We report new evidence on Small and Medium Enterprises’ (SMEs’) internal resources, i.e investment capital, business stability, customer size, type of ownership, legal status, industrial structure and location on investment decisions in the Ghanaian oil and gas sector between 2016 and 2017. Overall, we find that SMEs of larger business size, with large investment capital, large fixed assets, more business stability, structured business ownership, large customer size, registered status, operations in urban locations and reinvested annual profits -- are more likely to invest in Ghanaian oil and gas sector. Per contra, the results reveal that industrial structure has no influence on SMEs’ investment decisions. Additionally, our findings are most robust to SMEs that choose to invest in the oil and gas value chain which is consistent with the resource-based theory. This empirical study has been conducted through a survey. Data has been collected using a stratified sampling technique and structured questionnaires with 245 SMEs across diverse industries. The survey data has been analyzed using binominal logit regression and Chisquare test. The results are expected to be of substantial importance for investment decisions in the domestic business environment. We strongly recommend the replication of this study in other emerging oil and gas economies.

Social security systems traditionally serve a dual purpose: they maintain acquired living standards in the event of the materialization of social risks and combat poverty by guaranteeing adequate minimum income. In this paper we consider Zakat as an important mechanism that strengthens the economy of the entire society by providing Had kifayah as a way to redistribute income. Zakat is also a source of social security to the community, especially to those under inadequate living standards. Had Kifayah Zakat can work as a minimum standard to manage redistribution of income, thereby reducing poverty and balancing economic growth in our society.

The aims of this study are to understand the causes and impacts of consumerism on personal finance and find the solution to this problem by using Islamic wealth management. By using thematic analysis this study reviewing consumerism from the perspective of personal finance in Islamic wealth management approach. This study found that the causes of consumerism involve both external and internal factors. The impacts of consumerism on personal finance are the debt trap, no productive and charity allocation. An exact number of maximum consumption cannot be set for every individual or family, but they are all agreed that allocating income should be based on the right priority scale. The second finding is we propose Islamic Wealth Management (IWM) approaches in reducing the problem of Consumerism.

Baitul-Mal is normally known as a charitable institution. This point is true because presently Baitul-Mal role is more prominent in terms of providing assistance and charitable contributions and donations to the public. In essence, the original scope of Baitul-Mal covers a wider role compared to the current concept of Baitul-Mal. If we view from the context of Baitul-Mal at the early Islam, it turns out that Baitul-Mal is the only and center for the treasury of the state, but in the Malaysian context, scope and functions of Baitul-Mal are limited by the legal constraint. This paper is aimed to analyze the legal constraint and propose some procedures to empower the function and resource mobilization of Baitul-Mal. This paper will also expose that to improve the functions it can be done by using Islamic financial instruments.

Issues and Economic Role of Waqf in Higher Education Institution: Malaysian Experience. As early as 1980, the Malaysian federal government’s spending on education, was the highest in East Asia and higher than the OECD average of 3.4% of GDP. This demonstrates that the Malaysian Government has big expenses from educational sector and respectively is amenability for Malaysian economic budget. In other side Waqf in Malaysia is one of large financial source that has not been fully explored. By using qualitative methodology through content analysis this paper attempt to explore the issues and economic role of Waqf in Malaysia, especially in Higher Education Institution (HEI) and attempt to study how Waqf fund empowering the education. This study found that taking the que from the institutions of Waqf, the exploration and development of waqf fund can be exalarate through the formation of formal organizations at state and federal level and rearrange the Malaysian educational budget and policy to support the better quality of HEI.

Baitul-Mal is normally known as a charitable institution. This point is true because presently Baitul-Mal role is more prominent in terms of providing assistance and charity contributions and donations to the public. In essence, the original scope of Baitul-Mal covers a wider role compared to the current concept of Baitul-Mal. If we view from the context of Baitul-Mal at the early Islam, it turns out that Baitul-Mal is the only and center for the treasury of the state, but in the Malaysian context, scope and functions of Baitul-Mal are limited by the legal constraint. This paper is aimed to analyze the legal constraint and propose some procedures to empower the function and resources mobilization of Baitul-Mal. This paper will also expose that to improve the functions it can be done by using Islamic financial instruments.

Artikel ini akan menjelaskan konsep teoretikal tadbir urus dalam koperasi di Malaysia. Kami menjurus kepada membangunkan ciri-ciri tadbir urus di kalangan lembaga pengarah dalam koperasi. Penilaian teoretikal ciri-ciri tadbir urus berdasarkan Kod Tadbir Urus Korporat Malaysia (Malaysian Code On Corporte Governance), Index Tadbir Urus Korporat Malaysia (Malaysia Corporate Governance Index) dan Akta Koperasi Malaysia 2007 telah diaplikasi untuk membentuk tadbir urus koperasi. Berdasarkan peranan utama lembaga pengarah yang berkesan dalam meneraju dan mengawal organisasi yang dimiliki oleh ahli seperti koperasi, kami mencadangkan bahawa elemen epistemologi Tauhid boleh digunakan untuk mencipta item tadbir urus bercirikan Islam yang menggalakkan perilaku, moral dan sikap lembaga pengarah yang ikhlas dan jujur. Tambahan lagi, kajian ini boleh menyumbang beberapa pandangan dalam perspektif Islam sebagai satu liputan baru tadbir urus koperasi di Malaysia.

Secara umumnya bagi kebanyakan masyarakat, aktiviti ekonomi ialah satu hubungan antara organisasi bermotifkan keuntungan dengan pihak kerajaan. Tetapi organisasi bukan untung juga memainkan peranan penting dalam pembangunan ekonomi dan juga pembangunan sosial. Organisasi bukan untung boleh disifatkan sebagai perantara atau pihak tengah dalam menyediakan barang dan perkhidmatan kepada masyarakat tanpa melibatkan motif keuntungan dan tanpa kerenah birokrasi berbanding dengan organisasi bermotifkan keuntungan dan pihak kerajaan. Kajian ini berusaha mewujudkan perhatian kepada ekonomi keinstitusian dalam menjelaskan peranan dan kesan organisasi bukan untung terhadap ekonomi sosial terutama sekali dalam perspektif Islam.

Today global economic system practiced is commonly derived from Western thought and civilization. A lot of research has shown that this modern economic system unsuccessful in achieving economic goals, moreover this system produce a negative effect as causes of various economic problems, such as crisis, inequality distribution, poverty, and war in various countries. The matter then leads us to find what exactly source of the problem is. By using qualitative analysis with content analysis technique, this paper attempt to identify two points related to economic theory and problem. Firstly, does the economic problem linked to the economic theories itself or by human behavior? Secondly, does economic system, theory or ideological failure? This study argues that economic theories closely related and unseparated to ideology or religion matter which has develop the human perspective on how to solve the economic problem. This paper designed also to realign the contemporary economic system and their economic theory compared to the Islamic economic system based on Tawhid. This study found that the lack of fundamental ethical norms, political economy, morality and the pursuit of unbridled self-interest, is the main problematic issues and cause of the economic problems as the findings. The implication is that the economic system should adopt Tawhidic system as an answer and solution of human economic phenomenon.

The role of government is always significant in every aspects of lifecycle of the state. In pursuit this role, government should decide an appropriate policy to face an economic phenomenon. In Islam, the government is a vicegerent of Allah which is government policy is fundamental not merely for progressing of the state itself but also socio economic welfare of the community. The government is, hence the policy should not bias and unequal. Focusing these issues, this paper attempts to formulate the concept on how the government use religious values in establish economic policy based on Tawhidic approach. This paper focuses on the economic role as reflection of the divine nature of Islamic economics by emphasizes not only on the human aspects of economic actors, but also on the rules or a system that must be obeyed by economic actors. Thus, this paper attempts to formulate the concept and the framework of Tawhidic based economic regulation using by descriptive qualitative method.

This study aims to investigate the perceptions of Indonesian students in Medina, the Kingdom of Saudi Arabia about bank interest and Islamic banks usage. By using questionnaires data collection method and purposive sampling technique, 40 students have been interviewed online in this study. The data is then analyzed by descriptive percentage. This study found that most Indonesian students in Medina consider bank interest as usury and only 5% of them thought that both were different. The students who consider bank interest as usury argue that the contract between the customer and the bank is a Qordh (loan) contract. In contrast, respondents who consider the bank interest and usury are different, arguing that the interest is not always as usury according to some scholars who do not categorize the contract between bank and customer as Qordh, but as Tamwil (financing). This study also found that most of the students using Islamic banks and at the same time some of them also have conventional accounts for various reasons, such as the limited number of ATMs and branch offices, and no Islamic debit cards yet that are accepted as credit cards in online transactions.

Penelitian ini mendeskripsikan tentang makanan yang tersertifikasi halal bagi para wisatawan yang berkunjung didaerah destinasi wisata yang penduduknya minoritas muslim. Metode Penelitian yang digunakan adalah kualitatif dengan menggunakan instrumen wawancara pada beberapa informan penelitian yakni Pemerintah Daerah, Majelis Ulama Indonesia, LPPOM MUI, dan Pengusaha Warung Makan. Hasil penelitian ini menyimpulkan bahwa warung makan yang tersertifikasi halal masih sangat sedikit. Hal dikarenakan pemahaman masyarakat yang belum terlalu memahami pentingnya sertifikasi halal dan terkendala dengan pembiayaannya. Oleh karenanya peran pemerintah dalam hal ini Dinas kebudayaan dan Pariwisata, Majelis Ulama Indonesia, LPPOM MUI, dan para pengusaha warung makan perlu saling bersinergi dalam penyediaan makanan halal yang merupakan salah satu daya tarik bagi para wisatawan muslim untuk berkunjung di Kabupaten Toraja Utara.

The problem of scarcity resources is one of the most important topics in economics, even one reason for the emergence of economics itself. Al Qur'an as a source of economic science in Islam, of course, also talks about the Resources. The study finds that the concept of economic resources related to scarcity in al Qur'an different from what is understood by economic mainstream, and that is the foundation for the Muslim economists to build the consumer behavior theory in Islam.

In mainstream economics, distribution concerns who gets what. “Who” refers to the personal distribution of income among individuals or the functional distribution of income among suppliers of productive factors. Also mainly concerned with the factors which affect the wealth of nations. Issues of justice, elimination of poverty and deprivation are secondary. On other side, Islam not only concern to who gets what, but also concern to how the human gets what equally and justify. Therefore this study uses descriptive and synthetic approach to present principles and concept of justice distribution derived from the guidance of revelation; Qur’an and Sunnah. The study is derived into two main themes. The firts one deals with theory of juctice and a review on distribution theory in secular Paradigm, the second one is the taxonomy of economic distribution theory in Islam

This study had three objectives: mapping micro, small and medium enterprises (MSME) in the area of Ternate according to the potential and characteristics of the community; identifying strategies to improve business competitiveness; and providing recommendations to relevant stakeholders. By using a qualitative method through structured interviews and focus group discussions involving representatives from the MSME community, this study found that MSME has the potential to be professionally developed, not only as a small-scale home industry activity but also as a leading sector in Ternate. This can be seen from the spread of creative industries in various districts, each of which has distinctive features of superior products in the MSME sector. These peculiarities have the potential to be arranged in the form of creative industry clusters by creating certain product areas in several districts that have the same characteristics. However, there has not been any intensive coaching from the local authority, including the absence of Corporate Social Responsibility (CSR) from large companies as a form of social responsibility to develop MSME activities.