AL-MUZARA'AH
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Analisis Return, Risk dan VaR Portofolio Saham JII dengan Metode SIM, MAD dan DD
Full text linkBefore pandemic, Islamic stocks performance (ISSI, JII70, JII) contracted. During pandemic, outperformed JCI and LQ45. JII prospect is good this year, increase 5.81% early 2021, exceeded JCI (4.66%) and LQ45 (4.75%) ytd. This study uses 4 investment scenarios aimed at analyzing and exploring the Return and Risk of the selected JII Portfolio using SIM, MAD, and DD Methods; perform calculations and analyze VaR of the selected JII Portfolio; calculate and analyze the relationship between Return and Risk of the selected JII Portfolio using SIM, MAD, and DD Methods; calculate and analyze the differences in Return and Risk of the selected JII Portfolio using the SIM, MAD, and DD Methods. The research methods are SIM, MAD, DD, VaR, Correlation-Test and Difference-Test. The results of the study of the highest return of each method resulted in scenario 2, the highest risk of each method resulted in a scenario of 33.3% investment proportion, the highest VaR resulted in scenario 2. Test-correlation method in calculating returns: there is no significant relationship between the SIM-MAD and DD-MAD methods, there is a significant positive relationship between the SIM-DD method
The Determinants of Muslim Millennials\u27 Intention Towards Savings Sukuk
No full textSavings Sukuk is one of the sharia investment products issued by the Indonesian Government. Investors from the millennials generation always dominate Savings Sukuk sales, although it is a new investment instrument in Indonesia. Therefore, we interest in examining the intention towards Savings Sukuk more deeply. In particular, this study analyzes the effect of religiosity, product knowledge, and pricing on Muslim millennials\u27 intention toward Savings Sukuk in Indonesia. This study used a quantitative approach, and the data collected was analyzed by Partial Least Square – Structural Equation Modeling (PLS-SEM). Purposive sampling was used to get the required sample. Respondents in this study were Muslim millennials in Indonesia and were not limited by region. There are at least 138 respondents who participated in the survey. The results showed that product knowledge and pricing influenced Muslim millennials\u27 intention toward Savings Sukuk. In contrast, religiosity does not affect Muslim millennials\u27 intention toward Savings Sukuk in Indonesia
Analisis Nilai Kontribusi Bantuan Kemanusiaan Palestina Badan Amil Zakat Nasional (BAZNAS) Tahun 2018-2021
Full text linkSince the Jews declared the establishment of the state of Israel in the Palestinian territories in 1948, Indonesia has been part of the party opposing the Israeli occupation and supporting the Palestinian people\u27s efforts to gain their right to independence. In terms of humanitarian assistance, zakat, infaq and alms management institutions are increasingly promoting various humanitarian aids, one of which is the Indonesia’s National Zakat Agency (BAZNAS). This study aims to analyze the value of the contribution of zakat, infaq and alms funds by BAZNAS for humanitarian aid in Palestine. The sampling method used in this research is purposive sampling. Data is described using descriptive analysis. The results of this study indicate that the value of the contribution to the distribution of ZIS funds for Palestinian humanitarian assistance carried out by BAZNAS in 2018-2021 is volatile. The largest distribution of zakat funds for Palestinian humanitarian aid occurred in 2018 which was 2,531,430,175.00. While the largest infaq and alms funds occurred in 2021, which amounted to 597,268,865.00. The factor that causes this fluctuation in the level of distribution is because the value of distributing Palestinian humanitarian aid depends on the pattern of cooperation built by BAZNAS with other humanitarian institutions
How National Zakat Board of Republic Indonesia (BAZNAS) Could Raise Zakat Funds: Riau Province Evidence
Full text linkAs a province in Indonesia with a majority Muslim population of 87.58%, Riau has a very large potential, reaching Rp 8.4 trillion but the highest realization that was collected by National Zakat Board (BAZNAS) of Riau Province was only Rp 12.15 billion in 2019. This zakat management organization (ZMO) has made various efforts in order to increase the zakat funds. This study analyzed the performance of this institution according to muzakki and recommended strategies to increase the number of muzakki and zakat funds. Using the Structural Equation Modeling (SEM) method, according to muzakki, BAZNAS of Riau Province has good transparency, accountability, socialization, and service quality. However, muzakki prefer to pay zakat in mosques and directly to mustahik. Therefore, this study recommended to increase collaboration with mosque administrators, increase numbers of Zakat Collecting Unit (ZCU) as fund collectors and also distributors, update websites regularly, and increase socialization with materials on procedures for paying zakat and the benefits of paying zakat through ZMO
Rethinking Human Development Based on Ar Ra’d Verse 11: How Can Preferences Influence Human Development?
Full text linkAs human is the centre of development process, it is important to consider preferences of human behavior whether they prefer to change themselves or not. This explanation is inspired by Qur’an surah Ar Ra’d verse 11 that can be interpreted as the set of preferences which might influence someone’s state of condition. However, human development index which is widely used indicator for development study do not consider preference as the main factor of development. Therefore aim of this study is to examine interpretation of that surah whether set of preferences that consist of trust, altruism, patience, risk taking, and negative reciprocity, can influence the state of human development. This research Uses Linear Probability Model (LPM) which is estimated by OLS with 76 countries as observation. The result shows that altruism, patience and risk taking can influence human development significantly, whereas trust and negative reciprocity are not significant. Trust is not significant because there might be a condition of distrust economic activities, rather than trust, that signaled by complete contractual arrangement, whereas non significant of negative reciprocity might because the costly punishment opportunity to punish someone as the form of negative reciprocity, therefore people that think rationally will not take the revenge to others
Investigating the Determinants of Shariah-Compliant Firms Profitability in Indonesia: Does COVID-19 Play an Essential Role?
Full text linkThis study aims to seek the determinants of sharia-compliant firm profitability in Indonesian JII listed companies. This study employed Data Panel regression analysis using the 12 most consistent companies who listed in the JII during the period of Q1 2015 to Q4 2020 where in total, there are 282 number of observation. The study found that both firm-internal and firm-external variabels are significant in determining firm profitability on at least one model of data panel regression. COVID-19 and GDP used to measure the impact of firm-external variables, while working capital, debt to equity ratio, and quick ratio used to determine firm-internal variable. Further studies are required to observe the longer period of COVID-19 impact on sharia-compliant firm profitability.
 
Cash Waqf Model for Social Enterprise to Achieve Sustainable Development Goals in Indonesia
Full text linkSocial enterprises are expected to bring significant positive impact on Indonesia\u27s economy and may help to meet the Sustainable Development Goals (SDGs). Social enterprises empower minorities by providing more opportunities for a sustainable means of livelihood, especially for low-income and disadvantaged groups. However, despite its potential, financial issues remain a significant barrier for the viability of social enterprises in Indonesia. Cash waqf is one of the Islamic social finance vehicles that can be used to invest and manage funds to address a variety of social issues related to the SDGs. Hence, this study aims to propose cash waqf model for social enterprise in achieving the SDGs in Indonesia and to assesses the potentials and opportunities of developing the proposed model in Indonesia. This study employs a qualitative research approach, with primary data gathered from interviews of relevant stakeholders. This study finds that, the cash waqf can solve a multitude of financial issues faced by many social enterprises in Indonesia by enlarging their pool of financing support. The possibilities and opportunities of developing the cash waqf model for social enterprise include alternative funding for social enterprise, alternative waqf for waqif, an increase in nazhir, and more effective contribution to the SDGs
Big Data: How Public Response to Islamic Economy in Indonesia during Pandemic?
Full text linkThe social and economic impacts caused by the COVID-19 pandemic greatly affect the level of community welfare. The government has designed and implemented various programs in the context of poverty eradication during the pandemic, including increase the role of sharia or Islamic economics. Contribution of Islamic economy can strategically beneficial for Indonesia’s current and future economy. The benefits obtained by target community need to be measured as a reflection of the success of Islamic economy program and for government evaluation. Big data through social media analysis can be empowered to gain public perceptions of Islamic economy. Therefore, in this study the Twitter social media analysis approach will be used to obtain public responses regarding Islamic economy. The tweet data was collected from January 1, 2020 to June 30, 2021. The processed data is sourced from all Twitter users with tweets related to the keywords ‘ekonomi syariah\u27 or sharia economy, \u27ekonomi digital’ or digital economy, ‘keuangan syariah’ or sharia finance, and ‘industri halal’ or halal industry. Those data were analyzed using text mining method. The results of this study indicate that in general the public response accepts and supports Islamic economy in Indonesia. Those analysis result can be used as evaluation material and input for the government in making the next policy for accelerate economy recovery in pandemic era
The Influence of Religiosity and Transparency on Production Factors of Sharecrops and Sharecropping Contract in East Java
Full text linkThis paper seeks the relations between the religiosity and the transparency to the production factors usage in the land crops cultivation as well as the effect of production factor to the sharecropping contract in East Java. The method employs in this study is Structural Equation Modelling (SEM) with the respondent of the research is 400 farmers from the 8 counties in East Java. The result shows that religiosity and transparency have positives and significant effect to the production factors usage in the cultivation of the land crops in East Java with the p-value respectively 0.008 for religiosity to production factors and 0.001 for transparency to production factors. Meanwhile, the influence of production factors to the sharecropping contract is positive and significant with p-value about 0.001. Furthermore, the R-square of production factors is about 0.907 which mean 90.7% of production factors variable is explained by religiosity and transparency variables while the rest of it is explained by other variables out of this research. Meanwhile, the sharecropping contracts R-square is about 0.629 which means 62.9% of sharecropping contracts variable is explained by production factors variable while the rest of it about 37.1% is explained by other variables out of this research
Assessing the Islamic Bank Financing During Economic Recession: The Role of Stimulus Regulation POJK Number 11/POJK.03/2020
Full text linkThis study examines the role of the POJK stimulus policy No. 11/POJK.03/2020 on the decision of financing in Indonesia Islamic banking. Furthermore, the study aims to be able to assess the financing behavior of Islamic banks. Accordingly, we design a quantitative approach with panel data analysis method. With case studies on 12 Islamic Commercial Banks with a time period from quarter 1-2017 to quarter 4-2020. We found that the total financing of Islamic banks experience significant changes after the period of economic recession that hit Indonesia. Then, the study found that the role of stimulus regulation has a positive and significant effect on the distribution of total bank financing. This shows that the stimulus regulation through financing relaxation or financing restructuring does not prevent banks from continuing to channel financing to the public. This study also found that Islamic banks do not behave pro-cyclicality behavior towards the business cycle