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ISSN / EISSN : 2527-3434 / 2527-5143
Total articles ≅ 56
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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.
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) 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) 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
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, Devika Tryza Ayodahya , 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.
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