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Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics)

iqtishad
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Published by Universitas Islam Negeri Syarif Hidayatullah Jakarta

ISSN : 2087135X EISSN : 24078654 DOI : 10.15408/aiq.v14i1.

Core Subject : Religion, Economy, Social,

Religion Economics, Econometrics & Finance Social Sciences

This journal focused on Islamic law on economics and finance studies and present developments through the publication of articles. Specifically, the journal will deal with topics, including but not limited to Islamic law on Islamic Banking, Islamic Marketing, Islamic Human Resources, Islamic Finance, Zakah, Waqf, Poverty Alleviation, Islamic Public Finance, Monetary Economics, Economic Development, Maqasid al-Shariah, Institutional Economics, Islamic management, Behavioural Economics and Finance, Corporate Governance, Risk Management, Shariah issues, Financial Engineering, Securitization and Sukuk, Islamic Capital Markets, Insurance and Takaful, Regulatory Issues, Corporate Social Responsibility in Islam and other topics which related to this area. The journal is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines.

Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)

Articles 10 Documents

Search results for , issue "Vol 11, No 2 (2019)" : 10 Documents clear

Islamic Social Reporting (ISR) Analysis in Indonesia and Malaysia Wiwit Ayu Nofitasari; Hikmah Endraswati
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

The purposes of this study are to examine the effect of company size, profitability, board of commissioners, proportion of independent commissioners, and frequency of meetings on the level of Islamic Social Reporting (ISR) in Indonesia and Malaysia and to test whether there is difference ISR in Indonesia and Malaysia. The sample of this study are 10 companies that issued sukuk at Indonesia Shariah Stocks Index and 8 companies on Malaysia Stock Exchange in 2013-2017. Multiple regression and different tests are used in this research as analysis techniques. The results show that the size of the company effects on the level of ISR in Indonesia positively but not in Malaysia. Profitability, board size, and the proportion of independent commissioners does not effect on ISR levels in Indonesia and Malaysia. The frequency of board of commissioners meetings effect on ISR levels in Indonesia and Malaysia positively and there is difference ISR in Indonesia and Malaysia. The implication of this research is that there is a need for regulations that regulate ISR disclosure in Indonesia to improve the quality of ISR disclosure to the stakeholders

The Effect of Financial Ratios, Maqasid Sharia Index, and Index of Islamic Social Reporting to Profitability of Islamic Bank in Indonesia Muhammad Nadratuzzaman Hosen; Ferry Jie; Syafaat Muhari; Muhammad Khairman
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

This study aims to analyze the performance of Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Net Income Margin (NIM), Operating Expenses Ratio (OER), Maqasid Sharia Index (MSI), and Index of Islamic Social Reporting (ISR) to influence the level of profitability. The main purpose of this study is to complete the previous research with try to add the variables MSI and Index of ISR to estimating the change of profitability of Islamic banks in Indonesia. The study conducted eight Islamic Banks to be analyzed in the period from 2010 to 2012. The tool of analysis is used multiple linear regression for predicting the level of profitability. The results of the study show that all of the independent variables are significantly affected simultaneously to the level of profitability. Partially, NIM and OER are significantly affected by the level of profitability. The low level of Maqasid Sharia Index and Islamic Social Reporting implementation of the Islamic banks in Indonesia in the period of the study proves that these two variables are not the main indicator or a major achievement of most Islamic banks, even though Islamic banks should refer to attain mashlalah (public interest).Keywords: CAR, FDR, NIM, OER, MSI, and Index of ISR. Penelitian ini bertujuan untuk menganalisis kinerja yang ditunjukkan oleh rasio Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Net Income Marging (NIM), Biaya Operasional terhadap Pendapatan Operasional (BOPO), Indeks Maqashid Syariah (MSI), dan Indeks Islamic Social Reporting (ISR) terhadap profitabilitas bank syariah di Indonesia. Tujuan dari penelitian ini adalah melengkapi penelitian-penelitian sebelumnya dengan menambahkan variabel MSI dan ISR untuk mengestimasi profitabilitas bank syariah di Indonesia. Penelitian ini menggunakan data tahunan pada delapan bank syariah diperiode antara 2010 hingga 2012 dimana penelitian ini menggunakan metode regresi linear berganda. Hasil penelitian ini menunjukkan bahwa secara simultan seluruh variabel independen mempengaruhi profitabilitas bank syariah secara signifikan. Secara parsial, hanya NIM dan BOPO yang berpengaruh signifikan terhadap profitabilitas. Lemahnya pengaruh Indeks Maqashid Syariah dan Indeks Islamic Social Reporting mengindikasikan bahwa kedua variabel tersebut bukanlah faktor utama dalam pencapaian bank syariah, meskipun bank syariah juga harus memperhatikan faktor mashlahah. Kata kunci: CAR, FDR, NIM, OER, MSI, and Index of ISR.

Social capital and economic growth: empirical evidence from OIC countries Hantoro Ksaid Notolegowo; Samsubar Saleh
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Abstract. This research investigates the effect of constructive social capital such as religious tolerance, political participation, and marriage; and destructive social capital such as the corruption culture and discrimination behavior towards the economic growth rate of member countries of the Islamic Cooperation Organization (OIC) 2014-2017. The results of the research estimation using the technique of fixed effect (FE) from the panel data of the OIC countries show that religious tolerance measured using the freedom of religion index (FRI) shows a positive and significant effect on the economic growth rate; political participation as measured by political rights index (PRI) has a significant negative effect on the economic growth rate; marriage measured using the percentage of married woman (PMW) has a positive effect on the economic growth rate but is not significant; corruption culture measured using corruption perception index (CPI) has a negative and not significant effect on the economic growth rate; and discrimination behavior measured using discrimination and violence against minorities index (DVI) shows a negative and not significant effect on the economic growth rate.Keywords: Social Capital, Constructive, Destructive, Economic Growth, OIC Abstrak. Penelitian ini menginvestigasi pengaruh modal sosial konstruktif (constructive social capital) seperti toleransi beragama, partisipasi politik, dan pernikahan, serta modal sosial destruktif (destructive social capital) seperti budaya korupsi dan perilaku diskriminasi terhadap tingkat pertumbuhan ekonomi negara-negara anggota Organisasi Kerjasama Islam (OKI) 2014-2017. Hasil estimasi penelitian menggunakan teknik analisis fixed effect (FE) dari data panel negara-negara OKI menunjukkan bahwa toleransi beragama yang diukur menggunakan freedom of religion index (FRI) menunjukkan pengaruh positif dan signifikan terhadap tingkat pertumbuhan ekonomi; partisipasi politik yang diukur menggunakan political rights index (PRI) memberikan pengaruh negatif signifikan terhadap tingkat pertumbuhan ekonomi; pernikahan yang diukur menggunakan percentage of married woman (PMW) memiliki pengaruh positif terhadap tingkat pertumbuhan ekonomi namun tidak signifikan; budaya korupsi yang diukur menggunakan corruption perception index (CPI) memberikan pengaruh negatif dan tidak signifikan terhadap tingkat perumbuhan ekonomi; dan perilaku diskriminasi yang diukur menggunakan discrimination and violence against minorities index (DVI) menunjukkan pengaruh negatif dan tidak signifikan terhadap tingkat pertumbuhan ekonomi.Kata kunci: Modal Sosial, Konstruktif, Destruktif, Pertumbuhan Ekonomi, OKI

Tax Incentives For Indonesian Philanthropy: The Balance of Effectiveness of Pull Factor and The Role of The State Haula Rosdiana; Murwendah Murwendah; Inayati Inayati
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Abstract. This study aims to evaluate the tax policy on philanthropy in Indonesia. The data are analyzed using mixed approach. The findings of this study indicate that the lack of dynamics in current tax policy is not in harmony with the rapid development of increasingly varied philanthropic activities. Therefore, the donors and recipients face uncertainty related to taxation on philanthropy including tax treatment and tax incentives that can be obtained from the government. Applicable tax policies have not been able to provide incentives for various types of taxes. In other words, the policy of tax incentives on philanthropy activities has not been pull factor for the community to be more actively involved in philanthropy activities. Regulatory improvement is necessary, including accommodation of incentives for all types of taxes on philanthropy in Indonesia.Keyword: Policy Evaluation, Philanthropy, Tax Policy, Tax Incentives, Indonesia Abstrak. Penelitian ini bertujuan untuk mengevaluasi kebijakan pajak filantropi di Indonesia. Data dianalisis dengan menggunakan pendekatan campuran. Temuan penelitian ini menunjukkan bahwa kurangnya dinamika dalam kebijakan perpajakan saat ini tidak selaras dengan perkembangan pesat kegiatan filantropi yang semakin bervariasi. Oleh karena itu, para donor dan penerima menghadapi ketidakpastian terkait perpajakan filantropi termasuk perlakuan pajak dan insentif pajak yang dapat diperoleh dari pemerintah. Kebijakan pajak yang berlaku belum dapat memberikan insentif untuk berbagai jenis pajak. Dengan kata lain, kebijakan insentif pajak pada kegiatan filantropi belum menjadi faktor penarik bagi masyarakat untuk lebih aktif terlibat dalam kegiatan filantropi. Selanjutnya, masalah yang terkait dengan administrasi pajak masih ditemukan dalam implementasinya. Perbaikan regulasi diperlukan, termasuk akomodasi insentif untuk semua jenis pajak untuk filantropi di Indonesia.Kata kunci: Evaluasi Kebijakan, Filantropi, Kebijakan Pajak, Insentif Pajak, Indonesia

Society, Law and Economy: Contextualizing Ibn Khaldun's Thought Jm Muslimin
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Economics and the law are the two inseparable things. There is always a relationship between the two. These two things can influence the development of people's welfare. This writing explores that during his life (1332-1406 AD), Ibnu Khaldun spent almost his whole time to read, learn and produce a distinctive work regarding socio-historical development of the existing government and community, as well as the type of local entity. Moreover, for some researchers, the role of Ibnu Khaldun in paving the way for creating foundations of sociological study can’t be neglected. According to him, the role of law in economic activity in general can be seen from two sides, in two equal interests, namely: a. Law is seen from the dimensions of economic activity; and b. Law is seen from the dimension of the state over its authority. Departing from the economic goals, in fact to obtain the maximum profit, the law is merely seen as a useful external factor and can be utilized to secure the economic activities and objectives to be achieved. The research proves that the essence of Ibnu Khaldun’s thought is still relevant to the modern time. Departing from his ideas and comparing them to the western and modern ones, one may conclude that Ibnu Khaldun’s philosophical analyses could be reinterpreted and contextualized. If it is so, then his theories are more identical to Stiglitz than to Smith and Marx.

Spin-Off Policy of Sharia Bank: Is It Profitable? Aam Slamet Rusydiana; Abrista Devi; Fatin Hasib; Lina Rani
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

According to Law no. 21 Year 2008, the Sharia Business Unit (SBU) owned by a Conventional Commercial Bank (CCB) is required to separate from its Parent Bank before year 2023. Some Sharia Business Units have initiated a separation step from Conventional Commercial Bank. On the other hand, they are required to keep the level of efficiency in running its business operations. This paper is intended to analyze the efficiency level of Sharia Business Units that have separated from its parent and then compare whether there is difference of efficiency level between before and after separation. The method used is Data Envelopment Analysis (DEA) and Paired Sample t-Test.The results show that based on the total average efficiency of all sharia banks spin off (in this case four sharia banks namely BNI Sharia, BRI Sharia, BJB Sharia and Bukopin Sharia Bank), there occur a decrease in efficiency technically and also pure the technical itself in sharia banks starting from before and after the spin off. This can be read because in the early periods of spin off there was a cost adjustment on the shariah bank spin off. Sharia banks require a 'weaning' from their parents. Nevertheless, there is no statistically significant difference in efficiency levels between before and after the spin off. This should be a booster for other Sharia Business Units to take the decision to spin off immediately, of course, accompanied by careful and prudent planning and implementation.

The Implementation of Salam-Contract For Agriculture Financing Through Islamic-Corporate Social Responsibility (Case Study of Paddy Farmers in Tuban Regency Indonesia) Ahmad Hudaifah; Bambang Tutuko; Sawarjuwono Tjiptohadi
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

This research is aimed at discovering a stable financial schemingformula or model that would be compatible with the natural characteristics ofa paddy farming cycle in Tuban. The qualitative research employs the use of anactive participatory community through the means of a focus group discussion, anin-depth interview and face to face interviews with respective stakeholders andkey informants. The Salam contract, which is highly beneficial is a prospectivefinancial scheme that terminates the long business chain found in most businessesin Indonesia. The Corporate Social Responsibility which is managed through theSyariah approach (I-CSR) from a company, can become the solution to bridgethe gap found in the implementation of funds for a Salam contract. The Salamcontract applicability is dependent on the Islamic farmer cooperatives (BMT), aunit of joint venture organization serving as the key players in the execution ofthe function of a paddy warehouse-trading agent and direct financing to farmers.Strong support also comes from the zakat, infāq, and shodaqoh institution (LAZ)whose role is educating and encouraging the paddy farmers’ skills and competency,especially to enable them access end-user markets using the aid of informationtechnology. Penelitian ini betujuan untu menemukan formula skema pembiayaanpertanian yang stabil sesuai dengan karakteristik alamiah pertanian padidi Kabupaten Tuban. Metode penelitian kualitatif dipergunakan dalammenyelesaikan penelitian ini dengan partisipasi aktif komunitas melaluimedia diskusi kelompok, wawancara mendalam tatap muka dan observasikepada informan kunci dan pihak yang terlibat secara langsung dalam tata-niaga pertanian padi di Kabupaten Tuban. Kontrak salam adalah skemapembiayaan yang sangat menguntungkan bagi petani dan pada aplikasinyamampu mengambil peran pembiayaan distributor dalam tata niaga pertanianpadi. Islamic Corporate Social Responsibility (I-CSR) yang dikelola berdasarkanprinsip ekonomi Syariah dari perusahan yang beroperasi di wilayah Tuban bisamenjadi solusi dana yang dikembangkan untuk pembiayaan pertanian yangdihindari oleh perbankan karena siklus bisnis yang berbeda. Keberlangsungan kontrak salam pertanian untuk komoditas padi akan bergantung pada koperasipetani yang terdiri dari koperasi simpan pinjam Syariah (BMT), gudang padi,penggilingan padi dan unit perdagangan yang kesemuanya disebut sebagai KUB(Kelompok Usaha Bersama). Dukungan yang kuat juga berasal dari Lembagazakat, infāq dan shodaqoh, yang memiliki peran untuk melakukan pelatihankeahlian petani dan membantu memenuhi kebutuhan dasar petani yang menjadianggota dalam KUB.

The Role of Investment-Based Islamic Crowdfunding for Halal MSMEs: Evidence from Indonesia Zaki Abdullah; Akhmad Akbar Susamto
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Investment-based crowdfunding can be used as an alternative financing tool for Micro, Small and Medium Enterprises in Indonesia. Since the population in Indonesia is dominated by Muslim, Islamic financial technology companies that provide crowdfunding services are continue to emerge and develop. The development of these services also encourages the progress of the halal industry because both have integrated relationships. However, not all funding campaigns for crowdfunding services are successful. This study aims to analyze the development of Islamic crowdfunding business in Indonesia and factors affecting the success of funding campaigns in these services using multiple linear regression methods. Primary data obtained through interviews and literature review while secondary data is collected from 39 funding campaigns in 4 Islamic crowdfunding online services. It was found that the regulation of Islamic financial technology did not yet exist though in practice it was already widely found. On the other hand, crowdfunding models in Indonesia still need improvement in its scheme. By using a quantitative approach, it was found that funding target, campaign duration, payback periods and rate of return have a positive effect on campaign success, while a minimum amount of investment has a negative effect which means the minimum amount of investment available in the crowdfunding service is appropriate. After conducting research with a qualitative and quantitative approach, SWOT analysis was conducted at the end of the study to find out the challenges and opportunities for the halal industry in utilizing such Islamic crowdfunding service.

The Impact of Macroeconomic Indicator on Islamic Insurance Demand in Indonesia Salahuddin El Ayyubi; W Widyastutik; A. Anditta
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

This research aimed to determine the development of Islamic insurance industry in Indonesia and analyze the influence of macroeconomic indicators Islamic insurance demand in Indonesia. Ordinary Least Square (OLS) was used in this research with monthly time series data from January 2014 to December 2016. The results of this research indicated that the variables of money supply, interest rate, GDP per capita, and education had a positive (significant) effect to the Islamic insurance demand in Indonesia. Moreover, the inflation variable and dependency ratio had a negative (significant) effect to the Islamic insurance demand in Indonesia.

Discussion on Islamic Finance and Small Medium Enterprises’ Financial Accessibility Hassanudin Mohd Thas Thaker; Chandra Sakaran Kanan
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

This study attempts to provide insights on SMEs’ financial accesibility through Islamic finance and its successfulness in Malaysia. The innovation in the Malaysia financial landscape especially Islamic finance has benefits the SMEs in accessing financial assistance without rely on traditional mode of financing. SMEs in Indonesia represent about 99 percent in all economic sector and involved labor participation of almost 95 percent but the issue of financial accessibility remain perpetual problem and block the development of SMEs in Indonesia. Therefore, the present study utilizes content analysis to critically look at the successful of SMEs Islamic financing in Malaysia and various published report and literature in generate better overview on the progression of SMEs. At the end of the study, this study provides some recommendations based on Malaysian SMEs financing successfulness for Indonesian authority to further restructure and enhance their existing financial assistance to the SMEs based on Islamic financing.

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Nur Hidayah

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iqtishad@uinjkt.ac.id

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+62217401925

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iqtishad@uinjkt.ac.id

Editorial Address
Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta Jl. Ir. H. Juanda 95, Ciputat, South Tangerang, Banten-15412

Location
Kota tangerang selatan,

Banten

INDONESIA

Abstract

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Home Page

OAI Link

Editorial Team

Contact

Reviewer

Google Scholar

Contact Name Nur Hidayah

Contact Email iqtishad@uinjkt.ac.id

Phone +62217401925

Journal Mail Official iqtishad@uinjkt.ac.id

Editorial Address Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta Jl. Ir. H. Juanda 95, Ciputat, South Tangerang, Banten-15412

Location Kota tangerang selatan, Banten INDONESIA

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Contact Name
Nur Hidayah

Contact Email
iqtishad@uinjkt.ac.id

Phone
+62217401925

Journal Mail Official
iqtishad@uinjkt.ac.id

Editorial Address
Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta Jl. Ir. H. Juanda 95, Ciputat, South Tangerang, Banten-15412

Location
Kota tangerang selatan,

Banten

INDONESIA