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Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics)
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
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Search results for , issue "Vol 16, No 2 (2024)" : 10 Documents clear
The Use of Indonesian in International Contracts: Sadd Dzariah's Perspective Kusnadi, Egi Hadi; Al Haq, Syaif; Muazzami, Al
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.42512

Abstract

Based on Law 24/2009, international contracts made in Indonesia must use Indonesian. What about contracts made with foreign parties without using Indonesian, are they null and void or have binding force? This research is normative research using the statutory regulations approach, the judge's decision approach, and the Sadd Dzariah approach. The research results show that there are differences in decisions made by judges regarding the obligation to use Indonesian in international contracts, causing this obligation to be biased. In Sadd Dzariah's approach, the use of Indonesian in contracts made with foreign parties is mandatory, in line with the regulation in Law 24/2009. This aims to avoid bad faith which could result in default or unlawful actions. Berdasar pada UU 24/2009, kontrak internasional yang dibuat di Indonesia wajib menggunakan bahasa Indonesia. Bagaimana dengan kontrak yang dilakukan dengan pihak asing tanpa menggunakan bahasa Indonesia, apakah batal demi hukum atau mempunyai kekuatan mengikat. Penelitian ini merupakan penelitian normatif dengan menggunakan pendekatan peraturan perundang-undangan, pendekatan putusan hakim, dan pendekatan Sadd Dzariah. Hasil penelitian menunjukan bahwa terdapat perbedaan putusan yang dilakukan oleh hakim terhadap kewajiban penggunaan bahasa Indonesia dalam kontrak internasional, sehingga menyebabkan kewajiban tersebut menjadi bias. Dalam pendekatan Sadd Dzariah, penggunaan bahasa Indonesia terhadap kontrak yang dibuat dengan pihak asing adalah wajib, selaras dengan yang telah diatur dalam UU 24/2009. Hal ini bertujuan untuk menghindari adanya itikad buruk yang dapat mengakibatkan wanprestasi atau tindakan melawan hukum. 
Promoting Social Welfare: Maqasid Sharia Compliance of Indonesian Hajj Financial Manegement Agency’s Maslahat Program Hidayat, Rahmat
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.43897

Abstract

BPKH (Hajj Financial Management Agency) was established based on the mandate of Law Number 34 of 2014 concerning Hajj Financial Management. The purpose of managing hajj finances is to improve the quality of hajj service management, the rationality and efficiency of Hajj Pilgrimage Costs (BPIH), and the welfare of Muslims. To achieve the three goals above, BPKH implements welfare programs in the form of corporate social responsibility (CSR) or "philanthropy" programs that must be in line with Maqaṣid al-Sharia. Based on the results of the study, the welfare programs and activities designed and implemented from 2018 to 2022 have been fully in line with Maqaṣid al-Sharia, so they need to be continued, strengthened, refined, and their scope expanded by complying with the provisions of laws and regulations and the principles of governance, risk, and compliance (GRC) to provide benefits for the Muslim community. BPKH (Badan Pengelola Keuangan Haji) dibentuk berdasarkan amanat Undang-Undang Nomor 34 Tahun 2014 tentang Pengelolaan Keuangan Haji. Tujuan pengelolaan keuangan haji adalah untuk meningkatkan kualitas pengelolaan pelayanan haji, rasionalitas dan efisiensi Biaya Penyelenggaraan Ibadah Haji (BPIH), dan kemaslahatan bagi umat Islam. Untuk mencapai ketiga tujuan di atas, BPKH melaksanakan program-program kemaslahatan berupa program tanggung jawab sosial perusahaan (CSR) atau “filantropi” yang harus selaras dengan Maqaṣid al-Sharia. Berdasarkan hasil kajian, program dan kegiatan maslahat yang dirancang dan dilaksanakan sejak tahun 2018 sampai dengan tahun 2022 telah sepenuhnya selaras dengan Maqaṣid alSharia, sehingga perlu dilanjutkan, diperkuat, disempurnakan, dan cakupannya semakin diperluas dengan mematuhi ketentuan peraturan perundang-undangan dan prinsip tata kelola, risiko, dan kepatuhan (GRC) untuk memberikan kemaslahatan bagi masyarakat muslim. 
Good Corporate Governance and Sharia Banking Performance Based on Maqasid Al-Sharia in OIC Countries Mulyani, Nisrina Ikhfadhillah; Santosa, Purbayu Budi; Destiartono, Mohamad Egi
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.41291

Abstract

The development of Islamic banking assets in OIC countries requires performance evaluation, but conventional financial ratios are still used. This study aims to explore the relationship between Good Corporate Governance variables (Board of Commissioners, Independent Commissioners, Sharia Supervisory Board, and Audit Committee) and Maqaṣid-based Sharia banking performance. Using the Maqaṣid-Based Performance Evaluation Model (MPEM), data from 22 Islamic banks in 7 OIC countries (2018-2022) with a fixed securities model were analyzed. The findings indicate that the Board of Commissioners and Independent Commissioners influence Maqaṣid-based performance, whereas the Sharia Supervisory Board and Audit Committee do not have a significant impact. The majority of banks have a low Maqaṣid performance index, indicating a reliance on conventional systems despite Sharia compliance. Perkembangan aset perbankan syariah di negara-negara OIC memerlukan evaluasi kinerja, namun rasio keuangan konvensional masih digunakan. Penelitian ini bertujuan untuk mengeksplorasi hubungan antara variabel tata kelola perusahaan yang baik (Dewan Komisaris, Komisaris Independen, Dewan Pengawas Syariah, dan Komite Audit) dengan kinerja perbankan syariah berbasis maqaṣid. Penelitian ini menganalisis data dari 22 bank syariah di 7 negara OIC (2018-2022) dengan model sekuritas, menggunakan Model Evaluasi Kinerja Berbasis Maqaṣid (MPEM). Temuan penelitian ini menunjukkan bahwa Dewan Komisaris dan Komisaris Independen memengaruhi kinerja berbasis maqaṣid, sementara Dewan Pengawas Syariah dan Komite Audit tidak berpengaruh. Mayoritas bank memiliki indeks kinerja maqaṣid yang rendah, yang menunjukkan masih adanya ketergantungan pada sistem konvensional meskipun sudah sesuai dengan prinsip syariah.
Effectiveness of Islamic Corporate Governance Mechanisms in Preventing Fraud: A Study of Islamic Commercial Banks in Indonesia, 2014-2023 Fadilah, Yulhita Nur; Nugraha, Nyata; Nurhayati, Ida
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.39706

Abstract

This study aims to analyze the influence of the Sharia Supervisory Board (SSB), Audit Committee (AUDIT), Board of Commissioners (BOARDSIZE), Independent Board of Commissioners (INBOARD), and External Audit Quality (AUDITQUALITY) on Preventing Fraud (FRAUD) at Islamic Commercial Banks in Indonesia for the 2014-2023 period. The population includes 13 Islamic Commercial Banks registered with the Financial Services Authority. Using purposive sampling, 7 banks were selected. This research uses secondary data. The data analysis model employs multiple linear regression with panel data and is processed using Eviews 13. The results show that SSB, AUDIT, BOARDSIZE, INBOARD, and AUDITQUALITY simultaneously significantly affect Preventing fraud. Partially, SSB, INBOARD, and AUDITQUALITY positively and significantly affect Preventing fraud, while AUDIT and BOARDSIZE have a negative and non-significant effect on Preventing fraud. Penelitian ini bertujuan menganalisis pengaruh Dewan Pengawas Syariah (DPS), Komite Audit (AUDIT), Dewan Komisaris (BOARDSIZE), Dewan Komisaris Independen (INBOARD), dan Kualitas Audit Eksternal (AUDITQUALITY) terhadap Pencegahan Fraud (FRAUD) pada Bank Umum Syariah di Indonesia periode 2014-2023. Populasi adalah 13 Bank Umum Syariah yang terdaftar di Otoritas Jasa Keuangan. Sebanyak 7 bank terpilih secara purposive sampling. Penelitian ini menggunakan data sekunder. Model analisis data adalah regresi linier berganda dengan data panel dan diolah menggunakan Eviews 13. Hasil penelitian menunjukkan bahwa DPS, AUDIT, BOARDSIZE, INBOARD, dan AUDITQUALITY secara simultan berpengaruh signifikan terhadap Pencegahan fraud. Secara parsial, DPS, INBOARD, dan AUDITQUALITY berpengaruh positif dan signifikan terhadap Pencegahan fraud, sedangkan AUDIT dan BOARDSIZE berpengaruh negatif dan tidak signifikan terhadap Pencegahan fraud.
Strengthening Zakat Management in Afghanistan: Lessons from Indonesian and Malaysian Legal Frameworks Abdulhaleem Obaid A. Alyusufi; Ghulam Mustafa Nukhba; JM. Muslimin; Syahrul Ramadhan Hidayat
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.42730

Abstract

This research aims to analyse the contextualization of the best practices of zakat management models from Indonesia and Malaysia in Afghanistan to enhance zakat effectiveness. The study employs a comparative analysis of successful practices in both countries, focusing on their applicability to Afghanistan's context. Findings indicate that adopting elements from Indonesia's community participation and Malaysia's centralized approach can improve transparency and efficiency in zakat management. The research concludes that Afghanistan must develop a comprehensive legal framework, establish a national zakat authority, and raise public awareness to overcome existing challenges. By integrating these strategies, Afghanistan can maximize zakat's potential to reduce poverty and promote social justice.
Economics Valuation of Mangrove Forest in Supporting the Blue Economy and the Maqasid Al Sharia: A Case Study of Guraping Mangrove Forest, Sofifi, North Maluku Misdiarso Wongsokarto; Achma Hendra Setiawan
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.39308

Abstract

This research aims to evaluate the economic value of the Guraping mangrove forest in Sofifi, Indonesia, and its alignment with blue economy principles and Maqasid al-Sharia objectives. This research uses a mixed-methods approach, combining quantitative and qualitative methods. Data were collected through surveys using questionnaires from 100 tourists, interviews with key informants, observations, and literature reviews. The results indicate that the economic value of Guraping Mangrove Forest support the concept of the blue economy and Maqasid al-Sharia. Guraping's mangrove forests positively contribute to the blue economy with direct and indirect use values. Besides, this economic valuation is also relevant in achieving Maqasid al-Sharia goals that emphasize the conservation of nature and sustainable socio-economic well-being.
Unlocking Creative Economic Development and Halal Tourism Through the Wisdom of Tepo Seliro Aniq Akhmad Ali Bawafie; Muhammad Wahyuddin Abdullah; Abdul Wahid Haddade
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.43186

Abstract

This research aims to analyze the development of a creative economy based on the tepo seliro synergy in halal tourism in Petekeyan Village, Jepara. A phenomenological approach was used, with data collected through in-depth interviews with key informants selected via purposive sampling. The analysis focused on six indicators of creative economic development and their connection to the five values of tepo seliro, examining their role in the success of Petekeyan's halal tourism industry. The findings show that creative entrepreneurs in the region uphold the value of tepo seliro, including honesty, not engaging in illegal activities, offering equal job opportunities, helping others, and ensuring security. The synergy of tepo seliro has contributed to the success of halal tourism by fostering a welcoming, safe, and respectful environment for all visitors
A Faith-Based Framework for Mitigating Corruption in Nigeria: An Islamo-Christian Perspectives Abdullahi, Nazifi Dahiru; Bolatito, Ai-Obe Shamsuddin
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.43774

Abstract

This paper investigates coeruption using Islamo-christain perspectives. It seeks to answer questions like; why the previous anticorruption efforts failed? What causes the failure? And how a lasting solution to the menace can be achieved? The study employed qualitative research methodology and collected data from Islam and christian scriptures, opinions of practicing Muslims and Christians through interviews, articles from academic database and cases of corruption in Nigeria. The data was analysed thematically. It is discovered that negligence of religious injunctions by Muslims and Christian contributed significantly to moral deterioration in Nigeria which consequently led to the corrupt Nigeria.
Examinating The Effect of Covid-19 on The Efficient Market Hypothesis (EMH) Anomaly of The Islamic Stock Index in Indonesia Purwanto Widodo
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.40338

Abstract

This study aims to determine whether Covid-19 affects the return pattern of the Jakarta Islamic Index (JII) and whether the JII return is efficient in accordance with the Efficient Market Hypothesis (EMH). To ensure that the data analysis was in accordance with the objectives, samples were taken from January 1, 2008, to June 28, 2024, with ARCH-GARCH analysis so that the results were consistent and not robust. The findings of this research are as follows: JII returns are efficient because there is no Covid-19 effect and EMH anomaly, where there is no evidence of the day-of-the-week effect, Monday Effect, Friday Effect, or week four effect. In addition, the appropriate model is asymmetric EGARCH (1,1) with non-normal error term distribution. These findings have implications for investors, policy makers, and researchers interested in the performance and behavior of the Islamic stock market, so that in analyzing the stock market more strengthen the fundamental analysis of the company.  
Strengthening the Role of Sharia Banking in Financing Solar Power Plants to Support Sustainable Development in Indonesia Djauhari, Haikal; Al Arif, Muhammad Nur Rianto; Hosen, Muhamad Nadratuzzaman
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.39637

Abstract

The reluctance of Islamic banking to participate in financing solar power plants is primarily due to higher risk and lower economic value than fossil-based energy. This study proposes a risk management guidance and financing model to strengthen the role of Sharia Banking in financing solar power plants and support sustainable development in Indonesia. There is a significant gap in the study of risk management and the Syariah financing model for solar power plants. We used a qualitative method that involved expert consultations and literature studies to identify the risks of solar power plants. We also derived an equity-based Diminishing Musyarakah for the Sharia financing model. The study’s result is a risk management framework and a Sharia financing scheme for solar power plants. By using this framework Sharia banks can increase their participation in supporting sustainable development. Keengganan perbankan syariah untuk berpartisipasi dalam pembiayaan pembangkit listrik tenaga surya terutama disebabkan oleh risiko yang lebih tinggi dan nilai ekonomi yang lebih rendah daripada energi berbasis fosil. Studi ini mengusulkan sebuah panduan manajemen risiko dan model pembiayaan untuk memperkuat peran Perbankan Syariah dalam pembiayaan pembangkit listrik tenaga surya dan mendukung pembangunan berkelanjutan di Indonesia. Terdapat kesenjangan yang signifikan dalam studi manajemen risiko dan model pembiayaan Syariah untuk pembangkit listrik tenaga surya. Kami menggunakan metode kualitatif yang melibatkan konsultasi dengan para ahli dan studi literatur untuk mengidentifikasi risiko pembangkit listrik tenaga surya. Kami juga menurunkan Musyarakah yang semakin berkurang berbasis ekuitas untuk model pembiayaan Syariah. Hasil dari penelitian ini adalah sebuah kerangka kerja manajemen risiko dan skema pembiayaan Syariah untuk pembangkit listrik tenaga surya. Dengan menggunakan kerangka kerja ini, bank-bank Syariah dapat meningkatkan partisipasi mereka dalam mendukung pembangunan berkelanjutan.

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