UIN (Universitas Islam Negeri) Sunan Kalijaga, Yogyakarta: E-Journal Fakultas Ekonomi dan Bisnis Islam
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Maqasid Shariahs View and its Solution on Foreign Debt in Indonesia
Get PDFThis 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\u27s 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
Analysis on BPJS Kesehatan from Various Disciplines
Get PDFBPJS 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
Futures Contracts in Islamic Finance: An Analytical Approach
Get PDFFutures contracts provide a useful means of reducing risk because these are highly liquid instruments that can be entered into or liquidated at any time. However, the debate on the legitimacy or otherwise of these contracts in the Islamic commercial law continues to invoke different contentions. The paper accentuates the fact that futures contracts are at bottom a new phenomenon of this age which have no precedent or parallel in the conventional law of transactions (muamalat). Therefore their legality or otherwise should be looked into with the Islamic viewpoint of general permissibility in relation to transactions. The paper examines a number of jurisprudential and legal issues such as non-existence of the subject-matter, sale prior to taking possession, bai al-kali bil-kali, speculation and hedging, and concludes that futures contracts are allowed to benefit from. However, only hedgers can take advantage of them. These instruments can never be used for purely speculative purposes where making or taking delivery is not intended. Although it is not necessary to pay the complete price to the seller at the time of the contract yet some other precautionary measures such as a bank guarantee or a fair amount of money to be given to the seller should be taken to ensure that pure speculation is scrupulously forestalled and the delivery would certainly be made
The Awareness and Attitude towards Islamic Banking: A Study in Malaysia
Get PDFThe purpose of this study is to establish the level of awareness that Malaysians have in relation to the culture of Islamic banking, the attitude of Malaysians towards Islamic banking and a ranking of the bank selection criteria of Malaysians – and for each part of the study, to see if Muslim responses are different from non-Muslim responses. A sample of 150 Muslim and non-Muslim customers in Klang Valley was surveyed utilizing a questionnaire containing specific questions relating to the awareness and attitudes of Islamic banking to their ranking of the services required. It is found that the Muslims are more aware toward the culture of Islamic banking, and as consequences, be more aware of the meaning of fundamental terms used in Islamic banking and finance.In the case of the attitudes towards Islamic banks, there were many differences in attitudes between Muslims and non-Muslims in country with majority of Muslims. In the context of bank selection criteria, there are four significant differences among Muslims and non-Muslims such as, mass media advertising, credit on favorable terms, financial counseling and location near my place of work, while the others 18 criteria shows no significant difference. The findings can be utilize by banks to measure the level of attitudes and acceptance towards Islamic Banking among Muslims and non-Muslim and for those who is considering setting up an Islamic banking operations in the country with majority of Muslims
Microfinance: Viable Approaches for Islamic Banking Implementation
Get PDFIslamic banks have very much engaged in debt financing businesses the same way and as much as their conventional counterparts do. Debt financing businesses, as widely implemented, were specifically targeted for and tailored to the needs of middle and upper income group of people. The low income people remain left out and forgotten in most banking businesses while microfinance instruments, which are meant to help the poor and needy, remain unpopular among the banking institutions. There is indeed increasing calls for Islamic banks to seriously consider this type of instrument as part of their religious obligation embedded under their Islamic identity. This paper demonstrated that microfinance instruments are viable for Islamic banks to consider despite the claims that the contracts are less secured and hence, too risky to embark in. A number of microfinance instruments based on Islamic concepts namely Musyarakah, Murabahah, Mudharabah, Ijarah and Qard al-Hassan as well as operational frameworks such as SPV and wakalah, were being proposed and discussed to pave ways for its implementation by the Islamic banks
Opportunity and Challenges to Integrate Zakat Into Indonesian Fiscal System in The Light of Siyasah Shariyyah
Get PDFNowadays, the idea of integrating zakat into fiscal system has arisen in Muslim countries including Indonesia. It is argued that zakat, in history, has played a significant role to create welfare among societies. It is proven at the time of Caliph \u27Umar ibn \u27Abdul \u27Aziz that zakat has alleviated poverty at that time alongside tax. Having considered such achievement, some scholars argued that zakat should be reintegrated into current fiscal system. This paper, therefore, attempts to study the feasibility of integrating zakat into Indonesian fiscal system. Employing descriptive analysis based on Siyasah Shariyyah (high objectives of the Shariah). Therefore, the objectives of the study are set with these following points: 1) to address the strength and the weakness of the implementation of this idea, 2) to assess its opportunity as well as its threat, 3) to examine whether the integration of zakat will secure maslahah (benefit) or create mafsadah (harm). The result shows that the integration of zakat into current fiscal system is in line with the Siyasah Shariyyah. Hence, the strong willingness and commitment of government is strongly required to applicate it. The proper model of integration should also be planned well. Moreover, nurturing the understanding to all parties, especially to the nonMuslims and secularists, that this idea is really beneficial and not discriminatory should be promoted
Default Risk on Islamic Banking in Indonesia
Get PDFStability of financial institutions is a crucial issue amid the economic crisis that hit the US and Europe. Islamic banking in Indonesia as financial institutions are also required to have good stability in order to maintain the stability of the national economy. The aim of this research is to determine the stability of Islamic banking in Indonesia, and understand the factors that affect the stability. Stability of Islamic banking will be measured using Merton model to estimate the Probability Default (PD). Panel data regression was used to estimate the factors that affect the stability of Islamic Banking. The object of this research is 10 Islamic banking in Indonesia that meet the specified criteria. From the analysis of the Merton model, the research found that the stability of Islamic banking in Indonesia is not good enough. This can be seen from the value of the probability default on Islamic banking which still above 0.5. However, based on the trend, the probability default of Islamic banking has decreased from year to year. Some of the variables that influence the stability of Islamic banking is asset and BI rate (SBI)
An Exploratory Study of Shari\u27ah Issues in the Application of Tabarru\u27 for Takaful
Get PDFTakaful 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\u27ah issues. The present study aims to discuss some of the most fundamental Shari\u27ah issues in takaful, namely the issue of applying tabarru\u27 concept in takaful and the issue of underwriting surplus of tabarru\u27 fund
Shariah Issue of Warrant Contract: Empirical Evidence from Warrant Mispricing in Malaysia Market
Get PDFThe objective of this paper is to analyze the gharar issue of warrant by presenting the empirical evidence of warrant mispricing in Malaysia\u27s market (moneyness and mispricing) and its determinant. The Black Scholes Option Pricing Model (BSOPM) will be used to detect mispricing in a warrant\u27s contract. In addition panel regression will be performed to analyze the determinant if said warrant is mispriced. The result shows that in majority, mispricing happens in warrant, either by Out the Money, or In the Money. Panel regression analysis finds that Stock price, klibor, and maturity are positive and are significant variables to the mispricing of a warrant. Finally, with the use of a warrant mispricing model, this research concludes that there is gharar issue in warrant contract
Understadning Faraid: the Case of University Students
Get PDFThe purpose of the study is threefold (1) to examine the level of faraid awareness among university students, as well as (2)the factors that may influence it, and (3)to investigate whether there is any difference between the various groups of respondents based on gender, education level, age and country of origin. The study uses three main statistical techniques to analyse the data, namely, one sample t-test, MANOVA and multiple regression. The data was gathered by distributing the questionnaire to 150 students of International Islamic University Malaysia. The findings indicate that overall the students have good knowledge about faraid. Nevertheless, the students were found to have a misconception and misunderstanding regarding female share in inheritance in Islam. In addition, the findings show that there is significant education level difference in faraid awareness. Finally, the findings conclude that among the variables initially included in the study, only facilitating conditions is significantly influencing the level of awareness of the university students