Economica: Jurnal Ekonomi Islam
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Enhancing The Role of Zakat and Waqf on Social Forestry Program in Indonesia
Full text linkAbstract: This research aims to initiate the integration model of zakat-waqf with Social Forestry Program. The study is a conceptual paper and qualitative using secondary data and descriptively analyzed. It reviews several existing models related to Zakat and Waqf's role in financing the agriculture and forestry sectors to formulating a novel model for poverty alleviation from communities in and around forests expected to reduce forest destructions in Indonesia. The study concluded that zakat-waqf could finance the Social Forestry program to overcome poverty, inequality and increase the welfare of people living in and around forests. It will provide economic and ecological benefits, especially in reducing forest damage. This research can encourage other researchers to explore the potential of zakat-waqf for financing forestry sectors.Abstrak: Penelitian ini bertujuan untuk menginisasi model integrasi zakat dan wakaf dengan program Perhutanan Sosial. Penelitian adalah riset konseptual yang menggunakan data sekunder dan analisis deskriptif. Penelitian ini mengulas beberapa model eksisting mengenai peran zakat dan wakaf dalam membiayai sektor pertanian dan kehutanan untuk menyusun formula baru yang diharapkan mampu menjadi solusi kemiskinan masyarakat di dalam dan sekitar hutan, yang kemudian diharapkan menurunkan tingkat kebakaran dan kerusakan hutan di Indonesia. Hasil penelitian menunjukkan bahwa zakat dan wakaf dapat menjadi sumber pembiayaan program Perhutanan Sosial untuk mengatasi kemiskinan, kesenjangan, dan meningkatkan kesejahteraan masyarakat di dalam dan sekitar hutan. Program ini dapat memberikan manfaat ekonomi dan ekologi, spesifiknya untuk mengurangi kerusakan hutan. Penelitian ini diharapkan dapat mendorong peneliti-peneliti lain untuk menganalisis lebih lanjut mengenai potensi zakat dan wakaf untuk membiayai sektor kehutanan
REC Method in Comparison of Soundness Level of Islamic Bank in Indonesia and Malaysia
Full text linkThis study analyzed the health of Islamic banking in Indonesia and Malaysia by using the REC approach. Through the quantitative descriptive method, this study collected data from official websites such as Bank Indonesia, the Financial Service Authority, and Bank Negara Malaysia. To determine the sample, purposive sampling with convenience sampling was done on 12 Islamic Commercial Banks in Indonesia and Malaysia. The risk profile is represented by the FDR ratio. It indicates significant differences in the soundness level of Islamic banks in Indonesia and Malaysia. Earning approach is represented by the ROA suggesting no significant difference in the soundness level of Islamic banking in Indonesia and Malaysia. For the capital approach represented by the CAR ratio, the results show that there is no significant difference in the soundness of Islamic banking in Indonesia and Malaysia. Simultaneously, the REC approach proves that there is no significant difference in the soundness of Islamic banking in Indonesia and Malaysia
Analysis of Investment Decisions in Sharia Cooperatives: Does Sharia Accounting Standards Affect?
Full text linkAbstract: Investors in sharia cooperatives in Majalengka Regency suffered losses due to its administrators and managers who were not transparent in reporting their finances. This research aims to determine the effect of the application of sharia accounting standards and human resource competencies on investment decisions through financial reporting quality. The analytical techniques used in this study use path analysis. The results showed that the application of Sharia accounting standards had no significant adverse effect on investment decisions through financial reporting quality with an original sample value of -0.021 and Pvalue 0.554 > 0.05. In contrast, human resource competence significantly affected investment decisions through financial reporting quality with original sample values of 0.403 and Pvalue of 0.044 < 0.05. The implication of this research is to improve sharia cooperative management in financial performance to attract members to invest. The novelty of this research is the motive of investing in sharia cooperatives.Abstrak: Investor pada koperasi syariah di Kabupaten Majalengka mengalami kerugian karena ulah para pengurus dan pengelolanya yang tidak transparan dalam melaporkan keuangannya. Penelitian ini bertujuan untuk mengetahui pengaruh penerapan standar akuntansi syariah dan kompetensi sumber daya manusia terhadap keputusan investasi melalui kualitas laporan keuangan. Teknik analisis yang digunakan dalam penelitian ini menggunakan analisis jalur. Hasilnya menunjukkan bahwa penerapan standar akuntansi syariah berpengaruh negatif tidak signifikan terhadap keputusan investasi melalui kualitas laporan keuangan dengan nilai original sample sebesar -0.021 dan Pvalue 0.554 > 0.05, sedangkan kompetensi sumber daya manusia berpengaruh positif signifikan terhadap keputusan investasi melalui kualitas laporan keuangan dengan nilai original sample sebesar 0.403 dan Pvalue 0.044 < 0.05. Implikasi dari penelitian ini adalah meningkatkan manajemen koperasi syariah dalam kinerja keuangan sehingga menarik anggota untuk berinvestasi. Kebaruan dari penelitian ini adalah motif investasi pada koperasi syariah
The Influence of Self-Efficacy and Islamic Financial Literacy on the Performance of Micro, Small, and Medium-Sized Enterprises
No full textMSMEs have long promoted a major contribution to the national economy. However, the Covid-19 pandemic has caused MSME to suffer a decline resulting in a direct effect on the economy in Indonesia. This study analyzes the influence of self-efficacy and Sharia financial literacy on MSMEs performance. The inclusion of a variable of self-efficacy is a novelty of this study. This study highlights self-efficacy and Sharia financial literacy as independent variables and business performance as the dependent variable, with the focus of research on MSMEs. The research method used is quantitative associative. Respondents from 100 MSMEs were selected using saturation sampling. Multiple linear regression was performed using IBM SPSS Statistic software. The results prove that self-efficacy and Sharia financial literacy have a simultaneous and partial positive effect on MSMEs performance
Not Only About Price but Also Lifestyle: Recent Phenomena of Backpacker Umrah In Indonesia
Full text linkAbstract: The increasing interest of the Indonesian Muslim community to perform umrah has been previously studied by many researchers. However, the phenomenon of backpacker umrah, which has attracted the middle-class Muslim community in Indonesia in the last decade, has not been widely discussed. Backpacker umrah is different from conventional umrah because it does not get complete facilities from travel agencies, so the price is lower. This study explores the motivation of umrah pilgrims to choose backpacker umrah solely because of lower prices or other considerations. Then how far is the response of umrah travel agents to this new trend? This type of research is qualitative research that uses a phenomenological approach. The method used was the observation, questionnaires, and unstructured interviews with 15 backpacker umrah participants determined by a snowball. The results of this study indicate that there are other motivations besides low prices, namely lifestyle. In addition, the selection of the type of umrah that is not tied to a schedule can be more solemn in worship. Although it does not publish directly as one of its products, the umrah travel agency responds to this backpacker umrah phenomenon by seeing it as an economic opportunity by providing land arrangement facilities.Abstrak: Meningkatnya minat masyarakat muslim Indonesia untuk melakukan umrah sudah banyak dikaji oleh peneliti. Namun fenomena umroh backpacker yang menarik minat masyarakat muslim kelas menengah di Indonesia dalam satu dekade terakhir ini belum banyak didiskusikan. Umroh backpacker berbeda dengan umroh konvensional karena tidak mendapatkan fasilitas yang lengkap dari biro perjalanan sehingga harganya lebih murah. Penelitian ini menggali motivasi jemaah umrah memilih backpacker umrah semata-mata karena harga yang lebih murah atau pertimbangan lain. Lalu sejauh mana respon travel agent umrah terhadap tren baru ini? Jenis penelitian ini adalah penelitian kualitatif yang menggunakan pendekatan fenomenologis. Metode yang digunakan adalah observasi, angket, dan wawancara tidak terstruktur dengan 15 peserta umroh backpacker yang ditentukan dengan bola salju. Hasil enelitian ini menunjukkan bahwa ada motivasi lain selain harga yang murah yaitu gaya hidup. Selain itu, pemilihan jenis umroh yang tidak terikat jadwal bisa lebih khusyuk dalam beribadah. Meski tidak mempublikasikan secara langsung sebagai salah satu produknya, biro perjalanan umrah merespon fenomena umrah backpacker ini dengan melihat sebagai peluang ekonomi dengan memberikan fasilitas land arrangement
Improving Agricultural Sector: The Role of Mudharabah Financing (Study on Sharia Financing Savings and Loans Cooperatives)
Full text linkAbstract: This study aims to determine the role of mudharabah financing in a Financing Savings and Loan Cooperative towards improving the agricultural sector. Data collection techniques used are observation, interviews, and documentation. The study results indicate that cooperatives play a role in improving the agricultural sector with the help of the capital provided. The increase in the agricultural sector can be seen from the adequacy of capital, increased welfare, and increased labor. However, the improvement of cooperatives' welfare and other factors such as natural weather conditions play a role in improving farmers' welfare. As for the suitability of implementing mudharabah financing in cooperatives, there is still a discrepancy between the implementation and the DSN MUI fatwa No. 7 of 2000 concerning Mudharabah Financing, the capital used by cooperative members is not 100% of the cooperative. Members also do not get the opportunity to bargain about the amount of profit sharing.Abstrak: Penelitian ini bertujuan untuk mengetahui peran pembiayaan mudharabah di Koperasi Simpan Pinjam Pembiayaan terhadap peningkatan sektor pertanian. Teknik pengumpulan data yang digunakan ialah observasi, wawancara, dan dokumentasi. Hasil penelitian menyebutkan koperasi berperan dalam meningkatkan sektor pertanian dengan bantuan modal yang diberikan. Adapun peningkatan pada sektor pertanian dapat dilihat dari kecukupan modal, peningkatan kesejahteraan, serta peningkatan tenaga kerja. Akan tetapi, dalam peningkatan kesejahteraan koperasi tidak berperan secara keseluruhan dikarenakan terdapat faktor lain yang dapat mempengaruhi peningkatan kesejahteraan petani yakni kondisi cuaca alam. Sedangkan untuk kesesuaian pelaksanaan pembiayaan mudharabah pada koperasi masih terdapat ketidaksesuaian antara pelaksanaan dengan fatwa DSN MUI No 7 tahun 2000 tentang Pembiayaan Mudharabah, yakni modal yang digunakan anggota koperasi tidak 100% dari koperasi, serta anggota juga tidak mendapatkan kesempatan dalam melakukan tawar-menawar mengenai besaran bagi hasil
Sharia Disclosure Practices: A Comparison of Islamic Banks in Indonesia and Malaysia
Full text linkThe growth of Islamic banking, particularly in Indonesia and Malaysia, has resulted in an increase in assets and disbursement in the two developing countries. This provides an opportunity as well as challenges in implementing good governance to maintain compliance with sharia principles. Involving data from Islamic banks in Indonesia and Malaysia from 2016 to 2018, this study aims to measure the Sharia disclosure level with seven indicators developed from previous research. The results demonstrate that Islamic banks in both countries did not meet the full Sharia disclosure requirement, as evidenced by an index of less than one, namely 0.76 for Islamic banks in Indonesia and 0.57 for Islamic banks in Malaysia. The findings of this study are expected to contribute to the improvement of the management of Islamic banks in both countries, to provide more comprehensive sharia disclosure in their annual report
Factors Determining Investor Acceptance Towards Islamic Finance in India
Full text linkDespite India, having the second largest Muslim population in the world, Islamic finance is in its nascent stage. Thus, it is important from the perspective of the investor to understand the concept of Islamic Finance. This study scrutinizes the factors affecting the acceptance of Islamic Finance in India. A questionnaire was distributed to collect data from 354 investors from cities across India with snowball sampling. The results of the study reveal the high degree of reliability and validity of the data as reflected by Cronbach’s Alfa (α) at 0.86. Kaiser-Mayer-Olkin Measure of Sampling Adequacy (KMO) is .776, which is statistically significant. Factor analysis extracted highly loaded (Eigen value > 1) consisting of six factors with 29 items. Together these six factors explained a total variance of 76.24%. These factors are Awareness of Shariah indices, Religious motive, Social responsiveness, Understanding of Shariah screening, Ethical investment, and Socio-economic reasons
Analyzing The Macroeconomic and Fundamental Determinants of Non-Performing Financing of Bank Muamalat Indonesia
Full text linkAbstract: This study analyzes the macroeconomic and fundamentals of Islamic banking factors towards the non-performing financing (NPF) of Bank Muamalat Indonesia in the long run and short-run period 2005-2018. The data used in this study are quarterly time-series data of Bank Muamalat Indonesia Financial Report as the source of fundamentals of Islamic banking data and Bank Indonesia Monetary Policy Review as the source of macroeconomic data period 2005 - 2018. The analytical method used is the Error Correction Model (ECM). This study shows that in the long run, inflation, central bank (Bank Indonesia/BI) Rate, and capital adequacy ratio (CAR) significantly affect the NPF; meanwhile, the financing to deposit (FDR) ratio does not affect NPF. In the short term context, only CAR has a significant effect, yet inflation, BI Rate, and FDR have no significant impact on NPF. Thus, the novelty can present the result of analysis of factors that affect NPF in the long run and short run. The limitation of the study is the use of time-series data that are very likely to spurious regression.Abstrak: Penelitian ini bertujuan untuk menganalisis pengaruh faktor makroekonomi dan fundamental perbankan syariah terhadap NPF Bank Muamalat Indonesia dalam jangka panjang dan jangka pendek periode 2005-2018. Data yang digunakan dalam penelitian ini yaitu data runtun waktu Laporan Keuangan Triwulan Bank Muamalat Indonesia sebagai sumber data fundamental perbankan syariah dan Tinjauan Kebijakan Moneter Bank Indonesia sebagai sumber data makroekonomi periode 2005 – 2018. Faktor makroekonomi diwujudkan dalam variabel Inflasi dan BI Rate. Faktor fundamental perbankan syariah diwujudkan dalam variabel CAR dan FDR. Alat analisis yang digunakan yaitu Error Correction Model (ECM). Hasil analisis menunjukkan dalam jangka panjang Inflasi, BI Rate, dan CAR dengan nilai signifikansi 0.0026, 0.0001, dan 0.0032 berpengaruh signifikan dan FDR dengan nilai signifikansi 0.6940 tidak berpengaruh signifikan terhadap NPF. Dalam jangka pendek hanya CAR dengan nilai signifikansi 0.0056 yang berpengaruh signifikan sedangkan Inflasi, BI Rate, dan FDR dengan nilai signifikansi 0.0666, 0.9532, and 0.2065 berpengaruh tidak signifikan terhadap NPF. Kebaharuan penelitian ini yaitu penelitian ini mampu menyajikan hasil analisis faktor-faktor yang mempengaruhi NPF dalam jangka panjang dan jangka pendek. Meski begitu, terdapat juga limitasi pada penelitian ini yaitu penggunaan data time series yang rawan terkena regresi lancung
