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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 10 Documents
 1 
Search results for , issue "Vol 9, No 2 (2021)" : 10 Documents clear
The Challenge of Merger Result Bank during the Global Economic Recession due to the Covid-19 Pandemic: Case Study of Indonesian Islamic Banks Fahmy Akbar Idries; Anwarul Sholihin; Ibi Satibi
Global Review of Islamic Economics and Business Vol 9, No 2 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.092-01

Abstract

Bank Syariah Indonesia (BSI) is a new entity resulting from the merger of Bank Syariah Mandiri, BNI Syariah, and BRI Syariah. BSI was inaugurated in February 2021 amid the global economic recession due to the Covid-19 pandemic. It has not much been explained about the fundamental data of the 3 banks that formed BSI when the recession occurred due to the Covid-19 hit. As a result, BSI's record of challenges during the global recession has not appeared much. The aim of the research is to map the challenges that BSI will face when the economic recession due to the pandemic has not ended. BSI's challenge notes are useful for BSI policymakers, so they can mitigate risks. A  qualitative method Miles-Huberman model is employed to analyze the data which is done through 3 stages: data reduction, data display, and verification or conclusion. Based on data analysis, BSI will face the challenges of slow deposit and financing growth, rising non-performing financing, declining net profit, and declining sukuk ratings.
Islamic Social Finance: A Bibliometric Analysis Nurizal Ismail; Siti Aisyah
Global Review of Islamic Economics and Business Vol 9, No 2 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.092-02

Abstract

Islamic social finance was discussed in 2013 by IRTI-IDB as a new spirit in solving the economic problem by allocating funds for humanitarian social works by using zakah, infaq, sadaqah, waqf, qardh al-hasan, and Islamic micro-insurance and Islamic microfinance. Islamic social finance has many imperatives to solve socio-economic problems. Therefore, it is needed to study the current state of Islamic social finance research to date. Thus, the study attempts to explore the status of Islamic social finance literature using bibliometric analysis by identifying statistics number of publications year by year, influential aspects, visualization of co-occurrence of keywords, and data texts related to the topic of Islamic social finance by using VOSviewer software. The finding of the study indicated that few articles discussed Islamic social finance. The most discussion of Islamic social finance was in 2019, which tried to handle the issues of the Covid-19 pandemic. Consequently, the journals that contributed the most to the study of Islamic social finance were al-Shajarah and the International Journal of Islamic and Middle Eastern Finance and Management. IIUM and INCEIF have contributed the most in the literature related to Islamic social finance from the author's affiliation. Malaysia is the most contributing country in writing Islamic social finance literature. Furthermore, the most selected keywords of Islamic finance research are Islamic social finance, maqasid syariah, value-based intermediation, sustainable development goals, and waqf. For the most co-occurrence text data, six clusters discussed the role of Islamic social finance in Covid-19, culture and country case on Islamic social finance, sustainable development goals, ecosystem, and maqashid syari’ah.
Sustainability of Islamic Rural Banks: A Social Qardh Financing Approach Hasan Al-Banna; Achmad Nurdany
Global Review of Islamic Economics and Business Vol 9, No 2 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.092-08

Abstract

Unlike Islamic commercial banks, Islamic rural bank emphasizes on small-medium enterprise financing along with providing a unique contract feature, namely social qardh financing. This paper investigates a way of finding the sustainability of Islamic rural banks through social financing and halal small-medium enterprise lending. We use OLS (ordinary least squares) and TSLS (two-stage least square) analysis. The time-series data is used from the period of 2010 to 2020.  The result revealed that social qardh financing and small-medium halal enterprise lending have a positive and significant impact on the sustainability of Islamic rural banks. The Islamic rural banks' ratios are also found to be negative in influencing sustainability except the liquidity ratio that has a significant positive effect. Besides, the macroeconomic variables are also significant in explaining sustainability of Islamic rural banks. Recommendation for the policymaker that the regulation is needed to push Islamic rural banks in enhancing the social qardh financing toward small-medium enterprises.
Factors Affecting the Performance of Zakat Administration in Malaysia: An AHP Approach Aznan Hasan; Muhamad Abduh; Rusni Hassan; Engku Rabiah Adawiah Engku Ali; Engku Muhammad Tajuddin Engku Ali; Nazrul Hazizi Noordin
Global Review of Islamic Economics and Business Vol 9, No 2 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.092-03

Abstract

The primary objective of this study is to investigate the views of zakat professionals on the factors affecting the performance of zakat administration in Malaysia. This study started with library research to critically review previous literature on zakat administration, followed by the analytical hierarchy process (AHP). This study finds that the provisions of zakat law and collection mechanism are viewed as the most critical factors influencing the performance of zakat collection and distribution mechanism and public perception are viewed as the two main factors affecting the performance of zakat distribution administration in Malaysia. This study hopes to shed some light on how to improve the administration of zakat collection and distribution, especially the importance of having a standardized legislation and regulatory frameworks for zakat administration to be applied in all states in Malaysia.
The Influence of Intellectual Capital on the Performance of Employees: A Case Study of PT BPR Syariah Bangun Drajat Warga Nur Syarifuddin; Jauhar Faradis
Global Review of Islamic Economics and Business Vol 9, No 2 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.092-09

Abstract

The performance of employees is very influential for the success of an organization or company. To achieve the company goals, every company needs good performance from employees, both quality and quantity. This research was conducted to analyze how the influence of intellectual capital, consisting of human capital, structural capital, and customer capital, to the performance of employees of PT BPR Syariah Bangun Drajat Warga. This research uses the saturated sampling technique, which utilized all employees of PT BPR Syariah Bangun Drajat Warga as samples. This research uses primary data obtained from the survey using questionnaires and interviews. The data analysis methods in this research are validity testing, reliability testing, classical assumption testing, and multiple linear regression analysis using IBM SPSS Statistics 19. The results show that human capital and structural capital do not have a significant positive influence on the performance of employees. However, customer capital has a significant positive influence on the performance of employees.
The Integration of Knowledge (IoK) Methodological Approach to Reforming the Development of Islamic Economics, Banking, and Finance (IEBF) in Light of Maqasid (Objectives) and Sustainable Development Goals (SDGs) Jasmin Omercic
Global Review of Islamic Economics and Business Vol 9, No 2 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.092-04

Abstract

The contemporary world has reached a critical stage of development that imposes reforms at the highest and grassroots levels. Humanity realized that the current lifestyle increasingly threatens their welfare. Hence, we perceive that the Integration of Knowledge (IoK) methodological approach to reforming the development of Islamic economics, banking, and finance (IEBF) is central to transforming such a conventional approach to life. A reformed IEBF would focus on the maqasid (objectives) of shariah and the SDGs. The qualitative nature of this paper appraises the IoK methodological approach through a methodological pluralism recognizing rational and revelational sources of knowledge. This also involves methods of library research and critical content analysis. Firstly, an introduction reveals the distinctiveness of the IoK methodological approach as a shift from and based on the Islamization of Knowledge (IOK) movement. Its potential to reform IEBF becomes apparent because of common philosophical foundations like IOK’s. We highlight in brief the IEBF compatibility with and to reform via the IoK methodological approach and so attain targeted maqasid and SDGs. Secondly, a review of extant literature explains why the IOK and IE represent the solution to reform IEBF in contemporary times, to overcome mainstream economic, financial, and banking issues, and to fulfil maqasid and SDGs. Thirdly, findings show how the philosophical foundations of IOK represent the basis for future IEBF development via the IoK methodological approach. Moreover, we identify IoK methodological principles to appraise theories for IEBF development in light of the maqasid and SDGs agenda. Lastly, we conclude and provide actionable recommendations.
Priority Strategy of Financial Institution Pension Funds (FIPF) for Islamic Scheme in Indonesia: Internal, Market, and Regulation Approach Jaenal Effendi
Global Review of Islamic Economics and Business Vol 9, No 2 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.092-10

Abstract

According to a survey conducted by Otoritas Jasa Keuangan (OJK), 74.8% of workers and 85.7% of employers are attracted to Islamic pension funds. However, its market share is still relatively low compared to other Islamic financial product. The purpose of this study is to identify the internal, market and regulation issues that affect the development of FIPF (financial institution pension funds) and construct the strategy to develop FIPF for Islamic scheme. This study applies the analytical hierarchy process (AHP) to determine the strategy based on the priority scale assessed by several experts. The internal issues of FIPF are the priority of both problems and solutions in the development of FIPF for Islamic schemes. Furthermore, from the identification of problems and solutions, the strategy for optimizing FIPF scheme performance and services are the main strategies in expanding the FIPF’s market, followed by FIPF's socialization and literacy strategy, and strategies for strengthening relationships and synergy between the authority and FIPF management.
The Impact of Covid-19 on Islamic Economics and Finance Industry: Text Analytics using R Aam Slamet Rusydiana; Evania Herindar; Nisful Laila
Global Review of Islamic Economics and Business Vol 9, No 2 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.092-05

Abstract

Covid-19 not only has an impact on the financial industry but also generally affected on the world economy. In the financial industry, currently, Islamic finance is growing fast. Thus, this study aims to determine the development of research on the impact of Covid-19 on the economy and the Islamic finance industry in the world by analyzing a study of 47 documents from the 2020-2021 period on the Scopus database using text analysis using R-studio. This study provides an analysis of keywords that are often used in the topic and provides an overview of the analysis of the most relevant words, word treemaps, co-occurrence networks, thematic maps, and conceptual structures. The results of this study indicate that Covid-19 has harmed several sectors of the Islamic economy and finance, including Islamic banking, Islamic capital markets, Islamic microfinance institutions, and tourism. In addition, the results of this study also provide several recommendations for several industries that have been negatively affected by the Covid-19 pandemic.
The Influence of Investment, Debt, and Dividend Policies on the Stock Return of Shariah Compliant Companies in Indonesia (ISSI) Razali Haron; Mukhtar Arif Siraj
Global Review of Islamic Economics and Business Vol 9, No 2 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.092-06

Abstract

This study aims to analyze the impact of investment, debt, and dividend policies on the stock return of the companies listed in the Indonesia Sharia Stock Index (ISSI) from 2016 up to 2020. The sample stocks used in this study covers all the shariah compliant companies that were consistently listed during the study period, involving 158 companies with 790 observations. The proxies of stock return are annualized stock return, Sharpe ratio, and Treynor ratio. Investment policy is represented by price earnings ratio (PER), debt policy by debt to asset ratio (DAR), and dividend policy by dividend yield (DY). The generalized method of moment (GMM) is a regression technique that is employed in this study. The regression model should pass the AR(2) and Hansen tests to avoid autocorrelation and validity issues. This study provides important evidence that investment policy positively affects stock return (annualized stock return and Treynor ratio). In contrast, investment policy negatively affects the Sharpe ratio. Furthermore, there is a significant negative relationship between debt policy and the Sharpe ratio. Lastly, dividend policy is reported to significantly influence stock return, positive with Treynor ratio, while negative with stock return (annualized). The study relates its findings to the relevant theories involving the trade-off, signalling, and the bird in the hand theories.
Factors Influence Entrepreneur’s Disability Independence in Bantul District Anik Puji Handayani
Global Review of Islamic Economics and Business Vol 9, No 2 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.092-07

Abstract

Micro small and medium enterprises (MSME) play an important role in Indonesia’s economic growth. Indonesia need to improve awareness and readiness as well as taking more optimal advantages for MSMEs by improving their competitiveness. One of the MSME’s entrepreneurs in Indonesia consist of psychical disabilities entrepreneurs. This research analyzes the factors that influence the independence of MSMEs disability in Bantul District. These factors consist of entrepreneur characteristics, business capital, and business revenue. The analytical method used is partial least square (PLS). The result shows the characteristic of disability entrepreneurs that do not affect the independence of MSME’s disabilities. Meanwhile, business capital significantly affect the independence of MSME’s disability. This research also found that business revenue significantly affects the independence of MSME’s disability.

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