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Jurnal

Tanggal Publikasi: 26 Jan 2023

Sharīʿah non-compliant assets as rahn (pledge) in Islamic banking products: a fiqhī perspective

Penulis Dr. Mahbubi Ali, CIFP

Purpose – The purpose of this study is to present a framework regarding the use of Sharīʿah non-compliant assets as rahn (pledge) and to provide the Sharīʿah analysis on the application of numerous collateral instruments, including financial assets such as shares, unit trusts, current accounts and investment accounts which are Sharīʿah non-compliant. Design/methodology/approach – The study adopts a library-based approach to examine the concept and requirements of rahn, deliberate the classification of Sharīʿah non-compliant assets and delineate the Sharīʿah views on the use of Sharīʿah non-compliant assets as pledges. It also examines the various forms of pledge available and offered in the market using document analysis as well as through discussion with industry practitioners. Findings – In general, the study concludes that Sharīʿah non-compliant assets, either due to their essence or due to the means of acquisition where there is no ownership from Sharīʿah perspective, cannot be used as rahn. This study also provides the Sharīʿah analysis on the use of modern instruments such as shares, unit trusts, current accounts, investment accounts and insurance policy as pledges. Originality/value – The paper provides a reference source for regulators in formulating an appropriate policy and framework on Sharīʿah-compliant collateral; Sharīʿah committees of Islamic financial institutions in arriving at Sharīʿah decisions on collateral; and industry practitioners in establishing internal policies and procedures on collateral.

Jurnal

Tanggal Publikasi: 26 Jan 2023

ASSESSING THE ROLE OF CUSTOMER SATISFACTION IN ATTAINING CUSTOMER LOYALTY: A STUDY OF FAST FOOD RESTAURANT IN KOLHAPUR CITY.

Penulis Dr. Mahbubi Ali, CIFP

Fast food refers the food that sold in a restaurant or store with preheated or precooked ingredients and served to the customer in a packaged form for take-out/take-away. India's growing middle class and their changing food habits offer unprecedented growth opportunities to the quick-service restaurant industry. To reap the benefits of Indian market many global brands have entered the market. In a competitive marketplace, customer satisfaction is seen as a key differentiator and important marketing objectives to be achieved. Customer satisfaction is the customers’ evaluation of goods or services in terms of whether that goods or services have met his needs and expectations. Numerous studies show the positive and significant relationship between customer satisfaction and customer loyalty. Besides, there are studies indicating customer satisfaction is only one antecedent of customer loyalty. The present study explores components of customer satisfaction through using exploratory factor analysis at Rolls Mania a fast food service restaurant at Kolhapur City. The empirical evidence of 154 customers reveals that dining experience; accessibility, convenience & affordability and product test are the important components of customer satisfaction. The regression analysis result reveals significant relationship between customer satisfaction and customer loyalty.

Jurnal

Tanggal Publikasi: 26 Jan 2023

DETERMINANTS OF SHARIAH NON-COMPLIANT EVENTS IN ISLAMIC BANKS IN MALAYSIA: WITH SPECIAL REFERENCE TO TAWARRUQ-BASED FINANCING

Penulis Dr. Mahbubi Ali, CIFP

Tawarruq is a new phenomenon in the Islamic financial landscape. It has gained wide acceptance from the market due to its inherent characteristics that can offer similar features as the conventional structure. Nevertheless, tawarruq is exposed to a high degree of shari’ah non-compliant risk mainly because it involves a series of sale contracts in succession. The present study investigates the determinants of shari’ah non-compliant events (SNEs) in tawarruq-based financing as practiced by Islamic banks in Malaysia. The study adopts the Analytic Network Process (ANP) gathering different views of experts from practitioners, regulators, sharī’ah scholars/advisors and researchers/academicians. The study found that lack of understanding and knowledge, inadequate control mechanism and reporting, ineffective functional structure, incompatibility of system to the execution of Islamic products, improper document execution and sequence, and inadequate internal policies and governing rules are the key determinants of SNEs in tawarruq-based financing in Islamic banks in Malaysia.

Jurnal

Tanggal Publikasi: 26 Jan 2023

DEVELOPING AN ISLAMIC FINANCIAL INCLUSION INDEX FOR ISLAMIC BANKS IN INDONESIA: A CROSS-PROVINCE ANALYSIS

Penulis Dr. Mahbubi Ali, CIFP

This study measures an Islamic financial inclusion index in Indonesia based on three dimensions, namely the accessibility, availability and usage of Islamic banking services. Additionally, it measures the relationship between the Islamic financial inclusion index and the human development index (HDI). The study found that the level of Islamic financial inclusion in Indonesia is relatively low at the national level. DKI Jakarta is the most financially inclusive province in Indonesia, followed by East Java and Nanggroe Aceh Darussalam. In contrast, East Nusa Tenggara has the lowest average Islamic financial inclusion index. The findings also revealed a positive correlation between the Islamic financial inclusion index and HDI. Those provinces with the highest Islamic financial inclusion index were also likely to have a higher HDI. The findings of the present study suggest that both policymakers and the Islamic financial industry should play a greater role in improving financial access to low-income segments, especially in the eastern part of Indonesia such as East Nusa Tenggara and Papua provinces.

Jurnal

Tanggal Publikasi: 26 Jan 2023

Survey on Sharīʿah non-compliant events in Islamic banks in the practice of tawarruq financing in Malaysia

Penulis Dr. Mahbubi Ali, CIFP

Purpose – Tawarruq (Islamic commodity financing) has evolved as the most ubiquitous concept in Malaysia’s Islamic banking industry. Nevertheless, the extensive use of tawarruq has invoked a number of Sharīʿah (Islamic law) concerns in its practice. This study aims to investigate the Sharīʿah non-compliant (SNC) phenomena in the practice of tawarruq financing in Malaysia. Design/methodology/approach – This study adopts qualitative research methodology, combining both descriptive and content analysis. A self-administered questionnaire was distributed to 16 Malaysian Islamic commercial banks to unveil the Sharīʿah non-compliance issues in the application of tawarruq in Islamic banks (IBs) in Malaysia. Findings – The study found that some practices of tawarruq in Malaysia might not comply with the Sharīʿah, mainly due to the improper sequencing of contracts. The study also discovered that IBs adopt different approaches in dealing with SNC events and the income derived therefrom. Finally, the study noted the influence of board of director/ management on certain Sharīʿah decisions particularly on the treatment of non-  halal (impermissible) income. Practical implications – The findings of the study serve as a reference to industry players and regulators in formulating a Sharīʿah non-compliance risk management framework for tawarruq practices. Originality/value – The survey on SNC issues in tawarruq practice constitutes the first of its kind in the existing literature.

Jurnal

Tanggal Publikasi: 26 Jan 2023

A comparative analysis of the efficiency of takaful and conventional insurance in Malaysia

Penulis Dr. Mahbubi Ali, CIFP

The purpose of this study is to compare the cost efficiency of takaful and its conventional insurance counterparts in Malaysia. The study measures the cost efficiency scores of takaful and conventional insurance companies in Malaysia over the period 2009-2011 using non-parametric Data Envelopment Analysis (DEA) based on selected multiple input and output variables. Output variables used are gross premium and investment income while input variables are management expenses, fees and commission expenses. The study finds that conventional insurance companies in Malaysia performed better efficiency than takaful companies in 2011. The finding is consistent with study by Ismail, et al (2011) and Saad (2012). The study suggests that takaful and conventional insurance companies should allocate input more efficiently and improve the quality of services as the average scale efficiency is higher than the average of overall and technical efficiency. Takaful must also be more alert towards external factor costs as the scale of efficiency continuously decreased. In order to be more focused, the study only compares the efficiency of takaful and conventional insurance companies from an input oriented approach. The study is also limited to 7 takaful operators and 19 conventional insurance companies and, as such, the finding is most probably indicative, but does not reflect the overall performance of the takaful industry. As part of a policy recommendation, the study provides data on cost efficiency of conventional insurance and takaful companies in Malaysia, which is valuable for regulators in formulating appropriate policy to enhance the competitiveness of the takaful industry in Malaysia.

Jurnal

Tanggal Publikasi: 26 Jan 2023

Sharia Credit Card in The View of Maqasid al-Sharia

Penulis Rusdiana Priatna, M.Ag.

Islam is the perfect religious concept, all of life’s activities are measured in the purpose of sharia enforcement. Maqashid sharia is a benchmark in determining activity in the determination, whether it is by these objectives or not. Credit card is a form of facility created to facilitate consumers in making transactions. This product is multiplying and changing the paradigm of consumers in making transactions in the digital era. Credit card has many benefits and functions, one of its functions is substituted for cash. Method of this study using literacy, data collection and collection of objects. The finding is that the contemporary scholars agree that in practice sharia credit cards are permissible as long as there are no aspects of gharar, usury, but also contain the maslahah of the users. DSN MUI responded favourably to the credit card with the issuance of the fatwa DSN No. 54/DSN/- MUI/X/2006 concerning KKS (Sharia Credit Card).

Jurnal

Tanggal Publikasi: 26 Jan 2023

The Implementation of Maqashid Shari’ah as the Tool of Data Analysis in Islamic Economic Law Research

Penulis Rusdiana Priatna, M.Ag.

Data analysis in research of the study becomes urgent; it is the key for a successful research. Using wrong of data analysis will result on the error conclusion. Therefore, choosing the right analysis to examine a problem in research is an important thing to be considered. Maqashid Shari’ah is the purpose and objective of Shari’ah that was initiated by the earlier Muslim scholars that put fondation of maqashid al-khamsah which is formulated in the protection of; religion, soul, mind, heredity and property. How to make maqashid Shari’ah as a tool in analyzing Islamic economic research especially sharia economic law? The method used in this research is grounded theory which the study of maqashid Shari’ah developed into an analysis in qualitative research. The data used are thoughts sourced from experts who discuss about this theme. It is further developed into a measuring tool in the analysis of the study. The result of data in this research is that maqashid Shari’ah is very suitable to be the analysis tool in sharia economic law research. It can be formulated in its general nature that is maqashid Shari’ah taken generally from some maqashid experts. And also turn out a single thought about maqashid Shari’ah used as an analysis tool.

Jurnal

Tanggal Publikasi: 26 Jan 2023

Developing Value Based Services for Indonesian Microtakaful

Penulis Dr. Achmad Firdaus, M.Si., AAAIJ

Otoritas Jasa Keuangan (OJK) found that the poor and low income people were reluctant to join as insurance participants. OJK has conducted many socialization activities about microinsurance for low-income people which aimed to increase their literacy of insurance. SMES (Sederhana – Mudah – Ekonomis – Segera) services aim to increase insurance inclusion. The study aims to propose a model of value-based service on microtakaful. The service refers to SMES (Sederhana – Mudah – Ekonomis – Segera) and Maslahah Performa value. SMES value to explain the value expected by takaful participants. Maslahah performa to explain the fulfillment of needs to sharia demands by takaful operator. The SMES variable is developed into various sub variables according to SEOJK. Maslahah performa is elaborated to get worship orientation variables and internal process orientation which then be developed into various sub variables. The subvariable weight is determined according to the importance level of each sub variable. The research finds that a value-based microtakaful service model can be derived from the SMES approach and maslahah performa. There is a linkage between the value-based microtakaful service according to participant expectation and spirituality and sustainability. The reasearch will contribute to increase literacy of microinsurance.

Jurnal

Tanggal Publikasi: 25 Jan 2023

Kinerja Baitul Maal wa at-Tamwil Umat Mandiri-Pesantren Hidayatullah Balikpapan Menggunakan Maslahah Performa

Penulis Dr. Achmad Firdaus, M.Si., AAAIJ

This research generally describes the application of performance measurement in Baitul Maal wat Tamwil (BMT) based on orientation to benefit all stakeholders (stakeholders & shareholders), but studies that specifically measure aspects of the methodology for implementing performance measurement are still limited. Therefore, Maslahah Performa is used as an instrument in the application of performance measurement in BMT Umat Mandiri. The study aims to determine the implementation of performance measurement Maslahah Performa issues on BMT Umat Mandiri. Knowing the results of the analysis of the application of process performance measurement and benefit-based performance results in BMT Umat Mandiri. The methodology used in this study is qualitative and quantitative research methods with case study design. The research findings indicate that six benefit orientations exist in BMT Umat Mandiri. These orientations include worship, internal processes, talents, learning, customers, and property. The six orientations found in this research have a foundation of benefit in realizing strategic objectives for the achievement of benefit. BMT Umat Mandiri has a process performance of 0,400 and performance results of 0,656 which means that BMT Umat Mandiri provides less benefit to stakeholders.