Tanggal Publikasi: 1 Jan 2017
Optimization of Syirkah to Develop Economic of Ummah Based on Al-Quran
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.
Tanggal Publikasi: 2 Des 2016
The emergence of waqf bank: a social welfare alternative in Indonesia
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.
Tanggal Publikasi: 2 Des 2016
The Framework of Maslahah Performa as Wealth Management System and Its Implication for Public Policy ObjectivesThe Framework of Maslahah Performa as Wealth Management System and Its Implication for Public Policy Objectives
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
Tanggal Publikasi: 28 Nov 2016
Performance Measurement in Halal Industry: An Initial Proposed Concept Based on Maqasid Shariah
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
Tanggal Publikasi: 8 Nov 2016
(The Role of Goverment in Management of Zakat in Indonesia and Malaysia)
Zakat is one of the five pillars of Islam. The law of zakat is obligatory on all muslims, but many of them still did not implement it. According to the research conducted by the Badan Amil Zakat Nasional (BAZNAS) and the Islamic Development Bank (IDB) potential zakat in Indonesia in 2012 amounted to Rp.217 trillion (RM58 billion/ USD18 billion), but the collection of zakat in 2013 only Rp.2.1 trillion (RM650 juta/ USD200 juta) or around one per cent. The Indonesian muslims population are 210 million peoples (BPS-Statistic Indonesia: 2012), but the collection and distribution of zakat distinction is still far from its potential. The imbalance between the amount collected and the potential zakat is a major problem. This paper focuses on the role of government in the implementation of zakat in Islam and confront the government of Indonesia and Malaysia’s role in the management of zakat. Studies show that the Islamic view on the management of the zakat as the sole ruler and as punishment for defaulting lender to pay zakat is very important, because it relates to improving the welfare of society and as one of the country’s financial resources. In Indonesia zakat management is still done by private institutions, communities and individuals that anyone can do it either with or without permission from the government. As a result the government should take over the management of zakat, as is the case in Malaysia, management of zakat is done by the government/state, so collection of zakat will increase and distribution of zakat will be effective, efficient and even at national lavel, although there are still people who can collect or distribute zakat, but must be with the consent of the government/local-state
Tanggal Publikasi: 1 Nov 2016
Concept of sustainable development from Islamic perspective
Nowadays the issue of sustainable development are being discussed seriously around the world. This is because to ensure that the need for the future generation is not neglected during the process development of economics. Therefore, this paper attempts to re-look the role of Islamic’s element in the sustainable development. This paper using qualitative research as a method of this study. The researchers suggest that the element of Islam must be consider as one of the element to measure the sustainable development.
Tanggal Publikasi: 15 Okt 2016
TAKAFUL MODELS: THEIR EVOLUTION AND FUTURE DIRECTION
Takaful (Islamic insurance), being an important emerging sector in the Islamic financial industry, has exhibited remarkable growth across the globe over the last few decades. This indicates an enormous demand for takaful products, from short-term general takaful to long-term family takaful. As a result, takaful has attracted sizable attention from both Muslim and non-Muslim countries. Nevertheless, the industry continues to experience a plethora of contentious issues in its operational models. The present study explores the evolution of takaful models and their future direction.
Tanggal Publikasi: 13 Okt 2016
Customer Relationship Management Analysis: The Factors Enhanching Customer Loyalty in Indonesia Islamic Bank
Purpose – The study aims to determine the role of trust, image and customer satisfaction in improving customer loyalty to Islamic banks. Research examined new indicators related Islamic banks to conventional banks. Study also analyzed differences in the loyalty of two groups of observation, deposan and financing, loyal customer and dual customer. Design/methodology/ approach – The study consisted of 3 stages: in-depth study of literature, interview and survey. The unit of analysis is seven major Indonesin Islamic Banks: Bank Muamalat, Bank Syariah Mandiri, BNI Syariah, etc. The analysis methods used in testing the hypothesis is Structural Equation Modeling by using Partial Least Square. Findings – Customer trust has positive and significant impact to develope customer loyalty. Both Image and customer satisfaction significantly influence on building customer trust. Image also has a significant effect on increasing customer satisfaction. The new indicator for image, improvement and innovation as well as strategic and sustainability proved to be valid and reliable in measuring the image of Islamic banks. The new indicator for trust, legal compliance proven valid and reliable in measuring customer trust dimension. Research also shows differences loyalty between groups of depositor customer and financing customer.
Tanggal Publikasi: 16 Jun 2016
Loan Loss Provisions, Income Smoothing and Loan Growth: Evidence from Islamic Banks
This paper analyses income smoothing behavior and procyclical effect of loan loss provisions in Islamic bank. The model includes the use of loan loss provisions for discretionary and non-discretionary purposes in Islamic banks and relates it to the ways of Islamic banks disburse loans. The empirical results show that Islamic banks use loan loss provisions for non-discretionary purposes, while well-capitalized banks and banks focusing on lending activities may use loan loss provisions for income smoothing to a lesser extent. Moreover, it is documented that higher non-discretionary component of loan loss provisions results in a decline in loan growth and hence, non-discretionary provisions are procyclical. In contrast, the discretionary component of loan loss provisions does not exhibit any significant impact on loan growth. Finally, the findings show that the negative link between non-discretionary provisions and loan growth does not hold for well-capitalized banks, and banks focusing on lending activities. This paper, therefore, highlights that higher capitalization and higher loan asset portfolios tend to neutralize the procyclical impact of non-discretionary provisions through their income smoothing behaviour. In this regard, the provisioning system is particularly recommended for less-capitalized banks and banks which do not focus on lending activities since they do not conduct income smoothing strategies.
Tanggal Publikasi: 1 Jun 2016
ANALISIS PENERAPAN SISTEM DENDA PEMBIAYAAN MURABAHAH PADA PT. BANK SYARI’AH MANDIRI CABANG DUMAI
Murabahah funding at syari’ah banking is the transaction selling buy where the bank to mention the price of goods and the number of profit. The bank act as a seller while customer as a buyer. This study attemp to analyse the fines implementationof murabahah funding in particular motorists on the Bank Syari’ah Mandiri (BSM)branches Dumai. The results of the kind showsthat the system fines murabahah funding motor vehicles that implemented BSM in accor- dance with the concept of Dewan Syari’ah Nasional Majelis Ulama Indonesia (DSN MUI), but does not comply with the legal verdict Fiqih Islam that take shelter under Munazzamah Mu’tamar al-Islami.
Tanggal Publikasi: 26 Mei 2016
A Proposed Formula for Reserve Requirement–Financing to Deposit Ratio: The Case of Islamic Banking in Indonesia
This chapter attempts to find the ideal reserve requirement–financing to deposit ratio (RR-FDR) ratio for Islamic banking industry in Indonesia by deriving the ideal quantitative formula of the ideal RR-FDR and conducting simulations to identify its impact to each Islamic bank. Simulations on the financial ratios related to calculating RR-FDR are conducted based on the bank profit maximization model and the bank balance sheet approach. The results find that FDR is suggested to be between 77 and 109 % with 5 % RR. However, the liquidity reserve position of each Islamic bank shows that there are five Islamic banks having a minimum liquidity reserve (less than 5 % RR) and seven Islamic banks having a minimum liquidity reserve (less than 8 % RR). It means Islamic banking industry in Indonesia does not have enough liquidity reserves to mitigate both short-term and long-term liquidity mismatches leading to liquidity pressures. Hence, the regulator is suggested to consider such an optimal FDR-RR in Islamic banking industry for an effective implementation of the macroprudential policies.
Tanggal Publikasi: 19 Apr 2016
THE EFFECT OF MAQĀṢID-BASED DEVELOPMENT VARIABLES ON ECONOMIC GROWTH BASED ON UMER CHAPRA’S PERSPECTIVE (CASE STUDY: NINE SELECTED OIC COUNTRIES)
Objectives: Human Development Index (HDI) has multidimensional aspects of life. In fact, HDI measures only physical aspects that are needed by human such as education, health and wealth. Accordingly, discussing on human must cover material, physical and spiritual aspects. Maqāṣid is needed as a wasilah (medium) to promote the benefit of human (maslahat), which contains of daruriyyat, hajiyat and tahsiniyat. By then, this study aims to analyze maqāṣid based development variables of Umer Chapra perspective on economic growth in 9 selected OIC member countries.
Method: The methodology of the study used mixed methods: qualitative and quantitative. The quantitative applies panel data regression analysis with 9 selected OIC countries (Indonesia, Jordan, Kazakhstan, Kyrgyzstan, Mesir, Pakistan, Togo, Turkey and Uzbekistan) with time series from 2004 to 2013. For qualitative applies content analysis approach by using tafsir of Ibnu Katsir.
Results: The finding shows that all independent variables, which are literacy rate, enrollment of school, poverty rate, gini index, life expectancy at birth, rule of law and voice accountability have significant effect on economic growth in 9 selected OIC member countries, both simultaneously and individually.
Conclusion: This study concludes that HDI which is bounded by maqāṣid approach affects on increasing of economic growth in 9 of OIC member countries significantly.
Tanggal Publikasi: 29 Mar 2016
Pengayaan Fitur Laporan Pada Senayan Library Management System (Slims) Di Perpustakaan President University
Information technology application of in libraries functionsin a variety offorms, one of which shaped by the utilization of libraryi nformation system to enablet he processing of data and reports quickly. Therefore the libraryi nformation system is in dispensable in determining business decisions. The development of library information systems are needed to carried out in accordance with the need of the business process. The purposeof this research is developing feature reports SliMS at President University Libraryto meet business process. SLiMS has been chosenasone of the development library information system to creat the enrichment of the report feature. They are Annual Circulation, Circulation per Capita, Membership Report, Registration as a Percentage of Population, Visitor perYear, Library Visit perCapita, Growing of Collection, with using the method of prototyping model.The Testing sistem results the enrichment of report feature can help to create library report with user friendly dan based on decision making for future library planning at President University Library.
Tanggal Publikasi: 1 Mar 2016
DETERMINANT OF THE POVERTY IN THE MOSLEM COUNTRIES: IBN KHALDUN DEVELOPMENT MODEL
This current paper examined the determinant of the poverty in the OIC countries. Our empirical model was based on IbnKhaldun development model that emphasizes several aspects, namely: the country's wealth (proxied by GDP per capita), the role of government (proxied by health and education expenditures), human resources (proxied by HDI), sharia (proxied by corruption perception index), development (proxied by investment), and justice (proxied by Gini index). We used panel data model consisting nine OIC countries over 2003-2012. This study verified that GDP per capita significantly contribute to the reduction of poverty in the OIC countries. We also found that unemployment (as a control variable) encountered a role in triggering poverty in OIC countries. Meanwhile, it found that education expenditure, Gini index, HDI, and Corruption Perception Index found no significant effect on poverty.
Tanggal Publikasi: 13 Jan 2016
Indonesian Islamic microϐinance in the ASEAN Economic Community era
In its application at the end of 2015, AEC will implement 12 priority sectors — agro-based products; air travel (air transport); automotive; e-ASEAN; electronics; fi sheries, health care; rubber-based products; textiles and apparel; tourism; wood-based products; and logistics, as well as the food, agriculture and forestry sectors. Free trade includes the reduction and elimination of tariff s and non-tariff s signifi cantly in accordance to the Asean Free Trade Area scheme.
Tanggal Publikasi: 1 Jan 2016
An Empirical Model of the Islamic Pooled Fund in the Light of the Fund of Tawhidi Unity Knowledge
An application of the Tawhidi methodology is developed in this chapter. This now takes the form of unification by participatory dynamics of the various segmented Islamic financing instruments into a pooled fund. Various consequences of financial and economic stability and development are thereby studied by means of unified development-financing formalism
Tanggal Publikasi: 1 Jan 2016
Managing Banking Liquidity Risk in the Current Economic Conditions: A Conceptual Framework
The paper attempts to analyze the conceptual basis for managing banking liquidity risk in the current economic conditions. After identifying and profiling risks in banking institution, the current concept of liquidity risk management requires the banks to set up a liquidity risk management process. It consists of determining liquidity risk management policies, setting the roles of ALCO, establishing an effective information system and, conducting internal control system for liquidity management. Further, after analyzing factors triggering assetliability imbalance, the banks prepare techniques to mitigate liquidity imbalance and liquid financial instruments to fulfill the demand for liquidity. Finally, this comprehensive concept is expected to help banks to properly manage liquidity in the challenging economic/business condition nowadays.
Tanggal Publikasi: 1 Jan 2016
ANALISIS PERMASALAHAN KOPERASI BAITUL MAAL WA TAMWIL (KBMT) PERKOTAAN (Studi Kasus KBMT di Kota Bogor)
Microfinance as an effective tool provides financial service for those who do not have the access or could not be accessed by a commercial bank or other financial institution. The Growth of Baitul Maal wa tamwil (BMT) as one of the Islamic financial institution is very fast and massive. There are many challenges and obstacles that inhibit the growth of it, either from internal or external of BMT. The purpose of this study is to identify the issues faced by the urban of BMT (Bogor City), used Analytic Network Process (ANP). The study also attempt to provide solution of the BMT problem faced. The result of this study showed that the problem of internal Issues was more dominant than External Issues, with the priority level of 54%. Based on the Internal Problems aspect, the dominant issue was the problem of “Low Quality and understanding of Human Resource”. Meanwhile an aspect of the external problem is “the strictness of Business Competition”. Furthermore, the solution could be implemented are 1) Training for Human Recourse 2) BMT Mentoring by the relevant government.
Tanggal Publikasi: 8 Des 2015
Determinan Indeks Pembangunan Manusia: Analisa Pendekatan Maqāṣid SyarῙ’ah Al-Ghazali
The multidimensional poverty is one of the big problems faced by some countries. It is a condition of an individual that had a low income, low education and low health care. Then, Amartya Sen and Mahbub Ulhaq had offered a new measure on Development namely Human Development Index (HDI). As in Islam, the development had arranged from the approach of Maqāṣid Syarῑ’ah and Al-Ghazali (1111 H) was the first Muslim intellectual who had Developed the thesis and had divided maqasid into three aspects, ḍaruriyyah, ḥajiyah, taḥsiniyyah. Furthermore, ḍaruriyyah consist of five basic elements namely Ḥifẓ Dῑn (Religion), Ḥifẓ Nafs (Life), Ḥifẓ ‘Aql (Intellectual), Ḥifẓ Nasl (Progeny), Ḥifẓ Māl (Wealth). Therefore the aim of the study was to search how the Maqāṣid Syarῑ’ah contributed to Human development theory and what were the factors of HDI of Maqāṣid Syarῑ’ah of Al-Ghazali approach. The Study selected 37 OIC Countries for eight years by using Data panel regression. The Study Showed that Ḥifẓ ‘Aql (Intellectual) and Ḥifẓ Māl (Wealth) has significant impat on HDI. On the other hand, Ḥifẓ Nafs (Life) Ḥifẓ Nasl (Progeny) have significant impact on HDI. This may due to the quality of Human Resources and Bureaucracy in Some OIC Countries. Meanwhile, the theory of Maqāṣid Syarῑ’ah had been developed well into Human Development but still had a lot of points to be evaluated.
Tanggal Publikasi: 16 Nov 2015
The need for Shariah harmonization in financial reporting standardization: The case of Indonesia
This study aims to analyze IFIs’ stakeholders’ perception on Shariah harmonization for financial reporting standards inIndonesia as a part of the development effort of linking the emerging global Islamic banking to Indonesian financial and industrial markets.
A sample of 160 respondents, who were stakeholders of Islamic banks, was taken from Jakarta, the capital city of Indonesia and its surrounding major districts to examine the stakeholders’ perception on Shariah harmonization effort toward the implementation of a uniformed financial reporting standard for Islamic financial institutions. Data for this study were collected using a structured questionnaire.
Through this study, the authors found several measures to be taken to ensure Shariah harmonization efforts in Indonesia such as deep understanding on the fatawā brought into practices and strict monitoring on the Islamic banks in applying the financial reporting standards that imply practicing the fatawā, both de jure and de facto. However, the respondents differ in their opinion on the possibility of Shariah harmonization, both de jure and de facto. The role of various actors involved in the financial reporting standardization may impede Shariah harmonization to take place.
The study is only looking at one case study, which is Indonesia. Therefore, future studies should consider more countries and significant number of respondents. Different research instruments to measure the perception can also be an interesting research exploration. In addition, adopting deep Islamic political economy of accounting theory may support better analysis on the issue of financial reporting standardization for Islamic financial institutions.
This paper has practical significance for financial reporting standard setters for Islamic banks and policy-makers to understand the key behavioral and demographical dimensions of their stakeholders and using these dimensions to effectively position important aspects in financial reporting standards setting.