Purpose

The halal industry is one of the most growing industries in the world. It refers to the industry in line with Islamic principles and requirements. The emergence of this industry aims to fulfil the requirement of Islamic-compliant products and services. Surprisingly, the industry has been growing in both Muslim and non-Muslim countries. Assessing the performance of the industry will be notable for ensuring that it obtains its objectives. The proper performance measurement should highlight business perspectives and religious aspects. This study aims to explore the current issues and challenges in developing Maqashid Al-Shari’ah-based performance measurement in the halal industry.

Design/methodology/approach

This is a qualitative research using in-depth interviews, and uses content analysis to interpret and explain the interview result. Interviews were conducted with experts in Maqashid Al-Shari’ah and Islamic capital markets.

Findings

The existence of the concept of Maqashid Al-Shari’ah is to create maslahah for all human beings. The development of Maqashid Al-Shari’ah performance measurement for the business is very important. It has only been developed for Islamic financial industry. Unfortunately, it is found that the development of Maqashid Al-Shari’ah performance measurement has not been carried out comprehensively in non-financial industry. The main issue is the absence of the applicable measurements. Therefore, collective decision is required to develop the appropriate measurements.

Practical implications

There is a necessity for regulator to produce standards on Maqashid Al-Shari’ah-based performance measurement. The government policy plays an important role in the development and implementation of Maqashid Al-Shari’ah -based measurement index.

Originality/value

This paper highlights the issue of the development of Maqashid Al-Shari’ah -based performance measurement in halal business and commerce which has not much discussed in prior studies.

Purpose – Halal industry is one of the most growing industries in the world. It refers to the industry in line with Islamic principles and requirements. The emergence of this industry aims to fulfil the need of Islamic compliance products and services. Surprisingly, the industry has been growing in both muslim and non-muslim countries. Assessing the performance of the industry would be notable to ensure that it obtains its objectives. The proper performance measurement should highlight business perspective and religious aspects. This research aims to explore the current issues and challenges in developing maqashid al-shari’ah- based performance measurement in halal industry. Design/methodology/approach – This is a qualitative research using in depth interviews. This research employs content analysis to interpret and explain the interview result. Interviews were conducted with the experts in maqashid al-shari’ah and Islamic capital markets. Findings –The existence of the concept of maqasid al-shari’ah is to create maslahah for all human being. The development of maqasid al-shari’ah performance measurement for the business is very important. It has only been developed for Islamic financial industry. Unfortunately, it is found that the development of maqasid al-shari’ah performance measurement has not been carried out comprehensively in non-financial industry. The main issue is the absence of the applicable measurements. Therefore, collective decision is required to develop the appropriate measurements. Practical implications – There is a necessity for regulator to produce standards on maqasid al shari’ah-based performance measurement. The government policy plays important role in the the development and implementation of maqasid al-shari’ah-based measurement index. Originality/value – This paper highlights the issue of the development of maqasid alshari’ah-based performance measurement in halal business and commerce which has not much discussed in prior studie

This research analyzes the determinants of liquidity risk in Islamic banks by using a comprehensive model that incorporates several variables that impact the liquidity of Islamic banks. A panel data analysis is conducted on a sample of 42 Islamic banks from 15 countries between 2007 and 2014. The results show a negative correlation between liquidity risk and cash ratio, as the cash balance can be used to meet any demands for liquidity from the bank’s customers. There is negative correlation between liquidity risk and securities held by the bank, since banks which need liquidity can sell these assets to meet any liquidity shortages they face. Bank size also has a negative relationship with liquidity risk, as larger banks tend to have more stability and customers feel safer dealing with large banks. Bank’s equity also has a negative correlation with liquidity risk, as equity is a more stable source of funding for banks, a higher ratio of equity lowers liquidity risk. On the other hand, there is a positive relationship with high profit assets, as banks shift their portfolio towards more profitable assets in order to increase their earnings, they face greater liquidity risk, a positive relationship also exists with bad finance provision. Additionally, the findings demonstrate that the relationship between bank size and liquidity risk is not linear.

This book was released on 2017-03-18 with total page 603 pages. Available in PDF, EPUB and Kindle. Book excerpt: The original versions titled “Harta Haram Muamalat Kontemporer (HHMK)” by Dr. Erwandi Tarmizi, Lc MA has been printed for up to 15 times (March 2017) that produce over than 60.000 copies. Currently this book became a reference in many Islamic studies like radios and television talk show (Indonesia and Malaysia), academia, government, financial institutions and various business communities. This book is the most comprehensive compilation of Indonesia's contemporary fiqh (Islamic Law) that regularly updated with any new business issues. This book is intended to give solutions to maaliyah problems. It provides explanations about forbidden transaction (haram) which are commonly occurred in financial and nonfinancial institutions. Case related to home loan, leasing, pawn shops, credit card, L/C, cheque, stock, bond, short selling, buy on margin, murabahah, mudharabah, loan for pilgrimage purpose, bribery and corruption. Author explores more about forbidden marketing schema such as: MLM (multi level marketing), online trading, promotion, discount, advertisement, and selling the haram products with such as: gelatine, alcohol, formalin, etc. All Those maaliyah problems are resolved scientifically based on Al Qur'an and As Sunnah in this book. Statements (fatwa) from national and international Islamic fiqh council and opinions from scholars that are relevant to the problems are also exposed in order to allow the readers to make comparison. In addition, this book offers Islamic means to make an forbidden (haram) transaction to become permissible. Finally, through chapters in this book, author of this book encourages moslems to purify their wealth from haram transaction.⁠⁠⁠⁠

Different from a conventional cooperative, a Shari’ah-based cooperative observes Shari’ah principles. As these cooperatives offers Islamic financial products and involves in Shari’ah compliant investment, they are bound to observe Shari’ah governance structure, transparency, disclosure of information and strict compliance with Shari’ah principles. Compliance with the Shari’ah principles will strengthen public confidence in the credibility of the system of the Islamic Muamalat particularly in the cooperative movement. Due to the infancy of Shari’ahbased cooperative industry that needs for proper governance measures, this paper aims to discuss corporate governance in Shari’ah-based cooperatives in the attempt to propose a model for resolving stakeholders’ conflicts of interest

Waqf (an Islamic endowment of property to be held in trust and used for a charitable, or religious purpose; or a Muslim religious or charitable foundation created by an
endowed trust fund) has a long history in Islam. It has played — and, in many cases, continues to play — a pivotal role in the
advancement of socio-economic well-being of the Muslim community. Many phenomenal architectural relics and public infrastructures, all over the world, from the Atlantic to the Pacific, throughout the centuries, were funded by waqf. AlAzhar University in Egypt, University of Cordova in Spain and Al-Noori Hospital in Damascus, to name a few, are among the public projects financed by waqf funds. Some waqf institutions have survived for more than a millennium.
Despite its phenomenal achievements, the management of waqf also experienced
failures

The least knowledge of fiqh in Islam resulted in many people who violate it. such as marriage issues. many people do not know about fiqh in the marriage process. So many who do wrong before marriage with courtship or free sex that is prohibited in Islamic law is prohibited.in Islamic law one of the processes in marriage is to see (nadzar) the prospective wife or husband. Seeing a potential wife or husband to be one cause to achieve happiness in the family. Prophet Muhammad advised his followers to see his future wife, so do not regret after married.

Purpose – This paper aims to explore the alignments of the Takaful industry between the Islamic and the IFRS requirement and the subsequent social and political consequences. 

Design/methodology/approach – Meta analysis of thorough examination of 1* to 4* relevant peer-reviewed journals in the academic journal guide 2015 of the Association of Business School from the period when first IFRS was issued in 2005 to 2012 and where Indonesia declared to fully adopt IFRS. The examination also includes some other appropriate Indonesian and Islamic accounting publications. The paper employs comparative analysis between IFRS, AAOIFI and the financial reporting standards practiced by Takaful industry to examine the hindrance towards the standardization process. 

Findings – It is shown that the literatures emphasis not only on the technical matters related to financial reporting standardization but also on the complex arrangement in different country settings. Learning from Indonesian experience, the literatures suggests that neoliberalism is piercing through different parts of economic and political setting of the country’s infrastructural powers leading up to the influence of financial reporting standardization process. 

Originality/Value- The paper contributes to the existing ontological arguments whether the Takaful industry is a mere business entity that has no specific requirements for financial reporting standards.

Purpose

This paper aims to explore the alignments of the Takaful industry between the Islamic and the International Financial Reporting Standards (IFRS) requirement and the subsequent social and political consequences.

Design/methodology/approach

Meta-analysis of thorough examination of 1* to 4* relevant peer-reviewed journals in the academic journal guide 2015 of the Association of Business School from the period when first IFRS was issued in 2005 to 2012 and where Indonesia declared to fully adopt IFRS. The examination also includes some other appropriate Indonesian and Islamic accounting publications. The paper employs comparative analysis between IFRS, Auditing Organization for Islamic Financial Institution and the financial reporting standards practiced by Takaful industry to examine the hindrance towards the standardization process.

Findings

It is shown that the literature emphasis not only on the technical matters related to financial reporting standardization but also on the complex arrangement in different country settings. Learning from Indonesian experience, the literature suggests that neo-liberalism is piercing through different parts of economic and political setting of the country’s infrastructural powers leading up to the influence of financial reporting standardization process.

Originality/value

The paper contributes to the existing ontological arguments whether the Takaful industry is a mere business entity that has no specific requirements for financial reporting standards.

the authorities however, need to put certain parameters and limitations in the use concept

The AEC is an economic integration between ASEAN countries with the creation of a free market generally in the context of capital, goods and services and labor. The AEC opens the gate for all countries to invest and have better mutual cooperation. Indonesia experienced a big leap from 50 to 37 in the World Economic Forum (WEF) competitiveness ranking. As the largest population in the ASEAN, Indonesia must work harder to compete with the advanced educated labor force from Singapore, Malaysia and Thailand. Some challenges to develop the human capital. The problems that exist in the context of human resources and labor in Indonesia today such as lack of expertise, low education, inadequate facilities, low competitiveness, unemployment, imbalance salaries, low productivity and many others, but these problems do not make Indonesia retreat and avoiding the free market competition. MEA 2015 should not lead Indonesian labor plunged in their own home, but MEA expected to drive Indonesian workers able to exchange experiences and advance skill from other countries

Sustaiable Developmnet Goals (SDGs) merupakan program yang terintegrasi, bahwa tidak ada seorangpun yang terlewatkan (No one is Left Gehind). Tentunya untuk mencapai agenda 2030, perlu memanfaatkan semua sumber daya dalam negeri untuk pencapaian Tujuan Pembangunan Bekelanjutan (SDGs). Rumah Zakat sebagai lembaga amil zakat menyelaraskan programnya dengan target SDGs. Tujuan penelitian ini adalah untuk mengetahui sejauhmana kontribusi rumah zakat terhadap target SDGs. Penelitian ini merupakan kajian deskriptif dengan metode studi literatur. Data yang telah diproses dianalisa dengan pendekatan kuantitatif, perupa porsentase dan angka keberhasilan program. Kemudian dianalisa sesuai jenis intervensi dari masing-masing indikator SDGs. Hasilnya pertama rumah zakat telah meningkatkan pendapatan member sebesar 70% atau kontribusi dengan menurunkan 0,0004% dari jumlah penduduk miskin. Kedua, Penurunan pravalensi gizi buruk/kurang kepada 176 balita. Rata-rata penghematan uang belanja sayur dan buah sebesar Rp.5.174.000/bulan, melalui program kebun gizi dan urban farming. Ketiga, penurunan AKI & AKB dengan jumlah kelahiran hidup sebanyak 672, layanan imunisai 2.893, dan KB 3.972. Penurunan penyakit menular melalui penguatan UKBM dengan membina 133 posyandu dan memberikan manfaat sebanyak 11.970 orang dengan 2.394 aktifitas. Keempat, Kontribusi terhadap Angka Partisipasi Sekolah usia 7-12 sebanyak 6.393 anak, usia 13-15 sebanyak 1.127 anak, usia 16-18 sebanyak 499, dan usia 19-24 sebanyak 28 anak. Kelima, Mendorong kesetaraan gender yaitu, partisipasi angkatan kerja member 74,1% dan karyawan 37,4%. Indek paritas gender (IPG) pada angka partisipasi murni sekolah juara sebesar 106,7%. Keenam, air bersih dan sanitasi, melalui program water and sanitation for all yang manfaatnya telah dirasakan oleh …. Kepala keluarga. Tujuan SDGs kesebelas, dengan indikator ketersediaan rumah yang nyaman, melalui pembangunan relokasi rumah tinggal warga korban bencana banjir bandang Garut untuk 10 rumah. Tujuan SDGs ketigabelas, dengan indikator mengurangi kerugian ekonomis akibat bencana, jumlah bantuan yang diberikan kepada 57.076 jiwa. Untuk mengurangi resiko bencana dilakukan program pemberdayaan dalam menghadapai resiko bencana, dengan 3.090 partisan aktif. Tujuan SDGs keempatbelas, mengelola dan melindungi ekosistem laut, dengan penanaman 16.400 pohon Mangrove. Tujuan SDGs ketujuhbelas, membangun kemitraan dengan NGO Internasional untuk misi kemanusiaan. Adanya program tersebut merupakan bentuk dukungan nyata sektor swasata terhadap pemerintah dalam upaya pencapaian SDGs.

Safe drinking water is needed for survival. Households have to pay the water bill monthly. However, lower income households are sometimes unable to afford the cost. This study examines water access and affordability among households in Malaysia and the determinants of water affordability using cross-sectional data and multiple regression. The paper expects that the bill for basic water consumption is inversely related to average income. This means that policy makers need to redesign the water tariff to improve the quality of life of lower income households.

Secara akademis, buku ini mendukung pendapat beberapa peneliti yaitu Sen (1992), Mubyarto (1997), Gardiner (2002), Swasono (2003) dan Chapra (2007) yang menyatakan bahwa etika, moral dan akuntabilitas sosial memegang peranan penting bagi kelanggengan pembangunan ekonomi. Kandungan buku menjelaskan bahwa etika, moral, akuntabilitas sosial adalah fondasi kemaslahatan. Adapun kelanggengan kemanfaatan organisasi di dunia dan akhirat merupakan indikator tercapainya kinerja kemaslahatan organisasi. Pencapaian di atas dapat terwujud dengan menyelaraskan pengelolaan organisasi terhadap tugas manusia sebagai khalifah Allah di bumi (Bung Hatta dalam Swasono, 1992), Khan (1994), Chapra (2007)

Cash Waqf funds has an important role to empower the economy of Ummah. Unfortunately, the collected cash waqf fund is still very small compared to its potential number. Against this background, this research aims to design systems that may enchance the role of Islamic banks in cash waqf fund raising. This paper employed Interpretative Structural Modeling (ISM) by conducting literature studies and In-depth interviews with some regulators, practitioners and academicians. The result shows that experts and practitioners agreed that the strong legal support on cash waqf is necessary to enhance the role of Islamic Banks to raise cash waqf funds. It creates a sense of secure to the stakeholders. Furthermore, it requires a strong coordination between Indonesian Waqf Board (BWI), Ministry of Religious Affairs, Bank Indonesia (BI), Financial Services Authority (OJK), Nazhir and Islamic Financial Institutions that may receive cash waqf (LKS-PWU) in order to boost the role of Islamic Banks. The main obstacle that must be tacled soon is the lack of education about cash waqf.

Tafsir Mirah Labid adalah karya tafsir yang dihasilkan oleh Nawawi alBantani yang merupakan ulama Nusantara yang prolifik. Mirah Labid adalah satusatunya tafsir 30 juzuk berbahasa Arab yang ditulis oleh ulama Nusantara dan kitab tersebut masih dijadikan rujukan tafsir di Nusantara khasnya di Indonesia. Dalam kitabnya tersebut, Nawawi banyak menggunakan hadis sebagai salah satu elemen penafsiran al-Qur’an dan juga riwayat israiliyyat. Kajian ini dilakukan untuk mengetahui nilai hadis dan penggunaan riwayat israiliyyat dalam tafsir Mirah Labid. Reka bentuk kajian ini adalah kajian kualitatif. Ianya merangkumi kajian takhrij dan nilai hadis yang dianalisis daripada sanad dan matan. Kajian ini menggunakan metode kajian dokumen atau kajian kepustakaan dengan pendekatan secara analisis. Kajian mendapat terdapat 231 hadis digunakan oleh pengarang. Daripada 231 hadis yang terdapat dalam tafsir Mirah labid, 108 hadis adalah hadis sahih (46,75%), 22 hadis adalah hasan (9,5%), 40 hadis adalah dac if (17,3%), 21 hadis adalah dac if jiddan (9,1%), 2 hadis adalah mursal sahih (0,8%), 8 hadis adalah mursal (3,46%), 3 hadis adalah munqatic (1,29%), 9 hadis adalah mawduc (3,89 %), 12 hadis tidak dijumpai sanad (5,19%), 3 hadis adalah bukan hadis (1,29%), 2 hadis la asla lah (tiada asal) (0,8%), 1 hadis tidak thabit (0,43%). Kajian ini juga mendapati Nawawi menggunakan metodologi penggunaan riwayat israil’iyyat yang sama dengan kebanyakan tafsir klasik. Riwayat-riwayat isra’iliyyat yang beliau nukil dalam tafsirnya tidak diberikan penjelasan, kritik (naqd), mahupun penilaian terhadap kedudukan riwayat tersebut sehingga terdapat riwayat yang bertentangan dengan ismah para Nabi ataupun kisah/akhbar yang boleh membawa khurafat.

There are 237 million Muslims in Indonesia, 86.9% as of 2021 from 273 million people. Meanwhile, Indonesia's wealth is managed and controlled not by Muslims, even though there are Islamic businessmen/financial institutions, but in business practice the developed contracts are buying and selling contracts (murabahah) not cooperation contracts (musyarakah). The author is moved to make a study that discusses the meaning of syirkah and its concept in Islam, and how syirkah can improve the people's economy. This research is a qualitative research with library research method, while the analysis used is descriptive analysis. The results of this study indicate that syirkah is one of the Islamic sharia in the field of muamalah whose implementation has been exemplified by the Prophet Muhammad and his noble companions, so that understanding of syirkah must be disseminated to the public, and carried out with the right guidelines according to the Shari'a in order to improve the economy of the people.

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. However, 56.5 millions unit of Micro and Smal-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.

Muslims are encouraged to plan their lives economically and financially in order to achieve the objectives of Shariah. The intention to conduct Islamic economical and financial planning must be aligned with the application of Maqasid Shariah, which emphasizes on the protection of essential needs of Muslims that include preservation of wealth. Furthermore, goal of wealth management is to achieve falah. Objective of wealth management is to get maslahah. Maslahah based wealth management can be derived from cycle of acquiring and utilizing wealth (Firdaus, 2014). Acquiring wealth can be carried out by fullfilling worship orientation, internal process orientation, talent orientation, learning orientation, customer orientation and wealth orientation. Utilizing wealth can be carried out by allocating asset to wealth orientation, customer orientation, learning orientation, talent orientation, internal process orientation, worship orientation. This study proposes the framework of Maslahah Performa as wealth management system in order to highlight its contribution to more comprehensive, rational and realistic answers to contemporary public policy issues in Islamic economic system and to thereby increase awareness of Maslahah Performa approach in structuring and developing public policy products. For this purpose, the authors examine the position of the Maslahah Performa concept in public policy. They also present the essential elements of Maslahah Performa and explain how this approach may contribute to better solutions for various public policy issues and challenges

Halal industry is one of the most growing industries in the world. Halal industry refers to the industry which is in line with Islamic principles and requirements. The emergence of this industry aims to fulfill the need of Islamic compliance products and services. Surprisingly, the industry has been growing in both muslim and non-muslim countries. Assesing the performance of the industry would be notable to ensure that it obtains its objectives. The proper performance measurement should highlight both business perspective and religious aspects. This is a conceptual paper aiming to propose an initial performance measurement concept based on Islamic objectives (Maqashid Al-Shariah). Referring to some previous studies, this paper proposed twelve ratios as performance proxies for halal industry