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

Indonesia is one of the largest Moslem population countries in the world. It leads to the increasing of halal product demand in Indonesia. The awareness to consume halal product becomes a large market potential for producers to produce their halal products. Nowadays, halal is not only purely about religion matter, but also about business and trade. The objective of this study is to investigate the factors affecting customers on purchasing halal buying interest on processed food. We use a purposive sampling method with 109 respondents who are customers of the supermarkets and minimarkets in Bogor City/District, Indonesia. While data analysis is done by SEM-PLS method, this study uses brand image, perceived quality, perceived value, halal certification, health reason, halal awareness, and halal marketing as the factors which are affecting the halal purchase intention of the customers. The result showed that health reason, halal awareness, and perceived value have a significant and positive direct effect on purchasing intention. Halal marketing also shows a significant and positive effect on purchasing intention. While halal marketing shows a negative and significant effect on purchasing intention. The food safety, halal certification, brand image, and perceived quality show the same effect which has no direct effect on purchasing intention. Furthermore, food safety has an indirect effect on purchasing intention through health reason. Halal certification has an indirect effect on minat beli through brand image variable. Meanwhile, brand image and perceived quality have an indirect effect through perceived value variable on purchasing intention.

This paper aims to discuss the construction of proposed model on the Islamic financing mechanism of Islamic banking system for the agriculture and small medium enterprises sector. A qualitative approach used in this study employing the Participatory Rural Approach and Focus Group Discussion using Triangle Microfinance Concept. The result shows that the synergy of the various sectors ranging from the central government through the Institute of relevant Ministries e.i Ministry of Finance Ministry of Agriculture, Local Government, Non-Profit (Zakat) Organization (BAZNAS/LAZ), Universities, Non-Government Organisations, Supporting Institutions i.e. Islamic agriculture Insurance, Islamic Financing Deposit Insurance, and Rating Agency need to be synergized. Additionally, the distrust of Islamic banking industry is found to allocate a financing to farmers and SMEs actors. Farmers and SMEs actors should be prepared through the empowerment in terms of skills, moral and financial literacy. Establishment of Agriculture Purpose Vehicle is urgent to support the flow of Islamic Financing as to solve the problem of off-farm agriculture, collateral, and positive cooperative relationship.This paper contributes to the bridge the gap between the regulator, Islamic bank’s trust to farmers and SMEs development.

Kebanyakan pengukuran yang digunakan untuk mengukur kinerja bank syariah saat ini masih menerapkan tolak ukur konvensional. Makalah ini menggunakan pendekatan PMMS langkah-langkah kinerja yang dipilih tiga bank Islam Indonesia yaitu Bank Muamalat Indonesia (BMI), Bank Syariah Mandiri (BSM) dan Bank Mega Syariah (BMS) dan juga memilih tiga bank Islam Malaysia yaitu RHB bank Islam (RHBiB) , CIMB Bank Islam (CIMBiB) dan Bank Islam (BIS) selama periode 2007- 2011.The bank dievaluasi dan peringkat pada tiga tingkatan berdasarkan mereka: 1) rasio kinerja, 2) indikator kinerja dan 3) indeks maqashid keseluruhan. Berdasarkan hasil indeks maqasid, itu jelas menunjukkan bahwa BMI menjadi nyata dari kinerja tertimbang tertinggi. Oleh karena itu, menurut indeks maqashid, kinerja tertinggi tidak lebih dari 35%. Selanjutnya, terendah adalah 17,18% terjadi di CIMBiB. Dengan demikian, berdasarkan hasil ini, bank-bank Islam didorong untuk meninjau kembali tujuan dan ukuran kinerja IB berdasarkan maqashid assyariah framework.

Maqasid Syariah Abu Zahra sebagai Model Pengukuran Kinerja. Penelitian ini berupaya untuk menganalisis model maqasid syariah Abu Zahrah sebagai sistem pengukuran kinerja dan menggunakannya untuk mengevaluasi kinerja bank syariah. Metode yang digunakan adalah kombinasi tinjauan pustaka dan survei terhadap 97 bank Syariah di Indonesia. Penelitian ini menemukan tiga dimensi maqasid syariah, yaitu pendidikan, keadilan, dan kesejahteraan masyarakat. Meskipun demikian, penelitian ini juga menemukan bahwa secara umum bank syariah belum mencapai kinerja maqasid syariah secara optimal. Dimensi pendidikan masih memiliki kinerja paling rendah dibandingkan kedua dimensi lainnya.

The purpose of this paper is to investigate the volatility of both Islamic and conventional stock market in Indonesia with the aim of identifying the most appropriate model for risk management practice. The study considers GARCH as a genre of model to measure the volatility of stock market movement. The results support the view that each model shows specific volatility from both Islamic and conventional stock market in Indonesia. In Islamic stock market, volatility is affected by exchange rate and money supply (M1) but not interest rate as interest is prohibited in Islam. However, interest rate is found as a principal factor that affects volatility of conventional stock market. The outcomes of this paper are of particular significance to policy makers, as it provides guidelines to maintain economic health. Furthermore, the findings may assist practitioners to understand the consequences of macroeconomic factors such as exchange rate, money supply and interest rate, which are very crucial for the market stability of Indonesian stock market. The paper enhances the understanding of stock market volatility and proposes guidelines risk management practices.

Penelitian ini bertujuan untuk mengetahui pengaruh celebrity endorsement dan iklan istagram terhadap minat pembelian. Penelitian ini menggunakan pendekatan kuantitatif. Teknik pengambilan sampel menggunakan

purposive sampling dengan menyebarkan kuesioner kepada 100 pengguna istagram. Data dianalisis dengan regresi linear berganda. Penelitian ini menemukan celebrity endorsement dan iklan istagram berpengaruh positif signifikan terhadap minat pembelian baik secara parsial maupun simultan

There are two shocking conditions in Sharia Bank Indonesia during 2020-2021. The first is the impact of COVID-19, which responded by the implementation of National Economic Stimulus as Countercyclical Policy, and second is a merger of state-owned Sharia Commercial Banks into one Bank. The study aims to elaborate the Bank's performance post implementing those policies using Vector Autoregressive (VAR) model. The variables obtained have been treated as endogenous variables consisting of ROA, NPF, Operations Expenses/Operation Income - BOPO, FDR, NOM, ratio of Fixed Yield Portfolios to Floating Yield Portfolios, and the changing of policy with data period June 2014 to February 2021. The result shows that based on Impulse Response, Variance decomposition, and Granger Causality, the shock in policy will be responded to by Sharia Banking performance in a short time (not more than four months) except for variable Fixed Yield Portfolios to Floating Yield Portfolios. The variable Fixed Yield Portfolios to Floating Yield Portfolios has a relationship (Granger Causality) to NOM, Operational Cost/ Operational Income, ROA, and Policy

Discussions on waqf and waqf institutional development currently it has become one of the major topics in the

national and international discourse, especially in Muslim countries. Waqf institutions has great potential to

support job creation, providing educational opportunities, and to reduce reliance on government funding. However,

some problems related to the management of Waqf as asset maintenance, management and mobilization of waqaf asset should be followed. Some recent research suggests there is no specific guidance in preparing and maintaining continuity waqf report as a means of accountability through transparent reporting. In addition to the accountability report itself, the credibility of the institution of Waqf manager also requires the evaluation of performance. As anonprofit organization, the performance of Waqf institutions may not be determined by certain financial ratios, but how the institution is able to move effectively Waqf assets and how those assets can contribute to the welfare of the people. Therefore, the performance framework Waqf institutions need to be developed. This conceptual paper aimsto develop a performance measurement framework for Waqf institutions

This study aims to investigate the impact of the movement of macroeconomic variables upon the Indonesia stock markets, both Islamic and conventional stock markets, by using vector error correction model. The macroeconomic variables employed in the study are exchange rate, economic growth, and inflation within the period of January 2003 to December 2010. The result shows that in the long run, the performance of the stock markets is negatively influenced by exchange rate and positively influenced by industrial production index. Interestingly, inflation is found to be significant only for conventional stock markets with negative relationship

The purpose of this paper is to examine the comparison of Article 21 Income Tax calculations using the gross method, the net method, and the gross-up method to find out which method is most profitable for company profits. This study uses similar comparisons that were made for the calculation of zakat, which also used 2 (two) methods, namely the net and gross methods. Data on employee salaries used in this study are secondary data obtained from PT. Sinar Abadi Pratama Sejahtera in 2018. The analytical method used in this study is a descriptive analysis with a qualitative approach. The findings in this study are to show that of the three methods of calculating Article 21 Income Tax, the most significant profit is the gross-up method. As for the calculation of zakat, which is beneficial for zakat payers is to use the net method. Calculation of Income Tax Article 21 gross-up method, produces the smallest corporate income tax while still meeting the tax requirements. Employees enjoy the benefits of receiving income tax benefits so that they can receive a full salary. On the net zakat calculation method, the zakat calculation is smaller than if using the gross method.

Good Corporate Governance (CG) ensures the availability of better accounting information with higher transparency and accountability. Implementation of good CG in Islamic stock issuers should have a more positive impact than nonIslamic stock issuers as the former are selected based on a strong financial fundamental. This study aims to empirically examine the impact of CG on earnings quality. It also examines the impact of earnings quality on firm’s value. Thus earnings quality is considered as a mediating variable. This study uses the Structural Equation Model (SEM)-Partial Least Square (PLS). The final sample consists of 58 firms-years listed in Jakarta Islamic Index (JII) from 2008 to 2015. The study found that CG directly affects firm value with a positive direction. CG also increases earnings quality. The better the quality of CG, the better the quality of earnings. Then earnings quality increases firm value. In summary, earnings quality partially mediates the relationship between CG and firm’s value. This study uses the Corporate Governance Performance Index (CGPI) published by IICG (the Indonesian Institute for Corporate Governance) as the indicator of corporate governance quality. Predictability, neutrality, timeliness, and earning smoothness are used as the indicators of earnings quality. Tobin’s Q and corporate social performance represent firm value.

Purpose – This study aims to provide empirical evidence on the contingency factors that affect the implementation of education strategies and the impact of education strategy misfit on the performance and effectiveness of the board’s moderating role on the misfit level and performance of Islamic banks. Design/methodology/approach – This research is a quantitative study with pooled ordinary least square panel data during the years 2007-2014 from all Indonesian Islamic commercial banks. Islamic bank performances are measured by the level of profitability and sharia financial performance. Board effectiveness is analysed by measuring the effectiveness of both the board of commissioners (BoC) and the sharia supervisory board (SSB). Findings – This study proves that organisational competent qualities and chief executive officer tenure are the contingency factors that affect the implementation of the education strategy. This study’s results indicate that the effectiveness of both the BoC and SSB has a positive impact on the bank’s profitability and sharia financial performance. The results also show that misfit has a negative effect on sharia financial performance and that board effectiveness is proved to reduce the negative impact of a misfit on sharia financial performance. However, there is no strong evidence that board effectiveness reduces the negative impact of a misfit on profitability. Originality/value – This study emphasises the importance of enhancing the competence and innovation of organisations in the implementation of education strategy and the need for synergy and increased capabilities among board members to achieve well-established Islamic bank performance

This study aims to identify potential sharia risk and reporting risk in companies listed on the Jakarta Islamic Index (JII). The number of companies registered in JII is 30 companies. The data is obtained from the financial statements of the JII company using content analysis based on the fatwa of DSN MUI and PSAK sharia. The results show that the non-halal income of the JII company had an average of 1.03% of the total revenue. This is still relatively low, because the Financial Services Authority (OJK) provides a maximum tolerance for non-halal income of 10%. However, there is no roadmap for the 10% tolerance in the future so that the tolerance will be lower. In addition, the interest expense paid has an average of 18.49% of the total expense. There is still no restriction on interest payments to JII companies, because spending on unlawful things is part of transactions that are not in accordance with sharia. 30% of companies have Islamic bank accounts, both checking and savings accounts. In terms of reporting, the company still recognizes non-halal income (interest) as the main income and interest expense as a deduction from sales revenue. This is very contrary to sharia. This study tries to provide criticism and input on companies registered on JII.

Islamic insurance is an Islamic financial service that guarantees a participant's life, health, education, asset, and business. Some of them experienced a decline in their financial stability. This study aims to analyze the determinants of financial stability of Islamic insurance companies registered at the Indonesian Financial Services Authority (Otoritas Jasa Keuangan - OJK) from 2014 to 2018. Thirty-eight data observations were acquired from eight full-fledged Islamic insurance businesses' financial reporting and analyzed using panel data regression. The dependent variable is financial stability, whilst investment, capital structure, insurance premiums, independent board of commissioners, sharia supervisory board, board of directors, and institutional ownership are the independent variables. The results show that financial stability is significantly affected by investment, insurance premiums, independent boards, and institutional ownership. The capital structure, sharia supervisory board, and board of directors do not affect the financial stability. Increasing the number of participant contributions and strategic investments should be a concern of Islamic insurance managers. The role of an independent board and Institutional owners supervisory could strengthen the financial stability of Islamic Insurance. Research on Financial stability is supporting the development of Islamic insurance companies

Objective - This study aims to identify the effect of Shariah Supervisory Board (SSB) function on the level of earnings quality in Indonesian Islamic banks. SSB criteria used in this study are size, frequency of Meeting and educational background (Finance / Accounting). Method - Panel data regression is employed to analyze the effect of Shariah Supervisory Board characteristics on the earning quality of Islamic bank. The data were taken from 11 full-fledge Islamic banks in Indonesia with available financial statements from period 2010 to 2015. Results - The size of Shariah Supervisory Board members has a positive effect on the improvement of earning quality in Islamic banking. Two other variables, namely the frequency of SSB meetings and educational background do not affect the improvement of earnings quality. Conclusion - Studies of the role of Shariah Supervisory Board to the quality of financial statements is still limited, especially in the quality of earning that became the basis in determining the distribution of Islamic banks profit sharing. The main contribution in this research is that the role of SSB should be improved in order to increase the quality of financial reporting

Objective – The objective of this paper is to analyze the profit distribution method applied inIslamic banks in Indonesia and to propose better method in order to improve sharia riskcompliance. Methods – Employing a descriptive quantitative method and literature review. This paper evaluateweaknesses of the current profit distribution method and proposes daily revenue index to solve theproblems arising from using current method which is unfairness between bank and customers. Results – By the two current profit distribution methods which use monthly revenue indexcalculated only at the end of the month, there are potential injustices occur. Therefore, insteadof using monthly index, daily index is proposed. There are two steps in calculating profit distributionby using daily revenue index: (1) Accumulating Source of Fund (SoF), Reserve Requirement (RR), and Source of Fund after Reserve Requirement (SoFaRR), and (2) Determining AverageFinancing (AF), Revenue Index (RI), Cost Index (CI), Revenue Sharing Index (RSI), and Profit Sharing Index (PSI). Conclusion - Daily revenue index will solve the unfairness problems arise fromcurrent profit distribution method applied in Islamic banks. Daily revenue index is also applicable if Islamicbanks apply profit and loss sharing instead of revenue sharing.

This study discusses the factors influencing students’ perceptions of using accounting software during distance learning. This study uses a descriptive quantitative approach. The data were obtained from questionnaires distributed to 134 students. SEM-PLS method with smartPLS was employed in this study. The result of this study states that distance learning has a negative effect on computer anxiety and computer anxiety itself negatively affects computer self-efficacy, perceived ease of use, and perceived usefulness. Computer self-efficacy has a positive effect on perceived ease of use. Perceived ease of use has a positive effect on perceived usefulness. This study examines only the factors influencing student perception and intention to use accounting software. This study provides empirical evidence on the effect of transactional distance and other factors such as computer anxiety and computer self-efficacy on perceptions of using accounting software. In addition, this research can enrich study materials or references for the future research

The purpose of this study was to determine the impact of moderation implementation of Enterprise Resource Planning (ERP) on the relationship the firm’s performance to firm value. The sample used is a firm listed on the Indonesia Stock Exchange that implement ERP. This study uses a panel regression statistical method. The results of this study that are profitability, firm size, investment opportunities, and the interaction of ERP and profitability significantly influence the market price of the equity. The conclusion of this study are companies that implement ERP under the term of 4 years have improved performance compared to companies that do not implement ERP, but the ERP implementation in the study had an impact on the impairment of the company's short-term post ERP implementation.

Different from a conventional cooperative, a Shari’ah-based cooperative observes Shari’ah principles. As these cooperatives offers Islamic financial products and involves in Shari’ah compliant investment, they are bound to observe Shari’ah governance structure, transparency, disclosure of information and strict compliance with Shari’ah principles. Compliance with the Shari’ah principles will strengthen public confidence in the credibility of the system of the Islamic Muamalat particularly in the cooperative movement. Due to the infancy of Shari’ahbased cooperative industry that needs for proper governance measures, this paper aims to discuss corporate governance in Shari’ah-based cooperatives in the attempt to propose a model for resolving stakeholders’ conflicts of interest