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Muqtasid: Jurnal Ekonomi dan Perbankan Syariah
Published by Universitas Islam Negeri Salatiga
ISSN : 20877013     EISSN : 25278304     DOI : https://doi.org/10.18326/muqtasid
Core Subject :
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah (Journal of Islamic Economics and Banking) is intended to publish either the concept or thought or the results of the field research on Islamic Finance and Islamic Financial Institutions. The journal invites manuscripts on various topics, including, but not limited to, the functional areas of Islamic Banking, Islamic Rural Banking, Islamic Assurance, Islamic Pawnshops, Islamic Capital Markets, Islamic Microfinance, Islamic Mutual Funds, and Islamic bonds.
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Articles 19 Documents
 1   2 
Exploring models and issuance of Indonesian sovereign Sukūk as a financial instrument for state budget deficit Rio Erismen Armen; Engku Rabiah Adawiah Engku Ali; Muhamad Abduh; Ahmad Mifdlol Muthohar
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 1 (2024): June 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i1.15-30

Abstract

This study explores the concept and practice of sovereign sukūk issuances managed by the Government of Indonesia as an instrument to finance the state budget deficit in Indonesia. The government has been forced to employ a budget deficit policy to fund the vast country’s spending. To finance the deficit, the government uses sovereign sukūk (named Sukūk Negara) as one of the financial instruments in addition to sovereign bonds (called Surat Utang Negara). The study uses a qualitative method with library study and interviews as the data collection techniques. The finding shows that the government has developed four models of sovereign sukuk structure, named Ijārah Sale and Leased Back, Ijārah al-Khadamat, Ijārah Asset to be Leased, and Wakālah; with the crux of the four models is Ijārah Sukūk which combines two central Islamic contracts, i.e. sale and purchase contract (al-Bayʿ) and lease contract (al-Ijārah). The sale and purchase of state-owned assets in Indonesian sovereign sukūk issuance is limited to the beneficial right of the asset only (excluding the legal title of the asset). Likewise, the study positively contributes to the two fields, i.e., academic research and the finance industry (particularly Islamic finance involving government and private investors).
Customer welfare of Sharia microfinance institutions: Ease of access, product expertise, and the mediating role of service quality Kuat Ismanto; Ina Mutmainah
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 1 (2024): June 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i1.31-49

Abstract

Baitul Maal wat Tamwil (BMT) is vital in developing Micro, Small, and Medium Enterprises (MSMEs). This paper examines the benefits of BMT for members regarding accessibility, product expertise, and service quality. This study was designed with quantitative methods using a survey by distributing questionnaires to 200 respondents gathered from five branch offices of BMT Bahtera, Pekalongan, Indonesia. This study employed path analysis to analyze the data. The study results demonstrate that accessibility, product expertise, and service quality significantly impacted consumer welfare. This result indicates that customer welfare is the primary factor in the growth of BMTs. Conversely, accessibility, product expertise, and service quality were significant for BMT growth and members’ welfare. This research contributes to BMT product quality improvement and ease of access to customer services by using technology to create effectiveness and efficiency.
The effect of environmental, social, and governance practices on profitability performance with financial slack as a moderator Kautsar Riza Salman; Herwin Ardianto; Entis Sutisna; Jana Siti Nor Khasanah
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 1 (2024): June 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i1.1-14

Abstract

This study aims to obtain empirical evidence on the effects of environmental, social, and governance (ESG) on the profitability performance of Islamic companies, incorporating the moderating effect of financial slack in this relationship. The sample includes Islamic companies listed on the Jakarta Islamic Index 70 (JII 70) and the SRI KEHATI index over the 2021-2023 period, resulting in 129 firm-year observations. Panel data analysis using Eviews 13 software identified the Random Effect Model as the best approach. Findings indicate that ESG practices significantly affect profitability, supporting agency theory by suggesting that management may engage in ESG activities that incur costs without clear financial benefits for shareholders. Financial slack does not moderate the ESG-profitability relationship. Instead, financial slack, proxied by the cash ratio, directly impacts profitability. These findings suggest that while ESG practices may have profitability trade-offs, financial flexibility could enhance profit potential in Islamic companies. For policymakers, these results underscore the need to tailor ESG frameworks to the unique financial dynamics of Islamic companies, potentially aiding these firms in achieving both sustainable and profitable growth.
Financial distress prediction in Islamic commercial banks: The role of gender, corporate social responsibility, and capital structure Muhamad Farhan Auwala; Faqiatul Mariya Waharini
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 1 (2024): June 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i1.50-65

Abstract

This research empirically tests the influence of women’s presence on the board of directors, Corporate Social Responsibility (CSR) expenditure, and capital structure on the likelihood of financial distress for a sample of 13 Islamic commercial banks in Indonesia from 2019 to 2022. The study employs regression to determine the impact of board gender diversity on financial distress. Altman Z-score model is used as a proxy for financial distress indicator. The result shows that the presence of female director can enhance the possibility of financial distress due to their excessive caution. In addition, CSR can also lead to financial difficulties for the entities because CSR implementations need substantial funding, and undue reliance on debt can also increase the risk of financial problems. These findings have significant implications for governance and risk management in Islamic commercial banks. They stress the need for a balanced approach to board gender diversity, avoiding excessive caution that could lead to financial strain. Banks should align CSR activities with their financial capacity to prevent undue burden and manage debt levels prudently to reduce financial distress. These insights can help policymakers and institutions improve governance, CSR strategies, and financial risk management, enhancing the stability of Islamic commercial banks.
Analysis of Indonesian Islamic banking performance using Sharia Maqasid Index and simple additive weighting rating Ahmad Dahlan Malik; Muhammad Asyhad; Nurul Jannah; Wulan Nuraini
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 1 (2024): June 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i1.66-68

Abstract

This study aims to analyze the performance of Islamic Commercial Banks (ICB) and Islamic Banking Units (IBU) in Indonesia in 2021-2023 based on the Sharia Maqasid Index (SMI) and Simple Additive Weighting Rating (SAWR). Assessment of the performance of ICB and IBU in the Annual Report so far is only based on financial ratios, so it cannot evaluate the basic principles of Islamic banks. Therefore, the SMI and SAWR approaches are used to measure the performance of Islamic banks. The object of this research is 13 ICB and 20 IBU registered with OJK (Financial Services Authority). The results showed that the highest total score was Bank Mega Syariah (BMS) in 2021, Bank Panin Dubai Syariah (BPDS) in 2022 and 2023, IBU BPD Nagari (Sumatra Barat) in 2021 and 2023, and IBU BPD Jawa Timur in 2022. Each ICB and IBU has generally been able to carry out all of its objectives, namely Tahdzib al-fard (educating individuals), Iqamah al-adl (upholding justice), and Jabl al-Maslahah (Creating welfare). This research provides implications for further evaluation and development regarding the appropriate performance assessment of ICB and IBU and the following Sharia principles prioritizing the benefit of the people
Repositioning Islamic social reporting as a strategic moderator: Evidence from Indonesian Islamic banks Achmad Soediro; Eogenie Lakilaki; Media Kusumawardani; Muhammad Farhan
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 2 (2024): December 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i2.89-104

Abstract

This study aims to assess the effect of Islamic Social Reporting (ISR) on the relationship between financial performance and firm value in Indonesian Islamic banks. This study utilizes the Moderated Regression Analysis model, with ISR serving as the moderating variable, financial performance metrics (Financing to Deposit Ratio [FDR], Return on Assets [ROA], and Capital Adequacy Ratio [CAR]) as the independent variables, and firm value (EVA) as the dependent variable. The study focuses on ten Islamic commercial banks in Indonesia from 2017 to 2023 and is based on the analysis of 70 annual financial reports, utilizing Moderated Regression Analysis. The findings indicate that ISR significantly moderates and strengthens the relationship between ROA and EVA. This underscores the critical role of ISR reporting in helping regulators develop a more comprehensive framework and in reinforcing the industry’s adherence to Islamic economic principles. By exploring the nuanced role of ISR in amplifying financial signals like ROA, this study subtly repositions ISR from a mere reporting obligation to a strategic element that deepens the value relevance of Islamic financial disclosures.
Assessing financial metrics and Sharia Healthcare stock return amid Indonesia’s market volatility Firman Setiawan; Catur Guritmo; Arif Zunaidi
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 2 (2024): December 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i2.105-120

Abstract

The present research aims to analyze how financial metrics reflecting profitability, liquidity, and solvency affect the profit performance of sharia-compliant equities in the healthcare industry amid the COVID-19 pandemic. This investigation employs a panel data regression methodology, utilizing a sample of medical services businesses that are publicly traded on the Indonesia Stock Exchange throughout this time frame from 2020 to 2022. The estimation model applied is the Fixed Effect Model (FEM) using Eviews 13 software. Hypothesis testing is conducted using t-tests and F-tests to ensure the robustness of the results. The findings reveal that simultaneously, ROA, ROE, EPS, NPM, CR, and DER have a significant effect on the return of sharia healthcare stocks. Partially, the results of this study show that EPS, CR, and DER have a significant effect on the return of sharia healthcare stocks. ROA, ROE, and NPM metrics had no substantial statistical implications. Theoretically, this study enriches the Islamic financial literature by showing that some financial ratios can affect Islamic stocks differently than conventional stocks during crises. In practical terms, these findings provide valuable insights for financial professionals to refine investment strategies, particularly in the healthcare sector during market volatility.
Determinants of the proportion of investment financing in Islamic banking business units in Indonesia Muhamad Azumar Romzi; Deni Lubis
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 2 (2024): December 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i2.121-138

Abstract

Islamic banking in Indonesia has experienced rapid development, with Islamic Banking Business Units (UUS) offering an alternative Sharia-based financial system known as financing. However, the distribution of financing by Islamic banks remains predominantly consumptive rather than productive, with a direct connection to the real sector, such as investment financing, whose proportion or ratio to total financing disbursed diminishes annually. This study seeks to analyze the impact of internal and external factors on the proportion of investment financing in the UUS, including the Financing to Deposit Ratio (FDR), Investment Financing Margin, Non-Performing Financing (NPF), inflation, Gross Domestic Product (GDP), and the Certificate bonus Bank Indonesia Syariah (SBIS). The data period for this study spans from January 2018 to December 2023. The methodology employed in this study is the Vector Error Correction Model (VECM). The VECM analysis indicates that, in the short term, only the SBIS bonus variable significantly affects the proportion of investment financing. In the long term, GDP, inflation, and SBIS significantly influence the proportion of investment financing. UUS must develop strategies that are adaptive to external variables such as inflation, GDP, and SBIS. Additionally, UUS should promote accelerated growth in FDR and Margin.
Assessing willingness to pay for Sharia general insurance in Indonesia: A case study of the Jabodetabek region Rafidah Herawati; Irfan Syauqi Beik; Linda Karlina Sari
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 2 (2024): December 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i2.155-170

Abstract

This study explores the willingness to pay (WTP) for Sharia general insurance in Jabodetabek, Indonesia, where adoption remains low. The objective is to assess how gender, residence, age, education, occupation, and income influence WTP. Using a quantitative approach, data were collected from 250 respondents through a structured questionnaire. The analysis involved descriptive statistics, cross-tabulation, and chi-square tests. Results indicate that gender, age, and income significantly affect WTP, with higher WTP observed among men, older individuals, and those with higher incomes. Conversely, residence, education, and occupation do not significantly impact WTP. The findings suggest that Sharia insurance providers should tailor products and educational efforts to better align with different demographic groups’ financial capabilities and needs. These insights are crucial for enhancing the adoption of Sharia general insurance in the region.
Determinant of sharia rural bank profitability: Do size and location matter? Agus Widarjono
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 2 (2024): December 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i2.139-154

Abstract

This research analyzes the influence of bank fundamentals, bank size, location, and macroeconomic variables on the profitability of Sharia Rural Banks (SRBs) in Indonesia. Our study investigates 90 banks located on the island of Java. The research period is 2018-2021, using quarterly data. The dynamic panel regression is employed with a GMM method. The findings indicate that strong bank fundamentals, as indicated by large assets, high CAR, and high efficiency, have a positive effect on profitability. There are two other interesting findings in this study. First, large SRBs encourage high profitability. Second, locations with high economic growth and high religiosity foster profitability. Some policy implications can be drawn from our findings. First, SRB must have sufficient capital and a high level of efficiency to increase profitability. Second, a large SRB is the best choice for an SRB to have sound financial performance. Third, SBRs must intensively introduce Sharia banking products to the public to increase their performance because religiosity is an important factor in determining profitability.

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