Prof. Dr. Muhammad Syafii Antonio, M.Ec.

Prof. Dr. Muhammad Syafii Antonio, M.Ec.

Magister Ekonomi Syariah

Peneliti LPPM Tazkia




Pengabdian Masyarakat


Tanggal Publikasi: 1 Nov 2010

Peranan Ekonomi Syariah 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, th ere 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.


Tanggal Publikasi: 1 Jul 2023


Currently, the issuance of Paper on Islamic Regtech published by a journal equipped with title and abstract identifiers is registered in Dimension. ai from 2019 to 2023 explored in this bibliometric study. The focus of the investigation is on the keyword and author's pattern. The data was examined from the 15 Dimension research article (https://dimension. ai).'Islamic Regtech'is a search keyword. On February 23, 2023, the search used to make a collection of study data was updated. The bibliometric map was found using a descriptive statistical approach and bibliometric analysis using a VOS viewer. The quantity of paper on Islamic Regtech, as well as the growth of Islamic digital regulations, has increased dramatically in recent years. This topic is covered by a number of journals, one of the best is Ethical Concerns in Artificial Intelligence (AI): The Role of Regtech and Islamic Finance. Research, Disruption, and Islamic Financial Institution are the most commonly used terms. This study provides an overview of the most popular keywords and writers in the publication with the topic of Islamic Regtech, with the hope that it can be useful information for academics who work in this field. Thus, this concept will potentially be further developed in the future.


Tanggal Publikasi: 20 Apr 2021

The impact of oil price and other macroeconomic variables on the Islamic and Conventional Stock Index in Indonesia

The Islamic capital market plays an important role in the growth of the economy in Indonesia. During its development, the performance of the stock index in a country is often influenced by other stock indices in other countries. This study tries to analyze dependence of macroeconomic variable towards JII and IHSG price, using Autoregression Distributed Lag (ARDL). The results show that the Consumer Price Index (CPI) and exchange rate (EXC) significantly affect the movement of the JII and IHSG price index. This indicates that the movement of the JII and IHSG index in the short term is influenced by domestic production and exchange rate. Furthermore, the results of the research show a little uniqueness in the crude oil price (COP) variable and the issue of energy consumption in the future.


Tanggal Publikasi: 18 Mei 2021

Review on Islamic Social Reporting (ISR) Research.

This study aims to determine the development and trend map of Islamic Social Reporting (ISR) outbreak research that is published by a reputable journal in the theme of Islamic economics and finance. The data analyzed were more than 91 publications of Scopus indexed publications. The export data is then processed and analyzed using the R Biblioshiny application program to find out the bibliometric map of the development of Islamic Social Reporting research. The results showed that the number of publications on the development of Islamic Social Reporting research experienced a significant increase. The results show that the highest number of document types are journal articles. The most popular authors are Amran A, and the most popular keyword topics are Islamic, reporting, and social. Islamic Social Reporting has become an important part of the discussion of the financial business; not only in banking, but also in the corporate business.


Tanggal Publikasi: 1 Apr 2021

Hajj Investment Fund: A Bibliographic Study of The Hajj Economy

This study explores the development of research on the hajj’s economy (pilgrimage) published in reputable journal papers. The data analysed included more than 66 indexed research publications. The entire sample of journal publications has been published during the 18 years from 2003 to 2020. The export data is then processed and analysed using the VOSviewer application to determine a bibliometric map of the research’s development. The results show that the number of publications on the development of hajj’s economic research from 2003-2020 experienced a fluctuating increase, and most papers were published in 2019 with 15 articles (22,7%). Network visualisation showed that the map of the research was divided into 4 clusters. Cluster 1 consists of 15 topics; cluster 2 consists of 11 topics; cluster 3 consists of 11 topics, and cluster 4 consists of 10 topics. The findings of this study are in the form of suggestions for alternative research on the hajj investment fund.


Tanggal Publikasi: 1 Jan 2008

What is the Future Outlook of Shariah Harmonization?

This paper at first looks into the needs for harmonization in this turbulence and uncertain markets and economic condition. Market changes are among the prominent factors that leads to harmonization; and it is also the leading issue that Islamic finance industry will have to deal with in the near future. Then this brief paper dwells with the direction of harmonization efforts in the Islamic finance industry. No doubt that harmonization is not a panacea for problems faced by Islamic finance, rather it is a journey that we must take to propel and advance this endeavour.


Tanggal Publikasi: 10 Jun 2013

Volatilitas Pasar Modal Syariah Dan Indikator Makro Ekonomi: Studi Banding Malaysia dan Indonesia

This study attempts to examine the short-term and long-term relationship among selected global and domestic macroeconomic variables from each country (Fed rate, crude oil price, Dow Jones Index, interest rate, exchange rate and inflation). Two main indexes will be analyzed namely Jakarta Islamic Index (III,) 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, all selected macroeconomic variable have significantly affect both Islamic stock market FHSI and JII, Analysis of FE VD (Forecast Error Variance Decomposition).The result also shows that the amount of influence of global and domestic macroeconomic variables on Islamic capital market volatility in Indonesia and Malaysia have different sequences. Volatility of III is influenced by variables sequentially OIL, BIR, ERI, DOW, CPI and FED. While volatility of FHSI sequentially influenced by variables of FED, OIL, MYR, CPIM, DOW and ERM. Different result is due to two main factors: the difference macroeconomic stability and the amount of global intervention on the economy.


Tanggal Publikasi: 26 Jul 2013

Analysis on Determinants in Implementation of Accounting Standards for Islamic Financial Institutions; Narrative Study between United Kingdom and Indonesia

The main objective of this paper is to analyse determinants that influence implementation of accounting standards for Islamic financial institutions 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 explores available texts and literature mainly from international journals and text books. 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 i.e. G = f(S, N, W, j and g). This explains a civilized society is led by the political authority (G) which is influenced concurrently by factors such as the direction of Shari’ah (S), the role of people (N), the use of wealth (W), the development of a country (g), and the promotion of justice (j). This paper has practical significance for accounting standard setters in the Islamic finance industry and policy makers, for understanding the environmental determinant perspective of the country and using this perspective for positioning important aspect in accounting standard setting, developing policies; and articulating procedures to maximize development of Islamic finance


Tanggal Publikasi: 10 Jan 2021

Islamic library: History, classification, and waqf role

Islam provides a great impetus for humans to pursue knowledge. The first verse revealed from the Prophet Muhammad (PBUH) is Iqra, which means “to read”. The Qur’an uses repetition to instill certain concepts in the consciousness of its listeners. Allah (God) and Rab (Sustainer) are repeated 2,800 and 950 times, respectively, in the Alquran and Ilm (knowledge) 750 times. The need to preserve the Alqur’an aroused a passion for compiling writings in various forms, which paved the way for establishing the earliest libraries in the Muslim world. Libraries in Islamic history occupy an important position. Its existence is very difficult to separate from the development and progress of science and Islamic civilization, especially in the 8-10 century AD. This study aims to determine Islamic library research trends published by leading journals. The data analyzed consisted of 663 indexed research publications. The data is then processed and analyzed using the VoS viewer application to determine the bibliometric map of the development of Islamic research libraries. There were at least 7 types of Islamic libraries in the golden age of Islamic civilization: independent library, public library, mosque library, palace library, university library, ribat library, and bimartisan or hospital library. The seven types of Islamic libraries are almost entirely waqf-based.


Tanggal Publikasi: 1 Jan 1999

Bisnis dan perbankan dalam perspektif hukum islam

Bisnis dan Perbankan dalam Perspektif Hukum Islam | Al-Mawarid: Jurnal Hukum Islam Quick jump to page content Main Navigation Main Content Sidebar Toggle navigation Login Al-Mawarid: Jurnal Hukum Islam Current Archives About About the Journal Submissions Privacy Statement Contact Search 1.Home 2.Archives 3.Vol 7 (1999): Hukum Islam dan Isu-Isu Kontemporer 4.Articles Section Articles Bisnis dan Perbankan dalam Perspektif Hukum Islam Muhammad Syafi'i Antonio [email protected] (Primary Contact) Article Sidebar Submitted August 4, 2016 Published August 4, 2016 Download PDF Fulltext Statistic Read Counter : 47 Download : 80 Main Article Content Abstract - Article Details Author Biography Muhammad Syafi'i Antonio Presiden Direktur PT Tazkia Karya Prima Jakarta dan Pakar Bank Mu'amalah …



Tanggal Publikasi: 1 Jan 2019


We analyze the role of earnings quality in mediating the relationship between corporate governance and market response. We also observe the relative impact of earnings quality of Islamic and non-Islamic stocks on market response, using 138 firm-years of data from listed companies registered in the Indonesian Institute of Corporate Governance Award from 2008 to 2016. To test the mediating role of earnings quality, we use path analysis, and we use moderated regression analysis to examine the impact of earnings quality on the market for both Islamic and non-Islamic stock. The results show that corporate governance does not directly have a significant impact on market response. However, corporate governance indirectly has a significant influence on market response mediated by earnings quality. The evidence also demonstrates that the better the quality of corporate governance, the better the quality of earnings. The lower the quality of earnings as indicated by the high accrual values, the higher the value of Tobins’ Q as a proxy of market response. These findings suggest the existence of an accrual anomaly in the Indonesian capital market. Finally, this study finds evidence of a higher positive market response to the earnings quality of Islamic stocks than of non-Islamic stocks


Tanggal Publikasi: 1 Jan 2008

Muhammad SAW: The Super Leader Super Manager

Buku yang istimewa dan spesial ini mengkaji perjalanan hidup Rasulullah SAW dalam 8 bidang utama: 1. self development atau personal leadership 2. bisnis dan kewirausahaan 3. kepemimpinan keluarga 4. dakwah 5. sosial dan politik 6. sistem hokum 7. pendidikan 8. strategi militer

Di dalam buku ini, Dr. Muhammad Syafii Antonio, M.Ec, selaku penulis, mencoba melihat Rasulullah SAW dengan kaca mata baru yang lebih luas yaitu bukan saja mengakui Rasulullah SAW sebagai Nabi dan Rasul tetapi juga menempatkannya sebagai pemilik traits of leadership dan models of management. Untuk mudahnya, traits of leadership Rasulullah SAW dibuat dalam satu model berbentuk cakram yang terdiri dari 8 bidang utama, yaitu: self development atau personal leadership, bisnis dan kewirausahaan, kepemimpinan keluarga, dakwah, . sosial dan politik, sistem hukum, pendidikan, dan strategi militer. Secara umum, buku ini dibagi menjadi 4 bagian utama yang terdiri dari 12 bab. Bagian I terdiri dari 2 bab yaitu bab 1 sebagai Mukaddimah dan bab 2 berisi pembacaan terhadap konsep-konsep manajemen dan leadership modern. Bagian II memuat satu bab yakni tentang bab 3 berupa survey of literature terhadap berbagai tulisan dan kajian klasik tentang Muhammad SAW. Tujuan utama dari bagian II adalah untuk menunjukkan betapa banyaknya suri teladan dari Nabi Muhammad SAW yang selama ini belum tergali atau tersentuh oleh literatur, baik dari luar maupun dari dalam negeri. Bagian III berisi 8 bab yang merupakan isi pokok dari buku ini. Bagian IV terdiri dari 12 bab yang merupakan bab penutup berupa epilog. Di bagian akhir buku disertakan pula appendix, index, dan daftar pustaka.


Tanggal Publikasi: 1 Jan 2013

Ensiklopedia PROLM (prophetic leadership & management wisdom)

“Karir dan harga diri seseorang tergantung pada seberapa amanah dia dalam hidupnya.” Ini bukan slogan kosong, orang yang tidak amanah sama saja dengan benda mati, misalnya sampah. Sifat kedua Nabi Muhammad SAW artinya tidak hanya bisa dipercaya, tapi juga sanggup melakukan setiap hal yang dipercayakan dengan baik, entah dalam bisnis, pergaulan, kekuasaan, dan sosial kemasyarakatan lainnya. Jilid 2 Ensiklopedia Pro-LM karya Muhammad Syafii Antonio ini menyimpulkan bahwa ‘pribadi yang amanah merupakan pribadi yang unggul’ sebagai modal utama dalam berinteraksi dengan mahkluk Allah lainnya. Ada 7 kandungan sifat amanah sebagai inter-personal capital yang fokus dibahas menjadi bab utama buku ini, yaitu: 1. Justice (Adil) 2. Fulfilling Commitment (Menepati Janji dan Komitmen) 3. Realiability (Dapat Diandalkan untuk Mengemban Amanah) 4. Transparency (Keterbukaan) 5. Independency (Kemandirian) 6. Emotional & Physical Fitness (Kesehatan Jiwa dan Fisik) 7. Accountability & Responsibility (Bertanggungjawab)


Tanggal Publikasi: 31 Mei 2013

Peran Intermediasi Sosial Perbankan Syariah bagi Masyarakat Miskin

The ongoing  Islamic banking gets a lot of criticisms due to its unability to become the manifestation of the Islamic values which can be utilized by all people. These criticisms can be attributed to at least some indicators such as the dominance of non profit sharing contract (Murabahah) on Islamic banking practices that can only be enjoyed by the middle to upper class of  society, or the lack of optimization of the innovative Islamic banking products that can touch the majority of  the poor. This paper would like to discuss and explore the possible role of  social intermediation that can be carried out by the Islamic banking in addition to its role of  financial intermediation. By doing so, it can answer the stigma which states that Islamic banking is not pro poor. Based on the literature review and discussion, the role of  social intermediation by using social funds which are accordance to the perspective of  Islam namely charity, infaq, Sadaqah, endowments, and grants (ZISWAH) can be applied as the additional products or policies of  Islamic banking in order to serve the poor through several strategies, namely: (1) the establishment of special units for social intermediation and (2) the cooperation with LKMS in certain programs special for the poor.


Tanggal Publikasi: 11 Nov 2020


This study aims to determine the development and trend map of Halal Value Chain (HVC) outbreak research that is published by a reputable journal in the theme of Islamic economics and finance. The data analyzed were more than 163 publications of indexed research publications. The export data is then processed and analyzed using the R Biblioshiny application program to find out the bibliometric map of the development of the role of Islamic economics and finance in the Halal Value Chain. The results showed that the number of publications on the development of the role of Islamic economics and finance research experienced a significant increase. The results show that the highest number of document types are journaling articles. The most popular authors are Tieman M, and the most popular keyword topics are halal, supply, and chain.