Books
Dr. Muhammad Syafii Antonio, M.Ec.

Dr. Muhammad Syafii Antonio, M.Ec.

Peneliti Ahli Pusat Studi Halal
Biografi

Peneliti LPPM Tazkia

10

Jurnal Ilmiah

0

Pengabdian Masyarakat

Jurnal

Tanggal Publikasi: 26 Des 2022

THE ISLAMIC WEALTH MANAGEMENT: AN ANALYSIS FROM IBN SĪNĀ’S PERSPECTIVE

This study aims to present the economic ideas of Ibn-e-Sīnā, dealing with the concept of wealth management. In order to achieve its objectives, this study employs qualitative research that refers to the meanings, concepts, definitions, characteristics, metaphors, symbols and descriptions of the matter under study. The study uses the literatures of Ibn Sīnā related to tadbir al-manzil (economics) to develop a theoretical model of managing wealth that integrates the material, spiritual, moral, social and legal dimensions. There are two methodologies of this study, namely interpretative and historical analytic methods. In his wealth management, there are two main variables; kasb (earning) and infāq (spending). The kasb (earning) is from al-tijārah (trade) and al-ṣinā‟at (manufacturing skills), while infāq is the function of infāq ijtimā'i (common expenditure), infāq dīni (religious expenditure) and aliddikhār (savings). Finding of this study is that the concept of managing the wealth derived from Ibn Sīnā is still relevant to the modern concept of Islamic wealth management

Jurnal

Tanggal Publikasi: 26 Des 2022

Meta-analysis on Direction of Accounting Standards for Islamic Financial Institutions: Case Studies in United Kingdom and Indonesia

This paper is to analyse determinants that influence implementation of accounting standards for Islamic financial institutions. It’s done by examining the history of accounting standards and two different contexts as applied to Islamic financial institutions in the United Kingdom and Indonesia. The paper adopts meta-analysis method by exploring available texts and literature with the goal to learn ‘what is going on here?’ and to investigate social phenomena without explicit expectations. Employing the Ibn Khaldun perspective, this study analyses two determinants i.e. institutional setting that may be suitable in the context of the United Kingdom, and accounting needs in the case of Indonesia. The research shows the determinants are well fitted with interdisciplinary characters of Ibn Khaldun model of civilization.

Jurnal

Tanggal Publikasi: 26 Des 2022

ABU ZAHRAH’S MAQASID SHARIA MODEL AS A PERFORMANCE MEASUREMENT SYSTEM

Maqasid Syariah Abu Zahra sebagai Model Pengukuran Kinerja. Penelitian ini berupaya untuk menganalisis model maqasid syariah Abu Zahrah sebagai sistem pengukuran kinerja dan menggunakannya untuk mengevaluasi kinerja bank syariah. Metode yang digunakan adalah kombinasi tinjauan pustaka dan survei terhadap 97 bank Syariah di Indonesia. Penelitian ini menemukan tiga dimensi maqasid syariah, yaitu pendidikan, keadilan, dan kesejahteraan masyarakat. Meskipun demikian, penelitian ini juga menemukan bahwa secara umum bank syariah belum mencapai kinerja maqasid syariah secara optimal. Dimensi pendidikan masih memiliki kinerja paling rendah dibandingkan kedua dimensi lainnya.

Jurnal

Tanggal Publikasi: 26 Des 2022

Peranan Ekonomi Syari’ah dalam Pembangunan Daerah

The autonomy the local government is based on the political decision which was reformed from bureacratic centralistic to participatory decentralistic of government system. The Law no 22,1999 on the Local Government has created a new paradigm in the practice of local autonomy that the execution of power must be on the regency or town authorities. On the other side, Indonesia’s Islamic economy is powered by entities of islamic law based of banking system (Bank Syari’ah) that emerged its right moment in the post 1998 Indonesia’s economic crisis. After that moment, the Syariah’s financial industry was on rapid development in this country. And in line with that development, there have been many banking institutions grow in the regions. This article has intention to describe the role of economy based on Islamic law in the socio-economic development of the local governments. It also tries to look from finance as well as non finance aspects and other push factors, and its implication toward macro national economic.

Jurnal

Tanggal Publikasi: 26 Des 2022

Optimizing Zakat Collection in the Digital Era: Muzakki's Perception

This study aims to examine the determinants of zakat payers’ (muzakki) interest to pay zakat through Zakat Management Organization (ZMO). The respondents were muzakki (Zakat payers) who paid their zakat on profession/income through ZMOs in Indonesia. The number of respondents is 100 muzakki who were selected randomly. Using the structural equation modelling (SEM) method, this study found that transparency of zakat management, ZMO promotions through public figure involvement, and the supporting regulation which imposes zakat as a tax deduction have a significant impact on muzakki's interest to pay zakat through ZMO. Meanwhile, improvement of digital services and socialization of zakat through social media do not have a significant effect on the muzakki's interest. However, using sub-sample who are active users of social media, this study discovered a negative effect of the use of social media for ZMOs marketing on muzakki’s interest. This finding reinforces the suitability of the theory of planned behavior (TPB) in the context of muzakki's behavior of paying zakat that is influenced by the quality of ZMO services.

Jurnal

Tanggal Publikasi: 26 Des 2022

THE EFFECT OF SOCIAL CAPITAL ON LOAN REPAYMENT BEHAVIOR OF THE POOR: A Study on Group Lending Model (GLM) Application in Islamic Microfinance Institution1

Market failures in the financial system may be indicated by the absence of opportunities for the poor to get financial services. This also happens in the practice of Islamic banking. For this reason it is popping up a lot of non-market institutions - Islamic Microfinance Institutions (IMFi) is one of them - which tried to cover up the weaknesses of banking practices. However, the development IMfi is not effective in alleviating poverty and not much different from most banks. In turn, Islamic Microfinance-based groups emerged in the hope of further empowering the poor and ensure that financial services can be viable for them and they are able to repay their loans with three main approaches that implemented simultaneously; (1) spiritual approach (2) financial approach and (3) social approach. This study is expected to empirically test whether Islamic Microfinance-based groups can ensure that the poor can get financial services and are able to repay their loan on time. Using Structural Equation Model the study proved that social capital values which embedded within the Islamic Microfinance-based groups influence the behavior of the poor in repaying their debts. As a policy recommendation, Islamic Bank should consider to prefer Islamic Microfinance-based groups as partners in the realization of their linkage program for the poor so that poverty alleviation program can be optimally implemented.

Jurnal

Tanggal Publikasi: 26 Des 2022

ISLAMIC MICROFINANCE INITIATIVES TO ENHANCE SMALL AND MEDIUM ENTERPRISES IN INDONESIA From Historical Overview to Contemporary Situation

This paper highlights the policies and institutional setting of Small and Medium Enterprises (SME) development in Indonesia, followed by a discussion on the players in Islamic microfinance. Emphasis has been given to the potential role of Baitul Mal wa Tamwil (BMT, Islamic cooperative) as a strategic community-based micro lending initiative. The importance of Islamic microfinance initiatives as part of national program for the development of SMEs in Indonesia is also discussed. This paper argues that Islamic microfinance initiatives in Indonesia could represent an alternative source of finance for SMEs. The role of SMEs, especially after the Asian monetary crisis, was considered a safety valve for the national economic recovery both in enhancing economic growth as well as in reducing the unemployment rate. Credit distributed to SMEs has minimum risk and has sounder and better performance compared to larger enterprises. However, although having a significant role, SMEs actually have serious problems particularly as related to their capability in accessing formal financial institutions. This paper concludes by identifying the potential linkages between players in Islamic microfinance and highlights some critical points in their activities

Jurnal

Tanggal Publikasi: 26 Des 2022

A comparative analysis of the efficiency of takaful and conventional insurance in Malaysia

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.

Jurnal

Tanggal Publikasi: 26 Des 2022

THE ISLAMIC CAPITAL MARKET VOLATILITY: A COMPARATIVE STUDY BETWEEN IN INDONESIA AND MALAYSIA

This study attempts to examine the short-term and long-term relationship among selected global anddomestic macroeconomic variables fromeach country (Fed rate, crude oil price, Dow Jones Index, interest rate, exchange rate and inflation) for Indonesia and Malaysia Islamic capital market (Jakarta Islamic Index (JII) and FTSE Bursa Malaysia Hijrah Shariah Index (FHSI). The methodology used in this study is vector error correction model (VECM) for the monthly data starting from January 2006 to December 2010. The result shows that in the long-term, all selectedmacroeconomic variables except Dow Jones Index variable have significantly affect in both Islamic stock market FHSI and JII, while in the short-term there is no any selected macroeconomic variables that significantly affect FHSI and only inflation, exchange rate and crude oil price variables seem to significantly affect JII

Jurnal

Tanggal Publikasi: 26 Des 2022

An Analysis of Islamic Banking Performance: Maqashid Index Implementation in Indonesia and Jordania

The discourse on the presence of Islamic banking in the global era went broadly and extensively. It is because the society has begun realizing the existence of Islamic banking. Islamic banking does able to show its resilience and endurance facing the global financial crisis. A part from its positive growth, there exist a critical issue related to it performance measurement. For the time being, the performance measurement of Islamic banking industries merely uses the financial ratio measurement (shareholder oriented). Indeed, this financial ratio measurement is necessary but unfortunately not sufficient. Therefore, Islamic banking that is different from conventional banking both in theory and practice, needs a shifting paradigm in term of their performance measurement which not only limited to the financial ratios (stakeholders oriented). This paper would like to apply Maqashid Index approach for the measurement of Islamic banking industry performance. The object of this research is Islamic banking industries in Indonesia (Bank Syariah Mandiri and Bank Muamalat Indonesia) and Jordan (Jordan Islamic Bank and Islamic International Arab Bank Jordan)). Using Maqashid Index approach with SAW (Simple Additive The weighting) method, it can be concluded from the first measurement using Maqashid Index that Islamic banking industries in Indonesia which represented by BMI (0.17839) and BSM (0.16190) show better performance in comparison with Islamic banking industries in Jordan, namely IIABJ (0.10295) and JIB (0.08152).