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Results in Journal IKONOMIKA: 72

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Auwal Salisu (Universiti Sains Malaysia), Shereeza Mohamad Saniff (Universiti Sains Malaysia), Shahir Akram Hassan (Universiti Sains Malaysia)
IKONOMIKA, Volume 5, pp 193-204; doi:10.24042/febi.v5i2.7665

Fatwa shopping attitude is a process of searching Sharia opinions from different Sharia scholars for suitable and convenient Fatwa to suit the need of bank managers (BMs) even at the minimum level of Sharia compliance. This research was conducted to identify the Sharia Board Members (SBMs) and the new attitude of Fatwa shopping within the supervisory and advisory mandate. The objectives of this study are to identify the mandate of SBMs of IBs and to review the attitude of Fatwa shopping within the advisory and supervisory mandate. Data was collected by way of documentary review method of existing literatures, narrative analysis as well as conceptual approach of analysis. The study gathered that both SBMs and BMs have different objectives when assessing new products which create disagreement of objectives at the strategic level. The study concluded that the leniency in issuing Fatwa ruling might lead SBMs to exercise the attitude of Fatwa shopping or easily compromise toward BMs objectives. A situation of this kind has resulted many challenges toward Sharia complaint, then the products approved by SBMs which have been alleged as non-compliant to Sharia. The findings of this paper can be recommended for regulators, policy makers of Islamic banks and the body of knowledge of researchers for positive use of conceptualizing the current system to suit core component of Islamic Fatwa framework (IFF) in which the attitude of Fatwa shopping would be matter of history in near future.
Indonesia) Sri Dewi Anggadini (Universitas Komputer
IKONOMIKA, Volume 5, pp 141-156; doi:10.24042/febi.v5i2.7112

This study aims to determine the effect of Zakat Funds and Tax on Business Capitales on Economic Growth. The population in this study is the data of the Province of West Java from 2010 to 2017 where the economic growth report, Tax on Business Capital report and zakat fund distribution report are used. The sample taken by the author in this study is the Zakat Fund Distribution Data, Tax on Business Capital Data and the Gross Regional Domestic Product (PDRB) data of West Java Province from 2010 to 2017. Researchers used multiple statistical analysis and correlation methods. To obtain more accurate results in multiple regression analysis, classic assumption testing is executed so that the results obtained are regression equations. The results of the study show that the Zakat Fund Distribution and Tax on Business Capital data have a significant effect on economic growth. Based on data processing, it shows that the distribution of zakat funds and local taxes simultaneously in providing an influence on economic growth variables of 76%. While the rest of 100% - 76% = another 24% is the influence of other variables not examined in this study.Keywords : Zakat Funds; Tax on Business Capital; Economic Growth
Febrina Mahliza (Universitas Mercu Buana), , Anees Jane Ali Ali (Universiti Sains Malaysia)
IKONOMIKA, Volume 5, pp 249-270; doi:10.24042/febi.v5i2.7203

In Indonesia, the millennial generation is the generation that dominates the population. This is a promising target market for companies or producers of personal care products. This research focuses on the attitudes of the millennial generation towards halal personal care products. The method used is quantitative research with primary data taken from 143 millennial generation female consumer respondents in Jakarta and Tangerang with data collection techniques using purposive sampling. The data analysis used is Partial Least Square (PLS) analysis. Based on the results, the attitude of the millennial generation towards halal personal care products is significantly influenced by religiosity and halal knowledge. At the same time, media exposure has no significant influence on the attitude of the millennial generation towards halal personal care products.
Indonesia) Rizal Rizal (Iain Batusangkar, Malaysia) Khairil Faizal Khairi (Universiti Sains Islam
IKONOMIKA, Volume 5, pp 157-174; doi:10.24042/febi.v5i2.7532

This research aims to investigate the influence of financing and Third Party Funds (DPK) towards the Return on Assets (ROA) of Islamic Rural Banks (BPRS) in West Sumatera. This field research is a quantitative study with seven PT BPRS in West Sumatera as the object of the research. This research uses secondary data in the form of panel data which combined cross section and time series data. The panel data are quarterly financial statements from 2016 to 2018 which are recorded in Financial Service Authority (OJK). The result of this research shows financing and third party funds (DPK) influence ROA in the amount of 59,65% simultaneously. The rest of it are influenced by other factors that are not investigated. Partially, financing is the only subject that has influence toward ROA. Meanwhile, third party funds had no significant influence towards ROA of seven BPRS in West Sumatera. This case is interesting to be researched since quantitative data reflects fluctuation based on financing from 2016 until 2018 while DPK tend to increase. However, financing is the only subject that has significant influence towards ROA.
Damaturu) Adam Muhammad Abubakar (Yobe State University, Damaturu) Nuraddeen Mohammed Lawa (Yobe State University
IKONOMIKA, Volume 5, pp 175-192; doi:10.24042/febi.v5i2.7667

The Northeast region of Nigeria has been experiencing the devastating impact of Boko Haram insurgencysince 2009, which triggeredhumanitarian crisis and destruction of infrastructure,such as schools, hospitals, roads, bridges as well as homes and farmlands, leading to many becoming internally displaced persons and refugees. Both governmental and non-governmental organizations have been mostly providing relief services and materials, whilst only few Federal Government agencies and State Governmentsare providing reconstruction and rehabilitation due to insufficient sources of funds(Olaseni, 2012).The emergence of Sukuk to Nigerian Capital Market is a new development that provides alternative funding avenue for both State and Federal Governments to finance projects and infrastructure development for nation building (Alaro, 2020).It is against this backdrop that this study aims to reviewthe approaches of financing rehabilitation and reconstruction programmes in the Northeast and examines how the potentials ofSukuk financing could properly be utilized to complement the infrastructural deficit in the region. Thus, the research is an exploratory qualitative research that sourced cross sectional primary data collected through the use of structured questionnaire. Multistage purposive sampling method was employed in selecting the respondents for the study across the study area. Thematic Analysis was employed as the method of data analysis. Both descriptive and inferential statistics were used to summarize and interpret the results of the thematic analyses of the data obtained.Keywords: North-East, Reconstruction, Rehabilitation and Sukuk Financing
Indonesia) Shafitra - Nata (Stie Al-Madani Bandar Lampung
IKONOMIKA, Volume 5, pp 231-248; doi:10.24042/febi.v5i2.7747

Aim of this research is to calculate, measure, analyze, and evaluate predictions of potential bankruptcy of Islamic banking using the modified Altman Z-Score and Springate models and identify differences in the predicted results. This research uses descriptive quantitative analysis. Model analysis used is the Modified Altman Z-Score and Springate models. The research object used is 12 Islamic banks in Indonesia 2013-2019 and data collection includes literature study and observation.Modified Altman Z-Score model predicts that 1.19% of Islamic banking is in gray area and 98.81% is in a non-bankrupt position. Meanwhile, the Springate model predicts 38.10% of Islamic banking is in a bankrupt position and 61.90% is in a non-bankrupt position. This research only analyzes and compares the prediction results of the potential bankruptcy of Islamic banking with the modified Altman Z-Score and Springate models.This research can be used as an evaluation material for Islamic Banking in Indonesia in the face of potential bankruptcy so that companies can immediately improve their management and company performance.
Assoc. Prof. Dr. Besar bin Ngah (Al-Madinah International University Malaysia)
IKONOMIKA, Volume 5, pp 271-296; doi:10.24042/febi.v5i2.7789

Crowdfunding become one of the most effective alternatives for raising funds, although it is not a new phenomenon in developed and developing countries but seems to be new in Nigeria. As such, the study aims to propose Shariah framework that addresses conventional debt and equity crowdfunding, instead, using Murabaha as debt, Mudarabah and Musharakah as equity model and further measure the level of awareness and trust towards behavioural intention towards crowdfunding in Northern Nigeria. The sample was collected from 2730 purposively selected and used Structural Equation Modeling (SEM) for data analysis. Findings, revealed that the proposed structural framework of crowdfunding proved to enhance entrepreneur vision for raising investment fund based on Shariah-compliant in Northern Nigeria. Further indicates, lack of awareness and inappropriate use of internet platform resulted in perceived entirely irrelevant investment opportunities and developed fair to invest online. Practical implications: The paper provides awareness and trust on how to improve debt and equity-based crowdfunding for a fundraiser and successful funding a business structure based on Shariah compliant. Originality/Value: the study makes significant contribution towards propose Shariah framework of crowdfunding in Nigeria, and it provides awareness and trust to Nigerian Muslims entrepreneurs as in line with Shariah-compliant.JEL Classification: E4, O31, O35
Chuzaimah Batubara (Universitas Islam Negeri Sumatera Utara - Medan), Isnaini Harahap (Universitas Islam Negeri Sumatera Utara - Medan), Siti Marpuah (Universiti Tun Hussein Onn - Malaysia)
IKONOMIKA, Volume 5, pp 205-230; doi:10.24042/febi.v5i2.6985

The village fund is the government's effort to reduce poverty in villages in Indonesia, including in North Maluku. From the perspective of development funding, village funds play a major role in improving the quality of villages in North Maluku. But in fact, the poverty rate in North Maluku has actually increased. Based on these facts, this paper seeks to explain how the effectiveness of village funds is to reduce poverty and improve community welfare. To answer this problem, a qualitative research approach was carried out by the method of collecting in-depth interview data and focus group discussions with the village head, BPD and village communities.By conducting in-depth interviews and focus group discussions, this study found that village funds in Beringin Jaya and Akeguraci Villages in Tidore Kepulauan District and Ake Jailolo Village and Bobane Village, West Halmahera District, North Maluku, were able to improve the status of villages from disadvantaged to developing villages, but these changes are not followed by an increase in welfare (Falah). This is because village fund programs are more focused on infrastructure development but have not been able to meet economic and social aspects of life, such as providing life skills, enhancing harmony, and independence. The main problem is that human resources are still low both in terms of education level and quality of expertise so that village funds are managed as is.This study recommends that village funds are effective in reducing poverty, the village government needs to prepare a village development blueprint (renstra) in the next 5 years with clear indicators based on village achievements and the amount of village funds received. Village governments also need to send village fund managers to attend training on planning and reportingvillage financialKeywords: village funds, index, empowerment, Falah, North Maluku
Indonesia) Muhammad Noval (Uin Antasari Banjarmasin, Indonesia) Rani Raharjanti (Politeknik Negeri Semarang
IKONOMIKA, Volume 5, pp 17-42; doi:10.24042/febi.v5i2.6309

This research aims to examine the ownership on Islamic economic and the ownership stock effect on firm performance and the moderating influence of independent commissioner on the connection between ownership stock and firm performance. Indicator of ownership stock studied was the ownership stock of the president director in the company. The firm performance studied by the calculation of Price per Earning Ratio. Then, the intended independent commissioners are the percentage of independent commissioners who are on the company's board of commissioners.This research uses qualitaitive method based on Islamic economic literature and quantitative methods basedon secondary data. Secondary data in this research are the financial report from firms that take the floor on Indonesia Stock Exchange (IDX). This investigation uses a population that is listed firms on Indonesian Sharia Stock Index (ISSI). Subsequently, the sample is filtered using purposive sampling techniques with the criteria of listed firms on Indonesia Stock Exchange and has the data needed in this investigation. As a result, the samples obtained were 296 companies. This research uses regression analysis with individual parameter significant test (t-test).Hypothesis testing results indicate that Sharia company ownershipis in accordance with Islamic economic perspective studies, and ownership stock with the indicator of ownership of the president director has an impact on firm performance with Price per Earning Ratio’s indicator, and independent commissioners based on the proportion of independent commissioners on the board of commissioners moderate the correlation between ownership stock and firm performance. Keywords: Ownership Stock, Firm Performance, and Independent Commissioners.
Damaturu) Adam Abu Bakar (Yobe State University, Damaturu) Ibrahim Muhammad Baba (Yobe State University
IKONOMIKA, Volume 5, pp 71-84; doi:10.24042/febi.v5i2.6842

According to Islamic Financial Service Board (IFSB), Sukuk are certificates that represent the holders’ proportionate ownership in an undivided part of underlying asset where the holder assumes all right and obligations to such asset. The emergence of Sukuk in Islamic capital markets is a significant development that provides alternative funding avenue for corporate entities, government and financial institutions. Despite the tremendous growth of Sukuk finance globally, the phenomenon is relatively new in Nigeria, though the regulator, Securities and Exchange Commission (SEC) has issued guidelines for the operation and placing of Sukuk in the country, apart from Osun State Government that has listed its Sukuk and the recent FGN Sukuk issuance, evidence shows that, none within the corporate and financial bodies had listed any Sukuk in Nigeria. It is against this backdrop that this paper aims at assessing the role of Sukuk financing in nation building with special reference to the recent Sukuk issuance by the Federal Government for the rehabilitation of Federal roads across the six geo-political zones of the Country. The researchers adopted analytical and descriptive approaches in this study. The main findings of the paper have shown that despite the novelty of Sukuk finance to Nigerian context, it has incalculable impact on nation building. It also revealed that Ṣukūk have many economic benefits and potentialities to Nigerian economy in terms of economic growth, financial inclusion, diversification, Liquidity Control and infrastructural financing, among others.
Brunei Darusalam) Md Akmal Salihin (Unissa, Mohd.Shahril Ahmad (Univesiti Utara Malaysia)
IKONOMIKA, Volume 5, pp 101-116; doi:10.24042/febi.v5i2.7060

In modern agriculture, most of the biochemicals and inorganic fertilizer had been used for the plantation on the worldwide scale. Whilst, the issue of food waste had created concern for the global community because of its potential for pollution. In Brunei Darussalam, food waste has the highest percentage followed by paper and plastic. According to the Scientia Bruneiana, vol.17, no.2, according to the Department of Environment, Parks, and Recreations, 400 – 500 tonnes of waste goes to Sg. Paku landfill in Tutong District each day. This issue was raised by the people that prioritized the application of the Macro Organic Local which is the organic fertilizer derived from rainwater and food waste. They emphasize the concept of zero-waste and go-green to manage the problems of the polluted environment. Therefore, ‘Potilizer’ production that is based on the organic sources mainly from banana peels is to solve the problems of food waste and raise awareness to the community to reduce waste. ‘Potilizer’ aims to reach out to the farmers, entrepreneurs, and individuals to fully utilize organic waste and to be confident in its usage. The methodology used is by conducting some experiments on each type of plant-based on the research study from the existing information with regard to farming. The use of data collection is from the books, the internet, by interviewing the farmers and conducting the survey about natural fertilizer. The novelty of this product is by the application of the conservation concept and it will present as the first organic fertilizer in Brunei Darussalam to be commercialized at a very affordable price and good quality. ‘Potilizer’ has the opportunity to penetrate the market as it can benefit the farmers, entrepreneurs, agricultural school institutions, as well as for the house-gardening purposes to assist them in this field.
Indonesia) Ira Eka Pratiwi (Iain Fattahul Muluk Papua
IKONOMIKA, Volume 5, pp 55-70; doi:10.24042/febi.v5i2.5937

This study investigates the influence of faith, social influence, regulation, and bank functions on the intention to use Islamic banking. The study used quantitative method and the data was collected using a structured questionnaire. The sample consisted of 200 customers of one of the largest Islamic bank in Indonesia: Bank Mandiri Syariah, which is located in Jayapura, the capital city of Papua Province. The data were obtained by random sampling using through a face-to-face survey. The internal consistency reliability and validity test indicated that all scale items were proven reliable and valid. The multiple regression linear was used to analyze the influence of independent variables toward dependent variables. This study suggested that faith significantly affected the customers intention to use Islamic banking. Meanwhile, social influence, regulation, and bank functions did not show a significant influence on customers’ intention to use Islamic banking.Key words : Islamic Banking; Faith; Social Influence; Regulation; Bank Function
Indonesia) Kurniawati Meylianingrum (Uin Maulana Malik Ibrahim Malang, Indonesia) Muhammad Muhajir Aminy (Uin Mataram, Malaysia) Mohd Aslam Mizan Aslam (Universiti Malaysia Perlis
IKONOMIKA, Volume 5, pp 85-100; doi:10.24042/febi.v5i2.7002

Cash waqf is an Islamic financial instrument which recently is developed by most Muslim scholars. This Islamic financial instrument is believed to be one alternative to solicit social funds from people, other than zakat, with a purpose to gain sustainable benefits without reducing the amount of used fund.Cash waqf is not similar to zakat that is a mandatory and an Islamic pillar for Muslims across the world. Cash waqf is a preferable (sunnah) that is encouraged to be carried out by Muslims to gain ceaseless reward from God. Muslims who spend their money for this Islamic charity have an awareness to do more kindness as a worship form to God.This study aims to analyse the influence of four independent variables, namely religiosity, trust, service quality, and promotion factor on wakif decision to select cash waqf product in Badan Wakaf Indonesia region of Yogyakarta City. The findings showed a positive significant impact, simultaneously and partially, from all observed independent variables toward the dependent variable.Another purpose of this study is to investigate a cash waqf management that is applied in the waqf institution. The duty of Badan Wakaf Indonesia as the waqf institution is only to supervise the nazhirs, waqf managers, regarding their cash waqf management. Badan Wakaf Indonesia indirectly collects and distributes all cash waqf through all its five nazhirs.Keywords: Waqf, Cash Waqf, Wakif Preferences, Wakif Decision
Indonesia) Muh. Wahyuddin Abdullah (Uin Alauddin Makassar, Indonesia) Syahruddin Kadir (Iaim Sinjai
IKONOMIKA, Volume 5, pp 117-140; doi:10.24042/febi.v5i2.7050

This study aims to determine the understanding and public trust about Islamic products and Islamic banking and to determine the prospects for Islamic finance in rural business development. The methodology used is descriptive qualitative through FGD and data triangulation. The results showed that people in rural areas tit belongs to less literate and less of trust because some people only understand the Islamic banking products used and only consider aspects of the needs and virtues of banking service facilities. However, it indicates a bright prospect for developing a sharia-based community business with residents of the region who are aware of Islamic law and the demand for Islamic financial institution services by the community is increasing.Keywords: Literacy, Islamic Finance, Business.
Indonesia) Asep - Suryanto (Universitas Siliwangi
IKONOMIKA, Volume 5, pp 1-16; doi:10.24042/febi.v5i2.5315

The purpose of this study was to determine the implementation of productive waqf economic empowerment in the form of a minimarket in Purbaratu, Tasikmalaya City. Grouded research used to try to develop a concept through empirical exploration of the economic empowerment of productive endowments carried out by the City of Tasikmalaya Baznas so as to produce a conceptual description of the economic empowerment of productive waqf. The results showed that the Madina minimarket is an implementation of empowering productive waqf through business activities with the concept of the people for the people (social enterprise). Madina Minimarket is built on waqf land given by waqif to the Baznas Tasikmalaya City is used as fixed capital for minimarkets while working capital is obtained from investors. Every month, the profit earned by Madina minimarket is used to pay the minimarket employees and distributed to all mosques in Purbaratu District neighborhood in the form of shopping vouchers for mosque needs.Keywords : IslamicPhilanthropy, Empowerment, Waqf
Nigeria) Aliyu Ibrahim Musaddad (Nasrawa State University, Nigeria) Abubakar Mohammed Inuwa (Nasrawa State University
IKONOMIKA, Volume 5, pp 43-54; doi:10.24042/febi.v5i2.6515

There is no doubt leadership has been given a tremendous place and a key positioning in Islam, Qur’an, Sunnah and the consensus of Ulama’u (Muslim scholars) have made it apparent about the necessity of leadership among the Muslim community. Most recently, the issue of leadership in Nigeria has become a major concern to the Nigerians. Whilst some research has been conducted to examine the solutions to Nigerian leadership, little attention has been paid to Islamic approaches of accountability which is the vital pillar of governance as the key towards sustainable leadership in Nigeria. This study therefore seeks to explore the lessons from leadership and accountability during the caliphate of Umar bin Abdulaziz (R.A) as a panacea to Nigerian Leaders.The methodology of the study relies on critical and comprehensive analysis of the existing published literature related to the topic. Hence, data collection is effected through the qualitative method. The findings of this study revealed that there are lots of lessons and wisdoms that Nigerian government could acquire from the history of caliphate Umar such as his reformations and innovations in governing the state as reflected in siyasah shar’iyyah which can be solution for practicing good governance in Nigeria. Based on the findings, it was recommended that fear of Allah and believing in accountability is the best option for leaders.Key words: Leadership, Islam, Model, Accountability, Good Governance.
Novita Kusuma Maharani, Sumardi Sumardi, Auwal Salisu
IKONOMIKA, Volume 4, pp 199-210; doi:10.24042/febi.v4i2.4811

The banking in Indonesia has undergone several changes in the market structure that ultimately impacts the prevailing policies and regulations. This study aims to examine the impact of changes in the banking market structure identified through the level of market concentration in the banking environment and examine the factors that influence the level of concentration of the banking market from 2005 to 2016. The study also examined the impact of changes in banking structure during the global crisis. The measurement of banking concentration used in this study is the Herfindahl-Hirschman Index (HHI). Furthermore, the influential factors consist of: (1) Bank specification, including bank size (Size), credit risk (NPL), profitability (ROE), banksoundness(CAR),(2)Market specification,namely the number of standingbank (NUM), and (3) Global crisis. The study used GLS (Generalized Least Square) method to detect autocorrelation on each variable.The results show that banks in Indonesia tended to have a low level of market concentration. The results are also in accordance with the SCP paradigm which states that banks tend to generate high profits when the level of banking market concentration is high.Keywords : Market Concentration, Competition, Dual-Banking, Bank Specification, Market Specification, Global Crisis.
IKONOMIKA, Volume 4, pp 227-242; doi:10.24042/febi.v4i2.5897

The purpose of this study was to analyze cosmetics purchasing decisions by consumers with consideration of halal labels or product quality where brand image as an intervening variable. This study uses quantitative methods with confirmatory objectives. Questionnaires are distributed using a purposive sampling method for 400 respondents in several villages throughout Indonesia. The results showed that the halal label significantly influenced brand image and purchasing decisions. Product quality affects brand image but has no impact on purchasing decisions. Meanwhile, brand image has a significant influence on purchasing decisions. The research implications show that for rural communities, promotion of halal cosmetics is more useful for driving purchasing decisions compared to the quality of cosmetic products.
Wahyu Setyawan, Rindu Rika Gamayuni, Shamsuddeen Muhammad Ahmad
IKONOMIKA, Volume 4, pp 137-150; doi:10.24042/febi.v4i2.5204

The objective of this study is to determine the impact of e-budgeting and internal government control systems to financial reporting of local governments in Indonesia as measured by the achievement of the unqualified opinion from the report of the Financial Audit Board (LHP BPK) on the Regional Government Financial Reports (LKPD). Financial reporting is a mechanism in the delivery of financial information and a representation of the financial position of transactions carried out by local governments , as an obligation of responsibility for the allocation and use of resources that are useful for accountability and transparency purposes.The implementation of e-budgeting and the government internal control system in the preparation of financial reporting is a means to realize accountability and transparency in governance in bureaucratic reform. This is consistent with the perspective of Islam provides guidance in the embodiment of the system of good governance government in the form of three pillars, namely transparency , accountability and participation . The study population was all local governments in Indonesia with a sample that local governments in Indonesia are already implementing e-budgeting in the 2017 -2018 . This research method is a quantitative empirical research method using secondary data with data analysis performed statistical tests using multiple linear regression with Eviews 9.0. The results of hypothesis testing and multiple regression analysis with eviews 9.0 shows that e-budgeting and government internal control systems are simultaneously influenced positively to financial reporting of local governments in Indonesia in the form of unqualified opinion. Keywords : E-Budgeting, Government Internal Control, Financial Reporting, Islamic Perspective.
, Edi Pranyoto, Adam Muhammad Abubakar
IKONOMIKA, Volume 4, pp 211-226; doi:10.24042/febi.v4i2.5374

This research examines the effect of religiosity on the cash holding. The method used to test the model is panel data regression by investigating the effect of religiosity on the cash holding of shari'a and non-shari'a companies. The results show that Religiosity (Islamic Dichotomic), showing a positive and significant coefficient on cash holdings. Companies with a high level of religiosity hold significant amounts of cash. The companies hold cash to reduce risk by reducing debt financing. Keywords: cash holdings, religiosity, risk
Mu'Allimu Kamabari Aminu, Aliyu Ibrahim Musaddad, Adamu Tanko Isah
IKONOMIKA, Volume 4, pp 243-254; doi:10.24042/febi.v4i2.5863

This paper begins with an examination of the concept of good governance in Islam. The paper proceeds with a discussion on the precepts of good governance in Islam and the role of leadership in good governance. It is against this background that the paper looks at the Nigerian governance experience over the last few years. The paper concludes with some useful recommendations.
Muhammad Fikry Aransyah, Finnah Furqoniah, Amjad Hamad Abdullah
IKONOMIKA, Volume 4, pp 181-198; doi:10.24042/febi.v4i2.5355

In a Muslim country, halal products were a norm in the society whereby Muslims in their daily life were not only consuming the halal products. The acceptance of non-Muslims towards halal products is growing as well because of the strict process and laws to follow. It reviews studies and theories on customer’s purchase intention on halal products and the concepts of price, awareness, availability, safety, ingredients, and quality of the halal products, which affect their purpose to buy from the perspective of non-Muslim. Fifty research article from 2009 to 2019 was chosen for this research. Besides, the halal products are also being monitored, certified, and enforced by the government. Halal products with certification will automatically gain the confidant of the consumers without any doubts. There are many types of research being conducted about the halal industry, but there is limited research being conducted to explore the non-Muslim consumers' purchase intention on halal products.Keywords: halal products, purchase intention, non-muslim, literature review
Hamzah Hamzah, , Sharifu Haque
IKONOMIKA, Volume 4, pp 171-180; doi:10.24042/febi.v4i2.5467

Trade activity is one of the drivers of development in a country in order to obtain national development. In the current era of globalization, trade activities opened among the countries have developed quite rapidly. Indonesia has acquired a spinning wheel in international trade activities. Indonesia is actively involved in several negotiations concerning international trade and actively supports the national development. By becoming a member of the World Trade Organization, Indonesia has carried out important export activities to all parts of the world. Indonesia itself has special rules regarding important goods, specifically about food ingredients. Indonesia stops importing chicken because of the absence of halal labeling on these food ingredients. Indonesia is a country which most of its citizens are Muslim. Food which is consumed for Indonesia Muslim people is not only about safe and healthy but also about halal . Due to this rule, Brazil suffered a quite big loss and filled a lawsuit to WTO. The purpose of this study was to analyze the Indonesian national law regarding halal certification and how to resolve the dispute between Brazil and Indonesia on the issue of importing chicken meat.Keywords: Consumer Protection, Halal Certificate, WTO.
R. Yudhistira Adi Seputra, , Aminul Islam
IKONOMIKA, Volume 4, pp 151-170; doi:10.24042/febi.v4i2.4839

This study aims to analyze the risk and efficiency of Bank MuamalatTbk, customers & ex-employees perceptions of the efficiency of the closure of the Branch Offices in Bojonegoro and Blora Regencies. This research is quantitative research that uses three stages of analysis. The first phase of the analysis involves risk analysis by measuring credit, operational and risk of disbursement based on the 2013-2017 Bank Muamalat Indonesia Tbk Financial Report using CAMELS financial ratios, the second stage consists of measuring the efficiency of Bank MuamalatTbk's performance using non-parametric techniques, Data Envelopment Analysis (DEA). The third stage will apply Pearson Correlation Coefficients to test the correlation between Customer Perception, Credit, Operations, and Risk of Disbursement to Efficiency. Based on results it can be concluded that the condition of Bank Muamalat Indonesia for the period 2013 - 2017 can be declared unhealthyand risky. So, it is suggested that Muamalat obtain new investors who are able to provide capital to nourish their financial performance. Keywords : Efficiency, Operational Risk, Islamic Banking, Data Envelopment Analysis.
, Divianto Divianto
IKONOMIKA, Volume 4, pp 85-108; doi:10.24042/febi.v4i1.3961

The purpose of this study was to determine the factors that affect the intention of business-fraud on young entrepreneurs in Palembang city. Researchers conducted research development on young-Muslim entrepreneurs as subjects and added the role stress variable and applied TPB Theory. The type of data used in the form of primary data through questionnaires. The analysis of this research used SEM-Analysis. The results of this study were: H1-predicted a positive correlation between attitudes and intention of young-Muslim entrepreneurs to commit business-fraud (accepted). H-2 and H-3 there was rejection because there were more influential variables. H4-predicted there was a positive correlation between the role-stress and intention of young-Muslim entrepreneurs to commit business-fraud (accepted). H5-predicted that attitudes toward behavior, subjective-norms, and perceived-behavioral controls have significant influence on the intention of young Muslim entrepreneurs to commit business-fraud. Potential business young-Muslim entrepreneurs can fraud occur in the business, needs to be improved by effectiveness of internal controls. Keywords: Intention, Business-Fraud, young-Muslim, attitudes, role-stress, subjective-norms, perceived-behavioral controls, TPB
IKONOMIKA, Volume 4, pp 1-12; doi:10.24042/febi.v4i1.3162

Sharia pawn products (rahn) are one of the sharia financial services products that are growing over time. However, this development still requires attention in order to achieve financial inclusion and increase market share of sharia pawn products. One of the efforts to realize this goal is the socialization strategy. The success of socialization is not only the responsibility of the Islamic financial services institution, but also the role and support of other stakeholders, especially the government. The government through BI and OJK has a strategic role in helping these efforts. Optimizing the role of the government in supporting the dissemination of sharia mortgage products can be done with strategic steps namely targetting, integrating, understanding, and implementing. Key words : Role of government, Socialization, Sharia pawning
IKONOMIKA, Volume 4, pp 53-59; doi:10.24042/febi.v4i1.3927

The advertisement made by the Bank Muamalat Malaysia Berhad (BMMB) was the major cause for a CashWaqf gained popularity in Malaysia partly, the first Islamic banking establishment to manage CashWaqf together with Perbadanan Wakaf Selangor (PWS). The aim of this study is to investigate the determinants of CashWaqf participation from the Malaysian perspective. This study is based on three variables used to determine factors that affect CashWaqf participation in Malaysia. The three variables that are measured in this current study are religiosity, subjective norm, and attitude.used an attitude theory as a baseline theory. The data were collected through the distribution of questionnaires to 100 participants from Students at Kolej Insaniah Universiti. Based on multiple regression analysis and other statistical techniques, the findings of the study showed a significant relationship between religiosity, subjective norm, and attitude with CashWaqf participation. Given the results from the study, it highlights some limitations and suggestions for future studies that may be conducted in this scope.Keywords: Cash Waqf, Religiosity, Subjective Norm, Attitude
Ahmad Shaifull Anuar, Zakaria Bahari, , ,
IKONOMIKA, Volume 4, pp 13-34; doi:10.24042/febi.v4i1.3808

The development of higher education in Malaysia is multiplying based on the increasing numbers of Public Higher Learning Institutions (IPTA) and Private Higher Learning Institutions (IPTS). This increase has encouraged various parties to collaborate to create a solid foundation and strategy to create IPT to become more competitive. However, the funding factor is still one restraint that IPTs must face. To overcome this problem, one example of IPT is taking the initiative by implementing waqf for higher education in limited institutions. Based on this scenario, the present paper was written to achieve two objectives:The first isto examine the precise development of higher education waqf that has been implemented in IPT in Malaysia. Thesecond isto precisely examine the variety of waqf that can be implemented for higher education. This study is an exploration in which the data used were derived from library research. The findings of this study will develop a theory on the diversification of waqf implementations for higher education in Malaysia. Keywords: Diversity, Economic, Instrument of Waqf, Waqf of Higher Education
IKONOMIKA, Volume 4, pp 35-52; doi:10.24042/febi.v4i1.3942

The era of innovation is disrupted providing space in the development of digital zakat management systems that are expected to increase public trust and make it easier for muzaki to pay zakat. The management of digital zakat is expected to increase the efficiency and efficiency of services in the management of zakat and increase zakat benefits to realize public welfare and poverty reduction. The research method used is descriptive qualitative with SWOT analysis techniques to analyze corporate strategy factors (strengths, weaknesses, opportunities and threats). This study found a strategy to optimize zakat through the improvement of governance systems and information on zakat-based digitalization institutions. In addition, the information system for mustahik and muzaki database needs to be improved in order to optimize the collection and distribution of zakat.Keywords: Zakat, Optimization, Digital
IKONOMIKA, Volume 4, pp 109-136; doi:10.24042/febi.v4i1.4211

The purpose of this study is to analyze the potential contribution of Islamic banking to development of Halal tourism and the enhancement of local community welfare in rural area.The present study employs a critical analytic approach based on extensive review and discussing the possible contribution of Islamic banking to development of Halal tourism and the local communities in rural area.As discussed in the paper there are some strategies for Islamic banking in the rural area. First, Islamic banking can establish special purpose vehicle to run the microfinance scheme in the rural area in order to minimize the potential risks. Second, some financing mechanisms also can be run by the Islamic banks both sources from internal and external resources, such as participatory model – musyarakah and mudharabah and third parties fund – zakah, infaq, sadaqah and waqf.Last, the branchless banking strategy is also proposed but with a certain intermediations should be firstly done by the Islamic banks, such as social and financial intermediation. Keywords Indonesia, Islamic Banking, Halal tourism, Local Welfare
IKONOMIKA, Volume 4, pp 60-70; doi:10.24042/febi.v4i1.3898

Electronic transaction mechanism in Indonesia often cause losses to consumers. Consumer protection should be applied in all conditions in transactions,both in conventional and manual transactions.But with the development of the electronic world, the public questions whether electronic transactions held in electronic systems can protect their rights as consumers. How Islamic Law and Government Regulation No. 82 of 2012 on the Implementation System and Electronic Transactions can be set, and protect the rights of consumers who transact in e-commerce? The method used is the type of normative juridical research, the research focused on reviewing the application of the rules or norms of positive law. Results of the discussion are: e-commerce, can make consumers impressed and interested in buying goods that are marketed. It also became one of the reasons consumers prefer to shop via the Internet. But ignorance of the agreement in e-commerce transactions is as proof of legal agreements often make prospective customers do not dare to carry out a transaction and choose to cancel the transaction because it feels it will be very detrimental and cannot be prosecuted if the business actor defaults or is against the law. So in this paper we will discuss how the laws and regulations relating to ITE can protect the rights of consumers in e-commerce purchases.Keywords: Islamic Perspective,Consumer Protection, E-Commerce Transactions
IKONOMIKA, Volume 4, pp 71-84; doi:10.24042/febi.v4i1.3823

The purpose of this study is to determine the factors that influence the decisions of Muslim entrepreneurs in using Islamic bank financing products and their influence on Business performance in MSMEs. The variables studied were religious factors, service quality, accessibility, reference groups, promotions, profit sharing systems and attitudes towards fatwas. The research method used is the factor analysis method (Exploratory Factor Analysis) and multiple linear regression. sampling technique is non-probability sampling (incidental sampling) that is equal to 70 people with assumptions considered sufficient to represent the population, while the method of collecting data through questionnaires.The results showed thatthere are 2 (two) main factors that determine the behavior of entrepreneurs in using Islamic bank financing, namely external drives (promotion, accessibility, reference groups, and attitudes to the bank system), and internal references (religion, service quality, and profit sharing system). Profit sharing system is the most important factor for customers in deciding to use Islamic bank financing products. The factors of using these financing products have a significanth effect on the performance of small and medium enterprises (SMEs) in Southeast Sulawesi, IndonesiaKeywords : Muslim Entrepreneurs, Sharia Banks and Business
, Adib Khusnul Rois,
IKONOMIKA, Volume 3, pp 127-138; doi:10.24042/febi.v3i2.3258

Islamic banking in Indonesia has been regulated in the law, namely Law number 10 of 1998 concerning amendments to Law number 7 of 1992 concerning banking. As time goes by, the existing Islamic banking practices are starting to be questioned, questioned, and criticized, because there are those considered deviant even out of the sharia corridor itself. Against various problems that exist in Islamic banking, it needs to be addressed appropriately. By understanding the nature of the principle of tadrij fii tasyri, we are required to better understand and focus on the processes and stages in the implementation of syariah banking. So that with all the problems of Islamic banking faced now, it must be understood that this is still the stages, not the end and purpose of the application of Islamic banking it self. However, the main problem in the implementation of Islamic banking is the commitment. Islamic banking is in a comfortable zone with its current format. Efforts to implement Islamic banking are still half-hearted, even less serious. Even though there is a lot of criticism embedded in Islamic banking, starting from the practice of improper contracting, Human Resources (HR) who are not competent with the sharia itself, and banking products that are less adaptive and responsive. Keywords: Implementation, Commitment, HR, Product and Agreement, Tadrij fii Tasyri
, , Hasan Alaaraj
IKONOMIKA, Volume 3, pp 205-220; doi:10.24042/febi.v3i2.3480

In 2017 the Indonesian Islamic Bank contributes premium income to Shari’a Insurance in Indonesia amounting to 1.8 billion rupiah. There are 5 (five) Islamic Banks in Indonesia that contribute premiums to national Shari’a Insurance. The big five Islamic Banks in Indonesia are; Bank Mandiri Shari’a (BMS), Bank Muamalat Indonesia (BMI), Bank Negara Indonesia Shari’a (BNIS), Bank Rakyat Indonesia Shari’a (BRIS) and Bank Mega Shari’a. With increasing income of the National Shari’a Bank, it is expected to have an increasingly income of Shari’a National. Indonesian Islamic Banks give significant contribution to the growth of Shari’a Insurance premiums in Indonesia. While other Shari’a financial instruments in Indonesia such as Shari’a BPR, Leasing Shari’a are not so large, so they have not provided significant premium contributions to National Shari’a Insurance. If other Islamic Financial Instruments can accelerate market share, then of course it will be able to provide additional premiums that are not small to Shari’a Insurance in Indonesia. This research is expected to be further developed in order to increase the income of Islamic banks in Indonesia while at the same time growing national Shari’a Insurance Premium Income. Keywords : Islamic Bank, Sharia Insurance and Takaful.
Caturida Meiwanto Doktoralina, Zakaria Bahari,
IKONOMIKA, Volume 3, pp 189-204; doi:10.24042/febi.v3i2.3659

The objectives of the study establish a conceptual framework to strengthen institutions that support the mobilisation of paying zakat and to identify the concept of the cultural factor of mutual assistance in paying zakat. This is Important because the institution of zakat has implemented the collection of zakat. Meanwhile, the culture of mutual assistance in Indonesia can be a power of zakat payment mobilisation to gain the blessings of Allah SWT. This paper presents the factors of determining mobilisation of zakat payments, e.g., are awareness, willingness to donate, confidence in collection and distribution with the latest development of technology. The implication of this study will help mobilise the payment of income zakat in Zakat Institutions. This study uses the documentation analysis method. Factors affecting mobilisation are awareness, willingness to donate, confidence in collection and distribution with the latest development of technology to help mobilise the payment of income zakat in Zakat Institutions. Keywords : Collection, Mobilisation, Payment, Sincerity, Zakat
R. Bambang Sm, Moh. Sharil Bin Ahmad Razimi
IKONOMIKA, Volume 3, pp 177-188; doi:10.24042/febi.v3i2.3479

This research target aims to determine the effect of capital, liquidity, efficiency, banking performance on profitability in Islamic Commercial Banks in Indonesia in 2013-2015. This type of research is quantitative descriptive research. In this study using secondary data, and the period of time used 3 years, namely the period 2013-2015. The sampling technique was purposive sampling. The research variables consisted of 5 variables (4 independent variables and 1 dependent variable). The research data was taken from the 2013-2015 period Islamic financial bank 11 financial statements. Validation of this research data was verified by publishing on each Sharia Commercial Bank website , the website of Bank Indonesia and the website of the Indonesian Central Bureau of Statistics. Data analysis used is Regression analysis to analyze the factors that influence the profitability of Islamic Commercial Banks in Indonesia in 2013-2015. Data analysis method uses Multiple Regression. Hypothesis testing uses F-statistic test (F test), t-statistic test and determination of Ajusted R² coefficient with a significance level of 5%.The results of the study are simultaneous independent variables (F test) that affect the profitability with a significant level of 0,000. While partially (t test) shows that: (1) capital has a positive and significant effect on profitability, (2) liquidity has a positive and significant influence on profitability, (3) efficiency has a negative and significant effect on profitability, (4) performance has a negative and significant influence on the profitability of Islamic Commercial Banks ..Based on the adjusted R² obtained 0.563 this means that the ability of four independent variables can explain Profitability 56.30% while the remaining 43.70% is explained by other factors. Keywords: Capital, Liquidity, Efficiency, Performance and Profitability
Suraya Murcitaningrum, , Ibrahim Aliyu Gololo
IKONOMIKA, Volume 3, pp 167-179; doi:10.24042/febi.v3i2.3391

This paper discusses thei nfluence of seriousattitude in work towards business success of Muslim entrepreneurs as it is known that the seriousness in work can create business success. The purpose of this study is to identify and assess the effect of seriousness attitude in work toward the success of the Muslim entrepreneurs in Metro Regency of Lampung. This study is based on a literature study and understandings of the accumulation of various primary studies conducted on Muslim entrepreneurs around the Islamic Boarding School of Al Muhsin 28 Metro collected through questionnaires. The literature study was conducted to understand the concept of the seriousness in work. The results of the analysis showed that the significant value was 0.020. Since the value of α = 0.01, then the H0 was rejected if α was < 0.01. Based on the analysis, it can be concluded that there is a relation of seriousness in work of Muslim businessmen to business success in Metro Regency. Keywords : Serious Attitude ,Work towards Business Success, Muslim Entrepreneurs
Shamsuddeen Muhammad Ahmad, Wan Ahmad Bin Wan Omar, Mohd Zukime Bin Mat Junoh
IKONOMIKA, Volume 3, pp 107-120; doi:10.24042/febi.v3i2.3583

Evidence has been documented in the literature that the interest based debt financing system is experiencing continuous discomfort. The outcome of the 2008 global financial crisis has further create fresh vigor to the assertion. Also, these authors have submitted that debt and leveraging are the two major causes of financial instability in the present system. This paper claims that the existence of the interest-based debt regime is becoming less acceptable, as excessive debt can affect the whole economic system, even in a developed country like United States. From an economic viewpoint, therefore, by banning interest rate-based contracts and decreeing exchange contracts, Islamic financeinspires risk sharing and prohibits risk transfer, risk shedding, and risk shifting. The paper proposes risk sharing based Islamic financing as a suitable alternative to the interest based debt financing. This study concludes that risk-sharing finance has several benefits, especially its potential to minimize, if not circumvent, the debt prompted financial crises that have beset the world..Keywords : Debt-Equity Ratio; Risk Sharing Instruments; Islamic Finance
Abobakr Ramadhan Salem Al-Harethi
IKONOMIKA, Volume 3, pp 121-126; doi:10.24042/febi.v3i2.3515

Islamic banks become the best solution to the crisis of the global financial system at addition, it become also a real player in dealing with economic crises and the financial complexities of the traditional banking system prevailing in the world today. moreover, countries and governments in both developed and developing countries have become increasingly interested in the issue of microfinance because of their close association with the development in various countries and may be interested in supporting countries and governments for microfinance by enacting the necessary laws and legislation. And the establishment of institutions and bodies specialized in financing and support these microfinance in addition to the microfinance in many developed countries have become a specialty taught in universities and specialized institutes. Scientific seminars and conferences are held in order to support and develop it so that it achieves the objectives set for it and thus meets the aspirations of society in development. This study focus on the role of Islamic banks that can play an active and influential role in generating wealth and reducing poverty through financing for Microfinance institutions where the study showed the social role of the nature of contracts in Islamic banks through which Islamic banks can be the best in Microfinance. Keywords : Islamic banks, Microfinance institutions, Yemen
Dindin Jaenudin, , , Bayu Taufiq Possuma
IKONOMIKA, Volume 3, pp 139-166; doi:10.24042/febi.v3i2.3497

The Muslim population of Indonesia in 2010 reached 207 million, while the number of poor people reached 27,76 million. On the other hand, Indonesia is prone to natural disaster. By 2015 there are 16,830 villages hit by floods, 3,827 villages experiencing earthquakes, and 7,861 villages experiencing landslides. It is important for Indonesian people to pool fundraising to help each other (ta'awun). One of the schemes is through the microtakaful program. The next issue is the inability of the poor Indonesian to pay a pooling fund. The research is conducted with the aim to analyze the appropriate model of microtakaful in Indonesia using infaq/sadaqah and zakah fund as an alternative payment of subsidy of microtakaful contribution. The research is conducted with several methods, namely the study of in-depth literature on the utilization of infaq/sadaqah and zakah fund. The proposed models of utilization of infaq/sadaqah and zakah fund to subsidy ta’awun fund, validate the model through interviews to experts, practitioners and fund managers, process the data through Analytic Network Process (ANP), and determine the best model in utilizing infaq/sadaqah and zakah fund to subsidy ta’awun fund. Fund management model to become the object of research are microtakaful model and subsidy fund from the government model. The study shows that: Firstly, Ta'awun's fundraising in Indonesia is in line with the shariah objectives of protecting the soul, protecting religion, protecting intellect, protecting wealth, and protecting progeny. Secondly, the microtakaful model implemented in Indonesia is a microtakaful model by institution independently, a microtakaful model with a subsidy from infaq/sadaqahfund, a microtakaful model with a subsidy from zakah funds, ta’awun fund management model with a subsidy from the government and microtakaful model with a subsidy from other institution. Third, an important component in microtakaful is aqad, participant, underwriting process, investment, donor party and facility needs. The proper aqad in ta’awunfundraising is mudharabahmusytarakah.The simple Underwriting process is required. Parties that act as donors are zakah institution and government. Participants as beneficiaries of the contribution are poor and needy. Keywords : Microtakaful, Ta'awun, Zakah, Infaq, Sodaqah
Afifah Binti Ismail, Mohd Shahril Bin Ahmad Razimi
IKONOMIKA, Volume 3, pp 73-88; doi:10.24042/febi.v3i1.2543

This paper illustrates occupational safety and health (OSH) based on Islamic perspective in human resource management. This paper has been written based on the following objectives; a)to state the duty of employer to provide safety workplace and to concern on employee health; b)to list out the management system of OSH based on Islamic perspective as preventive measure.A purely qualitative approach of literature review was done and Islamic OSH is derived from Islamic principles which are guide by Al-Quran and sunnah. The responsibility to preserve safety and health of employee does not only relies to the employer solely but involved all workers, the government and the authority bodies as the runner for the Occupational safety and Health Act OSHA 1994, Islamic order’s and policy to be implemented in the organization. The Occupational Safety and Health Master Plan (OSHMP) 2020 is a tremendous incentive by the Ministry of Human Resource to cope and minimize the number of accident and injuries in Malaysia. Keywords: Islamic occupational safety and health, employee safety and health, Islamic management system of OSH
Zulpahmi Zulpahmi, , Muhammad Akmal
IKONOMIKA, Volume 3, pp 43-52; doi:10.24042/febi.v3i1.2510

The variables used in this research are the role of audit committee and internal audit as the dependent variables and the implementation of good corporate governance as the independent variable. This research employs a purposive sampling to determine the samples based on certain criteria and 3 (three) Sharia banks are obtained since they have met the pre-determined criteria. The primary data are obtained through questionnaires distributed to 43 employees of Audit Committee, Internal Auditor, and GCG as the respondents. This research employs a Multiple Linear Regression Analysis as its technical analysis. The results of this research show that the role of audit committee positively and significantly influences the implementation of good corporate governance. Keywords: Audit Committee, internal audit, implementation of Good Corporate Governance
Abdul Razak Abdul Hadi1, Tulus Suryanto, Eddy Yap Tat Hiung
IKONOMIKA, Volume 3, pp 97-106; doi:10.24042/febi.v3i1.2550

The study is carried out with the objective of examining the effects of bank’s liquidity (LR), non-performing loans (NPL), capital adequacy ratio (CAR), loan growth (FEXP) and default risk premium (FQL) on bank’s performance as measured by return on assets (ROA) within the framework of Basel Committee on Banking Supervision.The financial intermediation theory of banking is reexamined to see how the current banking supervision safeguards the interest of depositors. Engaging pooled OLS as an estimation tool on 93 commercial banks in Middle East, Africa and Indian subcontinent over study period from 2009 through 2016, the findings reveal thatthere are significant relationships between bank’s performance and its liquidity plus loan growth. Both ROA and FEXP are also found to be positively correlated. Even though NPL and CAR do not have significant relationship with ROA, both are found to be negatively correlated with ROA. Overall, the study has proven that liquidity and loan growth have pivotal roles in sustaining bank’s profitability over time. Keywords: Bank’s Liquidity, Return on Assets,Capital Adequacy Ratio, Non-Performing Loans, Loan Growth, Static Panel Data, PooledOLS and Basel Committee on Banking Supervision.
Riski Fajar, Yaser Taufik Syamlan
IKONOMIKA, Volume 3, pp 53-72; doi:10.24042/febi.v3i1.2531

Financial planning for retirement is a desire to achieve satisfaction with life in retirement. Good financial condition is a main component to having a quality life during retirement. The study aimed to find the factors influences on understanding of financial planning for retirement. Methodology that used in this study is a quantitative approach. The sample in this study as many as 350 respondents from students Islamic of economics in Bogor. Technique analysis that used in this study is Path analysis. The result in this study The results of this study indicate that in sub-structural I the variables parental influence on saving, social influence, and goal clarity have a significant influence to financial knowledge. Sub-structural II the variabel future time perspective have a significant influence to goal clarity and all variables of sub-structural III (parental influence on saving and conscientiousness) have significant infulence to future time perspective. According the result test on the sub-structural IV the variable financial knowledge have a significant influence to expectations of financial planning for retirement. On the sub-structural V there is a not significant variable, the variable is parental influence on saving to satisfaction life in retirement. Consequently, the author do a trimming on the sub-structural V to fix a structure of path model. Keywords: Financial Planning, Retirement, Retirement Planning
Diana Widhi Rachmawati
IKONOMIKA, Volume 3, pp 89-96; doi:10.24042/febi.v3i1.2511

PT Bank BNI Syariah, one of them working are a big banking company is almost covering all over the country until now looked at pretty good company asset which are owned, so author conduct research in the title “Financial Performance PT Bank BNI Syariah in Solvability Ratio”. Financial Statement Analysis is aplication from tools and technical analysis financial report general aim and data to be related and estimation produce useful conclutions in business analysis. Financial Performance Analysis research used analysis methode is solvability ratio. General aim to give information finance performance PT Bank BNI Syariah development. Special goals is finance performance PT Bank BNI Syariah from Solvability Ratio”. This Sample is: PT Bank BNI Syariah. Final result which is research obtained it says finance performance PT Bank BNI Syariah from Solvability Ratio quite solvable, because this three point inside it contained increased. This development hope PT Bank BNI Syariah, to be remain consistent with trying to do breakthrough a company goals Key Words : Financial Performance PT Bank BNI Syariah
Mastura Binti Ahmad, Mohd Shahril Bin Ahmad Razimi
IKONOMIKA, Volume 3, pp 35-42; doi:10.24042/febi.v3i1.2548

The purpose of this paper is to present a concept inherent in Islam can be applied on the training. Training plays an important role in the organization without it the organization find difficulty to stay competitive in recent global world.Ongoing training is very important in an organization in order to compete and maintain excellent performance. This paper attempts to look at the concept and how to practice from the viewpoint of Islam. The study examines three concepts related to training (Itqan, al-Falahand Ihsan) and the principle of education Islam (Ta’dib) relating to the training.Keywords: concept of the training, principle of education Islam relating to training.
Pudji Astuty, Umiyati Umiyati
IKONOMIKA, Volume 3, pp 1-16; doi:10.24042/febi.v3i1.2229

The purpose of this study is to analyze the influence of religiosity on the saving interest at Islamic Banking with the knowledge of the people as the moderator variable. This study was held at Tanggerang Selatan. The methods that is used to gather samples for this study is non-probability sampling and with the technique convenience sampling. The respondents in this study are the people of South Tanggerang City who saves their money at Islamic Banking, there are 100 respondents in total. The data gathered through questionnaire as the methods of survey. The data that are gathered then processed using multiple linear regression with interaction test (moderated regression analysis). The result of this study shows that there is significant influence between religiosity and the saving interest at Islamic Banking. the knowledge of the people and the saving interest at Islamic Banking also shows significant influence. The interaction between religiosity and knowledge as the moderator variable giving significant influence on the saving interest at Islamic Banking at the rate of significance bellow 0.05 or 5%.
Mohammad Bintang Pamuncak, Bayu Taufiq Possumah, Zairihan Abdul Hamid
IKONOMIKA, Volume 3, pp 17-34; doi:10.24042/febi.v3i1.2512

This study aims to evaluate the characteristics of zakat institution and proposes the adoption of International Financial Reporting Standard (IFRS) since it has developed and provides various product i.e zakat for productive purpose. This is important, considering that one of the measurement of accountability and transparency of an institution is providing brief financial report towards its beneficaries. Thereby, this study found that practically zakat institution is simillar to the SMEs, and there are 11 strandard of IFRS for SMEs that could be applicable to zakat institutionto achieve accountability and transparency. However, this study is preliminary study that proposes a conceptual frameworkwhich limited to the sharia compliance of IFRS that could be applicable to zakat Institution.Keywords: IFRS for SMEs, SMEs Criteria, Zakat InstitutionJEL Classification:
Khusnul Hidayah, Wahyu Mas Wulandari
IKONOMIKA, Volume 2, pp 213-238; doi:10.24042/febi.v2i2.1880

The development of Corporate Social Resposibility is not only applied at the conventional company, but also thrive in Islamic-based business economy that is often referred as the Islamic Social Reporting (ISR). The company that reported their liabilities in the form of ISR assumes that an entity is not only being required to do accountability to internal and external parties but more is the existence of an obligation to do accountability to Allah SWT.As an agricultural company wjich has been listed on the Indeks Saham Syariah Indonesia (ISSI) was supposed to do the disclosure of ISR in accordance with Sharia principles. This is necessary to meet the importance of muslim stakeholders who want social activityinformationwhich is undertaken by a syari’ah company.This research was aimed to analyze the factors that affect the disclosure of ISR. The population in this research was the entire agricultural companies listed on the Indeks Saham Syariah Indonesia (ISSI) in the Bursa Efek Indonesia.The selection of the sample used the purposive samplingmethod with criteria of agricultural sector companies who conducted disclosure of ISR and consistently at ISSI in the year of 2012– 2015. The samples is 11 companies. Data analysis technique that was used in this research is a multiple regression analysis method.The results of this research indicated that there was a significant influence among all independent variables simultaneously against the dependent variable. Partially it indicated that profitability, proportion of independent commissioner, the size of the company, and the age of the company which has an influence on disclosure of Islamic Social Reporting.
Nashr Akbar, Muhamad Haeikaly
IKONOMIKA, Volume 2, pp 112-130; doi:10.24042/febi.v2i2.1831

The existence of financial intermediation institution is quite necessary to support the economic activity. It serves both surplus unit and deficit unit to meet their wants whereby the former wants to invest his money in the lack of skill, while the latter wants to develop their businesses but does not have adequate capital. Bank institution is the most common institution serving the people’s need of financial intermediation. However, bank has several weaknesses that may harm and hamper the economic development. This paper aims to explore the weaknesses of banks as financial intermediary institutions and then promote Islamic Private Equity Fund as alternative. The result showed that the weaknesses of banks are: 1) fractional reserve banking, 2) fiat money, 3) debt-based investment, 4) risk averse. Furthermore, the study also found that Islamic Private Equity Fund can serve as an ideal financial intermediary institution due to some strengths: 1) no fractional reserve banking, 2) equity-based investment and 3) risk taker
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