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INDONESIA
Tazkia Islamic Finance and Business Review
ISSN : 24600717     EISSN : 24600717     DOI : -
Core Subject : Economy,
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.
Arjuna Subject : -
Articles 116 Documents
An Analysis of Yusuf (AS)s Counter-Cyclical Principle and its Implementation in the Modern World Ahmed, Jameel; Mydin Meera, Ahamed Kameel; Collins, Patrick
Tazkia Islamic Finance and Business Review Vol 7, No 2 (2012)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Objective - This study examines the present-day implementation of the counter-cyclical principle suggested by Yusuf (AS) around four thousand years ago, in response to the King of Egypts dream, to overcome the famine of seven years through saving grain during seven years of abundance. In general, the counter-cyclical principle encourages saving during times of plenty and spending during times of scarcity, activities which today help to stabilise the business-cycle.Method - Library research is applied since this paper relies on secondary data by thoroughly reviewing the most relevant literature. This paper reviews the commodity-based currency systems proposed before, during and after the Second World War by several prominent economists (particularly Keynes, 1938; Graham, 1940; Hayek, 1943; Grondona, 1950 and Lietaer, 2001) all of which basically incorporated the counter-cyclical principle of Prophet Yusuf (AS). The primary purpose of these commodity-based currency systems is to stabilise the real value of money in order to improve macroeconomic stability. Additionally, this paper provides an in-depth analysis of Grondona system of conditional currency convertibility.Results - The Grondona system would partially stabilise the real value of each countrys national currency in terms of a range of durable, essential, basic imported commodities, thereby also partially stabilising the prices of the selected commodities in terms of the national currency of each country implementing the system.Conclusion - The Grondona system of conditional currency convertibility as compared to other commodity-based currency systems is more practical. Its primary advantage in comparison to other proposals of commodity reserve currency is that it could be implemented in parallel with the existing monetary system. Accordingly, it could be taken as a preliminary step towards a monetary system based on real money such as gold dinar.Keywords : Counter-cyclical principle; Grondona system; Commodity-based currency system (s).
Corporate Social Responsibility And Islamic Business Organizations: A Proposed Model Muhamad, Rusnah; Muwazir, Mohd Rizal
Tazkia Islamic Finance and Business Review Vol 3, No 1 (2008)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

The issue of corporate social responsibility (CSR) has been of growing concern among business communities in recent years. Various corporate leaders maintain that business is considered to contribute fully to the society if it is effi cient, profi table and socially responsible. Islam is considered as addin (a way of life), thus, providing comprehensive guidelines in every aspects of the believers’ life. It is the aim of this paper to propose an Islamic model of corporate social responsibility based on human relationships with the God (hablun min’Allah); with other fellow human being (hablun min’an-nas) and with the environment.Keywords : Corporate Social Responsibility, Islamic Business Organization
ANALISIS DETERMINAN PERINGKAT SUKUK DAN PERINGKAT OBLIGASI DI INDONESIA Sudaryanti, Neneng; Mahfud, Akhmad Affandi; Wulandari, Ries
Tazkia Islamic Finance and Business Review Vol 6, No 2 (2011)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

This study attempts to analyze the determinants of sukuk and bond rating in Indonesia. The purpose of this study is to determine factors influencing sukuk and bond rating using separate test. The study uses financial and non financial ratios such as company growth, firm size, profitability, liquidity, leverage ratio, and sukuk and bond maturity. This study examines corporate sukuk and bond that listed from 2004-2006 (9 sukuk and 15 bonds) at Indonesian Stock Exchange for the period of 2007-2009. This research employs ordinal logistic regression. The result of the study reveales that only firm size variable determines sukuk rating while others are not (growth, profitability, liquidity, leverage ratio and maturity). Firm size, profitability, and maturity influences the bond rating above 5 years while growth, liquidity, and leverage ratio are not significantly influence the bond rating.JEL Classification: E44,G11Key words: sukuk rating,bond rating,ordinal logistic regression
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)

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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.
Analisis Respon Auditor Terhadap Asumsi Going Concern Akibat Krisis Moneter Dan Financial Distres Model (Study Kasus Pada Perusahaan Di BEI Yang Mengalami Kerugian) Higar, Abby Seno; Djazuli, Achmad
Tazkia Islamic Finance and Business Review Vol 5, No 1 (2010)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Penelitian ini menguji tentang respon auditor terhadap askumsi going concern pada saat krisis moneter dan financial distress model. Tujuan dari penelitian ini adalah untuk menguji apakah respon dari kedua situasi diatas berbeda atau sama. Sampel dari penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2007-2009 yang mengalami penurunan laba selama 2 tahun berturut-turut. Hasil dari penelitian ini pada pengujian di tahun 2008 menghasilkan kesimpulan bahwa semua kelompok berbeda, namun pada tahun 2009 ada kelompok yang sama. Dan pada tahun 2008 dan 2009 hasilnya berbeda juga respon yang diberikan.JEL Classification : M0, M42Keywords : Respon Auditor, Asumsi Going Concern, krisis moneter, Financial Distress Model.
Mobile Banking for Empowerment Muslim Women Entrepreneur: Evidence from Asia (Indonesia and Bangladesh) Nugroho, Lucky; Chowdhury, Syed Lutful Kabir
Tazkia Islamic Finance and Business Review Vol 9, No 1 (2015)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Objective - Women entrepreneurs have positive contribution to the household economy in particular, and the sustainable economic development in general. Nevertheless, there are limitations in mobility for women entrepreneurs, especially in Muslim countries to conduct their business activities outside the home, which was due to concern, to take care of their children, and the values or customs, which is embraced by the local community, so that limited mobility of women entrepreneurs, not because of the Islamic religiosity. Therefore, is requires form of technology solutions for women entrepreneurs, which can reduce, the limitations.Methods - literature reviewResults - the role of mobile banking as well as branchless banking for women entrepreneurs has been shown to have a very important role to connect their access to financial services. The role of education for women, is also an important factor to improve the knowledge and ability to use technology, including mobile banking services. In addition to the phenomenon of the increasing number of women entrepreneurs and the growing literacy of women in developing countries such as Indonesia and Bangladesh, it will have an impact on increasing the professionalism of women entrepreneurs, and the demand for technology-based financial services such as mobile banking.Conclusions - Implementation of this program must have the support of all stakeholders, including the cooperation between the banks with microfinance institutions to expand the reach of the benefits of this technology. Keywords: Women Entrepreneur, mobile banking, branchless banking,
Analisis Konsumen Berpindah Merek (BrandSwitcher) Pada Bank Syariah Dan Bank Konvensional (Studi Kasus Pada Nasabah Di Wilayah Darmaga Bogor) Najib, Mukhamad
Tazkia Islamic Finance and Business Review Vol 4, No 1 (2009)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Dalam situasi hypercompetition seperti saat ini, dimana konsumen dibanjiri oleh berbagai alternatif produk yang menarik, perubahan perilaku membeli akan mempermudah konsumen berpindah ke produk atau merek lainnya. Hal ini dapat terjadi pada nasabah bank di Indonesia. Munculnya perbankan syariah dengan pertumbuhan yang begitu cepat merupakan fenomena yang menggambarkan terjadinya perpindahan merek pada konsumen, dalam hal ini nasabah bank Penelitian dilakukan untuk menganalisis prilaku perpindahan merek pada nasabah bank di wilayah Darmaga. Pengambilan data primer melalui pengambilan sampel dilakukan secara purposive. Sementara analisa dilakukan secara deskriptif. Di wilayah demaga ada empat buah bank umum, yaitu Bank Negara Indonesia (BNI)46, Bank Rakyat Indonesia (BRI), Bank Muammalat Indonesia (BMI) dan Bank Syariah Mandiri. Hasil penelitian menunjukkan BNI46 merupakan bank yang memiliki brand awareness paling tinggi diantara bank yang ada di Darmaga. Konsumen berpindah merek tidak hanya terjadi pada bank konvensional, tetapi juga bank syariah. Hal ini berarti bank syariah maupun bank konvensional berpotensi memiliki pelanggan yang tidak loyal. BNI46 memiliki konsumen yang paling tidak loyal bila dibanding dengan BRI, BSM dan BMI. Jika dibandingkan sesama bank syariah, maka BMI memiliki konsumen yang paling loyal. Faktor yang memiliki pengaruh paling tinggi terhadap konsumen dalam melakukan perpindahan merek adalah factor internal dan diiukti oleh faktor eksternal. Sementara faktor kekecewaan terhadap bank sebelumnya merupakan faktor yang paling kecil pengaruhnya terhadap konsumen dalam melakukan perpindahan merek.Keywords: Brand Awareness, Perpindahan Merek, Loyalitas
Detecting Internal Control Problems Based on COSO and Islamic Perspective: Case on SMEs Putra, Yuniarti Hidayah Suyoso
Tazkia Islamic Finance and Business Review Vol 8, No 1 (2013)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Objective – The presence of Small Medium Enterprises (SMEs) has been able to be livelihoods sources and absorb more labor, even though it has a relative smaller contribution of additional value compared to the Large-scale Enterprises. The number of economic actors of SMEs spread across area from urban to rural. However, SMEs have faced several serious problems. These problems are caused by the unique characteristics of SMEs itself. First, lack of managerial skills due to limited human resources and lack of monitoring which it is rarely conducted by the manager or the owner. Second, lack of information and technology to carry out operations. Both problems have great impacts in lack of internal controls. Third, SMEs also face problems in developing business scale, limited access to capital to the banks and financial institutions due to the lack of transparency. Therefore, this research aimed to detect to what extent of the problems arising in the application and assessment of internal controls performed by SMEs.Method – The research employs descriptive qualitative research method through direct observation, interview and business documentation owned by the company. Research materials are 29 SMEs consisting of 19 trading SMEs and 10 service SMEs. All SMEs are located in Malang city. Detection of application and assessment of internal controls in this study is based on the COSO framework and the Islamic perspective.Result – Internal control activities indicators apply the five principles of COSO framework which focused on three layers. First layer is self-assessment control area. Second layer is environment control area and the third layer is independent control area. While the Islamic perspective is focused on the internal control of business activities based on the Quran and Hadith. The results derive from application and assessment based on COSO framework and Islamic perspectives are complementary in improving the practice of internal control.Conclusion – Internal control problems detected in this study are generally caused by lack of managerial skills due to limited human resources, and lack of monitoring which it rarely done by manager or the owner, lack of technology and information to carry out  the operations and moreover the accounting information system has not been well established. The results are expected to assist management in designing and implementing effective internal control system and provide assurance of easy access to capital. Keywords : Internal Control Problems, COSO framework, Islamic Perspective, SMEs
Legality of Tawarruq in Islamic Finance Yuhanis Bt Ismon, Nur
Tazkia Islamic Finance and Business Review Vol 7, No 1 (2012)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Objective – Islamic finance has been established as an alternative to the conventional banking system which is made up component not permitted under Shariah. Tawarruq is one of the Islamic finance products which commonly used in Islamic banks. This research assesses two important areas which include the principle of Tawarruq in Fiqh perspective and the practical aspect of such principle in Islamic banks in Malaysia.Method – The method used for this research is comparative analysis.Result – This research begins to explore the different views of the proponent and opponents toward the legality of Tawarruq in Fiqh . Instead of considering the basic condition of the valid sale, the other aspect has to be pondered by the contemporary scholars to render Tawarruq is valid sale according to Shariah. The legality of Tawarruq has been debate by some scholars. Due to that, there are different resolution and rulings from Islamic countries on legality of of Tawarruq . In the practical aspect, Tawarruq has been used in Malaysia by Bursa Malaysia Suq Al Sila as a trading platform and it uses Crude Palm Oil (CPO) as the commodity in Tawarruq transaction. While, in the Middle East, it uses London Metal Exchange (LME) in dealing with commodity transaction through Tawarruq principle.Conclusion – Based on the legal argument on the permissibility of Tawarruq , it can be summarized that Tawarruq is permissible but subject to certain condition. Provided that genuine Tawarruq is permissible than organized Tawarruq in Tawarruq transaction.Keywords: Tawarruq, Murabahah
Analisis Komparatif Biaya Hutang Sukuk Dan Obligasi Perusahaan Jiwandaru, Burhanuddin; Taufiqurrahman, Muhammad Rizal
Tazkia Islamic Finance and Business Review Vol 5, No 2 (2010)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Penelitian ini bertujuan untuk mengetahui perbandingan biaya hutang sukuk dibandingkan dengan obligasi sebagai sumber dana bagi perusahaan. Objek pada penelitian ini adalah seluruh sukuk dan obligasi korporasi yang diterbitkan perusahaan-perusahaan di Indonesia sejak Oktober 2006 sampai Juli 2010. Metode yang dilakukan dalam penelitian ini ialah dengan membandingkan rata-rata biaya hutang sukuk dengan rata-rata biaya hutang obligasi pada perusahaan. Hasil analisis data menunjukan bahwa rata-rata biaya hutang dari seluruh sukuk hampir sama daripada rata-rata biaya hutang dari seluruh obligasi. Bedasarkan data penelitian juga terdapat 21 obligasi yang memiliki biaya hutang yang sama dengan biaya hutang sukuknya, dan hanya terdapat dua obligasi memiliki biaya hutang yang sedikit lebih tinggi dari biaya hutang sukuknya.JEL Classification : G10, G14, G30Keywords : Biaya Hutang, Obligasi, Sukuk

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