Pub Date : 2019-12-30DOI: 10.15408/aiq.v11i2.10931
Hantoro Ksaid Notolegowo, Samsubar Saleh
This research investigates the effect of constructive social capital such as religious tolerance, political participation, and marriage; and destructive social capital such as the corruption culture and discriminatory behavior towards the economic growth rate of member countries of the Islamic Cooperation Organization (OIC) 2014-2017. The results of the research estimation using the technique of fixed effect (FE) from the panel data of the OIC countries show that religious tolerance measured using the freedom of religion index (FRI) shows a positive and significant effect on the economic growth rate; political participation as measured by political rights index (PRI) has a significant negative effect on the economic growth rate; marriage measured using the percentage of married woman (PMW) has a positive effect on the economic growth rate but is not significant; corruption culture measured using the corruption perception index (CPI) has a negative and no significant effect on the economic growth rate; and discrimination behavior measured using discrimination and violence against minorities index (DVI) shows a negative and no significant effect on the economic growth rate.
{"title":"Social capital and economic growth: empirical evidence from OIC countries","authors":"Hantoro Ksaid Notolegowo, Samsubar Saleh","doi":"10.15408/aiq.v11i2.10931","DOIUrl":"https://doi.org/10.15408/aiq.v11i2.10931","url":null,"abstract":"This research investigates the effect of constructive social capital such as religious tolerance, political participation, and marriage; and destructive social capital such as the corruption culture and discriminatory behavior towards the economic growth rate of member countries of the Islamic Cooperation Organization (OIC) 2014-2017. The results of the research estimation using the technique of fixed effect (FE) from the panel data of the OIC countries show that religious tolerance measured using the freedom of religion index (FRI) shows a positive and significant effect on the economic growth rate; political participation as measured by political rights index (PRI) has a significant negative effect on the economic growth rate; marriage measured using the percentage of married woman (PMW) has a positive effect on the economic growth rate but is not significant; corruption culture measured using the corruption perception index (CPI) has a negative and no significant effect on the economic growth rate; and discrimination behavior measured using discrimination and violence against minorities index (DVI) shows a negative and no significant effect on the economic growth rate.","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49295180","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 : 2019-12-30DOI: 10.15408/aiq.v11i2.13623
Z. Abdullah, A. Susamto
Investment-based crowdfunding can be used as an alternative financing tool for Micro, Small and Medium Enterprises in Indonesia. Since the population in Indonesia is dominated by Muslim, Islamic financial technology companies that provide crowdfunding services are continue to emerge and develop. The development of these services also encourages the progress of the halal industry because both have integrated relationships. However, not all funding campaigns for crowdfunding services are successful. This study aims to analyze the development of Islamic crowdfunding business in Indonesia and factors affecting the success of funding campaigns in these services using multiple linear regression methods. Primary data obtained through interviews and literature review while secondary data is collected from 39 funding campaigns in 4 Islamic crowdfunding online services. It was found that the regulation of Islamic financial technology did not yet exist though in practice it was already widely found. On the other hand, crowdfunding models in Indonesia still need improvement in its scheme. By using a quantitative approach, it was found that funding target, campaign duration, payback periods and rate of return have a positive effect on campaign success, while a minimum amount of investment has a negative effect which means the minimum amount of investment available in the crowdfunding service is appropriate. After conducting research with a qualitative and quantitative approach, SWOT analysis was conducted at the end of the study to find out the challenges and opportunities for the halal industry in utilizing such Islamic crowdfunding service.
{"title":"THE ROLE OF INVESTMENT-BASED ISLAMIC CROWDFUNDING FOR HALAL MSMEs: EVIDENCE FROM INDONESIA","authors":"Z. Abdullah, A. Susamto","doi":"10.15408/aiq.v11i2.13623","DOIUrl":"https://doi.org/10.15408/aiq.v11i2.13623","url":null,"abstract":"Investment-based crowdfunding can be used as an alternative financing tool for Micro, Small and Medium Enterprises in Indonesia. Since the population in Indonesia is dominated by Muslim, Islamic financial technology companies that provide crowdfunding services are continue to emerge and develop. The development of these services also encourages the progress of the halal industry because both have integrated relationships. However, not all funding campaigns for crowdfunding services are successful. This study aims to analyze the development of Islamic crowdfunding business in Indonesia and factors affecting the success of funding campaigns in these services using multiple linear regression methods. Primary data obtained through interviews and literature review while secondary data is collected from 39 funding campaigns in 4 Islamic crowdfunding online services. It was found that the regulation of Islamic financial technology did not yet exist though in practice it was already widely found. On the other hand, crowdfunding models in Indonesia still need improvement in its scheme. By using a quantitative approach, it was found that funding target, campaign duration, payback periods and rate of return have a positive effect on campaign success, while a minimum amount of investment has a negative effect which means the minimum amount of investment available in the crowdfunding service is appropriate. After conducting research with a qualitative and quantitative approach, SWOT analysis was conducted at the end of the study to find out the challenges and opportunities for the halal industry in utilizing such Islamic crowdfunding service.","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":"129 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67089940","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 : 2019-11-21DOI: 10.15408/aiq.v11i1.11696
N. Hidayah, Tabrani Tabrani
High level of Non-Performing Finance (NPF) has become one of risks facing intermediary financial institutions including Islamic banks. Indonesia’s Financial Authority found that NPF ratio of Islamic banks is relatively higher (4,12%) that the one of conventional banks (2,96%) (OJK 2017). Literature indicate the influence of bank’s internal and external factors on high NPF. This study aims to analyze the factors that influence the high level of NPF and its settlement and strategies to reduce the level of NPF in Sharia Rural Banking (BPRS/Bank Perkreditan Rakyat Syariah). Taking BPRS Adeco (Aceh Development Corporate) in Langsa City District, Aceh, as a case study, this research takes a qualitative approach. Through a survey to 26 BPRS Adeco employees and semi-structured interviews with 4 employees, this study found three factors leading to an increase in the NPF ratio, namely weak bank’s financing risk management, changing economic conditions and regulations, and the conditions of customers who are vulnerable to socio-economic change. It found that the NPF can be gradually resolved by intensifying the communication to the delinquent customers followed by policies of restructuring the customers’ financing. It also found that the strategies to reduce NPF ratios include improving bank risk financing management, upgrading the quality of human resources in risk management, and providing business mentoring and coaching to the customers. It can be concluded that the strategies made by the BPRS ADECO succeeded in reducing the NPF rate from 15.62% in the June 2012 period to 3.60% in the December 2018 period. The finding implies that Islamic financial institutions, including BPRS, urgently need good finance risk management, particularly in monitoring the financed customers’ business and in mitigating external conditions of the economy and their changing related regulations in order to settle the problem of non-performing finance and to strengthen their finance risk management.
高水平不良金融已成为包括伊斯兰银行在内的中介金融机构面临的风险之一。印尼金融管理局发现，伊斯兰银行的NPF比率（4,12%）相对高于传统银行（2,96%）（OJK 2017）。文献表明，银行内部和外部因素对高NPF的影响。本研究旨在分析影响Sharia农村银行（BPRS/Bank Perkreditan Rakyat Syariah）高水平NPF的因素及其解决方案，以及降低NPF水平的策略。本研究以亚齐省朗萨市的BPRS Adeco（亚齐发展公司）为个案，采用定性研究方法。通过对26名BPRS Adeco员工的调查和对4名员工的半结构化访谈，本研究发现了导致NPF比率上升的三个因素，即银行融资风险管理薄弱、经济条件和法规的变化以及易受社会经济变化影响的客户的条件。研究发现，通过加强与拖欠客户的沟通，然后制定重组客户融资的政策，可以逐步解决NPF问题。研究还发现，降低NPF比率的策略包括改善银行风险融资管理，提高风险管理中的人力资源质量，以及为客户提供业务指导和辅导。可以得出结论，BPRS ADECO制定的策略成功地将NPF率从2012年6月的15.62%降低到了2018年12月的3.60%。调查结果表明，包括BPRS在内的伊斯兰金融机构迫切需要良好的金融风险管理，特别是在监测融资客户的业务、缓解经济外部条件及其不断变化的相关法规方面，以解决不良金融问题并加强其金融风险管理。
{"title":"Non-Performing Finance in Sharia Financial Institutions in Indonesia: A Case Study Of BPRS Adeco (Aceh Development Corporate)","authors":"N. Hidayah, Tabrani Tabrani","doi":"10.15408/aiq.v11i1.11696","DOIUrl":"https://doi.org/10.15408/aiq.v11i1.11696","url":null,"abstract":"High level of Non-Performing Finance (NPF) has become one of risks facing intermediary financial institutions including Islamic banks. Indonesia’s Financial Authority found that NPF ratio of Islamic banks is relatively higher (4,12%) that the one of conventional banks (2,96%) (OJK 2017). Literature indicate the influence of bank’s internal and external factors on high NPF. This study aims to analyze the factors that influence the high level of NPF and its settlement and strategies to reduce the level of NPF in Sharia Rural Banking (BPRS/Bank Perkreditan Rakyat Syariah). Taking BPRS Adeco (Aceh Development Corporate) in Langsa City District, Aceh, as a case study, this research takes a qualitative approach. Through a survey to 26 BPRS Adeco employees and semi-structured interviews with 4 employees, this study found three factors leading to an increase in the NPF ratio, namely weak bank’s financing risk management, changing economic conditions and regulations, and the conditions of customers who are vulnerable to socio-economic change. It found that the NPF can be gradually resolved by intensifying the communication to the delinquent customers followed by policies of restructuring the customers’ financing. It also found that the strategies to reduce NPF ratios include improving bank risk financing management, upgrading the quality of human resources in risk management, and providing business mentoring and coaching to the customers. It can be concluded that the strategies made by the BPRS ADECO succeeded in reducing the NPF rate from 15.62% in the June 2012 period to 3.60% in the December 2018 period. The finding implies that Islamic financial institutions, including BPRS, urgently need good finance risk management, particularly in monitoring the financed customers’ business and in mitigating external conditions of the economy and their changing related regulations in order to settle the problem of non-performing finance and to strengthen their finance risk management.","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49433252","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}
Indonesia border area (West Kalimantan, Sambas) - Malaysia (Sarawak) is a potential area. Strategic location and direct borders with other countries such as Malaysia make this area easy to interact economically with neighboring countries, either in the form of Asean Economic Community (MEA) or Brunei Indonesia Malaysia Philippines - East Asian Growth Area (BIMP - EAGA). But the reality is there are still socio-political and economic disparities. An unanticipated social and economic gap will interfere and affect the pattern of national development strategies, and affect national interests. Therefore, the border area of Indonesia (West Kalimantan, Sambas) - Malaysia (Sarawak) should be built and developed in order to eliminate the gaps that occur. This research tries to know the potential of Baitul Mal wa Tamwil (BMT) in developing border area of Indonesia - Malaysia by prioritizing welfare approach. The decision framework is structured using the ANP approach of the Benefit Opportunity Cost Risk (BOCR) network. All BOCR elements are reviewed from a community perspective and obtained through in-depth interviews with experts (academics), regulators, and practitioners. The results of this study conclude that the benefits and opportunities aspects have significantly more weight than the load and risk aspects. Alternative strategies are also proposed in this study to maximize benefits and opportunities and minimize costs and risks. An alternative strategy considered to be the first priority to be implemented according to respondents is the capital of third parties. Keywords: ANP-BOCR, BMT, Border Area
印尼边境地区（西加里曼丹，桑巴斯）-马来西亚（砂拉越）是一个潜在地区。战略位置和与马来西亚等其他国家的直接边界使该地区易于以东盟经济共同体（MEA）或文莱-印度尼西亚-马来西亚-菲律宾-东亚增长区（BIMP-EAGA）的形式与邻国进行经济互动。但现实情况是，仍然存在社会政治和经济差异。意想不到的社会和经济差距将干扰和影响国家发展战略的模式，影响国家利益。因此印度尼西亚（西加里曼丹，桑巴斯）-马来西亚（砂拉越）应该建设和发展，以消除出现的差距。本研究试图了解Baitul Mal wa Tamwil（BMT）在边境地区开发中的潜力印度尼西亚-马来西亚通过优先考虑福利方法。决策框架采用效益机会成本风险（BOCR）网络的ANP方法构建。BOCR的所有要素都是从社区的角度进行审查的，并通过对专家（学者）、监管机构和从业者的深入采访获得。这项研究的结果表明，收益和机会方面的权重明显大于负荷和风险方面的权重。本研究还提出了替代策略，以最大限度地提高效益和机会，最大限度地降低成本和风险。据答复者称，被视为第一优先执行的替代战略是第三方资本。关键词：ANP-BCOR，BMT，边境地区
{"title":"A POTENTIAL OF BAITUL MAL WA TAMWIL (BMT) IN DEVELOPING THE BORDER AREA OF INDONESIA - MALAYSIA","authors":"M. I. Maulana, Nashr Akbar","doi":"10.15408/AIQ.V11I1.6834","DOIUrl":"https://doi.org/10.15408/AIQ.V11I1.6834","url":null,"abstract":"Indonesia border area (West Kalimantan, Sambas) - Malaysia (Sarawak) is a potential area. Strategic location and direct borders with other countries such as Malaysia make this area easy to interact economically with neighboring countries, either in the form of Asean Economic Community (MEA) or Brunei Indonesia Malaysia Philippines - East Asian Growth Area (BIMP - EAGA). But the reality is there are still socio-political and economic disparities. An unanticipated social and economic gap will interfere and affect the pattern of national development strategies, and affect national interests. Therefore, the border area of Indonesia (West Kalimantan, Sambas) - Malaysia (Sarawak) should be built and developed in order to eliminate the gaps that occur. This research tries to know the potential of Baitul Mal wa Tamwil (BMT) in developing border area of Indonesia - Malaysia by prioritizing welfare approach. The decision framework is structured using the ANP approach of the Benefit Opportunity Cost Risk (BOCR) network. All BOCR elements are reviewed from a community perspective and obtained through in-depth interviews with experts (academics), regulators, and practitioners. The results of this study conclude that the benefits and opportunities aspects have significantly more weight than the load and risk aspects. Alternative strategies are also proposed in this study to maximize benefits and opportunities and minimize costs and risks. An alternative strategy considered to be the first priority to be implemented according to respondents is the capital of third parties. Keywords: ANP-BOCR, BMT, Border Area","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47845306","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 research is proposed to measure financial inclusion index in 2 dimensions (2D-FII) in Indonesia Islamic banks. This research contributes on the measurement 2D-FII in regional level in Indonesia. The result shows that value of FII in Islamic banking in Indonesia is still low. Previous works show one of the determinant on increasing inequality in any country is a limited access to financial sector, especially for low income household (Akimov, Wijeweera, and Dollery 2006; Kenourgios and Samitas 2007; Levine 2003; D. Park and Shin 2015). In other words, low level of FII in Indonesia perhaps is caused by inequality of income. Therefore, this research recommends policymaker to have more concern on poverty alleviation program and open new Islamic banks branches in the regional level.
{"title":"INCOME INEQUALITY AND REGIONAL INDEX OF FINANCIAL INCLUSION FOR ISLAMIC BANK IN INDONESIA","authors":"Prastowo Prastowo, Diyah Putriani","doi":"10.15408/aiq.v11i1.8380","DOIUrl":"https://doi.org/10.15408/aiq.v11i1.8380","url":null,"abstract":"This research is proposed to measure financial inclusion index in 2 dimensions (2D-FII) in Indonesia Islamic banks. This research contributes on the measurement 2D-FII in regional level in Indonesia. The result shows that value of FII in Islamic banking in Indonesia is still low. Previous works show one of the determinant on increasing inequality in any country is a limited access to financial sector, especially for low income household (Akimov, Wijeweera, and Dollery 2006; Kenourgios and Samitas 2007; Levine 2003; D. Park and Shin 2015). In other words, low level of FII in Indonesia perhaps is caused by inequality of income. Therefore, this research recommends policymaker to have more concern on poverty alleviation program and open new Islamic banks branches in the regional level.","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43425859","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}
Financial inclusion is a mian concern of the contemperory global financial landscape. It is a universal concern that needs adequate and effective solutions. Islamic financial arean is no exception to this. With the fintech solutions available in the market today, innovative ways to provide financial inclusion is needed. However, the most critical challenge in the arena is caused due to limited availability of shariah compliant investment avenues in some of the jurisdictions of the world where Islamic banking and finance has not yet fully taken-off. The main objective of this research is to introduce a universally accepted mechanism using salam, one of the most least used Islamic finance contract in commercial Islamic banking for mobilising fixed deposits which will be ideal to be used in jurisdictions with limited shariah compliant avenues. This is a legal exploratory research that aims to provide an adequate and effective product for the jurisdictions that aspires to have sophisticated fixed return guranteed investment products structured in a shariah compliant manner. Simultaneously, the proposed product in this research will serve the less previlaged community of the society whose commodities can be used as underlying asset in structuring the product. However, this social impact of the product will differ depending on the jurisdiction in which it is applied and the decision of the financial institution in which the product is offered as it is there discretionary power to choose the underlying commodity used in the transaction. Fintech can also be fused with the suggested product and as such, the product can be easily used by the population in physically remote locations in a convenient manner. It is anticipated that this research will assist the jurisdictions in the world with limited shariah compliant investment products to introduce a new product that will be adequate to fulfill the needs of the customers.
{"title":"Modified Reverse Salam Product as an Innovative alternative for mobilizing fixed deposits in Jurisdictions with Limited Shariah Compliant Investment Avenues to Promote Financial Inclusion","authors":"Aishath Muneeza","doi":"10.15408/aiq.v11i1.7111","DOIUrl":"https://doi.org/10.15408/aiq.v11i1.7111","url":null,"abstract":"Financial inclusion is a mian concern of the contemperory global financial landscape. It is a universal concern that needs adequate and effective solutions. Islamic financial arean is no exception to this. With the fintech solutions available in the market today, innovative ways to provide financial inclusion is needed. However, the most critical challenge in the arena is caused due to limited availability of shariah compliant investment avenues in some of the jurisdictions of the world where Islamic banking and finance has not yet fully taken-off. The main objective of this research is to introduce a universally accepted mechanism using salam, one of the most least used Islamic finance contract in commercial Islamic banking for mobilising fixed deposits which will be ideal to be used in jurisdictions with limited shariah compliant avenues. This is a legal exploratory research that aims to provide an adequate and effective product for the jurisdictions that aspires to have sophisticated fixed return guranteed investment products structured in a shariah compliant manner. Simultaneously, the proposed product in this research will serve the less previlaged community of the society whose commodities can be used as underlying asset in structuring the product. However, this social impact of the product will differ depending on the jurisdiction in which it is applied and the decision of the financial institution in which the product is offered as it is there discretionary power to choose the underlying commodity used in the transaction. Fintech can also be fused with the suggested product and as such, the product can be easily used by the population in physically remote locations in a convenient manner. It is anticipated that this research will assist the jurisdictions in the world with limited shariah compliant investment products to introduce a new product that will be adequate to fulfill the needs of the customers.","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43171014","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 provides evidence that value and stocks’ growth able to explain Net Asset Value of Shariah Mutual Fund. It is important for investment managers and investors to estimate future profit or loss that may happen on their mutual funds prior they venture into the investment platform. This study therefore is conducted to prove that factors including value and growth may affect the future profit of Shariah Mutual Funds. Based on quantitative analysis with secondary data from companies indexed in the Jakarta Islamic Index and Sharia Mutual Fund from year 2013 to 2017, it is found that both growth and value of stock have equally affected the profit of Sharia Mutual Funds. In addition, growth of stock has a larger R-Square than its value which means that the investors or fund managers would need to observe the stock growth more often than its value in order to predict future profitability of Shariah funds. It is expected that the results of this study can provide additional insight to investment managers when choosing a portfolio for investors. For investors, this information is useful to predict the risk and return that they will receive from the investment.
{"title":"Growth and Value Effect on Jakarta Islamic Index: Analysis towards Performance of Sharia Equity Mutual Fund","authors":"S. Rusmita, M. C. M. Salleh","doi":"10.15408/aiq.v11i1.9670","DOIUrl":"https://doi.org/10.15408/aiq.v11i1.9670","url":null,"abstract":"This study provides evidence that value and stocks’ growth able to explain Net Asset Value of Shariah Mutual Fund. It is important for investment managers and investors to estimate future profit or loss that may happen on their mutual funds prior they venture into the investment platform. This study therefore is conducted to prove that factors including value and growth may affect the future profit of Shariah Mutual Funds. Based on quantitative analysis with secondary data from companies indexed in the Jakarta Islamic Index and Sharia Mutual Fund from year 2013 to 2017, it is found that both growth and value of stock have equally affected the profit of Sharia Mutual Funds. In addition, growth of stock has a larger R-Square than its value which means that the investors or fund managers would need to observe the stock growth more often than its value in order to predict future profitability of Shariah funds. It is expected that the results of this study can provide additional insight to investment managers when choosing a portfolio for investors. For investors, this information is useful to predict the risk and return that they will receive from the investment.","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46663076","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 : 2019-11-21DOI: 10.15408/AIQ.V11I1.11144
H. Ali
Disharmonization of Wakalah Agreement in Law Number 34 of 2014 and T he DSN-MUI Fatwa Number 122/DSN-MUI/II/2018 . BPKH as a Hajj financial management institution in Indonesia has an essential role in evolving the Hajj Fund. With the biggest potential of Muslims in the world, Indonesia can administrate hajj finances in a larger scope by investing hajj finances on business lines which has accordance towards sharia principles. In contrast, the wakalah agreement as the basis used between the prospective pilgrims to the BPKH institution is interpreted differently between Law Number 34 of 2014 and the DSN-MUI Fatwa Number 122/DSN-MUI/II/2018 so it causes disharmony in the two laws. Differences in the role interpretation of representatives in both of these invasions have legal consequences in the form of differences in the recipient of responsibilities involving the government and BPKH as the hajj financial manager if they experience investment failure. This study uses qualitative methods with secondary data in the form of legislation, related books, and non-legal materials. The used technique is content analysis with normative juridical research themes that analyze principles and legal systematics.
{"title":"Disharmonization of Wakalah Agreement in Law Number 34 of 2014 and The DSN-MUI Fatwa Number 122/DSN-MUI/II/2018","authors":"H. Ali","doi":"10.15408/AIQ.V11I1.11144","DOIUrl":"https://doi.org/10.15408/AIQ.V11I1.11144","url":null,"abstract":"Disharmonization of Wakalah Agreement in Law Number 34 of 2014 and T he DSN-MUI Fatwa Number 122/DSN-MUI/II/2018 . BPKH as a Hajj financial management institution in Indonesia has an essential role in evolving the Hajj Fund. With the biggest potential of Muslims in the world, Indonesia can administrate hajj finances in a larger scope by investing hajj finances on business lines which has accordance towards sharia principles. In contrast, the wakalah agreement as the basis used between the prospective pilgrims to the BPKH institution is interpreted differently between Law Number 34 of 2014 and the DSN-MUI Fatwa Number 122/DSN-MUI/II/2018 so it causes disharmony in the two laws. Differences in the role interpretation of representatives in both of these invasions have legal consequences in the form of differences in the recipient of responsibilities involving the government and BPKH as the hajj financial manager if they experience investment failure. This study uses qualitative methods with secondary data in the form of legislation, related books, and non-legal materials. The used technique is content analysis with normative juridical research themes that analyze principles and legal systematics.","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45538295","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 research aims at analyzing the scale of public willingness to pay and the influence of age, income, awareness, perception, and religiosity on their willingness to pay the halal certified beef. This research was conducted in Jakarta with purposive sampling method and 100 respondents. The analysis method used in this research is descriptive statistical analysis, contingent valuated method and logit regression. The results show that 77 of respondents are willing to pay more for halal certified beef, while the other 23 are not. The average value of WTP obtained is 7% of the price of ordinary meat. The result of logit regression analysis shows that awareness variable has significant effect on willingness to pay halal certified beef, while the income, age, perception, and religiosity have no significant effect.
{"title":"PUBLIC WILLINGNESS TO PAY FOR HALAL CERTIFIED BEEF","authors":"M. Fiqi, Darwanto Darwanto","doi":"10.15408/aiq.v11i1.8415","DOIUrl":"https://doi.org/10.15408/aiq.v11i1.8415","url":null,"abstract":"This research aims at analyzing the scale of public willingness to pay and the influence of age, income, awareness, perception, and religiosity on their willingness to pay the halal certified beef. This research was conducted in Jakarta with purposive sampling method and 100 respondents. The analysis method used in this research is descriptive statistical analysis, contingent valuated method and logit regression. The results show that 77 of respondents are willing to pay more for halal certified beef, while the other 23 are not. The average value of WTP obtained is 7% of the price of ordinary meat. The result of logit regression analysis shows that awareness variable has significant effect on willingness to pay halal certified beef, while the income, age, perception, and religiosity have no significant effect.","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44936198","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 : 2019-11-21DOI: 10.15408/aiq.v11i1.13341
Moch. Bukhori Muslim, S. Saepullah, Any Widayatsari
Te political economy encompasses the management of revenues and spending to achieve the social welfare of the community. Hence, development is not solely emphasized economic growth but also equity. Tis article discusses the political economy according to Ibn Khaldun, written in his book, Muqaddimah. Tis study concludes that that political budgets must be carried out in a balanced manner by establishing budget certainty and increasing the discipline in use of the budget. Legislators make laws, referring to the creation of income sources so that the community will be able to meet their needs independently, and the government can gather capabilities to carry out their duties and functions. Ibn Khaldun saw budget management as a means to solve public matters while also factoring the interests of rulers and governments.
{"title":"Political Economy From the Perspective of Ibn Khaldun","authors":"Moch. Bukhori Muslim, S. Saepullah, Any Widayatsari","doi":"10.15408/aiq.v11i1.13341","DOIUrl":"https://doi.org/10.15408/aiq.v11i1.13341","url":null,"abstract":"Te political economy encompasses the management of revenues and spending to achieve the social welfare of the community. Hence, development is not solely emphasized economic growth but also equity. Tis article discusses the political economy according to Ibn Khaldun, written in his book, Muqaddimah. Tis study concludes that that political budgets must be carried out in a balanced manner by establishing budget certainty and increasing the discipline in use of the budget. Legislators make laws, referring to the creation of income sources so that the community will be able to meet their needs independently, and the government can gather capabilities to carry out their duties and functions. Ibn Khaldun saw budget management as a means to solve public matters while also factoring the interests of rulers and governments.","PeriodicalId":53340,"journal":{"name":"AlIqtishad Jurnal Ilmu Ekonomi Syariah","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48411108","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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