Shirkah: Journal of Economics and Business
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Financial Services Authority (OJK) Policy on Debt Proportion and Its Impact on the Profitability of DES Listed Companies in Indonesia
No full textThe sharia capital market in Indonesia has different principles and criteria from the conventional capital market, and focuses on “ethics and justiceâ€. The desired outcomes of capital market transactions should be in accordance with Islamic ethics and norms as managed in sharia. OJK (Otoritas Jasa Keuangan/ Financial Services Authority) is supervisor and manager of financial service activities in the banking sector, the capital market sector, and the IKNB (Industri Keuangan Non-Bank/ Non-Bank Financial Industry) sector. The research object is capital structure, leverage, and profit. They are managed by size, liquidity, growth, and active structure of the listed company at sharia stock. The research population is 24 companies excluded from the OJK due to a lack of criteria in their 2013-2015 quarterly financial reports. The data analyses used are descriptive statistics and inferential statistics. This analysis finds the effect of the independent variable, dependent variable and control variable simultaneously and partially. The research result shows that capital structure and leverage do not have significant effect. Keywords: OJK (Otoritas Jasa Keuangan), Debt Proportion, DESÂ
Zakat and Islamic Corporate Social Responsibility: Does It Take Effect to the Performance of Shari’a Banking?
No full textThe less than optimal regulation of zakat companies in sharia banking in Indonesia has been salient to the background of this research. This study aims to examine the influence of zakat and Islamic corporate social responsibility (ICSR) to the reputation and performance of companies. Sample data was selectively gathered from 10 sharia banks in Indonesia from 2011 to 2014. Normality test and logistic regression are used to test the effect of zakat on company reputation, the influence of ICSR on company reputation, the influence of zakat on company performance, and the influence of ICSR on corporate performance. The results show that zakat has a positive influence on and is significant to a company's reputation, that ICSR has a positive influence on and is significant to a company's reputation, that zakat has a positive influence and significant impact on the performance of a company, and that ICSR has a positive relation, but no significant effect on company performance. These findings indicate the importance of paying zakat and ICSR as a business strategy for the sharia banking market in Indonesia today. Keywords: zakat, Islamic corporate social responsibility, company performanc
Mudaraba as a Model of Islamic Finance
No full textSharia bank has mostly been determined by its absent of rate transaction which is officially decided in agreement between the bank and its customer (akad). Mudharaba, one of the akad variants, offers equity finance requiring profit and loss sharing (PLS). This paper aims to critically discuss the principles of mudharaba commitment, mainly focusing on the process of funding and financing. To argue, mudharaba is an cooperating commitment between two economic agencies for which the first agency expected to provide financial capital while the other takes a part in managerial work-progress. In this process, the more profit for mudharib the more profit for the investor. Â Â Â Â Â Keywords: mudharaba, islamic finance, profit and loss sharingÂ
BAZIS Scholarship Funds and Student Achievement
No full textThis research aims to analyze the effect of the distribution of BAZIS (Council for Zakat Administration) scholarship funds on student achievement in East Jakarta. Data has been gathered from BAZIS scholarship recipients in the period 2014 to 2015, with the sample selected by means of random sampling. Validity, reliability, classic assumption, different and multiple regression tests are employed to analyze the data. The results statistically show that the variables of achievement can be explained by distribution variable, usage pattern, controlling and gender in the amount of 96,6% and the remaining 3,4% is influenced by other variables. This research argues that independent variables have significant effect on student learning achievement. Keywords: learning achievement, BAZIS, zakatÂ
The Growth of Sharia Insurance in Indonesia 2015 – 2016: an Academic Forecast Analysis
No full textThis research is intended to analyze and to forecast the growth of sharia insurance in Indonesia, using Autoregressive Integrated Moving Average (ARIMA) analysis. The variables used in this research are assets, investments, premium, and claims. Quarterly time series data from period quarter I (March 2015) up to quarter IV (December 2016), gathered from Islamic Insurance Statistic Published by Otoritas Jasa Keuangan (OJK), are being carefully examined and academically predicted. As a result, ARIMA analysis show that the growth of sharia insurance in Indonesia has fluctuated, confidently it can be predicted that nominally it will increase in each quarter, including its’ assets, investments, premium and claims.  This research would especially contribute to the sharia insurance companies to formulate their strategies in the future.  Keywords: sharia insurance, ARIMA, islamic insurance statistic Â
Statement of Financial Accounting Standard (PSAK) No. 109 and Its Implementation in Several Zakat Management Organizations in Malang, East Java
No full textAbstract Indonesian Accountant Association (IAI) has issued the statement of financial accounting standards No. 109 (PSAK No. 109) regarding zakat, infaq, sadaqah (ZIS). This research was conducted on several Zakat Management Organization (OPZ) in Malang, East Java. This research aims to analyze the consistency of the PSAK application in some OPZ in Malang in accordance with Statement of Financial Accounting Standards (PSAK) No. 109. As a result, this research finds that some OPZ in Malang do not prepare financial statements in accordance with PSAK 109. The financial statements of the OPZ is reported only in the form of income statements and distribution funds, while excluding such statements as financial position, changes in funds, changes in assets, cash flow and remarks to the financial statements. This research give a salient contribution of analyzing the implementation of zakat, infaq and sadaqah in Indonesia. KeywordsPSAK No.109, Indonesian Accountant Association (IAI), zakat, infaq, sadaqa
The Effect of Sharia Monetary Policy and Financing Quality on Financial Performance in Sharia Banking
No full textThe purpose of this research is to explain the effect of sharia monetary policy instruments and financing quality on the financial performance of sharia banks. The research sample includes Bank Muamalat Indonesia, Bank Syariah Mandiri, Bank Mega Syariah Indonesia, Bank Rakyat Indonesia Syariah, Bank Syariah Bukopin, BCA Syariah, BNI Syariah, and Bank Jabar Banten Syariah. The financial ratios used in this research are Return on Assets (ROA) and Quick Ratio (QR). The financing qualities used here are murabahah, mudharabah, and musharakah. The sharia monetary policy instruments used are GWM and SBIS. The research uses Partial Least Squares as the data analysis instrument. The research result shows that the financing qualities of mudharabah and musharakah, and SBIS, do not affect ROA, while the variables of murabahah financing and GWM do affect ROA. The variable with significant effect on QR is ROA, as murabahah financing quality; GWM and SBIS; and the other two variables of musharakah and mudharabah do not affect QR. The contribution of the financing quality variables of murabahah, mudharabah, musharakah, GWM and SBIS in explaining the effect on the ROA variable is 0.071 or 7.1%, and the other 92.9% are affected by other variables not in the current research model. The contribution of murabahah, mudarabah and musyarakah, GWM and SBIS in explaining the effect on QR is 0.7578 or 75.78% and the remaining 24.22% is the effect of other variables not in this research model.   Keywords: financing quality, sharia monetary policy instrument, financing performance, ROA  Â
Evaluating The Performance of Inventory Management The Production Division of PT. Tiga Serangkai Surakarta as a Case Study
No full textThis research aims to understand the process of production and to analyze the performance of inventory system on production division of PT. Tiga Serangkai. The data has been gathered from direct observation of the process production and warehouse and the interview with the production employee, the employee of warehouse division, supervisor of purchasing and finance manager. This research demonstrates that inventory system performance of PT. Tiga Serangkai Surakarta can be optimized through the determination of inventory policy, applying a model minimum and maximum inventory that considers the safety stock in accordance with service level plan, implementing model Reorder Point (ROP) which can be used as guidelines in charging supply back, and applying the model economic ordering quantity. In doing so, they can save the cost of inventory. Keywords: inventory management, economic order quantity (EOQ), PT. Tiga SerangkaiÂ
Jakarta Islamic Index-L 45: Rate Financial Performance, Beta Stocks and Stock Price in Indonesian Stock Exchange
No full textThis research had analyzed the effect of financial performance and stock beta (systematic risk) towards stock price of eight listed companies in Jakarta Islamic Index (JII) – LQ 45 for the time period of 2012-2014. The data was gathered by employing literature study and documentation of financial statements. Multiple regressions are used to measure the effect of independent variable towards dependent variable along with ttest and F test. The results based on overall test suggested that only ROE and NPM had opposite direction correlation with the stock price, meanwhile other variables had positive direction correlation. From partial test with 5% level of significance, only EPS and PER had significant effect on stock price while other variables had no effect. Keywords: financial performance analysis, stock price, stock beta (systematic risk), Jakarta Islamic Inde
The Effect of Material, Social and Activities Compensations toward Work Performance Using Organizational Commitment as The Mediator
No full textThis study aims to determine the effect of material compensation, social compensation, and activities compensation on work performance through organizational commitment as the mediator. This study retrieved data through questionnaires (surveys). The population in this study were all employees of PT. Tiga Serangkai Pustaka Mandiri Surakarta, with taking 150 respondents for sampling purpose. Sampling technique in this study was a simple random sampling. The data were processed using Structural Equation Modeling (SEM) with the help of Analysis of Moment Structure (AMOS) version 20.0. The results of the data analysis found that 1) There is a significantly positive influence of social compensation variables on organizational commitment; 2) There is a positive significant effect of activity compensation on organizational commitment; 3) There is a significantly positive effect of activity compensation on job performance; 4) Organizational commitment does not mediate material compensation, social compensation, and activities compensation on job performance. Keywords: material compensation, social compensation, activities compensation, work performance, and organizational commitment, Tiga Serangkai Pustaka Mandir