Knowing the factors which can improve performance is very crucial in every organization including Waqf institutions as charitable institutions. Waqf institutions have significant roles in a country to mobilize and distribute public funds. Examining its performance could be useful to assess Waqf’s perpetual existence. In the context of business organizations, financial ratios which rely on the bottom line can be the tools to examine the performance. Financial ratios somehow reflect the financial health and vulnerability of the organizations. Besides that, the organizations frequently compare actual performance with standards or expectations to enhance the organizations’ achievements. Several financial ratios might be applicable to evaluate non-profit organizations although those ratios do not seem sufficient. Financial ratios alone cannot serve as measures of success in non-profits organizations, these organizations have to be assessed in more complex ways, generally dealing with efficiency and effectiveness. Therefore, the purpose of this study is to examine the performance of Waqf institutions using financial and operational approaches. Using content and ratio analysis, this study examines five years (2008-2012) annual reports of Waqf institutions administered by Majlis Ugama Islam Singapura (State Islamic Religion Council or Singapore) and one Majlis Agama Islam Negeri in Malaysia (one State Islamic Religion Council in Malaysia). This study found in terms of Waqf collections, both institutions have growing amount of Waqf funds. This can be a hint of Waqf awareness among people. Both institutions are also able to generate income from their core activities. However, it can be highlighted from program expenses that both institutions might not have a number of projects and programs relating to the role as Mutawalli. Since financial ratios cannot be the utmost measures of success in Waqf institutions, these organizations have to develop the performance measures which can better evaluate efficiency and effectiveness.

The development of technology has enabled banks to issue products that satisfy the need of its clients. Credit card is one of the latest banking gadgets. It facilitates people to make spot transaction without carrying cash as well as on-line transaction since the credit card issuer pays the proceeds of the transaction on behalf of the buyer. However, for Muslim customers, the usage of conventional credit card which involves practice of riba when there is late payment has brought a conflict with their belief. Therefore, there is a need for a payment instrument which has function as credit card but comply with the Islamic principles. This study will elaborate the practice of Islamic credit cards issued by Bank Danamon Indonesia and Bank Islam Malaysia, which are the first Islamic credit card issuer in both countries. The paper discusses the issue from both economic and shariah point of views. From the practice, it can be seen that the contracts used in Malaysian BI Card are relatively more lenient than which used in Indonesian Dirham Card.

Penggunaan kaidah fikih bahawa hukum dasar muamalah adalah boleh (ibahah) seringkali menyebabkan praktik perbankan syariah menjadi tidak kreatif dan tidak hati-hati terhadap hal-hal yang subhat atau bahkan haram. Peniruan atau pemodifikasian tersebut selain terjadi pada segi produk juga terjadi pada praktik perlakuan akuntansi atas transaksi yang terjadi di perbankan syariah. Salah satunya adalah perlakuan atas transaksi berdenominasi mata uang asing yang terjadi di perbankan syariah. Penelitian ini menggunakan metode kualitatif dengan mengkaji dan menganalisi kaidah-kaidah fiqih atas transaksi berdenominasi mata uang asing yang terjadi di perbankan syariah. Dengan menggunakan pendekatan kajian fiqh klasik penelitian ini menyimpulkan bahwa transaksi berdenominasi mata uang asing dapat dikelompokkan ke dalam tiga hal yaitu : pertama penilaian pada tanggal neraca dan bebas riba, penilaian pada tanggal neraca tetapi rawan akan riba, dan penilaian pada tanggal neraca tetapi tidak diperbolehkan menambah aset atau pendapatan perusahaan. Selain itu laba atau rugi selisih kurs yang terjadi dari transaksi berdenominasi mata uang harus memperhatikan sumber dari laba/rugi tersebut terlebih dahulu sebelum mengategorikannya sebagai bagian dari pendapatan dalam laporan laba rugi perbankan syariah

Penelitian ini merupakan penelitian deskriptif qualitative yang bertujuan untuk mengetahui ada tidaknya pengaruh dari Current Industry Relative Performance (CRP), Future Industry Relative Performance (FRP) dan Leverage (DEBT) terhadap praktik manajemen laba pada Perbankan Indonesia. CRP, FRP dan DEBT diukur dengan mengggunakan rasio keuangan. Manajemen laba diukur dengan menggunakan total akrual. Data yang digunakan adalah data sekunder dengan karakteristik data time series yang berupa laporan keuangan triwulan bank (BM, BRI, BSM, BMI, dan BSMI) tahun 2004 sampai dengan 2008. Dengan menggunakan regresi berganda dengan taraf nyata 5%. hasil penelitian menunjukkan bahwa pada bank konvensional berdasarkan Uji Simultan, peubah CRP, FRP dan DEBT mempengaruhi praktik manajemen laba (AD), sedangkan berdasarkan Uji Parsial, hanya peubah CRP dan DEBT yang mempengaruhi praktik manajemen laba. Pada bank syariah, berdasarkan Uji Simultan, peubah CRP, FRP, dan DEBT tidak ada yang mempengaruhi praktik manajemen laba (AD), sedangkan berdasarkan Uji Parsial, peubah CRP, FRP dan DEBT tidak mempengaruhi praktik manajemen laba.

This study aims to propose a model of Zero Waste Accounting in Islamic Financial Institutions in Indonesia and how it is relevant to the achievement of Sustainable Development Goals (SDGs). Due to the nature of the research which is exploration thus the research adopts interpretative approach which is essential to validate the research with “convincingness” approach rather than positivist measures of the reliability, validity of data and the generalization of results. The finding documents that Zero Waste Accounting is in vein with the spirit of Maqashid ul-Shariah that has been embedded as a part of the purpose of Islamic financial institution establishment. Statement of Sources and Uses of Zero Waste Accounting should become one of the additional disclosures. The paper sheds a light the need on Zero Waste Accounting for the accounting standard setters.

This study aims to analyze the effect of the performance relationship, analyze the contribution, and find out how long the shock period of each variable is; (1) BOPO, (2) FDR, (3) ROA, and (4) ROE against Net Operating Margin at Bank NTB Syariah. This study uses the Theory of Good Corporate Governance approach, then the data is processed using the VAR-VECM and ECM methods on the EViews 12 application. There are two analysis results in this study, the first through the VAR-VECM analysis and the second through the ECM, the results of the VAR-VECM test in the equation model have not found a balance both in the long and short term, but on the other hand there are shocks experienced by the independent variables. NOM through the dependent variables BOPO, FDR, ROA, and ROE worth 60.93%, 9.83%, 7.54%, and 4.74%. While the response level of the BOPO variable was positively responsive by 0.012992 by the NOM variable and was stable in period 25, for other variables such as FDR, ROA, and ROE the response fluctuated and did not experience value stability. In contrast to the results of the ECM test where in this test the variables that have a long-term effect are the BOPO, ROA, and ROE variables with the probability values of 0.000, 0.0081, and 0.0375 while for the short-term period the variables that have an effect are only the BOPO variable with a probability value that is worth 0.0341. Keywords:BOPO, FDR, ROA, ROE, NOM, VAR VECM, ECM.1. INTRODUCTION The development of the Islamic banking industry, especially in Indonesia, has received a good response from users of Islamic banking services, especially in provinces where the majority of the population adheres to Islam, one of which is the Province of West Nusa Tenggara (NTB) . West Nusa Tenggara Regional Development Bank officially operates fully as Bank NTB Syariah. Bank NTB Syariah is the second Regional Development Bank (BPD) to convert after previously Bank Aceh was successfully converted to Bank Aceh Syariah in 2017 a year before Bank NTB's conversion. Information (Anisah, 2013) suggests the essence of change is that the conditions affected are better than the previous situation, so that the conversion of Bank NTB Syariah is expected to improve regional economic conditions and be able to become

The year 2020 and 2021 became an unprecedented challenge due to the covid pandemic affecting many aspects around the world, including the economy. On the other side, over the past decade has the global Sukuk market become an increasingly prominent funding source for companies, financial institutions, and governments. For handling the pandemic in Indonesia, the Ministry of Finance has repeatedly issued Sukuk Negara. The objective of study is to analyze the short-term and longterm impact of macroeconomic variables on the sukuk trade in Indonesia and to see the impact of these macroeconomic variables on the stability of the Sukuk Negara Trade and the contribution of these variables during the pandemic to the Sukuk Negara. It was found that the exchange rate and inflation have a significant positive effect on the trading of sovereign sukuk in the secondary market. The most variable contribution is sovereign sukuk trade itself, followed by the Exchange rate.

Islamic civilization was the pearl of the world with multidimensional aspects of achievements, especially during the Dark Age of West civilization. In stark contrast to this, the Muslim world nowadays is experiencing a marginalized society on this planet. The majority of Muslim countries are backward educationally, socially, economically, and politically. Furthermore, the world nowadays is suffering an economic crisis due to the impact of the COVID-19 pandemic. This study tries to investigate the economic development concept from an Islamic perspective, compare it with current data on OIC member countries and provide recommendations for policymakers to stave the disaster off. The study adopts a quantitative approach in form of a literature review, discourse, and critical content analysis. It found that economic development in an Islamic perspective can be defined as a multidimensional process to improve welfare, in both material and spiritual aspects. However, In reality, OIC member countries have potentials and obstacles for growth. Strengthening the education sectors, infusion of Islamic values, support SMEs’ development with ICT are some recommended policies. The main contribution of this study is to assess the current condition of Muslim Ummah represented by OIC member countries, by the development concept of Islam and deliver some policies for the betterment of the ummah.

This paper aims to provide extended model from cash waqf based microfinance model developed by Kachkar (2017) that envisioned providing access for betterment of livelihood for refugees. Literature study from relevant sources is conducted to develop the model. The proposed model, called Integrated Zakat and Waqf Model for Refugees (IZWMR) add zakat element as extension from previous model. Also, waqf element within the model will include not only cash waqf, but land waqf as well in order to open opportunity for more optimum utilization of idle waqf assets by empowering the refugees and support their livelihood. This study is expected to enhance awareness of society to refugees problem, provide a comprehensive proposed model to solve global refugees problem and open opportunity for more optimum and impactful utilization of Islamic social finance instruments, i.e. zakat and waqf.

If we consider the state of the world economy, especially in the OIC countries, some countries have to struggle in dealing with the problems of poverty. Hypothetically, the wealth of natural resources is potentially in the welfare of the population, but the facts on the ground say the situation is another in which it is far from being wellbeing. This study aims to analyze poverty in OIC countries by using a development model proposed by Ibn Khaldun. The model consists of six variables: human resource variable (proxy HDI), the variable role of government (proxy government spending in education and health), variable of development (proxy foreign direct investment), state assets variable (proxy for GDP/capita), justice variable (gini index proxy) and sharia variable (a proxy perception index of corruption). This study uses panel data regression analysis with nine object OIC member countries (Indonesia, Malaysia, Egypt, Azerbaijan, Kazakhstan, Tajikistan, Kyrgyzstan, Turkey and Benin) over the years from 2010 to 2016. The results showed that the variables of development model Ibn Khaldun significant effect on poverty in OIC countries is development variable, the variable role of government (proxy for government spending in health sector), justice variable, wealth nation variable and control variables (unemployment). While the role of government variable (proxy government spending in the education sector), HR variables and sharia variables not significant. From these studies, it can be concluded that not all the variables of development model Ibn Khaldun significant effect on poverty in OIC countries.

Jual-beli online banyak dilakukan oleh masyarakat di beberapa aplikasi e-commerce, karena kemudahannya dalam bertransaksi. Dalam kajian-kajian terdahulu terutama 4 mazhab terbesar di dunia mengatakan bahwa jual beli harus memenuhi rukun jual beli, namun yang terjadi dalam jual beli online banyak rukun jual beli yang tidak terpenuhi, misalnya penjual dan pembeli tidak bertemu secara langsung dalam satu waktu dan tempat, objek barang yang tidak dapat dilihat dan dipilih secara langsung, dan akad yang tidak terucap, sehingga banyak masyarakat mempertanyakan atas permasalahan ini. Jenis penelitian ini adalah kualitatif, dengan pengumpulan data library research melalui literatur-literatur yang berkaitan dan relevan dengan judul penelitian ini. Hasil dari penelitian ini menunjukkan bahwa dalam merumuskan hukum jual beli pada Q.S Al-Baqarah : 275 para mufassir seperti Ibnu Katsir, AlQurtubi, Al-Wasith, Al-Jashshash mempunyai pandangan klasik yaitu terpenuhinya rukun jual beli yang dilakukan secara tradisional (bukan online) dan mereka sepakat bahwa jual beli harus terpenuhi rukun-rukunnya. Adapun pada pendapat jual beli online di bukalapak bukan tidak terpenuhi rukun-rukunnya, namun tidak nampak secara fisik. Dalam fatwanya MUI memperbolehkan jual beli online, yang dilihat adalah substansi jual beli tersebut, selama kedua pihak yang bertransaksi saling ridha, tidak dzalim, dan barang yang diperjual belikan tidak mengandung gharar dan bukanlah barang yang terlarang dalam Islam

Hutang merupakan salah satu suatu aktivitas yang tidak dapat dipisahkan dalam interaksi kehidupan manusia, ada pihak yang surplus dana dan ada pihak yang kekurangan dana. Data BI, CNBC, Kontan, CNN menunjukkan peningkatan jumlah hutang sejak 2018 - 2020. Parahnya hutang tersebut merupakan hutang ribawi dan dikonsumsi penduduk Indonesia yang mayoritas penduduknya muslim. Masalah lainnya adalah praktikpenyelesaian hutang yang juga menjadi masalah di tengah masyarakat. Penelitian ini ingin membahas konsep hutang secara syariah dilihat dari adab-adab dan keutamaan penyelesaiannya.Penelitian ini merupakan penelitian kualitatif deskriptif dengan mengambil sumber dari Al-Quran, Al-Hadits, kitab-kitab klasik dan kontemporer. Hasil penelitian menunjukkan bahwa Syariat Islam tidak melarang berhutang apalagi tujuannya memenuhi kebutuhan hidup diri dan keluarganya saat kondisi sulit, bahkan dianjurkan saling membantu saudaranya. Syariat Islam juga mengatur bagaimana seharusnya hutang piutang dipraktikkan, diantaranya mencatat transaksi hutang-piutang, menghadirkan saksi-saksi, menghadirkan barang jaminan/gadai serta menghadirkan penjamin. Adapun adab bagi orang yang berhutang adalah hutang hanya dilakukan dalam situasi dan kondisi yang mendesak, terpaksa, bukan untuk memenuhi kebutuhan hawa nafsu (lifestyle), orang yg berhutang juga harus memenuhi janjinya untuk melunasi hutangnya tepat waktu, jika belum bisa dibayarkan maka orang yang berhutang memberi kabar, namun jika memang tidak ada kemungkinan membayar maka kedua belah pihak bersama-sama mencari jalan keluar untuk melunasi hutangnya karena hutang merupakan amanah yang harus dibayar baik di dunia maupun di akhirat

This chapter discusses how the financial realization in the monitoring and evaluation data of the regional budget of Central Bangka Regency is in accordance with the maqasad al-shari’ah approach. Also, this research will provide a new model for regional development programs that are in accordance with the 5 maqasad al-shari’ah priorities. This chapter uses a qualitative method using the analytic network process or ANP with case studies in the Central Bangka Regency. This method is a way of obtaining decisions and using calculations to get a ratio scale. Data from this study were obtained from interviews with related sections, direct observations, and related data. From this study, it will be known that the realization of monitoring and evaluation of data of the Bangka Tengah District is not in accordance with the approach of the maqasad al-shari’ah; also, this study will find a new data monitoring and evaluation model based on the five concepts of the maqasad al-shari’ah.

The tsunami disaster in 2004 had raised the poverty rate in Aceh. Development activities in Aceh following the tsunami turned out to cause more High Poverty Rates. It is expected that Baitul Ma’al Aceh should try to Reduce the level of Poverty. But its implementation is not yet optimal. From the results of the above discussion, one can identify that several problems occurred at Baitul Ma’al Aceh. The problem is divided into two parts: Internal and External Problems. The internal problems consist of (1) Institutional Issues, (2) Managerial Problems, (3) Lack of Program Variety, and (4) Lack of HR Capacity. The external problems consist of (1) Lack of supporting regulation, (2) Lack of budget provision, (3) Lack of good governance, and (4) Lack of people’s knowledge and understanding. Regarding solutions, both internal and external solutions have the same importance. Solutions for the internal problems are integrating the management, upgrading human resource capacity, product innovation, and increasing partnership. Solutions for the external problems according to priority ranking are special budget provision for Baitul Ma’al, revision in qanun, improving coordination in Baitul Ma’al, and applying know-your-customer principles. The proposed strategies based on priority ranking are setting up a blue print, special budget procurement, and upgrading the coordination and management system.

The tsunami disaster in 2004 had raised the poverty rate in Aceh. Development activities in Aceh following the tsunami turned out to cause more High Poverty Rates. It is expected that Baitul Ma’al Aceh should try to Reduce the level of Poverty. But its implementation is not yet optimal. From the results of the above discussion, one can identify that several problems occurred at Baitul Ma’al Aceh. The problem is divided into two parts: Internal and External Problems. The internal problems consist of (1) Institutional Issues, (2) Managerial Problems, (3) Lack of Program Variety, and (4) Lack of HR Capacity. The external problems consist of (1) Lack of supporting regulation, (2) Lack of budget provision, (3) Lack of good governance, and (4) Lack of people’s knowledge and understanding. Regarding solutions, both internal and external solutions have the same importance. Solutions for the internal problems are integrating the management, upgrading human resource capacity, product innovation, and increasing partnership. Solutions for the external problems according to priority ranking are special budget provision for Baitul Ma’al, revision in qanun, improving coordination in Baitul Ma’al, and applying know-your-customer principles. The proposed strategies based on priority ranking are setting up a blue print, special budget procurement, and upgrading the coordination and management system.

This chapter aims to identify factors that may influence the interest of Indonesian Muslim millennials in performing waqf. Five variables, namely waqf literacy, religiosity, trust in waqf institutions, religiosity, income, and social influence, were tested using SEM-PLS method. Data are obtained through online questionnaires with the number of sample is 321 Muslim millennials from the five major islands in Indonesia. The finding shows that four variables, literacy, religiosity, trust in waqf institutions, and social influence, have a significant impact on their interest in waqf donation. As a result, waqf institutions must nurture trust of prospective waqf through massive socialization such as social media which is widely accessed by millennials. This may attract their attention, leave a good impression, and create a supporting environment. In addition, waqf institutions need to instill trust by being more open, honest, and transparent about the programs they created through campaigns by bringing social and religious issues packed with excellent and exciting delivery that can help increase the interest of Muslim millennials in performing waqf. Furthermore, quality of nazhir should be improved, collaboration should be promoted, and the utilization of digital technology are highly recommended

EconPapers: Islamic Economic Institutions in Indonesia:Are they Successful in Achieving the Maqasad-al-Shari'ah EconPapers Economics at your fingertips EconPapers Home About EconPapers Working Papers Journal Articles Books and Chapters Software Components Authors JEL codes New Economics Papers Advanced Search EconPapers FAQ Archive maintainers FAQ Cookies at EconPapers Format for printing The RePEc blog The RePEc plagiarism page Islamic Economic Institutions in Indonesia:Are they Successful in Achieving the Maqasad-al-Shari'ah Edited by Toseef Azid, Muhammad Syafii Antonio, Zafar Kayani and Murniati Mukhlisin in World Scientific Books from World Scientific Publishing Co. Pte. Ltd. Abstract: waqf, zakat and sadaqat Keywords: Islamic Economics; Institutions; Maqasad al-Shari'ah; Islamic Capital Market; Shari'ah Entrepreneurship; Indonesia; Finance; Economics; International. waqf, zakat and sadaqat

The purpose of this chapter is to evaluate how a company should report cryptocurrency investment on their financial statements. In dealing with it, the research problems address the status of positive law and Islamic law in cryptocurrency and how the current economy responds to cryptocurrency. Qualitative descriptive approach and literature review with content analysis method using NVivo 12 plus software are used. The data for this study were obtained from interviews and a review of documents. The finding shows that investments in cryptocurrency held by the companies can be treated as investments in equity with minor adjustments. The content analysis conducted shows that stakeholders are neutral toward this issue. 

The Islamic capital market has seen tremendous growth at the global level and especially in Muslim countries. The government of Indonesia and its central bank are trying to develop the Indonesian Islamic capital market. Particularly during the COVID-19 pandemic, the government took a number of steps to improve the state of the Islamic capital market. However, the major focus was on achieving maqasad al-shari’ah. A number of incentives and attractions were created for investors. Consequently, both Muslims and non-Muslims are seeking and investing in shari’ah-compliant products that serve their needs. This chapter discusses the following in detail: the Islamic capital market, different types of sukuk, cash waqf, the efforts of the Indonesian government in the development of halal value chain, Islamic finance, micro, small, and medium enterprises (MSMEs), and digital economic activities under the umbrella of the Islamic capital market. This chapter also examines the achievement of the government toward the development of maqasad al-shari’ah.

Recently, Islamic wealth management is one of the new emerging financial service industries that attract many wealthy people to trust their assets managed in accordance with Islamic values and principles. Islamic wealth management is distinct from the conventional conception of wealth management from the philosophical foundation. Therefore, Islamic wealth management’s philosophical foundation is fundamental to understanding wealth management from the Islamic perspective. The paper aims to redefine the contemporary concept of wealth management from an Islamic perspective derived from the Qur’anic perspective. The finding shows that Islamic conception of wealth management from Qur’anic framework is very comprehensive that cover all philosophical foundation; ontology, epistemology, and axiology. The Islamic wealth management process contends three aspects: (1) wealth creation, (2) spending, and (3) saving or investment. Wealth creation has a relationship with the fulfillment of the infaq (spending) objective. The objective is to promote maqashid shari’ah, promoting just and welfare in order to achieve Falah.