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Penelitian

Tanggal Publikasi: 4 Jul 2023

Analisis Faktor-faktor yang Mempengaruhi Keputusan Investasi pada Platform Crowdfunding Basis Pinjaman

Penelitian ini bertujuan untuk mengetehaui faktor-faktor yang mempengaruhi investor untuk berinvestasi pada crowdfunding basis pinjaman/crowdlending di Gandengtangan.com. Metode penelitian yang digunakan pada penelitian ini menggunakan pendekatan kuantitatif. Pendekatan kuantitatif dilakukan dengan menganalisis faktor-faktor yang mempengaruhi keputusan investasi pada crowdlending. Kerangka konseptual dikembangkan dan studi dilakukan terhadap 100 investor dari Gandengtangan.com. Hasil penelitian kuantitatif menunjukkan bahwa faktor-faktor yang mempengaruhi keputusan investor adalah inovasi proyek usaha, spesifikasi proyek usaha, dorongan berkontribusi dan koneksi/kedekatan personal. Penelitian ini juga memberikan gambaran mengenai fenomena crowdfunding di Indonesia.

Penelitian

Tanggal Publikasi: 4 Jul 2023

Leadership theory in digital era: A preliminary investigation to leadership in the digital startup

The digital transformation has been a significant discussion since scientists predicted the birth of the digital era. The transformation affects many things, especially in the leadership concept. This article aims at investigating the development of academic literature on leadership in the digital era. We use bibliometric analysis and literature review to give further suggestions on which topics on leadership for a digital startup shall go to the fore. This study has mapped out the academic literature on the keyword "digital leadership" from the early year of the rise of the digital era in 2000, up until the end of 2018. This study shows that the topics related to digital leadership are digital transformation, internet, system, and organization. Between these four topics, the closest relation found in the topics of organization. Therefore to have a better understanding of leadership for the digital startup, further research should target the area of the organization

Penelitian

Tanggal Publikasi: 3 Jul 2023

A Framework of Blue Economics Program Using Blue Sukuk as Socially Responsible and Sustainable Investment

Abstract. This paper explores the potential issuance of blue sukuk to finance the blue economy project in Indonesia. We first analyze current initiative of Indonesia’s Blue Economics program. Using the theory of change approach, we model the example of blue project and design the suitable sukuk structure to finance the project. We then develop a framework for financing the program using sukuk structures which previously designed for green sukuk.  It is hoped that by issuing the blue sukuk, it may support the SDG program for sustainable finance of blue economics program. Our framework is suitable for both sovereign and corporate blue sukuk. Furthermore, the project-based blue sukuk may support to alleviate the poverty of people who live along the coast and protect them from the impact of climate change. Finally, this study contributes to lay the foundations for further work on Blue sukuk in Indonesia and International as well.

Penelitian

Tanggal Publikasi: 2 Jul 2023

Integrating zakat into Indonesian fiscal system in the light of siyasah shar’iyyah

Nowadays, the idea of integrating zakat into fiscal system has arisen in Muslim countries including Indonesia. It is argued that zakat, in history, has played a significant role to create welfare among societies. It is proven at the time of Caliph ‘Umar ibn ‘Abdul ‘Aziz that zakat has alleviated poverty at that time alongside tax. Having considered such achievement, some scholars argued that zakat should be reintegrated into current fiscal system. This paper, therefore, attempts to study the feasibility of integrating zakat into Indonesian fiscal system. Employing descriptive analysis based on SiyasahShar‘iyyah (high objectives of the Shari‘ah). Therefore, the objectives of the study are set with these following points: 1) to address the strength and the weakness of the implementation of this idea, 2) to assess its opportunity as well as its threat, 3) to examine whether the integration of zakat will secure maslahah (benefit) or create mafsadah (harm). The result shows that the integration of zakat into current fiscal system is in line with the SiyasahShar‘iyyah. Hence, the strong willingness and commitment of government is strongly required to apply it. The proper model of integration also should be planned well. Moreover, nurturing the understanding to all parties especially to the non-Muslims and secularists that this idea is really beneficial and not discriminatory should be promoted.

Penelitian

Tanggal Publikasi: 1 Jul 2023


Convergence of Maqashid Syariah, Hifzul Bi’ah and Islamic Stock Index

This study aims to explore the urgency of converging the principles of environment protection and Sustainable Responsible Investment from the perspective of Maqashid Syariah into the selection process of Islamic Stock Index. In-depth analysis on current literature practices on Maqashid Syariah, hifdzul bi’ah and Islamic stock index.  The convergence of Maqashid Syariah, in particular Hifzul Bi’ah and stock index screening process will allow a creation of a new Islamic index or rejuvenating current Islamic stock index in Indonesia. We suggest that Dewan Syariah Nasional to start implementing Maqashid Syariah and Hifzul Bi’ah principle in the process of stock screening for Islamic Stock Indexes. This study is among the first of its kind to offer integration of Maqashid Syariah in particular Hifzul Bi’ah to the Islamic stock index.

Penelitian

Tanggal Publikasi: 1 Jul 2023

A FRAMEWORK FOR ISLAMIC FINANCIAL INSTITUTIONS TO DEAL WITH SHARÔÑAH NONCOMPLIANT TRANSACTIONS

The concern over SharÊÑah-compliant transactions is firmly entrenched in the activities and operations of Islamic financial institutions (IFIs). As a business entity established within the ambit of SharÊÑah, an IFI is expected to be guided by values, principles, objectives and rulings of the SharÊÑah. However, ensuring effective SharÊÑah compliance is not a straightforward matter. As financial markets become increasingly sophisticated, heightened product innovations and engineering in Islamic finance entail genuine concern over the need to strengthen SharÊÑah compliance throughout the product life cycle. This means that, while a product may be deemed SharÊÑah compliant prior to its launch (ex-ante), the IFI must also be cognizant of the need to ensure that the entire ex-post process—including contract execution, utilization of funds, investment activities, the audit and governance process—are all in place. This paper focuses on the framework for dealing with SharÊÑah non-compliant transactions in Islamic finance. The framework delineates the concept of illegitimate income and its sources from the Islamic perspective in order to develop a coherent approach to dealing with diverse non-compliance situations based on established principles of the SharÊÑah. Although it is not expected that an IFI will deliberately involve itself in illegitimate activities, any incident of non-compliance needs to be immediately addressed, rectified and reported. This is not only to ensure the purity of the income earned but, more importantly, for IFIs to put in place adequate systems and controls to ensure such that non-compliance with SharÊÑah rules and principles can be averted.

Penelitian

Tanggal Publikasi: 1 Jul 2023

Covid-19, Maqasid Sharia & Islamic Economic Law: VOSviewer Application

This study aims to determine the map of the development of research on the theme of Islamic economic law from the point of view of the maqashid sharia in the Covid-19 pandemic published by indexed journals. The study was conducted in November 2020. The data analyzed were more than 50 published papers. The object of study is a published journal published in 2020. The data is then processed and analyzed using the VOSviewer application program to determine the bibliometric mapping of the development of Islamic economic law research from the perspective of maqashid sharia in the Covid-19 pandemic. The results showed that the research development map of this theme was divided into 6 clusters. Cluster 1 consists of 10 topics, cluster 2 consists of 10 topics, cluster 3 consists of 8 topics, cluster 4 consists of 7 topics, cluster 5 consists of 6 topics and cluster 6 consists of 4 topics. The findings from this study indicate that the sharia economy and its instruments and products are in accordance with the maqashid sharia, all the aspect of maqashid sharia must be guarded by all parties involved in Islamic economic activities, especially the government in charge of managing state finances while maintaining a balance of prices and can be applied and this concept even become a solution during the Covid-19 pandemic, where the objectives of each sharia economic instrument become more focused and their usefulness in this field can be optimized. All economic instruments in Islam that are based on maqashid sharia are expected to be a solution that reduces the impact of the economic crisis due to the Covid-19 pandemic and can continue to be utilized in a sustainable manner.

Penelitian

Tanggal Publikasi: 1 Jul 2023

A BIBLIOMETRIC ANALYSIS OF ISLAMIC REGTECH RESEARCH INDEXED BY DIMENSION. AI

Currently, the issuance of Paper on Islamic Regtech published by a journal equipped with title and abstract identifiers is registered in Dimension. ai from 2019 to 2023 explored in this bibliometric study. The focus of the investigation is on the keyword and author's pattern. The data was examined from the 15 Dimension research article (https://dimension. ai).'Islamic Regtech'is a search keyword. On February 23, 2023, the search used to make a collection of study data was updated. The bibliometric map was found using a descriptive statistical approach and bibliometric analysis using a VOS viewer. The quantity of paper on Islamic Regtech, as well as the growth of Islamic digital regulations, has increased dramatically in recent years. This topic is covered by a number of journals, one of the best is Ethical Concerns in Artificial Intelligence (AI): The Role of Regtech and Islamic Finance. Research, Disruption, and Islamic Financial Institution are the most commonly used terms. This study provides an overview of the most popular keywords and writers in the publication with the topic of Islamic Regtech, with the hope that it can be useful information for academics who work in this field. Thus, this concept will potentially be further developed in the future.

Penelitian

Tanggal Publikasi: 1 Jul 2023

LAPORAN AKHIR KAJIAN PENGEMBANGAN BISNIS PENDIRIAN UNIT BISNIS RUMAH POTONG AYAM YANG SYAR’I PADA SUWAJI FARM KABUPATEN TANGERANG BANTEN

Rumah Pemotong Ayam (RPA) merupakan salah satu komponen hilir usaha peternakan ayam. Penyediaan daging ayam harus memenuhi persyaratan aman dan layak untuk dikonsumsi.(Achmanu dan Muharlien 2011). Penyembelihan dalam Islam merupakan salah satu hal yang sangat penting, karena binatang yang disembelih bukan atas nama Allah SWT menjadi haram hukumnya untuk dimakan. Peraturan dasar mengenai penyembelihan terhadap hewan yang hendak dimakan adalah firman Allah dalam Al Qur’an surat Al-An’aam ayat 181 dan 121. Tingginya kebutuhan para konsumen untuk mengkonsumsi daging ayam menjadi salah satu alasan untuk mendirikan rumah potong ayam (RPA) serta menjadi solusi atas permasalahan yang dihadapi oleh perusahaan yaitu harga jual ayam broiler hidup yang bersifat fluktuatif. Suwaji Farm merupakan salah satu perusahaan agribisnis dalam bidang pembesaran ayam broiler yang berada di Kabupaten Tangerang.

Penelitian

Tanggal Publikasi: 1 Jul 2023

THE MANAGEMENT OF LIQUIDITY RISK IN ISLAMIC BANKS: THE CASE OF INDONESIA

Islamic banking and finance has shown progressive development all over the world since its inception as a commercial banking model in mid-1970s. Indonesia, as the largest Moslem nation in the world, has initiated some policies to expand the Islamic banking industry in the country. Similar to conventional banks, Islamic banks face a number of risk areas, which may affect their performance and operations. One of such risk areas is liquidity risk, which shows additional features in the case of Islamic banks. Both the international banking standards and the Sharia guidance suggest that banks should have: robust liquidity risk management policies, a responsive asset and liability committee, effective information and internal control systems and, methods for managing deposits to reduce on-demand liquidity, to manage liquidity risk. The aim of this research, hence, is to analyze the management of liquidity risk in Islamic banks through balancing assets and liabilities with the ultimate objective to recommend policies to improve the management of liquidity risk. This aim is fulfilled in the case of Indonesian Islamic banking industry. The data collection and analysis method in this research involve triangulation method with a combination of quantitative and qualitative methods to achieve such aim and objective. Particularly, both the performance analysis of the industry and the econometric time series analysis were conducted to analyze the liquidity risk and its management for Islamic banking, which includes the liquidity behavior of banking depositors and Islamic banks. In addition, the primary data through questionnaire survey was also assembled with the aim of knowing the actual practices and problems of managing liquidity risk. It was investigated from the perceptions of Islamic banking depositors and Islamic bankers to shed further lights on the liquidity risk issues, which were not captured in the time-series analysis. The empirical analyses conducted in this research demonstrate: (i) the non optimal organizational structure of Islamic banks to manage liquidity, (ii) the significant demand for liquidity withdrawals from depositors and fragility of Islamic banks to mitigate certain scenarios of liquidity withdrawals, (iii) critical factors explaining liquidity behavior of banking depositors and Islamic banks, (iv) reasons for depositors to withdraw funds from Islamic banks and the non ideal management of funds by Islamic banks and, (v) the limited Islamic money market instruments to manage the demand for liquidity from depositors. Based on these findings, the research then constructs an integrated and comprehensive program to manage liquidity risk, which consists of three elements: (i) institutional deepening, (ii) restructuring the management of liquidity on the asset and liability sides and, (iii) revitalizing the usage of Islamic liquid instruments. This integrated and comprehensive program of liquidity risk management recommends a better way of managing liquidity risk based on Sharia compliant instruments and international standard banking practices.

Penelitian

Tanggal Publikasi: 26 Jun 2023

Sistem Pintar IoT Berbasis Arduino dan Android untuk Pengontrolan Kondisi pH dan TDS pada Pengairan Hidroponik

IoT merupakan salah satu kemajuan yang signifikan dalam bidang informasi dan teknologi dan terus dapat dikembangkan untuk kemudahan aktivitas manusia. Pada penelitian ini, Sistem pintar IoT berbasis arduino dan android untuk pengukuran keasaman dan nutrisi air pada hidroponik. Arduino digunakan sebagai prosesor data yang masuk dari sensor untuk ditampilkan pada layar dan direspon memlaui relay untuk menghidupkan pompa jika nilai TDS dibawah nilai yang ditentukan. Data dari arduino dikirim ke cloud firebase sehingga bisa diakses melalui perangkat android.  Perangkat lunak prosesor Arduino menggunkan bahasa C yang diedit pada IDE arduino. Android didesain menggunakan XML dan Kotlin untuk membantu proses control aplikasi yang dibuat menggunakan aplikasi android studio. Alat ukur arduino dikalibrasi dengan menggunakan data tegangan dan data PH serta data TDS yang seharusnya pada cairan kalibrasi. Kemudian didapatkan model linier untuk PH dan model polynomial pangkat tiga untuk TDS. Model tersebut diimplementasikan pada arduino dan didapatkan nilai pengukuran mendekati nilai kalibrasi dengan kesalahan 5.86% untuk PH dan 11.1% untuk TDS. Sistem IoT diamati dengan mencoba tampilan data serta otomasi dan control manual melalui android. Hasil tampilan, otomasi dan kontrol  manual bekerja secara efektif sesuai fungsi sebagai IoT.


 

Penelitian

Tanggal Publikasi: 26 Jun 2023

 Analisis Pengaruh Variabel Ekonomi Makro Terhadap Volatilitas Indeks Saham Syariah Indonesia (ISSI)

This study aims to analyze the impact of the movement of the main macroeconomic indicators on ISSI volatility. Then analyzed how far the influence of ISSI volatility on investors' decisions in investing in ISSI shares. Furthermore, policy proposals can be made to control the impact of the main macroeconomic indicators on ISSI volatility. This study uses the VAR (Vector Autoregression) / VECM (Vector Error Correction Model) method with a sample of 130 (one hundred and thirty) monthly time series data from June 2011 to March 2022. The results of the analysis and findings in this study can provide information that the variables macroeconomics namely Inflation, World Oil Prices, Exchange Rates, Money Supply and Trade Transaction Volume variables significantly influence ISSI volatility. The positive relationship between ISSI Volatility and ISSI Trading Transaction Volume indicates that ISSI Volatility influences investors' decisions to invest in ISSI shares. So that policy priorities are needed in order to control stock volatility, including controlling inflation, world oil prices, exchange rates and the money supply. Control over the volume of trade transactions also needs to be done to reduce investment risk.

Penelitian

Tanggal Publikasi: 22 Jun 2023

The Evaluation of Field Teaching Practice using Kirkpatrick Model

Field teaching practice for students in social studies education deparment in Tazkia has problems from teaching in class and debriefing from campus which is not optimal so that it is necessary to identify it in order to in the future it can take place properly and appropriately. This study aims to evaluate a Field Teaching Practice program to social studies education department student using the Kirkpatrick model. The research method used is a qualitative approach with an evaluation of Kirkpatrick's model which includes reaction, learning, behavior, and result. Data were obtained from interviews and observation. Data analysis techniques used include data collection, data reduction, data display, and conclusion drawing/verifying. Data validation techniques were include prolonged engagement, persistent observation, and triangulation. The results show that in the future the social studies education department in Tazkia must improve and develop curriculum, training to strengthen lecturer resources, and design concrete teaching practice programs.
Keywords: Evaluation, Field Teaching Practice, Kirkpatrick’s Model
Submitted: 17 Januari 2023; Revised: 16 Maret 2023; Accepted: 26 Maret 2023

Penelitian

Tanggal Publikasi: 16 Jun 2023

Corporate Governance, Effectiveness of Internal Audit Function and Fraud in Islamic Banking in Indonesia

This research explores the correlation between corporate governance and the effectiveness of internal audit functions in preventing fraud within Islamic banking in Indonesia. This study uses 53 observational data sourced from the annual reports of Islamic banking in Indonesia for the period 2010-2019. The data were analyzed using linear regression. The results of this study indicate that corporate governance has no effect on fraud, while the effectiveness of the internal audit function is able to reduce fraud in Islamic banking in Indonesia. The implication of this research is that Islamic banking is expected to consider the effectiveness of the internal audit function in its formation, so that internal audit performance in fraud prevention can be carried out optimally.

Penelitian

Tanggal Publikasi: 15 Jun 2023

The Effect of Bankruptcy, Fraud, and Financial Stability on Audit Delay of Indonesian Islamic Banks Listed in Financial Services Authority From 2016-2019: English

The gap of time between the financial report date and audited financial report date shows the time of audit done by the independent auditor, is known as audit delay. The longer the audit delay is finished, the more significant it will affect the decision making because it is one of the most factor that has large contribution in the movement of IHSG. The aim of this study is to find out whether there is or there is not a relationship between Islamic banks reporting delay to the financial determinants of bankruptcy which will be represented with z-score or Altman’s model, fraud which will be presented with M-score or Beneish’s model, and financial stability with ACHANGE as the proxy. The data used are secondary data from annual financial reports of Islamic banks in Indonesia submitted in official website of FSA or their own website, and processed using STATA application. Forty-eight samples used in this research. The result shows that the audit delay of Islamic banks in Indonesia is not affected by either bankruptcy or fraud. Meanwhile, the audit delay of Islamic banks in Indonesia is proven to be quite affected by financial stability.

Penelitian

Tanggal Publikasi: 15 Jun 2023

DETERMINAN MINAT GENERASI MILENIAL PADA PENGGUNAAN SISTEM PEMBAYARAN E-WALLET LAYANAN SYARIAH LINKAJA

This study aims to determine whether perceptions of usefulness, perceived convenience, perceptions of security, Islamic financial literacy simultaneously affect the interest in using the LinkAja Syariah Service e-wallet payment system. In this study, researchers used a descriptive quantitative approach with sampling techniques, namely non-probability sampling by distributing questionnaires to 105 respondents in the Jabodetabek area. This research method is multiple linear regression analysis with an error rate of 5%. The results found in this study are (1) the perception of convenience does not affect the interest in using LinkAja Syariah Services. (2) the perception of usefulness has a positive and significant effect on interest in using LinkAja Syariah Services. (3) the perception of security does not affect the interest in using the LinkAja Syariah Service. (4) Islamic Financial Literacy has a positive and significant impact on interest in using LinkAja's Syariah Services. (5) Perception of convenience, perception of usefulness, perception of security and Islamic financial literacy simultaneously have a positive and significant effect on interest in using LinkAja Syariah Services. 

Penelitian

Tanggal Publikasi: 12 Jun 2023

PERSEPSI MUSLIM JABODETABEK MENGENAI UANG ELEKTRONIK (UNIK) TERHADAP MINAT MENGGUNAKAN APLIKASI UNIK BERBASIS SERVER

Teknologi semakin berkembang seiring dengaan perkembangan zaman, inovasi tersebut sudah merambat kedalam perekonomian yakni dalam bidang keuangan. Namun dalam perkembangan ini tidak luput dari timbulnya risiko, cara menghadapinya dilakukan dengan cara yang berbeda tergantung pada persepsi setiap individu. Penelitian ini bertujuan untuk mengetahui pengaruh antara persepsi syariah, persepsi atribut produk, dan persepsi risiko terhadap minat menggunakan aplikasi uang elektronik berbasis server. Metode pengumpulan data yang digunakan dalam penelitian ini adalah dengan menyebarkan kuesioner kepada responden. Populasi yang digunakan dalam penelitian ini sebanyak 27.025. 316 orang dengan karakteristik masyarakat muslim pengguna aplikasi uang elektroni berbasis server. Sampel dalam penelitian ini berjumlah 400 responden dengan teknik pengambilan sampel berdasarkan cluster sampling. Dengan menggunakan path analysis hasil penelitian menunjukkan bahwa tingkat persepsi syariah berpengaruh negatif dan tidak signifikan terhadap minat menggunakan aplikasi uang elektronik berbasis server. Pengaruh persepsi atribut produk dan persepsi risiko berpengaruh positif dan signifikan terhadap minat menggunakan aplikasi uang elektronik berbasis server. Kemudian pengaruh persepsi syariah berpengaruh positif signifikan terhadap persepsi atribut produk dan persepsi risiko.

Penelitian

Tanggal Publikasi: 12 Jun 2023

Modelling Zakat and Waqf Scheme for Empowering Across-the-board Refugees 

The objective of this study is to propose a model of empowering global refugees by utilizing zakat and waqf through Islamic microfinance institutions. The model introduced is an extended model of the model developed by Kachkar (2017) and Indrawan et al. (2018). A thorough review of relevant literature is conducted to develop this model. The proposed approach, referred to as the Integrated Zakat and Waqf Model for Refugees (IZWMR), introduces the zakat element as an extension of the previous model. Additionally, the waqf component of the model includes not only cash waqf but also land waqf, thereby enabling the optimal utilization of idle waqf assets to empower refugees and support their livelihood. This study aims to raise awareness within society about the challenges faced by refugees, provide a comprehensive model to address the global refugee crisis, and create opportunities for the more effective and impactful utilization of Islamic social finance instruments, such as zakat and waqf. The extended model added the micro-takaful concept which provide insurance or risk management solution for micro enterprise operated by refugees who has get entrepreneurship training.

Penelitian

Tanggal Publikasi: 5 Jun 2023

Impact of Financing Problems on Baitul Mal wa Tamwil during Covid-19

The study aims to evaluate cause and effect of financing problems on Baitul Mal wa Tamwil (BMT)
during Covid 19 and to analyze the strategy undertaken by BMT to handling financing problems.
This study is qualitative research. The primary and secondary data obtained from observations,
interviews, and documentation. The informant of study are top management and members of BMT Al-
Hidayah Kotaraja Lombok Timur. The data are analyzed using the FMEA (Failure Mode and Effect
analysis) approach. FMEA method is a systematic method used to identify and prevent problems with
a company's product or business process. All process is calculated in score, namely Risk Priority
Number (RPN) and showed in the Pareto diagram. Financing problems are categorized as substandard,
doubtful, and bad financing. The causes are lack of employee ability to assess prospective member's
character who does not want to pay installments and natural disaster (Covid-19 pandemic) as well.
Financing problems has an impact on the emergence of financing risk. The direct impact felt by BMT
Al Hidayah Kotaraja is that the circulation of money is not smooth, while the return for profit sharing
to deposit members must still be given every month. The lack of employee ability to assess
prospective members is the main cause. The strategy undertaken to tackle financing problems is not
appropriate. They focus on members. They should focus to improve the ability of employees to assess
prospective members. The study also found that FMEA is effective in overcoming financing problems
in BMT.

Keywords: Financing problems, NPF, BMT, FMEA

Penelitian

Tanggal Publikasi: 1 Jun 2023

ANALISIS INTERAKSI DAN KONTRIBUSI SBIS JUALAH DENGAN PENYALURAN PEMBIAYAAN PERBANKAN SYARIAH

In Indonesia, the development of Islamic banking has increased significantly from year to year. Controlling the money supply through financing can be used with SBIS selling contracts as one of the sharia monetary policy instruments. The purpose of this research is to see how far the interaction and contribution of SBIS selling contracts with Islamic banking financing. The analytical method used is VECM. The results show that the causality between these two variables is not significant and for the interaction response both show stability in both the short and long term. This research recommends that SBIS is not only in the form of a ju'alah contract but also the implementation of the contracts given by the MUI.