Dr. Mahbubi Ali, CIFP
Peneliti LPPM Tazkia
Tanggal Publikasi: 1 Jan 2018
ANALISIS KERITIS KONSEP MANAJEMEN KEUANGAN PERUSAHAAN DALAM PERUSAHAAN SYARIAH
Konsep syariah merupakan konsep yang akhir-akhir ini mulai sering digunakan oleh sebuah entitas sebagai identitas perusahaannya. Konsep tersebut terutama diterapkan pada sistem manajemen pemasaran dan manajemen sumber daya mausia pada sebuah perusahaan. Namun, dalam manajemen keuangan perusahaan sendiri belum banyak diterapkan prinsip dan nilai-nilai Islam yang menjadikan perusahaan syariah tersebut berbeda dengan perusahaan konvensioanl dari sisi manajemen keuangannya. Penelitian terkait manajemen keuangan perusahaan juga masih sedikit, sehingga hal tersebut juga menyebabkan perusahaan yang menerapkan konsep syariah kekurangan literatur dalam mengelola keuangannya sesuai dengan prinsip syariah. Oleh karena itu, penelitian ini dilakukan untuk dapat membedakan secara kritis manajemen keuangan perusahaan yang diterapkan berdasarkan prinsip dan nilai Islam, sehingga nantinya dapat menjadi acuan bagi perusahaan yang menerapkan prinsip syariah. Ruang lingkup manajemen keuangan perusahaan yang dibahas dalam penelitian ini adalah proses pengelolaan keuangan perusahaan yang diawali saat memperoleh pendanaan hingga pelaporan manajemen keuangannya. Oleh karena itu, pembahasan manajemen keuangan dalam penelitian ini mencakup hakikat tujuan perusahaan, nilai waktu uang, teori struktur modal, teori biaya modal, instrumen keuangan, teori penganggaran modal, manajemen moda kerja, dan laporan keuangan beserta analisisnya. Penelitian ini menggunakan metode analisis kritis terhadap teori-teori manajemen keuangan perusahaan konvensional, dengan menggunakan pendekatan normatif yang didasarkan pada nilai dan prinsip Islam yang terkandung dalam Al-Quran dan Hadits, serta pendekatan konseptual yang didasarkan pada asumsi-asumsi yang menyusun teori manajemen keuangan perusahaan konvensional. Hasil dan pembahasan dalam penelitian ini menyajikan konsep manajemen keuangan perusahaan yang didasarkan pada prinsip dan nilai-nilai Islam, berupa pencapaian tujuan mashlahah dan falah, yang berarti mengakomodasi kepentingan seluruh stakeholder mencakup pemilik perusahaan, karyawan, konsumen, juga masyarakat luas. Diikuti dengan konsep nilai waktu uang yang diperbolehkan dalam Islam pada beberapa kondisi, konsep alternatif pendanaan modal dan operasional bagi perusahaan yang sesuai dengan prinsip syariah beserta instrumen dan perhitungan biaya modalnya. Selain itu juga alternatif penilaian investasi yang terlepas dari diskonto, melainkan menggunakan standar emas. Pembahasan penelitian ini juga mencakup pelaporan manajemen keuangan yang harus disajikan oleh perusahaan beserta analisis yang harus dilakukan atas kinerja perusahaan, yang sesuai dengan prinsip dan nilai-nilai Islam.
The concept of sharia is a concept that has recently started to be used frequently by an entity as its corporate identity. The concept is mainly applied to marketing management systems and human resource management in a corporate. However, in the corporate financial management has not been widely applied of principles and Islamic values that make the sharia companies are different from the convention company from the side of financial management. Research related to the corporate financial management is also still in minimum number, so it also causes lack of literature in managing its finances in accordance with the principles of sharia. Therefore, this research is conducted to be able to distinguish critically the corporate financial management applied based on the principles and values of Islam, so that later can be a reference for corporate that apply the principles of sharia. The scope of corporate financial management discussed in this research is the financial management process of a company that begins when obtaining funding until its financial management reporting. Therefore, the discussion of financial management in this study involve the nature of corporate objectives, time value of money, capital structure theory, cost of capital theory, financial instrument, capital budgeting theory, working capital management, and financial report alongwith its analysis. This study uses a critical analysis of conventional financial management theory, using normative approach based on Islamic values and principles contained in Al-Quran and Hadith, as well as a conceptual approach based on assumptions that make up the conventional theory of corporate financial management. The results and discussion in this study presents the concept of corporate financial management based on Islamic principles and values, in the form of achieving the goals of mashlahah and falah, which means to accommodate the importance of all stakeholders including the owners of the company, employees, consumers, as well as the wider community. Followed by the concept of time value of money allowed in Islam in some conditions, the alternative of capital structure the company in accordance with the principles of sharia and its instruments alongwith its calculation of capital costs. It is also an alternative investment assessment of capital budgeting regardless of discount, but using the gold standardization. Discussion of this study also includes financial management reporting that should be presented by the company along with the analysis to be evaluate on the performance of the company, in accordance with Islamic principles and values.
Tanggal Publikasi: 1 Jan 2021
The Beginning and Conclusion of Irano-German Trade Relations through the Caspian Sea: A Study of Berlin-Moscow interactions in Iran (1922 - 1924)
In 1922, the Caspian Sea, with the consent of the revolutionary Government of the Soviet Union, experienced the commercial presence and shipping of the Weimar Germans who had commenced trade with the Iranian ports in southern coast of the Caspian through the Baltic Sea and the Volga River. Despite the establishment of the regular Hamburg-Caspian-Anzali line and the increased Irano-German trade in a short time, the line was stopped soon (1924). The present study, using historical-analytical methods, examines the impact of political conditions in Europe on the presence and short-term business activity of the Germans in the Caspian Sea. The findings show that in response to political developments in Europe, Soviet Russia had agreed to transit German goods through Russia and the Caspian to Iran. This endeavor, despite success, failed as the Soviet government revised her policy soon. This indicate that Soviet strategy, free from economic gains and losses, did not tolerate the presence and activity of the western countries in the Caspian Sea.
Tanggal Publikasi: 5 Jun 2021
Online Islamic Finance Training Series: Waqf and Waqf-Based Islamic Financial Products
Waqf has a long history in Islam. It has played — and, in many cases, continues to play — a pivotal role in the advancement of the socio-economic well-being of the Muslim community. Throughout the centuries, waqf has funded many magnificent architectural monuments and public infrastructures all over the
Tanggal Publikasi: 1 Jan 2012
Examining investment initiative in Takaful operation: issues, constraints and the way forward
Investment activity is a new added feature in takaful operations nowadays, departing from its original role: protection. The paper aims to examine the concept and mechanism of investment initiative undertaken by takaful operators (TOs). It also identifies some issues surrounding its practice, i.e Shari'ah, operational, and legal issues. The Shari'ah issues identified in the paper are inter alia the issues of income purification, fee for managing muIErabah investment fund, investing Participant's Risk Fund (PRF), and fee for fund manager. Meanwhile, the prevailing operational issues addressed in this paper are limited investment avenue, investment fund monitoring, issue of participants’ involvement, investment cross borders, and asset liability mismatch. Furthermore, the legal issues highlighted in the paper are the issue of takaful structure and Shari'ah governance framework
Tanggal Publikasi: 5 Jun 2021
Webinar: IAIS Malaysia Online Research Camp for Academic and Policy Research
Following the success of the 2019 and 2020 research camps, IAIS Malaysia, amid the COVID-19 pandemic, organised its annual “Research Camp for Academic and Policy Research” via online on 22-23 June 2021. The camp provided researchers, lecturers, and postgraduate students with in-depth insight into how to produce high-quality academic papers and manage academic references efficiently. It also equipped participants with essential skills for conducting both academic and policy research. During the two-day event, participants learned the basics of how to formulate policy issue papers, utilise the Oxford style of writing, write newspaper articles, reference Islamic sources, and manage academic references.
Tanggal Publikasi: 30 Jun 2022
Qard-based Zakat Financing: A Fiqhi Analysis
The COVID-19 pandemic has resulted in the emergence of a new segment of vulnerable people who have been exposed to microcredit by loan sharks. They have either lost their jobs, been forced to take unpaid leave, or had to temporarily close their businesses due to Movement Control Orders (MCO) imposed by the government. This situation is expected to persist even after the pandemic has ended, and thus requires financial intervention. Zakat, the third pillar of Islam, serves as a wealth redistribution system that is expected to address poverty issues and social inequality so that “… wealth is not circulated solely among the rich” (Qur’an, 59:7). In the long run, a mustahiq (zakat-eligible recipient) should be able to escape poverty and eventually become a muzakki (zakat payer). On the other hand, the pandemic crisis has affected the amount of zakat collection. Some states in Malaysia and other countries have reported a deficit in zakat funds due to a decrease in zakat collection and an increase in zakat distribution.
Tanggal Publikasi: 1 Nov 2022
MEKANISME DAN KEDUDUKAN MANFAAT ATAS PERTANGGUNGAN JIWA PADA ASURANSI JIWA SYARIAH DALAM PERSPEKTIF HUKUM ISLAM
Tujuan - Tujuan dari penelitian ini adalah untuk mempelajari dan menganalisis mekanisme penentuan penerima mafaat uang pertanggungan jiwa asurasi syari’ah dan status kedudukan atas manfaat pertanggungan jiwa dalam perspektif hukum Islam di PT. Asuransi Allianz life Indonesia unit syari’ah distribusi bancassurance Maybank.
Desain/metodologi/pendekatan – Untuk mencapai tujuan tersebut, penelitian ini menggunakan metode kualitatif dengan pendekatan deskriptif. Pengumpulan data dilakukan dengan mengadakan observasi (pengamatan), interview (wawancara) dan studi dokumentasi. Analisis data dilakukan dengan melakukan pengumpulan data, reduksi data, penyajian data, dan penarikan kesimpulan dengan mereview data dan teori yang telah dibangun dalam penelitian. Pengecekan keabsahan data dengan triangulasi sumber.
Temuan – Hasil penelitian menunjukkan bahwa mekanisme penentuan penerima manfaat atas uang pertanggungan jiwa di PT. Asuransi Allianz life Indonesia unit syari’ah distribusi bancassurance Maybank merupakan hak prerogratif peserta asuransi, baginya diperbolehkan memilih dan menunjuk penerima manfaat dengan syarat antara pihak yang diasuransikan dengan termaslahat/penerima manfaat ada hubungan insurable interest. Dengan skema pemberian (hibah) uang pertanggungan, adapun hibah tersebut baru bisa berlaku setelah pihak yang diasuransikan meninggal dunia dan klaim atas uang pertanggungan jiwa disetujui (hibah muallaqah bi syarth maut al wahib). Kedudukan uang pertanggungan jiwa pada asuransi Allianz syari’ah adalah sebagai mauhub (harta benda yang diberikan), sedangkan pihak yang diasuransikan menempati kedudukanya wahib (pemberi), termaslahat menempati kedudukanya mauhub lahu (penerima).
Keterbatasan/implikasi penelitian – Studi ini meminta perhatian DSN-MUI dan regulator untuk mengeluarkan fatwa dan peraturan bahwa kedudukan uang pertanggungan jiwa adalah sebagai mauhub (harta benda yang diberikan), Pihak yang diasuransikan menempati kedudukanya wahib (pemberi), dan Termaslahat menempati kedudukanya mauhub lahu (penerima). Sehingga dengan dasar fatwa dan peraturan tersebut perusahaan asuransi syari’ah bisa mencantumkan dalam klausula polis perihal kedudukan uang pertangguan jiwa dalam asuransi syari’ah adalah sebagai mauhub.
Orisinilitas/nilai – Hal ini menambah literatur tentang mekanisme penentuan penerima mafaat uang pertanggungan jiwa asurasi syari’ah dan status kedudukan atas manfaat pertanggungan jiwa tersebut dalam perspektif hukum Islam. Studi ini juga berkontribusi menghindari konflik sesama ahli waris terkait pembagian tirkah karena kedudukan uang pertanggungan jiwa asurasi syari’ah adalah sebagai mauhub bukan tirkah.
Tanggal Publikasi: 15 Des 2022
Mitigating the impact of Covid-19: Social Safety Net from Islamic perspective
This study aims to propose priority solutions for mitigating the impact of the Covid-19 pandemic through the Social Safety Net (SSN) based on the Islamic objectives.
The analytic network process method is used in this study. Focus group discussions and in-depth interviews with relevant stakeholders were used to collect data and supplemented by a literature review to explore comprehensive information.
The findings indicate different opinions among experts, including regulators, practitioners, associations and academics regarding the most important priority solutions to the impact of Covid-19. However, experts agree that the highest priority solution is the SSN program in the lineage sector, specifically the distribution of the Family Hope Program. A program in the field of protecting the mind is the second priority solution. The program in the field of soul and wealth is the third priority solution.
This study contributes to the development of government policy to deal with the socioeconomic impact of Covid-19 based on the Islamic objectives by mapping the SSN through the five elements of protection, namely, faith, soul, mind, lineage and wealth protection based on priority solution.
Tanggal Publikasi: 1 Apr 2023
Public Awareness and Inclination to do Cash Waqf in Indonesia
The application of cash waqf in the general public has not developed widely compared to its considerable potential. This study aims to show how public awareness and inclination of the community in understanding the existence of cash waqf and trying to find normative reasons that become obstacles to the implementation of cash waqf. This study used quantitative methods and by descriptive approach to describe the results through an in-depth discussion. Respondents consisted of 390 people from various backgrounds spread across Indonesia, such as religion, age, education, income, and province. The findings indicate that, in general, the knowledge of the Indonesian people regarding cash waqf is still shallow in the classifications mentioned in this study, because many people still didn’t know well what waqf is. Moreover, most of the respondents stated that infaq is more convenient than waqf. However, this is driven by several obstacles that need to be considered when designing educational and outreach methods in the future. The role of this research is expected to lead to the fulfillment of the potential of cash waqf, which has such a significant function in society. This study could be used as a formulation of a socialization strategy to attract wakif candidates in Indonesia.
Tanggal Publikasi: 1 Jan 2019
Child protection and corporate zakat
Issues of child abuse, neglect, malnutrition and exploitation are the focus of renewed attention amongst governments, policymakers and multilateral institutions. For instance, the United Nations Millennium Declaration 2005 and the Sustainable Development Goals (SDG) 2017 have listed children's rights to survival, health, and education as their main agendas. Research has shown that children are the most vulnerable segments of society, being exposed to abuse and violence. Each year, an estimated 0.5 to 1.5 billion children are involved in physical violence, 150 million girls and 73 million boys are raped or subjected to sexual abuse, 115 million children are engaged in dangerous work, and 264 million children have no access to school.
Tanggal Publikasi: 19 Nov 2020
Challenges and Opportunities for School-based Sexual and Reproductive Health Education: A Qualitative Study with Bangladeshi Islamic Leaders
It has been argued that Islamic leaders’ views are of utmost importance to designing a comprehensive sexual education (CSE) curriculum. Therefore, this study explored how Islamic leaders in Bangladesh present, argue for and against, and negotiate views on sexual and reproductive health (SRH) education for adolescents.
Semi-structured interviews were conducted with seven Imams using thematic analysis. The study was conducted in urban and rural areas, specifically the capital, Dhaka, as well as several rural villages in the Cumilla district.
We found three main themes 1) appropriate topics for SRH education, 2) appropriate methods for SRH education, and 3) conservative versus progressive views.
We conclude that Islamic leaders seemed willing to try finding ways to support more comprehensive and liberal SRH education if they would be encouraged by reflective and inclusive dialogue. This study presents an empirically grounded opportunity for policy makers to consider the future role for religious leaders in the provision of SRH in Bangladesh.
Tanggal Publikasi: 11 Mei 2021
Shariah Governance in the Face of Value-Based Intermediation: Islamic Banking to Thrive Beyond Halal
Islamic finance has grown globally by leaps and bounds over the past three decades. In Malaysia, the success of the Islamic finance industry is heavily attributed to the comprehensive market structure and regulatory framework. With its current maturity and capacity, the industry is set to move forward to the next level with more sustained growth. Accordingly, Bank Negara Malaysia has issued the Strategy Paper on Value-based Intermediation (VBI) in March 2018 which deliberates the strategies to strengthen the roles and impact of Islamic finance towards not only a balanced social and commercial ecosystem, but also towards sustainable financial system. This paper discusses the role of Shariah governance in the implementation of VBI in the Islamic banking industry. In particular, this paper explores on how the board, management, and Shariah committee could contribute to the success of VBI within the scope of Shariah Committee composition and its integration with the board, as well as the management’s daily oversight of the banks’ activities. Indeed, an impactful implementation of VBI would require the participation and cooperation from various key stakeholders, but more importantly is the commitment from the internal drivers, i.e. the board, management, and Shariah Committee.
Tanggal Publikasi: 1 Okt 2021
Addressing the agricultural financing gap in Malaysia via Manihah Agricultural Financing Model: will Islamic banks go the extra mile?
This paper introduces the concept of manihah and develops a conceptual framework to address Malaysia's abandoned lands and food security issues.
This is a conceptual paper based on insights from the existing literature and secondary data on food security, abandoned lands and manihah. Based on the prevailing gaps, the study proposes a conceptual framework of the Manihah Agricultural Financing Model to address Malaysia's abandoned land and food security issues.
The proposed model can address abandoned lands and food security issues due to the new incorporation of manihah within Malaysia's agricultural and Islamic financial industries' milieu.
This is a conceptual paper mainly intended to spark a discussion on the potentiality of manihah.
The paper contends that Islamic banks have a crucial role in furthering the socio-economic development agenda under the value-based intermediation (VBI). The paper will also be an excellent introduction to Islamic bank practitioners in understanding manihah's relevance to their daily operation.
This paper introduces manihah as the potential solution to food security issues by utilizing abandoned lands.
Tanggal Publikasi: 1 Jan 2012
PPLICATION OF THE WADÔÑAH CONCEPT IN TRADITIONAL FAMILY TAKÓFUL PRODUCTS
Most life (family) takÉful products today are structured on the form of unit-linked or investment-linked models. This essentially means that there is a clear segregation between the investment fund and the takÉful or tabarruÑ fund. Indeed, the concept of takÉful, which is premised on the principle of tabarruÑ, makes it convenient for family takÉful operators to adopt the investment-linked conventional life insurance model. However, when it comes to traditional conventional life insurance products, family takÉful seems to be lagging behind. This is due to some inherent features of traditional life insurance that cannot be replicated in family takÉful product design, such as the various guaranteed benefits, in the form of cash values, besides the normal contingency benefits (i.e., benefits linked to misfortunes of the participants such as death, disability, sickness, etc.) that are structured in traditional life insurance products. The paper studies how family takÉful can be competitively structured in a manner that allows various competitive product features demanded by the public to be offered, features that resemble those of traditional life insurance, without in any way violating SharÊÑah principles. In particular, the wadÊÑah concept is proposed to be adopted in family takÉful product design, as it will allow various forms of guaranteed benefits (non-participating benefits) to be offered to participants in a manner similar to their conventional counterparts. The paper argues that the cash values in the wadÊÑah fund are similar to the non-forfeiture benefit in a traditional life plan. However, it is important to note that there is a fundamental difference between these products, i.e. takÉful and conventional life insurance. Whilst the latter is based on a purchase-and-sale arrangement, the former is based on the principle of tabarruÑ, by which participants cooperate to help and indemnify one another on the basis of charitable spirit.
Tanggal Publikasi: 1 Mei 2019
Cash Waqf model for MSMEs in Indonesia
To address the specifi c challenge of fi nancing access, an alternative fi nancing tool for MSMEs is proposed — the Islamic concept of cash Waqf which originated from the Ott oman empire in the 15th century. Briefl y, cash Waqf is a movable type of Waqf where its corpus consisted purely or partially of cash. Of more importance, since the utilization of cash Waqf is permitt ed both in terms of religion and law in Indonesia, is that it can potentially be a successful practical solution to address the lack of fi nancing access