hifẓ al-din, hifẓ al-nafs, hifẓ al-māl, hifẓ al-naṣl and hifẓ al-aql. This research is descriptive quantitative research with horizontal analysis and comparative analysis. The sampling technique in this study is purposive sampling. The research samples are BAZNAS, LAZ Rumah Zakat, LAZ Dompet Dhuafa, LAZ Inisiatif Zakat Indonesia, LAZ Yatim Mandiri, LAZ The Panti Yatim Indonesia Foundation, LAZ Baitulmal Muamalat and LAZ Mizan Amanah. The data collected in this study were from the Annual Report and the financial reports of zakat institutions from 2016-2019. The results show that all zakat institutions have realized Zakat on the achievement of SDGs from the Maqāṣid al-Sharī'ah perspective, which includes hifẓ al-dīn, hifẓ al-nafs, hifẓ al-māl, hifẓ al-naṣl and hifẓ al-aql. Zakat institutions have realized Zakat on the achievement of SDGs from a Maqāṣid al-Sharī'ah perspective which includes hifẓ al-dīn, hifẓ al-nafs, hifẓ al-māl, hifẓ al-naṣl, and hifẓ al-aql. Overall, the realization of Zakat on SDGs from the perspective of Maqāṣid al-Sharī'ah is most significant in the hifẓ al-māl dimension. The most dominant LAZ Rumah Zakat is the realization of Zakat from the hifẓ al-māl perspective on the SDGs. Meanwhile, from the standpoint of hifẓ al-naṣl, hifẓ al-nafs, and hifẓ al-aql towards SDGs is greatest at Laz Dompet Dhuafa. As for the realization of Zakat on the hifẓ al-din dimension, the highest is BAZNAS. Thus, the Zakat is allocated more to the SDGs to end poverty. This research implies that zakat institutions remain consistent in realizing their funds towards sustainable development goals from the perspective of Maqāṣid al-Sharī'ah and increasing their performance to make a significant contribution to welfare.
Sustainable Value Chain Innovation for Strengthening The Indonesian Halal Beef Industry Mahbubi, Akhmad
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.154

Abstract

This study aims to examine the product, process, and business model value innovation of halal beef in Indonesia. This study uses quantitative and qualitative data. Through purpose sampling, the survey involved 425 middle-class Muslim consumers, 100 beef retailers, 25 beef processors, and 100 mid-to-large-scale cattle farmers. It finds that product value innovation steer halal beef producers and suppliers should eliminate the fat content of halal beef. Suppliers should reduce their focus on the attributes of size, grade, taste, nutritional value, production origin, beef availability, packaging, shopping location, display in the shop, ease of preparation, traceability, price, and the presence of a Muslim shop owner. Instead, they should improve the attributes of newness, appearance, halal labels, texture, aroma, hygiene, and residue free. They should create online services and ensure halal certification of their stores. Meanwhile, process value innovation should take the form of beef producers eliminating aging and deboning activities. In essence, Each actor should keep doing the same activities but also take more seriously how their activities impact values and emissions. Cattle farmers should improve cattle feed management to earn higher, and beef retailers should create online services for their customers. Furthermore, business model value innovation should change relationship patterns from collaborative transactions to collaborative processes. Digital resources can be used as new distribution channels and online services. Finally, business model value innovation will shift from the red ocean to the blue ocean competition.
Cash Waqf Behavior: Explaining Financial Consciousness and The Moderating Role of Religiosity Lestari, Irna Puji; Pambekti, Galuh Tri; Annisa, Arna Asna
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.155

Abstract

The role of cash waqf in empowering the economy of Muslims needs to be continuously improved. This study assesses individuals’ behavior towards cash waqf from a behavioral finance perspective by proposing four elements of financial consciousness: financial locus of control, financial capability, financial willingness, and financial sophistication in encouraging cash waqf behavior. This study also investigates the moderating role of religiosity as a Muslim-specific internal factor. Data was collected from a questionnaire of 337 Muslim government employees in the Ministry of Religious Affairs of Indonesia. The Partial Least Square was used to analyze the data. The findings show that financial locus of control, financial capability, financial willingness, financial sophistication, and religiosity have a significant positive influence on individual behavior towards cash waqf. The findings also suggest that religiosity moderates the financial locus of control, as well as financial sophistication, on cash waqf. This implies that initiatives to increase Muslim participation in cash waqf should be embedded in behavioral finance patterns through a combination of financial consciousness and religiosity.
Challenges of Halal Standards and Halal Certification for Islamic Marketing Islam, Mohammad Mominul; Ab Talib, Mohamed Syazwan; Muhamad, Nazlida
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.156

Abstract

Halal standards and certification continue to pose challenges for Islamic marketing. Resolving this is critical for the sector. This study uses the critical literature review (CLR) and systematic literature review (SLR) approaches by reviewing 76 published articles from Scopus-indexed journals between the years 2012 and 2023. Further, it analyses qualitative Quranic verses and content through the use of Stakeholder Theory (ST) and the ATLAS.ti qualitative data analysis software. Findings show that challenges facing halal standards and certification comprise heterogeneity, questionable raw materials, unethical practices, poor understanding of Islamic theology, communication gaps, acceptance variability, human resource management problems, supply chain obstacles, and improper Islamic marketing orientation. In addition to these common challenges, marketing problems, and poor brand positioning decisively hinder the growth potential of the halal industry. Importantly, the qualitative Quranic verses must satisfy Islamic scholars, certification boards, producers, halal marketers, and researchers to resolve the halal standards and certification-based challenges. All stakeholders must comprehend the insights arising from the general and special challenges facing the halal industry to synthesize the relevant and prescriptive Quranic verses as strategic tools. Stakeholders must further ponder future challenges regarding standards and certification on halal price, place, and promotion since current certification only focuses on products.
Economic Growth, Income Inequality, Government Integrity, and Spending towards SDG 1 on Poverty Eradication: An Empirical Study from Twenty Muslim-Majority Countries Sulaeman, Sulaeman; Sukmana, Raditya
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.157

Abstract

The objective of the study is to experimentally investigate the link between economic development, wealth disparity, governmental integrity, and spending on eradicating poverty, in line with Sustainable Development Goal (SDG) 1, in twenty Muslim-majority countries. This study employs pooled OLS, fixed effects, and random effects in its static panel data model analysis. According to empirical research, government expenditure, government spending integrity, and economic growth all significantly affect the rate of poverty reduction. Additionally, inequality of income contributes to rising poverty in nations with Muslim majorities. This study supports the notion that governments promote increasing per capita income in order to achieve economic growth, even though population growth has no bearing on the eradication of poverty. In fact, the two most crucial policy recommendations for the government are to carry out its duties as a government of integrity and distribute funds to sectors necessary for economic and social development, such as infrastructure, health, and education. To ensure fair economic distribution in Muslim communities, governments must also maximize the capacity of Islamic social funds such as zakat and waqf.

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