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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 707 Documents

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Non-Performing Finance in Sharia Financial Institutions in Indonesia: A Case Study Of BPRS Adeco (Aceh Development Corporate) Nur Hidayah; Tabrani Tabrani
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

High level of Non-Performing Finance (NPF) has become one of risks facing intermediary financial institutions including Islamic banks. Indonesia’s Financial Authority found that NPF ratio of Islamic banks is relatively higher (4,12%) that the one of conventional banks (2,96%) (OJK 2017). Literature indicate the influence of bank’s internal and external factors on high NPF. This study aims to analyze the factors that influence the high level of NPF and its settlement and strategies to reduce the level of NPF in Sharia Rural Banking (BPRS/Bank Perkreditan Rakyat Syariah). Taking BPRS Adeco (Aceh Development Corporate) in Langsa City District, Aceh, as a case study, this research takes a qualitative approach. Through a survey to 26 BPRS Adeco employees and semi-structured interviews with 4 employees, this study found three factors leading to an increase in the NPF ratio, namely weak bank’s financing risk management, changing economic conditions and regulations, and the conditions of customers who are vulnerable to socio-economic change. It found that the NPF can be gradually resolved by intensifying the communication to the delinquent customers followed by policies of restructuring the customers’ financing. It also found that the strategies to reduce NPF ratios include improving bank risk financing management, upgrading the quality of human resources in risk management, and providing business mentoring and coaching to the customers. It can be concluded that the strategies made by the BPRS ADECO succeeded in reducing the NPF rate from 15.62% in the June 2012 period to 3.60% in the December 2018 period. The finding implies that Islamic financial institutions, including BPRS, urgently need good finance risk management, particularly in monitoring the financed customers’ business and in mitigating external conditions of the economy and their changing related regulations in order to settle the problem of non-performing finance and to strengthen their finance risk management.

PUBLIC WILLINGNESS TO PAY FOR HALAL CERTIFIED BEEF Muhammad Dzakir Fiqi; Darwanto Darwanto
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

This research aims at analyzing the scale of public willingness to pay and the influence of age, income, awareness, perception, and religiosity on their willingness to pay the halal certified beef. This research was conducted in Jakarta with purposive sampling method and 100 respondents. The analysis method used in this research is descriptive statistical analysis, contingent valuated method and logit regression. The results show that 77 of respondents are willing to pay more for halal certified beef, while the other 23 are not. The average value of WTP obtained is 7% of the price of ordinary meat. The result of logit regression analysis shows that awareness variable has significant effect on willingness to pay halal certified beef, while the income, age, perception, and religiosity have no significant effect.

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

Disharmonization of Wakalah Agreement in Law Number 34 of 2014 and The DSN-MUI Fatwa Number 122/DSN-MUI/II/2018 Hasan Ali
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Disharmonization of Wakalah Agreement in Law Number 34 of 2014 and The DSN-MUI Fatwa Number 122/DSN-MUI/II/2018. BPKH as a Hajj financial management institution in Indonesia has an essential role in evolving the Hajj Fund. With the biggest potential of Muslims in the world, Indonesia can administrate hajj finances in a larger scope by investing hajj finances on business lines which has accordance towards sharia principles. In contrast, the wakalah agreement as the basis used between the prospective pilgrims to the BPKH institution is interpreted differently between Law Number 34 of 2014 and the DSN-MUI Fatwa Number 122/DSN-MUI/II/2018 so it causes disharmony in the two laws. Differences in the role interpretation of representatives in both of these invasions have legal consequences in the form of differences in the recipient of responsibilities involving the government and BPKH as the hajj financial manager if they experience investment failure. This study uses qualitative methods with secondary data in the form of legislation, related books, and non-legal materials. The used technique is content analysis with normative juridical research themes that analyze principles and legal systematics.

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.

Political Economy From the Perspective of Ibn Khaldun Moch Bukhori Muslim; Saepullah Saepullah; Any Widayatsari
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Te political economy encompasses the management of revenues and spending to achieve the social welfare of the community. Hence, development is not solely emphasized economic growth but also equity. Tis article discusses the political economy according to Ibn Khaldun, written in his book, Muqaddimah. Tis study concludes that that political budgets must be carried out in a balanced manner by establishing budget certainty and increasing the discipline in use of the budget. Legislators make laws, referring to the creation of income sources so that the community will be able to meet their needs independently, and thegovernment can gather capabilities to carry out their duties and functions. Ibn Khaldun saw budget management as a means to solve public matters while also factoring the interests of rulers and governments.

The Potential of Bait al-M l wa Tamwil (BMT) in Developing The Border Area of Indonesia - Malaysia Muhammad Iqbal Maulana; Nashr Akbar
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Indonesia border area (West Kalimantan, Sambas) - Malaysia (Sarawak) is a potential area. Strategic location and direct borders with other countries such as Malaysia make this area easy to interact economically with neighboring countries, either in the form of Asean Economic Community (MEA) or Brunei Indonesia Malaysia Philippines - East Asian Growth Area (BIMP - EAGA). But the reality is there are still socio-political and economic disparities. An unanticipated social and economic gap will interfere and affect the pattern of national development strategies, and affect national interests. Therefore, the border area of Indonesia (West Kalimantan, Sambas) - Malaysia (Sarawak) should be built and developed in order to eliminate the gaps that occur. This research tries to know the potential of Baitul Mal wa Tamwil (BMT) in developing border area of Indonesia - Malaysia by prioritizing welfare approach. The decision framework is structured using the ANP approach of the Benefit Opportunity Cost Risk (BOCR) network. All BOCR elements are reviewed from a community perspective and obtained through in-depth interviews with experts (academics), regulators, and practitioners. The results of this study conclude that the benefits and opportunities aspects have significantly more weight than the load and risk aspects. Alternative strategies are also proposed in this study to maximize benefits and opportunities and minimize costs and risks. An alternative strategy considered to be the first priority to be implemented according to respondents is the capital of third parties.Keywords: ANP-BOCR, BMT, Border Area

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Nur Hidayah

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

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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