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ISSN / EISSN : 2527-3434 / 2527-5143
Total articles ≅ 72
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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
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.
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.
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