The allocation of financing for agricultural sector in Islamic Banking Institution is low compared to the other sector. The risk of high uncertainty, which includes the level of damage to farms and the level of crop failure, becomes the financing risk consideration for the banking. Rice farm insurance can be an alternative to mitigate this risk so the a Islamic the banking will have a partner to share the risk. The insurance practice for agricultural sector has been initiated by the Ministry of Agriculture, but there are still some limitation due to the insurance inclusion and sharia compliance issues. This research provides a proposal of the implementation of shariah agricultural insurance with Analytical Network Methodology (ANP). The objectives of this study are 1) analyzing the benefit, opportunity, cost, and risk of the implementation of Islamic agricultural insurance and 2) find the most important aspect due to the shariah agricultural insurance implementation. The research finds that the most important aspect is opportunity. This insurance will give opportunity to the farmer by providing protection for the crop from the risk of harvest failure with shariah compliance and using shariah banking. The shariah scheme will help the government increasing the insurance inclusion. This scheme will benefit the farmer due to the increasing of crop insurance awareness. The requirement of this implementation comes from the cost aspect, namely legal aspect and the risk will rise from the moral hazard as fraud claim. The results of this study indicate that the implementation of shariah insurance for the agricultural sector has opportunities and benefits, but there are still some notes to be addressed

Poverty is one of the crucial issues in the world, particularly the developing countries in Southeast Asia. Each country seeks to increase the GDP per capita in order to reduce the poverty. To achieve this goal such policies have been made with different strategy. This study aims to investigate the determinations of poverty in OIC members countries and OIC Non members countries in Southeast Asia. The object of OIC Members Countries are Indonesia and Malaysia as well as Thailand and the Philippines for OIC Non Members Countries. This research used Fixed Effect regression with panel. The model consisting of the dependent variable and several independent variables including poverty, human development index, per capita GDP, government spending on education and health, Gini ratio and access to clean water. The results showed that the determinants of poverty in OIC Members Countries are HDI, government spending on health, per capital GDP, Gini ratio, and access to clean water. While the determinants of poverty in OIC Non Members Countries are HDI, government spending on health, GDP per capita, and access to clean water. The development of HDI is still very important variable.

Cash waqf is one of model of waqf. Cash waqf empowerment program GERWAKU SENA by Nahdlatul Ulama is one of many programs to support reducing poverty program in Indonesia. Due to its purpose this program must be supported by valuable research. The objectives in this research to find the main problem and the best solution to optimize Gerwaku Sena NU using ANP analysis. By using ANP Analysis, we composed the problem and solution in entrepreneur aspect into two groups namely internal and external. The research finding that the most influential problems on the waqf activity is lack of entrepreneur skill to solve operational cost problem and managerial aspect. In line with this problem, supporting entrepreneur skill for human resource is the key factor support the program.

Islamic microfinance institutions such as Baitut Tamkin is one of Koperasi Syariah at Lombok Timur practising islamic value. In practising islamic value, Baitut Tamkin insert this value in line with three aspect including commercial finance, social aspect, and spiritual awareness. But the evaluation of this islamic microfinance practise has not been conducted yet. Therefor we conducted a research to evaluate the curent impact of this program wheter there was improvement and how the conditions of poverty in the member self before and after taking part in empowerment programs on Baitut Tamkin. Poverty condition that we observed not only financial aspect but also social and spiritual aspect. This research used parametric including Multiple Linear regression, a simple Linear Regression, t-test and non parametric test using Wilcoxon test. We conclude that the level of poverty at local region decreased at three aspects but with various condition. First, the islamic commercial financing significantly increasing their member’s montly liquidity but do not significantly increase their member’s housing condition. Second, the social condition of member showed that after being a member they create more friendly environment and helping each other. But there is no impact at “become islamic role model’ or and uswah al-hasanah. Third, spiritual awareness of member increased after they could practising some muamalah based on verses and hadith at muamalah. Number of member that moving from poor condition to empowered condition showed positive trend

Purpose: Researchers have been actively investigating various issues concerning food and halal compliance framework. The analysis is focused on descriptions of the characteristics and trends of keywords, authors, journals and citations. This study reviews articles in order to map the problems, models, solution approaches and more importantly, the future directions of this field. Design/methodology/approach: Our method employs 204 articles on food and halal compliance research indexed by Scopus. Various techniques from statistics, bibliometric, and analytics are systematically deployed to gain insights on how the literature address these topics. The data was then processed and analyzed using the VOSviewer application program to select the bibliometric mapping of research developments on food and halal compliance Findings: The results showed that the visualization of the mapping of research developments in this theme was divided into three clusters. Cluster one consists of 53 topics, cluster two consists of 42 topics, cluster 3 consists of 32 topics. Research limitations/implications: This study focuses on articles that discuss food and halal compliance framework.

Purpose – This paper aims to explore different forms and models of integration between Islamic commercial finance and social finance including the problem that arise as well as the solution of each of the models to promote inclusive economic growth. At the end of the paper, the authors have identified the strategy to execute and validate by the decision-makers. Design/methodology/approach – This approach uses two methods which are Delphi and analytical network process (ANP). The authors conduct literature review and four rounds Delphi to construct the integration model, the problem and solution of each model, as well as the questionnaire of ANP. Moreover, using an ANP method, the authors conducted interviews with decision-makers in the areas of Islamic commercial finance as well as social finance, and analyzed the results to identify key models that would create inclusivity and quality of economic growth. To ensure credibility of the results, the authors selected the respondents based on their experience in the fields, as well as their unique perspectives that will complement the group as a whole. Findings – After conducting the four rounds Delphi, the authors found five types of Islamic social and commercial integration which are the ownership, institutional, operational, bottom line and mandatory integration. Based on the analysis of the ANP result, the authors argue that all integration can help the country in attaining with the support of government in terms of making the integration as a vision as well as to push the education of social finance more to the stakeholders. Originality/value – This study is among the emerging studies that explore operational aspects of integration of social and commercial finance within the context of inclusive growth strategy.

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.