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Jurnal Iqtisad
Published by Universitas Islam Indonesia
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Articles 6 Documents
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Search results for , issue "Vol. 4 No. 2 (2003): English Version" : 6 Documents clear
Penalty Imposed On Debt Payment Delaying-Capable-Clients: A Study on DSN-MUI’s Fatwa No. 17/DSN-MUI/IX/2000 Maftukhatusolikhah Maftukhatusolikhah
Jurnal Iqtisad Vol. 4 No. 2 (2003): English Version
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss2.art5

Abstract

Islamic banking is an obvious sample of Islamic economic system implementation, and hence, problems around Islamic banks are interesting to study.  As a system differing from conventional, both in terms of ontology and epistemology, Islamic banking is expected to be able to offer a truly Islamic system that is in line with the Quran and Sunnah. Therefore, if any problems emerge on it, the solutions will be determined according to Islamic law.One of the problems faced by Islamic banking is the handling of debt payment delay-ing-capable-clients. Delaying debt payment is an action if permitted to continue will dis-turb bank’s productivity and, indirectly, Islamic banking system as a whole. Moslem schol-ars have different positions on this matter. National Shariah Council of Indonesian Coun-cil of Ulema (DSN-MUI) and several individual jurists contend that it is necessary to pe-nalize debt payment delaying-capable-clients with the obligation to compensate material loss as “overdue fine”. Several other jurists however argue the penalty as it is considered similar to forbidden riba, whereas the main argument (raison d’etre) for the establishment of Islamic banking is itself to avoid this kind of riba. Hence, legal-normative perspective in handling debt payment delaying-capable-clients is very interesting to study.
Maximization of Economic Cooperation among Moslem Countries and the Urgency of “Islamic Common Market” Mohammad B.Hendrie Anto
Jurnal Iqtisad Vol. 4 No. 2 (2003): English Version
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss2.art6

Abstract

“O humankind! We have created you from male and female, and made you into nations and tribes that you may know one another. Verily, the most honorable of you with Allah is that (believer) who has at-taqwa” (al-Hu¬jurat: 13)
Zakah as Deductible for Taxable Income: A Macroeconomic Perspective Akhmad Akbar Susamto
Jurnal Iqtisad Vol. 4 No. 2 (2003): English Version
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss2.art1

Abstract

Zakah is a very basal religious service and closely interconnected with both transcen-dental and social aspects of human life. According to Islamic rules, zakah is imposed on every soul (zakah al-fitr) and certain properties meeting the standardized measure (zakah al-maal). Collected zakah is hereinafter distributed to the poor, the needy, the people em-ployed to administer zakah, and the people whose hearts are made to embrace Islam, the people in bondage, the people twined by debt, the fighters in the cause of Allah, as well as the wayfarers. In Zakah Management Act No. 38/1999 mentioned, that zakah which have been bestowed to Badan Amil Zakah or Lembaga Amil Zakah (i.e. government and non-government bodies for the collection of zakah respectively) will be considered as deducti-ble for one’s taxable profits or incomes. Likewise, in Act No. 17/2000 contended that zakah of income can be considered as deductible for one’s taxable incomes. With a few appropri-ate assumptions, we can prove that the application of zakah as deductible for one’s taxable incomes will have several impacts on the economy. Aggregate consumption will increase, saving will decrease, investment criterion will change, and national income as a whole will finally enlarge. Government is therefore suggested not to hesitate to execute the Zakah Consciousness Movement.
The Potential of ZIS Fund As an Instrument in Islamic Economy: Its Theory and Management Implementation Budi Budiman
Jurnal Iqtisad Vol. 4 No. 2 (2003): English Version
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss2.art2

Abstract

Zakah, infaq and shadaqah (ZIS) are proven to have significant roles in the development of Islam and Moslems in Indonesia. This fact can be seen among others from the number of mosques in all scale, schools and madrasah, Islamic boarding schools, orphanages, uni-versities, hospitals, and public health clinics, as well as public meeting rooms which are built with funding from zakah, infaq, shadaqah and waqf, beside from governmental aids.However, the more important fact is that zakah needs to be positioned as a source of public revenue with which impecunious people’s esteem can be promoted. It is not easy, of course. Many things should be done in ZIS fund management, from arranging legislations to preparing human resources that are not only comprehending zakah management but also having trustworthiness as organizers of ZIS fund.Many factors causing contradiction between the potential of zakah and the number of impecunious people in Indonesia, among others, the inability of zakah management bodies (i.e. BAZ or LAZ according to the Act No. 38 Year 1999 concerning Zakah Management) to attain the expected level of service quality. Though in the last ten years Indonesian Mos-lems begin to realize the obligation to pay zakah, but the condition of the poor and the needy is still practically unchanging.
Consumers’ Preference toward Islamic Banking (Case Study in Bank Muamalat Indonesia and Bank BNI Syariah) Delta Khoirunissa
Jurnal Iqtisad Vol. 4 No. 2 (2003): English Version
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss2.art3

Abstract

Information on consumers’ characteristics and behaviors is very important as one of strategic efforts to develop Islamic banking. How is a consumer’s characteristic and be-havior? What factors are motivating this consumer to choose Islamic banking?This research aims at providing empirical evidence on factors motivating consumers to save in Islamic banking, and proving the relationship between economic and religious preferences in motivating consumers to save in Islamic banking. The analysis of variance and chi-square are respectively used in this research.The results evidence that consumers’ decision to save in Islamic banking are influ-enced by economic factors, such as receiving economic benefits, quick services, online fa-cilities, and easy reachable locations, as well as healthy financial systems. Likewise, con-sumers’ decision to save in Islamic banking are influenced by religious factors, such as not in opposition to Islamic teachings/obeying religious orders, lessening economic imbal-ances in society, having good understanding on Islamic principles, and getting informa-tion/knowledge concerning Islamic banking, as well as living in a religious supporting en-vironment. Moreover, external factors such as motivation from parents, brothers or sisters, friends, and bank employees, as well as Moslem scholars are also influencing consumers’ decision to save in Islamic banking.The existence of the relationship between economic and religious preferences proves that, in making decision, consumers wish to attain two satisfaction levels, i.e. satisfaction in the world and in the hereafter.Keywords: economic preferences, religious preference, and Islamic banking.
The Optimizing of Rahn Service for The Development of Islamic Banking in Indonesia Lidia Rahmah Maulidia
Jurnal Iqtisad Vol. 4 No. 2 (2003): English Version
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss2.art4

Abstract

This paper considers rahn in classical fiqh with various opinions from Islamic schools of jurisprudence (madzhab). Here, one issue becoming debate among Moslem scholars is the use of mortgaged objects. Rahn is adopted by Islamic banking and becomes one of its services offered to the market. In practice, rahn appears as two different products. First, as a complementary product, that is additional transaction (guarantee/collateral) for other products such as ba’i al-murabahah financing. In this case, Islamic banks can detain debt-ors’ mortgaged objects because of transaction. Second, as an independent product. In some Moslem countries including Malaysia, rahn has been being used as an alternative for the conventional pawnshop. Differing from that in conventional, in rahn debtors are not charged with interest. Instead, they are obliged to pay entrustment cost, conservancy cost, and custody cost, as well as appraisal cost. The main difference between such rahn costs and interest is, whereas interest can accumulate, costs of rahn can be paid once and speci-fied in advance.People interest toward conventional pawn service is exactly high because they had to get cash. This can be seen from the increase of pawnshop turnover from year to year. Rahn service is thus potential to be implemented and maximized. Logically, charged with high interest people still considering pawnshop as benefactor, much less Islamic banking with rahn service charging no interest. Hence, we are natural to optimistically introduce rahn service. Of course with manners and regulations that are free from the elements of riba.

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