Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah
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Dual Monetary System and Macroeconomic Performance in Indonesia
Get PDFThis research aims to evaluate the impact of dual monetary policyshock on macroeconomic indicators of Indonesia: growth and inflation. Inaddition, this study will also examine whether conventional monetary policy hasa particular impact upon Islamic banking sector. This research apply VAR (vectorauto regressive) method on monthly data from Bank Of Indonesia during theperiod of January 2010 to December 2013. The result of IRF explain that theinterest rate channel find the hard way to accomplished the macroeconomic goalswhile the Islamic monetary instrument indicates the potential growth of outputand hold the inflation low. The result of VDC describes that the Islamic instrumentstill affected by conventional monetary policy because of slow development inIslamic monetary systemDOI: 10.15408/aiq.v8i1.250
Issues and Economic Role of Waqf In Higher Education Institution: Malaysian Experience
Get PDFAs early as 1980, the Malaysianfederal government’s spending on education, was the highest in East Asia andhigher than the OECD average of 3.4% of GDP. This demonstrates that theMalaysian Government has big expenses from educational sector and respectivelyis amenability for Malaysian economic budget. In other side Waqf in Malaysia isone of large financial source that has not been fully explored. By using qualitative methodology through content analysis this paper attempt to explore the issues andeconomic role of Waqf in Malaysia, especially in Higher Education Institution(HEI) and attempt to study how Waqf fund empowering the education. Thisstudy found that taking the que from the institutions of Waqf, the explorationand development of waqf fund can be exalarate through the formation of formalorganizations at state and federal level and rearrange the Malaysian educationalbudget and policy to support the better quality of HEI.DOI: 10.15408/aiq.v8i1.2514
Greece Financial Crises and Sukuk Markets: Experience From Gulf Countries
Get PDFMany studies have been carried out to investigate the impact of recent European financial crises on the performance of financial instruments in other regions. Nevertheless, there have been insufficient studies explaining such impact on Islamic financial instrument. In particular, whether Greece Financial crises have affected performance of Sukuk traded in Gulf Markets needs to be answered. This study is aimed at empirically investigating the causality of credit and liquidity risk on Sukuk Markets in Gulf economies in the period of Greece Financial Crises. We analyzed the Sukuk data by employing Granger casuality test, with all the associated vector autoregression model procedures. Our findings show that Bahrain sukuk market is cointegrated with those of Qatar and UAE in the full period observation. Meanwhile, during the crisis, Qatar Sukuk market is cointegrated with those of UAE Bahrain. We also find that Bahrain Sukuk triggers market shock in both Qatar and UAE Sukuk markets. Bahrain consistently causes changes in price and spread of UAE Sukuk, both in the context of the full period and the during-crisis period.DOI: 10.15408/aiq.v9i1.373
Strategic Approach for Optimizing of Zakah Institution Performance: Customer Relationship Management
Get PDFZakah is part of the Indonesian economy, which requires the development and structuring. The funds of zakah must be well managed by organizational zakah system which should be improved its performance. Therefore, there is a need of new approach concerning the zakah management based on muzakki’s behavior as an important resource in zakah institution. This paper explores the role of Customer Relationship Management (CRM) in zakah institution linked the important of muzakki’s contribution who use services of its. Then it aims to expand the understanding about how CRM as one of strategic approach for organization such zakah institution to improve its performance which employes three main aspect of CRM, which are form of personnel (behavior of personnel), business process, and using technology. Furthermore, this paper tries to depict how CRM is able to raise the zakah funds collection from Moslem society especially Middle Class Moslem in Indonesia by customer (muzakki) satisfaction and cost reduction of zakah institution.DOI: 10.15408/aiq.v9i1.4010
Efficiency and Profitability in The Indonesian Islamic Banking Industry
No full textThe aims of this study are to know the level of efficiency and profitabilityamong Islamic full pledge Banks in Indonesia. Using parametric approach namelyStochastic Frontier Approach (SFA) to calculate efficiency and using ROA’s ratioto calculate profitability. The result showed that the BMS was the greatest level ofefficiency among Islamic Banks in Indonesia which influence the input and outputlevel of efficiency of BMS are personnel expenses, cost-sharing expenses, and totalfinancing which owned. Besides, the result showed that it was the greatest levelof profitability which factors influencing of profitability of BMS is BOPO’s ratio.The result also showed that the BMI had low efficiency but sufficient profitability.It has sufficient efficiency and high profitability, the BMS have sufficient efficiencyand profitability, the BRIS have low efficiency and profitability, and the BSB havehigh efficiency and low profitability.DOI: 10.15408/aiq.v8i1.250
The Patronage Behaviour of Islamic Bank’s Customers: Empirical Studies in Aceh
Get PDFThis study is aimed at empirically exploring the pertinent factors, which customers and non-customer perceive as germane to their selection of Islamic bank in Aceh, Indonesia. A sample of 300 customers and non-customer of Bank Aceh Syariah were selected based on the convenience sampling technique. Using the logistic regression technique, the study documented that the customers’ selection of the banks were influenced by the factors of banks’ characteristic, services and trust, shari’ah compliance, and physical objects. Of these factors, banks’ characteristic and shari’ah compliance were found to be the most pertinent factors perceived by the customers and non-customer to their selection of Islamic bank in Aceh, Indonesia. These findings imply that to attract more customers, the Islamic bank should enhance their unique characteristics and products’ compliance.DOI:10.15408/aiq.v8i2.313
Determinant of The Corporate Environmental Disclosure: Study on Jakarta Islamic Index
Get PDFThe issue about corporate environment disclosure nowadays is increasing. This research aims to analyze the influence of firm size, leverage, proportion of independent commissioners, corporate secretary and firm age to corporate environmental disclosure. Thirteen companies that listed at Jakarta Islamic Index during 2011-2014 are used as sample. Data was analyzed using multiple regression technique. The independent variables are firm size, leverage, and proportions of independent commissioners, corporate secretary, and firma age. The result shows that simultaneously all independent variables have significant influence to corporate environmental disclosure. Whereas partially, firm size and firm age have significantly influence to corporate environmental disclosure. The implication of this research is the larger of the firm size and the longer firm will make a better corporate environmental disclosure in companies that listed at Jakarta Islamic Index.DOI: 10.15408/aiq.v8i2.315
Islamic Prayer, Spirituality and Productivity: An Exploratory Conceptual Analysis
Get PDFPrayer plays a noteworthy role in Muslims daily lives. Quran and Sunnah testify that regular prayers can boost one’s health, can remove the level of stress, and may make one more productive and vigour. Such findings also noticed by medical and psychological experts, and likewise many contemporary research have shown wide-ranging outcomes in terms of improved wellbeing when prayer is done with sincere devotion. Nevertheless what is lacking is that the policy makers in the Islamic world need to initiate whether there exist any linkages between prayer and productivity, which needs to be appreciated more by them, as well as by Islamic economists and social scientists, Islamic business professionals and Islamic jurists, and then through a concerted effort and dynamic fact finding mission and verification to ascertain the Qur’anic beliefs in our daily lives. This studies using descriptive analysis to explain the linkage between the Islamic prayer and productivityDOI: 10.15408/aiq.v8i2.316
Consumer Demand on Halal Cosmetics and Personal Care Products in Indonesia
Get PDFThis research aims to analyze the influential factors involved in Moslem consumers’ decision to purchase halal cosmetics and personal care products in Indonesia by using the Theory of Planned Behavior. 100 questionnaires were analyzed using Structural Equation Modeling, collected from respondents of female consumers who purchased Wardah cosmetics and personal care products in South Jakarta and South Tangerang. The findings show that attitude, subjective norm, perceived behavioral control and purchase intention are positively related to the consumers’ decision to purchase halal cosmetics and personal care products. By addressing the consumers’ traits that can predict halal cosmetics and personal care products necessity, marketers could generate proper marketing strategies to validate consumers’ demand which in turn will stimulate the growth of halal products industry in Indonesia.DOI: 10.15408/aiq.v9i1.186