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AFEBI Islamic Finance and Economic Review
AFEBI Islamic Finance And Economic Review (AIFER) is an academic journal which is published twice a year (June and December) by The Association of The Faculty of Economics and Business Indonesia. AIFER is aimed as an outlet for theoretical and empirical research in the field of Islamic Finance and Economics and to disseminate the information of the Islamic Finance and Economics research was conducted by members of AFEBI in particular and researchers in general to the academics, practitioners, students, and others who interested in Islamic Finance and Economics research.
Articles
17
Articles
The Influence of Islamic Branding and Religiosity on Brand Image

Andini, Anggie Lia ( Padjadjaran University ) , Rufaidah, Popy ( Padjadjaran University )

AFEBI Islamic Finance and Economic Review Vol 2, No 02 (2017)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

The purpose of this study is to identify the magnitude of influence of Islamic branding and religiosity on brand image. Problem formulations in this research are whether there is an influence of Islamic branding and religiosity on brand image. This study uses explanatory survey method to explain the causal relationship of research variables through hypothesis testing. The population of the study is the consumers of cosmetic products in Indonesia. The study uses purpose sampling method, targeting the consumers of halal cosmetics and Islamic brands. Validity test results show that out of 37 question items, 36 items have correlation scores above 0.30 which means good and valid at 1% of significance level. Reliability test results show that all variables have Alpha Cronbach scores above 0.90 which means very reliable and significant at 1% of significance level. The study results show that Islamic branding and religiosity have significant influence on brand image. Islamic branding has a greater than toward brand image.Keywords: Brand Image, Islamic Branding, and Religiosity

Reduction of Food Commodities Contributor Inflation on Household Welfare Changes in The Province of Aceh

Yasrizal, Yasrizal ( Teuku Umar University ) , Hasan, Ishak ( Syiah Kuala University ) , Yusnaidi, Yusnaidi ( Teuku Umar University )

AFEBI Islamic Finance and Economic Review Vol 2, No 02 (2017)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

The relationship of inflation and poverty can be seen from the contribution of the commodity contributor poverty. Increases in the prices of commodities contributor to poverty led to declining real incomes and loss of income(incomeloss)households, causing poverty. Commodities contributor to poverty is dominated by food commodities. Rice and filter cigarettes are commodities contributor to poverty in Aceh most dominant. Model AIDS is a development of the Engel curve and Marshall equations derived from the theory of maximization of satisfaction. These models use a proportion of household expenditure on a commodity selected to represent variable demand. This research is empirical study. The data used are primary and secondary data obtained from field research and literature. Research will be located in Banda Aceh and Aceh Barat. Using the model of demand is almost ideal or model of AIDS will be seen household behavior in response to changes in commodity prices contributor of poverty. From these observations, the inflation rate of food commodities greatly affect the welfare of the people of Aceh province, both for household Banda Aceh and Meulaboh. Inflation of food commodities had a huge influence to reduce household welfare in Banda Aceh. Furthermore, the majority of households Meulaboh work in agriculture and fisheries. So it can meet its own needs and also be produksen. Many factors substitutes (goods substitution) and cultural factors affecting the level of price elasticity of the goods themselves for food commodities, changes in the elasticity of greater food in Banda Aceh than the district of Meulaboh.Keywords: Elasticity, Food Commodities contributor to poverty, Inflation, Model of AIDS

The Effect of Halal-Labelled Food Awareness Towards Purchase Intention Among Urban Muslims (Study of Indonesian Students in Japan)

Nurfajri, Yoga Fadhil ( Padjadjaran University )

AFEBI Islamic Finance and Economic Review Vol 2, No 02 (2017)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

The objective of this research is to investigate the effect of halal-labeled food awareness towards purchase intention of Indonesian Muslim student in japan. Survey data obtained from 101 Indonesian students from all over Japan and was analyzed with descriptive and verification methods, whereas SMART-PLS was utilized for hypothesis testing. In this research, halal-labelled food purchase intention variable was derived from Alam & Sayuti (2011) and Bone et al (2007). The result showed that all of halal-labelled food awareness influence Indonesian Muslim student purchase intention, with perception toward halal certification variable was the most significant factors for halal-labelled food awareness and perceive behavioral control as the most significant factor which influence halal-labeled food purchase intention. The limitation in this researched is the data was obtained through online questionnaire and using snowball sampling method, this method may cause bias since author was unable to control the spreading of the questionnaire and people who did not meet the criteria to fill the questionnaire may filled it.Keywords: Halal awareness, halal-food , Islamic marketing, Japan, purchase intention.

Management of Zakah Distribution: Empirical Evidence From Indonesia

Kasri, Rahmatina A. ( University of Indonesia )

AFEBI Islamic Finance and Economic Review Vol 2, No 02 (2017)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

Despite the importance of zakah distribution, few studies attempt to evaluate practices in managing the distribution. The paper, thus, aims to explore approaches and evaluate practices in managing the zakah distribution. It employs qualitative research approach with semi-structured interviews with key management personnel of seven largest zakah organizations in Indonesia. The main finding identifies two approaches in distributing zakah in Indonesia, namely consumptive disbursement and productive utilization approaches. Each approaches is different in terms of purpose/expected impact, types/nature of programs and methods of distributing the zakah proceeds. It is also found that different types of zakah organizations tend to focus on different zakah distribution approach. Moreover, some challenges are identified particularly in relation to selection/coverage of mustahik and threat or ‘competition’ in distributing zakah funds. Overall, the study highlights the increasing relevance of productive utilization approach as well as importance of enhancing outreach and availability of information related to zakah programs (including through online platforms) and continuously educate all zakah stakeholders. The findings are expected to provide insights in managing zakah distribution in Indonesia and ultimately in increasing effectiveness of zakah institution to achieve its objectives.Keywords: Indonesia, qualitative research, zakah distribution, zakah management, zakah organizations

The Influence of Managerial Ownership, Board of Commissioners Proportion, Auditing Committee Independence, Sales Growth, Company Size To Return of Equity (ROE) of State Owned Enterprises Which is Listed in The Indonesian Sharia Stock Index 2011-2014Period

Laila, Nisful ( Airlangga University ) , Nantyah, Idzal Dwi ( Airlangga University ) , Sukmaningrum, Puji Sucia ( Airlangga University )

AFEBI Islamic Finance and Economic Review Vol 2, No 02 (2017)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

The aim of this study was to determine the effect of good corporate governance, growth of sales, and firm size on ROE of State Owned Enterprises which hare listed on the Indonesian Stock Exchange in the 2011-2014 period. The method used is the quantitative method with panel data regression techniques. The data used are secondary data by collecting annual financial data statements of State Owned Enterprises which hare listed on the Indonesian Stock Exchange in the 2011-2014 period.Panel data regression conduction showed that managerial ownership (X1) has a negative and significant impact on ROE, the proportion of commissioners has a positive and significant impact on ROE (X2), the independence of audit committee (X3)has a negative and significant impact on ROE, growth of sales (X4 )has a positive and significant impact on ROE, firm size (X5) has a positive and significant impact on ROE as well as managerial ownership, the proportion of commissioners, the independence of audit committee, growth of sales, and firm size simultaneously affect the ROE of State Owned Enterprises in the 2011-2014 period.Keywords: Firm Size, Growth of Sales, Managerial Ownership, Return On Equity (ROE), The Proportion of Board Commissioners, The Independence of Audit Committee

The Opportunities To Have Own Home in Banda Aceh City

Yasrizal, Yasrizal ( Universitas Teuku Umar )

AFEBI Islamic Finance and Economic Review Vol 2, No 01 (2017)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

As we know that the development of infrastructure, especially housing problems is really needed by everyone and had so much built by developers both inside the city and outside the city. This rmesidential development ranging from the type, design and technical specifications are varied, it is intended to be accessible by consumers. Although developers already provide some conveniences such as the ability to repay in accordance with the selected type, there are still plenty of civil servant (PNS) as well as those working in the private sector has not been able to buy/own their own home on the grounds of various considerations interests respectively. Explanatory variables used in this model consists of a variable income, number of household members, gender, education level, employment sector, age and marital status will affect the probability of households to own their own home.The data used is the National Socio-Economic Survey 2011, which contains the results of a survey conducted by BPS. This thesis focuses on the area of Banda Aceh as well as using the logit model estimation. The result of calculations show that the proportion of households in the city of Banda Aceh who own their own home around 53.83%, with the proportion who are not self owned approximately 46.17%. The analysis showed that the variables household size and age significantly affect the chances of having their own home with a significance level of 5%.Keywords: Home Ownership, Logit Model

Demand Elasticity Analysis of Islamic Banking Financing in Indonesia

Fitriyanti, Eka ( Universitas Bangka Belitung )

AFEBI Islamic Finance and Economic Review Vol 2, No 01 (2017)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

This research aims to analyze the elasticity of demand for Islamic banks financing in Indonesia. The variables observed in this study is inflation and income per capita. This research uses time series of data for the period 2004-2015, which is a secondary data. The Data is sourced from the central bank of Indonesia and Indonesian Central Bureau of Statistics, the models used in this study is a model of multiple regression equations and Analyzed using Ordinary Least Squares (OLS). Based on the estimates, the Research found that the inflation and income per capita significantly influence elasticity of demand for Islamic banks financing in Indonesia. The elasticity of demand for Islamic banks financing is inelastic to changes in price. This means that the demand Islamic banks financing in Indonesia are not sensitive to changes in price. So, Islamic banks must be-able using other factors for growth Reviews their financing.Keywords: Elasticity of Demand, Income per Capita, Inflation, Islamic bank’s financing

Shari’ah Compliances Stock Market Integration: Evidence From Indonesia and Malaysia

Malini, Helma ( Universitas Tanjungpura )

AFEBI Islamic Finance and Economic Review Vol 2, No 01 (2017)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

The nature of stock market integration has been an issue for almost a decade; this issue is more complicated toward Shari’ah compliance between countries since there are differences of companies screening process that can be classified as Shari’ah compliances. The differences make the integration of Shari’ah compliances stock market become a major issue in trying to answer the question whether one country can be the placed for Shari’ah portfolio diversification. This study aims to measure Shari’ah compliances integration and portfolio diversification in Indonesia and Malaysia Shari’ah compliances toward other Shari’ah compliances in the world. Six Shari’ah compliances are selected based on countries level of development and geographical factor. This studies relies on two major time series investigation techniques, namely the Auto-Regressive Distributed Lag (ARDL) approach and multi-variate Vector Error Correction Mechanism (VECM), based on the Generalized Methods of Moments (GMM). The ARDL approach is used to determine the existence of long run integration among Shari’ah compliances, while the multi-variate VECM based on the GMM is adopted to provide a robust analysis of short and long-run dynamic causal linkages among the stock markets.Keywords: Efficient Market Hypothesis, Portfolio Diversification, Shari’ah compliances Integration

The Economics Perspective of The Practice of MMM-Indonesia

Purba, Daris ( Universitas Putera Batam )

AFEBI Islamic Finance and Economic Review Vol 2, No 01 (2017)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

The MMM presence in Indonesia is becoming very popular because it promises a fantastic profit. Although covered by mutual-aid mode, not a few who perceive it as an investment business. Having observed the rapid development of the MMM as a new investment scheme, the researcher is driven to conduct a study on the economics perspective on the MMM. The objective of this research is to describe the practice of MMM-Indonesia and to review it from economics perspective.This study belongs to qualitative study with the descriptive-empirical approach. The informants were 4 MMM national top-leaders, a manager, a victim, and a new member. The methods of data collection used were preliminary survey, literature studies, interviews and observation. The data were analyzed using the descriptive analysis technique.The result of the study shows that MMM-Indonesia practice pyramid scheme, Ponzi scheme, and money game in its system. The research concludes that Indonesian government is unaware of the existence of this scheme threat and does no action against it. The study also concludes that the practice of MMM-Indonesia is incompatible with economics theories.The author suggests that the Indonesian government must ban the practice of the MMM as it is a threat to national economic growth and stability. The author suggests other researchers to do further research on the server, moderator, administrator, and company management of the MMM.Keywords: Economics, MMM, Ponzi Scheme, Pyramid Scheme

The Application of Al-Ijarah Muntahiya Bi al tamlik (Financial Lease With Purchase Option) As a Financing Solution in the Sharia Non-Bank Finance Industry

Bustami, Bustami ( Universitas Tanjungpura )

AFEBI Islamic Finance and Economic Review Vol 2, No 01 (2017)
Publisher : AFEBI Islamic Finance and Economic Review

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Abstract

To avoid buying and selling through installment (credit) that does not fall in buying and selling that contains the element of riba (that is not allowed by sharia), buying and selling through credit or bai’ al taqsit} is able to be implemented by using a pact of selling and leasing through the financing principle of Al-Ijarah Muntahiya Bi al Tamlik (Financial Lease With Purchase Option). The application of the Al-Ijarah Muntahiya Bi al Tamlik is more advantageous than the al-Murabahah pact and the interest system. Other than that it reflects the presence of the principles of justice and togetherness between the capital owner party (shahib al mal) with those that need financing.Keywords: Al-Ijarah Muntahiya Bi al tamlik, Bai’ al taqsîth, Justice, Togetherness