The year 2020 and 2021 became an unprecedented challenge due to the covid pandemic affecting many aspects around the world, including the economy. On the other side, over the past decade has the global Sukuk market become an increasingly prominent funding source for companies, financial institutions, and governments. For handling the pandemic in Indonesia, the Ministry of Finance has repeatedly issued Sukuk Negara. The objective of study is to analyze the short-term and longterm impact of macroeconomic variables on the sukuk trade in Indonesia and to see the impact of these macroeconomic variables on the stability of the Sukuk Negara Trade and the contribution of these variables during the pandemic to the Sukuk Negara. It was found that the exchange rate and inflation have a significant positive effect on the trading of sovereign sukuk in the secondary market. The most variable contribution is sovereign sukuk trade itself, followed by the Exchange rate.

Islamic civilization was the pearl of the world with multidimensional aspects of achievements, especially during the Dark Age of West civilization. In stark contrast to this, the Muslim world nowadays is experiencing a marginalized society on this planet. The majority of Muslim countries are backward educationally, socially, economically, and politically. Furthermore, the world nowadays is suffering an economic crisis due to the impact of the COVID-19 pandemic. This study tries to investigate the economic development concept from an Islamic perspective, compare it with current data on OIC member countries and provide recommendations for policymakers to stave the disaster off. The study adopts a quantitative approach in form of a literature review, discourse, and critical content analysis. It found that economic development in an Islamic perspective can be defined as a multidimensional process to improve welfare, in both material and spiritual aspects. However, In reality, OIC member countries have potentials and obstacles for growth. Strengthening the education sectors, infusion of Islamic values, support SMEs’ development with ICT are some recommended policies. The main contribution of this study is to assess the current condition of Muslim Ummah represented by OIC member countries, by the development concept of Islam and deliver some policies for the betterment of the ummah.

This paper aims to provide extended model from cash waqf based microfinance model developed by Kachkar (2017) that envisioned providing access for betterment of livelihood for refugees. Literature study from relevant sources is conducted to develop the model. The proposed model, called Integrated Zakat and Waqf Model for Refugees (IZWMR) add zakat element as extension from previous model. Also, waqf element within the model will include not only cash waqf, but land waqf as well in order to open opportunity for more optimum utilization of idle waqf assets by empowering the refugees and support their livelihood. This study is expected to enhance awareness of society to refugees problem, provide a comprehensive proposed model to solve global refugees problem and open opportunity for more optimum and impactful utilization of Islamic social finance instruments, i.e. zakat and waqf.

If we consider the state of the world economy, especially in the OIC countries, some countries have to struggle in dealing with the problems of poverty. Hypothetically, the wealth of natural resources is potentially in the welfare of the population, but the facts on the ground say the situation is another in which it is far from being wellbeing. This study aims to analyze poverty in OIC countries by using a development model proposed by Ibn Khaldun. The model consists of six variables: human resource variable (proxy HDI), the variable role of government (proxy government spending in education and health), variable of development (proxy foreign direct investment), state assets variable (proxy for GDP/capita), justice variable (gini index proxy) and sharia variable (a proxy perception index of corruption). This study uses panel data regression analysis with nine object OIC member countries (Indonesia, Malaysia, Egypt, Azerbaijan, Kazakhstan, Tajikistan, Kyrgyzstan, Turkey and Benin) over the years from 2010 to 2016. The results showed that the variables of development model Ibn Khaldun significant effect on poverty in OIC countries is development variable, the variable role of government (proxy for government spending in health sector), justice variable, wealth nation variable and control variables (unemployment). While the role of government variable (proxy government spending in the education sector), HR variables and sharia variables not significant. From these studies, it can be concluded that not all the variables of development model Ibn Khaldun significant effect on poverty in OIC countries.