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Contact Name
Aris Munandar
Contact Email
Aris Munandar
Phone
+6282145485255
Journal Mail Official
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Editorial Address
Jl. Laksda Adisucipto, Papringan, Caturtunggal, Kec. Depok, Kabupaten Sleman, Daerah Istimewa Yogyakarta 55281
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Kab. sleman,
Daerah istimewa yogyakarta
INDONESIA
Global Review of Islamic Economics and Business
ISSN : 23387920     EISSN : 23382619     DOI : -
Core Subject : Economy,
The scope or coverage of this International journal will include but are not limited to: Islamic Economics, Islamic Business, Islamic banking, Islamic capital markets, Islamic wealth management, Issues on shariah implementation/practices of Islamic banking, Zakat and awqaf, Takaful, Islamic Corporate Finance, Shariah-compliant risk management, Islamic derivatives, Issues of Shari`ah Supervisory Boards, Islamic business ethics, Islamic Accounting, Islamic Auditing.
Articles 84 Documents
An Exploratory Study of Shari'ah Issues in the Application of Tabarru' for Takaful Ali, M. Mahbubi; Hassan, Rusni; Hasan, Shabana M.
Global Review of Islamic Economics and Business Vol 1, No 3 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (461.674 KB) | DOI: 10.14421/grieb.2014.013-01

Abstract

Takaful industry has witnessed an exponential growth across the world over the last decade, demonstrating an enormous demand for takaful products ranging from short-term general takaful to long-term family takaful. It has attracted considerable attention not only from the Muslim countries, but also from the non-Muslim countries. Despite its promising growth, however, the takaful industry continues to face numerous contentious Shari'ah issues. The present study aims to discuss some of the most fundamental Shari'ah issues in takaful, namely the issue of applying tabarru' concept in takaful and the issue of underwriting surplus of tabarru' fund.
Islamization of Monetary Policy of 27 OIC Muslim Countries in Asia: The Successes, The Barriers and The Future Directions Hossain, Basharat
Global Review of Islamic Economics and Business Vol 7, No 2 (2019)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (849.815 KB) | DOI: 10.14421/grieb.2019.072-04

Abstract

The Islamization of banking, monetary policy, and the financial system began in 1975 after the setup of the Islamic development bank (IDB). Firstly, this paper discusses a concise framework of Islamic monetary policy. Then it presents the success and obstacles of the Islamization process of the monetary policy among the 27 OIC member Muslim countries in Asia and provides future directions to enhance the Islamization process. This paper employed secondary data and used the three criteria to measure the Islamization process: 1) Islamization of commercial banking; 2) making Islamic banking guidelines & regulations; 3) innovation and starting the Islamic monetary policy instruments. This paper finds that more than 154 Islamic commercial banks are operating under the Conventional monetary policy in 23 countries with very few Islamic monetary tools. On the contrary, Iran follows full-pledged Islamic monetary policy with 30 Islamic commercial banks. More precisely, in these countries, only 17% of total banks are Islamic bank, whereas 83% are still interest-based banks. Regrettably, two countries (Turkmenistan and Uzbekistan) do not have any tools of Islamic monetary policy. This paper also finds that though 64% of Islamic banks were established during 1970-2000 periods in 27 countries, only 25% of countries prepared Islamic banking regulation at this period. On the other hand, 75% of Islamic banking regulations were made during 2000-2015 periods. Most common Islamic monetary instruments are project-based Sukuk, project-based debt instruments, etc. Finally, this paper recommends six steps to enhance the Islamization process.
Stock Returns and Liquidity Changes Around the Screening Announcement: An Empirical Study in Indonesia Rahmasuciana, D. Y.; Alwahidin, A.; Utomo, A. S.; Rofi'i, Muhammad
Global Review of Islamic Economics and Business Vol 3, No 2 (2015)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (448.299 KB) | DOI: 10.14421/grieb.2015.032-02

Abstract

This paper aims to identify and analyze the volatility of stock returns and the changes of liquidity around the announcement of Shari?ah stock screening published by Otoritas Jasa Keuangan (OJK) and Dewan Syariah Nasional (DSN-MUI). The announcement is consist of stocks that become the constituent of ISSI (Indonesia Shari?ah Stock Index) and the stocks out from ISSI in each period. The number of data are 341 emitens, divided into two categories. The first category was 196 stocks that out from the composition of  ISSI, and  the second was shari?ah stock from 145 emitens which categorized as part of ISSI from 2011 to 2016. The statistical method (t-test) is used to analyze the change of stock returns and the change of liquidity in 14 days around the announcement (6 days pre- and post announcement). The result shows that Shari?ah compliant stocks over 6 years around the announcement have no difference in return and have negative sign for both the Shari?ah stocks and the stocks out from ISS. It may caused by the intention of Islamic investor which invest their capital based on the compliance of Shari?ah, so the returns do not become the most important one. Interestingly, on the other hand, the liquidity change of stocks which out of ISSI has negative significant difference on the days after the announcement of screening. It indicates that the non-compliant stocks have negative in change of liquidity or have significant liquidity declining after the announcement. Also, in fact Islamic invetors are more concern in the list of stocks that out from ISSI and the stock returns become less important to them than the compliance of investment. Thess findings confirm the issue that the screening is not effecting the expected return of investors. Besides, this study tells that the screening is perceived as important information by the investors in making decisions. Thus, the next studies are needed to investigate the effect of long-term investment on shari?a stock and the factors that influence the shari?a stock return during the period of announcement.
Analysis on BPJS Kesehatan from Various Disciplines Abnur, Asman
Global Review of Islamic Economics and Business Vol 2, No 3 (2015)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (913.574 KB) | DOI: 10.14421/grieb.2015.023-01

Abstract

BPJS Kesehatan shall be the Social Security Agency (Badan Penyelenggara Jaminan Sosial) established by the government to provide a Health Security for the people. It constitutes an institution specifically established to organize the social security program in Indonesia according to Law No. 40 of 2004 and Law No. 24 of 2011. Pursuant to Law No. 40 of 2004 concerning National Social Security System, BPJS shall constitute a non-profit legal entity. The BPJS Kesehatan Program began on 1 January 2014. The National Health Security Program (Jaminan Kesehatan Nasional / JKN) initiated by BPJS aims at providing health protection for each participant to obtain healthcare benefits. JKN constitutes a healthcare program to serve the people with medical necessities, Insha Allah, Amiin.
What Determines Sukuk Market Development? New Theoretical Insights Aman, Ameen Ullah; Naim, Asmadi Mohamed; Isa, Mohamad Yazid
Global Review of Islamic Economics and Business Vol 7, No 1 (2019)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (227.175 KB) | DOI: 10.14421/grieb.2019.071-02

Abstract

In recent past, the Asian economies faced various financial crises, 1997 & 2008, because of underdeveloped or small capital markets. Most of the countries continued to heavily depend on the mere banking system for sovereign and corporate financing needs which made the region repeatedly vulnerable to the crises state. Therefore, the last decade has witnessed the remarkable growth in the alternative arrangement in the form sukuk and bond markets. The academic literature on the topic mainly focuses on bond market ignoring largely the determinants of sukuk market. Using content analysis approach, this conceptual study proposes the theoretical relationships of sukuk with some new possible determining factors along with some other factors which have not received enough attention in the literature. The study focuses on the dynamics of foreign capital inflows, macroeconomic and financial variables with respect to sukuk market development.
Contemporary Issues in Current Account Operations in Pakistani IBs - Sharia Compliant Solution Ishtiaq, Sheikh Muhammad; Butt, Wasie Fasih; Qureshi, Fahad Ahmed; Butt, Mubeen
Global Review of Islamic Economics and Business Vol 6, No 1 (2018)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (479.056 KB) | DOI: 10.14421/grieb.2018.061-02

Abstract

Contemporary Sharia scholars have three stances about the Current Account Operations in Pakistani Islamic Banks (IBs) i.e., (i) Ijarah based contract (ii) Wadi?ah based contract, and (iii) Qard based contract. This paper is an attempt to delve into the root causes of the differences of scholars and to find the Sharia-compliant solution acceptable for all. Descriptive as well as applied approaches are used in this paper. Clearing of ambiguity on this issue may result in twofold benefits: from the public point of view, it would satisfy practising Muslims which may result in form of huge deposits in this account (ii) from IBs viewpoint the Current Account is a bonus deposit.
Maqasid Shariahs View and its Solution on Foreign Debt in Indonesia Ismail, Nurizal; Dewi, Baiq Rosmala
Global Review of Islamic Economics and Business Vol 1, No 3 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (592.719 KB) | DOI: 10.14421/grieb.2014.013-06

Abstract

This study entitled Maqasid Shariahs View and Its Solution on Foreign Debt in Indonesia, aims to know the concept of debt from Islamic perspective and to analyze current issues foreign debt in Indonesia. Since economic crisis happened in European countries,Indonesia needs to be more careful in considering the impacts of the crisis. One of the causes was because of the high level of interest of the debts. It made most of crisis happened in many countries hard to pay back their debts. Therefore, it is needed to know how Islamic principles see the concept of debt and give the solution to the problem of debt by using Maqasid's approach. It can give comprehensive solution to the debt because it covers five dimensions: religion, self, intellect, family and wealth, which are very important in human life to attain the happiness and welfare on earth. The study will conclude with some suggestions for futureresearch.
Redefining Poverty and Its Measurement: An Islamic Political Economy Perspectives Khaleel, Fawad
Global Review of Islamic Economics and Business Vol 4, No 2 (2016)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (640.503 KB) | DOI: 10.14421/grieb.2016.042-01

Abstract

Islamic economists have always taken the position on the intrinsic capability of poverty alleviation in the Islamic economic model. The poverty, in economics and social sciences, is taken in the context of economic deprivation. Among the multitudinous meanings of poverty, generally it is defined as the lack of income, human underdevelopment, social exclusion, ill being, unsustainable livelihood, lack of basic needs, vulnerability and relative deprivation, while multifarious methodologies like head count ratio, poverty gap ratio, income gap ratio and Sen index are used to measure the poverty. The poverty in the developed countries mostly is identified relative to the average level of income as compared to developing countries which usually define it on the grounds of absolute standard of living. Islamic model clearly addresses poverty in number of ways and even considers it as a threat to faith and recommends alleviating it through different tools like zakat, which is the negative rate of return on savings. The tools prescribed in Islam for counteracting poverty are designed on different conceptual grounds to conventional poverty reduction tools, similarly Islam?s conceptually constructed understanding on: lack of income, human underdevelopment, social exclusion, ill being, unsustainable livelihood, lack of basic needs, vulnerability and relative deprivation differs in its context and in its intrinsic intellectual positioning to the conventional interpretation of these concepts. Inductively therefore, Islam?s idea of, ?what is poverty?? and ?How it can be measured?, is distinct and different to the general perception of poverty. This paper objectively examines the subjective meaning of poverty within Islam, through analysing the intellectual rigour on poverty in the transcendental sources of Islam along with the conceptual construction of Al Ghazali?s work on happiness. It further applies the uniform principles of maqasid al shariah (objectives of Islamic law) and nisab (standard for Zakat to be liable) in an attempt to develop the understanding of monetary measures, which can be used to identify ?poor and needy? within an economy. The results should provide the basic argument for the distinction on Islamic concept of poverty and a framework in which such definition can translate into the categorisation of ?poor? within an economy; along with some foundational understanding of Islamic value approach on monetary measurement of poverty. 
The Measurement of Customer Satisfaction Index with Method of Importance-Performance and Gap Analysis Syarif, Ahmad
Global Review of Islamic Economics and Business Vol 7, No 2 (2019)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (377.555 KB) | DOI: 10.14421/grieb.2019.072-01

Abstract

Customer satisfaction was the most talked topics in the service industry. Customer satisfaction is the main priority of the success of management of banking.  Banking was always innovating and training human resources in order to reduce the needs of customers. Researchers analyze whether the Bank's service is in compliance with the hopes of the customer. Research conducted at the Bank Syariah Mandiri Samarinda. This research utilized 450 respondents as samples and a Cartesian diagram as performance level. The result obtained (1) the existence of a cash machine were the important factors but management had not been fullest implement according to the wishes of the customer, (2) generally, the client was very satisfied over Bank Syariah Mandiri services, the average customer satisfaction above BSM performance with 97.36%.
The Role of Stock Markets in Promoting Economic Growth in Malaysia: Islamic vis-vis Conventional Abduh, Muhamad; Sukmana, Raditya
Global Review of Islamic Economics and Business Vol 1, No 1 (2013)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (360.121 KB) | DOI: 10.14421/grieb.2013.011-01

Abstract

The purpose of this study is to evaluate the dynamic effects of both Islamic and conventional stock markets development on the economic growth, particularly in Malaysia. The model estimation used to explain the relationship is the autoregressive distributed lag model with the variable of FTSE BM Emas Shariah Index to represent Islamic securities and FTSE BM Composite Index to represent the conventional. The data coverage is from Q1:2000 to Q4:2011. The result shows that there is no evidence of co-integration between the conventional markets and economic growth while there is a co-integration found between Islamic markets and economic growth. Moreover, the relationship between the development of the Islamic stock markets and economic growth occurs to be bidirectional.