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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 12, No 1 (2018)
8
Articles
An Assessment of Customer’s Preferences on The Selection of Takaful Over Conventional: A Case of Saudi Arabia

Nazir, Faisal ( Institute of Islamic Banking and Finance ) , Bin Mohd. Noor, Azman ( International Islamic University Malaysia )

Tazkia Islamic Finance and Business Review Vol 12, No 1 (2018)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (433.943 KB)

Abstract

This paper aims at assessing the motivational factors that influence the customer’s preferences of Takaful over conventional insurance. The customers’ information about the Takaful products and services based on sharia are identified in order to enable them differentiate Takaful and conventional insurance. The research uses mixed method of data collection. This comprises of questionnaires and in-depth interviews with the respondents from four selected Takaful industries in Saudi Arabia. The questionnaires were analysed using simple percentages and for the interviews, thematic analyses were used. Based on the findings of the study, the customer’s preferences on the selection of Takaful over conventional insurance include protection of Takaful product by sharia, support from the government. Similarly, the absence of risk incurred or transferred to participants, funds contributed in the spirit of brotherhood for all members. Moreover, another customer’s preferences is that contributions (tabarru’) are invested in non-interest based capitalization by the Takaful agents and profits are shared according to individual contributions. Based on Takaful, donations are established at the pooling system in line with sharia and they are formed on the bases of sympathy, consciousness of the idea of tabarru’ as well as abstaining from gharar, maysir and riba.

Cover Vol. 12 (1), 2018

akbar, nashr

Tazkia Islamic Finance and Business Review Vol 12, No 1 (2018)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (1021.678 KB)

Abstract

A Service Quality of Islamic Microfinance Institutions in Indonesia: An Importance-Performance Analysis Approach

Nurfadilah, Dety ( Universitas Krisnadwipayana ) , Samidi, Sudarmawan ( Krisnadwipayana University ) , Subagja, Iwan Kurniawan ( Krisnadwipayana University )

Tazkia Islamic Finance and Business Review Vol 12, No 1 (2018)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (326.412 KB)

Abstract

The rapid growth of financial system in Indonesia creates an intensive competition between Conventional and Islamic financial institutions. The study aims to evaluate the service quality of Islamic Microfinance Institution in Indonesia. The survey was carried out to acquire data from 126 respondents. Descriptive statistics and importance performance analysis (IPA) was used to analyze the data. The finding show that attributes plotted in quadrant “keep up the good work” are providing prompt service, and helpful response to customer requests, Ability in providing services to the customer as needed, prompt service on financial counselling,  Ability of staff in giving proper explanation to the customer, Ability to keep the transaction process secure, and Sharia compliance banking products. Meanwhile, the attributes plotted in quadrant “concentrate here” are accessible of location of ATM, easy to access the location, ability to navigate customer to find what they intend, ability to maintain accuracy of bank statement, and ability in providing after sale services. To the best of author’s knowledge, it is the first study that measuring the service quality of Islamic microfinance from customer perspective using importance-performance approach. 

Front Matter Vol. 12 (1), 2018

akbar, nashr

Tazkia Islamic Finance and Business Review Vol 12, No 1 (2018)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Design the Roadmap of Holistic Financial Inclusion for Baitul Maal wat Tamwil

Ascarya, . ( Center for Central Banking Research and Education, Bank Indonesia ) , Rahmawati, Siti ( Islamic Economic and Finance Department, Bank Indonesia ) , Tanjung, Hendri ( Head of Islamic Economics Society, Ibn Khaldun University, Bogor )

Tazkia Islamic Finance and Business Review Vol 12, No 1 (2018)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

This paper aims to design the roadmap of Holistic Financial Inclusion (HFI) by Baitul Maal wat Tamwil (BMT), where Baitul Maal carries out social inclusion and Baitut Tamwil carries out financial inclusion, using Analysis Network Process (ANP). The results show that the most important aspects of HFI are Sustainability, Development Program, Financing Program and Islamic Microfinance Services, while the most important elements of HFI are regular meeting, micro savings, simplicity and easy access, consumption smoothing, bailout debt, savings program and income increase, followed by funding independent, total deposits, mindset change, and micro financing. HFI of BMT could be developed gradually. At the first stage, BMT should have the minimum 16 elements of HFI comprising 4 (four) Social Inclusion elements, 4 (four) Financial Inclusion elements, 4 (four) Double bottom-Line elements and 4 (four) Welfare Impact elements. At the second stage, BMT should add the next 16 elements comprising 5 (five) Social Inclusion elements and 3 (three) Financial Inclusion elements, 5 (five) Double Bottom-Line elements and 3 (three) Welfare Impact elements. Moreover, at the third stage, the remaining 24 elements of HFI should be fulfilled. All Islamic financial institution must have the characteristic of HFI.

Islamic Law and Sustainable Development Goals

Mukhtar, Sohaib ( National University of Malaysia ) , Zainol, Zinatul Ashiqin ( National University of Malaysia ) , Jusoh, Sufian ( National University of Malaysia )

Tazkia Islamic Finance and Business Review Vol 12, No 1 (2018)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

This study aims to analyze Sustainable Development Goals (SDGs) prescribed by United Nations Development Program (UNDP) under Islamic Law. This paper is qualitative method of research analyzing SDGs under verses of Holy Qur’an and traditions of Prophet Muhammad ﷺ. This study found that what SDGs ask member states to do has been prescribed in Holy Qur’an and Sunnah of Prophet Muhammad ﷺ way back 1400 years ago and demanded by Almighty Allah and the last Prophet Muhammad ﷺ for eradication of poverty, hunger, malnutrition etc. Islamic law prohibits usury, gambling, uncertainty and other illegal activities to protect poor people of the society against rich landlords. Therefore, member states are required to follow SDGs to achieve peace, harmony and economic growth for betterment of humanity which is also a duty under verses of Holy Qur’an and traditions of Prophet Muhammad ﷺ to achieve success in this world and in the hereafter.

Back Matter Vol. 12 (1), 2018

akbar, nashr

Tazkia Islamic Finance and Business Review Vol 12, No 1 (2018)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (346.52 KB)

Abstract

GCG, ROE and Size on CSR Based on Sharia Enterprises Theory

Aryani, Dwi Nita ( STIE MALANGKUCECWARA ) , Zuchroh, Imama ( STIE MALANGKUCECWARA )

Tazkia Islamic Finance and Business Review Vol 12, No 1 (2018)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

The purposes of this paper are to investigate the Corporate Social Responsibility (CSR) reporting information at Indonesia sharia banks based on Sharia Enterprise Theory and explores the potential effects of Corporate Governance (CG) elements, Return on Equity (ROE) on CSR based on sharia enterprises theory, with size as the moderating variable.  Using the sample of 10 sharia banks which published annual reports, CG, and CSR reports above the year 2014 to 2016, the panel data are examined by regression.  The statistic test reveals that size is not fit as a moderating variable in testing the effect of CG and ROE on CSR. Aggregately, GCG, Size and ROE influence CSR.  A large and high-profit sharia bank which apply good corporate governance will implement CSR by considering horizontal and vertical accountability based on Sharia Enterprise theory. This study makes a significant contribution to the Corporate Social Responsibility (CSR) and enterprise theory by offering Sharia Enterprise theory as the foundation of the CSR implementation at sharia banks.