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Islamic Financial Literacy Amongst Muslim Students in Indonesia: A Multidimensional Approach
Full text linkAlthough Indonesia is the largest Muslim country in the world, the level of Islamic financial literacy in Indonesia is still very low. The Islamic financial literacy index in Indonesia is at 8.93%, much lower than the conventional financial literacy index which reached 37.72% in 2019. Therefore, this study aims to analyze the determinants of Islamic financial literacy in Indonesia amongst university students which is a group prioritized by government policies in improving Islamic financial literacy. To achieve this goal, this study develops a multidimensional Islamic financial literacy instrument that includes aspects of knowledge, attitudes and behavior and measures the multidimensional Islamic financial literacy amongst university students. The study collected primary data from 439 students from University of Indonesia and analyzed them using logistic regression method with Islamic financial literacy scores as the dependent variable and socio-demographic factors as the independent variables. The results of this study found that the majority of students (50.1%) had moderate levels of Islamic financial literacy, while 43.5% and 6.4% had high and low levels of Islamic financial literacy respectively. In addition, this study found a positive influence on the field of study, income, and Islamic bank account ownership on the level of Islamic financial literacy. In particular, students who come from the faculty of economics and business, have higher incomes, and have Islamic bank accounts tend to have higher Islamic financial literacy than other students. Based on these findings, relevant stakeholders in Indonesia are expected to continue improving Islamic financial literacy through various strategies and massive educational programs, especially for the groups which have low and moderate Islamic financial literacy. The results of this study are also expected to enrich the literature on Islamic financial literacy in Muslim countries
Pembiayaan Investasi Bank Syariah dan Pertumbuhan Produksi Usaha Kecil dan Menengah: Bukti Data Panel Indonesia Kawasan Barat
Full text linkThis study aims to examine and analyze the effect of Islamic bank investment financing on the production growth of small and medium enterprises (SMEs). Using panel data from 8 provinces in western Indonesia from 2014.Q3 to 2019.Q3, the analytical model used is the cointegration test, vector error correction model, and Granger causality test. The study found a long-term and short-term relationship between the two variables. In the long term, investment financing will positively and significantly increase SMEs\u27 production growth. Furthermore, in the short run, the relationship between the two variables is negative. Granger causality test results indicate a two-way causality between investment financing and production index growth. Production responses to changes in investment financing and vice versa, the investment financing is also a response to changes in SMEs\u27 production growth
Pengaruh Zakat dan Islamic Human Development Index terhadap Kemiskinan di Jawa Tengah Tahun 2017–2020
Full text linkHuman development and zakat funds are one of the efforts to minimize poverty. Human development can be measured using the Islamic Human Development Index (IHDI) indicator for countries or regions with a majority Muslim population. However, there is not much literature on IHDI and its application in Indonesia. This study aims to analyze the effect of zakat and IHDI on poverty in 35 districts/cities of Central Java in 2017–2020. The method used is panel data regression with random effect model estimation. The regression results show that zakat has a negative and significant effect on the poverty level in Central Java in 2017–2020, while IHDI has a negative but not significant effect. Simultaneously, zakat and IHDI have an influence on the poverty rate in Central Java in 2017–2020. One of the policy implications that can be done by the Central Java government to minimize the level of poverty is to increase the realization of the collection and distribution of zakat funds and cooperation from all related parties is also very necessary, including the government, zakat management institutions, banks, and the community
Hal-Hal yang Memengaruhi Keputusan Wakif untuk Berwakaf Uang di Kabupaten Purworejo
Full text linkCash waqf is a form of waqf innovation that is more flexible in management because it can be invested into the real and financial sectors. Cash waqf has an important role as a multiplier effect in the economy. Potential of cash waqf in Purworejo Districtis is very large. However, this potential has yet to be realized. The low accumulation of cash waqf that has not yet reached the potential is influenced by the community, especially waqif. Therefore, this study aims to analyze the factors affecting waqif’s decision to donate cash waqf at Purworejo District. Data collection is done by the questionnaires given to 60 waqif at Purworejo District. Descriptive analysis and logistic regression are used as research method in this study. The result shows that waqif’s decision to donate cash waqf is affected by their income and knowledge on cash waqf and the age of the waqif has a significant negative effect on the waqif\u27s decision to cash waqf
A Qualitative Review on Islamic Sustainable Finance
Full text linkThe current paradigm of Islamic economics and finance leads to comprehensive human development by taking into account the objectives of Islamic sharia (maqasid sharia). This study aims to determine the development and mapping of Islamic Sustainable Finance from research published by reputable journals with the theme of Islamic economics and finance. This study uses a qualitative method with data collection in the form of journal publications from various Scopus-indexed journals with the theme of Islamic Sustainable Finance. There are 154 journal publications with the theme of Islamic Sustainable Finance for the period 1994-2022. The data were processed with Microsoft Excel and analyzed using Nvivo 12 Plus software. The results show a fairly fluctuating increase in journal publications with the theme of Islamic Sustainable Finance. Of the 154 published journals indexed by Scopus, the words that appear the most are Islamic, finance, financial, sustainable, development, social, banking, financing, waqf, and economic with the percentage of each word being 3.22%, 1.55%, 1.50 %, 0.95%, 0.84%, 0.78%, 0.68%, 0.54%, 0.49%, and 0.48%. That is, most states that the development of Islamic finance is sustainable, in terms of banks, social financing, waqf, economics, and so on. This research is expected to add to academic studies related to Islamic finance to achieve a sustainable future for Islamic finance
Faktor–Faktor yang Memengaruhi Tingkat Literasi Keuangan Syariah pada Mahasiswa Muslim di Bogor
Full text linkThe Indonesian Financial Services Authority (OJK) has targeted college students as one of the priority targets of their financial education programs in Indonesia. This research aimed to analyze the level of Islamic financial literacy of college students in Bogor; and analyze the factors that influence their level of Islamic financial literacy. The independent variable used in this study is the score of Islamic financial literacy. While gender, university, Grade Point Average (GPA), sources of information and religiosity are used as the dependent variables. The data analysis is conducted using the descriptive analysis and Structural Equation Modeling Partial Least Square (SEM-PLS). The estimation results showed that the level of Islamic financial literacy towards Muslim students in Bogor is 50.2% and is classified as sufficient literate. The study found that gender and university have positively and significantly influenced the level of Islamic financial literacy of Muslim students in Bogor
The Strategy of Nazir Development in Indonesia: A Qualitative Study
Full text linkThe purpose of this study is to identify the most important factors in determining current strategies for the development of Nazir in specific region of Indonesia and to examine how the internal and external states developing in that province. Two analyses were used in this research method: SWOT (Strength, Weakness, Opportunity, and Threats) and QSPM (Quantitative Strategic Planning Matrix). The number of respondents who filled out the questionnaire was 8 big institutional Nazir and 5 Waqf experts between September and January of 2021, respectively. The result of SWOT analysis is that Waqf institutions need to carry out WT (Weakness Threats) strategy, which is a defensive strategy. Meanwhile, the QSPM analysis discovered that the second strategy is the most priority one. Afterwards, at the conclusion of this study, the results of these particular studies as well as recommendation will be discussed
Public Service Satisfaction on Hajj-Related Services in Indonesia: Demographic Analysis
Full text linkMeasurement of public service satisfaction with government services serves as a valuable reflecting point for public officials to improve the public service quality. Pilgrimage to Mecca and Medina in Saudi Arabia is considered as a national duty and government responsibility in countries with a significant number of Muslim citizens. This article analyzes primary data from the 2019 national public service satisfaction survey on hajj-related services within Indonesian territory collected by the Ministry of Religious Affairs to examine variation across demographic backgrounds. 1,491 respondents participated in the survey representing individual appraisals toward various services during departure and returning phases. The main focus of investigation are the six selected service dimensions, namely, 1) Individual capability, 2) Ease of access to information, 3) Service procedures, 4) Speed of service, 5) Facilities and infrastructure, and 6) Cost-related perception. The results of regression analysis support diverse roles of demographic variables in explaining variance in public service satisfaction feedback. The empirical findings suggest that people with a higher-level education are more likely to experience less satisfaction. Meanwhile, females are likely to perceive higher satisfaction with the provided services than the males
Analisis Faktor-Faktor yang Memengaruhi Perolehan Surplus Underwriting pada Asuransi Jiwa Syariah di Indonesia (Periode 2015-2020)
Full text linkIn Islamic insurance, if at the end of the period there is a surplus from the substraction result between total insurance income in the tabarru’ fund and insurance expenses, the surplus will be called as underwriting surplus. A good Islamic insurance company can be seen when the company succeeds in obtaining an underwriting surplus, because it is a proof when the company has managed the participant funds well. The underwriting surplus can be used as a reserve fund when an underwriting deficit occurs or when insurance expenses exceed insurance income, thereby it can improve the public interest in Islamic insurance. Therefore, this study aims to analyze the development of the underwriting surplus in Islamic life insurance in Indonesia and the factors that influence it by using panel data regression method. The estimation results using the REM model show that the variables of total assets and GDP have a positive and significant effect. Meanwhile, the contribution allowance, claim allowance, and inflation variables have a negative and significant effect
Faktor Penentu Donor untuk Berwakaf: Sebuah Eksplorasi Wakaf dalam Literatur
Full text linkThe purpose of this study was to determine the factors that influence donors in giving waqf. In addition, it also gives consideration to decision makers related to waqf in Indonesia. The method in this study is a qualitative research with a description of previous research, through secondary data obtained from scientific journals, websites, books, and other electronic media sources related to the study discussed. The journals reviewed are journals published from 2012-2021. The theories discussed in this study are TRA and TPB. The findings of this study indicate that the factors of religiosity, attitude, subject norm, and convenience have a significant positive effect on the amount of waqf issued by donors or waqif (waqf givers). Through this study, it is hoped that this will become a consideration, especially for writers, as well as readers, and recommendations for waqf institutions to increase the convenience of the waqf system. In addition, the government (as a policy maker) should support waqf givers to continue to participate in this waqf practice for the good and welfare of the ummah