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Penelitian

Tanggal Publikasi: 28 Apr 2023

Analysis of Economic Policy During the Time of Sultan Jalaludin Akbar in the Mughal Empire

Based on the formulation of the problem above, the objectives to be achieved by researchers in writing this paper are: 1) Assess the role of Jallaludin Muhammad Akbar in carrying out the economic policies of the government of the Mughal Empire in India in 1556-1605 AD. The historical method has four steps in conducting historical research, namely (1) Heuristics, (2) Historiography, (3) critic, (4) Interpretation Agriculture and Trade Sector The Mughal economic system was based on agriculture and trade. Communication between farmers regulated by the government in a good way. Taxation Council (1) high taxes given to high officials of the Mughal Empire, (2) Taxeslow for farmers. Tax collection is usually in the form of land tax and property tax (Ownership of goods). The conclusion is that King Jalalludin Akbar, his economic policies are closely related to being based on the political and social policies that during sted the Mughal dynasty. Poor people do not object to economic policies, but object to other policies, high tolerance with normal taxes makes economic policies run smoothly even though removing the jizyah policy but jalaludin agung can still reach its peak of glory with agriculture and its export trade to various regions.

Penelitian

Tanggal Publikasi: 14 Apr 2023

BAURAN KEBIJAKAN FISKAL DAN MONETER TERHADAP PEREKONOMIAN DALAM PERSPEKTIF SYARIAH

Kebijakan moneter dan kebijakan fiskal merupakan kebijakan yang mempengaruhi kebijakan ekonomi makro. Penetapan kebijakan ekonomi secara makro akan memberikan dampak pada pencapaian peningkatan ekonomi. Agar pertumbuhan ekonomi sesuai dengan yang diharapkan, maka kebijakan moneter dan fiskal harus berjalan saling beriringan dan saling mendukung. Jika kedua kebijakan itu saling berlawanan dan tidak saling mendukung, maka pertumbuhan ekonomi akan terganggu atau malah mencapai nol. Oleh karena itu diperlukan interaksi dan interkoneksi antara kebijakan moneter dengan kebijakan fiskal. Kedua lembaga pemerintah yang berwenang menangani masalah keduanya, baik Kementerian Keuangan sebagai penanggung jawab kebijkan fiskal maupun Bank Indonesia sebagai pemegang mandat dalam menetapkan kebijakan moneter, harus bisa menyatukan kebijakan-kebijakan demi mendorong pertumbuhan ekonomi yang mensejahterakan rakyat.

Penelitian

Tanggal Publikasi: 10 Apr 2023

Can We Combine Sukuk and Waqf? A Case Study of Indonesia

Waqf assets in Indonesia have not been managed optimally and productively. A survey states that 74% of waqf managers (nadzir) cannot maximize benefit from waqf. The reason is the limitation on innovation to develop and sustain waqf assets. On the other hand, Indonesian government has suffered from high foreign debt that seeks solution for alternative financing. Sukuk issuance could be a potential linkage between unmanaged waqf assets and government high debt demand. This study discusses the possibility of issuing sukuk based on waqf asset in Indonesia which drives several aspects. This paper adopts research method of benefit, opportunity, cost, and risk both for issuer and investor standpoint that refer to various sources of literature and interviews with respondents consisting of experts, regulators, and practitioners. The results using two-floor level Analytic Network Process show that the priority of benefit aspect is a financing alternative. While for the aspect of opportunity, the main priority is developing more innovative Islamic finance products. The priority of cost aspects is unprofessional asset management of waqf. The priority on aspects of risk is a dispute of endowment assets. For short-term and long-term strategy, the main priority is on creating partnership with other institutions. Contribution of this research is to inform the regulators on the setting of legal aspect when waqf assets used for sukuk financing in particular on the issue of foreign debt.

Penelitian

Tanggal Publikasi: 10 Apr 2023

Contribution of Islamic Microfinance Studies in Achieving Sustainable Development Goals

The Sustainable Development Goals (SDGs) aim to eradicate extreme poverty by 2030 and reduce at least half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions. This chapter reviews extant empirical studies in the area of Islamic microfinance in orderto analyse the contribution of Islamic microfinance to SDGs by mapping research direction on the SDGs. The studies are categorized based on the discussion on research paradigm, countries being researched, methods employed and results that lead to action for achieving MDGs and SDGs. It finds that the studies under review mostly employ poststructuralism and interpretivism paradigm with countries being researched are mostly Bangladesh, Malaysia and Indonesia. Finally, the chapter offers insights on future research aiming to promote the achievements and issues faced in the implementation of SDGs.

Penelitian

Tanggal Publikasi: 10 Apr 2023

Multiple logics within the international Islamic financial architecture: implications for Islamic financial reporting standards

This paper aims to examine the existence of multiple institutional logics among a number of organisations within the international Islamic financial architecture (IIFA) whose main purpose is to promote and support the development of Islamic financial institutions (IFIs) across the globe and how IIFA relates to the role of Islamic financial reporting standards.
The authors review websites of 11 IIFA’s constituent organisations and undertake 7 in-depth, semi-structured interviews with senior members of a selection of these organisations to identify the dominant logics by which their role and (inter)action within the IIFA are shaped.

The study findings reveal evidence of competing (and shifting) logics and political interests that seem to have led to contradictions and inconsistencies among the constituent organisations. The authors explain this by proposing a framework consisting of religion logic, market logic and corporate logic that intertwines with the underlying economic system and acts as sources of identity–legitimacy–authority for the respective organisations.

The authors bring to light some key issues that may pose a threat to the sustained existence of IFIs. The authors adapt the institutional logic framework and incorporate it into religion logic within the context of Islam (i.e. hifdzul-din as the first Maqasid ul-Shari’ah), resulting in some fresh theoretical perspective that may inform future research.

Penelitian

Tanggal Publikasi: 10 Apr 2023

The Role of Good Corporate Governance and Accounting in Islamic Financial Institutions

Islamic financial institutions offer a different paradigm from conventional institutions. From corporate governance (CG) viewpoint, it embodies a number of interesting features since equity participation and profit-and-loss sharing arrangements form the basis of Islamic financing. These financial arrangements imply different stakeholder relationships and governance structures, and distinct from the conventional model since depositors have a direct financial stake in the bank's investment and equity participations. On top of that, the Islamic bank is subject to an additional layer of governance since the suitability of its investment and financing must be in strict conformity with Islamic law and the expectations of the Muslim community. Other form of governance such as accounting standards have also been an issue whether they have met the reporting requirement of Islamic financial institutions that carry title as “Islamic” as there is no uniformity. Therefore, there should be concerted efforts to revisit the existing good CG and accounting standards for Islamic financial institutions.

Penelitian

Tanggal Publikasi: 1 Apr 2023

Public Awareness and Inclination to do Cash Waqf in Indonesia

The application of cash waqf in the general public has not developed widely compared to its considerable potential. This study aims to show how public awareness and inclination of the community in understanding the existence of cash waqf and trying to find normative reasons that become obstacles to the implementation of cash waqf. This study used quantitative methods and by descriptive approach to describe the results through an in-depth discussion. Respondents consisted of 390 people from various backgrounds spread across Indonesia, such as religion, age, education, income, and province. The findings indicate that, in general, the knowledge of the Indonesian people regarding cash waqf is still shallow in the classifications mentioned in this study, because many people still didn’t know well what waqf is. Moreover, most of the respondents stated that infaq is more convenient than waqf. However, this is driven by several obstacles that need to be considered when designing educational and outreach methods in the future. The role of this research is expected to lead to the fulfillment of the potential of cash waqf, which has such a significant function in society. This study could be used as a formulation of a socialization strategy to attract wakif candidates in Indonesia.

Penelitian

Tanggal Publikasi: 28 Mar 2023

وضع الظاهر مكان الضمير في تفسير إرشاد العقل السليم من سورة يونس إلى سورة يوسف أنموذجا (دراسة تحليلية)


تتضمن هذه الدراسة على قيمة اهتمام تفسير إرشاد العقل السليم بقضية وضع الإظهار مكان الإضمار، فهذا التفسير له منهج الذي التزم به في عرض هذه القضية. من أهداف هذه الدراسة إبراز منهج أبي السعود في عرض القضية وضع الظاهر مكان الضمير، ومعرفة الآيات التي فيها وضع الظاهر مكان الضمير، والوقوف على الأغراض في قضية وضع الظاهر مكان الضمير عند أبي السعود. وهذه الدراسة استعملت المنهج التحليلي لما لها من الإقامة بتركيب الأفكار وتقويمها ورجوع العناصر إلى أصولها وتتبعها في التأثير على من جاء بعده. واستنجت هذه الدراسة على أن هناك تقريبا بضعة مواضع التي تكلم صاحب إرشاد العقل السليم بقضية موضع الإظهار مكان الإضمار، كما بين أن هناك الأغراض المختلفة لهذا الوجه البلاغي من خلال سورة يونس إلى سورة يوسف

Penelitian

Tanggal Publikasi: 24 Mar 2023

Role of Higher Education to Nurture Entrepreneurial Character Education

Background – The high unemployment with the educational background of college graduates shows that the need for entrepreneurial attitudes and abilities to be taught. As one of the agendas of the Ministry of Education and Culture, education of character in the higher education can be collaborated with entrepreneurship education. The concept of entrepreneurship character education in the context of higher education is expected to be able to make students become entrepreneurs in the future

Purpose – This study aims to analyze how the role of universities in developing entrepreneurship character education.

Research methodology – This research is a qualitative-quantitative research using Analytic Network Process (ANP) as a analysis techniques. The respondents of this study consisted of 2 categories, namely academics totaling 5 respondens and entrepreneurship practitioners totaling 4 respondents.

Findings – The findings of this study are; first, the aspects that support the development of entrepreneurship education in higher education consist of three aspects: (a) the vision and mission of the campus that focuses on entrepreneurship, (b) Achievement policies and strategies in the context of entrepreneurial character education, and (c) Support of Campus Facilities and Infrastructure that support the entrepreneurial character education process. Second, the priority aspect of the role of universities in developing entrepreneurial character is the vision and mission of an entrepreneurship-based campus. The vision and mission of an entrepreneurship-based campus can be supported by a university strategic plan accompanied by sufficient funding and cost support. As a case analysis, this study compares several concepts of entrepreneurship character education in several campuses in Bogor.

Research limitations This research focuses solely on the context of higher education in generally. Further research is needed, especially in the aspect of education, especially the entrepreneurship education curriculum that supports the vision and mission of an entrepreneurship-based campus.

Originality/Novelty is the uniqueness of the research. Research on entrepreneurship character education with a college context is still small. Research adds to the science of entrepreneurship education in higher education.

Penelitian

Tanggal Publikasi: 9 Mar 2023

CELEBGRAM ENDORSEMENT AND PRODUCT QUALITY, HOW DOES IT INFLUENCE THE INTEREST TO SHOP ONLINE?

This research aims to determine the effect of the endorsement and product quality on online shopping interest on the cosmetic brand EMINA. By using a descriptive quantitative approach, the sampling technique used is random sampling by distributing questionnaires to 100 millennial generation women in Bogor. This study found the endorsement program and product quality have a positive and significant effect on online shopping interest.

Penelitian

Tanggal Publikasi: 5 Mar 2023

Trust and Purchase Intention Model of Muslim Z-Generation Consumers on E-Commerces (B2C) in Indonesia

Indonesia is one of the countries with the highest number of online buyers. One of the potential target markets of e-commerce (B2C) is Z generation, a group of young people who spend most of their time accessing information from websites, including e-commerce. This study aimed to find out the effect of trust and purchasing intention model in the context of online shopping. This study used Structural Equating Modeling (SEM) approach. The sampling technique employed was convenience random sampling with a total of 300 respondents. This study found that perceived trust significantly impacts on purchase intention. Interestingly, perceived risk have negative effect on perceived trust while other variables, namely, product description, perceived site quality, enduring and sitational involvement have a positively effect on perceived trust

Penelitian

Tanggal Publikasi: 1 Mar 2023

Perkembangan Wakaf Uang di Indonesia Dampaknya Terhadap Kemajuan Pesantren

Wakaf Uang adalah instrumen keuangan Islam yang sangat urgen dan menjadi bagian dalam syariat Islam. Dari perspektif eksistensinya, wakaf uang sebagai hal yang baru di Indonesia. Keberadaan wakaf uang di Indonesia muncul setelah Majelis Ulama Indonesia mengeluarkan  fatwa tentang bolehnya wakaf uang tahun 2002. Dan peluang pengembangan itu menjadi lebih besar lagi setelah disahkannya rancangan Undang-Undang Wakaf menjadi Undang-Undang Nomor 41 Tahun 2004 perihal Wakaf. Dengan adanya Undang-Undang Wakaf tersebut memberikan harapan kepada semua pihak dalam upaya pemberdayaan ekonomi rakyat, di samping untuk kepentingan peribadatan dan sarana sosial lainnya. Masalah inti dalam dalam makalah ini adalah, bagaimana potensi wakaf uang yang ada dapat memberikan dampak yang signifikan terutama untuk sektor pendidikan seperti pesantren dan lainnya. Dengan demikian tujuan penelitian ini adalah untuk mendapatkan gambaran potensi wakaf uang di Indonesia serta dampaknya dalam dalam upaya pemberdayaan ekonomi umat terutama lembaga-lembaga pendidikan agama di Indonessia. Metode yang digunakan dalam makalah ini adalah metode study literature, melalui penjelasan deskriotif teori yang berhubungan dengan judul, yang diperoleh dari jurnal, buku dokumentasi, dan media lain yang relevan.

Penelitian

Tanggal Publikasi: 17 Feb 2023

Analysis of Understanding and Application of Fiqh Muamalah (Bai’) at Tanah Abang Market Traders Block B with Phenomenology Approach

To analyze the understanding and application of fiqh muamalah at Tanah Abang Market Traders Block B.Design/methodology/approach–The method in this research is Qualitative research methods with a phenomenological approach with nine respondents.Findings–The results of the research in this study are 88% do not understand but apply and 11% understand and apply in the pillars of bai, 83% understand and apply 17% do not understand and do not apply tothe theme of valid bai requirements, 100% do not understand and apply to the qadbh theme, 66% understand and apply 33% do not understand and do not apply to the theme of khiar, 94% understand and do not apply 6% do not understand and do not apply to the theme of usury, 81% understand and do not apply 19% do not understand and do not apply to the theme of gharar, 100% understand and do not apply to the theme of dzalimResearch limitations/implications–The scope used in the study only covers places that are not too large and broad in scope, and this study only uses 2 variables. The pandemic conditions hampered the research process, so that when the interview process the results were not optimal.Originality/value–The results of the research can beused as a basis for reference for educational institutions to actively provide socialization to traders, as well as religious institutions to be able to provide scientific studies on fiqh muamalah to market traders at Tanah Abang Block B

Penelitian

Tanggal Publikasi: 17 Feb 2023

Measuring the Provincial Sharia Happiness IndexMeasuring the Provincial Sharia Happiness Index

his study aims to measure Sharia happiness index of 33 provinces in Indonesia from 2014 to 2017

Design/methodology/approach – This research is descriptive with a quantitative approach, a modification of happiness index in 33 provinces in Indonesia conducted by BPS (Badan Pusat Statistik) published in 2014 and 2017 HLMS (Happiness Level Measurement Survey) by adding aspects that are in accordance with Sharia.

Findings – Average happiness index for Indonesia based on BPS HLMS in 2014 was 68.79, increasing to 71.47 in 2017. The highest happiness index was province of North Maluku (73.12), and the lowest was province of Papua (64.25). Meanwhile, the average Sharia happiness index in Indonesia is 70.53. The highest average score was of Yogyakarta (74.11), and the lowest score was province of Papua (59.47).

Research limitation/implication – The Government and Policy Stakeholders should pay attention and support to the factors that affect the level of religious satisfaction, which are proven to have a positive impact on the welfare and happiness of the community, where the majority of the Indonesian population is Muslim.

Originality/value – Studies on sharia happiness at the provincial level are rare. Shariah happiness journals tend to discuss happiness at the conceptual level, very few describe Shariah happiness at the application level. This research enriches Islamic discourse in the context of macroeconomics which can be used as a reference for further research and studies

Penelitian

Tanggal Publikasi: 17 Feb 2023

The Analysis of Small Medium Enterprise’s Sukuk Investment Intention Through Financial Technology Securities Crowdfunding

The study is aimed at examining the determinants of retail investor to invest in small medium enterprise’s (SME) sukuk through Fintech Securities Crowdfunding (SCF) using the extended theory of planned behaviour (TPB). The cluster random sampling was applied and survey was conducted by distributing online questionairre to retail investors who already invested through SCF in Indonesia officially licensed by the OJK (Authority of Financial Services). The data of 218 respondent were analysed using SmartPLS 3.2.9. The result suggested that attitude, subjective norm and perceived behaviour control were statistically found significant to intention to invest in SME’s sukuk. The result also showed that other variables observed, knowledge, religious factor and risk & return have positively significant impact on attitude toward SME’s sukuk

Penelitian

Tanggal Publikasi: 1 Feb 2023

Analysis of Small Medium Enterprise’s Sukuk Investment Intention Through Financial Technology Securities Crowdfunding

The study is aimed at examining the determinants of retail investor to invest in small medium enterprise’s (SME) sukuk through Fintech Securities Crowdfunding (SCF) using the extended theory of planned behaviour (TPB). The cluster random sampling was applied and survey was conducted by distributing online questionairre to retail investors who already invested through SCF in Indonesia officially licensed by the OJK (Authority of Financial Services). The data of 218 respondent were analysed using SmartPLS 3.2.9. The result suggested that attitude, subjective norm and perceived behaviour control were statistically found significant to intention to invest in SME’s sukuk. The result also showed that other variables observed, knowledge, religious factor and risk & return have positively significant impact on attitude toward SME’s sukuk investment. Interestingly, sharia compliance factor not significantly impact to attitude.

Penelitian

Tanggal Publikasi: 30 Jan 2023

SERTIFIKASI HALAL DI INDONESIA Dari Voluntary Menjadi Mandatory

Although Indonesia is the country with the largest Muslim population in the world, the halal industry faces several risks related to Shariah compliance. Following the enactment of Halal Assurance Law No. 33 of 2014, halal certification has become mandatory in Indonesia. Before, halal certificate was voluntary. The objective of this study is to discuss on the development of halal governance in Indonesia covering Halal Act, related government regulations and decrees from Ministries related to halal assurance and food security. In summary, the changes in halal governance in Indonesia from time to time is to support the halal assurance in the country. Therefore, it has to include all producers, including small and micro businesses.

Penelitian

Tanggal Publikasi: 30 Jan 2023

Sertifikasi Halal di Indonesia: Dari Voluntary menjadi Mandatory

Although Indonesia is the country with the largest Muslim population in the world, the halal industry faces several risks related to Shariah compliance. Following the enactment of Halal Assurance Law No. 33 of 2014, halal certification has become mandatory in Indonesia. Before, halal certificate was voluntary. The objective of this study is to discuss on the development of halal governance in Indonesia covering Halal Act, related government regulations and decrees from Ministries related to halal assurance and food security. In summary, the changes in halal governance in Indonesia from time to time is to support the halal assurance in the country. Therefore, it has to include all producers, including small and micro businesses.

Penelitian

Tanggal Publikasi: 26 Jan 2023

STOCKBROKING IN ISLAM: A REVIEW OF LITERATURES AND ITS FUTURE DEVELOPMENT IN MALAYSIA

The study aims at discussing the concept and practice of Islamic Stockbroking, and examining the opportunities of Islamic Stockbroking in Malaysia.The study adopts library research to discuss the concept of Islamic stockbroking. It also employs a semi-structured interview with industry players to prognosticate the future development of Islamic stockbroking in Malaysia. The study reveals that stockbroking is not a new concept in Islam. Classical jurists have discussed thoroughly the concept of samsarah (brokerage) from an Islamic perspective. The current practice of Islamic stockbroking in Malaysia employs two tiers of wakalah contract. Furthermore, the study concludes that the future of Islamic stockbroking in Malaysia is very promising, triggered by drivers on both the supply side and the demand side. The large Muslim population, wealth and economic growth are among the key factors for the development of Islamic stockbroking from the demand side. On the other hand, the Shari‟ah compliance of 89% of Malaysian stocks, Malaysia‟s position as an Islamic finance hub, and the natural progression of Islamic finance are all factors underpinning the future of Islamic stockbroking from the supply side. This study will add new literature in contemporary Islamic finance as not much study has been conducted on the subject matter

Penelitian

Tanggal Publikasi: 26 Jan 2023

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

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 – This study found that some practices of tawarruq in Malaysia might not comply with Shari’ah, mainly because of 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 about the treatment of non-halal income. Research limitations/implications – The findings of the study serve as a reference to industry players and regulators in formulating Shari’ah 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.