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Global Review of Islamic Economics and Business
Published by Universitas Islam Negeri Sunan Kalijaga Yogyakarta
ISSN : 23387920     EISSN : 23382619     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The scope or coverage of this International journal will include but are not limited to: Islamic Economics, Islamic Business, Islamic banking, Islamic capital markets, Islamic wealth management, Issues on shariah implementation/practices of Islamic banking, Zakat and awqaf, Takaful, Islamic Corporate Finance, Shariah-compliant risk management, Islamic derivatives, Issues of Shari`ah Supervisory Boards, Islamic business ethics, Islamic Accounting, Islamic Auditing.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 6 Documents
 1 
Search results for , issue "Vol 1, No 3 (2014)" : 6 Documents clear
Maqasid Shariahs View and its Solution on Foreign Debt in Indonesia Nurizal Ismail; Baiq Rosmala Dewi
Global Review of Islamic Economics and Business Vol 1, No 3 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (592.719 KB) | DOI: 10.14421/grieb.2014.013-06

Abstract

This study entitled Maqasid Shariahs View and Its Solution on Foreign Debt in Indonesia, aims to know the concept of debt from Islamic perspective and to analyze current issues foreign debt in Indonesia. Since economic crisis happened in European countries,Indonesia needs to be more careful in considering the impacts of the crisis. One of the causes was because of the high level of interest of the debts. It made most of crisis happened in many countries hard to pay back their debts. Therefore, it is needed to know how Islamic principles see the concept of debt and give the solution to the problem of debt by using Maqasid's approach. It can give comprehensive solution to the debt because it covers five dimensions: religion, self, intellect, family and wealth, which are very important in human life to attain the happiness and welfare on earth. The study will conclude with some suggestions for futureresearch.
An Exploratory Study of Shari'ah Issues in the Application of Tabarru' for Takaful M. Mahbubi Ali; Rusni Hassan; Shabana M. Hasan
Global Review of Islamic Economics and Business Vol 1, No 3 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (461.674 KB) | DOI: 10.14421/grieb.2014.013-01

Abstract

Takaful industry has witnessed an exponential growth across the world over the last decade, demonstrating an enormous demand for takaful products ranging from short-term general takaful to long-term family takaful. It has attracted considerable attention not only from the Muslim countries, but also from the non-Muslim countries. Despite its promising growth, however, the takaful industry continues to face numerous contentious Shari'ah issues. The present study aims to discuss some of the most fundamental Shari'ah issues in takaful, namely the issue of applying tabarru' concept in takaful and the issue of underwriting surplus of tabarru' fund.
Revisiting of an Islamic Options Permisibility from Shariah Perspectives Ahmad Khaliq; Hassanudin Mohd Thas Thaker
Global Review of Islamic Economics and Business Vol 1, No 3 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (354.578 KB) | DOI: 10.14421/grieb.2014.013-02

Abstract

The popularity of derivative instruments especially in managing uncertainty (risk)had become popular after several financial crises that occurred since the Great EconomicDepression. There are various tools have been developed in managing risk such as the Options,Forwards, Futures and Swaps. In addition, these kinds of tools are commonly used by institutional and individual investors. Given this popularity, conventional risk management strategies is completely against from Islamic risk management as Islamic financial market arekeep on growing drastically at Cumulative Average Growth Rate (CAGR) of 15% on yearlybasis (Mckinsey, 2005). This is clearly shows that, Islamic finance development are in line withconventional financial development. Therefore, there is need to maintain consistency in productstructures offered by these two financial markets. The complexity is mainly contributed by thestructures and the design of the products especially on Islamic derivatives tools. Therefore, to get a significant picture of the Islamic risk management tools, this paper will only examines thecontemporary derivative instruments namely; Option and the Islamic viewpoints of thisinstrument . As we know, Islamic finance is governed by Shariah principle and guidelines whichprohibit Riba, Gharar, and Masir etc. Therefore, this paper attempts to explore the validity ofoptions from Islamic and Shariah perspectives by reviewing Islamic scholars opinions on anoptions market.
Socio-Economic Disclosure in Islamic Banking Case Study in Indonesia Atina Shofawati
Global Review of Islamic Economics and Business Vol 1, No 3 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (374.698 KB) | DOI: 10.14421/grieb.2014.013-03

Abstract

Islamic Banking must give benefit for their stakeholders. Benefit reflects the performance of Islamic Banking which can be seen through their annual reports. One of important information which reflects the performance of Islamic Banking is socio-economicdisclosure. This report gives information about the performance of Islamic Banking which covers social and economic aspects which show the social economic responsibility of Islamic Banking. Socio-economic disclosure indicators have been taken from Corporate Social Performance which are the indicators consist of four parts, namely community involvement; human resources; natural resources and contribution to the environment; contribution to the product or service. This paper uses qualitative method. This research identifies the socioeconomic disclosure from annual report of Islamic Banking in Indonesia, majoring Bank Syariah Mandiri and Bank Muamalat Indonesia. The result of this paper shows that Bank Syariah Mandiri and Bank Muamalat Indonesia conduct social economic responsibility through socio-economic disclosure from annual report of both of the Islamic Banks in 2009.
Understadning Faraid: the Case of University Students Abdelghani Echchabi; Osman Sayid Hassan Musse
Global Review of Islamic Economics and Business Vol 1, No 3 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (461.531 KB) | DOI: 10.14421/grieb.2014.013-04

Abstract

The purpose of the study is threefold (1) to examine the level of faraid awareness among university students, as well as (2)the factors that may influence it, and (3)to investigate whether there is any difference between the various groups of respondents based on gender, education level, age and country of origin. The study uses three main statistical techniques to analyse the data, namely, one sample t-test, MANOVA and multiple regression. The data was gathered by distributing the questionnaire to 150 students of International Islamic University Malaysia. The findings indicate that overall the students have good knowledge about faraid. Nevertheless, the students were found to have a misconception and misunderstanding regarding female share in inheritance in Islam. In addition, the findings show that there is significant education level difference in faraid awareness. Finally, the findings conclude that among the variables initially included in the study, only facilitating conditions is significantly influencing the level of awareness of the university students.
The Critical Aspect on Fair Value Accounting and its Implication to Islamic Financial Institutions Safri Haliding
Global Review of Islamic Economics and Business Vol 1, No 3 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (409.696 KB) | DOI: 10.14421/grieb.2014.013-05

Abstract

Recently, fair value measurement and its implication in accounting standards have been increasing (Ramanna, 2006). One of the important aspects of financial reporting is measurement (Barth, 2007). Barlev and Haddad (2003) state that the fair value accounting(FVA) paradigm replaced the historical cost accounting (HCA) in the development of accounting standards that FVA is more value relevant that HCA probably did not provide the real financial information and income. However, previously studies mention that fair value accounting suffers from some serious limitations and disadvantages such as issues in market approach, income approach, and cost approach. Al-Yassen and Al-Khadash (2011) argue that accounting standard setters such as the International Accounting Standards Board (IASB) UK and the Financial Accounting Standards Board (FASB) U.S as well as other national accountingstandard setters provide high attention and long-term ambition to use fair value accounting as full measurement in all financial instruments. Islamic Financial Institutions (IFIs) that have different objectives and principles as well as have different financial products with conventional financial institution. This paper tries to explore critical aspects of the fair value accounting andits implications to Islamic Financial Institutions implications. This study concludes that that fair value accounting measurement provides many critical aspects to be implemented to Islamic Financial Institutions (IFIs). Additionally, AAOIFI proposed cash equivalent value as respond to fair value measurement that cash equivalent value when the attribute condition are present such as the relevance, reliability and understandability of the resulting information. Furthermore, fully adopting International Financial Reporting Standards (IFRS) issued by IFRSIASB, there will no specific standards for unique functions of Islamic Financial Institutions. Inaddition, the paper may be recommended to work together among Muslim countries to unity the potential harmonizing one set accounting standards for Islamic Financial Institutions such as AAOIFI?s standards.

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