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
Front Matter Al-Iqtishad. Vol. 10 (1), January 2018 Al-Iqtishad, Jurnal
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 10 No. 1 (2018)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v10i1.6488

Abstract

Front Matter Al-Iqtishad. Vol. 10 (1), January 2018
Back Matter Al-Iqtishad. Vol. 10 (1), January 2018 Al-Iqtishad, Jurnal
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 10 No. 1 (2018)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v10i1.6489

Abstract

Back Matter Al-Iqtishad. Vol. 10 (1), January 2018
Financial Stability of Islamic versus Conventional Banks in Pakistan Abrar, Tanveer; Ahmed, Farhan; Kashif, Muhammad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 10 No. 2 (2018)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v10i2.6500

Abstract

This study aims to analyze and compare the financial stability of Pakistani banks covering a timeframe of 5 years from 2012 to 2016. This study employs the financial soundness indicators of the International Monetary Funds and State Bank of Pakistan and the z-score index. The comparative analysis through average scores is performed using 3 indicators of financial stability namely Z-Score, Capital Adequacy Ratio (CAR) and Equity to Total Assets Ratio. The findings of the research reveal that (i) conventional banks are more financially stable than Islamic banks; (ii) large conventional banks are more financially stable than large Islamic banks; (iii) small Islamic banks are less stable than small conventional bank. The implication of this paper is that conventional banks have the potential of absorbing financial stability shock as compare to Islamic banks on the basis of stated financial soundness indicators and Z-Score specifically.DOI: 10.15408/aiq.v10i2.6500
Testing of The Gold’s Role as a Safe Haven and Hedge for Sharia Stocks in Indonesia Robiyanto, R.
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 10 No. 2 (2018)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v10i2.6527

Abstract

Gold as a commodity, since ancient time, is always viewed as a safe haven asset. This study tested the function of gold as a safe haven and hedge for sharia stocks in Indonesia. Data used in this study are a monthly closing of Jakarta Islamic Index (JII) on Indonesia Stock Exchange and monthly closing price of gold in the international market during May 2008 until September 2017. Data analysis was done by using OLS and QREG. The result of this study is gold can serve as a hedge for sharia stocks in Indonesia during the research period. The study further found that when extreme shocks occur in the Indonesian stock market, gold can serve as a safe haven asset for sharia stocks in Indonesia. Investor suggested shifting their assets into gold to secure their investment when stock market conditions experience a drastic decline.DOI: 10.15408/aiq.v10i2.6527
The Potential of Bait al-M l wa Tamwil (BMT) in Developing The Border Area of Indonesia - Malaysia Maulana, Muhammad Iqbal; Akbar, Nashr
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 11 No. 1 (2019)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v11i1.6834

Abstract

This research aims at investigating the potential of Bait al-Māl wa Tamwil (BMT) in the development of border areas of Indonesia-Malaysia by prioritizing the welfare approach. Primary data was obtained through in-depth interviews with respondents from academics, practitioners, and regulators. The Analytic Network Process (ANP) method and Benefit Opportunity Cost Risk (BOCR) network are used to review the interview results. The results reveal that BMT is able to help the development of the border areas. Moreover, the aspects of benefit and opportunity in exploiting BMT is more significant than the cost and risk aspects. There are three alternative strategies to be implemented in order to maximize the benefits and opportunities and also minimize the costs and risks, namely the capital of third parties, linkage programs, and special regulations. Penelitian ini mengkaji potensi Bait al-Māl wa Tamwil (BMT) dalam pembangunan di wilayah perbatasan Indonesia-Malaysia dengan memprioritaskan pada pendekatan kesejahteraan. Data primer penelitian ini diperoleh melalui wawancara mendalam dengan responden yang berasal dari akademisi, praktisi dan pembuat kebijakan. Metode Analytic Network Process (ANP) and Benefit Opportunity Cost Risk (BOCR) network digunakan dalam analisis hasil wawancara. Dalam studi ini ditemukan bahwa BMT berpotensi untuk dapat membantu pembangunan di wilayah perbatasan, Selain itu, aspek manfaat dan peluang dari pemanfaatan BMT lebih signifikan daripada kerugian dan resikonya. Ada tiga strategi alternative yang dapat diimplementasikan untuk memaksimalkan manfaat dan peluang dari BMT dan juga meminimalisir kerugian dan resikonya, yaitu modal pihak ketiga, keterkaitan antar-program, dan peraturan-peraturan khusus terkait.
Strategy of BAZNAS and Laku Pandai For Collecting and Distributing Zakah in Indonesia Andiani, Kartika; Hafidhuddin, Didin; Beik, Irfan Syauqi; Ali, Khalifah Muhamad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 10 No. 2 (2018)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v10i2.6943

Abstract

As an important and potential instrument for national development, Zakah will continue to require development innovations. One of the innovation is through cooperation between BAZNAS and Laku Pandai which aims to achieve Zakah inclusion so that the collection and distribution of Zakah in Indonesia can increase. This cooperation is still relatively young so the implementation still needs to identify the problem and strategy. This study aims to analyze the strategic priorities for BAZNAS in running cooperation with Laku Pandai. This study used SWOT-ANP method with respondents as many as five expert respondents. The strategies derived from this research are the result of the formulation of a combination of SWOT factors. The main findings of this study indicate that the main priority of the overall strategy is strengthening the synergy of BAZNAS with the Laku Pandai of sharia banking. The results of this study can be a reference for BAZNAS and Laku Pandai in formulating implementation strategies for this cooperation.DOI: 10.15408/aiq.v10i2.6943
Consumer’s Preference and Awareness: Comparative Analysis between Conventional and Islamic Ijarah Auto Financing in Pakistan Chhapra, Imran Umer; Ahmed, Afzal; Rehan, Raja; Hussain, Farasat
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 10 No. 2 (2018)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v10i2.7106

Abstract

A healthy banking industry plays a vital role in the economic stability, and banks success depends on its products. Therefore, this study aims at cognizing the consumer’s preference and awareness of Islamic Ijarah over the conventional lease in Pakistan. This research used regression as tools of analysis. The findings indicate that convenience is the prime determinant for preference of Ijarah over the lease. Moreover, all other factors except religion also support in the motivate selection of Islamic banking products. Therefore, it can be concluded that in Pakistan, religion is not the only fact motivates individuals to prefer Ijarah. Based on findings, it is recommended to relevant stakeholders to create more awareness among masses about Ijarah and to further ease out policies in order to harness optimum benefit.DOI: 10.15408/aiq.v10i2.7106
Modified Reverse Salam Product as an Innovative alternative for mobilizing fixed deposits in Jurisdictions with Limited Sharia Compliant Investment Avenues to Promote Financial Inclusion Muneeza, Aishath
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 11 No. 1 (2019)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v11i1.7111

Abstract

With the fintech (financial technology) solutions available in the market today, innovative ways to provide financial inclusion is needed. However, the most critical challenge in the arena is the limited availability of shariacompliant investment avenues in some of the jurisdictions of the world where Islamic banking and finance has not yet fully taken off. The main objective of this research is to introduce a universally accepted mechanism using salam, one of the least used Islamic finance contracts in Islamic commercial banking for mobilizing fixed deposits. This will be ideal to be used in jurisdictions with limited sharia-compliant avenues. This is exploratory legal research that aims to provide an adequate and effective product for the jurisdictions that aspires to have a sophisticated fixed return guaranteed investment products structured in a sharia-compliant manner. Simultaneously, the proposed product in this research will serve the less privileged community of the society whose commodities can be used as an underlying asset in structuring the product. However, this social impact of the product will differ depending on the jurisdiction in which it is applied and the decision of the financial institution in which the product is offered as it is there discretionary power to choose the underlying commodity used in the transaction. Fintech can also be fused with the suggested product, and as such, the product can be easily used by the population in physically remote locations in a convenient manner. Keberadaan solusi fintech di pasaran saat ini memerlukan adanya inovasi-inovasi untuk mewujudkan keuangan inklusif. Akan tetapi, tantangan yang paling serius dalam hal ini adalah terbatasnya cara investasi yang sesuai dengan syariah di beberapa yurisdiksi di dunia, dimana perbankan dan keuangan syariah belum sepenuhnya diadopsi. Tujuan utama dari penelitian ini adalah memperkenalkan mekanisme yang diterima secara universal dengan menggunakan salam, sebagai salah satu jenis kontrak keuangan yang paling jarang digunakan dalam perbankan komersial syariah untuk memobilisasi deposito dengan pengembalian tetap. Hal ini dapat menjadi ideal digunakan dalam yurisdiksi yang memiliki kesusaian syariah terbatas. Studi ini merupakan penelitian hukum eksploratori yang bertujuan untuk menawarkan produk yang tepat dan efektif bagi yurisdiksi yang berkeinginan untuk memiliki produk investasi terjamin dengan pengembalian tetap yang terstruktur dengan cara yang sesuai dengan syariah. Selain itu, produk yang ditawarkan ini akan dapat dimanfaatkan oleh komunitas yang kurang mampu dengan komoditas yang dapat digunakan sebagai asset dasar dalam penataan produk. Akan tetapi, dampak sosial dari produk ini akan berbeda-beda tergantung pada yuridiksi di mana ia diterapkan dan keputusan lembaga keuangan di mana produk tersebut ditawarkan. Hal ini karena adanya kekuatan diskresi untuk memilih komoditas dasar yang digunakan dalam transaksi. Fintech juga dapat digabungkan dengan produk salam, dan dengan demikian, produk tersebut dapat dengan mudah dimanfaatkan oleh populasi di lokasi-lokasi terpencil.
Islamic Bank Service Quality and Its Impact on Indonesian Customers’ Satisfaction and Loyalty Aisyah, Muniaty
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 10 No. 2 (2018)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v10i2.7135

Abstract

Islamic bank provides products that conform to sharia. When world financial crisis happened, it did not constrain Islamic banking due to its interest free system. However, in Indonesia, the growth of Islamic bank assets is still in the tenth rank with less than five percent of market share. Customers are still in doubt of its professionalism. Superiority in products and service quality remains in sufficient for customer satisfaction and loyalty. The data sets in this research were analyzed by using path analysis for testing the direct impact and sobel test for indirect impact. The result shows that Islamic bank service quality in Indonesia impacts customer satisfaction and loyalty. However, customer satisfaction does not impact customer loyalty, both directly and indirectly. It means that customers are still dissatisfied with the services provided by Islamic banks. This research recommends strategies for improving service quality and consumer confidence on the distinction of Islamic banking system.DOI: 10.15408/aiq.v10i2.7135
Causal Relationship Between Islamic Bonds, Oil Price and Precious Metals: Evidence From Asia Pacific Widad, Metadjer; Hadjer, Boulila
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 10 No. 2 (2018)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v10i2.7171

Abstract

Sukuk or Islamic bonds as new “Halal” securities had wildly expanded in Muslim and non-Muslim capital markets. So, this study aims to investigate the causal relationship between Islamic bonds (sukuk), oil and precious metals “silver and gold” prices in Asia pacific. This study used VAR model relying on daily data. The findings of Granger causality test and impulse-responses analysis results provide substantial evidence in favor of the relation between sukuk and the commodity market variables (oil, gold, and silver) meanwhile and unlike many empirical studies, don’t we have found that oil doesn’t cause changes in precious metals prices. Therefore, the idea that Islamic financial markets provide diversification benefits and they are safe havens during oil crisis cannot be supported empirically.DOI: 10.15408/aiq.v10i2.7171

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