Global Review of Islamic Economics and Business
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.
Articles
168 Documents
<![CDATA[Financial Determinants of Qardhul Hasan Financing Growth: Evidence from Islamic Banks in Indonesia ]]>
<![CDATA[Agus Saur Utomo]]>;
<![CDATA[Novita Kusuma Maharani]]>;
<![CDATA[Danes Quirira Octavio]]>
<![CDATA[ Global Review of Islamic Economics and Business Vol 3, No 1 (2015) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga ]]>
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DOI: 10.14421/grieb.2015.031-03
<![CDATA[The purpose of this paper is to investigate the financial factors that determine the growth of qardhul hasan financing in the sharia banks in Indonesia. We employ financial ratios such as Capital Adequacy Ratio (CAR), Non-Performing Financing (NPF), Net Interest Margin (NIM), Operational Cost to Operational Income (BOPO), Return on Asset (ROA) and Return on Equity (ROE) to explain the growth of qardhul hasan during 2011 to 2014. This paper utilizes the fixed effect model and the random effect model to provide empirical evidences. The empirical result demonstrates that Non-Performing Financing (NPF), Net Interest Margin (NIM), Return on Asset (ROA) and BOPO have significance relationship to the qardhul hasan financing. The finding shows that the growth of qardhul hasan financing in sharia banks is influenced by financial ratios of NIM, NPF, BOPO and ROA. This finding adds important evidence to the existing research on qardhul hasan financing in sharia banks.]]>
<![CDATA[The Rational Behavior Concept in Islam and Policy Framework Perspectives ]]>
<![CDATA[Dimas Bagus Wiranata Kusuma]]>;
<![CDATA[Masyhudi Muqorrobin]]>;
<![CDATA[Charafeddine Krouchj]]>;
<![CDATA[Nur Jamaluddin]]>
<![CDATA[ Global Review of Islamic Economics and Business Vol 1, No 2 (2013) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga ]]>
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DOI: 10.14421/grieb.2013.012-02
<![CDATA[The primary notion of preference and utility under Islamic perspective is to restore the consumer behavior in accordance with the concept of maslahah. The paper basically tries to apply the concept of maslahah by specifically defining it into Good Deeds (G) and Bad Deeds (B) concepts subject to a certain limit of Ability (A). Hicksian and Marshallian demand functions are used to model maslahah under Islamic banking practices in Indonesia and Malaysia. The paper employs several variables to gauge the Maslahah (M) as well as Ability (A) function. Empirically, the variables used to measure Maslahah function are deposit, financing, and rate of return variables. In addition, Cobb-Douglas (CD) utility function is utilized to model the maslahah. Indonesia seems to have bigger maslahah compared with Malaysia according to Islamic Banking practices, but more effort should be persistently undertaken by Indonesian Islamic Banks to retain a certain level of maslahah instead of Malaysia. Since maslahah is seen as the manifestation of Good Effort (Eg), some policies frameworks could be suggested, namely regarding shariah framework, tax regime, and someoutstanding issues and challenges for Islamic banking development.]]>
<![CDATA[Influence of Internal and External Governance Mechanisms on Corporate Governance Disclosure among Islamic and Conventional Banks ]]>
<![CDATA[Rashedul Hasan]]>;
<![CDATA[Kashfia Sharmeen]]>;
<![CDATA[Anisa Sultana]]>
<![CDATA[ Global Review of Islamic Economics and Business Vol 5, No 1 (2017) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga ]]>
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DOI: 10.14421/grieb.2017.051-03
<![CDATA[The purpose of this paper is to investigate the extent of corporate governance disclosure in the annual reports of listed conventional and Islamic banks in Bangladesh. Out of fifty-six scheduled banks in Bangladesh, a sample of thirty-nine banks is selected, and data for the sample is extracted from the annual reports covering a period of 2011 to 2014. As such, the study focused on the extent of CGC after the stock market crisis in 2010 in Bangladesh. This results in the final observations of 116 which were used to perform balanced panel regression analysis. Fixed effect model is found significant for the balanced panel model which indicates that appointment of large audit firms negatively affects the extent of corporate governance compliance. Pooled OLS regression established that while profitability has a negative influence, the size of banks positively affects the extent of CGC. This study has focused on the commercial banks and thus results obtained from the study may not be representative for public and foreign banks operating in Bangladesh. Statistical evidence provided by the study provides guidelines for the policymakers toward necessary governance reforms required for banks to successfully operate in a post-crisis environment. Factors established by the study that influences corporate governance compliance using a balanced panel model are unique in the context of developing countries. Evidence of a difference in governance compliance between Islamic and conventional banks in Bangladesh establishes a new research arena and a necessary shift from the traditional performance comparisons.]]>
<![CDATA[Islamic Banking - Value Added Intellectual Coeficient (IB-VAIC) as an Intellectual Capital Proxy Indonesian Islamic Banking ]]>
<![CDATA[Ema Pratiwi]]>;
<![CDATA[Rahmad Kadry]]>
<![CDATA[ Global Review of Islamic Economics and Business Vol 2, No 2 (2014) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga ]]>
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DOI: 10.14421/grieb.2014.022-04
<![CDATA[The main idea of this research is to make the concept of intellectual capital as the most valuable intangible assets for the company. Basically, tangible assets which is owned by the company is also controlled by humans. This study offers Islamic Banking-Value Added Intellectual Coefficient (IB-VAICTM) modified the model pulic by Ulum (2013) as a performance measurement of intellectual capital of Islamic banking in Indonesia. This study also makes Islamic banks rank in term of Best Performance Index (BPI) which is measured using IB-VAIC™. The data used are annual reports, particularly financial performance and balance sheet, obtained either through the official website of each bank as well as from BI website. This study finds that during the study period (2010-2014), the overall performance of Islamic banking in Indonesia in the category of "good performers" with a score of VAIC 2.57. The results also indicates that individual banks that including into the category of "top performers" are three (3) banks, "good performers" 4 (four) Bank and "common performers" 4 (four) Bank. The limitations of this study is that the data used only 11 (eleven) Commercial Bank (BUS) in Indonesia, while the overall number of banks per January 2015 was 197.]]>
<![CDATA[Zakah Fund Distribution Model Trough Takaful Institution for The Welfare of The Poor Farmer ]]>
<![CDATA[Intan Puspitasari]]>;
<![CDATA[Neneng Ela Fauziyyah]]>;
<![CDATA[Annisa Nur Salam]]>
<![CDATA[ Global Review of Islamic Economics and Business Vol 4, No 1 (2016) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga ]]>
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DOI: 10.14421/grieb.2016.041-04
<![CDATA[Various poverty alleviation programs are always launched by the government from year to year. But it is not able to change the state of this country to become more self-sufficient and prosperous. If explored further, the majority of people classified as poor are working as farmers. Therefore, it is necessary to alleviate poverty policy that focuses on the welfare of farmers. So that when the policy is successfully realized, the majority of the poor in Indonesia will be able to independently through the development of the agricultural sector. One of the problems faced by farmers is weak stimulus funds from financial institutions. Due to the agriculture sector is seen as high risk, the financial institutions tend to feel worried if that financing for the sector. In anticipation of losses on crop failure, it is important applied an insurance that serves to protect the farm. So that financial institutions have the courage to do the financing for the agricultural sector. Meanwhile, zakat is one of the Islamic public financial instruments with the potential to be developed. Zakat funds channeled to 8 asnaf, including for the poor. So, it is possible if the charity can be used as agricultural insurance fund for farmers who are poor. Based on the explanation, this paper is intended to offer a model of the distribution of zakat to the poor farmers through takaful. The hope when this model is applied, will invite many financial institutions in stimulating agricultural business funds. The final implications are the farmers’ productivity increased and the quantity of the poor in Indonesia will be reduced.]]>
<![CDATA[Futures Contracts in Islamic Finance: An Analytical Approach ]]>
<![CDATA[Muhammad Asif Ehsan]]>
<![CDATA[ Global Review of Islamic Economics and Business Vol 1, No 1 (2013) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga ]]>
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DOI: 10.14421/grieb.2013.011-03
<![CDATA[Futures contracts provide a useful means of reducing risk because these are highly liquid instruments that can be entered into or liquidated at any time. However, the debate on the legitimacy or otherwise of these contracts in the Islamic commercial law continues to invoke different contentions. The paper accentuates the fact that futures contracts are at bottom a new phenomenon of this age which have no precedent or parallel in the conventional law of transactions (muamalat). Therefore their legality or otherwise should be looked into with the Islamic viewpoint of general permissibility in relation to transactions. The paper examines a number of jurisprudential and legal issues such as non-existence of the subject-matter, sale prior to taking possession, bai al-kali bil-kali, speculation and hedging, and concludes that futures contracts are allowed to benefit from. However, only hedgers can take advantage of them. These instruments can never be used for purely speculative purposes where making or taking delivery is not intended. Although it is not necessary to pay the complete price to the seller at the time of the contract yet some other precautionary measures such as a bank guarantee or a fair amount of money to be given to the seller should be taken to ensure that pure speculation is scrupulously forestalled and the delivery would certainly be made.]]>
<![CDATA[Compliance To Pay Zakat on Gold: A Study on UUM Staff ]]>
<![CDATA[fatihah adilah sukri]]>
<![CDATA[ Global Review of Islamic Economics and Business Vol 4, No 2 (2016) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga ]]>
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DOI: 10.14421/grieb.2016.042-03
<![CDATA[Abstract: This paper aims to examine the relationship of attitude, religious value, knowledge on zakat, law of zakat as independent variable (IV) and compliance to pay zakat on gold as dependent variable (DV). A survey approach has been adopted in this study while the data are collected via structured questionnaires. The questionnaire was distributed to 250 respondents of Muslim women staff among academician and non-academician from three colleges in Universiti Utara Malaysia (UUM), Sintok Kedah. In this study, the researchers developed a new construct in measuring the compliance to pay zakat on gold, knowledge on zakat and law of zakat. While, the construct in measuring attitude and religious value variable are borrowed from the previous study. The data are then quantitatively analyzed using SPSS program. The findings shows a high significant and positive correlation between compliance to pay zakat on gold and knowledge on zakat followed by religious value, attitude and law of zakat. Further analysis using multiple regression analysis indicated that only knowledge on zakat, attitude and law of zakat give a significant and positive impact on zakat compliance payment on gold. The result of study contributed to the knowledge of zakat compliance. It is implied that the zakat authority need to intensify their efforts to further improve the effectiveness of education about zakat. Besides, it is proposed that zakat authority strives to cultivate a positive attitude of society towards zakat on gold using various strategic method.]]>
<![CDATA[Financial Reporting Quality on Indonesia Islamic Banks: An Internal Stakeholders Perception ]]>
<![CDATA[R. Rini]]>
<![CDATA[ Global Review of Islamic Economics and Business Vol 2, No 1 (2014) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga ]]>
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DOI: 10.14421/grieb.2014.021-02
<![CDATA[This study describes financial reporting quality of 33 Islamic Banks in Indonesia. The data was taken by questionnaires from 173 respondents, consist of employees (head of group, head of division, and internal auditor), audit committee members, and sharia supervisory board members. The questionnaires consist of 24 questions with eight dimensions of research instruments, they are financial reporting quality (ie. timeliness, verifiability, completeness, representation faithfulness, neutrality, comparability, consistency and clarity). This research is qualitative, therefore using interpretive analysis as data analysis. The result shows that representative faithfulness is considered as the most important component by internal party of Islamic banks.]]>
<![CDATA[The Determination of Money: A comparative analysis of Zakat (Alms) and Income Tax payers among selected ASEAN countries ]]>
<![CDATA[Malik Shahzad Shabbir]]>
<![CDATA[ Global Review of Islamic Economics and Business Vol 6, No 1 (2018) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga ]]>
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DOI: 10.14421/grieb.2018.061-04
<![CDATA[AbstractPurpose: The objective of this study is to provide a solution for ASEAN countries regarding zakat and income tax under Islamic monetary system. When the alms payer spend their alms, they don’t need to pay income tax because they have to deduct already their amount through one channel only.Design/Method: This study based on qualitative measurement technique and includes several constitution acts regarding zakat (alms) payer and income tax acts. This study builds a notion to make the alms as the subtrahend of income tax so it could minimize the burden for those who are obliged to pay both of the tax and alms, where it will lead to a positive impact in terms of increase the number of alms payer and tax payer.Results: The result of these alms are distributed among eight categories set in Quran in order to decrease poverty and boost economic growth in particular countries. The alms payer are disputatively increase then the society will feel welfare of the distributed result of alms to the people. Moreover, everyone has more money to pay taxes especially those belong from low incomes, whose earnings have to be cut again by the income tax paid, which doesn’t mention the religious absolute obligation to pay zakat mal.Originality of Work: The study investigates a comparative analysis between two different deduction systems on income. Furthermore, this study also helps policy makers for real implication of alms in the country and creates reform of monetary system for financial institutions.]]>
<![CDATA[Microfinance: Viable Approaches for Islamic Banking Implementation ]]>
<![CDATA[Wan Noor Hazlina Wan Jusoh]]>;
<![CDATA[Anita Md. Shariff]]>
<![CDATA[ Global Review of Islamic Economics and Business Vol 2, No 3 (2015) ]]>
Publisher : <![CDATA[Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga ]]>
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DOI: 10.14421/grieb.2015.023-03
<![CDATA[Islamic banks have very much engaged in debt financing businesses the same way and as much as their conventional counterparts do. Debt financing businesses, as widely implemented, were specifically targeted for and tailored to the needs of middle and upper income group of people. The low income people remain left out and forgotten in most banking businesses while microfinance instruments, which are meant to help the poor and needy, remain unpopular among the banking institutions. There is indeed increasing calls for Islamic banks to seriously consider this type of instrument as part of their religious obligation embedded under their Islamic identity. This paper demonstrated that microfinance instruments are viable for Islamic banks to consider despite the claims that the contracts are less secured and hence, too risky to embark in. A number of microfinance instruments based on Islamic concepts namely Musyarakah, Murabahah, Mudharabah, Ijarah and Qard al-Hassan as well as operational frameworks such as SPV and wakalah, were being proposed and discussed to pave ways for its implementation by the Islamic banks.]]>
