UIN (Universitas Islam Negeri) Sunan Kalijaga, Yogyakarta: E-Journal Fakultas Ekonomi dan Bisnis Islam
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The Dual-Monetary Policy and Growth of The Real Sector (A Study Case in Indonesia and Malaysia)
Full text linkWithin a dual banking system, monetary policy is implemented under a regulatory framework. In addition to maintaining price stability, monetary policy aims to influence real economic activity through its transmission mechanism. This mechanism is subject to change due to various financial sector phenomena. The study aims to analyze the relationship between dual-monetary system mechanisms, encompassing conventional interest rates and Islamic returns, and the real sector in Indonesia and Malaysia from 2010 to 2019. Utilizing the Vector Error Correction Model (VECM), the study reveals that in Indonesia, conventional monetary policy significantly impacts the real sector in the short term, while Islamic monetary policy exhibits a stronger long-term influence. Similarly, in Malaysia, Islamic monetary policy demonstrates greater effectiveness in influencing the real sector compared to its conventional counterpart. IRF analysis indicates that Islamic monetary policy demonstrates greater stability than the conventional model in both countries. Furthermore, FEVD analysis suggests that the implementation of a dual-monetary policy, incorporating both conventional and Islamic models, promotes real sector growth in Indonesia. Conversely, in Malaysia, a dual-monetary policy relying solely on the conventional model appears to hinder real sector growth. Overall, Islamic monetary policy in Malaysia proves more effective in stimulating the real sector
Testing the Effect of General Election on Market Reaction of Islamic vis-à-vis Conventional Capital Market: Does Presidential Election Cycle Theory Exist in Indonesia?
Full text linkThis paper investigates the Presidential Election Cycle Theory by examining the Indonesian stock market\u27s reaction to presidential elections from 2004 to 2024. Specifically, it compares the reactions of Islamic and conventional capital markets. Employing an event study methodology with abnormal return as the indicator, the analysis utilizes secondary data comprising daily stock prices for seven days preceding and following each election. The findings indicate that presidential elections have a significant effect on capital market reactions, as evidenced by abnormal return values. However, the Islamic capital market demonstrates greater resilience than its conventional counterpart in responding to political events, such as presidential elections. The study concludes that the Presidential Election Cycle Theory is applicable to Indonesia, necessitating its consideration by policymakers, investors, and all stakeholders
Contribution of Government Expenditure and Distribution of Zakat, Infaq, Sadaqah (ZIS) Funds to Poverty Alleviation in Central Java Province
No full textPoverty is a worldwide concern that must be handled, especially in developing countries like Indonesia, which has serious poverty issues. One of the provinces in Indonesia with a high poverty rate is Central Java Province. This study aims to determine the effect of government expenditures on education, health, and social welfare, as well as the distribution of ZIS funds on poverty in Central Java Province for the period 2017-2024. The data used in this study is time series data that has been processed using the ECM method with the help of E-Views 12 software. The results show that in the long term, government expenditure on education, government expenditure on social welfare, and ZIS funds have a negative and significant effect on poverty. Meanwhile, government expenditure on health has positive and significant on poverty. In the short term, government expenditure on education has no effect on poverty. Government expenditure on health has a positive and significant effect on poverty. Government expenditure on social welfare and the distribution of ZIS funds have a negative and significant effect on poverty. 
Identifikasi Sektor Unggulan Provinsi Jawa Barat Tahun 2016: Analisis Keterkaitan Input-output
No full textAbstrak : Penelitian ini bertujuan untuk mengidentifikasi sektor unggulan di Provinsi Jawa Barat berdasarkan analisis input-output tahun 2016 dengan menggunakan analisis keterkaitan ke depan dan ke belakang. Hasil penelitian menunjukkan tiga sektor prioritas yang memiliki pengaruh signifikan terhadap perekonomian daerah, yaitu pengadaan listrik dan gas, transportasi dan pergudangan, serta jasa perusahaan. Sektor-sektor yang berada di Kuadran I, yang dicirikan oleh keterkaitan yang tinggi sebagai pengguna dan penyedia input, diidentifikasi sebagai sektor strategis utama untuk mendorong pertumbuhan ekonomi daerah. Penelitian ini juga menyoroti peran signifikan sektor industri pengolahan, pertanian, dan perdagangan dalam struktur perekonomian Jawa Barat. Sektor-sektor tersebut menunjukkan efek pengganda yang substansial, merangsang sektor-sektor lain sekaligus menyerap output mereka, yang menunjukkan potensi mereka sebagai penggerak utama pembangunan ekonomi daerah. Oleh karena itu, sektor-sektor tersebut layak diprioritaskan dalam perencanaan pembangunan daerah karena memiliki daya ungkit yang tinggi terhadap sektor-sektor lain. Lebih jauh, penting bagi perencana pembangunan daerah untuk mempertimbangkan temuan analisis input-output ini dalam merumuskan rencana strategis jangka menengah dan panjang untuk memastikan alokasi sumber daya yang efisien terhadap sektor-sektor yang memiliki dampak substansial terhadap perekonomian secara keseluruhan
Qana\u27ah as the Spirit of Islamic Economics in Realizing Sustainable Agricultural Practices in Dua Boccoe District
No full textThis research is motivated by the need for a spiritual approach to addressing the ecological crisis caused by chemical-based agriculture. The Islamic value of qana’ah, reflecting simplicity and sufficiency, is believed to be able to drive behavioral changes in farmers toward sustainable organic farming practices. The purpose of this study is to analyze the mediating role of qana’ah in the relationship between social norms and access to information, as influenced by technological innovation, on organic farming practices. The study used a quantitative approach using the SEM-PLS technique with 155 farmers in Dua Boccoe District, Bone Regency. The results indicate that qana’ah significantly mediates the influence of social norms and access to information on organic farming practices. Furthermore, technological innovation has an indirect effect on farming practices through improving social norms and access to information. In conclusion, qana’ah has proven to be a strategic value that integrates spiritual, social, and informational aspects in supporting ecological transformation in the agricultural sector. This study recommends the integration of qana’ah values into community-based sustainable agricultural education and policies
Antecedents of Switching Intention from Conventional Bank Customers to Bank Jago Syariah
No full textPurpose: This study aims to analyze the antecedents that influence the switching intention of conventional bank customers to Bank Jago Syariah by applying the Push-Pull-Mooring (PPM) framework.
Design/methodology/approach: This study applies a quantitative causal approach using the PPM framework. Data from 111 respondents were collected via questionnaire and analyzed with SEM-PLS.
Findings: The study reveals that push factors (customer satisfaction and religiosity) are insignificant, while pull factors (alternative attractiveness and subjective norms) significantly enhance switching intention. Inertia as a mooring factor shows a significant negative effect.
Theoretical Contribution/Originality: This study extends the PPM framework to digital Islamic banking and shows the significant role of inertia as a barrier, while confirming the stronger influence of pull factors compared to push factors.
Research limitation and implication: The study is limited to 111 respondents from Java, so broader samples are suggested. Practically, Islamic digital banks should strengthen pull factors and reduce inertia to encourage switching
Challenges and Opportunities in the Development of Hybrid Contracts in Islamic Banking: A Shariah Compliance Perspective
No full textPurpose : Purpose: This research aims to explore the application of hybrid contracts in Islamic banking products as a response to the complex financial transaction needs of contemporary society, as well as to identify the obstacles and solutions in their implementation to ensure compliance with Shariah principles.
Design/methodology/approach: This research employs a qualitative approach, analyzing regulations, fatwas from DSN-MUI, and operational practices within the Islamic banking industry, alongside interviews with industry practitioners to elucidate the challenges and potential for the development of hybrid contract-based products.
Findings: The research results indicate that hybrid contracts possess significant potential to foster product innovation and expand access to Islamic finance. However, their implementation is hindered by issues of Sharia compliance, insufficient technical regulations, operational complexity, and varying interpretations among financial institutions.
Theoretical Contribution/Originality: This research contributes theoretically by integrating the concept of Maqasid al-Shariah into the development of hybrid contracts, emphasizing the necessity of alignment among fatwas, regulations, and the capacities of industry players as a foundation for the development of adaptive and competitive Islamic banking products.
Research limitation and implication: The limitations of this study are its geographical focus on Indonesia and the restricted interview sample. Consequently, there is a need for the development of standard operational guidelines by DSN-MUI and OJK, the strengthening of the Sharia Supervisory Board, and the enhancement of public literacy to support the understanding and acceptance of hybrid contract-based products in the future.
Keywords: Hybrid Contracts; Islamic Banking; Product Innovation; Sharia Compliance; DSN-MUI regulatio
Examining the Significant Factors Inhibiting Agricultural Sector Growth during COVID-19 Pandemic in Indonesia
Full text linkThe agricultural sector has emerged as a critical economic pillar in Indonesia. Limited research has been conducted on Indonesia\u27s agricultural development. However, there exists a body of literature that thoroughly integrates the agricultural sector with banking and the macroeconomic environment, especially in the context of the period preceding and during the covid-19 pandemic. This study seeks to explore various factors that hinder the growth of the agricultural sector by examining specific banking and macroeconomic variables. This research employs quarterly data from 2010 to 2024 and analyzes it utilizing a multiple regression methodology. In pursuit of this objective, the analysis incorporates the growth of agriculture\u27s GDP share relative to total GDP, the financing of agriculture alongside total time deposits in Islamic banks, the margin of Islamic banks within the agricultural sector, the relationship between agriculture\u27s financing and GDP, as well as considerations of inflation and food prices. Empirical evidence indicates that only financial deepening (GCPGDPP) and banking intermediation (GFinPDT) have a significant impact on agricultural growth (GGDPRGDPT). An increase in financial deepening adversely affects growth. This discovery suggests that the agricultural sector in Indonesia requires enhancements in productivity, necessitating the advancement of professional managerial skills and the adoption of technology among farmers. Furthermore, considering the considerable influence of banking intermediation on agricultural growth, it is essential that financial deepening is aligned with entrepreneurial skills capable of producing high-value-added products. The study presents a significant contribution to the growth of the agricultural sector in Indonesia by highlighting the importance of enhancing banking sector financing alongside the development of improved professional managerial skills within the agricultural industry
Analisis Efisiensi Produktivitas Bank Sampah di Kabupaten Sleman Tahun 2024 Menggunakan Data Envelopment Analysis (DEA)
Full text linkPengelolaan sampah merupakan salah satu tantangan lingkungan paling mendesak di era urbanisasi dan industrialisasi saat ini. Di Daerah Istimewa Yogyakarta khususnya di Kabupaten Sleman, pesatnya pertumbuhan penduduk dan aktivitas ekonomi telah menyebabkan peningkatan signifikan dalam timbulan sampah.. Dengan jumlah penduduk yang terus meningkat dan aktivitas ekonomi serta pariwisata yang dinamis, Sleman dihadapkan pada tantangan besar dalam menangani timbulan sampah yang setiap tahun mengalami peningkatan. Penelitian ini bertujuan untuk mengetahui tingkat efisisensi pengelolaan sampah pada Bank Sampah Unit (BSU) tahun 2024. Metode Data Envelopment Analysis (DEA) digunakan untuk mengukur efisiensi relatif dari berbagai unit Bank Sampah di Kabpaten Sleman tahun 2024 dengan mengambil sampel 30 sampel Unit Bank Sampah yang tersebar di Kabupaten Sleman. Variabel yang digunakan adalah variabel input dan output. Variabel input terdiri dari dua komponen yaitu rasio anggaran dan estimasi jumlah petugas kebersihan. Sementara variabel output berupa volume sampah yang terkelola dan bahan baku daur ulang. Hasil penelitian diambil dari analisis menggunakan software MaxDEA dengan lima aspek pengukuran yakni; alokasi benchmark (lambda), slack movement, projection, dual price, dan Returns to scale (RTS)
A Behavioral Analysis Behind the Intention to Adopt Islamic Financial Products and Services in Malaysia: Underpinning Social Cognitive Theory
Full text linkThe growing global Muslim population and the increasing demand for halal products have also spurred interest in Islamic financial services, where the interplay between sacred and profane influences consumer choices. However, the market share of Islamic banking in Malaysia is still overshadowed by conventional banking, with only 33.4% of total deposits in 2018 attributed to Islamic banks. This indicates a significant challenge in attracting customers, where psychological factors play crucial roles in influencing behavioral intentions to adopt Islamic banking services. The study attempts to discover and provide an understanding on the ‘determinants factors on intention to adopt Islamic financial products and services with the integration of Social Cognitive Theory, Islamic financial literacy and the financial behavior of the consumer in Malaysia’. Partial Least Square PLS-SEM technique is used to analyze the 363 data in order to provide statistical result from respondents in the Klang Valley. The results demonstrate that all variables tested in this study have a strong relationship and identified as the determinants of intention to adopt Islamic financial products and services. The result from this study also provides practical implication for Islamic finance institutions to produce and market their Islamic financial products in the right and targeted market group