This study aims to uncover the determinants of Islamic financial inclusion in Indonesia.  This study uses the analytic network process (ANP) to gather expert opinions and responses from academics, regulators and practitioners. The ANP analysis discovered that the level of Islamic financial inclusion in Indonesia is influenced by two main drivers: the supply and the demand. The demand factors for Islamic financial inclusion, ranked based on their level of significance, are as follows: financial literacy (0.27), religious commitment (0.22), socioeconomic factor (0.19) and social influence (0.17), respectively. From the supply side, primary catalysts for Islamic financial inclusion based on their level of importance are human capital (0.32), product and services (0.24), infrastructure (0.18) and policies and regulation (0.17), respectively. The present study does not include the Islamic insurance sector in its determinant framework of Islamic financial inclusion in Indonesia. This study serves as a reference for regulators in formulating appropriate policy strategies to strengthen the Islamic financial inclusion in Indonesia. Originality/value – This study is a pioneer attempt to identify distinctive factors that influence the level of Islamic financial inclusion in Indonesia by analyzing expert opinions from diverse groups of Islamic finance stakeholders

Penelitian ini bertujuan untuk mengukur tingkat efisiensi Baitul Maal Wat Tamwil (BMT) dengan mengambil studi kasus BMT MMU dan BMT UGT Sidogiri Pasuruan tingkat cabang dengan total sampel 50 cabang. Metode yang digunakan dalam penelitian ini adalah Two Stage DEA. Tahap pertama mengukur tingkat efisiensi BMT MMU dan BMT UGT dengan menggunakan DEA. Tahap kedua menguji faktor-faktor internal dan eksternal, yang mempengaruhi tingkat efisiensi BMT MMU dan BMT UGT dengan menggunakan pendekatan Tobit. Hasil penghitungan DEA menunjukkan, efisiensi overall technical BMT MMU (0,84) dan BMT UGT (0,88) pada tahun 2008 masih kurang optimal. Penyebab utama inefisiensi untuk BMT MMU adalah penyaluran pembiayaan, sementara sumber utama inefisiensi BMT UGT adalah penghimpunan dana pihak ketiga yang kurang maksimal. Hasil pengolahan Tobit menunjukkan bahwa kekuatan modal dan ukuran BMT memiliki pengaruh positif secara signifikan terhadap efisiensi overall technical pada dua BMT. Sementara dari sisi eksternal, PDRB perkapita memiliki pengaruh negatif secara signifikan. Adapun pertumbuhan pengangguran, tingkat pendidikan, dan komitmen keberagamaan tidak berpengaruh secara signifikan.

Waqf (an Islamic endowment of property to be held in trust and used for a charitable, or religious purpose; or a Muslim religious or charitable foundation created by an
endowed trust fund) has a long history in Islam. It has played — and, in many cases, continues to play — a pivotal role in the
advancement of socio-economic well-being of the Muslim community. Many phenomenal architectural relics and public infrastructures, all over the world, from the Atlantic to the Pacific, throughout the centuries, were funded by waqf. AlAzhar University in Egypt, University of Cordova in Spain and Al-Noori Hospital in Damascus, to name a few, are among the public projects financed by waqf funds. Some waqf institutions have survived for more than a millennium.
Despite its phenomenal achievements, the management of waqf also experienced
failures

The study aims at discussing the concept and practice of Islamic Stockbroking, and examining the opportunities of Islamic Stockbroking in Malaysia.The study adopts library research to discuss the concept of Islamic stockbroking. It also employs a semi-structured interview with industry players to prognosticate the future development of Islamic stockbroking in Malaysia. The study reveals that stockbroking is not a new concept in Islam. Classical jurists have discussed thoroughly the concept of samsarah (brokerage) from an Islamic perspective. The current practice of Islamic stockbroking in Malaysia employs two tiers of wakalah contract. Furthermore, the study concludes that the future of Islamic stockbroking in Malaysia is very promising, triggered by drivers on both the supply side and the demand side. The large Muslim population, wealth and economic growth are among the key factors for the development of Islamic stockbroking from the demand side. On the other hand, the Shari‟ah compliance of 89% of Malaysian stocks, Malaysia‟s position as an Islamic finance hub, and the natural progression of Islamic finance are all factors underpinning the future of Islamic stockbroking from the supply side. This study will add new literature in contemporary Islamic finance as not much study has been conducted on the subject matter

Purpose – Tawarruq (Islamic commodity financing) has evolved as the most ubiquitous concept in Malaysia’s Islamic banking industry. Nevertheless, the extensive use of tawarruq has invoked a number of Sharīʿah (Islamic law) concerns in its practice. This study aims to investigate the Sharīʿah non-compliant (SNC) phenomena in the practice of tawarruq financing in Malaysia. Design/methodology/approach – This study adopts qualitative research methodology, combining both descriptive and content analysis. A self-administered questionnaire was distributed to 16 Malaysian Islamic commercial banks to unveil the Sharīʿah non-compliance issues in the application of tawarruq in Islamic banks (IBs) in Malaysia. Findings – This study found that some practices of tawarruq in Malaysia might not comply with Shari’ah, mainly because of the improper sequencing of contracts. The study also discovered that IBs adopt different approaches in dealing with SNC events and the income derived therefrom. Finally, the study noted the influence of board of director/management on certain Sharīʿah decisions particularly about the treatment of non-halal income. Research limitations/implications – The findings of the study serve as a reference to industry players and regulators in formulating Shari’ah non-compliance risk management framework for tawarruq practices. Originality/value – The survey on SNC issues in tawarruq practice constitutes the first of its kind in the existing literature.

The aim of this review paper is to know more about the service quality of Banking Sector available in Konkan Region through literature survey. In the 21st century, service quality and customer satisfaction are directly proportional to each other for achieving success in any industry and the same is applied to the banking sector in India. Customers play an important role in Banking Industry in India. Therefore Banks in India are responsible to fulfill needs of customers to retain survival and success in today’s modern era. Success of any organization depends upon their services quality and customer relationship with an organization. Retention of customer and business is totally depends upon services provided by banks to solve the complaints of customers instantly. This review paper summarizes the relationship between services quality, customer satisfaction and success of organization through literature survey in Banking Sector.

Progressive Islamic education is an educational reconstruction that seeks to function the mind (intelligence) as optimally as possible in religious life, practice experiences and actual problems in education and is able to anticipate changes by thinking projectively (visionary) and acting proactively. This research is classified as a qualitative descriptive research. This study aims to describe the three basics of progressive Islamic education in educational development. This type of research is field research with case studies at MI Muhammadiyah Gonilan and SDIT Muhammadiyah Al Kautsar Gumpang Kartasura. This data collection method is carried out by observation, interviews and documentation, while data analysis is carried out interactively which begins with data reduction, data presentation and drawing conclusions. The results of the study show that the implementation of the three basics of progressive Islamic education is indicated by special characters in schools, namely smart schools, experience learning and educational for sustainable development. Smart school is carried out by optimizing human reason or thinking ability by balancing science and religion. Experience Learning makes experience a valuable lesson for educational progress, and educational for sustainable development shows that progressive education is always oriented.

Purpose
The chapter aims to examine the challenges and the opportunities for the development of Islamic stockbroking in Malaysia. Methodology
The chapter adopts library research to discuss the concept of Islamic stockbroking. It also employs a semi-structured interview with industry players to prognosticate the future development of Islamic stockbroking in Malaysia. Research Findings
The study concludes that the future of Islamic stockbroking in Malaysia is very promising, triggered by drivers on both the supply side and the demand side. The large Muslim population, wealth and economic growth are among the key factors for the development of Islamic stockbroking from the demand side. On the other hand, the Shari’ah compliance of 89% of Malaysian stocks, Malaysia’s position as an Islamic finance hub and the natural progression of Islamic finance are all factors underpinning the future of Islamic stockbroking from the supply side. However, lack of qualified human resources, political inconsistency, information technology infrastructure, product innovation as well as public perception are obstacles to its development. Value
This chapter will add new literature in contemporary Islamic finance, as not many studies have been done on the subject.

This study proposes some strategies to strengthen Islamic financial inclusion in Indonesia. The study employs the Analytic Network Process (ANP) by interviewing Indonesian Islamic finance experts, including academics, regulators, and practitioners. The ANP results show that the strategies to strengthen Islamic financial inclusion in Indonesia, ranked based on their significance level, are product compatibility (0.28), financial infrastructure (0.25), human development (0.20), and demand creation (0.18). The study provides actionable recommendations for Islamic Financial Institutions (IFIs) in Indonesia when formulating their appropriate roadmaps and strategies for Islamic financial inclusion. This study is a pioneer work that develops an institutions-based strategy for Islamic financial inclusion in Indonesia based on expert judgments.

This research is a critical analysis of the practice of certain Islamic banks (IBs) and institutions offering Shari`ah-complaint financial services (ISFS). Under the guise of Islam, these IBs and ISFS in fact are the profit maximising business ventures. Their business practices are not in compliance with relevant rules and practices of Shari`ah. Nevertheless, due to absence of a strong yet dedicated regulatory body, no challenge can be mounted against them. The customer base of these IBs and ISFS is only on a note of well wish and good faith. But in absence of a watch dog, the good-will turns out to be a tool to betraying public trust. One the other hand, it makes mockery with the entire IF industry. Most of these )Bs and )SFS today grant their Shari`ah Advisory Committeesǯ ȋSACsȌ advisory role making their findings voluntary and optional. There may be a true compliance for correcting any breaches found by these bodies, but yet, legality works in a particular way. In absence of an executive power being granted to these bodies as which is also ingrained in the constitution, a bank or institution will fail the legal definition of it being Shari`ah-compliant. Compliance with the Sahri`ah in transactions is either obligatory or optional! There is no second way! At the end, the issue boils down to that of conscience and compliance where one is made victim for lack of it on the part of regulatory establishment. Whereas on the part of the subjected businesses, they are no more than mere ventures that are bent on making profit by any means using appealing slogans! Given the current practice of IBs and ISFS, the study suggests that their SACs must function independently and beyond the control of banks' own executive apparatus. The setting of these SACs and the executive power thereof must be ingrained within the constitution or basic rules. Among others, their power must include disciplinary measures being granted to these SACs by which they may disciple any failing managers or officials for noncompliance. Most of such IBs and ISFS seem to fail on this crucial provision. Therefore, the study finds that such IBs and ISFS are not legally Islamic.

Zakat korporasi merupakan salah satu kewajiban yang harus ditunaikan oleh perusahaan seperti yang telah disebutkan dalam fatwa Majelis Ulama Indonesia ke 3 tahun 2009, dan juga telah disebutkan dalam Undang-Undang zakat No. 23 Tahun 2011 Bab 1 Pasal 4 ayat (2) bagian c dan ayat (3), banyak perusahaan berlabel syariah yang tersebar diseluruh Indonesia dan terhimpun dalam Daftar Efek Syariah, banyaknya perusahaan tersebut tidak berbanding lurus dengan realisasi zakat perusahaan yang diterima oleh lembaga penghimpun zakat seperti BAZNAS. Penelitian ini menggunakan metode kualitatif deskriptif dengan wawancara mendalam sebagai alat penggali informasi, data diolah dan divalidasi dengan metode triangulasi sebagai alat untuk validasi hasil temuan dari hasil wawancara. Penelitian memiliki 3 tujuan, pertama, menganalisis pengaruh fatwa terhadap zakat korporasi, kedua menganalisis peran pemerintah dalam mendorong zakat korporasi, ketiga menganalisis permasalahan yang terjadi dalam zakat korporasi di Indonesia. Hasil penelitian menujukkan bahwa fatwa MUI sifatnya tidak mengikat, sehingga fatwa sangat mudah disepelekan, Pemerintah lebih berpihak pada pajak dan CSR, sehingga mempengaruhi penerapan Fatwa dan UU zakat korporasi, ketika perusahaan-perusahaan di hadapkan dengan regulasi pajak dan CSR yang begitu ketat, maka hal itu menjadikan zakat korporasi ini dipandang sebelah mata, begitupula dengan perumusan Undang-Undang Zakat ini yang tidak memiliki regulasi untuk mewajibkan muzakki dalam menunaikan kewajibannya untuk membayar zakat korporasi.

The study aimed to uncover the determinants of Islamic financial exclusion in Indonesia by gathering responses from financially-excluded respondents. A total of 110 respondents were surveyed, representing five provinces: West Java, South Sulawesi, Aceh, East Kalimantan, and North Maluku. The criteria of the selected participants included those who were financially-excluded, those who did not own any Islamic financial products, those without savings or financing, and those with no capital market products. The study employs Confirmatory Factor Analysis (CFA) to identify indicators explaining Islamic financial exclusion determinants in Indonesia. The paper found that location is the key barrier to obtaining financing from and being able to build savings in Islamic banks/Islamic microfinance, while a lack of financial knowledge is identified as the critical barrier when dealing with Islamic capital market products. Overall, most respondents perceived human capital and products and services to be the two most significant determinants of Islamic financial exclusion in Indonesia, followed by infrastructure, policies and regulation, financial literacy, social influence, and religious commitment. The originality of the paper lies in its detailed insight into the perception of being financially excluded on factors leading to Islamic financial exclusion

Biologically synthesized silver nanoparticles are emerging as attractive alternatives to chemical pesticides due to the ease of their synthesis, safety and antimicrobial activities in lower possible concentrations. In the present study, we have synthesized silver nanoparticles (AgNPs) using the aqueous extract of the medicinal plant Euphorbia wallichii and tested them against the plant pathogenic bacterium Xanthomonas axonopodis, the causative agent of citrus canker, via an in vitro experiment. The synthesized silver nanoparticles were characterized by techniques such as UV-Vis spectroscopy, Fourier transform infrared spectroscopy, energy-dispersive X-ray spectroscopy, X-ray diffraction analysis and transmission electron microscopy. Moreover, the plant species were investigated for phenolics, flavonoids and antioxidant activity. The antioxidant potential of the extract was determined against a DPPH radical. The extract was also evaluated for phenolic compounds using the HPLC technique. The results confirmed the synthesis of centered cubic, spherical-shaped and crystalline nanoparticles by employing standard characterization techniques. A qualitative and quantitative phytochemical analysis revealed the presence of phenolics (41.52 mg GAE/g), flavonoids (14.2 mg QE/g) and other metabolites of medicinal importance. Different concentrations (1000 µg/mL to 15.62 µg/mL—2 fold dilutions) of AgNPs and plant extract (PE) alone, and both in combination (AgNPs-PE), exhibited a differential inhibition of X. axanopodis in a high throughput antibacterial assay. Overall, AgNPs-PE was superior in terms of displaying significant antibacterial activity, followed by AgNPs alone. An appreciable antioxidant potential was recorded as well. The observed antibacterial and antioxidant potential may be attributed to eight phenolic compounds identified in the extract. The Euphorbia wallichii leaf-extract-induced synthesized AgNPs exhibited strong antibacterial activity against X. axanopodis, which could be exploited as effective alternative preparations against citrus canker in planta in a controlled environment. In addition, as a good source of phenolic compounds, the plant could be further exploited for potent antioxidants.

Purpose – The purpose of this study is to present a framework regarding the use of Sharīʿah non-compliant assets as rahn (pledge) and to provide the Sharīʿah analysis on the application of numerous collateral instruments, including financial assets such as shares, unit trusts, current accounts and investment accounts which are Sharīʿah non-compliant. Design/methodology/approach – The study adopts a library-based approach to examine the concept and requirements of rahn, deliberate the classification of Sharīʿah non-compliant assets and delineate the Sharīʿah views on the use of Sharīʿah non-compliant assets as pledges. It also examines the various forms of pledge available and offered in the market using document analysis as well as through discussion with industry practitioners. Findings – In general, the study concludes that Sharīʿah non-compliant assets, either due to their essence or due to the means of acquisition where there is no ownership from Sharīʿah perspective, cannot be used as rahn. This study also provides the Sharīʿah analysis on the use of modern instruments such as shares, unit trusts, current accounts, investment accounts and insurance policy as pledges. Originality/value – The paper provides a reference source for regulators in formulating an appropriate policy and framework on Sharīʿah-compliant collateral; Sharīʿah committees of Islamic financial institutions in arriving at Sharīʿah decisions on collateral; and industry practitioners in establishing internal policies and procedures on collateral.

Fast food refers the food that sold in a restaurant or store with preheated or precooked ingredients and served to the customer in a packaged form for take-out/take-away. India's growing middle class and their changing food habits offer unprecedented growth opportunities to the quick-service restaurant industry. To reap the benefits of Indian market many global brands have entered the market. In a competitive marketplace, customer satisfaction is seen as a key differentiator and important marketing objectives to be achieved. Customer satisfaction is the customers’ evaluation of goods or services in terms of whether that goods or services have met his needs and expectations. Numerous studies show the positive and significant relationship between customer satisfaction and customer loyalty. Besides, there are studies indicating customer satisfaction is only one antecedent of customer loyalty. The present study explores components of customer satisfaction through using exploratory factor analysis at Rolls Mania a fast food service restaurant at Kolhapur City. The empirical evidence of 154 customers reveals that dining experience; accessibility, convenience & affordability and product test are the important components of customer satisfaction. The regression analysis result reveals significant relationship between customer satisfaction and customer loyalty.