Tanggal Publikasi: 12 Nov 2015
Qur'anic Work Ethic
The Qur’an is the primary source in all Islamic matters, including in work ethics. This article attempts to discuss work ethics as scripted in the Qur’an. In overall, the values and ethics in the Qur’an could be classified into three major components, namely religious, quality and personal values. These three components have a significant impact on work culture in the organization. It is hoped that this article can enhance the understanding of Muslim employers/employees towards work ethics.This understanding will encourage them to implement work ethics in their daily activities.
Tanggal Publikasi: 2 Sep 2015
The Economic of Religion: An Epistemological Insight
Religion always go hand in hand with economic science, moreover the both is un-separated part of analysis to explain behaviour of economic. In the western and mainstream economic, the significance impact of religion in socially, politically, and economically complex world standing lag behind the perception of religion and economic itself. Beside interconnected between religion or ideology to economic science, this paper tries to examine some philosophical determinants of economic consequences of Islam, and through its worldview and epistemology, Islamic economic is an outstanding economic science because the religion and ideological matter coherently in its body of science.
Tanggal Publikasi: 27 Agt 2015
A Fairness Model Based on Interval Type-2 Fuzzy Set for Sharia Financing Scoring
Conventional credit scoring model could lead to serious and unfair problems because in certain case it would incriminate one party in financing. Sharia financing scoring model complies with Sharia rules and ensure fairness among parties. Currently, there are no certain rules in Sharia financing scoring model which lead to subjective judgements. In the subjective judgements, words could mean different things to different people. Thus, this paper proposed and deployed models for scoring of default risk level by using Interval Type-2 Fuzzy Set model to support the subjective judgements in maintaining Sharia rules. Installment amount and sum of delay period were used as variables for that scoring. Interval Type-2 Fuzzy Set model was proposed to support the subjective judgements in maintaining Sharia rules. Beginning delay period also used as weighted to the risk scoring results. Beside that, this paper also proposed the method for computing real lost value. It was used as basis in fines computation according to default risk level, bad debt expense, and installment weighted average.
Tanggal Publikasi: 1 Jun 2015
Keuangan Islam untuk Wong Cilik (Miskin)
Poverty is the wide world problem to the present. Various programs are presented in an effort to reduce and minimize the problem posed. This paper described the approach based on Islamic teachings. It is the combination of the social contract, business and cooperation. It start form social akad, followed by the business and commercial contract, and the last is the risk solving problem. A Comprehensive stage that cannot be directly implemented in stages, and it is good preparation. Meaning the poor in the hadith also indicates the importance of attention of all the parties is not limited to any material deficiencies. Abolishing riba contracts become a compulsory, because the impact of usury posed for the poor. Pairing the word riba in Quran with three words will inspirese the solutions and replacement of such contract.
Tanggal Publikasi: 5 Mei 2015
Isra’iliyyat in interpretive literature of Indonesia: A comparison between Tafsir Marah Labid and Tafsir al-Azhar
Isra’iliyyat is one of the elements frequently used in interpretive literature. It is not an important element in the interpretation of al-Qur’an, but its presence may be found in numerous interpretive literature, including those written by Indonesian scholars. This article discusses the use of isra’iliyyat narratives in Nusantara interpretive literature by comparing traditional to contemporary interpretations. The traditional interpretive work selected is tafsir Marah Labid or also known as tafsir al-Munir by Nawawi al-Bantani. A contemporary interpretation selected is tafsir al-Azhar by Hamka. Both these interpretations are selected based on their complete 30 chapters which are still widely referred to by Indonesian society. By using the methodology of document analysis, the researcher compares the attitude of the authors towards isra’iliyyat narratives as well as the methodology of writing isra’iliyyat. Research results find that there is a difference in attitude between Nawawi al-Bantani and Hamka towards isra’iliyyat narratives. Nawawi’s attitude in his interpretation is similar to that of other traditional interpretations which insert such narratives without any explanations whether the narratives may be accepted or otherwise. In contrast, Hamka was more critical towards isra’iliyyat narratives, even though the isra’iliyyat narratives he inserted in his interpretation were selected based on their acceptability and non-contradiction with al-Qur’an or the Prophet’s (pbuh) hadith
Tanggal Publikasi: 4 Mei 2015
An Exploratory Study of Shari'ah Issues in the Application of Tabarru' for Takaful
world over the last decade, demonstrating an enormous demand for takaful products ranging from short-term general takaful to long-term family takaful. It has attracted considerable attention not only from the Muslim countries, but also from the non-Muslim countries. Despite its promising growth, however, the takaful industry continues to face numerous contentious Shari'ah issues. The present study aims to discuss some of the most fundamental Shari'ah issues in takaful, namely the issue of applying tabarru' concept in takaful and the issue of underwriting surplus of tabarru' fund
Tanggal Publikasi: 4 Mei 2015
pportunity and Challenges to Integrate ZakatIntoIndonesian Fiscal System in The Light of Siyasah Shar‘iyyah
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 Siyasah Shariyyah (high objectives of the Shariah). 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 Siyasah Shariyyah. Hence, the strong willingness and commitment of government is strongly required to applicate it. The proper model of integration should also be planned well. Moreover, nurturing the understanding to all parties, especially to the nonMuslims and secularists, that this idea is really beneficial and not discriminatory should be promoted.
Tanggal Publikasi: 19 Jan 2015
Waqf as Economic Matters but Being Left Out as Policy Tools
The aim of this paper is to revisit on the possibility to reintroduce the waqf as policy instruments for economic development. This study is motivated by our findings that waqf are considered as economic matters in three aspects: ownership, tools for intergenerational transfer, investment and sources of revenue and expenditure. Subsequently, we suggest to record these activity in the State of National Account. However, the current practices of transmitting the waqf via NPO and Islamic microfinance lead us to narrow the scope of recommendation to only fiscal policy. The related policy that could contribute to a very large and significant development and welfare of the community is being left out. Therefore, in this paper, we suggest a social security policy, which is intended to achieve the prosperity of society.
Tanggal Publikasi: 1 Jan 2015
THE INFLUENCE OF RELIGION TO HUMAN ECONOMIC BEHAVIOUR
Religious is an essential factor to be studied because it is one of the most universal social institution and influence, it has a great influence on people's attitude, values and behavior at the individual and society. Religion also affect human attitude towards the various activities of daily life as well as in economics. Many studied show that religious values of human beings directly or indirectly will affect the choice of action or human economic behaviour. Therefore, religion has significant influence in economic life. In conventional perspective, the influence of religion seen in human economic behavior, as well as in Islamic economics view. Behavior in economic theory based on assumptions of rationality that adopted by economic modern today. The theory of rational economic man embraced the concept of self-interest and materialism which denies the existence of religious values and ethics in the economic area. Thus, in this context this paper intend to investigate and find the answer on how Islam (Qur’an) envisage human economic behaviour?. This paper also demonstrates and confirms the Islamic principle of human economics behaviour from the source divine Al-quran and hadist as evidence the influence of religious values in the economic life of Islam.
Tanggal Publikasi: 1 Jan 2015
AWQAF LINKED SUKUK TO SUPPORT THE ECONOMIC DEVELOPMENT
The commercial sector has been dominating the development of the Islamic finance since its emergence. As a matter of fact, Islamic finance has a social sector that is potential to further drive the commercial sector and reciprocally has tremendeous benefits in term of societal welfare to the social sector. This reciprocal relationship could become a potential catalyst for sustainable economic development and also one of Islamic financial deepening efforts. For doing so, project based sukuk with the spirit of real sector development through social sector can be innovated. Particularly, an awqaf linked sukuk with awqaf assets as part of underlying assets is proposed to finance governmental projects and infrastructure development. This paper explores the potential issuance of the awqaf linked sukuk structured through strategic alliance across government institutions and corporates through Public Private Partnership (PPP) to contribute to sustainable economic development and social welfare. It is hoped that the realization of awqaf linked sukuk could become an impetus to the global sukuk issuance within Islamic finance landscape
Tanggal Publikasi: 1 Jan 2015
SKIM QARDH dan IJARAH dalam DANA TALANGAN HAJI di INDONESIA: Suatu Kerangka Konseptual
Perbankan syariah adalah institusi yang memberikan layanan kepada masyarakat baik melalui penghimpunan dana (investasi), penyaluran dana (pembiayaan) dan jasa perbankan lainnya yang berdasarkan syariat Islam. Dalam menyalurkan dana, antara produk yang ditawarkan adalah pembiayaan talangan haji dengan skim qardh dan ijarah. Makalah ini bertumpu kepada pembahasan kedua akad tersebut, dimana produk talangan haji yang bersumber dari fatwa Dewan Syariah Nasional (DSN) Majelis Ulama Indonesia (MUI) No. 29/DSN-MUI/VI/2002 menuai perbedaan pendapat dari banyak ulama kontemporer di Indonesia. Hasil kajian dijangka dapat menghasilkan kerangka konseptual berkaitan kesesuaian penggabungan antara akad qardh dan ijarah yang difatwakan oleh DSN MUI dengan pendapat para ulama baik ulama klasik maupun ulama kontemporer di Indonesia.
Tanggal Publikasi: 31 Des 2014
Handbook on Islam and Economic Life
Handbook on Islam and Economic Life is a unique study, one of the first of its kind to consider Islam within a broader economic sphere. Covering a wide breadth of topics and research, it explores how Islam impinges upon and seeks to shape major aspects of economic life including economic organisation, business and management, finance and investment, charity, mutuality and self-help, and government. It concludes by analysing the link between religion and development, the present economic situation in Arab countries and the causes of underdevelopment in Muslim countries.
Tanggal Publikasi: 31 Des 2014
Poverty and social security in Islam
Poverty is a complex socio-economic problem that has existed as long as mankind has existed, and is unlikely to be solved soon. It has a direct effect not only on the life of the individual concerned but also on the community and on the level of material progress and civil development (Usmani, 2000). Many countries, international organizations and non-government bodies have introduced many programs to alleviate poverty, such as by promoting infrastructure development, constructing good roads to make transport and communication easy, promoting agriculture and farming, which are the main sources of income in rural areas, creating employment opportunities by constructing small-scale industries to enable people to get access to jobs, opening market opportunities to enable the rural population to sell their goods at favorable prices, and attempting to establish good governance and effective administration (Singh, 1999). The World Development Report 1990 (World Bank, 1990) recommended a dual approach to reducing poverty involving: a) efficient labor-intensive growth based on appropriate market incentives, physical infrastructure, institutions and technological innovations; and b) adequate provision of social services, including primary education, basic health care and family planning services. In fact, the reality proved that all programs were only temporary, casuistic and not significant. Against this background, we are interested in the opinion suggested by Roar Bjonnes (2002), the founder of the Center for Sustainable villages, who said that to alleviate poverty there are some longterm matters that need to be addressed,
Tanggal Publikasi: 10 Des 2014
THE IMPLEMENTATION OF SHARIAH COMPLIANT PRACTICES AMONG SELECTED MEDICAL TOURISM OPERATORS IN MALAYSIA
Medical tourism is a trend in the tourism market. However, not many companies providing medical tourism services follow by shariah compliant. As an Islamic country, Malaysia has potential to offer shariah medical tourism as another attraction to medical tourists. In line with this development, the paper will adopts two case studies into assessing of practice of Shariah compliant among government and private medical tourism operators in Malaysia which is a government hospital have been identified as “Hospital Mesra Ibadah”. The selected from government hospital is HUSM Kubang Kerian, Kelantan and from private hospital; Al-Islam Specialist Hospital, Kampung Baru, Kuala Lumpur. An overview of shariah medical tourism practice such as the treatments, facilities, services and the management of the hospital will also present.
Tanggal Publikasi: 10 Des 2014
USING MASLAHAH PERFORMA AS AN ISLAMIC WEALTH MANAGEMENT SYSTEM
The study aims to develop Maslahah Performa (MaP) as methodology of wealth management system. MaP is maqasid al-shari’ah based organizational performance management system (Firdaus & Mukhlis, 2014). The objective of shariah (maqasid alshari’ah) is to protect and preserve: religion, life, progency, intellect and wealth, could be developed as foundation of organizational performance management system. Aspects of maslahah daruriyah those are religion, life, progency, intellect and wealth, to be developed into various of organizational performance orientation. 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. 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
Tanggal Publikasi: 3 Des 2014
Islamic Banking in Indonesia: New Perspectives on Monetary and Financial Issues (Wiley Finance)
A comprehensive overview of key developments in Islamic banking In Islamic Banking in
Indonesia, renowned economist Dr. Rifki Ismal explores current issues in Islamic banking
and financial products with a particular focus on the danger of liquidity risk in Indonesia. It
approaches liquidity risk from the conventional perspective of international banking
standards, as well as from the Islamic banking perspective. Dr. Ismal also covers the issues
of asset-liability balancing, liquidity risk index, organizational structures for managing
Tanggal Publikasi: 14 Nov 2014
Penilaian Teoritikal Terhadap Ciri-ciri Tadbir Urus di Kalangan Lembaga Pengarah Koperasi di Malaysia
Artikel ini akan menjelaskan konsep teoretikal tadbir urus dalam koperasi di Malaysia. Kami menjurus kepada membangunkan ciri-ciri tadbir urus di kalangan lembaga pengarah dalam koperasi. Penilaian teoretikal ciri-ciri tadbir urus berdasarkan Kod Tadbir Urus Korporat Malaysia (Malaysian Code On Corporte Governance), Index Tadbir Urus Korporat Malaysia (Malaysia Corporate Governance Index) dan Akta Koperasi Malaysia 2007 telah diaplikasi untuk membentuk tadbir urus koperasi. Berdasarkan peranan utama lembaga pengarah yang berkesan dalam meneraju dan mengawal organisasi yang dimiliki oleh ahli seperti koperasi, kami mencadangkan bahawa elemen epistemologi Tauhid boleh digunakan untuk mencipta item tadbir urus bercirikan Islam yang menggalakkan perilaku, moral dan sikap lembaga pengarah yang ikhlas dan jujur. Tambahan lagi, kajian ini boleh menyumbang beberapa pandangan dalam perspektif Islam sebagai satu liputan baru tadbir urus koperasi di Malaysia.
Tanggal Publikasi: 10 Nov 2014
An optimal risk – return portfolio of Islamic banks
The purpose of this paper is to analyze individual financing instruments and portfolios of instruments, and find the location of the most efficient portfolio financing. The Indonesian Islamic banking industry is very promising with four dominant financing instruments, namely, Mudarabah, Musharakah, Murabahah and Istishna. Each instrument has unique pattern of return, expected return and risk. Moreover, the variances of two, three and four financing instruments suggest the importance of identifying the most prospective financing instruments. Further, the most efficient portion of the most prospective financing is determined by constructing an efficient portfolio financing frontier.
Technically, it uses risk and return theory to compute risk, return and variance of an instrument and set of financing instruments. In addition, it uses an efficient portfolio frontier curve to locate all combination of the most progressive portfolio financing and finds the most efficient portfolio financing.
It finds some interesting finding with regard to the pattern of return, characteristics of a financing instrument and groups of financing instruments. The most essential finding of the paper is the location of the most efficient portfolio financing.
The information and finding of this paper benefit the Indonesian Islamic banking industry to optimize the performance of an individual and groups of financing instruments. Particularly, for the most progressive financing instruments, it proposes the combinations of portfolio financing which give optimum output.
To the best of author’s knowledge, this is the first paper trying to analyze and construct an efficient portfolio financing frontier of the Indonesian Islamic banking industry
Tanggal Publikasi: 1 Okt 2014
Maqashid Syariah dalam Ekonomi Islam
Secara garis besar, pembahasan pembahasan dalam buku ini terbagi menjadi tiga bagian pertama bersifat konseptual yang membahas teori itu sendiri kedua bersifat kajian sistem ekonomi yang ada, tiga bersifat pengembangan ekonomi Islam yang berbasis pada pendekatan muqasid syariah. Hasil dari pembahasan ini memberikan gambaran yang komprehensif mengenai ilmu ekonomi Islam itu sendiri karena realisasi Falah dalam ekonomi Islam sangat berhubungan dengan syariah dan tujuannya .
Tanggal Publikasi: 1 Okt 2014
Analisis Implementasi Pembiayaan Murabahah wal Wakalah Studi Kasus : Bank Syariah B
Murabahah telah dipraktikkan sejak abad pertama Hijriah. Di dunia keuangan modern, Murabahah telah dimodifikasi menjadi murabahah lil aamir bisysyiraa/Murabahah Kepada Pemesan Pembelian. Akad Murabahah mendominasi akad dalam pembiayaan di bank syariah, termasuk di Indonesia. Pada dasarnya praktik murabahah diperbolehkan selama sesuai dengan dalil Naqli, Fatwa DSN, dan kaidah Akuntansi. Implementasi Akad Murabahah di Bank Syariah B dilengkapi dengan Akad wakalah. Berdasarkan hasil penelitian ini diketahui bahwa terdapat perbedaan antara pemahaman dan praktik pelaksanaan akad pembiayaan murabahah konsumtif oleh para nasabah di bank syariah B, dan bank syariah B sendiri belum melaksanakan akad pembiayaan tersebut sesuai dengan kaidah syariah dan pedoman internal yang ada. Penelitian ini adalah penelitian deskriptif. Pendekatan yang digunakan dalam penelitian ini adalah pendekatan normatif-empiris dan pendekatan akuntansi. Metode penelitian yang digunakan adalah desk study, kuesioner dan interview