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Jurnal

Tanggal Publikasi: 25 Jan 2023

The Urgency to Incorporate Maqasid Shari’ah as an Eludication of ‘Benefit’ as a Purpose of Law in Indonesia’s Legal Education

Penulis Nurizal Ismail

The Indonesian legal system is a religious one. However, there is strong traces of secularism in the legal education in non-Islamic universities. This article observes the teaching of purposes of law in the ‘Introduction to Jurisprudence’ course (ITJ) at the top law schools in Indonesia, particularly on the ‘Purposes of Law’ Chapter via the most used textbooks. It finds that there is little space for religiosity there especially on one of the main purposes of law according to all the textbooks: ‘utility’ primarily based on Jeremy Bentham’s utilitarianism theory. It is argued that the current approaches to utility is a secular approach which does not conform to the character of Indonesia. This article argues further that the Maqashid Al-Shari’ah is more appropriate to explain ‘utility’ in context of the Indonesian legal system, and should take its place among the ‘purposes of law’ chapter in the Indonesian legal education.

Jurnal

Tanggal Publikasi: 25 Jan 2023

A COMPARATIVE STUDY OF KHALDUN, SMITH, AND MARX THINKING ABOUT THE LABOR THEORY OF VALUE

Penulis Nurizal Ismail

The value of the goods or commodities depends on the worker's performance, according to the labor theory of value. Therefore, every worker must have a clear calculation of receiving wages. But how to determine the right calculation for the wages of a worker? In this case, Islam, capitalism and socialism have their respective views. So, this study aims to determine the views of the three schools about the labor theory of value. The method used by researcher in conducting this research is to use the method of literature study and comparative analysis. And to compare the thoughts of the three schools of economics, the researcher refers to the figure of the school's experts as representatives. Researcher chose Ibn Khaldun from the Islamic side, Adam Smith as a representative of capitalism, and Karl Marx as a reference figure for socialism.

Jurnal

Tanggal Publikasi: 25 Jan 2023

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

Penulis Nurizal Ismail

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: 25 Jan 2023

Implementation of Corporate Social Responsibility (CSR) On Islamic Banking: Maqas>id Syariah’s Approach

Penulis Nurizal Ismail

Islamic banking as corporate is also subjected to the responsible of Corporate social responsibility (CSR). Moreover, Islamic Banking is different from Conventional bank in its worldview, operation and principle. It will impact to CSR operation in Islamic banking. CSR of Islamic Banking must constitute to its objective that should realize the just and welfare in ummah’s life. It came into existence as a collective religious obligation (fard kifayah) on the larger community (Ummah) as a financial > intermediary for individuals in the community wishing to comply with Islamic law (Syari’ah). This study aims to discuss the role of maqas>id Syari } ’ah, and to propose it > into the applied of CSR on Islamic banking. Implementation of corporate social responsibility (CSR) is very important in Islamic banks because it is used as important measurements to assess a successful company in its operation. CSR in Islamic bank should be different with the Conventional one from its worldview, system and standard of operational. The concept of CSR in Islam is not new, it is deeply mentioned and explained in sources of Islam. Maqasid Syari’ah > is used to see the maslahat (benefit) and to make decision in all aspect of human life. In maslahat’s perspective, CSR of Islamic bank is to promote the justice and welfare and to avoid the disruption and chaos.

Jurnal

Tanggal Publikasi: 25 Jan 2023

Islamic social finance and commercial finance: a marriage made in heaven?

Penulis Dr. Luqyan Tamanni, M.Ec.

Purpose – This paper aims to explore different forms and models of integration between Islamic commercial finance and social finance including the problem that arise as well as the solution of each of the models to promote inclusive economic growth. At the end of the paper, the authors have identified the strategy to execute and validate by the decision-makers. Design/methodology/approach – This approach uses two methods which are Delphi and analytical network process (ANP). The authors conduct literature review and four rounds Delphi to construct the integration model, the problem and solution of each model, as well as the questionnaire of ANP. Moreover, using an ANP method, the authors conducted interviews with decision-makers in the areas of Islamic commercial finance as well as social finance, and analyzed the results to identify key models that would create inclusivity and quality of economic growth. To ensure credibility of the results, the authors selected the respondents based on their experience in the fields, as well as their unique perspectives that will complement the group as a whole. Findings – After conducting the four rounds Delphi, the authors found five types of Islamic social and commercial integration which are the ownership, institutional, operational, bottom line and mandatory integration. Based on the analysis of the ANP result, the authors argue that all integration can help the country in attaining with the support of government in terms of making the integration as a vision as well as to push the education of social finance more to the stakeholders. Originality/value – This study is among the emerging studies that explore operational aspects of integration of social and commercial finance within the context of inclusive growth strategy.

Jurnal

Tanggal Publikasi: 25 Jan 2023

Zakat Digitalization and Muzakky Intention to Formal Zakat Institution: PLS-SEM Approach

Penulis Dr. Luqyan Tamanni, M.Ec.

Purpose – This study aims to investigate the muzakky intention to pay zakat through formal institutions by knowledge of zakat, institutional credibility, and zakat digitization as a determinant factor (a case study of Jabodetabek), and to find out which determinants influence them the most. Methodology – This study used a descriptive quantitative approach. The sampling technique in this study used non-probability sampling and purposive sampling by distributing questionnaires to 100 muzakky in Jabodetabek who had paid zakat through institutions. The method in this study uses SEM-PLS (Structural Equation ModelingPartial Least Square) analysis which is processed with SmartPLS software. Findings – The results in this study indicate that the variable knowledge of zakat and the credibility of the institution have a positive and significant influence on muzakky intention to pay zakat through formal institutions. While the variable of zakat digitization has a positive but not significant effect on the muzakky intention. And among all variables,the institution’s credibility variable has the most significant influence. Originality – This study focuses on the factors that influence the muzakky intention to pay zakat through the institution. This study examines the theory of consumer behavior and using three independent variables; knowledge of zakat, institutional credibility, and zakat digitalization. The result from this study can be used for policymakers, zakat stakeholders to synergize and collaborate for the zakat development in the future. Research limitations – The limitations of this study are that it is limited in scope to the jabodetabek area, and the number of samples is only 100 respondents. Also, the independent variable in this study is limited to only three variables, and the other variables also affect the dependent variable.

Jurnal

Tanggal Publikasi: 25 Jan 2023

MONETARY POLICY SHOCKS AND ISLAMIC BANKS DEPOSITS IN INDONESIAN DUAL BANKING SYSTEM AFTER THE FINANCIAL CRISIS

Penulis Dr. Luqyan Tamanni, M.Ec.

Use of riba (usury) in the economic system remained a key factor that led to financial crisis since the inception of modern economy in the late of 17th century. Implementation of interest based monetary policy stipulated rampant speculation as common practices in the global financial sector. Although Islamic banking was governed by syariah (Divine Law), which was assumed to be resilient from distress, the volatility of interest movement would generally affect Islamic banks operations in a dual banking system. This paper would look at this issue and would empirically explore the dynamic inter-relationships between deposits of Islamic banks with monetary policy variables in Indonesia. In terms of market share, as of 2009, Islamic banking asset in Indonesia was a meager 2%. The industry had been affected by few monetary policy shocks on its deposits and financing. The study would employ vector auto regression model (VAR) to explore the dynamics between the variables. The study would focus on data from 2004 to 2008 or performance after the Asian financial crisis. The results from these tests determined that shariah based deposits played significant role in transmitting monetary policy effects to the economy. This study found that Islamic banking deposits in Indonesia were not sensitive to monetary policy changes. This study also concluded that Indonesian Islamic banks were resilient to financial crisis.

Jurnal

Tanggal Publikasi: 25 Jan 2023

Security design, incentives, and Islamic Microfinance: Cross country evidence

Penulis Dr. Luqyan Tamanni, M.Ec.

We provide cross country evidence from microfinance institutions (MFIs) that are Sharia-compliant and their comparisons with non-Sharia-compliant MFIs. We find that, compared with non-Sharia-compliant conventional MFIs, Sharia-compliant Islamic MFIs have less credit risk but are less profitable and financially sustainable, have better poverty outreach, and are lesslikely to ‘mission drift’. Our results highlight the differences in religiosity and security design between these two institutions. Our study also helps practitioners and investors improve the understanding of the difference between conventional and Islamic MFIs. The regulatory support for the development of Islamic MFIs is a feasible way to improve income of all poor Muslims

Jurnal

Tanggal Publikasi: 25 Jan 2023

Profitability vs Poverty alleviation: has banking logic influences Islamic microfinance institutions?

Penulis Dr. Luqyan Tamanni, M.Ec.

Purpose – The purpose of this paper is to shed some lights on the process of mission drifting or abandoning poverty objective by Islamic microfinance institutions (IMFs). The paper investigates whether the extensive use of banking logic changes IMFs, from focusing on both development and financial objectives to only considering sustainability as their primary mission. Design/methodology/approach – This paper adopts mixed methods by analyzing 7,200 microfinance data from Microfinance Exchange Market and reviewing annual reports and websites of 25 IMFs to examine their vision and mission statements and other related information. Findings – The finding shows Islamic microfinance has not changed, despite increasing adoption of financial or banking performance measures. However, size and age of the institutions may affect the outcome in the future. The authors find that smaller microfinance institutions maintain genuine objective to serve the poor, as the grow larger they would be more inclined toward sustainability objectives. Research limitations/implications – The research is limited on the sample size as data on Islamic microfinance globally is limited. However, the paper looked at the global data rather than local data to compensate for this limitation. Future study would be further taking the study through qualitative methods to support the study. Originality/value – This paper aims to shed some lights on the process of mission drifting or abandoning poverty objective by IMFIs. The paper investigates how has the extensive use of financing logic has changed IMFIs from focusing on both development and financial objectives to only considering sustainability as their primary mission. Arun and Hulme (2009) argued that the interaction of multiple logic within microfinance institutions, i.e. financial vs social, could pose some serious management dilemmas within microfinance institutions. Further, commercialization puts pressure on the field staffs to achieve financial targets and often neglect their poverty outreach mission to the poor. The well-known crisis in Andhra Pradesh, India where clients of microfinance institutions committed suicide after being shamed by field officers who tried to collect payments of loans (Mader, 2013; Taylor, 2011), provides a powerful case of the impact of financialization to microfinance clients.

Jurnal

Tanggal Publikasi: 25 Jan 2023

PROVING AL-MAQRIZI’S CONCEPT OF THE DETERMINANTS OF INFLATION: CROSS BORDER ANALYSIS

Penulis Nashr Akbar, M.Ec.

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.