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AFEBI Islamic Finance and Economic Review
ISSN : 25485296     EISSN : -     DOI : -
Core Subject : Economy,
AFEBI Islamic Finance And Economic Review (AIFER) is an academic journal which is published twice a year (June and December) by The Association of The Faculty of Economics and Business Indonesia. AIFER is aimed as an outlet for theoretical and empirical research in the field of Islamic Finance and Economics and to disseminate the information of the Islamic Finance and Economics research was conducted by members of AFEBI in particular and researchers in general to the academics, practitioners, students, and others who interested in Islamic Finance and Economics research.
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Articles 24 Documents
AN OPTIMAL PORTFOLIO COMPARISON OF SYARIAH STOCKS BEFORE AND AFTER THE WEAKENING OF THE 2015 INDONESIAN ECONOMY Darmawan, Ahmad Ridho
AFEBI Islamic Finance and Economic Review Vol 3, No 01 (2018)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

This paper contains the results of a comparative study of Islamic stock portfolios between the years of 2014-2016. In 2015, Indonesia's economic growth experienced the lowest weakening in the past 6 years. The Jakarta Islamic Index (JII) on 2014 experienced an uptrend, in 2015 it rebounded to a downtrend, and in 2016 an uptrend is experienced again. The purpose of this study was to compare the performance of Islamic stock portfolios before, during and after the weakening of the Indonesian economy and to find the impact of the optimal portfolio strategies in conditions of fluctuating economic growth performance. The population are all the Islamic stocks that are listed on JII in every period during the years of 2013 - 2016. The sample used the Purposive Sampling method, the portfolio performance assessment used the Treynor index and analyzed the data using the Paired-sample T-Test. The results of the study are that (H1) was rejected with a significance value of 0.699> 0.05, (H2) was rejected with a significance value of 0.910> 0.05 and (H3) was rejected with a significance value of 0.797 <0.05. In conclusion, all the hypotheses (H1, H2, H3) are rejected and H0 is accepted. Based on these results, the use of the optimal portfolio method in investment is able to minimize the risks, although it doesn?t eliminate the risk.Keywords: Jakarta Islamic Index, Stock Portofolio, Stock Return, Stock Risk
AN EMPIRICAL STUDY OF ISLAMIC MICROFINANCE PERFORMANCE FOR POOR FAMILY: MAQASHID AL-SHARIA PERSPECTIVE Nurasyiah, Aas
AFEBI Islamic Finance and Economic Review Vol 3, No 01 (2018)
Publisher : AFEBI Islamic Finance and Economic Review

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This research motivated by Islamic Microfinance performance measurement which still adopting on the performance measurement of microfinance in general that limited to the measurement of material. Therefore, efforts urgently needed to introduce more holistic measurement in assessing the performance of Islamic Microfinance based on tawheed principle. Thus, this study aims to measure the performance of Islamic Microfinance institutions based on Maqashid Al-Sharia. This research method uses quantitative approach with descriptive quantitative research design, which measures variables based on certain indicators. The location of the research is KOPMU-DT as one of the Islamic Microfinance institutions located in Bandung. The population of the study was the members KOPMU-DT wide-spread, among thousand people, but the withdrawal sample technique uses non-probability sampling with a sample of 100 members, based on the criteria that have been determined. Based on the research result, generally the members of KOPMU-DT increased living standards of the family economy and the performance of running micro-businesses. In Maqashid Al-Sharia perspective, the members experience a change in the principles of Ad-Din Al-Aql, A-nafs, An-Nasl and Al-Maal. However, among five principles, Al-Aql increases lower than other principles. In the future, to improve the performance of Islamic Microfinance, especially in KOPMU-DT, needs technical effort / business of accompaniment improvement to develop entrepreneurship from members. In addition, needs to give appreciation to the consistent members and disciplined in order to refund to add its financing to stimulate the operating business, without losing spiritual accompaniment to strengthen the achievement of Maqashid Al-Sharia of the empowerment members of Islamic Microfinance institution.Keywords: Islamic Microfinance, Maqashid Al-Sharia, Performance
COMPARISON OF GOOD CORPORATE GOVERNANCE DISCLOSURE AND ACHIEVEMENT OF THE MAQASHID SHARIAH BETWEEN INDONESIAN AND MALAYSIAN ISLAMIC BANKS Maspupah, Ima; Hasanah, Shofia Mauizotun
AFEBI Islamic Finance and Economic Review Vol 3, No 01 (2018)
Publisher : AFEBI Islamic Finance and Economic Review

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As part of the corporate organization, Islamic banks are encouraged to create good performance. But in the benchmark, there are still Islamic banks that assess the performance of banks using conventional measuring instruments. So in this study using maqashid index approach to measure the performance of Islamic banks. In addition to creating good performance, the obligations of business organizations are also to take part in activities aimed at protecting and improving the welfare of society as a whole and creating good corporate governance. banks in Indonesia have poor corporate governance rankings compared to neighboring countries such as Malaysia. So the purpose of this comparison study, it is hoped that there will be some advantages between them that can be identified. The method used in this research is quantitative method by using Mann-Whitney test. The data used are annual reports from three Indonesian islamic banks and three Malaysian Islamic banks. The results obtained no significant differences in Good Corporate Governance between Indonesian and Malaysian Islamic banks. While the achievement of maqashid shariah both have differences. This is because, firstly, the difference between banking history and the second, the difference of implementation of Shariah compliance in both countries.Keywords: Good Corporate Governance, Islamic Banking, Maqashid Shariah
OBSTACLES AND STRATEGY OF MUNICIPAL ISLAMIC BONDS ISSUANCE AS AN ALTERNATIVE OF MUNICIPAL FUNDING Harimurti, Asa Jasmine; Zaky, Achmad
AFEBI Islamic Finance and Economic Review Vol 3, No 01 (2018)
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The objective of this thesis is to identify obstacles and strategies for municipal Islamic bond issuance as an alternative in regional financing using the Analytical Networking Process (ANP). The analysis found that the most dominant obstacle in the aforementioned issue is the local government aspect. In the aspect of the central government, the obstacle is the unavailability of studies concerning the instrument of municipal Islamic bonds. In the aspect of the local government, the obstacle is the low understanding of the government about the means of municipal Islamic bonds. In the aspect of the regional house of representative, the obstacle is the behaviour of representatives, in which they complicate bureaucracy in the issuance of municipal Islamic bonds. The most dominant solution for the obstacles and strategy in the issuance of municipal Islamic bonds is a fundamental solution. The dominant strategy for a fundamental solution is the socialization of education about municipal Islamic bonds and a promotion pattern in collaboration with Indonesia?s financial service authority.Keywords: municipal Islamic bonds, obstacle, strategy
THE INFLUENCE OF PROFIT SHARING, TRADE FINANCING, AND THE NON PERFORMING FINANCING RATIO TO THE RETURN ON ASSET OF ISLAMIC RURAL BANKS IN CENTRAL JAVA (2013-2015 PERIOD) Hayati, Nur; Umiyati, Umiyati; Ilhamdi, Ilhamdi
AFEBI Islamic Finance and Economic Review Vol 3, No 01 (2018)
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This study examines how profit-loss sharing (PLS) and trade financing as well as non performing financing (NPF) can affect the Return on Asset (ROA ) of Islamic Rural Banks in Cental Java (Period of 2013-2015). The sample selection method used is the purposive sampling. The data analysis method used a multiple regression dated panel with a significance level of 5% (0.05). The result of the data analysis showed that the suitable model used in this study is the Common Effect Model (CEM). Simultaneous independent variables significantly influence ROA. The partial, variable of PLS has negative effect on the ROA of Islamic Rural Banks ,while trade financing dan NPF did not have a significant effect on the ROA of Islamic Rural Banks.Keywords: Non Performing Financing (NPF), Profit-Loss Sharing Financing, Return On Asset (ROA), Trade Financing
EFISIENSI PEMBIAYAAN BANK PEMBIAYAAN RAKYAT SYARIAH (BPRS) DI JAWA TIMUR PERIODE 2014-2017. ANALISIS DENGAN METODE DEA (CRS,VRS, DAN SKALA) Khairunnisa, Aziza Hanifa; Laila, Nisful
AFEBI Islamic Finance and Economic Review Vol 3, No 01 (2018)
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This research aimed to find out the efficiency level of financing of Islamic Rural Bak in East Java. Input variables used were the rights of third party on profit sharing and PPAP cost, while output variable used was main operational income. Method used to measure efficiency level was Data Envelopment Analysis (DEA) with the assumption of Variable Return to Scale and the input and output orientations. The measurement of efficiency value with VRS assumption resulted three efficiency values, which are Technical Efficiency (VRS), Economic Efficiency (CRS), and Scale Efficiency. Then, these three values were analyzed further to get to know the source of inefficiency of financing in inefficient Islamic Rural Bank. Keywords: BPRS, Data Envelopment Analysis (DEA)Efficiency, Financing
The Opportunities To Have Own Home in Banda Aceh City Yasrizal, Yasrizal
AFEBI Islamic Finance and Economic Review Vol 2, No 01 (2017)
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As we know that the development of infrastructure, especially housing problems is really needed by everyone and had so much built by developers both inside the city and outside the city. This rmesidential development ranging from the type, design and technical specifications are varied, it is intended to be accessible by consumers. Although developers already provide some conveniences such as the ability to repay in accordance with the selected type, there are still plenty of civil servant (PNS) as well as those working in the private sector has not been able to buy/own their own home on the grounds of various considerations interests respectively. Explanatory variables used in this model consists of a variable income, number of household members, gender, education level, employment sector, age and marital status will affect the probability of households to own their own home.The data used is the National Socio-Economic Survey 2011, which contains the results of a survey conducted by BPS. This thesis focuses on the area of Banda Aceh as well as using the logit model estimation. The result of calculations show that the proportion of households in the city of Banda Aceh who own their own home around 53.83%, with the proportion who are not self owned approximately 46.17%. The analysis showed that the variables household size and age significantly affect the chances of having their own home with a significance level of 5%.Keywords: Home Ownership, Logit Model
Zakat Impact on Poverty and Welfare of Mustahik: A CIBEST Model Approach Beik, Irfan Syauqi; Pratama, Caesar
AFEBI Islamic Finance and Economic Review Vol 1, No 01 (2016)
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This research aims to analyze the impact of productive zakat program in poverty alleviation of mustahik households, based on materially and spiritually aspects. Primary data was used as the source of data through distributing administered questionnaires in four rural areas in Bogor Regency. 121 respondents had been interviewed. They were the recipients of Masyarakat Mandiri program of Dompet Dhuafa Amil Institution. CIBEST model which have been developed by Beik dan Arsyianti (2014) was used as the tool of analysis. CIBEST model comprising four indices is used as tool of analysis. These indices are welfare index, material poverty index, spiritual poverty index and absolute poverty index. It is found that the presence of zakat utilization program is able to increase welfare index of the mustahik by 147.14 percent. The material poverty index, spiritual poverty index and absolute poverty index can also be reduced by 49.6 percent 1.6 and 12.3 percent, respectively. Meanwhile, welfare index increase by 63.7 percent. In conclusion, productive zakat program give positive impact to the mustahik household life.Keywords: CIBEST model, Islamic poverty index, poverty, productive-based zakat program
The Influence of Islamic Branding and Religiosity on Brand Image Andini, Anggie Lia; Rufaidah, Popy
AFEBI Islamic Finance and Economic Review Vol 2, No 02 (2017)
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The purpose of this study is to identify the magnitude of influence of Islamic branding and religiosity on brand image. Problem formulations in this research are whether there is an influence of Islamic branding and religiosity on brand image. This study uses explanatory survey method to explain the causal relationship of research variables through hypothesis testing. The population of the study is the consumers of cosmetic products in Indonesia. The study uses purpose sampling method, targeting the consumers of halal cosmetics and Islamic brands. Validity test results show that out of 37 question items, 36 items have correlation scores above 0.30 which means good and valid at 1% of significance level. Reliability test results show that all variables have Alpha Cronbach scores above 0.90 which means very reliable and significant at 1% of significance level. The study results show that Islamic branding and religiosity have significant influence on brand image. Islamic branding has a greater than toward brand image.Keywords: Brand Image, Islamic Branding, and Religiosity
Customer Loyalty of Islamic Banks Adi, Pramono Hari
AFEBI Islamic Finance and Economic Review Vol 1, No 01 (2016)
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The highly rapid growth of sharia commercial banks have required them to compete in obtaining and retaining customers. Therefore, it is important to look carefully at the position of their brands within the industry. Among the measures to see how strong the position of a brand in the market is the level of customers’ brand loyalty. There are five levels of brand loyalty, each of which indicates particular marketing challenge to be addressed. Those levels - from least loyal to most loyal - include switcher, habitual buyer, satisfied buyer, liking the brand, and committed buyer. Using questionnaire to collect primary data from 100 respondents, the results indicate that the highest brand loyalty to Islamic banks has been at the level of satisfied buyer and liking the brand, indicating that consumer loyalty to the Islamic banks has not been perfect. Loyalty needs to be improved towards the committed buyer.Keywords: Brand, Customer Loyalty, Islamic Bank

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