This research aims to analyze (i) how the productive waqf management strategy carried out by the Yayasan Wakaf Produktif Pengelola Aset Islami Indonesia and (ii) Priority of the benefits, opportunities, costs and risks (BOCR) of the Yayasan's development strategy in managing its productive waqf projects. The respondents in this research consisted of experts, academics and waqf practitioners. The type of this research is qualitative and the data analysis method used in this research is the two-story of Analytic Network Process (ANP) with super-decision software. In this research, the aspects of benefits, opportunities, costs and risks (BOCR) are divided into 2 aspects, first internal aspects; aspects which have point of view from the perspective inside the institution and the second external aspects, aspects seen from the point of view outside the Yayasan. Before the existing strategy of the Yayasan is analysed using the ANP- BOCR method, the researcher maps out the strategy into the business model canvas (BMC). The results of the research, the strategies that have been carried out by Yayasan are (1) Intensive good use of Nazir who is competent and knows knowledge about waqf, and (2) the feasibility study before choosing a business for waqf funds and (3). Productive Collection of waqf funds using a personal approach to potential waqifs. This study shows that the three strategies above which are carried out by the Yayasan - are things that most respondents preferred, showed a rater agreement (W) at the the level of agreement between respondents at the medium level, namely = 0.39 - which is in accordance with the study result of long-term strategy. The Yayasan has proven to generate maximized and sustainable profits which have been distributed to mawquf alayh in accordance with the initial objectives of its project.

This study describes halal tourism in Muslim minority areas. Halal tourism is an industry currently developing in developed countries, not only in Muslim-majority countries but also in Muslim-minority countries. According to the Global Muslim Travel Index in 2019, Indonesia rose to the top position as a tourist destination. The coronation of Indonesia as the world’s best halal tourism destination is a new wind of optimism for stakeholders in the halal tourism sector. The Ministry of Tourism continues to expand the scope of priority halal tourist destinations. LPPOM MUI, as an institution that focuses on handling halal certification no less agile in conducting halal certification in tourist destinations. However, the development of halal tourism in several areas has been rejected by residents. This study examines the effect of halal tourism and facilities for Muslim tourists visiting Muslim minority areas. The research method used is qualitative by using observation, interviews, documentation, and in the final stage by concluding. This study found that halal tourism in North Toraja was initially rejected due to a lack of socialization in the community. It causes public misunderstanding regarding halal tourism policies. Halal tourism services still need to be improved, from the availability of halal food, worship facilities, water and bathrooms, and religious harmony. Therefore, the development of halal tourism needs to be a concern for the government.

Rapid growth of Islamic Bank for the last decades shows a massive positive impact not only for the muslim itself but also for the non-muslim because the unique dan different offered system. Unfortunately, the Islamic banking industry nowadays only touches on a few minor aspects of the contribution to increase prosperity of the "small" peoples, they only lend to those who have the capital asset/assets that can be pledged as collateral for the loan. However, 56.5 millions unit of Small and Medium Enterprises (2012) has contributed 60% of Indonesian GDP and about 97% of labor force are become a strong reason for Indonesia to have better and stronger economy. Thus, waqf bank issue raises as a capital source to figure out this problem. This paper tries to explore further possibility development of waqf bank as one of alternatif solution to achieve social welfare and poverty alleviation.

The Assesment of Inclusiveness Principle of Malaysian New Economic Model: Maqashid Syar’iyyah Perspective. Objective of this article is to assess how far the principles of inclusiveness in the Economic New Model in Malaysia can fulfil the needs of maqasid syar’iyyah. The assessment is conducted through the key concepts and strategic measures of the principles of inclusiveness. This study is a qualitative which descriptive and analytical approach is used for assessing the principles of inclusiveness in the Economic New Model based on maqasid syar’iyyah perspective. The method of this study is using the literature review with references from secondary data. This study is expected to provide recommendations about the important role of maqasid syar’iyyah for maintaining the welfare of society and developing of a country, in this context for developing the Malaysian economy, in line with the vision 2020, Malaysia on par with developed countries.

Unsustainable consumption promotes discouraging patterns of consumption with negative impacts on society. It also contributes to inequalities and poverty. Unsustainable patterns of production and consumption undermine development goals in terms of inefficiency and overconsumption. This research explores the level of sustainable consumption of Malaysian households from the perspective of income and consumption expenditure. The analysis is based on cross-sectional data obtained from questionnaires distributed to 635 Malaysian households in eight districts in Terengganu (urban and rural areas) using stratified random sampling. The findings show that the level of sustainable consumption expenditure of Muslim households in Terengganu is still low. Achieving sustainable consumption patterns is more technically and politically complex than changing production patterns because

Indonesia is a country with the largest number of Muslims in the world, this makes the potential of zakat in Indonesia reach 233.8 T. Caliph Umar bin Abdul Aziz is one of the successful caliphs in managing zakat. This study aims to determine the management strategy and distribution of zakat during the caliphate and in Indonesia, which then analyzed the possibility of its application in Indonesia. This analysis uses qualitative methods with literature review and content analysis tools. The results of this study indicate that the fundamental factor of the success of the caliph in the management of zakat is in the legal system governed by the government. So that in the collection, management and distribution becomes centralized. In addition, public trust in the government also determines the success of the caliph in managing zakat.

Tawhidic Based Economic System: A Preliminary Conception. This study investigates contemporary mainstream economic system, does Islamic Economics taking advantage of the shortfall of the system outlined above based on Tawhidical approach? By using descriptive qualitative method this paper proposed the appropriate of Islamic economics theorize that the Islamic system provide the ideal form of a socio-economic order. This paper found that Tawhidic based economics approaches can be focused towards seeing wholes of economics, rather than parts; seeing economics activities as a worship, rather than competition; cultivating the solidarity (charity), rather than individualism and creating the justice, rather than injustice. Thus this paper designed to provide the concept of Islamic economic system with Tawhid as the basis, to fit the philosophy of economic science and reality of human life. The paper also shows the position of Tawhid in the system and theory of economy in creating prosperity and benefit for all mankind comparing to mainstream economic system and their theory

This study examined the effect of institutional support in managerial capacity building on marketing orientation and Small and Medium Enterprises (SME) growth. The study employed positivist research paradigm which necessitated the use of survey method. The study sample consisted of 147 participants across the Ghanaian SMEs sector. The study conterminously employed Structural Equation Modelling (SEM) and Smart-Partial Least Square (PLS) to analyze the survey questionnaire data and test the research hypotheses. The study found that institutional support in managerial capacity building had positive and significant impact on SMEs comparative advantage and performance. The study further revealed that marketing orientation has significant on SMEs growth. On contrary, the study found that institutional support in managerial capacity building has insignificant effect on marketing orientation. These results imply that continue investment and support in managerial capacity building and marketing intelligence are required to enhance SMEs growth. We suggest replication of this study in other Sub-Sahara countries since this was limited to only Ghanaian SMEs. 

This study aims to describe the implications of socio-economic change caused by tourism development and to explore the relationship between society and tourism from a sociological perspective. By using a qualitative approach with a case study research design, this study analyses data that was obtained through observation, documentation, and interviews. The participants involved were the local community living in Keciput village, the Keciput village staff members, the Tanjung Kelayang Beach tourism manager, and the Belitung Regency tourism office staff members. The study found that the tourism development of Keciput village had caused changes in the social and economic life of the local communities. In terms of social life, the emergence of tourism development had caused interactions to decrease. Previously, when the interactions among the people were still very intense, the economy of the community was also on the rise. However, ever since the tourism development took place, it has changed the people’s type of livelihood: where previously they had worked as fishermen, they are now working as transport services fishermen. The economic value of tourist activities is also classified into a higher category because the yield from the marine sources is very dependent on the season.

We present a new model to identify and prioritize factors affecting small and medium enterprises (SMEs) investment intentions by integrating existing models. Structured questionnaire is used to sample respondents from the Ghanaian SMEs between 2017 and 2018. Data analyses have been conducted using variancebased Smart Partial Least Square (SmartPLS) technique. The major findings of the study are that macro environment factors, resource competitive strategies and oil and gas policy-specific factors are the significant determinants of SMEs investment intentions. Again, the study revealed that the resource competitive strategies significantly mediate the relationship between macro environment factors, industry force, oil and gas policy support and investment intentions. These results are robust and consistent with resource-based view, theory of constraint and theory of strategic positioning. Moreover, these results contribute new knowledge towards developing investment strategy for the downstream oil and gas industry. Besides, these findings have managerial implications needed by policy makers to renew commitment and provide the needed framework to investors to enhance indigenous participation in the industry.

This study examines the dynamic relationship between CO2 emissions, Islamic financial development and economic growth in Indonesia, using the Environmental Kuznets Curve (EKC) approach over the period 2000-2018. Employing ARDL and ECM testing to examine the existence of long- and short-run relationships between the variables, we found that no EKC’s support existence in Indonesia. The study also found no dynamic short-run relationship between growth, Islamic finance development and CO2 emissions. The long-run findings suggest that CO2 emissions from transport; other sectors, excluding residential buildings and commercial and public services; and the residential buildings and commercial and public services sectors are significantly associated with Islamic finance development in Indonesia. Hence, the findings of the study show that the country may need to adjust its CO2 emissions and promote eco-friendly and energy-saving activities to protect nature through Islamic finance development Strength and cost-efficiency.based financial sector development, especially in improved loans for business, would be valuable to limit CO2 emissions

There is the need to reexamine the nexus between industry forces and investment behavior due to mixed and ambiguous results in most previous studies. The purpose of this study is to investigate how the antecedents of industry forces affect investment behavior of Small and medium enterprises (SMEs) in Ghana’s downstream oil and gas sector. The SMEs manager’s perceived benefits of oil and gas trade have also been examined. A cross sectional survey methodology has been used to collect data from 475 Ghanaian SMEs via structured questionnaire. Data have been analyzed using partial least square method. Using exploratory factor analysis and multiple regression analysis our results reveal that threat of entry, competitive rivalry, power of suppliers and power of buyers are related to SMEs investment behavior. We find insufficient empirical evidence to support the relationship between threat of substitutes and investment behavior. Our substantive evidence further show that SMEs managers/owners have high expectation from the oil and gas trade notably: High earnings, employment opportunities, improvement in infrastructure and service extension to Ghanaians. Our robust results are partially consistent with Porters’ five forces model. These results have important implication on oil and gas investment and industrial restructuring to facilitate SMEs participation in the sector.

One of the leading and contemporarily become prominent issue in the finance institutions is the capital structure. Islamic microfinance institutions as one of instrument to solve the poverty problem have risen to the forefront as invaluable institutions in the development process. Since capital constraints have precluded the expansion of microfinance programs and microfinance institutions have had various degrees of performance and sustainability, the question of how best to finance these organizations is a key issue. This paper attempt to explore how changes and variety source of fund in capital structure could improve Islamic microfinance institutions efficiency and financial performance.

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.

Among the business strategy models that have developed so far, some use military strategy as a business strategy model. Business strategy has many similarities to military strategy, and one of them is Sun Tzu's war strategy. In the history of Islam, there is a war strategy of the Prophet SAW whose principle is similar to Sun Tzu's war strategy, this strategy is the Khandaq war strategy. It is necessary to research to compare the principles of Sun Tzu's war strategy and the Khandaq War. This research aims to; 1). Discover the principles of Sun Tzu's war strategy and Khandaq's war strategy, 2). Compares the two principles of Sun Tzu's war strategy and Khandaq's war strategy and 3). Formulating the principles of business strategy as a result of the comparison of the principles of Sun Tzu's war strategy and Khandaq's war strategy. The research uses a qualitative approach and to analyze the data, the Analytic Network Processing (ANP) method is used. The data was obtained through interviews with 18 selected respondents, consisting of 9 sharia economics academics and 9 sharia business practitioners.This study found; 1). Khandaq war and Sun Tzu war, have the same 6 main strategic principles (goal formulation, condition calculation, strategy determination, strategy implementation, control strategy, and leadership) and can be used in business strategy, 2). Interesting findings from this study are that there are differences in the forming indicators and 3). The results of the preparation of ANP compose the principles of business strategy as a result of the comparison of the strategies of Sun Tzu and Khandaq, namely the principles of leadership, then the formulation of objectives, implementation strategies, control strategies, determination of strategies and calculation of conditions with all forming indicators. So that the priority principles of the ANP processed strategy can be used as the principles of a new business strategy.

Religion plays an imperial role in the ever-changing healthcare system of Malaysia. The Malaysian, being a multi-racial society, has to adapt and accommodate various practices of religion from different cultural and religious backgrounds. It is this diversity that demands the understanding of the different ideologies of faith as a necessity to the healthcare giver such as doctors, nurses, and paramedics. This article aims to compare the principles and practices of the official religion of Malaysia, Islam, as compared to the mainstream religion of the Chinese, which is Buddhism. The discussions focus on the general beliefs and practices of these two religions, the approach towards health and disease and dealing with the issues of death and dying.