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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
Improving Sharia Risk Compliance: Proposing Daily Index for Mudharaba Contract in Islamic Banks in Indonesia Hasahu, Laode; Priantina, Anita; Febriani, Dewi
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 – The objective of this paper is to analyze the profit distribution method applied in Islamic banks in Indonesia and to propose better method in order to improve sharia risk compliance.Methods – Employing a descriptive quantitative method and literature review. This paper evaluate weaknesses of the current profit distribution method and proposes daily revenue index to solve the problems arising from using current method which is unfairness between bank and customers.Results – By the two current profit distribution methods which use monthly revenue index calculated only at the end of the month, there are potential injustices occur. Therefore, instead of using monthly index, daily index is proposed. There are two steps in calculating profit distribution by using daily revenue index: (1) Accumulating Source of Fund (SoF), Reserve Requirement (RR), and Source of Fund after Reserve Requirement (SoFaRR), and (2) Determining Average Financing (AF), Revenue Index (RI), Cost Index (CI), Revenue Sharing Index (RSI), and Profit Sharing Index (PSI).Conclusion - Daily revenue index will solve the unfairness problems arise from current profit distribution method applied in Islamic banks. Daily revenue index is also applicable if Islamic banks apply profit and loss sharing instead of revenue sharing.
Hubungan Antara Perdagangan Internasional, Pertumbuhan Ekonomi Dan Perkembangan Industri Keuangan Syariah Di Indonesia Rusydiana, Aam Slamet
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

Di dalam konteks ekonomi terbuka, perdagangan internasional dalam hal ini adalah ekspor dan impor, dan aliran dana antarnegara menjadi sesuatu yang tidak dapat dinafikan perannya dalam pemberian kontribusi bagi pertumbuhan. Sedangkan untuk hubungan keduanya terhadap perkembangan industri keuangan syariah di Indonesia nampaknya hingga saat ini belum ada yang mencoba menelisik lebih jauh. Studi ini mencoba menganalisis pola hubungan antara perdagangan internasional, pertumbuhan ekonomi dan perkembangan industri keuangan dan bisnis syariah di Indonesia dengan menggunakan metode Vector Auto Regression (VAR) dan Vector Error Correction Model (VECM).Hasilnya menunjukkan bahwa pola hubungan antara ekspor dan growth adalah bi-directional causation yakni growth driven export dan export led growth. Begitu pula variabel impor. Temuan lain yang menarik adalah bahwa ternyata booming industri syariah belakangan ini tidak berkorelasi positif terhadap pertumbuhan ekonomi Indonesia secara makro. Begitu pula fakta bahwa semakin besar growth Indonesia tidak diiringi dengan semakin suburnya industri keuangan syariah. Oleh karena itu, syarat utama agar share industri syariah Indonesia dapat tumbuh dan berkembang signifikan adalah perlu political will dari pemerintah.JEL Classification : F40, F43, G20, G21Keywords : Perdagangan Internasional, Growth, Keuangan Syariah, VAR/VECM
Effectiveness of Conventional and Syariah Monetary Policy Transmission Pratama, Yoghi Citra
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 purpose of this study is to compare the effectiveness of monetary policy transmission through conventional and Islamic instruments through the interest rate channel and profit loss sharing / margins channel, to control the price level (inflation) and economic growth (output)Method – Methodology used in this study is the Vector Auto Regressive (VAR) / Vector Error correction model (VECM) to see the effect of shock and long-term effects on inflation and output. Variables used are sbi interest rates, PUAB interest rate, deposit rates and lending rates, as well as from the Islamic side is SBIS yield, yield PUAS, profit lost sharing for the deposits and margin financing. This study use Unit Root Test, Cointegration degree of integration test, test causality, VECM and IRF estimates. Using monthly time series data from 2009 s / d 2012.Result – Results of the study showed that the test based on Granger causality, overall, the transmission channel of monetary policy according to the conventional theory, while the monetary policy transmission channel Sharia can not be clearly identified and disconnected in yield / profit and loss sharing deposits. And based on the estimated VECM is known that in the long term Islamic instruments is the right instrument to control inflation.Conclusion – This finding concluded that syariah instruments is the effective instrument in reducing inflation rate and also encourage the growth of Islamic banking, and should also consider the right margin level to increase the output on real sector. Keywords : Monetary Transmission, Central Bank, Industrial Production Index, Consumer Price Index
Applying Contingent Valuation Method for Economic Valuation of Awqaf Wealth Management in Welfare Changes of Muslim Households in Masahina, Sarabdeen; Muhammadu Kijas, A.C.
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- The main objective of this study is to estimate the Willingness to Pay of the Muslim households to contribute cash waqf as a strategy towards wealth management in Sri Lanka. Waqf is holding or confinement which is emphasised in Islam as ibadah as it can distribute the wealth among the Muslim society and would help to develop the Islamic vision of brotherhood.Method- Contingent valuation method is used to estimate the Willingness to Pay of Muslim households to improve socio-economic status of the low income people through waqf wealth management in Sri Lanka. This study is developed based on Random Utility Theory.Result- This paper identifies the appropriate methods to estimate the willingness to pay of Muslim households in Sri Lanka for waqf (awqaf is plural) institutions. Such evaluations are crucial for the Islamic financial system to function effectively in order to achieve the dignified objectives of socio-economic justice through proper distribution of wealth.Conclusion-This paper presents a conceptual model of waqf institutions which would be useful for further empirical research in this area. The findings are not only appropriate and applicable to Sri Lanka but also to other Muslim and non-Muslim countries. This is a unique contribution to the Islamic economic literature. The knowledge obtained from this study hopes to propose cash waqf to manage the wealth in order to improve the socio-economic status of low income people in Sri Lanka.Tujuan - Tujuan utama dari penelitian ini adalah untuk memperkirakan Kemauan Membayar rumah tangga Muslim untuk berkontribusi wakaf tunai sebagai strategi menuju pengelolaan kekayaan di Sri Lanka. Wakaf secara bahasa menahan (harta) yang ditekankan dalam Islam sebagai ibadah karena dapat mendistribusikan kekayaan di antara masyarakat Muslim dan akan membantu untuk mengembangkan visi Islam yaitu persaudaraan.Metode - Metode penilaian Kontingensi digunakan untuk memperkirakan Kesediaan membayar rumah tangga Muslim dalam meningkatkan status sosial - ekonomi masyarakat berpenghasilan rendah melalui pengelolaan kekayaan wakaf di Sri Lanka. Penelitian ini dikembangkan berdasarkan Teori Utilitas Acak.Hasil - Paper ini mengidentifikasi metode yang tepat untuk memperkirakan kemauan membayar rumah tangga Muslim di Sri Lanka untuk wakaf lembaga. Evaluasi tersebut sangat penting untuksistem keuangan Islam yang berfungsi secara efektif dalam rangka mencapai tujuan yang bermartabat keadilan sosial - ekonomi melalui distribusi kekayaan yang tepat.Kesimpulan - Paper ini menyajikan model konseptual lembaga wakaf yang akan berguna untuk penelitian empiris lebih lanjut di daerah ini. Temuan ini tidak hanya tepat dan berlaku untuk Sri Lanka, tetapi juga ke negara-negara Muslim dan non -Muslim lainnya. Ini adalah kontribusi yang unik untuk literatur ekonomi Islam. Pengetahuan yang diperoleh dari studi ini adalah mengharapkan agar wakaf tunai diusulkan untuk mengelola kekayaan dalam rangka meningkatkan status sosial - ekonomi masyarakat berpenghasilan rendah di Sri Lanka.Keywords: Awqaf, Contingent Valuation Method, Utility Theory, Willingness to Pay, Welfare Changes
Analisis Pengaruh Efisiensi Sumber Daya Bank Umum Syariah Terhadap Kinerja Perusahaan Meutuah, Rosniar; Takidah, Erika
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 merupakan penelitian deskiptif kuantitatif. Data yang digunakan dalam penelitian ini adalah data skunder berupa laporan keuangan 2004-2007. Tujuan utama dari skripsi ini adalah untuk melihat pengaruh efisiensi sumber daya perusahaan (modal fisik, modal manusia dan modal struktural) terhadap kinerja perusahaan. Kinerja perusahaan tersebut adalah Profitabilitas, produktivitas dan penilaian pasar. Untuk menghitung efesiensi value added sumber daya perusahaan menggunakan metode Value Added Intellectual Coofesien (VAICTM) yang dikembangkan oleh Ante Pulic tahun 1997. Sedangkan untuk pengukuran kinerja perusahaan yaitu profitabilitas menggunakan Return on Asset (ROA), produktivitas mengunakan Asset Turover (ATO) dan penilaian pasar menggunakan indicator Market to Book ratio (MB). Untuk melihat pengaruh efesiensi sumber daya utama perusahaan dan kinerja perusahaan, maka dilakukan analisis linear multiple regression dengan menggunakan panel regretion. Dari analisis data yang dilakukan, diketahui pada penelitian ini sumber daya perusahaan berpengaruh signifikan terhadap profitabilitas dan penilaian pasar. Namun tidak berpengaruh terhadap produktifitas Bank Umum Syariah.JEL Classification : G21, J3, J41Kata kunci : Sumber Daya Perusahaan, Produktivitas, Profitailitas, Penilaian Pasar, VAIC TM.
A Critical Review on Interest Rate as a Tool of Monetary Policy putriani, diyah; towo, pras
Tazkia Islamic Finance and Business Review Vol 9, No 2 (2015)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Objectives: This research is aimed to critically review the relationship between interest rate and economic downturnMethods: Meta-analysis.Results: The existing monetary policy will always create higher inflation rate overtime triggering economic crisis in the long run. This is not merely about how the monetary authority strictly manages the supply and demand for money in the economy.Conclusion:This paper concludes that interest rate give negative contribution to the economic growth.
Integrating Zakat, Waqf and Sadaqah: Myint Myat Phu Zin Clinic Model in Myanmar Htay, Sheila Nu Nu; Salman, Syed Ahmed; Haji Ilyas, Soe Myint @
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 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
The Concept of Economic Development in The Thought of Selected Muslim Scholars Manurung, Saprinal
Tazkia Islamic Finance and Business Review Vol 7, No 2 (2012)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Objective - Islam is a total way of life, and covers all dimensions of life. The life of the world is temporary; it is simply a transitional place before one embarks on final destination. Bearing this mind, the worldly life should be framed within Islamic paradigm, but that should not hinder Muslims to make progress and development in this temporary world as evidenced in history. During the “golden era” of Islamic civilization, Islam had produced such brilliant scientists as Ibn Hayyan (ca. 8th – 9th centuries), al-Kindi (801–873), al-Khawarizmi (ca. 8th–9th centuries), al- Battani (850–922), al-Razi (ca. 854–925/935), al-Farabi (ca. 870–950), Ibn Sina (908–946), al-Zahrawi (936–1013), Ibn Hayyan (965–1040), Omar Khayyam (1048–1131), and Ibn al-Nafis (1213–1288). In economic, Islamic civilization gave birth to scholars like al-Ghazali (1058–1111), al-Mawardi (1075–1158), Ibn Taimiyah (1263–1328), Ibn Khaldun (732-808), al-Maqrizi (1364-1442), and many others who had made great contribution to the development of Islamic economic thought.This paper is an attempt to explore the ideas and thoughts of those Muslim scholars on the concept of economic development and its relevance to the contemporary era.Method - Content AnalysisResult - Economic development is one of the objectives in achieving the welfare of the ummah and it must be based on Islamic valuesConcusions - Economic development is one of the objectives in achieving the welfare of the ummah. However, development must be based on Islamic value. Various scholars of classical and contemporary thought in the concept of development provide an opportunity for us to improve the current condition of the ummah.Keywords : Economic Development, Science and Technology, Islam, Scholar
Analisis Perbandingan Kinerja Portofolio Saham - Saham Jakarta Islamic Index Pada Pasar Bullish Dan Bearish Hadita, Jose; Taufiqurrahman, Muhammad Rizal
Tazkia Islamic Finance and Business Review Vol 6, No 1 (2011)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Perkembangan ekonomi yang berbasiskan syariah Islam di Indonesia merupakan suatu realita yang menggembirakan bagi umat muslim. PT. BEI telah mewadahi sarana investasi syariah dalam Jakarta Islamic Index (JII). Sebagaimana indeks yang lain, JII dalam perjalanannya juga mengalami fluktuasi dan dapat dikatakan mengalami kondisi bullish dan kondisi bearish. Tujuan penelitian adalah untuk mengetahui apakah dalam setiap perubahan kondisi pasar perlu disusun portofolio saham baru agar mempunyai kinerja yang optimal. Dengan menggunakan portofolio optimal berbasiskan single index model disusunlah 3 buah portofolio saham untuk 3 kondisi pasar yang berbeda, yaitu: (1) portofolio yang disusun untuk menghadapi kondisi pasar apapun, (2) portofolio yang disusun untuk menghadapi kondisi pasar bullish, dan (3) portofolio yang disusun untuk menghadapi kondisi pasar bearish. Kinerja ketiga portofolio saham diukur dalam Treynor Index. Dari uji beda rata-rata kinerja yang dilakukan pada tiga periode yang berbeda ternyata untuk menghadapi kondisi pasar yang berubah (bullish/bearish) perlu dilakukan penyesuaian portofolio agar diperoleh kinerja yang optimal. Portofolio saham yang dipersiapkan untuk menghadapi pasar bullish mempunyai kinerja yang lebih baik dibanding 2 portofolio lainnya. Kondisi paradok terjadi justru ketika portofolio yang dipersiapkan untuk menghadapi pasar bearish ternyata tidak mempunyai kinerja yang superior ketika kondisi pasar bearish. Model portofolio optimal berbasiskan single index model dapat menghasilkan portofolio optimal dengan kinerja yang baik ketika diterapkan untuk pasar bullish, namun tidak cocok untuk membuat portofolio yang digunakan untuk menghadapi pasar bearish.JEL Classification : G10, G11Kata kunci: pasar bullish, pasar bearish, portofolio optimal, kinerja portofolio,Treynor Index.
Evaluation of Business Model Development through Customer Discovery Approach (Case Study of PT Hijup.com) Hariyati, Teti
Tazkia Islamic Finance and Business Review Vol 10, No 2 (2016)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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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.

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