{"title":"Back Matter Al-Iqtishad. Vol. 10 (1), January 2018","authors":"Jurnal Al-Iqtishad","doi":"10.15408/aiq.v10i1.6489","DOIUrl":"https://doi.org/10.15408/aiq.v10i1.6489","url":null,"abstract":"","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67089902","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 is to analyse determinants that influence implementation of accounting standards for Islamic financial institutions. It’s done by examining the history of accounting standards and two different contexts as applied to Islamic financial institutions in the United Kingdom and Indonesia. The paper adopts meta-analysis method by exploring available texts and literature with the goal to learn 'what is going on here?' and to investigate social phenomena without explicit expectations. Employing the Ibn Khaldun perspective, this study analyses two determinants i.e. institutional setting that may be suitable in the context of the United Kingdom, and accounting needs in the case of Indonesia. The research shows the determinants are well fitted with interdisciplinary characters of Ibn Khaldun model of civilization . DOI: 10.15408/aiq.v10i1.5676
{"title":"Meta Analysis on Direction of Accounting Standards for Islamic Financial Institution: Case Studies in United Kingdom and Indonesia","authors":"M. Mukhlisin, M. S. Antonio","doi":"10.15408/aiq.v10i1.5676","DOIUrl":"https://doi.org/10.15408/aiq.v10i1.5676","url":null,"abstract":"This paper is to analyse determinants that influence implementation of accounting standards for Islamic financial institutions. It’s done by examining the history of accounting standards and two different contexts as applied to Islamic financial institutions in the United Kingdom and Indonesia. The paper adopts meta-analysis method by exploring available texts and literature with the goal to learn 'what is going on here?' and to investigate social phenomena without explicit expectations. Employing the Ibn Khaldun perspective, this study analyses two determinants i.e. institutional setting that may be suitable in the context of the United Kingdom, and accounting needs in the case of Indonesia. The research shows the determinants are well fitted with interdisciplinary characters of Ibn Khaldun model of civilization . DOI: 10.15408/aiq.v10i1.5676","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45127488","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}
According to understand the behavior of Islamic equity markets the primary objective of this research is to analyze the effect of macroeconomic indicators and International Islamic Index on return volatility of Jakarta Islamic Index. The analysis method used in this study is AutoRegressive Conditional Heteroscedastic-Generalized AutoRegressive Conditional Heteroscedastic (ARCH-GARCH). The result of this research showed that all variables, i.e., BI rate, inflation rate, IDR-USD exchange rate, DJIUS index, DJIUK index, FTSJP index and FTSMY index have a simultaneously significant impact on return volatility of JII. While t-test results show that BI rate, IDR-USD exchange rate, DJIUK index and FTSMY index have a substantial effect on return volatility of JII. DOI: 10.15408/aiq.v10i1.5550
{"title":"Macroeconomic Variables, International Islamic Indices, and the Return Volatility in Jakarta Islamic Index","authors":"Yoghi Citra Pratama, Abdul Azzis","doi":"10.15408/aiq.v10i1.5550","DOIUrl":"https://doi.org/10.15408/aiq.v10i1.5550","url":null,"abstract":"According to understand the behavior of Islamic equity markets the primary objective of this research is to analyze the effect of macroeconomic indicators and International Islamic Index on return volatility of Jakarta Islamic Index. The analysis method used in this study is AutoRegressive Conditional Heteroscedastic-Generalized AutoRegressive Conditional Heteroscedastic (ARCH-GARCH). The result of this research showed that all variables, i.e., BI rate, inflation rate, IDR-USD exchange rate, DJIUS index, DJIUK index, FTSJP index and FTSMY index have a simultaneously significant impact on return volatility of JII. While t-test results show that BI rate, IDR-USD exchange rate, DJIUK index and FTSMY index have a substantial effect on return volatility of JII. DOI: 10.15408/aiq.v10i1.5550","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45738107","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 investigates the difference between the dividend payout policy of Islamic banks and conventional banks in Pakistan for a period from 2012 to 2016 analyzing the data through regression using Least Square Method (OLS). Specifically, the study aims to study the impact of the profitability, liquidity, revenue growth and financial leverage on the dividend payout policy of the Islamic Banks and conventional banks of Pakistan and how Islamic banks dividend policy differs from conventional banks. This study concludes that the factors like liquidity and financial leverage should be considered and addressed accordingly, because these are key indicators to help policymakers and investors in assessing the performance of the Islamic Banking Industry. DOI: 10.15408/aiq.v10i1.6103
{"title":"Dividend Payout Policy of Conventional Banking and Islamic Banking in Pakistan","authors":"F. Ahmed, A. Rafay, Afzal Ahmed","doi":"10.15408/aiq.v10i1.6103","DOIUrl":"https://doi.org/10.15408/aiq.v10i1.6103","url":null,"abstract":"This paper investigates the difference between the dividend payout policy of Islamic banks and conventional banks in Pakistan for a period from 2012 to 2016 analyzing the data through regression using Least Square Method (OLS). Specifically, the study aims to study the impact of the profitability, liquidity, revenue growth and financial leverage on the dividend payout policy of the Islamic Banks and conventional banks of Pakistan and how Islamic banks dividend policy differs from conventional banks. This study concludes that the factors like liquidity and financial leverage should be considered and addressed accordingly, because these are key indicators to help policymakers and investors in assessing the performance of the Islamic Banking Industry. DOI: 10.15408/aiq.v10i1.6103","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43974028","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}
Muhammad Rizky Prima Sakti, Hassanudin Mohd Thas Thaker, Abdul Qoyum, Ibnu Qizam
This study aims to examine reserve ratio (GWM), and capital buffer toward credit growth; the impact of macroeconomic variables and micro-banking specific factors toward credit growth in Islamic and Conventional Bank. This research using Vector Error Correction Model (VECM). This research finds that macroprudential policy based on GWM instrument positively influence the credit growth of conventional and Islamic banks. From macroeconomic, the credit growth is positively affected by GDP and negatively affected by BI Rate and inflation. Also, credit also affected by deposit funds and default rate ratio. Interestingly, there is a different impact of capital buffer instrument toward credit growth. Capital buffer instrument has negatively affected the financing growth of Islamic banks in Indonesia. DOI: 10.15408/aiq.v10i1.5446
{"title":"The Concept and Practice of Macroprudential Policy in Indonesia: Islamic and Conventional","authors":"Muhammad Rizky Prima Sakti, Hassanudin Mohd Thas Thaker, Abdul Qoyum, Ibnu Qizam","doi":"10.15408/aiq.v10i1.5446","DOIUrl":"https://doi.org/10.15408/aiq.v10i1.5446","url":null,"abstract":"This study aims to examine reserve ratio (GWM), and capital buffer toward credit growth; the impact of macroeconomic variables and micro-banking specific factors toward credit growth in Islamic and Conventional Bank. This research using Vector Error Correction Model (VECM). This research finds that macroprudential policy based on GWM instrument positively influence the credit growth of conventional and Islamic banks. From macroeconomic, the credit growth is positively affected by GDP and negatively affected by BI Rate and inflation. Also, credit also affected by deposit funds and default rate ratio. Interestingly, there is a different impact of capital buffer instrument toward credit growth. Capital buffer instrument has negatively affected the financing growth of Islamic banks in Indonesia. DOI: 10.15408/aiq.v10i1.5446","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41343048","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 evaluate the Islamic banks' commitment towards Sharia Governance in Bahrain. This study utilizes both quantitative and qualitative research methods. The survey results reveal that Islamic banks in Bahrain practice 7 out of 9 questions in the questionnaire, which are related to Sharia governance aspects as per the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)'s governance standards. The interview results also reveal that the Islamic banks are practicing most aspects of Sharia governance. The results of this paper can be an input for the regulator and the banks' management to make decisions to improve Sharia governance practice among Islamic banks in Bahrain. DOI: 10.15408/aiq.v10i1.5991
{"title":"Shariah Governance Practices at Islamic Banks in Bahrain From Islamic Bankers’ Perspective","authors":"S. Hidayat, Ali K. Al‐Khalifa","doi":"10.15408/aiq.v10i1.5991","DOIUrl":"https://doi.org/10.15408/aiq.v10i1.5991","url":null,"abstract":"This study aims to evaluate the Islamic banks' commitment towards Sharia Governance in Bahrain. This study utilizes both quantitative and qualitative research methods. The survey results reveal that Islamic banks in Bahrain practice 7 out of 9 questions in the questionnaire, which are related to Sharia governance aspects as per the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)'s governance standards. The interview results also reveal that the Islamic banks are practicing most aspects of Sharia governance. The results of this paper can be an input for the regulator and the banks' management to make decisions to improve Sharia governance practice among Islamic banks in Bahrain. DOI: 10.15408/aiq.v10i1.5991","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43540555","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 aims to identify and evaluate differences in the fundraising strategies implemented by different types of zakah institutions in Indonesia, to optimize the country's potential for zakah collection. This study using a qualitative approach, which using semi-structured interviews conducted with zakah organizations in Indonesia. The main finding suggests that differences in fundraising strategies indeed exist. Corporate and government zakah agencies tend to use traditional fundraising strategies, with a partnership approach for collecting zakah and a community-oriented approach for communicating zakah. In contrast, private zakah agencies tend to use market-oriented fundraising strategies allied with retail collection approach and an individual communication approach. It also suggested that the market-oriented fundraising strategy has resulted in higher and more sustainable revenues, indicating consistency with the resource dependence theory of fundraising. DOI: 10.15408/aiq.v10i1.6191
{"title":"Fundraising Strategies to Optimize Zakat Potential in Indonesia: An Exploratory Qualitative Study","authors":"R. Kasri, N. S. Putri","doi":"10.15408/aiq.v10i1.6191","DOIUrl":"https://doi.org/10.15408/aiq.v10i1.6191","url":null,"abstract":"This paper aims to identify and evaluate differences in the fundraising strategies implemented by different types of zakah institutions in Indonesia, to optimize the country's potential for zakah collection. This study using a qualitative approach, which using semi-structured interviews conducted with zakah organizations in Indonesia. The main finding suggests that differences in fundraising strategies indeed exist. Corporate and government zakah agencies tend to use traditional fundraising strategies, with a partnership approach for collecting zakah and a community-oriented approach for communicating zakah. In contrast, private zakah agencies tend to use market-oriented fundraising strategies allied with retail collection approach and an individual communication approach. It also suggested that the market-oriented fundraising strategy has resulted in higher and more sustainable revenues, indicating consistency with the resource dependence theory of fundraising. DOI: 10.15408/aiq.v10i1.6191","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49099036","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}
Green banking is an integral part of Islamic banking that makes a basis of environmental protection. This study attempts to examine the relationship between Islamic banking and green banking that contribute to sustainable development. The study has used the primary data through a structural questionnaire that includes various dimensions on green banking of Islamic banking in Bangladesh. The investigation revealed that Islamic banks had made a significant contribution to green banking that improves the environment as means of cost and energy savings, preservation of natural resources and the need to respect all living things. The study seems to carry an enormous academic value since a few studies have undertaken in this area DOI: 10.15408/aiq.v10i1.4563
{"title":"Islamic Banking and Green Banking for Sustainable Development: Evidence from Bangladesh","authors":"M. Uddin, M. Ahmmed","doi":"10.15408/aiq.v10i1.4563","DOIUrl":"https://doi.org/10.15408/aiq.v10i1.4563","url":null,"abstract":"Green banking is an integral part of Islamic banking that makes a basis of environmental protection. This study attempts to examine the relationship between Islamic banking and green banking that contribute to sustainable development. The study has used the primary data through a structural questionnaire that includes various dimensions on green banking of Islamic banking in Bangladesh. The investigation revealed that Islamic banks had made a significant contribution to green banking that improves the environment as means of cost and energy savings, preservation of natural resources and the need to respect all living things. The study seems to carry an enormous academic value since a few studies have undertaken in this area DOI: 10.15408/aiq.v10i1.4563","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47504573","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}
Islamic insurance in Indonesia is potentially expected to grow along with the increase in Islamic financial market. Hence, this paper aims to develop strategy and policy recommendations for stakeholders of Islamic insurance industry in Indonesia. This article applied ANP approach by classifying it into three aspects, namely problem, solution, and strategy. Problem and solution aspects consist of four clusters including internal, customer, competition, as well as regulation. Also, strategy offered is the strategy to improve the quality of service, strategy to develop the relationship and synergy between the authorities and the Islamic Financial Institutions. DOI: 10.15408/aiq.v10i1.5330
{"title":"Islamic Insurance: A Potential Niche Market of Indonesia","authors":"J. Effendi","doi":"10.15408/aiq.v10i1.5330","DOIUrl":"https://doi.org/10.15408/aiq.v10i1.5330","url":null,"abstract":"Islamic insurance in Indonesia is potentially expected to grow along with the increase in Islamic financial market. Hence, this paper aims to develop strategy and policy recommendations for stakeholders of Islamic insurance industry in Indonesia. This article applied ANP approach by classifying it into three aspects, namely problem, solution, and strategy. Problem and solution aspects consist of four clusters including internal, customer, competition, as well as regulation. Also, strategy offered is the strategy to improve the quality of service, strategy to develop the relationship and synergy between the authorities and the Islamic Financial Institutions. DOI: 10.15408/aiq.v10i1.5330","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48814333","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}
{"title":"Front Matter Al-Iqtishad. Vol. 10 (1), January 2018","authors":"Jurnal Al-Iqtishad","doi":"10.15408/AIQ.V10I1.6488","DOIUrl":"https://doi.org/10.15408/AIQ.V10I1.6488","url":null,"abstract":"","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67089884","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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