Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) is a peer-reviewed journal on Islamic Economics and Finance by Faculty of Shariah and law Syarif Hidayatullah Jakarta in cooperation with The Indonesian Association of Islamic Economist. FOCUS:This journal focused on Islamic economics and finance studies and present developments through the publication of articles, research reports, and book reviews. SCOPE: Al Iqtishad specializes on Islamic economics and finance, and is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines.

Recent Submissions

  • The Issues of Wa'ad IMBT in The Fatwa DSN MUI Based on Fiqhiyyah Rules

    Rahman, Muh Fudhail; Luhur, Mujhid Budi (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2021-12-31)
    Abstract. This study discusses the concept and function of wa'ad in the DSN-MUI Fatwa No.85/DSN-MUI/XII/2012 concerning Wa'ad in Islamic Financial and Business Transactions, changing the contract from non-binding to binding nature. This study aims to analyze wa'ad law in IMBT in terms of its risks and benefits. This study uses data from the DSN-MUI Fatwa, Islamic jurisprudence, and other scientific papers. This study finds out that IMBT combines an ijarah contract (lease) with a sale-purchase contract or a grant. The ijarah contract, the sale, and the purchase contract are linked with an agreement. In principle, the legal status of fulfilling wa'ad in Islamic finance and business transactions is binding because it will provide benefits for the Islamic economic community, and there will be no financing problems. In the DSN-MUI fatwa, the concept of "Doing two lesser evils" is used in determining the fatwa regarding promises (wa'ad) in a transaction.Keywords: Wa'ad, IMBT, Binding Promise, Islamic Jurisprudence Abstrak. Kajian ini membahas tentang konsep dan fungsi wa’ad dalam Fatwa DSN-MUI No.85/DSN-MUI/XII/2012, yang diubah dari tidak mengikat menjadi mengikat. Penelitian ini bertujuan untuk mengetahui analisis hukum wa’ad dalam IMBT ditinjau dari sisi kemaslahatan dan risikonya. Metode yang digunakan dalam penelitian ini adalah metode yuridis normative, dengan data berupa Fatwa DSN-MUI, literatur Hukum Islam/Fiqh, dan karya ilmiah lainnya. IMBT merupakan gabungan antara akad ijarah (sewa) dengan akad jual beli atau hibah. Akad ijarah dan akad jual beli  diikat dengan janji. Pada prinsipnya status hukum pemenuhan janji (wa’ad) dalam transaksi keuangan dan bisnis syariah adalah mengikat karena akan memberikan manfaat bagi masyarakat ekonomi syariah dan tidak menimbulkan masalah pembiayaan. Pada fatwa DSN-MUI, konsep “Melakukan dua keburukan yang lebih ringan” digunakan dalam menentukan fatwa tentang janji (wa’ad) dalam suatu transaksi.  Kata Kunci: Wa'ad, IMBT, Janji Yang Mengikat, Aturan Fiqhiyyah
  • Liquidity Potential Analysis of Sharia Banks Using Stock-Based and Flow-Based Methods

    Suwarsi, Aqidah Asri; Jamaluddin, Syakir; Anggraini, Diyah Fajri; Anggraeni, Anisatun (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2022-01-07)
    Abstract. Bank liquidity is adequate if the bank has sufficient funds when depositors withdraw them. The bank’s inability to meet its depositors’ rights will negatively affect public confidence and bank profitability. This study is to identify the potential liquidity risk of Islamic Commercial Banks in Indonesia using the Stock-Based and Flow-Based Methods based on OJK regulation. The assessment of the potential for liquidity risk using the stock-based method and the weight of the inherent risk value results in the statement risk level for each Islamic commercial Bank, ranging from 2.25 (low) to 2.85 (moderate). The flow-based method results in a negative liquidity gap. This research finds that bank liquidity has no significant impact on its profitability. The research provides direction for Islamic commercial banks in measuring liquidity risk so that the bank can formulate strategies for risk mitigation and control to avoid financial distress. Keywords: Flow-Based, Liquidity, Profitability, Risk Management, Stock-Based Abstrak. Likuiditas bank dikatakan baik apabila bank mampu memenuhi dana yang dibutuhkan saat deposan melakukan penarikan. Namun, jika bank tidak mampu memenuhi dana yang dibutuhkan oleh para deposan, maka tingkat kepercayaan masyarakat bisa berkurang dan memengaruhi profitabilitas bank. Penelitian ini mengidentifikasi potensi resiko likuiditas Bank Umum Syariah di Indonesia dengan Metode Stock-  Based dan Flow-Based, berdasarkan peraturan OJK. Penilaian potensi terjadinya risiko likuiditas dengan menggunakan metode stock-based dan bobot nilai risiko inheren memperoleh hasil tingkat risiko pada masing-masing bank umum syariah yang berkisar antara 2,55 (moderate) sampai dengan 3,15 (moderate). Metode flow-based, secara keseluruhan, menghasilkan gap likuiditas negatif. Dalam penelitian ini, tidak terdapat pengaruh likuiditas bank terhadap profitabilitas. Penelitian ini bermanfaat untuk memberikan arahan kepada Bank  Umum Syariah dalam mengukur Risiko Likuiditas sehingga Bank mampu merumuskan strategi untuk mitigasi dan pengendalian risiko untuk menghindari kondisi Financial Distress.Kata kunci: Flow-Based, Likuiditas, Manajemen Risiko, Profitabilitas, Stock-Based
  • Reinforcing the Position of Waqf in the Islamic Financial Ecosystem in Indonesia

    Nasution, Lokot Zein; Aris, Diba Anggraini; Suryadinata, M; Nurhayanti, Yanti (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2022-01-07)
    Abstract. This study aims to evaluate the position of waqf in the Islamic financial ecosystem in Indonesia. This study adopts an evaluative descriptive research method by distributing a set of questionnaires to expert informants which include Wakif, Nazir, Indonesian Waqf Agency, the Ministry of Religious Affairs, the Ministry of Finance, third parties that collaborate with Nazir, and other relevant parties. The result shows that Waqf can set religious norms and provide guidelines for economic activities. The most strategic instruments to apply in the Islamic financial markets include Zakat, Infaq, Sadaqah, and waqf (ZISWAF). The four instruments have been considered to increase prosperity and manage income distribution in order to reduce income inequality. Waqf, in particular, plays an important role in building and supporting economic development in the country, especially through the socio-economic dimension. As one of the instruments to distribute wealth in Islam, it is able to produce high-quality development. However, there are two fundamental issues regarding the national waqf, institutional and market problems. The national waqf requires institutional support and market order to build the established Islamic finansical ecosystem.Keywords: Islamic Finance, Productive Waqf, Waqf Ecosystem Abstrak. Penelitian ini bertujuan untuk mengevaluasi posisi wakaf dalam ekosistem keuangan syariah di Indonesia. Penelitian ini menggunakan  metode penelitian deskriptif evaluatif dengan mendistribusikan kuesioner kepada informan ahli, meliputi wakif, nazhir, Badan Wakaf Indonesia, Kementerian Agama, Kementerian Keuangan, dan pihak terkait lainnya. Hasilnya menunjukkan bahwa wakaf memiliki kekuatan untuk menetapkan norma-norma agama dan memberikan pedoman untuk kegiatan ekonomi. Instrumen yang paling strategis untuk diterapkan di pasar keuangan Islam termasuk Zakat, Infaq, Sadaqah, dan wakaf (ZISWAF). Keempat instrumen tersebut telah dipertimbangkan untuk meningkatkan kemakmuran dan mengelola distribusi pendapatan guna mengurangi ketimpangan pendapatan. Wakaf, khususnya, memainkan peran penting dalam membangun dan mendukung pembangunan ekonomi di tanah air, terutama melalui dimensi sosial ekonomi. Sebagai salah satu instrumen untuk mendistribusikan kekayaan dalam Islam, wakaf mampu menghasilkan pembangunan berkualitas tinggi. Namun, ada dua isu mendasar mengenai masalah wakaf nasional, kelembagaan dan pasar. Wakaf nasional membutuhkan dukungan kelembagaan dan ketertiban pasar untuk membangun ekosistem keuangan Islam yang mapan.Kata kunci: Keuangan Syariah, Waqf Produktif, Waqf Ekosistem
  • The Influence of Intellectual Capital on Islamic Banks Profitability: A Mediation Analysis of Non-Profitability Performance and Islamicity Financial Performance Index

    Tazkia Institute and Universitas Ibn Khaldun Bogor; Munggarani Basri, Rara Genta; Mulyana, Rahmat; Tanjung, Hendri (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2022-01-07)
    Abstract. This study aims to analyze the influence of intellectual capital on Islamic banks' profitability in Indonesia, mediated by non-profitability performance and Islamicity Financial Performance Index variables. This study uses Structural Equation Modeling (SEM) analysis of secondary data from a sample of 8 (eight) Islamic commercial banks in the form of financial statements for 2018-2020. This research shows, first, intellectual capital directly has a significant positive influence on the Islamic banks' profitability in Indonesia. Second, intellectual capital mediated by non-profitability performance has a significant positive influence on Islamic banks’ profitability. Also, the relationship of intellectual capital through the Islamicity Financial Performance Index has a positive significant influence on the Islamic banks’ profitability. This indicates that intellectual capital gives new strength for Islamic banks to compete with conventional banks.Keywords: Intellectual Capital, Profitability, Non-Profitability Performance, Islamicity Financial Performance Index Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh intellectual capital terhadap profitabilitas bank umum syariah di Indonesia yang dimediasi oleh variabel kinerja non profitabilitas dan Islamicity Financial Performance Index. Penelitian ini menggunakan analisis Structural Equation Modelling (SEM) terhadap data sekunder dari sampel 8 (delapan) bank umum syariah berupa laporan keuangan tahun 2018-2020. Temuan pertama menunjukkan bahwa intellectual capital memiliki pengaruh yang positif secara signifikan terhadap profitabilitas bank syariah di Indonesia. Kedua, intellectual capital yang dimediasi oleh variabel kinerja non profitabilitas menghasilkan pengaruh yang positif secara signifikan terhadap profitabilitas bank syariah. Dan hubungan intellectual capital melalui Islamicity Financial Performance Index juga menghasilkan pengaruh yang positif secara signifikan terhadap profitabilitas bank syariah. Hal ini mengindikasikan bahwa intellectual capital memberikan kekuatan baru bagi bank syariah untuk bersaing dengan bank konvesional.Kata kunci: Intellectual Capital, Profitabilitas, Kinerja Non-Profitabilitas, Islamicity Financial Performance Index
  • The Resilience of Sharia and Conventional Banks in Indonesia during the Covid-19 Pandemic Crisis

    hidayah, nur; Zamilah, Ainun; Rizal, Sofyan; Jaharuddin, Jaharuddin (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2022-01-07)
    Abstract. This study aims to analyze the effect of COVID-19 on banking resilience in Indonesia and to investigate whether there are differences in the effect of COVID-19 on Islamic and conventional banks. Using panel regression with robust standard error on 38 conventional banks and sharia banks going public in Indonesia, covering the period before the COVID-19 pandemic (Q3 2018-Q4 2019) and during the COVID-19 pandemic (Q1 2020 – Q2 2021), it shows that the existence of the covid-19 crisis has a significant effect on all bank financial performance indicators, but not significant on all bank risk indicators. Using the independent t-Test test with the assumption of unequal variance and Welch correction, this study conducts a comparative test based on six panels of criteria and found that Islamic banks are more resilient than conventional banks.Keywords: Resilience, Bank Financial Performance, Bank Risk, Covid-19 Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh COVID-19 terhadap resiliensi perbankan di Indonesia dan menginvestigasi apakah terdapat perbedaan pengaruh COVID-19 terhadap resiliensi bank syariah dan konvensional. Menggunakan regresi panel dengan Robust standard error pada 38 bank konvensional dan bank syariah yang sudah ‘go public’ di Indonesia, meliputi periode sebelum pandemi COVID-19 (Q3 2018-Q4 2019) dan selama pandemi COVID-19 ( Q1 2020 – Q2 2021), studi ini menunjukkan bahwa keberadaan krisis covid-19 berpengaruh signifikan terhadap semua indikator kinerja keuangan bank, dan tidak signifikan terhadap semua indikator risiko bank. Dengan menggunakan uji Independent t-Test dengan asumsi unequal variance dan Welch correction, penelitian ini melakukan uji komparatif berdasarkan enam panel kriteria dan diperoleh kesimpulan bahwa bank syariah lebih tangguh dibandingkan bank konvensional.Kata kunci: Ketahanan, Kinerja Bank, Risiko Bank, Covid-19
  • Determinants of Islamic Bank Share Price Fluctuation During the Covid 19 Pandemic: The Case of BTPN Syariah Bank Shares

    IPB University, Department of Islamic Economics; Lauda, Farhan; Fitri, Resfa; Hasanah, Qoriatul (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2022-01-07)
    Abstract. The Covid-19 pandemic has caused a decline in the performance of the national economy. However, the share price of Islamic banks, especially the BTPN Syariah Bank (BTPS), has continued to grow. This study aims to identify and evaluate the variables affecting BTPS stock price fluctuation, using The Vector Error Correction Model (VECM). The results show that in the short term, only the Jakarta Composite Index variable had a significant effect on the stock price of BTPS. While in the long term, the variables of Price to Book Value (PBV), Trading Volume Activity (TVA), GDP, Bank Indonesia (BI) Reference Interest Rate, and the Jakarta Composite Index had a significant effect on BTPS stock price. Based on the Impulse Response Function (IRF) analysis, the stock price of BTPS responded negatively to shocks in GDP, TVA, and the exchange rate. Meanwhile, the shocks of Earning Per Share, PBV, BI Reference Interest Rate, and the Jakarta Composite Index were responded positively by BTPS share price. Based on the Forecast Error Variance Decomposition analysis, PBV gave the highest contribution in explaining the diversity of BTPS stock prices fluctuation.Keywords: Covid-19, BTPS Shares, VECM, Internal Factors, External FactorsAbstrak. Pandemi Covid-19 menyebabkan penurunan perekonomian nasional. Namun, harga saham bank syariah, khususnya saham PT. Bank BTPN Syariah (BTPS) tetap tumbuh. Penelitian ini bertujuan untuk mengetahui faktor yang memengaruhi perubahan harga saham BTPS, dengan metode Vector Error Correction Model (VECM). Hasil penelitian menunjukan bahwa dalam jangka pendek, hanya variabel Indeks Harga Saham Gabungan yang berpengaruh signifikan terhadap harga saham BTPS. Sementara pada jangka panjang, variabel Price to Book Value (PBV), Trading Volume Activity (TVA), PDB, Suku Bunga Acuan Bank Indonesia (BI), dan Indeks Harga Saham Gabungan berpengaruh secara signifikan terhadap harga saham BTPS.  Berdasarkan analisis Impulse Response Function (IRF), harga saham BTPS merespon negatif adanya guncangan PDB, TVA, dan nilai tukar. Sementara guncangan Earning Per Share, PBV, Suku Bunga Acuan BI, dan Indeks Harga Saham Gabungan direspon positif oleh harga Saham BTPS. Berdasarkan analisis Forecast Error Variance Decomposition, PBV memberikan kontribusi tertinggi dalam menjelaskan keragaman perubahan harga saham BTPS.Kata kunci: Covid-19, Saham BTPS, VECM, Faktor Internal, Faktor Eksternal
  • The Effects of Productivity and Liquidity on the Profitability of Islamic Banks in Indonesia

    Nadratuzzaman Hosen, Muhamad; Muhari, Syafaat; Costner Kardius, Kevin (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2022-01-07)
    Abstract. This study is to measure and analyze the levels of productivity and liquidity of Islamic Banks in Indonesia. This study uses a non-parametric method, contrived from the Malmquist Productivity Index, to measure and analyze the level of productivity of Islamic Banks. Also, this study uses the Liquidity Creation (LC) scale as a liquidity indicator. The regression of the Tobit model is used to measure the effects of independent variables, namely; productivity, liquidity, Financing to Deposit Ratios/FDR, Non-Performance Financing/NPF, and the Capital Adequacy Ratio/CAR, on the profitability of Islamic banks, as represented by Return on Assets/ROA. This study shows that FDR, NPF, and CAR are statistically significant to ROA, while Total Factor Productivity/TFP and LC are not statistically significant. Other results show the level of productivity of Islamic Banks decreased during the period 2011-2020. In terms of liquidity level, Islamic banks did have a sound level of liquidity, based on mapping the criteria of FDR, NPF, and CAR, where the LC always grew. This study shows the novelty of integrating productivity, liquidity, and profitability techniques, to measure Islamic Banking Performance in Indonesia.Keywords: Islamic Bank, Total Factor Productivity, Liquidity Creation, ProfitabilityJEL: G21, R51 Abstrak. Tujuan dari penelitian ini adalah untuk mengukur dan menganalisis tingkat produktivitas dan likuiditas Bank Umum Syariah di Indonesia. Penelitian ini menggunakan metode non parametrik yakni Malmquist Productivity Index untuk mengukur dan menganalisis tingkat produktivitas Bank Umum Syariah. Selain itu, penelitian ini menggunakan Liquidity Creation (LC) sebagai indikator likuiditas. Regresi model Tobit digunakan untuk mengukur pengaruh variabel bebas, yaitu; produktivitas, likuiditas, Financing to Deposit Ratio/FDR, Non-Performance Financing/NPF, dan Capital Adequacy Ratio/CAR terhadap profitabilitas bank syariah yang direpresentasikan oleh Return on Assets/ROA. Penelitian ini menunjukkan bahwa FDR, NPF, dan CAR berpengaruh signifikan terhadap ROA, sedangkan Total Factor Productivity/TFP dan LC tidak berpengaruh signifikan. Hasil lainnya menunjukkan bahwa tingkat produktivitas Bank Umum Syariah menurun selama periode 2011-2020. Dari sisi tingkat likuiditas, bank syariah memang memiliki tingkat likuiditas yang sehat berdasarkan pemetaan kriteria FDR, NPF dan CAR, dimana LC selalu meningkat setiap periode. Studi ini menunjukkan kebaruan dalam integrasi teknik produktivitas, likuiditas, dan profitabilitas, untuk mengukur kinerja perbankan Syariah di Indonesia. Keywords: Bank Syariah, Total Factor Productivity, Liquidity Creation, ProfitabilityJEL: G21, R51
  • The Effect of Dow Jones Islamic Market World Index, Foreign Exchange, Foreign Investment and Domestic Investment with the Intervening Composite Stock Price Index on the Indonesian Sharia Stock Index

    Halim, Sofyan (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2022-01-07)
    Abstract. The purpose of this research is to know the effect of the DJIMWI, Forex, Foreign Investment, Domestic Investment on the Indonesian Sharia Stock Index (ISSI) with the intervening of JCI in the research period. Through regression analysis, this study concludes that the DJIWMI and the foreign exchange variables have significant positive effect on the JCI. However, the JCI is not significantly affected by the foreign investment but is influenced by domestic investment. Furthermore, it shows that DJIMWI and domestic investment have a significant positive effect on ISSI. The pathway analysis shows that there is a significant effect between the JCI variables on the ISSI. DJIMWI through the JCI has a significant influence on ISSI. Meanwhile, the foreign exchange variable through the JCI has a significant influence on the ISSI variable. On the other hand, the variable of foreign investment through the JCI has no significant effect on ISSI; however, domestic investment through the JCI has a significant influence on ISSI. The limitations of the study are factors outside the research model, which are 25.88% and 53.47% of the dependent variable of JCI and ISSI.Keywords: Dow Jones Islamic Market World Index, Foreign Investment, Domestic Investment, Indonesian Sharia Stock Price Index, Composite Stock Price Index, Foreign Exchange Rate Abstrak. Tujuan dari Penelitian ini untuk mengetahui pengaruh dari variable Dow Jones Islamic Market World Index (DJIMWI), valuta asing, investasi asing, investasi domestik terhadap Indeks Saham Syariah Indonesia dengan intervening variabel IHSG pada periode yang dikaji. Melalui analisis regresi, penelitian ini menyimpulkan bahwa DJIWMI dan valuta asing berpengaruh positif secara signifikan terhadap IHSG. Namun demikian, IHSG tidak terpengaruh secara signifikan oleh investasi asing, tetapi dipengaruhi oleh investasi domestik. Selanjutnya, studi ini menunjukkan bahwa DJIMWI dan investasi domestik berpengaruh positif secara signifikan terhadap ISSI. Hasil uji melalui analisis pathway menunjukkan adanya pengaruh signifikan antara variabel IHSG pada ISSI. DJIMWI dan valuta sing melalui IHSG memiliki pengaruh signifikan terhadap ISSI. Di sisi lain, investasi asing melalui IHSG tidak berpengaruh signifikan terhadap ISSI; namun investasi domestik melalui IHSG memiliki pengaruh signifikan terhadap ISSI. Keterbatasan penelitian ada pada faktor di luar model penelitian sebesar 25,88% dan 53,47% dari variable dependen IHSG dan ISSI.Keywords: Dow Jones Islamic Market World Index, Investasi Asing, Investasi Domestik, Indeks Saham Syariah Indonesian, Indeks Harga Saham Gabungan, Valuta Asing
  • An Innovative Fintech Model for The Enhancement of Akhuwat Microfinance Practices

    Shahid, Mohammad; Khaliq, Ahmad; Mohtesham, Mohammed Meeran Jasir (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2022-01-07)
    Abstract. To accelerate Akhuwat microfinance growth and lessen its cost to assist the poor, the current study proposes Fintech Rich Hybrid Islamic Micro-Finance (FRHIMF) model. This study adopts a qualitative approach relying on the content analysis of secondary sources, such as research articles, journals, conference papers, and websites. The study reveals that to achieve socio-economic mobility, poor people are in requisite of adequate financing. However, Islamic commercial banks generally finance major businesses and medium- to high-income proficient workers in consumer finance. Thus, the poor are unable to access funding to meet their liquidity constraints and the needs of small business finance. Akhuwat microfinance is a globally renowned institution that has played a vital role in supporting the underprivileged community. The implementation of FRHIMF has greater potential to increase Akhuwat microfinance accessibility.Keywords.  Microfinance, Akhuwat, Poverty, Fintech Rich Hybrid Islamic Micro-FinanceJEL: D64,O1,O2 Abstrak. Untuk mempercepat pertumbuhan keuangan mikro Akhuwat dan menekan biayanya untuk membantu orang miskin, studi ini mengusulkan model Fintech Rich Hybrid Islamic Micro-Finance (FRHIMF). Studi ini mengadopsi pendekatan kualitatif dengan melakukan analisis konten terhadap  sumber-sumber sekunder berupa hasil-hasil penelitian, jurnal, makalah konferensi, dan situs web. Kajian ini mengungkapkan bahwa untuk mencapai mobilitas sosial ekonomi, masyarakat miskin membutuhkan pembiayaan yang memadai. Namun, bank syariah umumnya membiayai bisnis besar dan pekerja terampil berpenghasilan menengah ke atas untuk pembiayaan konsumsi. Dengan demikian, masyarakat miskin tidak dapat mengakses pendanaan untuk memenuhi kendala likuiditas dan kebutuhan pembiayaan usaha kecil. Keuangan mikro Akhuwat adalah lembaga yang terkenal secara global yang telah memainkan peran penting dalam mendukung masyarakat yang kurang mampu. Penerapan FRHIMF berpotensi besar untuk meningkatkan aksesibilitas keuangan mikro Akhuwat.Kata kunci. Keuangan Mikro, Akhuwat, Kemiskinan, Fintech Rich Hybrid Islamic Micro-FinanceJEL: D64,O1,O2
  • Islamic Financial Literacy and Its Influence on Student Financial Investment and Behavior

    Rahman, Fitriana; Arsyianti, Laily Dwi (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2022-01-07)
    Abstract. The Financial Services Authority survey 2019 shows an Islamic financial literacy rate of 8.93% and has not been evenly distributed in every sector, especially in the capital market. The capital market Islamic financial inclusion index also has the lowest among other sectors. This study aims to analyze the level of Islamic financial literacy of students of the FEM IPB University and its influence on investment decisions through financial behavior with descriptive analysis and SEM-PLS methods. The results show the average level of Islamic financial literacy of respondents is 81.17%. Islamic financial literacy influences investment decisions and financial behavior. Then, financial behavior directly influences investment decisions. It also mediates the influence of Islamic financial literacy on investment decisions. The other finding indicates that gender has no influence, while income has a positive and significant effect on investment decisions.Keywords: Financial Behavior, Investment Decision, Islamic Financial Literacy, SEM-PLS Abstrak. Survei Otoritas Jasa Keuangan 2019 menunjukkan tingkat literasi keuangan syariah sebesar 8,93% dan belum merata di setiap sektornya terutama pada pasar modal. Indeks inklusi keuangan syariah pasar modal juga memiliki nilai terendah di antara sektor lain. Penelitian ini bertujuan menganalisis tingkat literasi keuangan syariah mahasiswa FEM IPB University dan pengaruhnya terhadap keputusan investasi melalui perilaku keuangan dengan metode analisis deskriptif dan SEM-PLS. Hasil penelitian menunjukkan rata-rata tingkat literasi keuangan syariah responden adalah 81,17%. Literasi keuangan syariah berpengaruh terhadap keputusan investasi dan perilaku keuangan, kemudian perilaku keuangan berpengaruh langsung terhadap keputusan investasi dan mampu memediasi pengaruh literasi keuangan syariah terhadap keputusan investasi. Ditemukan pula bahwa jenis kelamin tidak memiliki pengaruh, sementara pendapatan berpengaruh positif dan signifikan terhadap keputusan investasi.Kata kunci: Literasi Keuangan Syariah, Keputusan Investasi, Perilaku Keuangan, SEM-PLS
  • TINGKAT KEPUASAN NASABAH KPR BTN SYARIAH & BTN KONVENSIONAL TERHADAP KUALITAS LAYANAN

    Kailani, Ahmad (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2009-02-07)
    Tingginya tingkat suku bunga pinjaman dan terbatasnya kemampuan Perbankan untuk menyalurkan dana kepada nasabah, hanya Bank syariah di Indonesia yang tetap dan semakin memperkuat eksistensinya setelah terjadinya ksrisis moneter ini. Keadaan ekonomi yang belum pulih akibat krisis ekonomi hingga saat ini berdampak kepada tingkat kestabilan ekonomi yang lamban dan penurunan tingkat daya beli masyarakat terhadap barang-barang konsumsi terutama pada kebutuhan hajiat yang semakin hari semakin terjadi peningkatan harga. Kebutuhan Sandang, Pangan, dan Papan harus terus terpenuhi. Oleh karenanya Bank Konvensional maupun Bank Syariah keduanya memberikan jasa layanan kepada nasabah melalui produknya demi untuk meningkatkan daya beli masyarakat yaitu melalui produk pinjaman dan pembiayaannyaDOI: 10.15408/aiq.v1i2.2468
  • The Potential of Bait al-M l wa Tamwil (BMT) in Developing The Border Area of Indonesia - Malaysia

    Maulana, Muhammad Iqbal; Akbar, Nashr (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2019-11-21)
    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
  • Society, Law and Economy: Contextualizing Ibn Khaldun's Thought

    sekolah pascasarjana; Muslimin, Jm (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2019-12-30)
    Economics and the law are the two inseparable things. There is always a relationship between the two. These two things can influence the development of people's welfare. This writing explores that during his life (1332-1406 AD), Ibnu Khaldun spent almost his whole time to read, learn and produce a distinctive work regarding socio-historical development of the existing government and community, as well as the type of local entity. Moreover, for some researchers, the role of Ibnu Khaldun in paving the way for creating foundations of sociological study can’t be neglected. According to him, the role of law in economic activity in general can be seen from two sides, in two equal interests, namely: a. Law is seen from the dimensions of economic activity; and b. Law is seen from the dimension of the state over its authority. Departing from the economic goals, in fact to obtain the maximum profit, the law is merely seen as a useful external factor and can be utilized to secure the economic activities and objectives to be achieved. The research proves that the essence of Ibnu Khaldun’s thought is still relevant to the modern time. Departing from his ideas and comparing them to the western and modern ones, one may conclude that Ibnu Khaldun’s philosophical analyses could be reinterpreted and contextualized. If it is so, then his theories are more identical to Stiglitz than to Smith and Marx.
  • Spin-Off Policy of Sharia Bank: Is It Profitable?

    Rusydiana, Aam Slamet; Devi, Abrista; Hasib, Fatin; Rani, Lina (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2019-12-30)
    According to Law no. 21 Year 2008, the Sharia Business Unit (SBU) owned by a Conventional Commercial Bank (CCB) is required to separate from its Parent Bank before year 2023. Some Sharia Business Units have initiated a separation step from Conventional Commercial Bank. On the other hand, they are required to keep the level of efficiency in running its business operations. This paper is intended to analyze the efficiency level of Sharia Business Units that have separated from its parent and then compare whether there is difference of efficiency level between before and after separation. The method used is Data Envelopment Analysis (DEA) and Paired Sample t-Test.The results show that based on the total average efficiency of all sharia banks spin off (in this case four sharia banks namely BNI Sharia, BRI Sharia, BJB Sharia and Bukopin Sharia Bank), there occur a decrease in efficiency technically and also pure the technical itself in sharia banks starting from before and after the spin off. This can be read because in the early periods of spin off there was a cost adjustment on the shariah bank spin off. Sharia banks require a 'weaning' from their parents. Nevertheless, there is no statistically significant difference in efficiency levels between before and after the spin off. This should be a booster for other Sharia Business Units to take the decision to spin off immediately, of course, accompanied by careful and prudent planning and implementation.
  • Islamic Social Reporting (ISR) Analysis in Indonesia and Malaysia

    Nofitasari, Wiwit Ayu; Endraswati, Hikmah (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2019-12-30)
    The purposes of this study are to examine the effect of company size, profitability, board of commissioners, proportion of independent commissioners, and frequency of meetings on the level of Islamic Social Reporting (ISR) in Indonesia and Malaysia and to test whether there is difference ISR in Indonesia and Malaysia. The sample of this study are 10 companies that issued sukuk at Indonesia Shariah Stocks Index and 8 companies on Malaysia Stock Exchange in 2013-2017. Multiple regression and different tests are used in this research as analysis techniques. The results show that the size of the company effects on the level of ISR in Indonesia positively but not in Malaysia. Profitability, board size, and the proportion of independent commissioners does not effect on ISR levels in Indonesia and Malaysia. The frequency of board of commissioners meetings effect on ISR levels in Indonesia and Malaysia positively and there is difference ISR in Indonesia and Malaysia. The implication of this research is that there is a need for regulations that regulate ISR disclosure in Indonesia to improve the quality of ISR disclosure to the stakeholders
  • The Implementation of Salam-Contract For Agriculture Financing Through Islamic-Corporate Social Responsibility (Case Study of Paddy Farmers in Tuban Regency Indonesia)

    Universitas Internasionalo Semen Indonesia; The Ministry of Research, Technology and Higher Education of The Republic of Indonesia for The 2017 Research Grant; Hudaifah, Ahmad; Tutuko, Bambang; Tjiptohadi, Sawarjuwono (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2019-12-30)
    This research is aimed at discovering a stable financial schemingformula or model that would be compatible with the natural characteristics ofa paddy farming cycle in Tuban. The qualitative research employs the use of anactive participatory community through the means of a focus group discussion, anin-depth interview and face to face interviews with respective stakeholders andkey informants. The Salam contract, which is highly beneficial is a prospectivefinancial scheme that terminates the long business chain found in most businessesin Indonesia. The Corporate Social Responsibility which is managed through theSyariah approach (I-CSR) from a company, can become the solution to bridgethe gap found in the implementation of funds for a Salam contract. The Salamcontract applicability is dependent on the Islamic farmer cooperatives (BMT), aunit of joint venture organization serving as the key players in the execution ofthe function of a paddy warehouse-trading agent and direct financing to farmers.Strong support also comes from the zakat, infāq, and shodaqoh institution (LAZ)whose role is educating and encouraging the paddy farmers’ skills and competency,especially to enable them access end-user markets using the aid of informationtechnology. Penelitian ini betujuan untu menemukan formula skema pembiayaanpertanian yang stabil sesuai dengan karakteristik alamiah pertanian padidi Kabupaten Tuban. Metode penelitian kualitatif dipergunakan dalammenyelesaikan penelitian ini dengan partisipasi aktif komunitas melaluimedia diskusi kelompok, wawancara mendalam tatap muka dan observasikepada informan kunci dan pihak yang terlibat secara langsung dalam tata-niaga pertanian padi di Kabupaten Tuban. Kontrak salam adalah skemapembiayaan yang sangat menguntungkan bagi petani dan pada aplikasinyamampu mengambil peran pembiayaan distributor dalam tata niaga pertanianpadi. Islamic Corporate Social Responsibility (I-CSR) yang dikelola berdasarkanprinsip ekonomi Syariah dari perusahan yang beroperasi di wilayah Tuban bisamenjadi solusi dana yang dikembangkan untuk pembiayaan pertanian yangdihindari oleh perbankan karena siklus bisnis yang berbeda. Keberlangsungan kontrak salam pertanian untuk komoditas padi akan bergantung pada koperasipetani yang terdiri dari koperasi simpan pinjam Syariah (BMT), gudang padi,penggilingan padi dan unit perdagangan yang kesemuanya disebut sebagai KUB(Kelompok Usaha Bersama). Dukungan yang kuat juga berasal dari Lembagazakat, infāq dan shodaqoh, yang memiliki peran untuk melakukan pelatihankeahlian petani dan membantu memenuhi kebutuhan dasar petani yang menjadianggota dalam KUB.
  • The Integration of Islamic Stock Markets of OIC Countries in China Stock Market Crisis and US-China Trade War

    Siswara, Deri (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2021-06-30)
    The purpose of this study is to analyze the integration and response of the Islamic stock market of the OIC countries before the crisis and during the China stock market crisis also during the United States-China trade war with the Autoregressive Distributed Lag (ARDL) method. The results showed that there was no cointegration in the period before the China stock market crisis. However, during the period of the China stock market crisis and the United States-China trade war, the cointegration was more common. The Islamic stock market of Qatar, Saudi Arabia and the UAE experienced a domino effect from fluctuations in crude oil prices. Then, the Indonesia Islamic stock market in the two crisis periods had a long-term relationship with the US and China stock markets. Whereas the Malaysian and Bangladesh Islamic stock markets have only a long-term relationship with the US stock market. In terms of the benefits of portfolio diversification for investors, there is relevance of dominant economic, geographical, and trade relations in influencing the integration of the Islamic stock market.
  • Significance of Granting Legal Personality to Waqf Establishments in The Republic of Guinea

    Sano, Mohamed (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2021-06-30)
    Abstract. It is seen that while some countries have figured out the elements necessary to ensure the effective operation of waqf entities, most have yet to do so. The situation in the Republic of Guinea is that all waqf facilities in the country, with the exception of Waqf IDB Guinea, have been deprived of a ‘legal personality’ status, putting a cap on the great potential that could be realized. To address this issue, the study has looked into and cross-examined the status of waqf in different countries and has, accordingly, proposed that the ‘legal personality’ status be awarded to waqf facilities in Guinea so as to attract the relevant stakeholders, render legal recourse available to aggrieved parties, register the beneficial interest of relevant participants, and lastly create job, investment and other opportunities for interested parties. Such measure, as has been proven, would greatly benefit the Guinean society and other communities.Keyword: Waqf, legal personality, Republic of Guinea, Islamic finance. Abstrak. Terlihat bahwa sementara beberapa negara telah menemukan elemen-elemen yang diperlukan dalam kerangka tata kelola wakaf mereka, yang lain belum melakukannya. Di Republik Guinea, entitas wakaf tertentu yang diakui secara hukum yang dikenal sebagai Wakaf IDB Guinea telah memprakarsai banyak proyek. Namun, terlepas dari entitas tersebut, fasilitas wakaf di negara ini telah dicabut status 'subyek hukum'-nya, yang telah membatasi potensi besar yang dapat direalisasikan. Untuk mengatasi masalah ini, penelitian mengusulkan agar status 'subyek hukum' diberikan kepada fasilitas wakaf di Guinea untuk menarik minat para pemangku kepentingan, memberikan jalan hukum yang tersedia bagi pihak yang dirugikan, mendaftarkan manfaat waqaf bagi para pihak yang berkepentingan, dan terakhir menciptakan lapangan kerja, investasi dan peluang lain untuk para pihak yang berkepentingan. Pemberian status badan hukum kepada lembaga-lembaga wakaf, sebagaimana telah dibuktikan, akan sangat bermanfaat bagi masyarakat Guinea dan masyarakat lainnya.Kata Kunci: Waqf, Subyek Hukum, Republik Guinea, Keuangan Syariah. 
  • Roles of Islamic Microfinance Institutions in Improving Financial Inclusion in Indonesia: Empirical Evidence from Baitulmaal wa Tamwil

    Ginanjar, Adhitya; Kassim, Salina Hj (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2021-06-30)
    This research aims to answer and investigate the roles of Islamic microfinance institutions (IMFIs) in improving financial inclusion in Indonesia by taking three regions, namely, Jakarta, Bogor, Depok, Tangerang and Bekasi (JABODETABEK) area; Daerah Istimewa (DI) Yogyakarta area; and Nusa Tenggara Barat (NTB) area as samples. The results will demeanour the roles of IMFIS in improving financial inclusion. Only managers of the IMFIs are taken as respondents since they are the decision makers and have clear understanding of the mission of the IMFIs, thus are practically responsible for achieving IMFIs objectives by anticipating issues and regulatory changes. A complete of 481 managers of Baitulmaal Wa Tamwil (BMTs) which administered under the Sharia Cooperative Centre (INKOPSYAH) involved in the study. Qualitative method were approached in this research for determining the variables in advancing model.  Two mechanisms were developed in the data collection; the first mechanism involved a survey questionnaire, and the second mechanism involved in-depth interview so as to outline data related to the model design. The findings of this research occurred current issues and challenges in increasing the roles of IMFIs in improving financial inclusion. The results also highlight recommendations for BMTs and policy makers that simultaneously collaborate the regulations and the implementations for improving financial inclusion in Indonesia.
  • Capital Buffer, Risk, Profitability, Size, and Macroeconomics: Empirical Study on Islamic Banks

    Septiarini, Dina Fitrisia; Hisan, Ulis Fajar Choirotun; Matsahri, Matsahri; Filianti, Dian (Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta, 2021-06-30)
    Abstract. The development of Islamic economics has led to the growth of Islamic banking, as a financial institution based on sharia principles. This research aims to analyze the relationship of risk, profitability, company size, and macroeconomics with capital buffer of Shariah Commercial Banks Indonesia during the period of 2015-2019. The study used a quantitative approach of the regression panel data with stata13 statistical tools. This study used secondary data with a population of 14 sharia commercial banks and a sample of 12 Islamic commercial banks using purposive sampling method. BOPO, NM, ROA, and KURS (exchange rate) were found to have significant positive effects on CB. SIZE has a significant negative effect, while NPF has positive  insignificant effect on CB. Islamic banks, regulators, and governments may consider risks, profitability, company size, and macroeconomic conditions in determining the size of capital buffers and maintaining the adequacy of capital owned by Islamic Banking.Keyword: Capital Buffer, Islamic Economic Systems, Shariah Banks. Abstrak. Ekonomi Islam menjadi paradigma baru yang komprehensif. Bank syariah dalam sistem ekonomi Islam merupakan lembaga keuangan dengan prinsip syariah. Penelitian ini bertujuan untuk menganalisis hubungan risiko, profitabilitas, ukuran perusahaan, dan makroekonomi dengan penyangga modal (CB) Bank umum syariah (BUS) di Indonesia pada tahun 2015-2019. Pendekatan penelitian menggunakan pendekatan data panel kuantitatif regresi dengan alat statistik stata13. Penelitian ini menggunakan data sekunder dengan populasi 14 Bank Islam dan sampel 12 bank umum syariah berdasarkan metode purposive sampling. BOPO, NM, ROA, dan KURS (nilai tukar) ditemukan memiliki pengaruh positif yang signifikan terhadap CB. SIZE memiliki hubungan negatif signifikan, sedangkan NPF positif tidak signifikan. Bank syariah, regulator, dan pemerintah dapat mempertimbangkan risiko, profitabilitas, ukuran perusahaan, dan kondisi makroekonomi dalam menentukan ukuran penyangga modal dan menjaga kecukupan modal yang dimiliki oleh Perbankan Syariah.Kata Kunci: Penyangga Modal, Sistem Ekonomi Syariah, Bank Syariah

View more