Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah
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The Effect of Peer-Banks on Bank Liquidity Management: The Case of Islamic Banks in Indonesia
Full text linkThis study aims to analyze the influence of peer banks on the liquidity management of Islamic banks in Indonesia and whether such influence is robust during the periods of the global financial crisis. This research uses fixed-effect panel data regression with robust standard error and the data of Islamic banks in Indonesia for the years 2007-2020. This research finds that peer-banks have a negative impact on Islamic bank liquidity, and it is robust in the global financial crisis periods. This study contributes to the policymakers and literature regarding the peer bank effect, especially in the liquidity management of Islamic banks. The liquidity management of Islamic banks is not only influenced by the conditions of the Islamic banks themselves but also affected by the behavior of other Islamic banks. AbstrakPenelitian ini bertujuan untuk menganalisis pengaruh peer bank terhadap pengelolaan likuiditas bank sharia di Indonesia dan apakah pengaruh tersebut tetap ada selama periode krisis keuangan global. Penelitian ini menggunakan regresi data panel fixed-effect dengan robust standard error dan data bank sharia di Indonesia tahun 2007-2020. Penelitian ini menemukan bahwa peer-banks berdampak negatif terhadap likuiditas bank sharia, dan pengaruh tersebut tetap ada pada periode krisis keuangan global. Hasil penelitian ini memberikan kontribusi bagi pengambil kebijakan dan literatur mengenai adanya peer bank effect khususnya dalam pengelolaan likuiditas bank sharia. Pengelolaan likuiditas bank sharia tidak hanya dipengaruhi oleh kondisi bank sharia itu sendiri, tetapi juga dipengaruhi oleh perilaku bank sharia lainnya
Settlement Of Cross-Border Sharia Economic Disputes Through Arbitration Forum
Full text linkIn the practice of national and international business contracts, the parties can choose the forum and choice of law that will be used if there is a dispute that occurs in the implementation of the contract. In the resolution of international business disputes, the choice of law chosen can use one of the material law provisions of a particular country, while the choice of forum can choose a particular institution such as the Court, arbitration or other dispute resolution institutions. In practice, the choice of forum for settlement through arbitration is widely used because it is relatively easy and fast. Arbitration institutions are generally used in the resolution of international business disputes. In this article, we will study further about the role of arbitration in the settlement of sharia economic disputes that cross national borders. This is certainly interesting to study because it is related to sharia aspects as well as national and international regulations. The analytical method used is normative juridical, with reference to the provisions of aspects of Islamic law, national law, and international law. In Islamic law, every form of agreement must be obeyed by the parties who make it as long as it does not conflict with sharia principles. In International Civil Law, there is a Choice of Law and Choice of Forum in the resolution of international business disputes. This can also be used by the parties to choose a sharia arbitration forum as a dispute resolution institution in their business which is stated in the contract clauses they have agreed to. Recognition of the implementation of foreign arbitral awards must first have an agreement between countries and the decision does not conflict with public order and the legal provisions of the country where the implementation of the arbitral award is implemented.AbstrakDalam penyelesaian sengketa ekonomi syariah lintas batas, para pihak dapat menyepakati pilihan hukum dan forum. Forum arbitrase dapat digunakan dalam kesepakatan, namun dalam praktiknya putusan tidak selalu dapat dilaksanakan karena bertentangan dengan hukum nasional. Artikel ini membahas pengaturan lembaga arbitrase ini dan penerapan prinsip hukum perdata internasional, hukum Islam, ketentuan hukum nasional maupun internasional. Dalam hukum Islam, setiap pihak harus melaksanakan perjanjiannya sepanjang tidak bertentangan dengan prinsip syariah. Dalam hukum perdata Internasional, para pihak dapat memilih hukum Islam sebagai choice of law, dan arbitrase syariah sebagai choice of forum. Untuk melaksanakan putusan arbitrase syariah, harus ada kesepakatan antar negara untuk saling mengakui putusan tersebut dan tidak boleh bertentangan dengan hukum nasional
Religious Humanism Synergy to Develop Creative Industry-Based Halal Tourism in Indonesia
Full text linkhis study aims to propose a halal tourism model by adopting religious humanism integrated with the creative industry as a baseline. This is a legal study with a statutory approach, relying on various laws and regulations as the primary data, including MUI’s fatwas. This study found that religious humanism can be integrated into the development of the halal tourism industry based on creative industries, with Regional Regulations (Perda) as the guideline. The integration of religious humanism in development is possible with the participation of all stakeholders. This is because the development of halal tourism is not merely about tourism objects but also the community. In this case, religious people easily accept the idea and are willing to participate as long as the integration is structured. Abstrak. Studi ini bertujuan menawarkan model wisata halal dengan meng adopsi humanisme religius dan mengintegrasikannya dengan industri kreatif. Penelitian dilakukan dengan pendekatan perundang-undangan dengan data primer yang berasal berbagai peraturan perundang-undangan, termasuk fatwa MUI. Kajian ini menemukan bahwa humanisme religius dapat diintegrasikan dalam pengembangan industri wisata halal berbasis industri kreatif, dengan menggunakan Peraturan Daerah (Perda) sebagai pedoman. Mengintegrasikan humanism religi dengan pembangunan dimungkinkan dengan partisipasi seluruh pemangku kepentingan. Hal ini karena pengembangan wisata halal tidak hanya mengenai objek wisata tetapi juga masyarakat. Umat beragama mudah menerima gagasan dan mau berpartisipasi asalkan integrasi dilakukan secara terstruktur
The Constraints in Shariah-Compliant Asset-Backed Securities Issuance at Islamic Banking Industries in Indonesia
Full text linkAbstract. The paper examines the responses of Islamic bank executives in Indonesia on constraints precluding the Sharia-compliant Asset-backed Securities (SABS) issuance, especially from sharia and legal perspectives. This research uses socio-legal and inductive approaches, analyzed with content analysis. The research f inds that, first, despite its necessity, the SABS concept brings risks and constraints in its implementation. Second, the constraints to SABS issuance include the difficulties in procuring assets. Third, the constraints in the legal aspect include the basis of bank authority to sell assets to SABS issuers, the types of assets, the transfer process to special purpose vehicles (SPV), the dubiety in the clauses managing bankruptcy remoteness and perfection of security interest, and the problems of accounting, asset bookkeeping, and taxation.Abstrak. Artikel ini menganalisis respon pelaku industry bank syariah di Indonesia terhadap kendala pada penerbitan Efek Beragun Aset Syariah (EBAS), dari perspektif syariah dan hukum. Penelitian ini menggunakan pendekatan sosio-hukum dan induktif, dengan analisis konten. Penelitian menemukan, pertama, sekalipun secara konsep dibutuhkan dan bermanfaat, EBAS berhadapan dengan potensi risiko dan hambatan dalam implementasinya. Kedua, kendala penerbitan EBAS antara lain kesulitan pengadaan aset. Ketiga, kendala aspek hukum meliputi dasar kewenangan bank untuk menjual aset kepada penerbit EBAS, jenis aset yang menjadi dasar penerbitan EBAS, proses pengalihan aset ke Special Purpose Vehicle (SPV), ketidak jelasan ketentuan bankcruptcy remoteness and perfection of security interest, serta masalah akuntansi, pencatatan aset, dan perpajakan
Maqasid al-Shari\u27ah as A Method of Renewing Islamic Law in the Fatwa of Majlis Tarjih Muhammadiyah: Analytical Study of Bank Interest Law in Indonesia
No full textAbstract. This research aims to investigate Muhammadiyah\u27s stance on bank interest as manifested through three legal fatwas issued during the Tarjih and Tajdid sessions. The first fatwa in 1968 declared interest as mutasyabihat. The second fatwa in 2006 concluded that interest is riba because it constitutes an addition to the principal capital lent. It was reinforced by Quranic principles, emphasizing the binding nature and agreed-upon additional terms. The third fatwa 2010 solidified the anti-interest stance. This study delves deeply into the fatwas and secondary sources using maqasid al-Shari\u27ah as the main criterion. The fatwa emphasizes the obligation to realize the welfare of society within the bounds of Islamic law. The fatwa\u27s gradual and uncomplicated implementation underscores its moral imperative, requiring public awareness and understanding to collectively eliminate the practice of bank interest. Ultimately, Muhammadiyah\u27s fatwa aims to align with the maqasid al-Shari\u27ah, promoting societal well-being while recognizing the importance of individual and communal understanding. Abstrak. Penelitian ini bertujuan untuk mengeksplorasi sikap Muhammadiyah terhadap bunga bank yang tertuang dalam tiga fatwa hukum yang dikeluarkan pada sidang Tarjih dan Tajdid. Fatwa pertama pada tahun 1968 menyatakan bunga sebagai mutasyabihat. Fatwa kedua tahun 2006 menyimpulkan bahwa bunga adalah riba karena merupakan penambah modal pokok yang dipinjamkan. Keputusan ini diperkuat dengan prinsip-prinsip Al-Quran yang menekankan sifat mengikat dan syarat-syarat tambahan yang disepakati. Fatwa ketiga tahun 2010 memantapkan sikap anti-bunga. Studi ini menggali secara mendalam fatwa-fatwa dan sumber-sumber sekunder, dengan menggunakan maqasid al-Shari\u27ah sebagai kerangkautama. Fatwa tersebut menekankan pada kewajiban mewujudkan kesejahteraan masyarakat dalam batas-batas hukum Islam. Penerapan fatwa ini secara bertahap dan tidak rumit menggarisbawahi keharusan moralnya, yang membutuhkan kesadaran dan pemahaman masyarakat untuk bersama-sama menghilangkan praktik bunga bank. Pada akhirnya, fatwa Muhammadiyah bertujuan untuk menyelaraskan dengan maqasid al-Shari\u27ah, memajukan kesejahteraan masyarakat sambil mengakui pentingnya pemahaman individu dan komunal
Sharia Audit Challenges in Malaysian Islamic Financial Institutions
Full text linkAbstract. Sharia Auditing in Islamic Financial Institutions (IFIs) poses several challenges, for example, lack of standardization, harmonization in Sharia standards, and incompetent Sharia auditors. Addressing these challenges is critical to ensuring the sustainability and growth of IFIs in Malaysia. This study aims to discuss the problems and challenges of Sharia auditing in IFIs. This study used a qualitative method by distributing questionnaires to 40 practitioners from several IFIs engaged in Islamic audit services through a purposive sampling procedure. T he research findings show that the awareness of the Sharia audit is satisfactory in the absence of a separate audit report. In addition, Sharia audit should be integrated into college accounting; comprehensive Sharia audit framework and standards; regulatory/professional bodies; and professional certification in Sharia audit.Abstrak. Audit Syariah di Lembaga Keuangan Islam (LKI) menimbulkan beberapa tantangan, misalnya kurangnya standarisasi, harmonisasi dalam standar Syariah dan auditor Syariah yang tidak kompeten. Mengatasi tantangan ini sangat penting untuk memastikan keberlanjutan dan pertumbuhan LKI di Malaysia. Penelitian ini bertujuan untuk membahas masalah dan tantangan audit syariah di IFI. Penelitian ini menggunakan metode kualitatif dengan menyebar kuesioner kepada 40 praktisi dari beberapa LKI yang bergerak di bidang jasa audit Syariah melalui prosedur purposive sampling. Temuan penelitian menunjukkan bahwa kesadaran audit Syariah cukup memuaskan dengan tidak adanya laporan audit yang terpisah. Selain itu, audit Syariah harus diintegrasikan ke dalam akuntansi perguruan tinggi; kerangka dan standar audit syariah yang komprehensif; badan pengatur/profesional; dan sertifikasi profesi dalam audit Syariah
Amwal Zakat Management: A Case Study in Yogyakarta
Full text linkAbstract. Zakāh collection in Nitikan village of Yogyakarta has experienced an increase since 2017, which previously had been stagnant. This paper aims to investigate the current development of the zakāh collection in that area, as it represents Muhammadiyah\u27s efforts in the religious philanthropic movement. T his is a qualitative study, with the data obtained from participatory observation and in-depth interviews with zakāh stakeholders. This study finds that the improvement of the zakāh collection has contributed to several factors. These include the role of ulama and Bapelurzam of Muhammadiyah, leading to the increasing trust of the people. This is strengthened by the changing paradigm of the muzakki regarding zakāh al-māl from merely gold and silver into any properties equal to niṣāb and has reached the haul; and the strong determination of mustaḥiq to transform themselves into muzakki.Abstrak. Penghimpunan zakat di desa Nitikan Yogyakarta mengalami peningkatan sejak tahun 2017 yang sebelumnya stagnan. Studi ini bertujuan untuk mengetahui perkembangan penghimpunan zakat di daerah tersebut, sebagai representasi dari upaya Muhammadiyah dalam gerakan filantropi Islam. Penelitian ini merupakan penelitian kualitatif, dengan data yang diperoleh dari observasi partisipatif dan wawancara mendalam dengan pemangku kepentingan zakat. Studi ini menemukan ada beberapa faktor yang berkontribusi dalam peningkatan zakat di Nitikan. Diantaranya adalah peran ulama dan Bapelurzam Muhammadiyah yang berdampak pada meningkatnya kepercayaan masyarakat. Hal ini diperkuat dengan perubahan paradigma muzakki tentang zakat mal dari semula terbatas pada emas dan perak menjadi harta apapun yang setara nisab zakat mal dan telah mencapai haul; serta tekad kuat mustahiq untuk bertransformasi menjadi muzakki
The Impact of Islamic Work Ethics and Organizational Justice on Organizational Citizenship Behavior: The Mediating Role of Organizational Commitment
Full text linkAbstract. Organizational Citizenship Behavior is not exhibited by all employees within a company. To effectively accomplish objectives, the management must possess a comprehensive understanding of organizational justice, the significance of Islamic values, and the extent to which employee dedication is established. The research aims to analyze the effect of Islamic work ethic and organizational justice on organizational citizenship behavior mediated by organizational commitment. This article employs a quantitative method, with data obtained through questionnaires distributed to 65 respondents from an Indonesian company and analyzed using structural equation modeling. The study shows that the Islamic work ethic positively and significantly affects organizational citizenship behavior and commitment. Organizational justice positively and significantly affects organizational citizenship behavior and commitment. Meanwhile, organizational commitment has a positive and significant effect on organizational citizenship behavior and has been proven to be able to mediate such relationships. Abstrak. Tidak semua karyawan menunjukkan perilaku organisasi kewarganegaraan. Untuk mencapai tujuannya secara efektif, manajemen harus memiliki pemahaman komprehensif tentang keadilan organisasi, pentingnya nilai-nilai Islam, dan sejauh mana dedikasi karyawan dibangun. Penelitian ini bertujuan untuk menganalisis pengaruh etos kerja Islam dan keadilan organisasi terhadap perilaku organisasi kewarganegaraan yang dimediasi oleh komitmen organisasi. Artikel ini menggunakan metode kuantitatif, dengan data diperoleh melalui kuesioner yang disebarkan kepada 65 responden di satu perusahaan di Indonesia. Sedangkan analisis datanya menggunakan model persamaan struktural. Hasil penelitian menunjukkan bahwa etos kerja Islam berpengaruh positif dan signifikan terhadap perilaku dan komitmen kewargaanorganisasi. Keadilan organisasi berpengaruh positif dan signifikan terhadap Perilaku Organisasi Kewarganegaraan dan Komitmen Organisasi. Komitmen organisasi berpengaruh positif dan signifikan terhadap Perilaku Organisasi Kewarganegaraan dan terbukti mampu memediasi hubungan tersebut
Does Spiritual Leadership Matter for Enhancing Performance of Sharia-Compliant Hotel Employees in Aceh, Indonesia? Spiritual and Economical Motivation as Mediators
Full text linkAbstract. This study explores the role of spiritual leadership in enhancing the spiritual and economic motivation and the performance of employees of Sharia compliant hotels in Banda Aceh, Indonesia. There are 330 employees of the selected Sharia-compliant hotels selected as the study\u27s sample using a purposive sampling technique. The study found the important role of spiritual leadership in enhancing spiritual and economic motivation and employee performance. Additionally, spiritual leadership affects employees\u27 performance indirectly through motivation. Thus, hotel management could improve employee performance by enhancing spiritual and economic motivation and spiritual leadership. Abstrak. Penelitian ini bertujuan untuk mengeksplorasi peran kepemimpinan spiritual dalam meningkatkan motivasi spiritual dan motivasi ekonomi serta kinerja karyawan hotel syariah di Banda Aceh, Indonesia. Sebanyak 330 karyawan hotel syariah telah dipilih sebagai sampel penelitian ini dengan menggunakan teknik purposive sampling. Penelitan ini menemukan peran penting kepemimpinan spiritual dalam meningkatkan motivasi spiritual dan motivasi ekonomi serta kinerja karyawan. Selain itu, kepemimpinan spiritual mempengaruhi kinerja karyawan secara tidak langsung melalui motivasi. Dengan demikian, manajemen hotel dapat meningkatkan kinerja karyawan dengan meningkatkan motivasi spiritual dan motivasi ekonomi serta kepemimpinan spiritual
Factors Affecting the Intention to Cash Waqf in Urban Muslims: an Extended Theory of Planned Behavior Approach
Full text linkThis study investigates the factors influencing intention for cash waqf participation among urban Muslims. Drawing from the Theory of Planned Behavior (TPB) and incorporates the factor of knowledge of Islamic ownership, it collected data from 449 respondents from two cities in West Sumatra, Padang and Bukittinggi and analyzed. through Smart PLS 4.0. The results disclose that three TPB variables—attitude, subjective norms, and perceived behavior control—and knowledge of Islamic ownership exert a positive and statistically significant influence on the intention to cash waqf among urban Muslims. It underscores the importance of recognizing knowledge of Islamic ownership as a determinant variable in the intention to engage in cash waqf. Cash waqf management institutions should prioritize cultivating a positive image, ensuring convenience, and offering tangible benefits to cash waqf contributors. Moreover, the active involvement of religious and social leaders is essential for optimizing the collection of cash waqf funds. Abstrak. Studi ini menyelidiki faktor-faktor yang mempengaruhi niat berpartisipasi wakaf tunai di kalangan Muslim perkotaan. Berangkat dari Teori Perilaku Terencana (TPB) dan memasukkan faktor pengetahuan kepemilikan Islam, penelitian ini mengumpulkan data dari 449 responden dari dua kota di Sumatera Barat, Padang dan Bukittinggi dan dianalisis. melalui Smart PLS 4.0. Hasil penelitian menunjukkan bahwa tiga variabel TPB—sikap, norma subjektif, dan kontrol perilaku yang dirasakan—dan pengetahuan tentang kepemilikan Islam memberikan pengaruh positif dan signifikan secara statistik terhadap niat wakaf uang di kalangan umat Islam perkotaan. Hal ini menggarisbawahi pentingnyamerekognisii pengetahuan tentang kepemilikan Islam sebagai variabel penentu niat untuk berwakaf uang. Lembaga pengelola wakaf tunai harus mengedepankan penanaman citra positif, kenyamanan, dan manfaat nyata bagi para pendonor wakaf tunai. Selain itu, keterlibatan aktif tokoh agama dan tokoh masyarakat juga penting untuk mengoptimalkan penghimpunan dana wakaf tunai