Pub Date : 2018-11-14DOI: 10.12928/IJIEFB.V1I1.275
Abdul Qoyum, N. E. Fauziyyah
This study aims to examine the impact of macroprudential policy particlarly the relaxing of Financing to Value (FTV) on property financing of Islamic bank in case of Indonesia. In addition, this paper also analyzes the impact of macroeconomic variables and specific factors on property financing in Islamic Bank. This paper collects data from the Bank Indonesia website, the Financial Services Authority (FSA) and the Central Statistics Agency (CSA) form January 2010 until April 2016. By employing Vector Error Correction Model (VECM), this study found that inflation and Industry Produce Index (IPI) have been positively influence on the property financing, while the BI rate and financing to deposit ratio (FDR) have been negatively influence on the property financing. While the relaxing of FTV policy also negatively influence on the property financing. Therefore, This study conludes that the policy have not effectived yet.
{"title":"In Search for Islamic Macroprudential Policy in Indonesia: The Case of Financing to Value (FTV) and Property Financing","authors":"Abdul Qoyum, N. E. Fauziyyah","doi":"10.12928/IJIEFB.V1I1.275","DOIUrl":"https://doi.org/10.12928/IJIEFB.V1I1.275","url":null,"abstract":"This study aims to examine the impact of macroprudential policy particlarly the relaxing of Financing to Value (FTV) on property financing of Islamic bank in case of Indonesia. In addition, this paper also analyzes the impact of macroeconomic variables and specific factors on property financing in Islamic Bank. This paper collects data from the Bank Indonesia website, the Financial Services Authority (FSA) and the Central Statistics Agency (CSA) form January 2010 until April 2016. By employing Vector Error Correction Model (VECM), this study found that inflation and Industry Produce Index (IPI) have been positively influence on the property financing, while the BI rate and financing to deposit ratio (FDR) have been negatively influence on the property financing. While the relaxing of FTV policy also negatively influence on the property financing. Therefore, This study conludes that the policy have not effectived yet.","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46735010","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 : 2018-11-14DOI: 10.12928/IJIEFB.V1I1.248
P. Purwanto
Sebagai salah satu Negara dengan penduduk muslim terbesar didunia, Indonesia merupakan pasar potensial bagi bisnis berbasis syariah termasuk industri keuangan syariah. Pemerintah Indonesia telah melakukan berbagai upaya agar industri keuangan syariah dapat berkembangan di Indonesia salah satunya adalah dengan membuat ketentuan diperbolehkannya bank konvensional melakukan konversi menjadi bank syariah. Kebijakan tersebut ternyata berdampak positif dalam meningkatkan market share industri perbankan syariah terhadap pangsa pasar industri keuangan di Indonesia. Pada tahun 2016-2017 market share industri keuangan syariah meningkat menjadi 5,3% dan 5,78% padahal pada tahun 2015 market share industri perbankan syariah hanya 4,83%. Meningkatkanya market share industri perbankan syariah, salah satunya disebabkan konversi bank Aceh menjadi bank Aceh Syariah pada tahun 2016. Konversi yang dilakukan oleh Bank Aceh secara umum berdampak positif terhadap market share industri perbankan syariah, namun bagaimana kondisi pada internal pada bank Aceh Syariah sendiri apakah ada perubahan signifikan bank Aceh Syariah dalam menjalankan fungsi intermediary? Guna mencari atas pertanyaan ini maka studi ini perlu dilakukan. Studi ini menggunakan analisis kuantitatif dengan pendekatan before after. Data penelitian yang digunakan adalah data skunder yaitu data laporan keuangan bank Aceh Syariah selama 18 bulan sebelum konversi dan 18 bulan setelah konversi. Analisis data menggunakan paired sample t-test dengan menggunakan software SPSS.21. Hasil dari studi ini membuktikan bahwa setelah melakukan konversi menjadi bank Aceh Syariah ada perbedaan yang signifikan dalam menjalankan fungsi intermediary baik dari sisi jumlah pembiayaan dan jumlah DPK. Hal ini menunjukkan bahwa perubahan brand bank Aceh menjadi Syariah berdampak positif dengan keputusan masyatakat untuk menggunakan produk bank Aceh Syariah.
{"title":"Fungsi Intermediary Bank Aceh Setelah Melakukan Konversi Menjadi Bank Umum Syariah","authors":"P. Purwanto","doi":"10.12928/IJIEFB.V1I1.248","DOIUrl":"https://doi.org/10.12928/IJIEFB.V1I1.248","url":null,"abstract":"Sebagai salah satu Negara dengan penduduk muslim terbesar didunia, Indonesia merupakan pasar potensial bagi bisnis berbasis syariah termasuk industri keuangan syariah. Pemerintah Indonesia telah melakukan berbagai upaya agar industri keuangan syariah dapat berkembangan di Indonesia salah satunya adalah dengan membuat ketentuan diperbolehkannya bank konvensional melakukan konversi menjadi bank syariah. Kebijakan tersebut ternyata berdampak positif dalam meningkatkan market share industri perbankan syariah terhadap pangsa pasar industri keuangan di Indonesia. Pada tahun 2016-2017 market share industri keuangan syariah meningkat menjadi 5,3% dan 5,78% padahal pada tahun 2015 market share industri perbankan syariah hanya 4,83%. Meningkatkanya market share industri perbankan syariah, salah satunya disebabkan konversi bank Aceh menjadi bank Aceh Syariah pada tahun 2016. Konversi yang dilakukan oleh Bank Aceh secara umum berdampak positif terhadap market share industri perbankan syariah, namun bagaimana kondisi pada internal pada bank Aceh Syariah sendiri apakah ada perubahan signifikan bank Aceh Syariah dalam menjalankan fungsi intermediary? Guna mencari atas pertanyaan ini maka studi ini perlu dilakukan. Studi ini menggunakan analisis kuantitatif dengan pendekatan before after. Data penelitian yang digunakan adalah data skunder yaitu data laporan keuangan bank Aceh Syariah selama 18 bulan sebelum konversi dan 18 bulan setelah konversi. Analisis data menggunakan paired sample t-test dengan menggunakan software SPSS.21. Hasil dari studi ini membuktikan bahwa setelah melakukan konversi menjadi bank Aceh Syariah ada perbedaan yang signifikan dalam menjalankan fungsi intermediary baik dari sisi jumlah pembiayaan dan jumlah DPK. Hal ini menunjukkan bahwa perubahan brand bank Aceh menjadi Syariah berdampak positif dengan keputusan masyatakat untuk menggunakan produk bank Aceh Syariah.","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42581115","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 : 2018-11-14DOI: 10.12928/IJIEFB.V1I1.257
Faiza Husnayeni Nahar, Mufti Alam Adha, D. Wardani
Sukuk Ijarah is the most popular sukuk that increase in over the world since its start to introduce in 2001. Not only Muslim country who issued this sukuk, so do Non-Muslim Country such as Germany, Japan and China. However, there is issue that come up due to the non-existence of Shariah compliance in this structure such as the requirement of sukuk doesn’t meet Maqasid Shari’ah perspective. Therefore, the aims of this paper to discuss some issue in sukuk Ijarah and give solution in order to develop Islamic capital market.
{"title":"Issues of Sukuk Ijarah","authors":"Faiza Husnayeni Nahar, Mufti Alam Adha, D. Wardani","doi":"10.12928/IJIEFB.V1I1.257","DOIUrl":"https://doi.org/10.12928/IJIEFB.V1I1.257","url":null,"abstract":"Sukuk Ijarah is the most popular sukuk that increase in over the world since its start to introduce in 2001. Not only Muslim country who issued this sukuk, so do Non-Muslim Country such as Germany, Japan and China. However, there is issue that come up due to the non-existence of Shariah compliance in this structure such as the requirement of sukuk doesn’t meet Maqasid Shari’ah perspective. Therefore, the aims of this paper to discuss some issue in sukuk Ijarah and give solution in order to develop Islamic capital market.","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43300248","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 : 2018-11-14DOI: 10.12928/ijiefb.v1i1.270
Hendri Tanjung, Taufik Akbar Martua Siregar
Penelitian ini bertujuan untuk melihat volatilitas Jakarta Islamic Index (JII) pada Jakarta Stock Exchange. Adapun teknik analisis yang digunakan pada penelitian ini adalah Generalized Autoregressive Conditional Heteroscedasticity (GARCH) dan Autoregressive Conditional Heteroscedasticity (ARCH). Kenormalan distribusi tingkat return pada JII dianalisis untuk menjawab apakah returnnya tersebar secara normal atau tidak. Dengan menggunakan data JII dari januari 2015 sampai dengan januari 2018 (724 data harian), ditemukan bahwa distribusi dari return JII tidak menyebar normal. Penelitian ini menyimpulkan bahwa return dari Jakarta Islamic Indeks sangat berfluktuasi. Adapun implikasinya adalah akan diperoleh keuntungan yang sangat tinggi dan kerugian yang sangat besar pada satu hari.
{"title":"Analisis Votalitas Saham di Jakarta Islamic Index (JII) periode Januari 2015-Januari 2018","authors":"Hendri Tanjung, Taufik Akbar Martua Siregar","doi":"10.12928/ijiefb.v1i1.270","DOIUrl":"https://doi.org/10.12928/ijiefb.v1i1.270","url":null,"abstract":"Penelitian ini bertujuan untuk melihat volatilitas Jakarta Islamic Index (JII) pada Jakarta Stock Exchange. Adapun teknik analisis yang digunakan pada penelitian ini adalah Generalized Autoregressive Conditional Heteroscedasticity (GARCH) dan Autoregressive Conditional Heteroscedasticity (ARCH). Kenormalan distribusi tingkat return pada JII dianalisis untuk menjawab apakah returnnya tersebar secara normal atau tidak. Dengan menggunakan data JII dari januari 2015 sampai dengan januari 2018 (724 data harian), ditemukan bahwa distribusi dari return JII tidak menyebar normal. Penelitian ini menyimpulkan bahwa return dari Jakarta Islamic Indeks sangat berfluktuasi. Adapun implikasinya adalah akan diperoleh keuntungan yang sangat tinggi dan kerugian yang sangat besar pada satu hari.","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41537936","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 : 2018-11-14DOI: 10.12928/ijiefb.v1i1.274
R. Muharrami, Sinta Sinta
The purpose of this research is to perform a comparative analysis of bankruptcy prediction and financial ratio related to Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa. This research applied Altman model on Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa to explain its bankruptcy prediction., while Mann Withney test is used to show a comparative analysis on its financial ratio related to bankruptcy. Data was use in this research is time series data, the data from 2011 up to 2015. The data is obtained from publication in Otoritas Jasa Keuangan (OJK) and publication in each bank’s website. The sampling techniques using purposive sampling methods. This research can be concluding that there is no difference between Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa on Bankruptcy prediction with Altman model. In financial ratios related to bankrupty exposure such as liquidity, Profitability, and Productivity has not significant difference to. While insolvency ratio at Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa foundto have differences. For bankruptcy prediction at Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa is found not difference. So, we can conclude that the difference in bankruptcy perdiction on Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa caused by the absence of dirrerences in the financial ratios with regard to bankruptcy unless insolvency.
本研究的目的是对Bank Umum Syariah Devisa和Bank Umum Syariah non Devisa的破产预测和财务比率进行比较分析。本研究运用Altman模型对Bank Umum Syariah Devisa和Bank Umum Syariah non Devisa进行破产预测解释。，采用Mann Withney检验对其破产相关财务比率进行比较分析。本研究使用的数据是时间序列数据，数据从2011年到2015年。数据来自OJK的出版物和各银行网站上的出版物。采用目的性抽样方法的抽样技术。本研究可以得出结论，Bank Umum Syariah Devisa与Bank Umum Syariah non Devisa对Altman模型的破产预测没有差异。在与破产风险敞口相关的财务比率中，流动性、盈利能力和生产率没有显著差异。而伊斯兰银行和非伊斯兰银行的资不抵债比率存在差异。对于Bank Umum Syariah Devisa和Bank Umum Syariah non Devisa的破产预测没有发现差异。因此，我们可以得出结论，对Bank Umum Syariah Devisa和Bank Umum Syariah non Devisa的破产预测的差异是由于对破产的财务比率没有差异造成的。
{"title":"Analisis Prediksi Kebangkrutan dan Rasio Keuangan Bank Umum Syariah dengan Metode Altman Z-Score pada Tahun 2011-2015","authors":"R. Muharrami, Sinta Sinta","doi":"10.12928/ijiefb.v1i1.274","DOIUrl":"https://doi.org/10.12928/ijiefb.v1i1.274","url":null,"abstract":"The purpose of this research is to perform a comparative analysis of bankruptcy prediction and financial ratio related to Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa. This research applied Altman model on Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa to explain its bankruptcy prediction., while Mann Withney test is used to show a comparative analysis on its financial ratio related to bankruptcy. Data was use in this research is time series data, the data from 2011 up to 2015. The data is obtained from publication in Otoritas Jasa Keuangan (OJK) and publication in each bank’s website. The sampling techniques using purposive sampling methods. This research can be concluding that there is no difference between Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa on Bankruptcy prediction with Altman model. In financial ratios related to bankrupty exposure such as liquidity, Profitability, and Productivity has not significant difference to. While insolvency ratio at Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa foundto have differences. For bankruptcy prediction at Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa is found not difference. So, we can conclude that the difference in bankruptcy perdiction on Bank Umum Syariah Devisa and Bank Umum Syariah non Devisa caused by the absence of dirrerences in the financial ratios with regard to bankruptcy unless insolvency.","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46768915","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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