Pub Date : 2022-06-27DOI: 10.29244/jam.10.1.93-110
Rohiman Atja, Indupurnahayu, Renea Shinta Aminda
Before pandemic, Islamic stocks performance (ISSI, JII70, JII) contracted. During pandemic, outperformed JCI and LQ45. JII prospect is good this year, increase 5.81% early 2021, exceeded JCI (4.66%) and LQ45 (4.75%) ytd. This study uses 4 investment scenarios aimed at analyzing and exploring the Return and Risk of the selected JII Portfolio using SIM, MAD, and DD Methods; perform calculations and analyze VaR of the selected JII Portfolio; calculate and analyze the relationship between Return and Risk of the selected JII Portfolio using SIM, MAD, and DD Methods; calculate and analyze the differences in Return and Risk of the selected JII Portfolio using the SIM, MAD, and DD Methods. The research methods are SIM, MAD, DD, VaR, Correlation-Test and Difference-Test. The results of the study of the highest return of each method resulted in scenario 2, the highest risk of each method resulted in a scenario of 33.3% investment proportion, the highest VaR resulted in scenario 2. Test-correlation method in calculating returns: there is no significant relationship between the SIM-MAD and DD-MAD methods, there is a significant positive relationship between the SIM-DD method.
{"title":"Analisis Return, Risk dan VaR Portofolio Saham JII dengan Metode SIM, MAD dan DD","authors":"Rohiman Atja, Indupurnahayu, Renea Shinta Aminda","doi":"10.29244/jam.10.1.93-110","DOIUrl":"https://doi.org/10.29244/jam.10.1.93-110","url":null,"abstract":"Before pandemic, Islamic stocks performance (ISSI, JII70, JII) contracted. During pandemic, outperformed JCI and LQ45. JII prospect is good this year, increase 5.81% early 2021, exceeded JCI (4.66%) and LQ45 (4.75%) ytd. This study uses 4 investment scenarios aimed at analyzing and exploring the Return and Risk of the selected JII Portfolio using SIM, MAD, and DD Methods; perform calculations and analyze VaR of the selected JII Portfolio; calculate and analyze the relationship between Return and Risk of the selected JII Portfolio using SIM, MAD, and DD Methods; calculate and analyze the differences in Return and Risk of the selected JII Portfolio using the SIM, MAD, and DD Methods. The research methods are SIM, MAD, DD, VaR, Correlation-Test and Difference-Test. The results of the study of the highest return of each method resulted in scenario 2, the highest risk of each method resulted in a scenario of 33.3% investment proportion, the highest VaR resulted in scenario 2. Test-correlation method in calculating returns: there is no significant relationship between the SIM-MAD and DD-MAD methods, there is a significant positive relationship between the SIM-DD method.","PeriodicalId":158243,"journal":{"name":"AL-MUZARA'AH","volume":"173 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124230793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The most frequently used financing contracts in Islamic financial institutions are murabahah and mudharabah. This study aims to reveal the phenomenon in the field about the description of the risk comparison between murabahah financing and mudharabah financing from the BMT side. This study uses descriptive qualitative research methods through data collection methods with in-depth interviews with nine respondents who have experience handling the risks of murabahah financing and mudharabah financing at BMT. This study shows that the risk of mudharabah financing is greater than the risk of murabahah financing. In practice, mudharabah financing tends to be relatively high due to asymmetric information and moral hazard. The inherent risk in murabahah financing is the risk of member default due to default or member negligence in returning installments. This study also identifies risk factors such as trust risk and sharia legal risk for murabahah financing with wakalah contracts. This study shows that BMT applies the precautionary principle and is appropriate to maintain the institution's health to minimize the risks that occur. This research is expected to be a reference in managing the risk of murabahah financing and mudharabah financing with innovative strategies. The BMT Islamic Microfinance Institution needs to stimulate and educate to reduce the risk of mudharabah financing so that it can become a top priority for financing.
{"title":"Comparative Analysis of Murabahah and Mudharabah Financing Risk from Islamic Microfinance Institutions Perspective","authors":"Azhar Alam, Raditya Sukmana, Bayu Arie Fianto, Azzam Izzuddin","doi":"10.29244/jam.10.1.79-92","DOIUrl":"https://doi.org/10.29244/jam.10.1.79-92","url":null,"abstract":"The most frequently used financing contracts in Islamic financial institutions are murabahah and mudharabah. This study aims to reveal the phenomenon in the field about the description of the risk comparison between murabahah financing and mudharabah financing from the BMT side. This study uses descriptive qualitative research methods through data collection methods with in-depth interviews with nine respondents who have experience handling the risks of murabahah financing and mudharabah financing at BMT. This study shows that the risk of mudharabah financing is greater than the risk of murabahah financing. In practice, mudharabah financing tends to be relatively high due to asymmetric information and moral hazard. The inherent risk in murabahah financing is the risk of member default due to default or member negligence in returning installments. This study also identifies risk factors such as trust risk and sharia legal risk for murabahah financing with wakalah contracts. This study shows that BMT applies the precautionary principle and is appropriate to maintain the institution's health to minimize the risks that occur. This research is expected to be a reference in managing the risk of murabahah financing and mudharabah financing with innovative strategies. The BMT Islamic Microfinance Institution needs to stimulate and educate to reduce the risk of mudharabah financing so that it can become a top priority for financing.","PeriodicalId":158243,"journal":{"name":"AL-MUZARA'AH","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127389881","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study aims to identify the root cause in planning of the implementation digital transformation of local government financial transactions to expand the role of zakat. This study modify the element of zakat as an instrument in regional fiscal financial policy. Government policies that impose restrictions on social interaction among the spread of the Covid-19 outbreak have convinced people to switch to the trend of digital transactions. The electronification activity for each transaction is one of the government's strategies in achieving the financial inclusion level target in 2024 of 90%. This study used a qualitative descriptive analysis using the Fishbone Diagram Analysis method with the 4M approach, there are Method, Manpower, Material, and Machine. Based on the analysis and mapping of the problems, it is concluded that there are still areas that need to be strengthened the plan of the regional government financial transaction electronification program in expanding the contribution of zakat, there are in the areas of government’s policy and regulation, human resources, infrastructure as well as synergy and coordination.
{"title":"Analisis Rencana Elektronifikasi Keuangan Daerah dalam Memperluas Kontribusi Zakat dengan Pendekatan Fishbone Diagram Analysis","authors":"O. Saputri, Nurul Huda, Mulawarman Hannase","doi":"10.29244/jam.10.1.1-17","DOIUrl":"https://doi.org/10.29244/jam.10.1.1-17","url":null,"abstract":"This study aims to identify the root cause in planning of the implementation digital transformation of local government financial transactions to expand the role of zakat. This study modify the element of zakat as an instrument in regional fiscal financial policy. Government policies that impose restrictions on social interaction among the spread of the Covid-19 outbreak have convinced people to switch to the trend of digital transactions. The electronification activity for each transaction is one of the government's strategies in achieving the financial inclusion level target in 2024 of 90%. This study used a qualitative descriptive analysis using the Fishbone Diagram Analysis method with the 4M approach, there are Method, Manpower, Material, and Machine. Based on the analysis and mapping of the problems, it is concluded that there are still areas that need to be strengthened the plan of the regional government financial transaction electronification program in expanding the contribution of zakat, there are in the areas of government’s policy and regulation, human resources, infrastructure as well as synergy and coordination.","PeriodicalId":158243,"journal":{"name":"AL-MUZARA'AH","volume":"229 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115087326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper seeks the relations between the religiosity and the transparency to the production factors usage in the land crops cultivation as well as the effect of production factor to the sharecropping contract in East Java. The method employs in this study is Structural Equation Modelling (SEM) with the respondent of the research is 400 farmers from the 8 counties in East Java. The result shows that religiosity and transparency have positives and significant effect to the production factors usage in the cultivation of the land crops in East Java with the p-value respectively 0.008 for religiosity to production factors and 0.001 for transparency to production factors. Meanwhile, the influence of production factors to the sharecropping contract is positive and significant with p-value about 0.001. Furthermore, the R-square of production factors is about 0.907 which mean 90.7% of production factors variable is explained by religiosity and transparency variables while the rest of it is explained by other variables out of this research. Meanwhile, the sharecropping contracts R-square is about 0.629 which means 62.9% of sharecropping contracts variable is explained by production factors variable while the rest of it about 37.1% is explained by other variables out of this research.
{"title":"The Influence of Religiosity and Transparency on Production Factors of Sharecrops and Sharecropping Contract in East Java","authors":"Suyoto Arief, A. Susilo, Achmad Fajaruddin","doi":"10.29244/jam.10.1.19-32","DOIUrl":"https://doi.org/10.29244/jam.10.1.19-32","url":null,"abstract":"This paper seeks the relations between the religiosity and the transparency to the production factors usage in the land crops cultivation as well as the effect of production factor to the sharecropping contract in East Java. The method employs in this study is Structural Equation Modelling (SEM) with the respondent of the research is 400 farmers from the 8 counties in East Java. The result shows that religiosity and transparency have positives and significant effect to the production factors usage in the cultivation of the land crops in East Java with the p-value respectively 0.008 for religiosity to production factors and 0.001 for transparency to production factors. Meanwhile, the influence of production factors to the sharecropping contract is positive and significant with p-value about 0.001. Furthermore, the R-square of production factors is about 0.907 which mean 90.7% of production factors variable is explained by religiosity and transparency variables while the rest of it is explained by other variables out of this research. Meanwhile, the sharecropping contracts R-square is about 0.629 which means 62.9% of sharecropping contracts variable is explained by production factors variable while the rest of it about 37.1% is explained by other variables out of this research.","PeriodicalId":158243,"journal":{"name":"AL-MUZARA'AH","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133261288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As a province in Indonesia with a majority Muslim population of 87.58%, Riau has a very large potential, reaching Rp 8.4 trillion but the highest realization that was collected by National Zakat Board (BAZNAS) of Riau Province was only Rp 12.15 billion in 2019. This zakat management organization (ZMO) has made various efforts in order to increase the zakat funds. This study analyzed the performance of this institution according to muzakki and recommended strategies to increase the number of muzakki and zakat funds. Using the Structural Equation Modeling (SEM) method, according to muzakki, BAZNAS of Riau Province has good transparency, accountability, socialization, and service quality. However, muzakki prefer to pay zakat in mosques and directly to mustahik. Therefore, this study recommended to increase collaboration with mosque administrators, increase numbers of Zakat Collecting Unit (ZCU) as fund collectors and also distributors, update websites regularly, and increase socialization with materials on procedures for paying zakat and the benefits of paying zakat through ZMO.
{"title":"How National Zakat Board of Republic Indonesia (BAZNAS) Could Raise Zakat Funds: Riau Province Evidence","authors":"Ika Febriana, Idqan Fahmi, M. Santoso","doi":"10.29244/jam.10.1.47-57","DOIUrl":"https://doi.org/10.29244/jam.10.1.47-57","url":null,"abstract":"As a province in Indonesia with a majority Muslim population of 87.58%, Riau has a very large potential, reaching Rp 8.4 trillion but the highest realization that was collected by National Zakat Board (BAZNAS) of Riau Province was only Rp 12.15 billion in 2019. This zakat management organization (ZMO) has made various efforts in order to increase the zakat funds. This study analyzed the performance of this institution according to muzakki and recommended strategies to increase the number of muzakki and zakat funds. Using the Structural Equation Modeling (SEM) method, according to muzakki, BAZNAS of Riau Province has good transparency, accountability, socialization, and service quality. However, muzakki prefer to pay zakat in mosques and directly to mustahik. Therefore, this study recommended to increase collaboration with mosque administrators, increase numbers of Zakat Collecting Unit (ZCU) as fund collectors and also distributors, update websites regularly, and increase socialization with materials on procedures for paying zakat and the benefits of paying zakat through ZMO.","PeriodicalId":158243,"journal":{"name":"AL-MUZARA'AH","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127104193","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The existence of the COVID-19 pandemic has implications for the global economic sector, including in Indonesia. The decline in economic performance is not only felt by large multinational and national companies, but also by MSME players. This research aims to examine the factors of resilience of MSMEs during the COVID-19 pandemic, so that the results of this research can be a survival strategy for MSMEs, especially during the pandemic. The research data was collected through an interview process with 100 food and beverage MSME actors who have halal certification and who do not have halal certification in Banda Aceh City. After that, MSMEs will be grouped into MSMEs that have resilience and do not have resilience for further analysis. The analysis method used in this research is descriptive analysis and logistic regression analysis. Based on the research results, the factors that positively and significantly affect the resilience of MSMEs during the COVID-19 pandemic are the characteristics of entrepreneurship and government support.
{"title":"Analisis Faktor-Faktor yang Memengaruhi Ketahanan UMKM Makanan dan Minuman Bersertifikat Halal saat Pandemi COVID-19 di Kota Banda Aceh","authors":"Wahyu Viariani, Deni Lubis, Marhamah Muthohharoh","doi":"10.29244/jam.10.1.33-45","DOIUrl":"https://doi.org/10.29244/jam.10.1.33-45","url":null,"abstract":"The existence of the COVID-19 pandemic has implications for the global economic sector, including in Indonesia. The decline in economic performance is not only felt by large multinational and national companies, but also by MSME players. This research aims to examine the factors of resilience of MSMEs during the COVID-19 pandemic, so that the results of this research can be a survival strategy for MSMEs, especially during the pandemic. The research data was collected through an interview process with 100 food and beverage MSME actors who have halal certification and who do not have halal certification in Banda Aceh City. After that, MSMEs will be grouped into MSMEs that have resilience and do not have resilience for further analysis. The analysis method used in this research is descriptive analysis and logistic regression analysis. Based on the research results, the factors that positively and significantly affect the resilience of MSMEs during the COVID-19 pandemic are the characteristics of entrepreneurship and government support.","PeriodicalId":158243,"journal":{"name":"AL-MUZARA'AH","volume":"193 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122515542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Cash waqf is a form of waqf innovation that is more flexible in management because it can be invested into the real and financial sectors. Cash waqf has an important role as a multiplier effect in the economy. Potential of cash waqf in Purworejo Districtis is very large. However, this potential has yet to be realized. The low accumulation of cash waqf that has not yet reached the potential is influenced by the community, especially waqif. Therefore, this study aims to analyze the factors affecting waqif’s decision to donate cash waqf at Purworejo District. Data collection is done by the questionnaires given to 60 waqif at Purworejo District. Descriptive analysis and logistic regression are used as research method in this study. The result shows that waqif’s decision to donate cash waqf is affected by their income and knowledge on cash waqf and the age of the waqif has a significant negative effect on the waqif's decision to cash waqf.
{"title":"Hal-Hal yang Memengaruhi Keputusan Wakif untuk Berwakaf Uang di Kabupaten Purworejo","authors":"Meilinia Rositanti, Neneng Hasanah","doi":"10.29244/jam.10.1.59-78","DOIUrl":"https://doi.org/10.29244/jam.10.1.59-78","url":null,"abstract":"Cash waqf is a form of waqf innovation that is more flexible in management because it can be invested into the real and financial sectors. Cash waqf has an important role as a multiplier effect in the economy. Potential of cash waqf in Purworejo Districtis is very large. However, this potential has yet to be realized. The low accumulation of cash waqf that has not yet reached the potential is influenced by the community, especially waqif. Therefore, this study aims to analyze the factors affecting waqif’s decision to donate cash waqf at Purworejo District. Data collection is done by the questionnaires given to 60 waqif at Purworejo District. Descriptive analysis and logistic regression are used as research method in this study. The result shows that waqif’s decision to donate cash waqf is affected by their income and knowledge on cash waqf and the age of the waqif has a significant negative effect on the waqif's decision to cash waqf.","PeriodicalId":158243,"journal":{"name":"AL-MUZARA'AH","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124139593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-03DOI: 10.29244/jam.specialissue2022.95-105
Najim Nur Fauziah, Salina Kassim
Social enterprises are expected to bring significant positive impact on Indonesia's economy and may help to meet the Sustainable Development Goals (SDGs). Social enterprises empower minorities by providing more opportunities for a sustainable means of livelihood, especially for low-income and disadvantaged groups. However, despite its potential, financial issues remain a significant barrier for the viability of social enterprises in Indonesia. Cash waqf is one of the Islamic social finance vehicles that can be used to invest and manage funds to address a variety of social issues related to the SDGs. Hence, this study aims to propose cash waqf model for social enterprise in achieving the SDGs in Indonesia and to assesses the potentials and opportunities of developing the proposed model in Indonesia. This study employs a qualitative research approach, with primary data gathered from interviews of relevant stakeholders. This study finds that, the cash waqf can solve a multitude of financial issues faced by many social enterprises in Indonesia by enlarging their pool of financing support. The possibilities and opportunities of developing the cash waqf model for social enterprise include alternative funding for social enterprise, alternative waqf for waqif, an increase in nazhir, and more effective contribution to the SDGs.
{"title":"Cash Waqf Model for Social Enterprise to Achieve Sustainable Development Goals in Indonesia","authors":"Najim Nur Fauziah, Salina Kassim","doi":"10.29244/jam.specialissue2022.95-105","DOIUrl":"https://doi.org/10.29244/jam.specialissue2022.95-105","url":null,"abstract":"Social enterprises are expected to bring significant positive impact on Indonesia's economy and may help to meet the Sustainable Development Goals (SDGs). Social enterprises empower minorities by providing more opportunities for a sustainable means of livelihood, especially for low-income and disadvantaged groups. However, despite its potential, financial issues remain a significant barrier for the viability of social enterprises in Indonesia. Cash waqf is one of the Islamic social finance vehicles that can be used to invest and manage funds to address a variety of social issues related to the SDGs. Hence, this study aims to propose cash waqf model for social enterprise in achieving the SDGs in Indonesia and to assesses the potentials and opportunities of developing the proposed model in Indonesia. This study employs a qualitative research approach, with primary data gathered from interviews of relevant stakeholders. This study finds that, the cash waqf can solve a multitude of financial issues faced by many social enterprises in Indonesia by enlarging their pool of financing support. The possibilities and opportunities of developing the cash waqf model for social enterprise include alternative funding for social enterprise, alternative waqf for waqif, an increase in nazhir, and more effective contribution to the SDGs.","PeriodicalId":158243,"journal":{"name":"AL-MUZARA'AH","volume":"53 62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129589998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-03DOI: 10.29244/jam.specialissue2022.57-75
Ririn Riani, Ries Wulandari
This study examines the role of the POJK stimulus policy No. 11/POJK.03/2020 on the decision of financing in Indonesia Islamic banking. Furthermore, the study aims to be able to assess the financing behavior of Islamic banks. Accordingly, we design a quantitative approach with panel data analysis method. With case studies on 12 Islamic Commercial Banks with a time period from quarter 1-2017 to quarter 4-2020. We found that the total financing of Islamic banks experience significant changes after the period of economic recession that hit Indonesia. Then, the study found that the role of stimulus regulation has a positive and significant effect on the distribution of total bank financing. This shows that the stimulus regulation through financing relaxation or financing restructuring does not prevent banks from continuing to channel financing to the public. This study also found that Islamic banks do not behave pro-cyclicality behavior towards the business cycle.
{"title":"Assessing the Islamic Bank Financing During Economic Recession: The Role of Stimulus Regulation POJK Number 11/POJK.03/2020","authors":"Ririn Riani, Ries Wulandari","doi":"10.29244/jam.specialissue2022.57-75","DOIUrl":"https://doi.org/10.29244/jam.specialissue2022.57-75","url":null,"abstract":"This study examines the role of the POJK stimulus policy No. 11/POJK.03/2020 on the decision of financing in Indonesia Islamic banking. Furthermore, the study aims to be able to assess the financing behavior of Islamic banks. Accordingly, we design a quantitative approach with panel data analysis method. With case studies on 12 Islamic Commercial Banks with a time period from quarter 1-2017 to quarter 4-2020. We found that the total financing of Islamic banks experience significant changes after the period of economic recession that hit Indonesia. Then, the study found that the role of stimulus regulation has a positive and significant effect on the distribution of total bank financing. This shows that the stimulus regulation through financing relaxation or financing restructuring does not prevent banks from continuing to channel financing to the public. This study also found that Islamic banks do not behave pro-cyclicality behavior towards the business cycle.","PeriodicalId":158243,"journal":{"name":"AL-MUZARA'AH","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121735259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-03DOI: 10.29244/jam.specialissue2022.17-29
An'im Kafabih, Muhammad Dandy Alif Wildana
As human is the centre of development process, it is important to consider preferences of human behavior whether they prefer to change themselves or not. This explanation is inspired by Qur’an surah Ar Ra’d verse 11 that can be interpreted as the set of preferences which might influence someone’s state of condition. However, human development index which is widely used indicator for development study do not consider preference as the main factor of development. Therefore aim of this study is to examine interpretation of that surah whether set of preferences that consist of trust, altruism, patience, risk taking, and negative reciprocity, can influence the state of human development. This research Uses Linear Probability Model (LPM) which is estimated by OLS with 76 countries as observation. The result shows that altruism, patience and risk taking can influence human development significantly, whereas trust and negative reciprocity are not significant. Trust is not significant because there might be a condition of distrust economic activities, rather than trust, that signaled by complete contractual arrangement, whereas non significant of negative reciprocity might because the costly punishment opportunity to punish someone as the form of negative reciprocity, therefore people that think rationally will not take the revenge to others.
{"title":"Rethinking Human Development Based on Ar Ra’d Verse 11: How Can Preferences Influence Human Development?","authors":"An'im Kafabih, Muhammad Dandy Alif Wildana","doi":"10.29244/jam.specialissue2022.17-29","DOIUrl":"https://doi.org/10.29244/jam.specialissue2022.17-29","url":null,"abstract":"As human is the centre of development process, it is important to consider preferences of human behavior whether they prefer to change themselves or not. This explanation is inspired by Qur’an surah Ar Ra’d verse 11 that can be interpreted as the set of preferences which might influence someone’s state of condition. However, human development index which is widely used indicator for development study do not consider preference as the main factor of development. Therefore aim of this study is to examine interpretation of that surah whether set of preferences that consist of trust, altruism, patience, risk taking, and negative reciprocity, can influence the state of human development. This research Uses Linear Probability Model (LPM) which is estimated by OLS with 76 countries as observation. The result shows that altruism, patience and risk taking can influence human development significantly, whereas trust and negative reciprocity are not significant. Trust is not significant because there might be a condition of distrust economic activities, rather than trust, that signaled by complete contractual arrangement, whereas non significant of negative reciprocity might because the costly punishment opportunity to punish someone as the form of negative reciprocity, therefore people that think rationally will not take the revenge to others.","PeriodicalId":158243,"journal":{"name":"AL-MUZARA'AH","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130131784","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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