This study investigated feeding management of yellowfin seabream, Acanthopagrus arabicas, juveniles under different feeding rates and its relationship to growth performance, survival, cannibalism and body composition. Thirty healthy fish (21.87±0.22g initial weight) were stocked in 12 separate net cages 3.4m³ assigned to four groups: F1, F2, F3, and F4 to receive feed at 3%, 5%, 7% and 9% body weight per day (bw/d). The juveniles were fed twice daily with a diet containing 42% protein for seven weeks. At the end of the feeding trial, group F3, fed at 7% bw/d, had significantly (P<0.05) higher percent weight gain, average daily weight gain and specific growth rate, followed by groups F2 (5% bw/d) and F4 (9% bw/d). The poorest growth performance was recorded in F1 (3% bw/d). Cannibalism was not seen in any treatment group, and survival was recorded 100%. In the whole fish body proximate composition, protein, ash and moisture showed no change while lipid levels in the fish bodies increased with increasing feeding ratio. Based on the results, 7% bw/d was the optimum feeding rate for J. arabicas under given experimental conditions.

he experimental trial was conducted in saline water to determine the replacement level of fish meal with locally available plant protein source, the soybean meal on growth performance, survival and body composition of Nile Tilapia (Oreochromis niloticus) juveniles reared in floating net cages. Four types of diet (35% crude protein) were formulated where fishmeal was replaced by soybean meal, partially up to 0%, 25%, 50% and 75% designated as treatment T1, T2, T3 and T4 respectively. The diet T1 was the control diet where a fish meal was the main ingredient and sole source of protein. A triplicate group of thirty healthy fish, juveniles (15.58g average initial weight) were stocked in each floating net cage (1.2 x 1.2 x 1.2m). Feeding was done at the rate of apparent visual satiation twice daily for a period of six weeks. At the end of the trial results indicates that there were no significant differences (P>0.05) in percent weight gain (%), specific growth rate (SGR %), average daily weight gain (g/ind/day), and feed conversion ratio (FCR) up to 50%fishmeal replacement by comparing with the control diet without soybean meal. However, deterioration in growth performance was noted in fish receiving more than 50% dietary soybean meal. Feed conversion ratio was poorer by increasing the soybean meal over 50%, T4 (2.81±0.74) and T3, (2.55±0.36), which is significantly different from T1 (2.21±0.12) and T2 (2.34±0.34). Survival was 94.99% in all the treatment groups. No significant differences (P>0.05) were found in fish final body carcass composition of protein, ash and moisture contents, but, the lipid level of the fish's body increased (P<0.05) significantly with an increasing fish oil and soybean meal in the diets. As a result, 50% soybean meal in the diet can substitute fishmeal without jeopardizing the growth and health condition of Nile tilapia.

Buku ini berusaha menggali beberapa teori ekonomi yang terkandung di dalam ayat-ayat Al-Qur'an dengan menggunakan metode dengan pendekatan yang jarang dilakukan oleh penulis lain-nya yaitu pendekatan “tafsir ekonomi”. Di mana pendekatan “tafsir” merupakan
pendekatan original yang selama ini digunakan oleh para ulama dalam menggali hukum, hikmah, dan ilmu yang terkandung dalam Al-Qur'an. 

Potensi Zakat, Infaq dan Shadaqah (ZIS) di Indonesia sangat besar dan diyakini dapat menciptakan keadilan distribusi kekayaan masyarakat. Sayangnya, dana ZIS yang berhasil dikumpulkan masih jauh dari potensi yang ada. Oleh karenanya dibutuhkan optimalisasi potensi zakat, salah satunya dengan efisiensi. Penelitian ini bertujuan untuk mengetahui tingkat efisiensi Organisasi Pengelola Zakat (OPZ) secara relatif menggunakan Data Envelopment Analysis (DEA) dengan pendekatan produksi. DEA merupakan metode nonparametrik yang digunakan untuk mengukur tingkat efisiensi unit pengambil keputusan secara relatif. Metode ini mengukur rasio antara output dan input yang diperbandingkan antar OPZ yang diteliti. Variabel output yang digunakan meliputi dana terhimpun dan dana tersalurkan, sedangkan input-nya adalah biaya personalia, biaya sosialisasi dan biaya operasional lainnya. Hasilnya menunjukkan bahwa efisiensi OPZ pada tahun 2005 masih lebih baik dari tahun 2006 dan 2007 baik secara teknis (94,52%), skala (75%), dan overall (71,27%). Perhitungan terhadap 9 OPZ tahun 2007 dengan asumsi CRS, menunjukkan hanya 2 OPZ yang efisien, yakni BMM dan Bamuis BNI.Penyebab utama inefisiensi adalah dana tersalurkan dan dana terhimpun, yakni menyumbang 43,1% dan 36%. Sedangkan pengukuran dengan orientasi input menyatakan bahwa sumber inefisiensi adalah biaya operasional lain sebesar 34,9% dan biaya sosialisasi sebesar 31,1%.

Cash Waqf funds has an important role to empower the economy of Ummah. Unfortunately, the collected cash waqf fund is still very small compared to its potential number. Against this background, this research aims to design systems that may enchance the role of Islamic banks in cash waqf fund raising. This paper employed Interpretative Structural Modeling (ISM) by conducting literature studies and In-depth interviews with some regulators, practitioners and academicians. The result shows that experts and practitioners agreed that the strong legal support on cash waqf is necessary to enhance the role of Islamic Banks to raise cash waqf funds. It creates a sense of secure to the stakeholders. Furthermore, it requires a strong coordination between Indonesian Waqf Board (BWI), Ministry of Religious Affairs, Bank Indonesia (BI), Financial Services Authority (OJK), Nazhir and Islamic Financial Institutions that may receive cash waqf (LKS-PWU) in order to boost the role of Islamic Banks. The main obstacle that must be tacled soon is the lack of education about cash waqf.

This paper discusses the efficiency and productivity of zakat management organizations in Indonesia based on the Malmquist Productivity Index. This type of research is quantitative research. The data used is a time series and cross-section from 2016-2019 using the Malmquist Productivity Index model to see the productivity level of 11 Zakat Management Organizations in Indonesia, using 2 input variables and 2 output variables. The results showed that all observed Zakat Management Organizations experienced an increase in productivity values during the 2016-2019 period, which means that all OPZs increased their achievements in the field of zakat management. Evidenced by the increase in EFFCH above 1 (1.365), PECH (1.243), and SECH (1.098). on the other hand, technology change or TECH decreased below 1 (0.854). This means that the main sources that influence the increase in OPZ productivity during the 2016-2019 period are the high change in efficiency value (EFFCH) and the stagnation of technological innovation change (TECH).

Recently, Islamic wealth management is one of the new emerging financial service industries that attract many wealthy people to trust their assets managed in accordance with Islamic values and principles. Islamic wealth management is distinct from the conventional conception of wealth management from the philosophical foundation. Therefore, Islamic wealth management’s philosophical foundation is fundamental to understanding wealth management from the Islamic perspective. The paper aims to redefine the contemporary concept of wealth management from an Islamic perspective derived from the Qur’anic perspective. The finding shows that Islamic conception of wealth management from Qur’anic framework is very comprehensive that cover all philosophical foundation; ontology, epistemology, and axiology. The Islamic wealth management process contends three aspects: (1) wealth creation, (2) spending, and (3) saving or investment. Wealth creation has a relationship with the fulfillment of the infaq (spending) objective. The objective is to promote maqashid shari’ah, promoting just and welfare in order to achieve Falah.

This chapter aims to identify factors that may influence the interest of Indonesian Muslim millennials in performing waqf. Five variables, namely waqf literacy, religiosity, trust in waqf institutions, religiosity, income, and social influence, were tested using SEM-PLS method. Data are obtained through online questionnaires with the number of sample is 321 Muslim millennials from the five major islands in Indonesia. The finding shows that four variables, literacy, religiosity, trust in waqf institutions, and social influence, have a significant impact on their interest in waqf donation. As a result, waqf institutions must nurture trust of prospective waqf through massive socialization such as social media which is widely accessed by millennials. This may attract their attention, leave a good impression, and create a supporting environment. In addition, waqf institutions need to instill trust by being more open, honest, and transparent about the programs they created through campaigns by bringing social and religious issues packed with excellent and exciting delivery that can help increase the interest of Muslim millennials in performing waqf. Furthermore, quality of nazhir should be improved, collaboration should be promoted, and the utilization of digital technology are highly recommended. © 2023 World Scientific Publishing Europe Ltd. All rights reserved.

This research discusses the determinants of inflation according to Al-Maqrizi, one of Ibnu Khaldun’s disciples. He argued that inflation is caused by natural and human error factors; the latter include government corruption and the excess supply of non-metal money. This study conducts a critical review of the work of al-Maqrizi, ighatsatul ummah bi kasyfil ghummah, supported by a panel data regression of cross-country data related to rates of inflation, rates of corruption and the number of natural disasters. The empirical data show that the rate of inflation is positively related to human error factors: corruption, tax and money supply. The results indicate the relevance of al-Maqirizi’s postulates to the modern day economy. However, natural disasters are not proven to be a significant factor for inflation at the country level. This paper contributes to the importance of the study of classical Muslim scholars’ thinking in order to understand current economic problems and ways of solving them.

Bukalapak is one of the biggest online marketplace in Indonesia. Bukalapak provides a place for trading for sellers and buyers, utilizing the applications on the internet as a space to trade. The objective of the study is to assess the the compliance of product, buyer and seller verification system, payment and delivery transaction system of Bukalapak with the Shariah law. Thisresearch uses a qualitative approach; interview and observation. The collected data will be analysed with interactive analysis model by Miles and Huberman. The result of this study shows that as an online marketplace, Bukalapak complies with the legal standards of Shariah law which is based on ijab qabul between the seller and the buyer, also there is a form of liability or indemnity imposed by Bukalapak with the view of balance and fairness between all Bukalapak users. The result also shows that Bukalapak had been running based on honesty and openness so that it is able to develop the market based on Islamic economics. Hence, it earns the trust from the sellers and the buyers as a place for buying and selling.

The existence of financial intermediation institution is quite necessary to support the economic activity. It serves both surplus unit and deficit unit to meet their wants whereby the former wants to invest his money in the lack of skill, while the latter wants to develop their businesses but does not have adequate capital. Bank institution is the most common institution serving the people‘s need of financial intermediation. However, bank has several weaknesses that may harm and hamper the economic development. This paper aims to explore the weaknesses of banks as financial intermediary institutions and then promote Islamic Private Equity Fund as alternative. The result showed that the weaknesses of banks are: 1) fractional reserve banking, 2) fiat money, 3) debt-based investment, 4) risk averse. Furthermore, the study also found that Islamic Private Equity Fund can serve as an ideal financial intermediary institution due to some strengths: 1) no fractional reserve banking, 2) equity-based investment and 3) risk taker.

Nowadays, the idea of integrating zakat into fiscal system has arisen in Muslim countries including Indonesia. It is argued that zakat, in history, has played a significant role to create welfare among societies. It is proven at the time of Caliph „Umar ibn „Abdul „Aziz that zakat has alleviated poverty at that time alongside tax. Having considered such achievement, some scholars argued that zakat should be reintegrated into current fiscal system. This paper, therefore, attempts to study the feasibility of integrating zakat into Indonesian fiscal system. Employing descriptive analysis based onSiyasahShar‘iyyah(high objectives of the Shariah). Therefore, the objectives of the study are set with these following points: 1) to address the strength and the weakness of the implementation of this idea, 2) to assess its opportunity aswell as its threat, 3) to examine whether the integration of zakat will secure maslahah(benefit) or create mafsadah(harm). The result shows that the integration of zakat into current fiscal system is in line with the SiyasahShar„iyyah. Hence, the strong willingness and commitment of government is strongly required to applicate it. The proper model of integration should also be planned well. Moreover, nurturing the understanding to all parties, especially to the non-Muslims and secularists, that this idea is really beneficial and not discriminatory should be promoted

This research aims at investigating the potential of Bait al-Māl wa Tamwil (BMT) in the development of border areas of Indonesia-Malaysia by prioritizing the welfare approach. Primary data was obtained through in-depth interviews with respondents from academics, practitioners, and regulators. The Analytic Network Process (ANP) method and Benefit Opportunity Cost Risk (BOCR) network are used to review the interview results. The results reveal that BMT is able to help the development of the border areas. Moreover, the aspects of benefit and opportunity in exploiting BMT is more significant than the cost and risk aspects. There are three alternative strategies to be implemented in order to maximize the benefits and opportunities and also minimize the costs and risks, namely the capital of third parties, linkage programs, and special regulations

Nowadays, the idea of integrating zakat into fiscal system has arisen in Muslim countries including Indonesia. It is argued that zakat, in history, has played a significant role to create welfare among societies. It is proven at the time of Caliph ‘Umar ibn ‘Abdul ‘Aziz that zakat has alleviated poverty at that time alongside tax. Having considered such achievement, some scholars argued that zakat should be reintegrated into current fiscal system. This paper, therefore, attempts to study the feasibility of integrating zakat into Indonesian fiscal system. Employing descriptive analysis based on SiyasahShar‘iyyah (high objectives of the Shari‘ah). Therefore, the objectives of the study are set with these following points: 1) to address the strength and the weakness of the implementation of this idea, 2) to assess its opportunity as well as its threat, 3) to examine whether the integration of zakat will secure maslahah (benefit) or create mafsadah (harm). The result shows that the integration of zakat into current fiscal system is in line with the SiyasahShar‘iyyah. Hence, the strong willingness and commitment of government is strongly required to apply it. The proper model of integration also should be planned well. Moreover, nurturing the understanding to all parties especially to the non-Muslims and secularists that this idea is really beneficial and not discriminatory should be promoted.

The purpose of this study is to compare the cost efficiency of takaful and its conventional insurance counterparts in Malaysia. The study measures the cost efficiency scores of takaful and conventional insurance companies in Malaysia over the period 2009-2011 using non-parametric Data Envelopment Analysis (DEA) based on selected multiple input and output variables. Output variables used are gross premium and investment income while input variables are management expenses, fees and commission expenses. The study finds that conventional insurance companies in Malaysia performed better efficiency than takaful companies in 2011. The finding is consistent with study by Ismail, et al (2011) and Saad (2012). The study suggests that takaful and conventional insurance companies should allocate input more efficiently and improve the quality of services as the average scale efficiency is higher than the average of overall and technical efficiency. Takaful must also be more alert towards external factor costs as the scale of efficiency continuously decreased. In order to be more focused, the study only compares the efficiency of takaful and conventional insurance companies from an input oriented approach. The study is also limited to 7 takaful operators and 19 conventional insurance companies and, as such, the finding is most probably indicative, but does not reflect the overall performance of the takaful industry. As part of a policy recommendation, the study provides data on cost efficiency of conventional insurance and takaful companies in Malaysia, which is valuable for regulators in formulating appropriate policy to enhance the competitiveness of the takaful industry in Malaysia.