cover
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
Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics)
ISSN : 2087135X     EISSN : 24078654     DOI : 10.15408/aiq.v14i1.
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
The Rulings on Capital Return Guarantees in Mudhârabah (Profit Sharing) Contracts: A Comparative Study Between The AAOIFI Sharia Standards and The DSN-MUI Fatwas Agus Putra, Panji Adam; Saripudin, Udin; Nurrachmi, Intan
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 15, No 1 (2023)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.30494

Abstract

Abstract. This study aims to identify and analyze the legal constructions of capital guarantees in the AAOIFI Sharia Standards and the DSN-MUI Fatwas. This is normative legal research with a specific comparative approach. This research shows that the rulings of the AAOIFI Sharia Standards are more reassuring and prioritize the principle of ihtiyāth (precaution). Meanwhile, the legal provision of the DSN-MUI fatwas, allowing the capital manager to guarantee a return on business capital, is a commitment in the form of tabarru from the fund manager. T he commitment should be fulfilled since it is a wa’ad mulzim (binding promise). T his legal provision of the DSN-MUI Fatwas is a form of innovative ijtihad that seems different from the opinions of most scholars used as the legal basis of the AAOIFI. However, the DSN-MUI’s fatwa is supported by various arguments and is more applicative. Abstrak. Penelitian ini bertujuan untuk mengetahui dan menganalisis konstruksi hukum jaminan modal dalam Standar Syariah AAOIFI dan Fatwa DSN MUI. Penelitian ini merupakan penelitian hukum normatif dengan pendekatan komparatif. Penelitian ini menunjukkan bahwa ketentuan Standar Syariah AAOIFI lebih tepat dan mengedepankan prinsip ihtiyāth (kehati-hatian). Sedangkan ketentuan hukum fatwa DSN-MUI yang memperbolehkan pengelola modal dengan jaminan pengembalian modal adalah komitmen dalam bentuk tabarru dalam pengelolaan dana. Komitmen tersebut harus dipenuhi karena merupakan wa’ad mulzim (janji mengikat). Ketentuan hukum Fatwa DSN MUI ini merupakan bentuk ijtihad inovatif yang nampaknya berbeda dengan pendapat kebanyakan ulama yang dijadikan landasan hukum AAOIFI. Namun, fatwa DSN-MUI didukung oleh berbagai argumentasi dan lebih aplikatif.
Human Resource Management Practices on Employee Commitment: Indonesia Islamic Banking Noor, Juliansyah; Soleh, Soleh; Faittaahumi, Meita
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 15, No 1 (2023)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.32018

Abstract

Abstract.This article discusses organizational commitment in the context of Islamic banking. Specifically, we explored whether organizational commitment relates to its human resource management practices. In addition, it will also examine the role of perceived organizational support in this relationship. To achieve this goal, we conducted an online survey at one of the branches of the largest Islamic bank in Indonesia. Data were analyzed using structural equation modeling-partial least squares (SEM-PLS). The results showed that there were problems with human resources management (HRM) practices, perceived organizational support, and organizational commitment from Islamic banks, resulting in high turnover potential. Specifically, HRM practices and perceived organizational support were positively and significantly related to organizational commitment. However, perceived organizational support only mediated the relationship between HRM practices and normative and affective commitment, but not for the relationship between HRM practices and continuance commitment.Abstrak. Artikel ini membahas tentang persepsi karyawan terhadap dukungan organisasi. Studi ini menggunakan survei online di salah satu cabang bank syariah terkemuka di Indonesia. Data dianalisis menggunakan model persamaan struktural-partial least square (SEM-PLS). Hasil penelitian menunjukkan masalah dengan praktik manajemen sumber daya manusia (SDM), dukungan organisasi yang dirasakan, dan komitmen organisasi dari bank syariah, menghasilkan potensi turnover yang tinggi. Praktek HRM dan dukungan organisasi dirasakan secara positif dan signifikan berhubungan dengan komitmen organisasi. Namun, dukungan organisasi hanya memediasi hubungan antara praktik HRM dan komitmen normatif dan afektif, tetapi bukan hubungan antara praktik HRM dan komitmen berkelanjutan.
Does Spiritual Leadership Matter for Enhancing Performance of Sharia-Compliant Hotel Employees in Aceh, Indonesia? Spiritual and Economical Motivation as Mediators Murkhana, Murkhana; Idris, Sofyan; Abd. Majid, M. Shabri; Agustina, Maulidar
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 15, No 1 (2023)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.30910

Abstract

Abstract. This study explores the role of spiritual leadership in enhancing the spiritual and economic motivation and the performance of employees of Sharia compliant hotels in Banda Aceh, Indonesia. There are 330 employees of the selected Sharia-compliant hotels selected as the study's sample using a purposive sampling technique. The study found the important role of spiritual leadership in enhancing spiritual and economic motivation and employee performance. Additionally, spiritual leadership affects employees' performance indirectly through motivation. Thus, hotel management could improve employee performance by enhancing spiritual and economic motivation and spiritual leadership. Abstrak. Penelitian ini bertujuan untuk mengeksplorasi peran kepemimpinan spiritual dalam meningkatkan motivasi spiritual dan motivasi ekonomi serta kinerja karyawan hotel syariah di Banda Aceh, Indonesia. Sebanyak 330 karyawan hotel syariah telah dipilih sebagai sampel penelitian ini dengan menggunakan teknik purposive sampling. Penelitan ini menemukan peran penting kepemimpinan spiritual dalam meningkatkan motivasi spiritual dan motivasi ekonomi serta kinerja karyawan. Selain itu, kepemimpinan spiritual mempengaruhi kinerja karyawan secara tidak langsung melalui motivasi. Dengan demikian, manajemen hotel dapat meningkatkan kinerja karyawan dengan meningkatkan motivasi spiritual dan motivasi ekonomi serta kepemimpinan spiritual.
Sharia Audit Challenges in Malaysian Islamic Financial Institutions Shahid, Mohammad; Khaliq, Ahmad; Hassan, Rusni
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 15, No 1 (2023)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.26014

Abstract

Abstract. Sharia Auditing in Islamic Financial Institutions (IFIs) poses several challenges, for example, lack of standardization, harmonization in Sharia standards, and incompetent Sharia auditors. Addressing these challenges is critical to ensuring the sustainability and growth of IFIs in Malaysia. This study aims to discuss the problems and challenges of Sharia auditing in IFIs. This study used a qualitative method by distributing questionnaires to 40 practitioners from several IFIs engaged in Islamic audit services through a purposive sampling procedure. T he research findings show that the awareness of the Sharia audit is satisfactory in the absence of a separate audit report. In addition, Sharia audit should be integrated into college accounting; comprehensive Sharia audit framework and standards; regulatory/professional bodies; and professional certification in Sharia audit.Abstrak. Audit Syariah di Lembaga Keuangan Islam (LKI) menimbulkan beberapa tantangan, misalnya kurangnya standarisasi, harmonisasi dalam standar Syariah dan auditor Syariah yang tidak kompeten. Mengatasi tantangan ini sangat penting untuk memastikan keberlanjutan dan pertumbuhan LKI di Malaysia. Penelitian ini bertujuan untuk membahas masalah dan tantangan audit syariah di IFI. Penelitian ini menggunakan metode kualitatif dengan menyebar kuesioner kepada 40 praktisi dari beberapa LKI yang bergerak di bidang jasa audit Syariah melalui prosedur purposive sampling. Temuan penelitian menunjukkan bahwa kesadaran audit Syariah cukup memuaskan dengan tidak adanya laporan audit yang terpisah. Selain itu, audit Syariah harus diintegrasikan ke dalam akuntansi perguruan tinggi; kerangka dan standar audit syariah yang komprehensif; badan pengatur/profesional; dan sertifikasi profesi dalam audit Syariah.
The Constraints in Shariah-Compliant Asset-Backed Securities Issuance at Islamic Banking Industries in Indonesia Supyadillah, Asep; Maulana, Muhammad Al-Fayyadh; Fisabilillah Miswin, Nur Ilhamillaili
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 15, No 1 (2023)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.32287

Abstract

Abstract. The paper examines the responses of Islamic bank executives in Indonesia on constraints precluding the Sharia-compliant Asset-backed Securities (SABS) issuance, especially from sharia and legal perspectives. This research uses socio-legal and inductive approaches, analyzed with content analysis. The research f inds that, first, despite its necessity, the SABS concept brings risks and constraints in its implementation. Second, the constraints to SABS issuance include the difficulties in procuring assets. Third, the constraints in the legal aspect include the basis of bank authority to sell assets to SABS issuers, the types of assets, the transfer process to special purpose vehicles (SPV), the dubiety in the clauses managing bankruptcy remoteness and perfection of security interest, and the problems of accounting, asset bookkeeping, and taxation.Abstrak. Artikel ini menganalisis respon pelaku industry bank syariah di Indonesia terhadap kendala pada penerbitan Efek Beragun Aset Syariah (EBAS), dari perspektif syariah dan hukum. Penelitian ini menggunakan pendekatan sosio-hukum dan induktif, dengan analisis konten. Penelitian menemukan, pertama, sekalipun secara konsep dibutuhkan dan bermanfaat, EBAS berhadapan dengan potensi risiko dan hambatan dalam implementasinya. Kedua, kendala penerbitan EBAS antara lain kesulitan pengadaan aset. Ketiga, kendala aspek hukum meliputi dasar kewenangan bank untuk menjual aset kepada penerbit EBAS, jenis aset yang menjadi dasar penerbitan EBAS, proses pengalihan aset ke Special Purpose Vehicle (SPV), ketidak jelasan ketentuan bankcruptcy remoteness and perfection of security interest, serta masalah akuntansi, pencatatan aset, dan perpajakan.
THE DEVELOPMENT OF STOCK ENDOWMENTS AS ONE OF THE PHILANTHROPIES FOR MUSLIM INVESTORS Nadia Ulfa
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 15, No 1 (2023)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.31806

Abstract

Since the inauguration of the stock waqf by the Indonesia Stock Exchange in 2019 and along with the large number of sharia investors reaching 117,942 investors in 2022, it has considerable potential in stock endowments. The purpose of this study is to determine the development of stock endowments for Muslim investors. Using qualitative research methods using normative juridical approaches, collection techniques: primary data comes from literature studies and secondary data comes from distributing questionnaires to stock investors. The results of this discussion can be concluded that the existence of stock waqf is a description of money waqf that has been practiced by the public before the MUI fatwa in 2002 concerning money endowments, then stock endowments were officially launched by IDX in 2019. Based on the questionnaire distributed to investors, investors more dominantly answered that they already knew the stock endowments, then the existence of Law No. 41 of 2004 had been recognized but the distribution was more dominant assuming it was not distributed properly. And there is only 1 person who has ever endowd shares.
SHARIA AND POLITICS IN REGULATING SHARIA ECONOMY IN ACEH: EXCLUSIVITY OR INCLUSIVITY? Khamami Zada
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 15, No 1 (2023)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.32358

Abstract

Along with the widespread application of Islamic law, the Government of Aceh implemented an exclusive zone for the application of sharia economics. The issuance of Qanun No. 11/2018 concerning Islamic Financial Institutions emphasizes the exclusivity of the Islamic economy in Aceh. This paper aims to discuss the implementation of the Qanun of Islamic Financial Institutions from a public policy perspective. Data was collected through interviews with the heads of the Islamic Sharia Office, academics, non government activist, and stakeholders of Islamic financial institutions in Aceh. The data is then analyzed using an interpretive policy analysis approach. The results of the study found that the sharia economic exclusivity in Aceh was a public policy that began with the appearance of inputs in society in the form of demands and support that entered the political system. This is based on the fading of sharia values in the practice of the people of Aceh, giving rise to demands to restore Islamic identity within the local government framework. Through the conversion process, this demand produces output in the form of an exclusive public policy in implementing Islamic finance in Aceh. This policy has implications for people's difficulties in accessing inclusive finance, which can have an impact on the welfare of the people of Aceh.  
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.

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