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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 8, No 2 (2013)
6
Articles
The Financial Management Practices of the Mosques in the Special Region of Yogyakarta Province, Indonesia

Adnan, Muhammad Akhyar ( Department of Accounting, Faculty of Economics, Universitas Muhammadiyah Yogyakarta, Indonesia )

Tazkia Islamic Finance and Business Review Vol 8, No 2 (2013)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (216.428 KB)

Abstract

Objective – This study is trying to investigate the financial management of the Masjid (Mosques) in the Special Region of Yogyakarta Province. Three main issues were focused: the amount of cash flow which include the balances on hand; the application of transparency and accountability principles in financial matters, and sound practice of financial management which include budgeting, strategic formulation and performance evaluation.Methods - The study is an exploratory in nature. The Special Region of Yogyakarta consists of four counties and one city (municipality). 50 Mosques have been selected as the samples. Each county / city is represented by 10 Mosques. They are selected using sampling method. The simple descriptive analysis is conducted on the data collected.Results - Based on the data analysis, the study found that there is a significant cash flow of those selected samples, dominated by Infaq / Sodaqoh. Few Mosques recognized that they also receive Zakah and Waqaf fund.Conclusion - Generally the Mosque Management have applied the principles of transparency and accountability in the form recording, although their skill in doing so needs to be improved. However, a significant number of Mosques Management have not yet set the strategic formulation, as well as budgeting process to realize the budget and its evaluation. Keywords : Cash Flow, Financial Management, Mosque

Shariah Compliance of Wakalah Concept in Takaful Operation: A Case Study of A Takaful Operation in Malaysia

Hamid, Mohamad Abdul ( Faculty of Economy and Management, National University of Malaysia )

Tazkia Islamic Finance and Business Review Vol 8, No 2 (2013)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (310.781 KB)

Abstract

Objective – The main objective of this paper is to focus on wakalah model and its impact in takaful operation and   to  evaluate  the  compliance  of  takaful  company  with  shari’ah principles in applying the wakalah concept.Methods – qualitative method which is based on library research. Reference to many books, articles, proceeding papers, handouts, journals, and internet source regarding wakalah by Etiqa Takaful Berhad.Result–The finding of this research shows that the takaful operation in Etiqa Takaful Berhad relies solely on the role of agents to market and promote their products. The agents shall act in accordance with the agreement signed by both parties as to the duties and work to be done by the agent. Binding agreement between the agent and the principal in Etiqa Takaful Berhad is  the Family Takaful  Agency Agreement  and  the General  Takaful  Agency Agreement.Conclusion –It can be concluded that  the agency system should be further strengthened as it has important role in takaful business. Indirectly, it can enhance the development of Islamic finance in Malaysia as well as make it known to the society that it is a good system and can completely replace conventional insurance in this industry.Keywords: Wakalah, Agency System, Takaful, Conventional Insurance

Law Review of Islamic Capital Market Role to Support Sustainable Economic Development

Lita, Helza Nova ( Faculty of Law, University of Padjadjaran, Bandung, Indonesia ) , Utama, Zahera Mega ( Faculty of Economic, University of Borobudur, Indonesia )

Tazkia Islamic Finance and Business Review Vol 8, No 2 (2013)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Objective - The objective of this paper is to assess on how the rule of Islamic capital markets to support   sustainable economic development and what kind of instruments can be developed.Method – The method used in this research is the study of normative juridical approach to legislation and the concept of Islamic economics through literature review.Result – Issuers business activities related to support for environmentally friendly business activities are part of the implementation of sharia principles despite the provisions of the implementation of Islamic finance through a decision has not been stated . All types of instruments issued by issuers of sharia in Indonesia should be consistent with Islamic economic values, including the commitment to enforcement of environmentally friendly business activities.Conclusion – This finding suggests to strengthen the legal instruments in the issuers issuance of Islamic instruments in the form of regulations issued by the Securities and Exchange Commission  and through the National Fatwa Council of Sharia.Keywords : Islamic Capital Markets, sustainable economic development, friendly environment

Integrating Zakat, Waqf and Sadaqah: Myint Myat Phu Zin Clinic Model in Myanmar

Htay, Sheila Nu Nu ( IIUM Institute of Islamic Banking and Finance Malaysia ) , Salman, Syed Ahmed ( IIUM Institute of Islamic Banking and Finance Malaysia ) , Haji Ilyas, Soe Myint @ ( Founder of Myint Myat Phu Zin Clinic Mandalay, Myanmar )

Tazkia Islamic Finance and Business Review Vol 8, No 2 (2013)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (679.612 KB)

Abstract

Objective –The main objective of this paper is to present a Myint Myat Phu Zin Clinic Model that integrates three traditional Islamic tools such as waqf, zakat and sadaqah. It is the first clinic in Myanmar which is established based on the combination of these three concepts for Muslims and non-Muslims. Methods – Case study method and interview technique are used to collect the data and to evaluate the operating clinic model and its management.Result–The findings explain how this clinic model is operating from the funding of waqf, zakat and sadaqah and illustrate the operating model from the sources of fund until how they are utilized for the beneficiaries. The clinic is depending on four sources of income, which are the contribution from Muslims and non-Muslims. The types of income received from Muslims are zakat and sadaqah. The income received from non-Muslims is only the charity.Conclusion –It can be concluded that this clinic model can be used as a model in any other non-Muslim countries with minority Muslim population. The clinic is drastically helping patients although the expenditures become higher. Therefore, researchers suggest introducing cash waqf to make sure the clinic is economically stronger.Keywords: Waqf, Zakat, Sadaqah, Health and Clinic

Farmers’ Practices in Developing Agricultural Land in Malaysia: Is there an Islamic Microfinance Solution?

Hakimi, Muhammad ( Faculty of Economics & Management, The National University of Malaysia (UKM) ) , Ajeerah, Amira ( Faculty of Economics & Management, The National University of Malaysia (UKM) )

Tazkia Islamic Finance and Business Review Vol 8, No 2 (2013)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (318.079 KB)

Abstract

Objective – This paper attempts to highlight the farmers’ lives in Malaysia and their problems in developing idle agricultural land.Methods - This paper is using descriptive and exploratory method of study which refer to the situation of agricultural sector in Malaysia.Results - The scheme aPLS (agricultural production and loss sharing) that proposed cannot stand alone in the traditional fiqh to be implemented now. Therefore, the combinations of aPLS contract with ujrah principle are really needed. This is important to ensure the flexibility of the contract that can offer a fully comprehensive scheme of Islamic agricultural finance.Conclusion – The land together with labour can be considered as a form of capital and therefore has a similarity to the contracts of mudaraba and musharaka. Hence, it can be said that these principles are “agricultural production and loss sharing (aPLS)” because land will naturally produce an output or a product. Muzara’a and musaqa therefore can be said to be contracts which are based on sharing output rather than sharing profit.Keywords: Idle Agricultural Land, Islamic agricultural finance, Malaysia

Study on Risk Management in Financing and Operational of Grameen Bank Financing Concept in MBK Finance

Putra, Bobby Yulandika ( slamic Economic Finance, Trisakti University Jakarta, Indonesia )

Tazkia Islamic Finance and Business Review Vol 8, No 2 (2013)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Original Source | Check in Google Scholar | Full PDF (155.283 KB)

Abstract

Objective – Poverty is one of the most fundamental issues that still surround the life of 29.89 million people of Indonesia (National Statistical Bureau data from January 2, 2012). During this time, the pattern of poverty alleviation programs undertaken by the government is a pattern of generosity. This pattern can directly exacerbate the poor morals and behavior. Ideally, poverty alleviation efforts are made by concrete steps, which empower poor `communities themselves.In line with the theme of this research, one of the financial institutions (non-Banks) who cares and has the spirit to empower people to overcome poverty is Mitra Bisnis Keluarga (MBK). This study aimed to assess the financial risks and operational risks of implementation of Grameen Bank financing concept in MBK.Methods - The method used in this research is literature review and qualitative descriptive study using actual MBK data.Results - Results from this research showed that products with the concept of Grameen Bank financing is relatively safe in the terms of the financing risk, but requires more attention on operational risk and which can be implemented for large-scale poverty alleviation program.Conclusion - The data showed that the risk of financing given to the poor (without collateral) is minimal and MBK actual data shows that the Operational self-sufficiency is relatively high at> 90% Keywords : MBK, Grameen Bank, Poverty