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Tazkia Islamic Finance and Business Review
Tazkia Islamic Finance and Business Review (TIFBR) is a peer-reviewed journal published by the Institute for Research and Community Empowerment (IRCE), Tazkia University College of Islamic Economics in collaboration with Association of Islamic Economics Lecturers (ADESY). The Journal is semi-annual journal issued in July and December. The aim of the journal is to disseminate Islamic Economics, finance and business researches done by researchers both from Indonesia and overseas.
Articles by issue : Vol 10, No 2 (2016)
5
Articles
The Comparison of Sukuk and Bond Absorption; Deficit Budget Financing in Indonesia

parisi, salman al, Rusydiana, Aam Slamet

Tazkia Islamic Finance and Business Review Vol 10, No 2 (2016)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (866.433 KB)

Abstract

Objectives: This study aims to analyze: (i) the comparison of sukuk and bond absorption in deficit budget financing; and (ii) which variable that has significant effect on deficit budget (Y1= equation 1), on bond (Y2= equation 2) and on sukuk (Y3 = equation 3).Method: This study uses Two Stage Least Square (2SLS) method. The data used is from Bank of Indonesia, BPS, Ministry of Finance, IDX, ministry of trade, with monthly data, February 2009 – December 2015.Results: The result shows that sukuk has a significant negative effect on deficit budget while bond has a significant positive effect on deficit budget. In addition, import has a significant negative effect on deficit budget while exchange rate variable has a significant positive effect on deficit budget (the first equation). BI rate has significant negative effect on bond, while SBI and deficit budget has significant positive effect on bond (the second equation). Then, Inflation and bond has significant positive effect on sukuk, while deficit budget has significant negative effect on sukuk (the third equation).Conclusion: Both sukuk and bond have significant correlation in increasing each of them. Furthermore, both sukuk and bond have significant effect on deficit budget.

Factors Affecting Consumers’ Decision in Purchasing MUI Halal-Certified Food Products

Ayuniyyah, Qurroh ( International Islamic University Malaysia ) , Hafidhuddin, Didin ( Bogor Agricultural University, Indonesia ) , Hambari, Hambari ( International Islamic University Malaysia )

Tazkia Islamic Finance and Business Review Vol 10, No 2 (2016)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (1316.146 KB)

Abstract

As the largest Muslim population in the world, Indonesia has a promising potential of halal food industry in terms of economic and market values. This research aims at analyzing factors affecting consumers’ decision in purchasing MUI halal-certified food products by employing survey method and descriptive analysis approach. Three hundred respondents are selected using non-probability convenience sampling technique and are analyzed using multiple regression. The criteria of the respondents are Muslim and have bought Indonesian halal-certified food products in the last one-month. While the dependent variable in this study is purchasing decision (Y), the four independent variables are cultural and religious factors (X1), social factor (X2), personal factor (X3) and psychological factor (X4). This study finds that the four independent factors significantly influence consumers’ decision in purchasing MUI halal-certified food products. However, social factor are negatively related with the consumers’ purchasing decision. This study is expected to deliver the information on the halal food purchasing decisions from the perspective of the customers in order to provide recommendations to develop halal food industry in Indonesia.

Analysis of the Effect of Sharia Supervisory Board (SSB) Function on Earning Quality of Islamic Banks

Hendra, Grandis Imama ( STEI Tazkia )

Tazkia Islamic Finance and Business Review Vol 10, No 2 (2016)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (1132.686 KB)

Abstract

Analysis of the Effect of Sharia Supervisory Board (SSB) Function on Earning Quality of Islamic Banks Grandis Imama Hendra, MSACCLecturer of Islamic Accounting, STEI TazkiaABSTRACT Objective - This study aims to identify the effect of Sharia Supervisory Board (SSB) function on the level of earnings quality in Indonesian Islamic banks. SSB criteria used in this study are size, frequency of Meeting and educational background (Finance / Accounting). Method - Panel data regression is employed to analyze the effect of Sharia Supervisory Board characteristics on the earning quality of Islamic bank. The data were taken from 11 full-fledge Islamic banks in Indonesia with available financial statements from period 2010 to 2015.  Results - The size of Sharia Supervisory Board members has a positive effect on the improvement of earning quality in Islamic banking. Two other variables, namely the frequency of SSB meetings and educational background do not affect the improvement of earnings quality. Conclusion - Studies of the role of Sharia Supervisory Board to the quality of financial statements is still limited, especially in the quality of earning that became the basis in determining the distribution of Islamic banks profit sharing. The main contribution in this research is that the role of SSB should be improved in order to increase the quality of financial reporting. Keyword: Quality of profit, Sharia Supervisory Board (SSB), Sharia/Islamic Bank.  

Evaluation of Business Model Development through Customer Discovery Approach (Case Study of PT Hijup.com)

Hariyati, Teti ( STEI Tazkia )

Tazkia Islamic Finance and Business Review Vol 10, No 2 (2016)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (1066.133 KB)

Abstract

Objectives: Islamic fashion e-commerce grows rapidly in Indonesia. Hijup.com is the pioneer and the biggest player in the industry. In order to thrive in fiercer competition, Hijup.com needs to improve its business model. The study aims to seek a more suitable business model for Hijup.com using customer development approach.Method: The research used action research strategy. Starting by mapping current businesss model, the research tested the model to customer, revised the business model, and tested back to the customer.  The data was collected through an in-depth interview to 60 customers.Result: The results found that the customers had problems with the user-friendliness of website, product variation, uninformative private shopping, payment methods, and pricing.  These problems were not answered yet by the available product and services offered.  It was also found that there was neglected customer segment: university students. As response to the problems, the solutions were designed by improving the web with mobile appstore, chat online, layout hot items, adding product variations, credit card promotion, adding new stocks for student segments.Conclusion: Having tested the solutions to the customers, the majority of them accepted the improvement although there were some minor improvements needed. Based on the new solutions, the new business model for Hijup.com was created.

Board of Directors and Risk-taking Behavior of Islamic Banks in South East Asia

Fakhrunnas, Faaza ( Departement of Economics Faculty of Economics Islamic University of Indonesia ) , Ramly, Zulkufly ( Departement of Finance Kulliyah Economics and Management Science International Islamic University of Malaysia )

Tazkia Islamic Finance and Business Review Vol 10, No 2 (2016)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (926.436 KB)

Abstract

Board of Directors (BODs)  and Shariah Supervisory Board (SSB) have a pivotal role to manage Islamic banks in Southeast Asia. The decision made by the BODs and SSB will directly affect to the risk-taking behavior performed by Islamic bank. This study aims to investigate the relationship among BODs, SSB and risk-taking behavior of Islamic banks in Southeast Asia. Adopting random effect model, this research utilizes 24 Islamic banks in Southeast Asia which observe over six periods from 2009 to 2014. By using unbalanced panel data, the result of the study reveals that independent director influences the risk-taking behavior positively while Shariah Supervisory Board (SSB) affects it negatively. In addition, Board size has positive effect to the credit risk but negative to z-score.