UIN (Universitas Islam Negeri) Sunan Kalijaga, Yogyakarta: E-Journal Fakultas Ekonomi dan Bisnis Islam
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The Determinants of Waqf Preference Toward Money-Cash Waqf
Full text linkThis research is based on the lackness of societie’s understanding toward cash Waqf and its big chance. The purpose of this research is to understand the factors causing Waqf preference toward the product of money-cash Waqf. The method of this research is factors analysis, and is applied in the Province of Yogyakarta include: Yogyakarta City, Sleman, Kulonprogo, Bantul and Gunung Kidul Regency. The results of this research are the determinants of muslim sociatie’s preference toward Money-Cash Waqf are: wakif’s attitude factor, complain factor, productive action factor, equity factor, product characteristic factor, and religiosity factor as well as generosity factor
The Effectiveness of Zakah, Infaq, Sadaqah (ZIS) Management by BAZDA to Improve the Welfare of Society in Central Java
Full text linkThe big potential of Zakah, infaq, and Sadaqah (ZIS) in Central Java is one of the instruments for reducing poverty and improving the welfare of the society. This study aims to assess the effectiveness of management ZIS optimally so as to make a significant contribution to poverty reduction and improved well-being. Regulation No. 23 of 2011 on the management of Zakah has provided the legal basis which is very strong in the management of Zakah, by collecting, distributing, and accountability of it.The unit of analysis in this study is the Bazda in Central Java Province. The sample is four districts/cities, including: the city and regency of Semarang, Jepara and Demak district. In addition, the study respondents aremanagers of Bazda, muzzaki, and mustahik in four districts/cities.The findings show that all Bazda have already had database on muzaki and mustahik, but still incomplete, so it cannot be done for the sake of collecting and mapping the distribution of ZIS effectively and efficiently. Moreover, the condition of the building, infrastructure and operational funds sourced budgets have not been able to support the operations and performance of the collection, distribution and reporting effectively and efficiently. Distribution and utilization of ZIS is dominated for the fulfillment of consumer needs and focused on the areas of health, education and social, while, empowering productive business activities is still slightly low, so that it is necessary to have a paradigm shift in the management of the ZIS to make mustahikbecome more productive. It is required a coordinated and integrated cooperation between Bazda District/City, Baz Districts, the regency/state, enterprises, SOEs and private agencies in order to collect ZIS effectively and efficiently and not only dominated merely by the civil servants. Reporting and accountability system, so far, has been conducted in a transparent and accountable through a written report to the District / City Government and Parliament, but some Bazdado not provide it to mustahikin detail, either in book form or through the WEB. Only the district of Jepara which has a complete reporting system, regular, detailed and printed in book form to be sent to the Government, Parliament, and the muzaki of related parties
Financial Reporting Quality on Indonesia Islamic Banks: An Internal Stakeholders Perception
Full text linkThis study describes financial reporting quality of 33 Islamic Banks in Indonesia. The data was taken by questionnaires from 173 respondents, consist of employees (head of group, head of division, and internal auditor), audit committee members, and sharia supervisory board members. The questionnaires consist of 24 questions with eight dimensions of research instruments, they are financial reporting quality (ie. timeliness, verifiability, completeness, representation faithfulness, neutrality, comparability, consistency and clarity). This research is qualitative, therefore using interpretive analysis as data analysis. The result shows that representative faithfulness is considered as the most important component by internal party of Islamic banks
Sanctuary in the Midst of Crisis? A Look into Shariah Indices using Multivariate GARCH DCC
Full text linkIslamic Finance has evolved over the past few decades, and stands at over a trilliondollars today. At the foundations of Islamic finance lay the concept of risk sharing, and the purest forms of it in the modern day finance is equity investments. The evidence of Islamic investors pursing equity investments in reality is thin. Multitude of reasons are attributed to this low participation, mainly revolving around lack of empirical proof of Islamic investments being a reliable and steady return alternative. This study is an attempt to study the volatilities and correlations with the conventional global equity indices utilizing Multivariate GARCH Dynamic Conditional Correlations (MGARCH DCC) method. The findings provide an interesting angleto our study, where there is a significant downwards trend in the correlations during the crisis era. This provides substance to the argument that Islamic investors would experience lesser downside in economic crisis. This study further dwells into the linkage of Islamic indices with global financial indices to study if financial sector exclusion from Islamic indices benefits theinvestors. The findings are positive, with lower correlations and that to reducing in the recent global crisis. Islamic finances core philosophy is equity based investments and this study is a humble attempt to empirically substantiate its benefits