Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics)
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.
Articles
707 Documents
A New Paradigm in Islamic Housing: Non-Bank Islamic Mortgage
Egi Arvian Firmansyah;
Ardi Gunardi
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v10i2.7274
An increasing demand for a sharia-compliant housing has resulted in a new initiative where the mortgage can presently be directly handled by the developer without involving the bank. This is called non-bank Islamic mortgage. This paper is aimed at portraying the consumer’s profile of non-bank Islamic mortgage and the issues of this practice. We disseminated questionnaires to the respondents in several cities in West Java who bought the house-using non-bank Islamic mortgage scheme. Subsequently, we synthesized the answers regarding their profiles and issues of the scheme for the betterment in the future. One of the issues of this scheme is the higher fraud because there is no rigorous credit scoring as conducted by the bank. The research of non-bank Islamic mortgage is still scant so this paper is expected to shed the light by contributing to the literature of Islamic home financing.DOI: 10.15408/aiq.v10i2.7274
Who Co-Moves The Islamic Stock Market of Indonesia -The US, The UK, or Japan?
M. Shabri Abd. Majid
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v10i2.7288
This paper explores the dominance of world Islamic stock markets of Japan, the UK, and the US over the Islamic stock market of Indonesia. Daily Islamic stock indices of the UK, the US, Japan and Indonesia over the period 2000 to 2016 are utilized in the study. Both bivariate and multivariate Granger causalities based on Vector Error Correction Model (VECM) framework are adopted to empirically identify the co-movements among these Islamic stock markets. The study found that the Islamic stock markets of Indonesia, the UK, Japan, and the US are moving towards a greater level of integration. The Japanese Islamic stock market dominantly co-moved the Indonesian Islamic stocks, as compared to the UK and the US Islamic stock markets both in the bivariate and multivariate frameworks. This further implies that any developments in the Japanese financial market have to be given more consideration by the Indonesian authority in designing policy to stabilize and promote its Islamic stock market.DOI: 10.15408/aiq.v10i2.7288
Asymmetric Information and Non-Performing Financing: Study in The Indonesian Islamic Banking Industry
Ahmad Rodoni;
Bahrul Yaman
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v10i2.7392
The purposes of this study are: First, to analyze the indications of moral hazard and adverse selection on Indonesian Islamic commercial banks. Second, to analyze the influence of moral hazard and adverse selection on the Non Performance Financing of Indonesian Islamic banks. Two methods were used for this purpose, a qualitative content analysis approach derived from the results of interviews with the banker from the Islamic commercial banks. Besides that this study also uses Error Correction Model (ECM), with data taken from these listed Islamic banking from 2010 to June 2016. The results show that the indications of moral hazard have a positive effect on the non-performing financing (NPF) in the short run. The indication of the presence of moral hazard occurs at the long run on GDP variable, and the allocation of Murabaha financing (RM) has a positive effect on the mudharabah (FM) profit and loss sharing. The test results also show that adverse selection that represented by the profit sharing rate (PSR) has a positive effect on the level of risk sharing toward non-performing financing (NPF) in the long run.DOI: 10.15408/aiq.v10i2.7392
Cover Vol. 10 (2), July 2018
Jurnal Al-Iqtishad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v10i2.7996
Cover Vol. 10 (2), July 2018
Front Matter Vol. 10 (2), July 2018
Jurnal Al-Iqtishad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v10i2.7997
Front Matter Vol. 10 (2), July 2018
Corrigendum / Erratum / Retraction
Jurnal Al-Iqtishad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v10i2.7998
Retraction to:Sukmana, R. (2018). Determinantf of Credit and Financing Risk: Evidence of Dual Banking System in Indonesia. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics). Vol. 10 (1): 189-206. doi: 10.15408/aiq.v10i1.5903.This article has been retracted by the publisher based on the following reasonThis is based on the author's recognition to the editor that the author has committed acts of violation of publication ethics. The author has published a double publication by submitting the same article to two journals at the same time. The author admits that he forgot to have submitted the same article to another journal. This article also has published in the Journal of Islamic Financial Studies (Publisher: University of Bahrain) Vol. 3 (2), December 2017 (http://journals.uob.edu.bh/jifs/contents/volume-1115/articles/article-5448)This article has followed with the procedures that apply to journal management. The author has received the review results, and has improved the article according to the review result.One of the conditions of submission of a paper for publication in this journal is that authors declare explicitly that their work is original and has not appeared in a publication elsewhere, and also not considered by another journal. As such this article represents a severe abuse of the scientific publishing system. The scientific community takes a very strong view on this matter, and apologies are offered to readers of the journal that this was not detected during the submission process.
Back Matter Vol. 10 (2), July 2018
Jurnal Al-Iqtishad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v10i2.7999
Back Matter Vol. 10 (2), July 2018
HALAL INDUSTRY IN INDONESIA: ROLE OF SHARIA FINANCIAL INSTITUTIONS IN DRIVING INDUSTRIAL AND HALAL ECOSYSTEM
M. Aulia Rachman
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v11i1.10221
Halal market has emerged as a sector of new development and creating market potential in the global economy. Sharia Financial Institutions (SFI) has an important role as an intermediation between unit deficits and surpluses in the economy with sharia principles. As the development of halal products and industries make SFI have an important role in encouraging the growth, literacy and potential of the halal industry. In this paper we will present the ideas and roles of SFI in encouraging the potential of halal industry in Indonesia. The purpose of writing this paper is to provide an overview of the potential, prospects and literacy of the halal industry in Indonesia; and provide an overview and idea of the role of SFI sector in encouraging halal ecosystems and industries.Keywords: Islamic Financial Institutions, Halal Industry, Halal Ecosystem
Growth and Value Effect on Jakarta Islamic Index: Analysis towards Performance of Sharia Equity Mutual Fund
Sylva Alif Rusmita;
Marhanum Che Mohd Salleh
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v11i1.9670
This study provides evidence that value and stocks’ growth able to explain Net Asset Value of Shariah Mutual Fund. It is important for investment managers and investors to estimate future profit or loss that may happen on their mutual funds prior they venture into the investment platform. This study therefore is conducted to prove that factors including value and growth may affect the future profit of Shariah Mutual Funds. Based on quantitative analysis with secondary data from companies indexed in the Jakarta Islamic Index and Sharia Mutual Fund from year 2013 to 2017, it is found that both growth and value of stock have equally affected the profit of Sharia Mutual Funds. In addition, growth of stock has a larger R-Square than its value which means that the investors or fund managers would need to observe the stock growth more often than its value in order to predict future profitability of Shariah funds. It is expected that the results of this study can provide additional insight to investment managers when choosing a portfolio for investors. For investors, this information is useful to predict the risk and return that they will receive from the investment.
ISLAMIC MUTUAL FUNDS PROMOTIONAL ACTIVITIES: NORMAL APPROXIMATION OF BINOMIAL DISTRIBUTION AND TYPE I ERROR
Mohd Yaziz Bin Mohd Isa
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v11i1.9592
The paper applies normal approximation procedure to binomial probability distribution. A sample of 392 respondents are surveyed whether they agree or not agree that promotional activities determined the level of awareness of benefits of Islamic mutual funds. The paper hypothesizes the population mean µ of success effects of promotional activities at 68%, and attempts to reduce Type I error - the probability of rejecting null hypothesis when it is true.