UIN (Universitas Islam Negeri) Sunan Kalijaga, Yogyakarta: E-Journal Fakultas Ekonomi dan Bisnis Islam
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Analysis of Comparative Advantage Strategy Implementation on The Customer Loyalty of BRI Sharia in DIY
Get PDFCompetition occurs among Islamic banks increasingly tight. In order to survive and remain competitive, an Islamic bank should have an identity and uniqueness which differentiates with other Islamic banks. BRI Sharia in order to enter the world of competition and survive should implement strategies remain competitive advantages to maintain the loyalty of its customers. These strategies are divided into cost leadership, differentiation and focus. The expectation by applying one of these strategies, BRI Sharia can retain the loyalty of the customers and gain new customers. This research aimed to determine which strategies are applied by BRI Sharia. The strategies of the competitive advantage created by M. Porter\u27s such as cost leadership, differentiation, and focus affect significantly on customer loyalty. Data processing was performed using SEM analysis (Structural Equation Model). The results showed that customer loyalty variation can be explained by variabel s of cost leadership, differentiation and focus strategies. From the test results we can conclude that only cost leadership strategy variable that significantly affect customer loyalty of BRI Sharia
The Importance of Good Customer Ethics in Improving The Financing Portion of Mudharabah
Get PDFMudharabah is a partnership contract (reputation agreement) in which one party (shahibul maal) will give his property to another party (mudharib) as productive business capital with profit sharing between the owner of the funds/capital based on the agreed ratio in advance. In practice, the application of financing mudharabah is not easy to be implemented in Islamic banking because financing mudharabah will make the asymmetric information between the customer and Islamic banking. Mudharabah client have more information than Islamic banking about all of that business. Asymmetric information sometimes can make the costumer do the moral hazard and adverse selection acts with the result that Islamic banking didn\u27t take that risk and make the distribution of mudharabah financing portion becomes very small when compared to the total number of Islamic bank financing. Mudharabah Customers must have a good business ethics and always have advanced principle of honesty, trustworthy and transparent in managing shahibul maal funds in orther to they can minimize the risk of financing mudharabah and make Islamic banking be confident to grant the decision of financing mudharabah
The Analysis of Factors Affecting Foreign Investment in Indonesia
Get PDFForeign Direct Investment (FDI) has important role in Indonesian economic development and becomes the engine of growth for the economy. For all this reason, the government starts doing promotions attracting foreign investors to invest in Indonesia by issuing a number of policies. In fact, some foreign companies have left from Indonesia. This research aims at determining the effect of GDP, inflation, and infrastructure toward Foreign Direct Investment in Indonesia from 1981 until 2014. It uses time series data and Error Correction Model (ECM) as the method. Based on analysis findings, all variables used by stationary in first difference, dependent and independent variables in the equation of co-integrating regression has long-term relationship. In the short term, GDP and Infrastructure do not have a significant influence, while inflation has a negative influence and significant in α 5% toward Foreign Direct Investment. In the long term, GDP and Infrastructure have a positive effect and significant at α 5%, while inflation does not have a significant influence to Foreign Direct Investment in Indonesia
Best Choice for Investment-Islamic Equity or Sukuk?
Get PDFIslamic capital market is an important part in the development of Islamic economics especially in providing a mobilization of fund to the efficient economic source and provides liquidity to the Islamic finance institution such as Islamic bank etc. There are two main instrumens in Islamic capital market namely Islamic equity and sukuk. In investmet point of view, the raise question is what is the best choises of investment between islamic equity and sukuk. The objective of this research to describe the return and the risk profile of Islamic equity and sukuk in the world. Second, this paper will conduct study about the chance to arrange Islamic portfolio investment consist of two securities namely, sukuk and Islamic equity. To analyze this, researchers will use some tools in capital market theories including portfolio theory, minimum variance portfolio, Sharpe, Jansen, Treynor and RAP model. Thirdly, this paper will test the different level of return between Islamic equity and sukuk. The main instrument is statistical analysis, and SPSS. This research found that based on quantitative analysis Sukuk provides a better return as well as lower risk. However, in the short term, islamic equity is often provide a higher return than sukuk. From the several measurement tools, this research also finds that sukuk has a better performance than islamic equity. In contrast, statistical testing shows that there are no significance differences return between Islamic equity and sukuk from 2005 till 2010. Therefore, this research suggest that investor/peple who want to increase their wealth and prefer to invest in islamic capital market, they should make a islamic portfolio include some securities component, sukuk, islamic equity, islamic unit trust, islamic etf, etc
Stock Returns and Liquidity Changes Around the Screening Announcement: An Empirical Study in Indonesia
Get PDFThis 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
The Low Cost Green Car (LCGC) Program in Islamic Perspective
Get PDFRecently the Government of Indonesia makes a program of Low Cost Green Car (LCGC). The purpose of the program is to support the independence LCGC four-wheeled vehicles industry in order to anticipate the trend of increased demand for energy-efficient motor vehicles and reasonably priced. LCGC program is polemical prolonged. Protests came from all circles. Such as Local Officials, to the Economist. Because the program is properly designed like a cheap car city so that it’s bought by urban communities only According to The Ministry of Industry Article 1 (e) that the Green Car is set up with the price of Rp. 95,000,000.00 (ninety five million). In this case, the government intervened by way Ceiling Price although this intervention thresholds given in the event of structural changes in Indonesia\u27s economic fundamentals, but the policy of intervention was assessed inconsistently. Because the car LCGC-called "earmarked" for the people of the lower middle class but are prohibited from using subsidized fuel. With some reason LCGC issuance of policies by the Government, there are some points that are contradicted by the transport and economic conditions in Indonesia. LCGC policy is certainly contrary to the spirit of alleviating transport problems especially congestion that was hit by the crisis. With the tax-free policy by the government, then the purchasing of the low-cost car will be higher. This is in accordance with the law of demand. The impact is congestion will worsen, especially in the knots of Indonesia\u27s major cities. That means it will grow, the use of fuel and air pollution
Zakah Fund Distribution Model Trough Takaful Institution for The Welfare of The Poor Farmer
Get PDFVarious poverty alleviation programs are always launched by the government from year to year. But it is not able to change the state of this country to become more self-sufficient and prosperous. If explored further, the majority of people classified as poor are working as farmers. Therefore, it is necessary to alleviate poverty policy that focuses on the welfare of farmers. So that when the policy is successfully realized, the majority of the poor in Indonesia will be able to independently through the development of the agricultural sector. One of the problems faced by farmers is weak stimulus funds from financial institutions. Due to the agriculture sector is seen as high risk, the financial institutions tend to feel worried if that financing for the sector. In anticipation of losses on crop failure, it is important applied an insurance that serves to protect the farm. So that financial institutions have the courage to do the financing for the agricultural sector. Meanwhile, zakat is one of the Islamic public financial instruments with the potential to be developed. Zakat funds channeled to 8 asnaf, including for the poor. So, it is possible if the charity can be used as agricultural insurance fund for farmers who are poor. Based on the explanation, this paper is intended to offer a model of the distribution of zakat to the poor farmers through takaful. The hope when this model is applied, will invite many financial institutions in stimulating agricultural business funds. The final implications are the farmers’ productivity increased and the quantity of the poor in Indonesia will be reduced
The Influence of Accountability, Transparency, and Responsibility of Zakat Institution on Intention to Pay Zakat
Get PDFZakat institution growth is increasing in Indonesia, but the absorption of zakat potential is not optimal yet. Low of intention to pay zakat on institution is one of factor why it is not optimal. This research aims to know the influence of perception in accountability, transparency, and responsibility of zakat institution to intention for paying zakat on DPU DT Yogyakarta. This is field research with primary data and secondary data. The method used to collect the data using questionnaires, interviews, and documentation. The technique used for sampling is convinience sampling with 51 respondents and suggested the use of multiple regression analysis techniques using SPSS 16.00 for data analysis. The result of this research indicated that all variables significantly influence intention to pay zakat simultaneously. But, the result of test partial indicated that accountability and transparency significantly positive influence to intention of paying zakat, then there is no influence of responsibility
The Influence of Corporate Social Responsibility toward the Financial Performance Company in Jakarta Islamic Index (JII) in Period 2010-2014
Get PDFThe aim of this research is to examine the influence of corporate sosical responsibility (CSR) toward the financial performance that is measured by Return on Assets (ROA), Return on Equity (ROE), Earning Per Share (EPS), Firm\u27s Growth (FG) and the control variable of Siz, Leverage, and Age. The population in this research was the companies in Jakarta Islamic Index (JII) consistently from 2010-2014. The samples were selected by Purposive Judgment sampling criteria. The collected samples in this research were 11 companies. The result of CSR research has a significant on financial performance by proxy ROA, ROE, EPS, and FG
COMPARISON OF EFFICIENCY AND MODELLING OF ISLAMIC BANKS AND CONVENTIONAL BANKS IN INDONESIA
Get PDFThis study aims to analyze the efficiency comparison between Islamic banks and conventional banks in Indonesia in 2012-2014. The data in this study were chosen through purposive sampling from 20 Islamic banks and conventional banks in Indonesia. The method used in this study is non-parametric approach with data envelopment analysis (DEA) whereas input and output variables are treated in intermediary function. The input variables are total asset, total saving (third party fund), and price of labor while the output variables are total financing (loans) and total operational expenses. To measure the efficiency level of Islamic banks and conventional banks the independent sample t test is used.The result of the study shows that there is no significant difference of efficiency between Islamic banking and conventional banking in 2014 because of the significant value (2-tailed) only at 0.537 where P-value is higher than α=0.05 Ha is refused. There is no difference of efficiency between Islamic banks and conventional banks in efficiency scale (ES). The empirical factors that affect Islamic banks and Conventional banks efficiency are ROA, CAR, and FDR variables. On the other hand, NPF results insignificantly and affects negatively towards Islamic banks efficiency. Lastly, ROA, NPL, LDR, and CAR had significantly affected Conventional banks efficiency in Indonesia from 2012 to 2014