Perkembangan bank Syariah tidak terlepas dari pengaruh krisis ekonomi global, dimana ketika guncangan keuangan menyebar ke real ekonomi selama fase krisis, bank syariah menderita kerugian tinggi dengan tingkat ketidakstabilan keuangan. Penting bagi bank syariah untuk menerapkan kebijakan dalam bisnis yang dilakukan untuk menentukan komposisi portofolio keuangannya. Penelitian ini bertujuan untuk menganalisis profil risiko dan imbal hasil pembiayaan perbankan syariah pada akad mudharabah, murabahah, dan istishna ketika terjadi krisis ekonomi. Metode analisis data yang digunakan dalam penelitian ini adalah model mean-variance yang diperkenalkan oleh Markowitz (1952), dengan menggunakan Microsoft Excel 2019. Sampel penelitian yang digunakan dalam penelitian ini berupa 3 instrumen pembiayaan antara lain pembiayaan murabahah, mudharabah, dan istishna pada BUS dan UUS. Data yang digunakan dalam penelitian ini adalah data sekunder yaitu bersumber dari laporan keuangan melalui situs resmi Otoritas Jasa Keuangan (OJK) dan Bank Indonesia (BI) tahun 2004-2021. Hasil pertama dalam penelitian ini adalah tingkat imbal hasil dan risiko periode sebelum krisis menunjukkan bahwa pembiayaan murabahah memiliki nilai rata-rata risiko dan nilai rata-rata imbal hasil aktual terbesar dari kedua pembiayaan yaitu murabahah dan istishna. Sedangkan imbal hasil dan risiko pada ekonomi krisis, pembiayaan mudharabah memiliki nilai rata-rata risiko dan nilai rata-rata imbal hasil aktual terbesar dari pembiayaan murabahah dan istishna. Dan pembiayaan Istishna merupakan pembiayaan yang memiliki nilai rata-rata imbal hasil dan risiko terendah pada kedua kondisi ekonomi tersebut dengan tren cenderung stabil. Hasil kedua menunjukkan bahwa Titik B ke C adalah pilihan alternatif portofolio investasi yang paling optimal atau disebut the most efficient portfolio frontier dari industri perbankan syariah periode 2004 sampai 2021.

The purpose of this paper is to find the optimal portfolio of Hajj fund management by the Islamic banks in Indonesia. BPKH, as an authority, can place the Hajj fund on Islamic bank deposits. However, Islamic banks limited the expected returns and risks set by BPKH so that the appropriate strategy is required to establish the optimal of portfolio. Islamic banks face a trade-off because of the increased level of risk constrains the intention to get higher returns. This study uses a mean-variance portfolio optimization theory to construct such an optimal portfolio. Finally, this study recommends Murabaha financing and SBIS to Islamic banks as the optimal portfolio selection. The combination of an efficient portfolio that has formed cannot be fully employed because the expectation limits them. However, Islamic banks can still select the optimal portfolio combination according to their risk preferences.

In the last decade, a number of Muslim countries experience an unqualified economic growth due to the rising of inequalities. The Fiscal and monetary policy become an important instrument to promote the inclusive growth that provides equal opportunity for people to enjoy growth. This study empirically investigates the impacts of fiscal policy (spending on health and education) as well as the monetary policy target (inflation and domestic credit by banks) to inclusive growth in 4 selected OIC countries (Indonesia, Malaysia, Qatar, Saudi Arabia). The results of the study with Error Correction Model shows that health expenditures positively and significantly influences the inclusive growth in Malaysia and Qatar in the short and long term, while the education expenditures positively and significantly influences the inclusive growth in Indonesia and Saudi Arabia. Inflation is only significant in the long term, while the domestic credit positively and significantly affect the inclusive growth in Saudi Arabia, Malaysia and Qatar in the long term. Based on these results, it is required to review the portion of expenditure in both sectors and the efficiency of the allocation to support inclusive growth. In addition, the strengthening of monetary policy, political stability and country security, as well as the expansion of the financial sector (financial deepening) to reach all people in getting access to finance to support the achievement of inclusive growth.

The research aimed at calculating the Operational Value at Risk (OpVar) in estimating the probability of the frequency of losses at Sharia Bank of XYZ, analyzing and assessing the event types of operational risks which have a great contribution in the operational losses of the bank, and determining the efficiency levels of the operational value at risk of capital charges of the bank. Measurement of operational risk in this study was conducted using the Loss Distribution Approach (LDA) Aggregated Model, as one of the Advanced Measurement Approach (AMA) models, which theoretically produces more efficient capital charges. The results showed that the contribution of the biggest losses came from the events of business disruption and system failure, execution, delivery & process management and internal fraud. The calculation of the operational risk of the bank conducted using the LDA-Aggregate produced lower capital charges than those using the Basic Indicator Approach.

Despite significant growth and development in recent years, Islamic banking (IB) continues to face widespread criticism due to its apparently weak social outcomes. This study investigates the social performance of Islamic banking in Indonesia, including its justification as an IB objective and the means of improvement. We surveyed 506 current and potential Islamic banking customers across six Indonesian provinces, combined with in-depth interviews with 10 Islamic banking experts consisting of regulators, practitioners, Sharia scholars, and academics. The findings strengthen previous results on the topic in that 42.89% of respondents consider that IB in Indonesia is socially defensive (doing the least that is required in terms of social outcomes), while 6.92% believe that it is reactive (doing less than that required). Of the remaining respondents, 34.78% consider the social performance as accommodative (doing all that is required) and 15.42% see it as proactive (doing more than is required). Most respondents (52.96%) suggest improvement by combining corporate social responsibility and the ZIS (Zakat, Infaq, shadaqah)-Waqf system. Only some (7.11%) suggest the establishment of Islamic social banking, whose main feature would be to design an alternative to collateral so that low- and middle-income customers could more readily access bank financing. We recommend that regulators and practitioners take action to address these challenges through incentives and long-term strategic planning

One major problem of Islamic banking in Indonesia today is the high Non-Performing Financing (NPF) with its ratio amounted to 5.68% in June 2016. This paper aimed to identify and examine both macroeconomic and bank-specific factors affecting NPF ratio of Islamic banking. Particularly, it used the panel data regression method with a monthly data basis of eleven Islamic commercial banks in Indonesia. Furthermore, there were two periods examined i.e. from December 2011 to June 2016 (no specific restrictions on economic performance) and from February 2013 to January 2015 (restriction on economic performance). Technically, the dependent variable was NPF ratio (NPF) and the independent variables were Industrial Production Index (IPI), Real Sales Index (IPR), the difference between the BI Rate and inflation (BIREAL), the exchange rate of Rupiah against the US Dollar (EXR), the annual growth of financing (GFINY ), the ratio of financing to total assets (FINTA), the Capital Adequacy Ratio (CAR), Return on Assets ratio (ROA), the coverage of loan loss provision (CKPN), and the concentration of financing in the real estate sector (REFIN). The results showed that in the two periods examined, NPF was significantly influenced by the internal factors. In the first period, NPF was significantly influenced by GFINY, CKPN, and REFIN while in the second period, NPF was significantly influenced by CAR, ROA, CPKN, and REFIN. This shows that the quality of risk management implementation, profitability and capital are important factors in reducing the NPF ratio.

Purpose – This paper attempts to construct Islamic gracious monetary instruments namely Qardh hassan, Waqf and Gift central bank certificates. The certificates do not only function as monetary instruments per se, but also give economic and social benefit for the public such as the needy. However, the central bank and its counterparts still need to manage the funds professionally to produce profit, maintain the values of the funds and prevent business losses. As such, this theoretical study aims to offer alternative Islamic monetary instruments for the central bank to manage liquidity and especially to improve the welfare of the people. Design/methodology/approach – The paper exercises three Islamic gracious monetary instruments (Qardh hassan, Waqf and Gift central bank certificates) for both investment based (Mudarabah and Musharakah) financing and trading based (Ijarah and Murabahah) financing. Every instrument is elaborated mathematically to analyze its economic impact, treatment of profit and loss coming from the business and status of the funds. Finally, the paper compares every gracious certificate and explains the terms and conditions to use them optimally. Findings – The exercises find unique characteristics, operations and contribution of every Islamic gracious monetary instrument to the economy. Based on economic impact, nature of the contracts and management of the funds, the central bank can now have alternative Islamic monetary instruments to be offered to the generous depositors to improve the welfare of the people particularly the needy. Research limitations/implications – The paper only assesses the feasibility of three Islamic gracious monetary instruments. There might be more alternatives of Islamic gracious monetary instruments to be considered and elaborated. Originality/value – To the best of author’s knowledge, this is the first paper to try to exercise the alternative of the Islamic gracious monetary instruments.

This study aims to determine the factors that affect the equity financing at the Islamic Banking which covers quantitative financing profit and loss sharing and to formulate policies to be performed by the management in maintaining the financing growth. The study was conducted by utilizing Autoregressive Distributed Lag (ARDL) model with variables including BI rate and inflation as the external factor. The test results of both external factors indicated a negative impact on both financing. BI rate as an indicator of the government's policy becomes the fastest variable affecting the equity financing i.e. at lag 1. Inflation comes as the macroeconomic indicator at lags 2, 9 and 10. All internal factors have a negative impact on both financing types except for the cost of education and training, and autoregressive variables. The fund of the third party influences the sharing of profit and loss (mudharabah) at lag 1 and at 9, meanwhile the capital adequacy ratio affects the profit sharing (mudharabah) at lag 8, and it affects the loss sharing (musyarakah) at lag 6. The cost of education and training has an effect on loss sharing at lag 5, and Islamic banking basic education affects profit financing at lag 2 whereas the trend of financing profit sharing is at lag 8 and loss sharing at lags 1 and 2 and since it autoregressive, it affects each financing of the current period.

The purpose of this research is to analyzes the effects of managerial ownership, audit committees, investment opportunities, profitability, and corporate social responsibility (CSR) on the value of manufacturing companies. This research uses data obtained from a manufacturing account of the manufacturing company registered in the Indonesia Sharia Stocks Index (ISSI) period of 2011-2017 Analysis using the aplication of panel data regression model with the e-views 9 and Microsoft excel.. Studies show that the most appropriate selection of models for the data panel's regression is a fixed effect model with the result of research that managerial ownership, profitability, and corporate social responsibility (CSR) have no significant effect on the value of manufacturing companies, while the variable committee's variables and investment opportunities have significant to the value of the company listed on the Indonesia Sharia Stocks Index (ISSI) period of 2011-2017.

The purpose of this study is to test the support of top management that can enhance the quality of Accounting Information Systems (SIA) in Islamic insurance companies in Indonesia. This study uses qualitative methods with a positive paradigm. The data used are primary data with the help of questionnaires as research instruments. Data obtained from returning questionnaires filled out by respondents who are leaders, division heads, department heads or heads of accounting departments. The research population is a sharia insurance company consisting of 59 companies registered as members of the Indonesian Sharia Insurance Association (AASI) as of April 2019. From the population obtained 34 respondents who filled out the questionnaire. Data analysis was performed with descriptive static and PLS-SEM. The results showed that top management's support had a significant effect on the quality of accounting information systems and support of top management has not been maximized

As the largest muslim population country in the world, Indonesia has a great potential in terms of zakat collection which about IDR. 217 trillion. However, according to the outlook of Zakat 2019, Zakat Management Organizations can only collected by about IDR. 6 Trillion. This condition indicates that there is a gap between potential collection and real collection by about IDR. 211 trillion. There are some studies explored the causes of the gap of zakat collection in Indonesia. One of the cause is missmanagement in Zakat Management Organization. To overcome the situation, The Central Bank of Indonesia, The National Board of Zakat of Republic of Indonesia along with 8 representatives of islamic countries have conducted a global initiative by launching Zakat Core Principles (ZCP) which provides the minimum standards for good zakat governance. The 15th standard of ZCP is encouraged ZMO to implement Shariah Governance. Hence, by reffering to the document the study attempts to explore and design Shariah Governance Standard (SGS) for Zakat Management Organization. The study also used Content Analysis technique, Survey Method and Delphi Method as methodological approach. By involving 13 experts as our respondents, the study successfully designed 6 main standards and 57 sub-standards of SGS for Zakat Management Organization. The study also reveals that the majority of respondents of this research expressed their agreement on the designed SGS for ZMO. Nevertheless, The Delphi test shows that the p-value of rater agreement achieved less than 0.5 means that the consensus among the respondents regarding the SGS for ZMO is significantly robust.

Penelitian ini mempunyai tujuan untuk mengetahui pengaruh Islamic Social Reporting (ISR) terhadap kinerja bank pada perbankan syariah yang terdapat di Indonesia. ISR digunakan untuk menguji tanggungjawab sosial pada bank syariah sedangkan untuk kinerja bank diukur menggunakan indikator Maqashid Syariah Index (MSI) dengan pendekatan Abdul Majid Najjar. Deskriptif verifikatif digunakan sebagai jenis penelitian pada penelitian ini, dengan metode survey pada secondary data berupa annual report yang diterbitkan oleh bank syariah untuk periode 2013-2017. Sebanyak sembilan bank syariah yang terdapat di Indonesia menjadi sample penelitian selama lima periode penelitian sehingga diperoleh 45 data observan. Analisis deskriptif dan regresi linier sederhana digunakan sebagai analisis statistik dalam penelitian ini, diawali dengan pengujian normalitas data dengan uji normalitas dan pengujian linearitas data dengan uji linearitas, kemudian dilakukan pengujian regresi menggunakan uji anova dan uji parsial (sig. 5%). Hasil uji regresi linear sederhana membuktikan ISR memiliki pengaruh positif serta signifikan pada kinerja bank dengan menggunakan MSI di perbankan syariah yang terdapat di Indonesia. Artinya ISR makin tinggi maka makin naik pula kinerja banknya.

The purpose of this study is to test the support of top management that can enhance the quality of Accounting Information Systems (SIA) in Islamic insurance companies in Indonesia. This study uses qualitative methods with a positive paradigm. The data used are primary data with the help of questionnaires as research instruments. Data obtained from returning questionnaires filled out by respondents who are leaders, division heads, department heads or heads of accounting departments. The research population is a sharia insurance company consisting of 59 companies registered as members of the Indonesian Sharia Insurance Association (AASI) as of April 2019. From the population obtained 34 respondents who filled out the questionnaire. Data analysis was performed with descriptive static and PLS-SEM. The results showed that top management's support had a significant effect on the quality of accounting information systems and support of top management has not been maximized

We assess the effect of loan growth and capitalization on credit risk in Islamic banking. Using a sample of Islamic banks from 29 countries, our empirical results reveal that higher loan growth exacerbates credit risk one year ahead, particularly for Islamic banks with higher capitalization. However, a deeper investigation highlights that such evidence is more pronounced after the 2008 global financial crisis (GFC). Hence, strengthening prudential tools and supervision for Islamic banks with higher capitalization is necessary to mitiate moral hazard and ensure prudent lending behavior in the aftermath of the GFC. Likewise, strengthening capital requirements is not enough to ensure prudent lending behavior in Islamic banking

PK policies in Bogor Regency, to analyze the role of BAZNAS and its potential and to analyze the synergy between local government policies and BAZNAS in the PPK Program. This qualitative research uses the analysis method "AIM" (Analysis Interactive Model), namely: collection, reduction, presentation of data, and drawing conclusions (verification) which are generally used to analyze the synergy process, while quantitative analysis is used to calculate the potential value of zakat. The results of this study are that the poverty rate is still difficult to suppress even though central and regional programs have been implemented where one of the main reasons is the problem of lack of funding, the budget required is around IDR 1.4 trillion, which was realized IDR 890 billion (2017). BAZNAS Bogor Regency has played an active role in the KDP program, but it is still far from optimal. The results of the potential analysis reached Rp. 1,169,354,000,000, new proceeds of around Rp. 6 billion; Realizing the various support capacities, potential of BAZNAS, analysis of problems and analysis of the interests of the parties, an agreement was built (in the FGD) to synergize at the level of policies, institutions and programs, which will later be outlined by the Regional Government (Bappeda) in the RAD (Rencana Aksi Daerah)document.

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

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

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

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

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