Shirkah: Journal of Economics and Business
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Ekonomi Kemakmuran Bersama: Indonesian Islamic Economic Thought of Kahrudin Yunus
No full textThis article preliminary explores a forgotten figure of defining concept of Indonesian Islamic economics, Kahrudin Yunus. Differ from other contemporary concepts; Yunus has generously framed sistem ekonomi kemakmuran bersama as a basic principle of Islamic economics. Although Yunus has courageously implanted such Arabic economic thinker as Baqr al-Shadr, the Indonesian political tension that infused capitalism and socialism in the middle of 1955 had imposed him to not define Islamic economics in narrow theological perspective, conversely, Yunus argued that Islamic economics must be built on the benefits of economic politics in order to constructing a democratic system. Yunus forgotten thought would have been a counter debate of contemporary Islamic economics today that somehow enforced the return of golden age of Islamic revival. Â Â Keywords: Islamic economics, kemakmuran bersama, economic thinke
Productive Zakat of Baznas Yogyakarta on the Growth of Micro Business
No full textThis empirical study aims to determine the impact of the productive zakat, infaq and sadaqah (ZIS) on the growth of micro business and the welfare of mustahiq in Badan Amil Zakat Nasional (Baznas) branch of Daerah Istimewa Yogyakarta (DIY). Applying structural equation modeling partial least square (PLS SEM), it confidently aims to verify the factors that influence the mustahiq welfare. The data of the research had systematically gathered by distributing questionnaires to 50 respondents and analytically processed by SmartPLS 3.0. This paper found that the productivity of ZIS took significantly positive influence on the growth of micro business and the welfare of mustahiq. In other words, the financial capital given to mustahiq able to improve micro business through developing the employment. Keywords: zakat, infaq, sadaqah, micro business, SmartPLS, Baznas, Yogyakart
Service Quality and Non-Muslim Satisfaction Using Sharia Bank Products and Services
No full textSome studies show that religious belief does not take effect affecting consumer using sharia bank products and services. This research has implemented six dimensions of Othman and Owen which modified five dimensions of Parasuraman with adding compliance dimension. The six dimensions of Othman & Owen are known as CARTER (compliance, assurance, reliability, tangible, empathy, and responsiveness). The research purpose is to analyze compliance, assurance, reliability, tangible, empathy, and responsiveness effect on non-Muslim customer satisfaction on sharia bank products and services at Manado Sulawesi Utara partially or simultaneously. The data was gathered with questionnaire instruments of 70 respondents, measured with five Likert scale five dots. The research result shows compliance, assurance, reliability, tangible, empathy, and responsiveness has significant effect on customer satisfaction. Responsive has most strong effect and compliance is the weakest.  Keywords: Sharia Bank, non-Muslim, quality service, customer satisfaction, ManadoÂ
Earning on Response Coefficient in Automobile and Go Public Companies
No full textThis study aims to analyze factors that influence earnings response coefficients (ERC), simultaneously and partially, composed of leverage, the systematic risk (beta), growth opportunities (market to book value ratio), and the size of the firm (firm size), selection of the sample in this study the author take 12 automakers and components that meet the criteria of completeness of the data from the year 2008 to 2012, entirely based on consideration of the following criteria: (1) the company's automotive and components are listed on the stock exchange, (2) have the financial statements years 2008-2012 (3) has a return data (closing price) the first day after the date of issuance of the financial statements. This study uses secondary data applying multiple linear regression models to analyze and test the effect of independent variables on the dependent variable partially (t-test), simultaneous (f-test), and the goodness of fit (R-square) on a research model. The result shows that leverage, beta, growth opportunities (market to book value ratio) and size along with (simultaneously) the effect on the dependent variable (dependent variable) earnings response coefficients. Partially leverage negatively affect earnings response coefficients, partially beta negatively correlated earnings response coefficients, partially growth opportunities (market to book value ratio) significant effect on earnings response coefficients, partially sized companies (firm size) significantly influence earnings response coefficients.Keywords: earnings response coefficients, leverage, systematic risk (beta) Growth opportunities, size of the companyÂ
Sakofa: Evaluating Zakat Microfinance Program
No full textZakat microfinance (ZMF) is an alternative to the limitation of zakat institution and microfinance institution in empowerment program. To make sure the zakat microfinance is on the track and to boost its performance and its benefit, evaluation is needed. This study aims to do an operational evaluation of productive zakat program formed in the micro-economic empowerment program named Sakofa (Madrasah Ekonomi Dhuafa/ School for Economics of the Poor) of Dompet Dhuafa Yogyakarta. Primary data were gathered from Sakofa beneficiaries in Sleman, Bantul, and Gunung Kidul. The findings show that all monetary aspects are better after running the program. Using ADePT software, headcount index, poverty gap, poverty severity, Watts index, and the average time taken to exit poverty are lower after doing the program. Altruism and saving behavior are better after Sakofa Program is implemented. Unfortunately, mustahiq were lack of discipline and desire to be independent. The effectiveness of counseling material on religiosity is the lowest. In short, Sakofa Program has a good performance in improving their prosperity. Keywords: productive zakat, zakat microfinance, poverty alleviation, empowerment, poverty inde
Community Empowerment through Islamic Microfinances: Perceptions in Comparison
No full textBMT (Islamic saving and loan cooperative) has continuosly been one of the Islamic microfinance institutions playing a significant role in empowering economic society. There has been a number of research discussing on the effort, however none of them discussed on the perception between the empowers and the empowered group. Comparing these perceptions is a salient effort to find similarities or differencess of perceptions. This research seeks to compare empowerment perception between two organizations. One hand hand, the first party taking BMT BIF Ledok Timoho as the empowering organization and on the other hand focusing on a group of women's empowerment Ledok Timoho. Gathering data through doing observation and in-depth interview had been employed with selecting the purposive informants that contains a BMT BIF and four empowerment group representatives. To conclude, this research found that are similarities of perceptions on empowerment goals, process, outcomes and constraints.Keywords : perception, empowerment, BMT (Islamic saving and loan cooperative
Fraud Detection in the Banking System in Nigeria: Challenges and Prospects
No full textFraud is an epidemic dimension that has eaten deep into the banking sector as well as the entire economics in Nigeria. Its devastating effect manifests itself in the deteriorating balance sheet of banks as well as in economic backwardness. Apparently, measures to detect and eradicate fraud in banking sector have been quite ineffective as the fraudulent practices have been on the increase in recent times. Thus, this study evaluates the various challenges of detecting and combating fraud in the banking sector in Nigeria. The results from the descriptive analysis showed that lack of adequate motivation is not a major cause of fraud in banks, looting of fund by bank managers and directors constitutes the major form of fraud in Nigeria. Furthermore, it is recommended that government should strengthened existing anti-graft agencies and to enhance their financial independence. Those managers and director involved in looting of fund should be persecuted to serve as a deterrent to potential fraudsters. In addition, bank staff should be properly screened to test their morality and integrity before recruitment. Adequate internal control mechanism should be established to serve as check and balances among the bank staff. There is also the need for the anti-graft agencies to be strengthened in order to adequately complement the effort of the Central Bank of Nigeria (CBN) at nibbling the incidence of bank fraud in the bud.Keywords:Â banking system, fraud, fraud detection, fraud prevention, Nigeri
Indonesian Capital Market Efficiency: Islamic vis-a-vis Conventional
No full textCapital market efficiency is one of the most important part in finance theory, in which assume the price of stock will fully reflect the information available in the market, hence the price will adjust directly and quickly. The objective of this study is to evaluate the efficiency of both Islamic and conventional stock markets, particularly in case of Indonesia. Event study of King Salman Visit in Indonesia was used as testing periods. Abnormal return and average abnormal trading volume activity of 30 companies listed in Jakarta Islamic Index (JII) to represent Islamic capital market and 17 companies listed in LQ45 to represent conventional capital market were employed to explain this issue. The result shows that from abnormal return perspectives both Islamic and conventional capital market are efficient. While from abnormal trading volume activities, shows that during the visit of King Salman, the trading activity in Islamic capital market is increased significantly rather than conventional counterpart. Keywords: Islamic capital market, capital market efficiency, abnormal return and abnormal trading volume activityÂ
Flypaper Effect of Regional Expenditures in Yogyakarta
No full textOne of the consequences as a result of the implementation of regional autonomy is that local governments must have sufficient financial resources to pay their autonomy government. The financial capacity of local governments would determine the ability of local governments to perform the functions of government. Considering Article 5 of Law No. 33, 2004, sources of regional revenue are regional revenues, balance funds/ transfers and financing. When local revenue comes from the transfers, the stimulation of expenditure is different from the stimulation that arises from local revenue (especially local taxes). This study focuses on identifying the flypaper effect on expenditure areas and its classification with samples of five districts and cities in Yogyakarta during 2006-2015. This paper argued that during the period among flypaper did not occur in the expenditure area and sub expenditure areas. In addition, flypaper found only in capital expenditure, while expenditure is not a suspect. Keywords: flypaper, autonomy and fiscal needs, local autonomy, Yogyakart
Efficiency versus Maqashid Sharia Index: an Application on Indonesian Islamic Bank
No full textThe Development of Islamic Banking Industry in Indonesia relatively shows a good tendency. In the market, inefficiency would be the great obstacles in head to head to conventional bank. Despite of efficiency performance in Islamic Bank, Islamic Bank also must have sharia compliance performance. So it needed to identified the efficiency of Islamic Bank in Indonesia and the achievement of Maslahah in term of three aspects, there are education, the creating of justice, and the attainment of welfare. This study would try to measure the efficiency of Islamic Banking Industry with Data Envelopment Analysis (DEA) method and also to evaluate the performance by using Maqasid Sharia Index (MSI). Banxia Frontier Analyst 3.1 used in the data calculation. The calculation of the level of Islamic Bank efficiency in this study are relative, not absolute. Result of this study indicate four main findings, first, Islamic bank involve in quadran 1 is Islamic bank who reached the highest efficiency and the best performance; there are BMI and Bank Panin Sharia. Islamic bank involve in quadran 2 is Islamic bank who reached the highest efficiency and the lowest performance, there are BSM, Maybank Sharia, and Bank Sharia Bukopin. Islamic bank involve in quadran 3 is Islamic bank who reached the lowest efficiency and have a good performance, there are BRI sharia, and BCA sharia. Islamic bank involve in quadran 4 is Islamic bank who reached the lowest efficiency and the lowest performance, there are Bank Mega Sharia, Victoria Sharia, BNI Sharia, and BJB Sharia.Keywords: Maqasid Index, Efficiency, DEA, Efficiency-Maqasid Quadrant (EMQ)Â