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INDONESIA
AL-IQTISHAD
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Core Subject : Economy,
<p>Al Iqtishad is a peer-reviewed journal published by Faculty of Shariah and Law Syarif Hidayatullah State Islamic University Jakarta and The Indonesian Association of Islamic Economist. This journal focused on Islamic Economics and Finance studies. &nbsp;The journal is published twice a year on January and July. The aim of the journal is to disseminate the Islamic economics and finance researches done by researchers both from Indonesian and overseas.</p> <p>The journal is accredited by the Directorate General of Higher Education Ministry of National Education The Republic of Indonesia No. 040/P/2014</p>
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Articles 277 Documents
THE IMPLEMENTATION OF SALAM-CONTRACT FOR AGRICULTURE FINANCING THROUGH ISLAMIC-CORPORATE SOCIAL RESPONSIBILITY (CASE STUDY OF PADDY FARMERS IN TUBAN REGENCY INDONESIA) Hudaifah, Ahmad; Tutuko, Bambang; Tjiptohadi, Sawarjuwono
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (262.882 KB) | DOI: 10.15408/aiq.v11i2.10933

Abstract

This research is aimed at discovering a stable financial schemingformula or model that would be compatible with the natural characteristics ofa paddy farming cycle in Tuban. The qualitative research employs the use of anactive participatory community through the means of a focus group discussion, anin-depth interview and face to face interviews with respective stakeholders andkey informants. The Salam contract, which is highly beneficial is a prospectivefinancial scheme that terminates the long business chain found in most businessesin Indonesia. The Corporate Social Responsibility which is managed through theSyariah approach (I-CSR) from a company, can become the solution to bridgethe gap found in the implementation of funds for a Salam contract. The Salamcontract applicability is dependent on the Islamic farmer cooperatives (BMT), aunit of joint venture organization serving as the key players in the execution ofthe function of a paddy warehouse-trading agent and direct financing to farmers.Strong support also comes from the zakat, inf?q, and shodaqoh institution (LAZ)whose role is educating and encouraging the paddy farmers? skills and competency,especially to enable them access end-user markets using the aid of informationtechnology. Penelitian ini betujuan untu menemukan formula skema pembiayaanpertanian yang stabil sesuai dengan karakteristik alamiah pertanian padidi Kabupaten Tuban. Metode penelitian kualitatif dipergunakan dalammenyelesaikan penelitian ini dengan partisipasi aktif komunitas melaluimedia diskusi kelompok, wawancara mendalam tatap muka dan observasikepada informan kunci dan pihak yang terlibat secara langsung dalam tata-niaga pertanian padi di Kabupaten Tuban. Kontrak salam adalah skemapembiayaan yang sangat menguntungkan bagi petani dan pada aplikasinyamampu mengambil peran pembiayaan distributor dalam tata niaga pertanianpadi. Islamic Corporate Social Responsibility (I-CSR) yang dikelola berdasarkanprinsip ekonomi Syariah dari perusahan yang beroperasi di wilayah Tuban bisamenjadi solusi dana yang dikembangkan untuk pembiayaan pertanian yangdihindari oleh perbankan karena siklus bisnis yang berbeda. Keberlangsungan kontrak salam pertanian untuk komoditas padi akan bergantung pada koperasipetani yang terdiri dari koperasi simpan pinjam Syariah (BMT), gudang padi,penggilingan padi dan unit perdagangan yang kesemuanya disebut sebagai KUB(Kelompok Usaha Bersama). Dukungan yang kuat juga berasal dari Lembagazakat, inf?q dan shodaqoh, yang memiliki peran untuk melakukan pelatihankeahlian petani dan membantu memenuhi kebutuhan dasar petani yang menjadianggota dalam KUB.
SPIN-OFF POLICY OF SHARIA BANK: IS IT PROFITABLE? Rusydiana, Aam Slamet; Devi, Abrista; Hasib, Fatin; Rani, Lina
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1139.259 KB) | DOI: 10.15408/aiq.v11i2.9157

Abstract

According to Law no. 21 Year 2008, the Sharia Business Unit (SBU) owned by a Conventional Commercial Bank (CCB) is required to separate from its Parent Bank before year 2023. Some Sharia Business Units have initiated a separation step from Conventional Commercial Bank. On the other hand, they are required to keep the level of efficiency in running its business operations. This paper is intended to analyze the efficiency level of Sharia Business Units that have separated from its parent and then compare whether there is difference of efficiency level between before and after separation. The method used is Data Envelopment Analysis (DEA) and Paired Sample t-Test.The results show that based on the total average efficiency of all sharia banks spin off (in this case four sharia banks namely BNI Sharia, BRI Sharia, BJB Sharia and Bukopin Sharia Bank), there occur a decrease in efficiency technically and also pure the technical itself in sharia banks starting from before and after the spin off. This can be read because in the early periods of spin off there was a cost adjustment on the shariah bank spin off. Sharia banks require a 'weaning' from their parents. Nevertheless, there is no statistically significant difference in efficiency levels between before and after the spin off. This should be a booster for other Sharia Business Units to take the decision to spin off immediately, of course, accompanied by careful and prudent planning and implementation.
A POTENTIAL OF BAITUL MAL WA TAMWIL (BMT) IN DEVELOPING THE BORDER AREA OF INDONESIA - MALAYSIA Maulana, Muhammad Iqbal; Akbar, Nashr
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (345.184 KB) | DOI: 10.15408/aiq.v11i1.6834

Abstract

Indonesia border area (West Kalimantan, Sambas) - Malaysia (Sarawak) is a potential area. Strategic location and direct borders with other countries such as Malaysia make this area easy to interact economically with neighboring countries, either in the form of Asean Economic Community (MEA) or Brunei Indonesia Malaysia Philippines - East Asian Growth Area (BIMP - EAGA). But the reality is there are still socio-political and economic disparities. An unanticipated social and economic gap will interfere and affect the pattern of national development strategies, and affect national interests. Therefore, the border area of ??Indonesia (West Kalimantan, Sambas) - Malaysia (Sarawak) should be built and developed in order to eliminate the gaps that occur. This research tries to know the potential of Baitul Mal wa Tamwil (BMT) in developing border area of ??Indonesia - Malaysia by prioritizing welfare approach. The decision framework is structured using the ANP approach of the Benefit Opportunity Cost Risk (BOCR) network. All BOCR elements are reviewed from a community perspective and obtained through in-depth interviews with experts (academics), regulators, and practitioners. The results of this study conclude that the benefits and opportunities aspects have significantly more weight than the load and risk aspects. Alternative strategies are also proposed in this study to maximize benefits and opportunities and minimize costs and risks. An alternative strategy considered to be the first priority to be implemented according to respondents is the capital of third parties. Keywords: ANP-BOCR, BMT, Border Area
POLITICAL ECONOMY FROM THE PERSPECTIVE OF IBN KHALDUN Muslim, Moch Bukhori; Saepullah, Saepullah; Widayatsari, Any
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (207.184 KB) | DOI: 10.15408/aiq.v11i1.13341

Abstract

Te political economy encompasses the management of revenues and spending to achieve the social welfare of the community. Hence, development is not solely emphasized economic growth but also equity. Tis article discusses the political economy according to Ibn Khaldun, written in his book, Muqaddimah. Tis study concludes that that political budgets must be carried out in a balanced manner by establishing budget certainty and increasing the discipline in use of the budget. Legislators make laws, referring to the creation of income sources so that the community will be able to meet their needs independently, and thegovernment can gather capabilities to carry out their duties and functions. Ibn Khaldun saw budget management as a means to solve public matters while also factoring the interests of rulers and governments.
DISHARMONIZATION OF WAKALAH AGREEMENT IN LAW NUMBER 34 OF 2014 AND THE DSN-MUI FATWA NUMBER 122/DSN-MUI/II/2018 Ali, Hasan
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 1 (2019)
Publisher : Faculty of Shariah and Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (220.681 KB) | DOI: 10.15408/aiq.v11i1.11144

Abstract

Disharmonization of Wakalah Agreement in Law Number 34 of 2014 and The DSN-MUI Fatwa Number 122/DSN-MUI/II/2018. BPKH as a Hajj financial management institution in Indonesia has an essential role in evolving the Hajj Fund. With the biggest potential of Muslims in the world, Indonesia can administrate hajj finances in a larger scope by investing hajj finances on business lines which has accordance towards sharia principles. In contrast, the wakalah agreement as the basis used between the prospective pilgrims to the BPKH institution is interpreted differently between Law Number 34 of 2014 and the DSN-MUI Fatwa Number 122/DSN-MUI/II/2018 so it causes disharmony in the two laws. Differences in the role interpretation of representatives in both of these invasions have legal consequences in the form of differences in the recipient of responsibilities involving the government and BPKH as the hajj financial manager if they experience investment failure. This study uses qualitative methods with secondary data in the form of legislation, related books, and non-legal materials. The used technique is content analysis with normative juridical research themes that analyze principles and legal systematics.
SOCIETY, LAW AND ECONOMY: CONTEXTUALIZING IBN KHALDUN'S THOUGHT Muslimin, Jm
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (71.351 KB) | DOI: 10.15408/aiq.v11i2.13778

Abstract

Economics and the law are the two inseparable things. There is always a relationship between the two. These two things can influence the development of people's welfare. This writing explores that during his life (1332-1406 AD), Ibnu Khaldun spent almost his whole time to read, learn and produce a distinctive work regarding socio-historical development of the existing government and community, as well as the type of local entity. Moreover, for some researchers, the role of Ibnu Khaldun in paving the way for creating foundations of sociological study can?t be neglected. According to him, the role of law in economic activity in general can be seen from two sides, in two equal interests, namely: a. Law is seen from the dimensions of economic activity; and b. Law is seen from the dimension of the state over its authority. Departing from the economic goals, in fact to obtain the maximum profit, the law is merely seen as a useful external factor and can be utilized to secure the economic activities and objectives to be achieved. The research proves that the essence of Ibnu Khaldun?s thought is still relevant to the modern time. Departing from his ideas and comparing them to the western and modern ones, one may conclude that Ibnu Khaldun?s philosophical analyses could be reinterpreted and contextualized. If it is so, then his theories are more identical to Stiglitz than to Smith and Marx.
THE EFFECT OF FINANCIAL RATIOS, MAQASID SHARIA INDEX, AND INDEX OF ISLAMIC SOCIAL REPORTING TO PROFITABILITY OF ISLAMIC BANK IN INDONESIA Hosen, Muhammad Nadratuzzaman; Jie, Ferry; Muhari, Syafaat; Khairman, Muhammad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (492.007 KB) | DOI: 10.15408/aiq.v11i2.11588

Abstract

This study aims to analyze the performance of Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Net Income Margin (NIM), Operating Expenses Ratio (OER), Maqasid Sharia Index (MSI), and Index of Islamic Social Reporting (ISR) to influence the level of profitability. The main purpose of this study is to complete the previous research with try to add the variables MSI and Index of ISR to estimating the change of profitability of Islamic banks in Indonesia. The study conducted eight Islamic Banks to be analyzed in the period from 2010 to 2012. The tool of analysis is used multiple linear regression for predicting the level of profitability. The results of the study show that all of the independent variables are significantly affected simultaneously to the level of profitability. Partially, NIM and OER are significantly affected by the level of profitability. The low level of Maqasid Sharia Index and Islamic Social Reporting implementation of the Islamic banks in Indonesia in the period of the study proves that these two variables are not the main indicator or a major achievement of most Islamic banks, even though Islamic banks should refer to attain mashlalah (public interest).Keywords: CAR, FDR, NIM, OER, MSI, and Index of ISR. Penelitian ini bertujuan untuk menganalisis kinerja yang ditunjukkan oleh rasio Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Net Income Marging (NIM), Biaya Operasional terhadap Pendapatan Operasional (BOPO), Indeks Maqashid Syariah (MSI), dan Indeks Islamic Social Reporting (ISR) terhadap profitabilitas bank syariah di Indonesia. Tujuan dari penelitian ini adalah melengkapi penelitian-penelitian sebelumnya dengan menambahkan variabel MSI dan ISR untuk mengestimasi profitabilitas bank syariah di Indonesia. Penelitian ini menggunakan data tahunan pada delapan bank syariah diperiode antara 2010 hingga 2012 dimana penelitian ini menggunakan metode regresi linear berganda. Hasil penelitian ini menunjukkan bahwa secara simultan seluruh variabel independen mempengaruhi profitabilitas bank syariah secara signifikan. Secara parsial, hanya NIM dan BOPO yang berpengaruh signifikan terhadap profitabilitas. Lemahnya pengaruh Indeks Maqashid Syariah dan Indeks Islamic Social Reporting mengindikasikan bahwa kedua variabel tersebut bukanlah faktor utama dalam pencapaian bank syariah, meskipun bank syariah juga harus memperhatikan faktor mashlahah. Kata kunci: CAR, FDR, NIM, OER, MSI, and Index of ISR.
SOCIAL CAPITAL AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM OIC COUNTRIES Notolegowo, Hantoro Ksaid; Saleh, Samsubar
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (425.517 KB) | DOI: 10.15408/aiq.v11i2.10931

Abstract

This research investigates the effect of constructive social capital such as religious tolerance, political participation, and marriage; and destructive social capital such as the corruption culture and discriminatory behavior towards the economic growth rate of member countries of the Islamic Cooperation Organization (OIC) 2014-2017. The results of the research estimation using the technique of fixed effect (FE) from the panel data of the OIC countries show that religious tolerance measured using the freedom of religion index (FRI) shows a positive and significant effect on the economic growth rate; political participation as measured by political rights index (PRI) has a significant negative effect on the economic growth rate; marriage measured using the percentage of married woman (PMW) has a positive effect on the economic growth rate but is not significant; corruption culture measured using the corruption perception index (CPI) has a negative and no significant effect on the economic growth rate; and discrimination behavior measured using discrimination and violence against minorities index (DVI) shows a negative and no significant effect on the economic growth rate.
TAX INCENTIVES FOR INDONESIAN PHILANTHROPY: THE BALANCE OF EFFECTIVENESS OF PULL FACTOR AND THE ROLE OF THE STATE Rosdiana, Haula; Murwendah, Murwendah; Inayati, Inayati
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (613.335 KB) | DOI: 10.15408/aiq.v11i2.11240

Abstract

Philanthropy is not merely a fund-raising activity. It means an activity that has strong relation with social activity. Philanthropy is significant to consider in building public participation in governance or at least in helping the government?s role to implement the allocation function related to social welfare. In Indonesia, tax incentives for philanthropy are categorized into two, namely tax exemption and tax deduction. Tax exemption applies to donations or income derived from non-profit organizations, while tax deduction applies to the donor or philanthropists, both individuals and companies. In addition, there are incentives for property taxes and tax on motor vehicles provided by the provincial/ local government. In practice, philanthropy still leaves tax-related issues that must be shouldered by donors, recipients, and donation collectors. This issue is crucial because it has the potential to reduce the attractiveness of tax incentives to encourage people to engage in philanthropy activities in Indonesia.   This study aims to evaluate the tax policy on philanthropy in Indonesia. This study applied constructivism paradigm. The data are collected through documentation, literature review, and field studies through in-depth interviews and focus group discussions (FGD). The data are analyzed using mixed approach. The findings of this study indicate that the lack of dynamics in current tax policy is not in harmony with the rapid development of increasingly varied philanthropic activities. Therefore, the donors and recipients face uncertainty related to taxation on philanthropy including tax treatment and tax incentives that can be obtained from the government. Applicable tax policies have not been able to provide incentives for various types of taxes but Income Tax in the form of tax deduction and tax exemption. Unfortunately, this type of incentive is relatively unappealing to philanthropic activists. In other words, the policy of tax incentives on philanthropy activities has not been a pull factor for the community to be more actively involved in philanthropy activities.  Furthermore, the issues associated with tax administration are still found in its implementation. Regulatory improvement is necessary, including accommodation of incentives for all types of taxes on philanthropy in Indonesia, as an appreciation for citizens who have strengthened the government's role in the prosperity of society.
ISLAMIC SOCIAL REPORTING (ISR) ANALYSIS IN INDONESIA AND MALAYSIA Nofitasari, Wiwit Ayu; Endraswati, Hikmah
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (271.863 KB) | DOI: 10.15408/aiq.v11i2.10630

Abstract

The purposes of this study are to examine the effect of company size, profitability, board of commissioners, proportion of independent commissioners, and frequency of meetings on the level of Islamic Social Reporting (ISR) in Indonesia and Malaysia and to test whether there is difference ISR in Indonesia and Malaysia. The sample of this study are 10 companies that issued sukuk at Indonesia Shariah Stocks Index and 8 companies on Malaysia Stock Exchange in 2013-2017. Multiple regression and different tests are used in this research as analysis techniques. The results show that the size of the company effects on the level of ISR in Indonesia positively but not in Malaysia. Profitability, board size, and the proportion of independent commissioners does not effect on ISR levels in Indonesia and Malaysia. The frequency of board of commissioners meetings effect on ISR levels in Indonesia and Malaysia positively and there is difference ISR in Indonesia and Malaysia. The implication of this research is that there is a need for regulations that regulate ISR disclosure in Indonesia to improve the quality of ISR disclosure to the stakeholders

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