Penelitian ini bertujuan untuk mengukur tingkat efisiensi Baitul Maal Wat Tamwil (BMT) dengan mengambil studi kasus BMT MMU dan BMT UGT Sidogiri Pasuruan tingkat cabang dengan total sampel 50 cabang. Metode yang digunakan dalam penelitian ini adalah Two Stage DEA. Tahap pertama mengukur tingkat efisiensi BMT MMU dan BMT UGT dengan menggunakan DEA. Tahap kedua menguji faktor-faktor internal dan eksternal, yang mempengaruhi tingkat efisiensi BMT MMU dan BMT UGT dengan menggunakan pendekatan Tobit. Hasil penghitungan DEA menunjukkan, efisiensi overall technical BMT MMU (0,84) dan BMT UGT (0,88) pada tahun 2008 masih kurang optimal. Penyebab utama inefisiensi untuk BMT MMU adalah penyaluran pembiayaan, sementara sumber utama inefisiensi BMT UGT adalah penghimpunan dana pihak ketiga yang kurang maksimal. Hasil pengolahan Tobit menunjukkan bahwa kekuatan modal dan ukuran BMT memiliki pengaruh positif secara signifikan terhadap efisiensi overall technical pada dua BMT. Sementara dari sisi eksternal, PDRB perkapita memiliki pengaruh negatif secara signifikan. Adapun pertumbuhan pengangguran, tingkat pendidikan, dan komitmen keberagamaan tidak berpengaruh secara signifikan.

Penelitian ini bertujuan untuk mengetahui apakah tiga mekanisme GCG berpengaruh atau tidak terhadap manajemen laba yang diproksikan dengan discretionary accrual (DACC). Mekanisme GCG tersebut adalah Kepemilikan Manajerial (KI), Komite Audit (KA) dan Komisaris Independen (KI). Data yang digunakan adalah data panel sepuluh perusahaan yang termasuk dalam penilaian CGPI selama tiga tahun mulai dari tahun 2006 sampai tahun 2008. Untuk mengetahui apakah variabel-variabel GCG di atas berpengaruh terhadap praktik manajemen laba dilakukan uji regresi berganda dengan pendekatan pooled least square. Dari analisis yang dilakukan dengan menggunakan alpha lima persen diketahui bahwa mekanisme GCG yaitu kepemilikan manajerial berpengaruh secara signifikan terhadap manajemen laba. 27,45% artinya bahwa keragaman dari variabel dependen mampu diterangkan oleh variabel-variabel independen sebesar prosentase tersebut dan sisanya sebesar 72,55% dijelaskan oleh faktor-faktor lain di luar model. Sedangkan mekanisme lain seperti komite audit dan komisaris independen tidak berpengaruh secara signifikan terhadap manajemen laba.

Tarekat atau t} ariqah adalah jalan atau metode yang ditempuh oleh kaum sufi untuk
mendekatkan dirinya kepada Allah Yang Maha Kuasa. Tarekat berbentuk ritual ibadah, doa
dan dzikir yang diajarkan oleh seorang guru kepada muridnya. Hubungan antara guru
tarekat dan murid demikian erat dan kental, sehingga melahirkan rasa kekeluargaan di
antara mereka. Puncak dari tarekat adalah dekatnya jarak antara seorang hamba dengan
Yang Maha Pencipta.

Riset tentang hubungan corporate governance (CG) dan prediktabilitas laba pada bank syariah masih terbatas. Bank syariah menerapkan sistem bagi hasil sebagai pengganti sistem bunga pada bank konvensional. Terlepas dari berbagai kelebihan sistem bagi hasil, sistem ini diduga lebih berisiko terjadinya moral hazard, yang berdampak pada perilaku oportunistik manajer sehingga akan menurunkan kualitas informasi akuntansi. Penelitian ini bertujuan untuk menguji prediktabilitas laba khususnya kemampuan laba saat ini untuk memprediksi arus kas masa datang dengan menggunakan CG sebagai variabel pemoderasi. Dengan menggunakan sampel bank baik syariah maupun konvensional dari tahun 2007-2010 dan metode pengujian least square, hasil penelitian ini menunjukkan bahwa tidak ada bukti yang kuat terkait prediktabilitas laba pada industri perbankan. Pengaruh informasi laba saat ini terhadap aliran kas masa datang tidak signifikan. Namun pelaksanaan CG yang diukur menggunakan skor pemeringkatan hasil self-assessment terbukti memperkuat hubungan laba dan arus kas masa datang. Semakin baik pelaksanaan CG maka semakin kuat prediktabilitas laba. Penelitian ini juga membuktikan bahwa prediktabilitas laba pada bank syariah lebih tinggi dibandingkan konvensional, meskipun dampak pelaksanaan CG terhadap prediktabilitas laba pada kedua jenis bank tidak menunjukkan adanya perbedaan.

Ekonomi syariah yang semakin berkembang pada seluruh lini bisnis kontemporer harus dibarengi dengan manajemen Sumber Daya Manusia (SDM) yang amanah dan selaras dengan nilai-nilai syariah. Sebagai pelaksana praktik ekonomi syariah, SDM Syariah haruslah memiliki fondasi tauhid yang kokoh, perilaku yang patuh syariah, dan lebih dari itu, menjadi pembawa pesan Islam sebagai rahmat seluruh alam. Secara umum, SDM Syariah memiliki nilai-nilai universal yang selaras dengan etika bisnis dari seluruh penjuru dunia. Ia adalah pribadi yang memiliki komitmen tinggi pada kejujuran (honesty), bersifat amanah, profesional, percaya diri, dan bisa diandalkan. Semua itu lahir dari nilai-nilai kenabian sebagai efek positif tauhid yang hanif dalam keyakinan Islam. Menghadapi era Revolusi Industri 4.0 dan Revolusi Masyarakat 5.0, SDM Syariah harus lebih membekali diri dengan hard skill, soft skill, dan brain skill. Keyakinan mendalam terhadap syariah, sikap amanah dan profesional dalam beraktivitas, serta memiliki etika mulia menjadikannya sebagai panutan SDM masa depan, saat semua terkoneksi dalam jaringan Big Data dan Internet of Things. Bagaimana mengelola SDM Syariah agar memiliki karakter tersebut? Strategi apa yang dilakukan untuk menyiapkan SDM yang siap dengan segala perubahan yang terjadi? Buku ini bukan sekadar teori karena ditulis berdasarkan pengalaman bertahun-tahun para penulisnya. Silakan telaah lembar demi lembar buku ini, reguk tetesan ilmunya, praktikkan setiap instruksinya, lalu sampaikan pada dunia bahwa SDM Syariah adalah solusi dari problematika perusahaan sepanjang masa.

As early as 1980, the Malaysian federal government‟s spending on education especially in primary and secondary education, was the highest in East Asia and higher than the OECD average of 3.4% of GDP. This demonstrates that the Malaysian Government has big expenses from educational sector and respectively is amenability for Malaysian economic budget. In other side Waqf in Malaysia is one of large financial source that has not been fully explored. By using qualitative analysis this paper focusing on the role of Waqf in Malaysia, especially in Higher Education Institution (HEI) and attempt to study how Waqf fund empowering the education. This study found that taking the que from the institutions of Waqf, the exploration and development of waqf fundcan be exalarate through the formation of formal organizations at state and federal level and rearrange the Malaysian educational budget and policy to support the better quality of HEI. Thus, the paper makes some suggestions as to the potential products of waqf for education.

islamic financiall products have evolved from simple and straight forward structures to highly sophicasted and multiifaceted instruments during 1880s and 1990s , islamic financial products were dominated by deposits and sayings, syindicated project finance , syariah-compliant stocks and mutual funds 

As early as 1980, the Malaysian federal government‟s spending on education especially in primary and secondary education, was the highest in East Asia and higher than the OECD average of 3.4% of GDP. This demonstrates that the Malaysian Government has big expenses from educational sector and respectively is amenability for Malaysian economic budget. In other side Waqf in Malaysia is one of large financial source that has not been fully explored. By using qualitative analysis this paper focusing on the role of Waqf in Malaysia, especially in Higher Education Institution (HEI) and attempt to study how Waqf fund empowering the education. This study found that taking the que from the institutions of Waqf, the exploration and development of waqf fundcan be exalarate through the formation of formal organizations at state and federal level and rearrange the Malaysian educational budget and policy to support the better quality of HEI. Thus, the paper makes some suggestions as to the potential products of waqf for education

Indonesian Islamic financial institutions (IIFIs) are in a cross roads when it comes to financial reporting standards. As the industry is moving towards globalized economy, it is tempted to adopt the generally accepted international standards vis-à-vis Islamic compliant financial reporting standards. The major concern with the former, it is not complied with Islamic values, and therefore, IIFIs are in predicament which one is the most viable financial reporting standard. Thus, this paper aims to explore what are the influences towards adopting international financial reporting in Indonesia and how they impact the IIFIs. From the interactions of the actors associate with the process of standardization, the study suggests that political and economic imperialist motive exists in financial reporting standardization in Indonesia. As the IIFIs are established to demonstrate their accountability for both shareholders and society, therefore, not only their operation must uphold the mutuality concept but also their reporting mechanism.

Diantara tolak ukur pengembangan suatu daerah di Indonesia adalah melalui dana APBD. Bengkalis sebagai salah satu kabupaten di provinsi Riau memiliki dana APBD terbesar kedua di Indonesia. Akan tetapi, besarnya APBD tersebut sangat tidak seimbang jika dibandingkan dengan kehidupan masyarakatnya yang mayoritas berada di bawah garis kemiskinan. Selain itu, dana APBD Bengkalis menjadi “tulang punggung” kehidupan rakyatnya, hal tersebut terlihat dari aktivitas pasar yang mulai ramai saat APBD sudah mulai dapat dicairkan. Kajian ini coba mengulas secara rintis yang dijadikan sebagai kerangka konseptual dalam melihat pengaruh dana APBD kabupaten terhadap peningkatan sarana dan prasarana, juga pengaruhnya terhadap peningkatan taraf ekonomi masyarakat yang hidup di dalamnya.

The main objective of this paper is to analyse determinants that influence implementation of accounting standards for Islamic financial institutions by examining the history of accounting standards and two different contexts as applied to Islamic financial institutions in the United Kingdom and Indonesia. The paper explores available texts and literature mainly from international journals and text books. Employing the Ibn Khaldun perspective, this study analyses two determinants i.e. institutional setting that may be suitable in the context of the United Kingdom, and accounting needs in the case of Indonesia. The research shows the determinants are well fitted with interdisciplinary characters of Ibn Khaldun model of civilization i.e. G = f(S, N, W, j and g). This explains a civilized society is led by the political authority (G) which is influenced concurrently by factors such as the direction of Shari’ah (S), the role of people (N), the use of wealth (W), the development of a country (g), and the promotion of justice (j). This paper has practical significance for accounting standard setters in the Islamic finance industry and policy makers, for understanding the environmental determinant perspective of the country and using this perspective for positioning important aspect in accounting standard setting, developing policies; and articulating procedures to maximize development of Islamic finance

The purpose of this paper is to resolve and examine the possible modus operandi of riba on selling and loan contract according to the Sharia’s precepts. This paper investigate the Qur’an, hadith, and juristic views on such relevant issues based on the survey done on the several sources, i.e., previous studies, Al-Qur’an and Al-Hadith and juristic views and deviate from the existing studies in two aspects, i.e., the selling and buying of goods do not involve riba and also the banks provide loan without riba. The findings of this paper are: First, the concept of interest in lending is widely accepted both in theory and practice. Second, riba exists in selling and lending. Third, the categorization and application of extensive and complex subjects of riba in economic life bring all speculative and usurious transactions under the rubric of riba prohibition. This paper important because express and disclosure riba in both exchange of goods and loans, also the social and economic developments. This is an original undertaking of this paper.

The purpose of this study is to compare the cost efficiency of takaful and its conventional insurance counterparts in Malaysia. The study measures the cost efficiency scores of takaful and conventional insurance companies in Malaysia over the period 2009-2011 using non-parametric Data Envelopment Analysis (DEA) based on selected multiple input and output variables. Output variables used are gross premium and investment income while input variables are management expenses, fees and commission expenses. The study finds that conventional insurance companies in Malaysia performed better efficiency than takaful companies in 2011. The finding is consistent with study by Ismail, et al (2011) and Saad (2012). The study suggests that takaful and conventional insurance companies should allocate input more efficiently and improve the quality of services as the average scale efficiency is higher than the average of overall and technical efficiency. Takaful must also be more alert towards external factor costs as the scale of efficiency continuously decreased. In order to be more focused, the study only compares the efficiency of takaful and conventional insurance companies from an input oriented approach. The study is also limited to 7 takaful operators and 19 conventional insurance companies and, as such, the finding is most probably indicative, but does not reflect the overall performance of the takaful industry. As part of a policy recommendation, the study provides data on cost efficiency of conventional insurance and takaful companies in Malaysia, which is valuable for regulators in formulating appropriate policy to enhance the competitiveness of the takaful industry in Malaysia.

This study attempts to examine the short-term and long-term relationship among selected global and domestic macroeconomic variables from each country (Fed rate, crude oil price, Dow Jones Index, interest rate, exchange rate and inflation). Two main indexes will be analyzed namely Jakarta Islamic Index (III,) FTSE Bursa Malaysia Hijrah Shariah Index (FHSI). The methodology used in this study is vector error correction model (VECM) for the monthly data starting from January 2006 to December 2010. The result shows, all selected macroeconomic variable have significantly affect both Islamic stock market FHSI and JII, Analysis of FE VD (Forecast Error Variance Decomposition).The result also shows that the amount of influence of global and domestic macroeconomic variables on Islamic capital market volatility in Indonesia and Malaysia have different sequences. Volatility of III is influenced by variables sequentially OIL, BIR, ERI, DOW, CPI and FED. While volatility of FHSI sequentially influenced by variables of FED, OIL, MYR, CPIM, DOW and ERM. Different result is due to two main factors: the difference macroeconomic stability and the amount of global intervention on the economy.

Makalah ini terfokus kepada konsep sikap gaya hidup pengguna Muslim dan proses keputusan pemilihan perbankan syariah di Indonesia. Dalam kenyataannya, predikat negara yang identik berpenduduk mayoritas Muslim ini tidak menjadi tolok ukur kepada pemilihan perbankan syariah karena dinilai masih relatif rendah. Permasalahan yang timbul adalah apakah hal tersebut disebabkan sikap dan psikografi gaya hidup mereka dalam melaksanakan perintah agama? Ataukah karena produk dan fasilitas yang ditawarkan oleh perbankan syariah belum sesuai dengan sikap dan psikografi gaya hidup mereka? Makalah ini dibuat bertujuan untuk membentuk suatu kerangka konseptual tentang sikap dan psikografi gaya hidup pengguna Muslim dan kesannya kepada proses pemilihan perbankan syariah. Kajian ini dilakukan menggunakan kaedah kajian perpustakaan dan analisis deskriptif. Dapatan kajian dijangka dapat membentuk suatu kerangka konseptual mengenai strategi pemasaran perbankan syariah khususnya yang berhubungan dengan sikap dan psikografi gaya hidup pengguna Muslim yang sejalan dengan konsep Islam.

This research aims to analyze credit risk management in the Indonesia Islamic banking industry. Primarily, the credit risk management is related to policies and procedures, credit risk management activities and credit risk controling or mitigating. Research constructed by weighting a number of indicators that reflect credit risk management activities in Islamic banking. The final results of the research are index of credit risk management of the Indonesia Islamic banking industry and indices of credit risk management in the Islamic banking industry. The Index is counted by the method of scoring with the maximum score of 100 and the industrial index is obtained by combining of each Islamic bank through the calculation of weighted average of individual share of financing. Based on the analysis of primary and secondary data, the index of credit risk management of the Islamic banking industry and index aspects of credit risk management, the index of the Indonesia Islamic banking industry come up to a good criterion. Improving the Quality of credit risk management, can be proceded by bank management by improving risk management aspects which have not been adequately assessed. Moreover, improving the quality of credit risk management by the authority of Islamic banking can be pursued by formulating the banking regulations

Corruption affects almost every aspects of human life. It’s domino effect widespread on the existence of the nation and the state especially exacerbate the nation’s economic condition. Corruption is not a form of ordinary crime because it was damaging the joints of life’s most basic social ethic that even humanity. The main factor triggering corruption is the internal aspect comes from the private consists of moral aspects, such as lack of faith, honesty, shame, attitudes or behavior of consumption and social life as a family that can drive a person to behave corrupt. While there are external factors that can be traced from the economic aspect. Such as income or salary is not sufficient, political instability, political interests, power, lack of accountability and transparency, and weak law enforcement and social aspects of the environment or the people who do not support anti-corruption behavior. Therefore anti-corruption behavior cultivations can be done through integrity and anti-corruption education. The ASEAN Seminar & Conference: Education ASEAN Societies for Integrity, we hope can make higher education plays a great role in introducing Integrity Education. By collaboration of universities might also positively provide better impact to ASEAN Integrity for Integration.

The ongoing  Islamic banking gets a lot of criticisms due to its unability to become the manifestation of the Islamic values which can be utilized by all people. These criticisms can be attributed to at least some indicators such as the dominance of non profit sharing contract (Murabahah) on Islamic banking practices that can only be enjoyed by the middle to upper class of  society, or the lack of optimization of the innovative Islamic banking products that can touch the majority of  the poor. This paper would like to discuss and explore the possible role of  social intermediation that can be carried out by the Islamic banking in addition to its role of  financial intermediation. By doing so, it can answer the stigma which states that Islamic banking is not pro poor. Based on the literature review and discussion, the role of  social intermediation by using social funds which are accordance to the perspective of  Islam namely charity, infaq, Sadaqah, endowments, and grants (ZISWAH) can be applied as the additional products or policies of  Islamic banking in order to serve the poor through several strategies, namely: (1) the establishment of special units for social intermediation and (2) the cooperation with LKMS in certain programs special for the poor.

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 liquidity, industrial analysis, withdrawal risk, bankruptcy risk, moral hazard risk, and market risk. Compiling all the latest academic research on liquidity risk and other risks in Islamic banking, the book provides a theoretical foundation for managing risk that will is highly useful for researchers on Islamic banking and practitioners and academics. Written by a renowned expert on Islamic banking who works on monetary policy at the central bank of Indonesia Covers the latest developments in Islamic banking, particularly liquidity risk, for a rapidly expanding market Ideal for European and American readers, in addition to Asian readers, who need a fuller understanding of Islamic banking institutions, markets, and products With the latest academic research and the expertise of a leading practitioner in Islamic banking, this book offers in-depth coverage of the most pressing issues in the field.

The institution of Zakah is instrument instituted by Islam to combat poverty and enhance welfare in the society. Zakah serves as a unique mechanism of compulsory transfers of income and wealth from the haves to the have-nots in the community. This paper seeks guidance from the verses of the Quran and develops a theoretical and workable model of Zakat-based Islamic microfinance institutions (MFIs), which can be used as an alternative approach to reduce poverty. The paper argues that charity-based Islamic MFIs will be financially and socially sustainable as based on the concepts of brotherhood, local philanthropy (decentralization), and volunteer services (joint liability). Zakat-based Islamic MFIs will provide and explore the money for consumption as well as productivity purposes and, thus, can broadly target the economic and social needs of the poorest of the poor. They can help minimize indebtedness and reduce unequal distribution of wealth in society, and also to enhance the ability of the poor to be more productive and not just be dependent of rich people