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Jurnal Ekonomi Syariah Teori dan Terapan
Published by Universitas Airlangga
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Core Subject : Economy,
Jurnal Ekonomi Syariah Teori dan Terapan (JESTT) accepts original manuscripts in the field of Islamics Economics, including research reports, case reports, application of theory, critical studies and literature reviews.
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Articles 1,152 Documents
Journal Cover Vol 7, No 2 (2020) Journal Cover
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 2 (2020): Februari-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20202pp%p

Abstract

THE MARKET REACTION OF THE STOCK SPLIT IN INDONESIAN AND MALAYSIA SHARIA CAPITAL MARKETS FOR THE 2015-2019 PERIOD Fadlilah Fadlilah; Bayu Arie Fianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 4 (2020): April-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20204pp734-744

Abstract

This study aims to determine the market reaction to the stock split in the market. This research uses a quantitative approach using the event study method to analyze market reactions to an event. The analysis technique uses the One Sample t-Test to see market reactions and the Independent Sample t-Test to determine whether there is a difference between the Indonesian and Malaysian Islamic capital markets with a 21-day observation period consisting of 10 days before the stock split announcement (t -10), day of stock stock announcement (t0 or t = 0), and 10 days after stock split announcement (t + 10). The results of this study, based on statistical tests with α = 5%, found a significant abnormal return around the stock split announcement on the Indonesian Islamic capital market. AAR significant as much as 4 days and CAAR significant as much as 18 days during the observation period. In the Malaysian Islamic capital market, abnormal returns were also found to be significant around the stock split announcement. AAR is significant for 3 days during the observation period, 1 day before the announcement of the stock split, during the announcement of the stock split, and 1 day after the announcement of the stock split. A significant CAAR of 19 days during the observation period. In the independent sample t-test, AAR Indonesia and Malaysia obtained sig. (2-tailed) of 0.658. In the CAAR test, Indonesia and Malaysia obtained sig. (2-tailed) of 0.563. So there is no difference between the Indonesian and Malaysian sharia capital market reactions.Keywords: Market Reaction, Stock Split, Abnormal Return, Event StudyREFFERENCE Azizah, Faradilla Zulfa. (2019). Abnormal return dan volume perdagangan saham sebagai reaksi pasar terhadap stock split emiten consumer goods di Indeks Saham Syariah Indonesia (ISSI) periode 2015-2018. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Darmadji, Tjiptono, and Hendy M. Fakhrudin. (2011). Pasar modal di Indonesia. Jakarta: Salemba Empat.Fatimatuzahra, Vita. (2014). Reaksi pasar atas penerbitan sukuk (studi pada emiten saham penerbitan sukuk periode (2008-2012). Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Ghazali, Zahiruddin, Fauziah Md Taib, and Noraini Othman. (2014). Reminiscing Stock Splits Announcement: A Malaysia Case. International Journal of Business, Economics and Management, 1(7), 136-145.Hartono, Jogiyanto. (2014). Teori portofolio dan analisis investasi. Yogyakarta: BPFE.Hasna, Chotyahani. (2010). Analisis pengaruh stock split terhadap harga saham pada perusahaan Go Public di Bursa Efek Indonesia. Skripsi tidak diterbitkan. Semarang: Universitas Diponegoro.Jasmine, Aldila Vania. (2015). Reaksi atas stock split pada emiten saham syariah di BEI periode 2011-2014. Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Mardani. (2015). Aspek hukum lembaga keuangan syari'ah di Indonesia. Jakarta: Kencana.Mittal, Dr. Swati. (2015). Stock Market Reactions to Announcements of Stock Splits. Journal of Management Sciences and Technology, 2(2), 52-58.P.J, Jijo Lukose, and S. Narayan Rao. (2001). The market reaction to stock splits - an emperical study, The ICFAI Journal of Applied Finance.Pebrianingrum, Fifi. (2019). Analisis reaksi pasar terhadap pengunguman penerbitan sukuk (studi kasus pada emiten yang menerbitkan sukuk dan terdaftar di Bursa Efek Indonesia periode tahun 2007-2018). Skripsi tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Samudra, Suryadi, and dkk. "Analisis Efisiensi Pasar Modal Pada Indeks Saham Syariah Di Bursa Efek Indonesia. Jurnal Katalogis, 4(6), 134-142.Soemitra, Andri. (2016). Bank dan lembaga keuangan syariah. Jakarta: Kencana.Sutedi, Adrian. (2011). Pasar modal syariah sarana investasi keuangan berdasarkan prinsip syariah. Jakarta: Sinar Grafika.Tandelilin, Eduardus. (2010). Portofolio dan investasi teori dan aplikasi. Yogyakarta: Kanisiu.Wijanarko, Iguh. (2012). Analisis pengaruh pemecahan saham (stock split) terhadap likuiditas saham dan return saham (study kasus pada perusahaan yang terdaftar BEI Periode 2007-2011). Skripsi tidak diterbitkan. Semarang: Universitas Diponegoro.Yosef, Bar, and lawrence D. Brown. (1977). A reexamination of stock splits using moving betas." The Journal of Finance, 32(4), 1069-1080.
THE DETERMINANT ANALYSIS OF PROFITABILITY IN THE SHARIA BANKING INDUSTRY IN 2011-2018 USING AUTO REGRESSIVE DISTRIBUTED LAG (ARDL) APPROACH Gita Martha Permatasari; Dian Filianti
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 6 (2020): Juni-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20206pp1102-1117

Abstract

This study aims to determine the influence of the Macro Economy, namely GDP and Inflation and Bank Characteristics, namely CAR, FDR, NPF, BOPO and Size on the Profitability of the Sharia Banking Industry in Indonesia in the 2011 - 2018 Period. The data used are secondary data, namely quarterly data obtained from the official website of Bank Indonesia (www.bi.go.id), Badan Pusat Statistik (www.bps.go.id), and Statistik Perbankan Syariah reports published by OJK (www.ojk.go.id). The sampling method used was purposive sampling method. The analysis technique uses the ARDL (Autoregressive Distributed Lag) model with statistical tools EViews 9. The results of the study show that in the short term of the GDP, Inflation, BOPO, Size variables, they have a significant effect on the profitability of the Sharia Banking Industry and the CAR, FDR, NPF variables have no significant effect on profitability of Islamic Banking Industry. Meanwhile in the long run of the GDP, BOPO, Size variables, they have a significant effect on the profitability of the Sharia Banking Industry and the Inflation, CAR, FDR, NPF variable does not significantly influence the profitability of the Sharia Banking Industry.Keywords: Profitability, Sharia Bank, ARDLREFFERENCE Alharbi, Ahmad Thabet. (2017). Determinant of Islamic banks’ profitability: International evidence. International Journal of Islamic and Middle Eastern Finance and Management, 10(3), 331-350. DOI: https://doi.org/10.1108/IMEFM-12-2015-0161Abdurrahman dan Ahmad. (2018). Metode penelitian muamalah. Jakarta: Salemba Diniyah. Ali, Khizer. et. al. (2011). Bank specific and macro economic indicators of profitability empirical evidence from commercial banks Pakistan. International Journal of Business and Sosial Science, 2(6), 235-242.Almunawwaroh, Medina dan Marliana, Rina. (2018). Pengaruh CAR, NPF dan terhadap profitabilitas bank syariah di Indonesia. Amwaluna: Jurnal Ekonomi dan Keuangan Syariah, 2(1), 1-18.Boediono. (2004). Ekonomi moneter. Yogyakarta: BPFE.Dendawijaya, Lukman. (2009). Manajemen perbankan. Jakarta: Penerbit Ghalia Indonesia.Djamil, Faturrahman. (2012). Penyelesaian pembiayaan bermasalah di bank syariah. Sinar Grafika: Jakarta.Harahap, Sofyan Syafri. (2009). Teori kritis laporan keuangan. Jakarta: Bumi Aksara. Jumingan.Haron, Sudin. (2004). Determinant of Islamic Bank Profitability. Global Journal of Finance and Economics, 1(1), 1-22.Hasibuan, Drs. H. Malayu S.P. (2007). Dasar-dasar Perbankan. Jakarta: PT Bumi Askara.Kasmir. (2012). Analisis laporan keuangan. Jakarta: Rajawali Pers.Madura, Jeff. (2007). Introduction to business, edisi keempat. Jakarta: Salemba Empat.Masood, Omar and Muhammad Ashraf. (2012). Bank-spesific and macroeconomics profitability determinants of Islamic banks: The case of different countries. Qualitative Research in Financial Markets, 4(2/3), 255-268. DOI: https://doi.org/10.1108/17554171211252565Nusantara, Ahmad Buyung. (2009). Analisis pengaruh NPL, CAR, LDR dan BOPO terhadap profitabilitas bank. Tesis tidak diterbitkan. Semarang: Universitas Diponegoro.Otoritas Jasa Keuangan. (2018). Statistik perbankan syariah. Diakses melalui www.ojk.go.id.Peraturan Bank Indonesia Nomor: 2/ 8 /PBI/2000.Rani, Lina Nugraha. (2013). Analisis faktor-faktor yang mempengaruhi non performing financing pada perbankan syariah di Indonesia periode 2003-2013. Tesis tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Ramlall, I. (2009). Bank-Specific, Industry Specific and Macroeconomic Determinants of Profitability in Taiwanese Banking System: Under Panel Data Estimation. International Research Journal of Finance and Economics, (34), 160- 167.Republik Indonesia. Undang-Undang No. 21 Tahun 2008 Tentang Perbankan Syariah.Rivai dan Andira. (2009). Bank and financial institution management. Jakarta. PT Raja Grafindo Persada. Riyadi, S. (2006). Banking assets and liability management, edisi ketiga. Jakarta: FE UI.Sahara, Ayu Yanita. (2013). Analisis pengaruh inflasi, suku bunga BI dan produk domestik bruto terhadap Return On Asset (ROA) bank syariah di Indonesia. Jurnal Ilmiah Mahasiswa UNESA.Samuelson, Paul A. Dan William D Nordhaus. (2004). Ilmu makroekonomi, edisi ketujuhbelas. Jakarta: PT Media Global Edukasi.Sodiq, Amirus. (2015). Pengaruh variabel makro ekonomi terhadap profitabilitas bank syariah di Indonesia periode 2009-2014. Jurnal Bisnis dan Manajemen Islam, 3(2), 343-363.Sugiyono. (2015). Metode penelitian kuantitatif, kualitatif, dan R&D. Bandung: Alfabeta.Sukirno. (2006). Ekonomi pembangunan: Proses, masalah, dan dasar kebijakan. Jakarta: Kencana.Suryani dan Hendryadi. (2016). Metode riset kuantitatif. Jakarta: PT. Fajar Interpretama Mandiri.Widyaningrum, L dan Siswantoro, D. (2014). Analysis the Effect of macroeconomic indicators and specific-firm characteristic as determinant profitability of Islamic banks in Asia. Journal Islamic Economic and Busines, 2(2), 85-97.Zulifiah, Fitri dan Joni Susilowibowo. (2014). Pengaruh inflasi, BI Rate, CAR, NPF, BOPO terhadap profitabilitas bank syariah 2008-2012.Jurnal Ilmiah Mahasiswa UNESA.
THE IMPLEMENTATION ANALYSIS OF THE CONCEPT OF ISLAMIC FAIRNESS IN THE BUSINESS FROM THE PERSPECTIVE OF TRADERS AT AZ-ZAITUN I SHARIA MARKET SURABAYA Dandi Setiabakti; R. Moh. Qudsi Fauzi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 1 (2020): Januari-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20201pp21-34

Abstract

The aim of this research was to describe the implementation of the concept of Islamicfairness in business by traders of the Az-Zaitun I Surabaya Sharia Market. This research uses qualitative approach with descriptive case study strategy. The primary data obtained using purposive sampling through interviews. Participatory observation also conducted to the traders. Secondary data is obtained from textbooks, scientific journals, and online articles that are relevant to this research. Then, triangulation conducted and analyzed to get the conclusion. The result of this study shows that the traders of the Az-Zaitun I Surabaya Sharia Market apply all of fair concept according to the three meanings of fairness, namely equal, proportional, and divine orientation. The conclusion is even though it doesn't have a market supervisor, The Az-Zaitun I Surabaya Sharia Market has applied the three meanings of Islamic fairness, namely equal, proportional, and divine orientation.Keywords: Islamic Fairness, Equal, Proportional, and Divine Orientation.REFFERENCES Al-Qur’an dan Terjemahannya. (2005). Departemen Agama Republik Indonesia, Edisi Baru Cetakan 2005. Jakarta: Pustaka Amani Jakarta.Al-Albani, M. Nashiruddin. (2005). Ringkasan shahih muslim. Cetakan Pertama. Terjemahan Elly Lathifah. Jakarta: Gema Insani Press.Al-‘Asqalani, Al-Hafidzh Ibnu Hajar. (2007). bulughul maram ta’liq dan takhrij: berdasarkan kitab-kitab syaikh muhamad nashiruddin al-albani dan syaikh ahmad syakir. Cetakan Pertama. Terjemahan Zaid Muhammad., dkk. Jakarta: Pustaka as-sunnah.Aziz, Abdul. (2013). Etika bisnis perspektif islam, implementasi etika bisnis islami untuk dunia usaha. Cetakan Pertama. Bandung: CV. ALFABETA.Djamil, Fathurrahman. (2015). Hukum ekonomi Islam: sejarah, teori, dan konsep. Cetakan Kedua. Jakarta: Sinar Grafika.Haritsi, Jaribah bin Ahmad Al. (2006). Fikih ekonomi Umar bin Al-Khattab. Cetakan Pertama. Terjemahan Asmuni Solihan Zamakhsyari. Jakarta: Pustaka Al-kautsar.Jusmaliani, dkk. (2008). Bisnis berbasis syariah. Cetakan Pertama. Jakarta: Bumi Aksara.Karim, Adiwarman A. (2014). Ekonomi mikro Islam. Edisi Kelima Cetakan Keenam. Jakarta: Rajawali Pers.Khadduri, Majid. (1999). Teologi keadilan. CetakanPertama. Terjemahan Zoerni, H. Mochtar dan Kahhar, Joko S. Surabaya: Risalah Gusti.Muslich. (2007). Bisnis syariah perspektif mu’amalah dan manajemen. Cetakan Pertama. Yogyakarta: Unit Penerbitan dan Percetakan Sekolah Tinggi Ilmu Manajemen YKPN.Nawawi, Ismail. (2012). Fikih muamalah klasik dan kontemporer hukum perjanjian, ekonomi, bisnis, dan sosial. Cetakan Pertama. Bogor: Ghalia Indonesia.Pusat Pengkajian dan Pengembangan Ekonomi Islam (P3EI) Universitas Islam Indonesia Yogyakarta. (2012). Ekonomi Islam. Edisi Pertama Cetakan Keempat. Jakarta: Rajawali Pers.Ramdan, Anton. (2013). Etika bisnis dalam Islam. Edisi Pertama Cetakan Pertama. Jakarta: Bee Media Indonesia.Shaukat, Mughees., Rahman, Mohammad Saeed., Luka, Saji. (2017). The nexus between business ethics and economics justice: an Islamic framework. Journal of Economic Development, Management, IT, Finance and Marketing, 9(1), 1-11. (https://search.proquest.com/docview/1861052108?accountid=50637, Diakses 8 Januari 2018).Shihab, M. Quraish. (1998). Wawasan al-qur’an: tafsir maudhu’i atas pelbagai persoalan umat. Cetakan kedelapan. Bandung: Mizan.S, Jai. (2013). Feature: masuk pasar  seperti masuk taman. (http://tanahapikata.blogspot.com, diakses tanggal 27 Juni 2018).Sugiyono. 2010. Metode penelitian bisnis (pendekatan kuantitatif, kualitatif, dan R&D). Cetakan ke-15. Bandung: Alfabeta.Suharso dan Retnoningsih, Ana. (2011). Kamus Besar Bahasa Indonesia (KBBI). Edisi Lux. Cetakan keenam. Semarang: Widya Karya.Tarmizi, Erwandi. (2016). Harta haram muamalat kontemporer. –Cet. Ke-12. Bogor: PT Berkat Mulia Insani.
MOSQUE-BASED EMPOWERMENT THROUGH CORPORATE SOCIAL RESPONSIBILITY FUNDS (CASE STUDY OF UMMAD ACTION PROGRAM) Nurendahsari Gunawan; Siti Inayatul Faizah
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 2 (2020): Februari-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20202pp332-344

Abstract

This study aims to understand the implementation of mosque-based empowerment through CSR (Corporate Social Responsibility) funds in improving the economic benefit of the people around the mosque. This study uses a qualitative approach with an exploratory case study strategy. The object of this study is Ummad Action Program, which was initiated in 2017 by the Financial Services Authority (OJK). The results of this study are that each partner knows and agrees with the background, goals, and benchmarks of program success. However, each partner has not been optimal in carrying out their duties and responsibilities. Moreover, the success of the Ummad Action Program can be assessed in terms of the benefits felt by the congregation, including the category of success with several evaluations.Keywords: Empowerment, Corporate Social Responsibility, Mosque, Financial Services Authority (OJK).REFFERENCE Al-Quran dan Terjemahannya. (2015). Jakarta: Departemen Agama Republik Indonesia.Badan Pusat Statistik Kota Surabaya. Statistik Daerah Kota Surabaya (2018). Katalog: 1101002.3578 https://surabayakota.bps.go.id/publication/2018/10/29/d9795f386e95ea222325f428/statistik-daerah-kota-surabaya-2018.html Diakses pada 21 April 2019__________. Berita Resmi Statistik: Profil Kemiskinan di kota Surabaya tahun 2018.  https://surabayakota.bps.go.id/pressrelease/2018/12/26/119/profil-kemiskinan--di-kota-surabaya-tahun-2018.html Diakses pada 21 April 2019Erna, Setijaningrum. (2017). Program terpadu penanggulangan kemiskinan di Kota Surabaya. Masyarakat, Kebudayaan dan Politik, 30(1), 13-19.Hasyim, Sukarno L. (2016). Strategi masjid dalam pemberdayaan ekonomi umat. Jurnal Lentera, 14(2), 279-290.Hidayat, Abdul Rahman. (2013). Strategi pengembangan masjid sebagai baitul maal dalam pemberdayaan lingkungan masyarakat sekitar melalui program i-masjid ICMI pada yayasan masjid al muhajirin di Gresik. Tesis tidak diterbitkan. Surabaya: Program Pasca Sarjana Universitas Airlangga.Istan, Muhammad. (2017). Pengentasan kemiskinan melalui pemberdayaan  ekonomi umat menurut persfektif Islam. Al Falah: Journal of Islamic Economics, 2(1), 81-99.Muslim, Azis dan Ravik Karsidi. (2014). A mosque-based  economic empowerment model for urban poor comunity. International Jounal of Social Research, 2(2), 80-93.Sanrego, Yulizar D dan Moch Taufik. (2016). Fiqih tamkin (fiqih pemberdayaan) membangun modal sosial dalam mewujudkan khairu ummah. Edisi Pertama. Jakarta: Qisthi Press.Suryani, Husniyah dan Siti Inayatul Faizah. (2015). Peran masjid sebagai roda penggerak perekonomian masyarakat (penelitian deskriptif pada PKL di kawasan masjid Al-Akbar Surabaya). Jurnal Ekonomi Syariah Teori dan Terapan, 2(5), 387-399.Tim Pengembangan Keuangan Syariah Kantor OJK Regional 4 Jawa Timur. (2017). Handbook: Akses keuangan syariah untuk masyarakat mandiri berbasis masjid. Surabaya: Otoritas Jasa Keuangan (OJK).Yin, Robert K. (2015). Studi kasus design dan metode. Jakarta: Raja Grafindo Persada.
THE ANALYSIS OF PRODUCTIVE ZAKAT UTILIZATION STRATEGY (CASE STUDY OF LAZ NURUL HAYAT) Nico Stenly Yoshua; Tika Widiastuti
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 4 (2020): April-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20204pp696-703

Abstract

This study aims to analyze the strategy of utilizing productive zakat in the Zakat Institution of Nurul Hayat. Every zakat institution needs an appropriate and efficient strategy in managing zakat funds so that every mustahiq can be transformed into muzakki. This study uses a qualitative approach with case study research methods. The technique of collecting data uses direct interviews, documentation and observation. To analyze the data, this paper uses the SWOT Matrix and then uses QSPM to identify a new strategy. Then to find out the validity of the data, researchers used triangulation techniques by matching the findings of primary data and secondary data. The results obtained that through the SWOT analysis obtained four strategies and through the QSPM analysis the following results are obtained: SO strategy, namely the expansion of the program in collaboration with Dukcapil/Depkop to reach mustahiq who are entitled to power through zakat has a score of 3,735; WO's strategy is to form an R&D division with a score of 6.085; The ST strategy of introducing digital e-commerce technology to Mustahiq has a score of 6.085; The WT strategy of selecting mustahiq has a score of 2.715 Keywords: LAZ, Zakat, SWOT, QSPMREFFERENCE Adi Isbandi Rukminto. (2002). Pemikiran-pemikiran dalam Pembangunan Kesejahteraan Sosial. Jakarta: Lembaga Penerbit FE-UI.Asnaini. (2008). Zakat produktif dalam perspektif hukum Islam. Yogyakarta: Pustaka Pelajar.Fred R. David. (2015). Manajemen strategi, edisi bahasa indonesia, edisi 15. Jakarta: PT Indeks Kelompok Gramedia.Indriantoro, Nur dan Bambang Supomo. (2002). Metodologi penelitian bisnis. Yogyakarta: BPFE.Khasanah, Umrotul. (2010). Manajemen zakat modern. Malang: UIN Maliki Press.Nastiti, Novalia dan Imron Mawardi. (2014). Kemampuan unit usaha LAZ Nurul Hayat dalam menunjang biaya operasional lembaga amil zakat. Jurnal Ekonomi Syariah Teori dan Terapan, 1(2), 92-118.Pusat Kajian Strategis Badan Amil Zakat Nasional (PUSKAS BAZNAS). (2018). Outlook zakat Indonesia 2018. Jakarta: Pusat Kajian Strategis BAZNAS.Qur’an in Word Ver 1.3 created by Mohammad Taufiq. Rasjid, Sulaiman. (1954). Fiqh sunah, cet. Ke-17. Jakarta: Attahariyah.Soemitra, Andri. (2009). Bank dan lembaga keuangan syari’ah. Jakarta: Kencana.Sugiyono. (2013). Metode penelitian pendidikan pendekatan kuantitatif, kualitatif, dan R&D. Bandung: Alfabeta.Sudirman. (2007). Zakat dalam pusaran arus moderenitas. Malang: UIN-Malang Press.Uha, Nawawi, Ismail. (2013). Manajemen zakat dan wakaf. Jakarta: VIV Press.Widiastuti, Tika dan Suherman Rosyidi. (2015). Model pendayagunaan zakat produktif oleh lembaga zakat dalam meningkatkan pendapatan mustahiq. Jurnal Ekonomi dan Bisnis Islam, 1(1), 89-102.William F. Glueck and Lawrence R. Jaunch. (1990). Manajemen strategis dan kebijaksanaan perusahaan. Jakarta: Erlangga.
THE ANALYSIS OF THE INFLUENCE OF BANK INDONESIA CERTIFICATE (SBI), SHARIAH BANK INDONESIA CERTIFICATE (SBIS), INFLATION AND BI RATE ON FUND DISTRIBUTION TO THE MSMEs SECTOR BY SHARIA BANKING IN INDONESIA Wahyu Lailia Devi; Eko Fajar Cahyono
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp499-512

Abstract

This research was carried out on two banking sides, the first side was on the conventional side, and the second was on the sharia side. The conventional side was used to describe the influence of Bank Indonesia Certificates (SBI), inflation, and the BI Rate of Credit disbursed by Conventional Banks in Indonesia to small and medium business sectors (UMKM) in the 2011-2019 period. Meanwhile, the sharia side was used to explain the influence of Bank Indonesia Sharia Certificates (SBIS), inflation, and the BI Rate of Financing channeled by Islamic Banks in Indonesia to UMKM in the 2011-2019 period. The researcher employed a quantitative approach and analyzed the data using multiple linear regression analysis with two econometric models. Also, the data used in this study were secondary data obtained from official data from Bank Indonesia and the Financial Services Authority (OJK). The results of the conventional research partially show that Bank Indonesia Certificates (SBI) and inflation have a significant negative effect. In contrast, the BI variable Rate has a significant positive impact on UMKM credit in conventional banking. Simultaneously, it shows that there is a significant influence between the variables Bank Indonesia Certificate (SBI), inflation, and the BI Rate on lending to the UMKM sector in conventional banking. Furthermore, in terms of sharia, the results of the research partially explain that Bank Indonesia Sharia Certificates (SBIS) and BI Rate have a significant negative effect. In contrast, inflation has a significant positive impact on UMKM financing in Islamic banking. Simultaneously, it shows that there is a significant influence between the variables of Bank Indonesia Sharia Certificate (SBIS), inflation, and the BI Rate on the distribution of financing to the UMKM sector in Islamic banking.Keywords: SBI, SBIS, Inflation, BI Rate, and UMKM FinancingREFFERENCE Amaliawati, Lia. (2013). The influence of monetary policy (BI rate) on profitability of commercial banks in Indonesia. 10th UBAYA International Annual Symposium On Management.Boediono, (1995). Ekonomi makro. Yogyakarta: BPFE.Hafsah, Mohammad Jafar. (2004). Upaya pengembangan  usaha kecil dan menengah (UKM). Jurnal Infokop, 25.Oktavina, Kritia dan Emile. (2012). Pengaruh kas, bonus SWBI (Sertifikat Wadiah Bank Indonesia), marjin keuntungan, dan dana pihak ketiga terhadap pembiayaan murabahah studi empiris pada bank umum syariah di Indonesia. Jurnal of Accounting and Investment, 13(1), 53-67.PBI. (2013). Fasilitas pendanaan jangka pendek bagi bank umum. Jakarta: Bank IndonesiaPBI. (2008). Sertifikat Bank Indonesia syariah. Jakarta: Bank IndonesiaPratama, Yoghi Citra. (2017). Analisis perbandingan pengaruh instrumen moneter syariah dan konvensional terhadap penyaluran dana ke sektor usaha mikro kecil dan menengah (UMKM) di Indonesia. Skripsi tidak diterbitkan. Jakarta: Universitas Islam Negeri Syarif Hidayatullah.Purwidianti, Wida dan Arini Hidayah. (2014).Faktor-faktor yang Mempengaruhi Alokasi Pembiayaan Perbankan Syariah untuk Usaha Mikro Kecil dan Menengah di Indonesia. Prosiding Seminar Hasil Penelitian LPPM UMP.Ramadhan, Masyitha Mutiara dan Irfan Syauqi Beik. (2013). Analisis Pengaruh Instrumen Moneter Syariah dan Konvensional Terhadap Penyaluran Dana ke Sektor Usaha Mikro Kecil dan Menengah (UMKM) di Indonesia. Jurnal al-Muzara’ah, 1(2), 175-190.Setianingsih, Diyan. (2018). Pengaruh inflasi, BI rate, sertifikat Bank Indonesia syariah dan financing to deposit ratio terhadap pembiayaan usaha mikro kecil dan menengah pada bank umum syariah dan unit usaha syariah di Indonesia periode 2014-2017. Skripsi tidak diterbitkan. Surakarta: Institut Agama Islam Negeri Surakarta.Undang-undang Nomor 20 Tahun 2008 tentang Usaha Mikro, Kecil, dan MenengahWahiduddin, Mohammad. (2018).Pengaruh inflasi, non performing financing (NPF) dan BI rate terhadap pembiayaan usaha mikro kecil dan menengah (UMKM) pada bank umum syariah 2012-2017. Al Amwal, 1(1), 76-89.
THE DETERMINANTS OF PERFORMANCE OF SHARIA EQUITY MUTUAL FUNDS Meidiana Rizki Adelia; Muhammad Nafik Hadi Ryandono
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 5 (2020): Mei-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20205pp940-954

Abstract

There are a lot of factors that determine the sharia equity mutual funds performance, included stock selection skill, market timing ability, and fund age. This study aims to understand the effect of stock selection skill, market timing ability, and fund age on the sharia equity mutual funds performance in Indonesia from 2012 to 2018. This research uses a quantitative approach using an explanatory research type. The sampling technique in this study was purposive sampling and 6 sharia equity mutual funds were selected as samples. This study uses multiple linear regression analysis. The result of the study displayed that stock selection skill and market timing ability have a significant effect on the performance of sharia equity mutual funds in Indonesia from 2012 to 2018. On the contrary, fund age have no effect on the performance of sharia equity mutual funds in Indonesia from 2012 to 2018. Keywords: stock selection skill, market timing ability, fund age, sharia equity mutual funds perfomanceREFFERENCE Abdalloh, I. (2018). Pasar modalsyariah. Jakarta: Elex MediaKomputindo.Andriani, L. F., & Mawardi, W.(2018). Analisispengaruh stockselection skill,market timingability, total assetdan expenseratio terhadap kinerjareksa dana syari'ah di IndonesiaPeriode 2013 - 2016. DiponegoroJournal of Accounting, 7(4), 1-10.Anjani, B. B., (2012) Analisis faktor-faktoryang berpengaruh terhadapkeputusan investasi padaperusahaan food and beveragesdi Bursa Efek Indonesia.Diponegoro Journal of Accounting,8(5), 1-15.Bank Indonesia. Tingkat imbal hasilSertifikat Bank IndonesiaSyariah (SBIS).Diakses melaluiwww.bi.go.idtanggal 17Desember 2019Az-Zuhaili, W. (1997). Al-fiqh al-islami waadillatuhu, juz 4. Damaskus: Dar AlFikr.Darmadji, T., & Fakhruddin, H. M. (2001).Pasar modal di Indonesia:Pendekatan tanya jawab. Jakarta: SalembaEmpat.Departemen Agama, R. I. (2010). Alqur’andan tafsirnya. Jakarta:LenteraAbadi.Ghozali, I. (2012). Aplikasi analisismultivariatdengan programIBM SPSS 20, edisikeenam. Semarang: UniversitasDiponegoro.Gregory, A., J. Matatko dan R. Luther. (1997). Etchical unit trust financialperformance: Small companyeffect and fund size effect. Journal of Bussiness FinanceandAccounting 24(5), 705-725.Hamzah, A., & Yohanes, A. (2014). Analisisperbandingan kinerja reksa danasyariah dengan reksa danakonvensional jenis saham padaperiode 2008-2012. MIX: JurnalIlmiah Manajemen, 4(3), 396-409.Hasbi, Hariandy. 2010. Kinerja reksadanasyariah tahun 2009 diIndonesia. Jurnal Keuangan danPerbankan, 14(1), 62-73.Hidayat, Taufik, S. E., & Si, M. (2011). Bukupintar investasi syariah. Jakarta:Mediakita.Indrawati, U., & Wahono, B. (2017).Pengaruh market timing dan stockselection terhadap kinerja reksadana di indonesia (studi kasuspada reksa dana saham periode2013-2015). Jurnal Ilmiah Riset Manajemen, 6(4), 101-113.Jakarta Islamic Index. Index Bulanan JII(Jakarta Islamic Index). Diaksesmelaluiwww.finance.yahoo.comtanggal 15 Desember 2019 Nguyen, A.-N., Shahid, M. S., & Kernohan,D.(2018). Investor confidenceandmutual fund performance inemerging markets: InsightsfromIndia and Pakistan. Journal ofEconomic Studies, 45(6), 1288-1310.Otoritas Jasa Keuangan. (2019). Laporanperkembangan pasar modalsyariah tahun 2018. Jakarta:Otoritas Jasa Keuangan._______. (2019). Statistikreksadana syariah desembertahun 2018. Jakarta: Otoritas JasaKeuangan._______. (2019). PeraturanOtoritas Jasa Keuangan Nomor19/POJK.4/2015 Pasal 21 tentangPenerbitan dan Persyaratantentang Reksa Dana Syariah_______. (2017). PeraturanOtoritas Jasa Keuangan Nomor35/POJK.04/2017 Pasal 2 tentangEfek dan Kriteria dalam Daftar EfekSyariah. Jakarta: Otoritas JasaKeuangan._______. Nilai Aktiva Bersih(NAB) Reksadana Syariah. Diaksesmelalui www.reksadana.ojk.go.idtanggal 20 Desember 2019Rachmah, D. A., & Juniar, A. (2018).Analisispengaruh stock selectionskill,market timing ability, danfundlongevity terhadap kinerjareksadana saham syariah.Jurnal SainsManajemenKewirausahaan, 2(1),61–69.Rahardja, P., & Manurung, M. (2008). Teoriekonomi makro: Suatu pengantar,edisi keempat. Buku Seri TeoriEkonomi. Jakarta: Lembaga PenerbitFakultas Ekonomi UniversitasIndonesia. Robertson, G. (2002). Review Kinerja.Lokakarya Revie Kinerja. BPKP danExecutive Education, 47.Ryandono, Muhammad Nafik Hadi. (2009). Bursa efek daninvestasi syariah. Jakarta: SerambiIlmu Semesta.Sabila, F. H. (2019). Stock selection danmarket timing ability reksa danasyariah saham di Indonesia. Journalof Economic, Public, andAccounting (JEPA),1(2), 68–81.Sari, A. P. N., & Purwanto, A. (2012). Analisiskebijakan alokasiaset, kinerjamanajer investasidan tingkat risiko terhadapkinerja reksadana saham diIndonesia. Diponegoro Journal ofAccounting, 1(1) : 1-14. Sari, M. M., Mulyati, S., & Widarwati, E.(2019). Pengaruh stock selectionskill, market timing ability, turnoverratio dan cash flow terhadapkinerja reksa dana syariah.TSARWATICA (Islamic Economic,Accounting, and ManagementJournal), 1(01), 45–55.Satrio, Y., & Mahfud, M. K. (2016). Analisispengaruh total asset, fund age,expense ratio, dan portofolioturnover terhadap kinerja reksadana periode 2012-2014.Diponegoro Journal of Accounting,5(2) : 1-9.Syahid, N., & Arfinto, E. D. (2015). Analisispengaruh stock selection skill,market timing ability, fundlongevity, fund cash flow danfund size terhadap kinerja reksadana (studi kasus: reksadanasaham periode tahun2010-2014).Diponegoro Journal of Accounting,4(4) : 1-11.Syekh, B. H. H. A., & Halim, A. (2006). Tafsiral-ahkam. Jakarta: KencanaPrenada Media Group.Tandelilin, E. (2010). Portofolio dan iInvestasi:Teori dan aplikasi. Yogyakarta: Kanisius.Tversky, A., & Kahneman, D. (1979).Prospect theory: An analysis ofdecision underrisk. Econometrica,47(2), 263-291.Virlics, A. (2013). Investment decisionmaking and risk. ProcediaEconomics andFinance, 6,169-177.Waelan, W. (2008). Kemampuan memilihsaham dan market timing manajerinvestasi reksa dana saham diBursa Efek Indonesia. IndonesianJournal of Accounting andAuditing, 12(2), 167-176.Winingrum, E. P., & Pangestuti, I. R. D.(2011). Analisis stock selection skills,market timing ability, size reksadana, umur reksa dana danexpense ratioterhadap kinerjareksa dana saham yang terdaftardi Bursa Efek Indonesiaperiode Tahun 2006-2010. Skripsi tidak diterbitkan. Semarang: Universitas Diponegoro.
ISLAMIC ECONOMICS PRINCIPLES AND THEIR IMPLEMENTATION IN HOSPITAL FINANCE (CASE STUDY IN THE BRANCH HOSPITAL OF SITI KHODIJAH MUHAMMADIYAH SEPANJANG SIDOARJO) Novian Abdi Firdausi; Sri Herianingrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 2 (2020): Februari-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20202pp207-221

Abstract

This research aims to determine the implementations of Islamic economic principles in financial aspects at Siti Khodijah Muhammadiyah Sepanjang Branch Sidoarjo Hospital. Adiwarman Karim formulated five Islamic economics principles, namely Tauhid (Faith), ‘Adl (Justice), Nubuwwah (Prophethood), Khilafah (Governance), and Ma’ad (Return). Using a descriptive qualitative case study as a research approach while using in-depth interviews with key informants, and Analytic Network Process (ANP) to find which principles implementations are dominant. The Study results show that Siti Khodijah Muhammadiyah Sepanjang Branch Sidoarjo Hospital has not used a full sharia-compliant financial system yet. It has distinctive accounting guidelines, incomes and capitals purely from operating profits, and having special council as sharia supervisor. From ANP analysis, the dominant aspects are Financial Allocation from ‘Adl aspect, Leadership Management from Khilafah aspect, ZISWAF Management from Ma’ad aspect, Amanah from Nubuwwah aspect, and Akidah and Akhlak from Tauhid aspect.Keywords: Islamic economic principles, hospital finance, implementation, ANPREFFERENCE Amiruddin dan Abdul Aziz. (2017). Secularism in medicine from maqasid al-syariah. International Journal of Academic Research in Business and Social Sciences, 7(12), 613-623. doi:10.6007/IJARBSS/v7-i12/3643Effendi, Jaenal. (2018). Islamic insurance: a potential niche market of Indonesia. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 10(1), 207-230. doi:https://doi.org/10.15408/aiq.v10i1.5330Gapenski, Louis C. (2009). Fundamentals of Healthcare Finance. Chicago: American College of Healthcare Executives.Hasan, Zubair. (2016). Evolution of Islamic economics: definition, nature, methodology, problems and challenges. ISRA International Journal of Islamic Finance, 8(2), 9-25.Idri dan Rohaizan Baru. (2017). The principles of Islamic economics and their implementation in Indonesia. International Journal of Academic Research in Business and Social Sciences, 7(4), 331-344. doi: 10.6007/IJARBSS/v7-i4/2809Karim, Adiwarman. (2015). Ekonomi mikro Islami. Jakarta: PT Raja Grafindo Pustaka.Liao, Sen-Kuei dan Kuei-Lun Chang. (2009). Measure performance of hospitals using analytic network process (ANP). International Journal Business Performance and Supply Chain Modelling, 1(2/3). 129-143. doi: 10.1504/IJBPSCM.2009.030638Mahjom, Haji Alias dan Zulkifli. (2011). Critical success factors for bumiputera/muslim medical tourism providers: solution for financing needs using Islamic financing instruments. Prosiding PERKEM VI Jilid 2.Moleong, Lexy. (2017). Metodologi penelitian kualitatif. Bandung: Remaja Rosdakarya Offset.Muhamad. (2014). Manajemen keuangan syari’ah: analisis fiqh & keuangan. Yogyakarta: UPP STIM YKPN.Rahimi dkk. (2014). Indicators of hospital performance evaluation: a systematic review”. International Journal of Hospital Research, 3(4), 199-208.Rahman, Zailani dan Musa. (2017). The perceived role of Islamic medical care practice in hospital: the medical doctor perspective. Journal of Islamic Marketing, 9(1), 00-00. doi: 10.1108/JIMA-01-2016-0006Razak dan Abdulahi. (2016). Incorporating moral values and maqasid al-syari’ah into medical and healthcare practices. The International Medical Journal of Malaysia, 15(2), 1-2.Rozalinda. (2015). Ekonomi Islam: teori dan aplikasinya. Jakarta: Rajawali Press.Saaty dan Vargas. (2006). Decision making with the analytic network process economic, political, social and technological applications with benefits, opportunities, costs and risks. New York: Springer Science+Business Media.Shariff dan Rahman. (2016). Shari’ah compliant hospital; from concept to reality: a Malaysian experience. Bangladesh Journal of Medical Science, 15(1), 1-4.Sulistiadi dan Rahayu. (2017). Assessment of first sharia hospital certification in Indonesia facing the global competition. Batusangkar International Conference II 14-15 October 2017.Talaat, dkk. (2016). an-nur specialist hospital: islamic management practices. The International Journal of Business & Management, 4(11). 116-122.Trisnantoro, Laksono. (2015). Memahami penggunaan ilmu ekonomi dalam manajemen rumah sakit. Yogyakarta: Gadjah Mada University Press.Yin, Robert K. (2015). Studi kasus: desain & metode. Jakarta: Rajawali Press.Yuana, Nurvita Risa. (2015). Tinjauan ekonomi Islam terhadap kualitas jasa pelayanan kesehatan bagi pasien kelas III (studi kasus rumah sakit umum daerah Arifin Achmad Pekanbaru). Skripsi tidak diterbitkan. Pekanbaru: UIN Sultan Syarif Kasim Riau.
THE SELECTION OF ZAKAT FUNDRAISING ACTIVITIES OF ZAKAT MANAGEMENT ORGANIZATIONS IN EAST JAVA USING ANALYTIC NETWORK PROCESS Noven Lukito Hadi Saputro; Raditya Sukmana
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp460-471

Abstract

There are various methods in which zakat management organizations carry out fundraising activities. The most common methods are direct and indirect fundraising. This study aims to select the most dominant fundraising activities for zakat management organizations in East Java. This study uses a qualitative approach with the Analytic Network Process method. This study uses the BOCR model (Benefit, Opportunity, Cost, Risk). The results of this study found that the most dominant alternative in East Java is Direct Fundraising, with a priority value of 37.90% (W = significant). Then, the second alternative is digital fundraising (25.11%, W = significant) and the third alternative is indirect fundraising (17.12%, W = significant).Keywords: Fundraising Activities, Zakat Management Organizations, Analytic Network ProcessREFFERENCE Amanda, G. (2018). Penghimpunan zakat Baznas 2018 naik 31,8 persen. Retrieved March 19, 2019, from https://www.republika.co.id/berita/dunia-islam/wakaf/18/12/28/pkfx0i423-penghimpunan-zakat-baznas-2018-naik-318-persenAscarya. (2005). Analytic Network Process (ANP): Pendekatan baru studi kualitatif. Jakarta: Center for Central Banking Education and Studies, Bank Indonesia.Ascarya. (2013). Determining the real causes of financial crisis in Islamic economic perspective: Analytic Network Process (ANP) Approach. Tazkia Islamic Finance and Business Review, 9(2), 109-127BAZNAS. (2017). Statistik zakat nasional (2nd ed). Jakarta: BAZNAS.Firdaus, M. dkk. (2012). Economic estimation and determinations of zakat potential in Indonesia. Islamic Research and Training Institute. https://doi.org/10.1002/mop.23534Hasanah, U. (2015). Sistem fundraising zakat lembaga pemerintah dan swasta (studi komparatif pada badan amil zakat nasional (BAZNAS) kota Palu dan pos keadilan peduli umat (PKPU) Palu periode 2010-2014). ISTIQRA, 3(2), 226–249.Heyman, D. R., & Brenner, L. (2016). Non profit fundraising 101. New Jersey: John Wiley & Sons, Inc.Marwing, A. (2015). Pendekatan psikologi dalam peningkatan fundraising zakat. AN-NISBAH, 2(1), 199-226.Purwakananta, M. A. (2008). Strategi fundraising. Materi Presentasi Dompet Dhuafa.Safitri, K. (2018). BAZNAS targetkan perolehan zakat tahun ini tembus Rp 8 triliun. Retrieved March 19, 2019, from https://nasional.kontan.co.id/news/baznas-targetkan-perolehan-zakat-tahun-ini-tembus-rp-8-triliunTempel, E. R., Seiler, T. L. ., & Aldrich, E. E. (2011). Achieving excelence in fundraising. San Francisco: Jossey-Bass.

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