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AL-IQTISHAD
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Al Iqtishad is a peer-reviewed journal published by Faculty of Shariah and Law Syarif Hidayatullah State Islamic University Jakarta and The Indonesian Association of Islamic Economist. This journal focused on Islamic Economics and Finance studies.  The journal is published twice a year on January and July. The aim of the journal is to disseminate the Islamic economics and finance researches done by researchers both from Indonesian and overseas.

The journal is accredited by the Directorate General of Higher Education Ministry of National Education The Republic of Indonesia No. 040/P/2014

Articles
247
Articles
Consumerism in Personal Finance: An Islamic Wealth Management Approach

Amanda, Farisah ( STEI Tazkia ) , Possumah, Bayu Taufiq ( University Malaysia Terengganu ) , Firdaus, Achmad ( STEI Tazkia )

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law

Show Abstract | Original Source | Check in Google Scholar | Full PDF (1174.566 KB)

Abstract

Consumerism phenomenon has been noticed from various points of view, such culture, psychology, and sociology but rarely linked to personal finance using Islamic wealth management approach. The aims of this study are to understand the causes and impacts of consumerism on personal finance and find the solution to this problem by using Islamic wealth management. By using thematic analysis this study reviewing consumerism from the perspective of personal finance in Islamic wealth management approach. This study found that the causes of consumerism involve both external and internal factors. The impacts of consumerism on personal finance are the debt trap, no productive and charity allocation. An exact number of maximum consumption cannot be set for every individual or family, but they are all agreed that allocating income should be based on the right priority scale. The second finding is we propose Islamic Wealth Management (IWM) approaches in reducing the problem of Consumerism.DOI: 10.15408/aiq.v10i2.5518

Spin Off Feasibility Study of Sharia Financing Unit: Study in Adira Finance

Wulandari, Lita ( School of Business- Bogor Agricultural Institute ) , Siregar, Hermanto ( School of Business- Bogor Agricultural Institute ) , Tanjung, Hendri ( Universitas Ibn Khaldun )

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law

Show Abstract | Original Source | Check in Google Scholar | Full PDF (469.725 KB)

Abstract

The Financial Services Authorization (OJK) as the regulator of the finance industry has issued a policy set forth in the POJK. 28 / POJK.05 / 2014 which explains that multi-finance which has sharia portfolio as much as 50% from total business or five years from POJK is lawfully obliged to do spin-off sharia. With this policy, sharia business unit can be more focus on business development. Through this research will be analyze the feasibility of sharia financing business unit in fulfilling the aspect of separation of business unit (spin-off). Beside by observation, deep interview with Sharia Supervisory Board (DPS) and literature review, the research also use ARIMA and Double Smoothing Exponential to forecast market and financial aspect. Based on the research results sharia financing unit of Adira Finance has the ability to be spin off. But it should be noted from technology and human resources aspects.DOI: 10.15408/aiq.v10i2.5781

Financial Stability of Islamic versus Conventional Banks in Pakistan

Abrar, Tanveer ( Shaheed Zulfikar Ali Bhutto Institute of Science & Technology (SZABIST) ) , Ahmed, Farhan ( Shaheed Zulfikar Ali Bhutto Institute of Science & Technology (SZABIST) ) , Kashif, Muhammad ( Shaheed Zulfikar Ali Bhutto Institute of Science & Technology (SZABIST) )

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law

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Abstract

This study aims to analyze and compare the financial stability of Pakistani banks covering a timeframe of 5 years from 2012 to 2016. This study employs the financial soundness indicators of the International Monetary Funds and State Bank of Pakistan and the z-score index. The comparative analysis through average scores is performed using 3 indicators of financial stability namely Z-Score, Capital Adequacy Ratio (CAR) and Equity to Total Assets Ratio. The findings of the research reveal that (i) conventional banks are more financially stable than Islamic banks; (ii) large conventional banks are more financially stable than large Islamic banks; (iii) small Islamic banks are less stable than small conventional bank. The implication of this paper is that conventional banks have the potential of absorbing financial stability shock as compare to Islamic banks on the basis of stated financial soundness indicators and Z-Score specifically.DOI: 10.15408/aiq.v10i2.6500

Testing of The Gold’s Role as a Safe Haven and Hedge for Sharia Stocks in Indonesia

Robiyanto, R. ( Faculty of Economics and Business Satya Wacana Christian University Salatiga Indonesia )

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law

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Abstract

Gold as a commodity, since ancient time, is always viewed as a safe haven asset. This study tested the function of gold as a safe haven and hedge for sharia stocks in Indonesia. Data used in this study are a monthly closing of Jakarta Islamic Index (JII) on Indonesia Stock Exchange and monthly closing price of gold in the international market during May 2008 until September 2017. Data analysis was done by using OLS and QREG. The result of this study is gold can serve as a hedge for sharia stocks in Indonesia during the research period. The study further found that when extreme shocks occur in the Indonesian stock market, gold can serve as a safe haven asset for sharia stocks in Indonesia. Investor suggested shifting their assets into gold to secure their investment when stock market conditions experience a drastic decline.DOI: 10.15408/aiq.v10i2.6527

Strategy of BAZNAS and Laku Pandai For Collecting and Distributing Zakah in Indonesia

Andiani, Kartika ( Department of Islamic Economics, Faculty of Economics and Management, Bogor Agricultural University ) , Hafidhuddin, Didin ( Bogor Ibn Khaldun University ) , Beik, Irfan Syauqi ( Department of Islamic Economics, Faculty of Economics and Management, Bogor Agricultural University ) , Ali, Khalifah Muhamad ( Department of Islamic Economics, Faculty of Economics and Management, Bogor Agricultural University )

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law

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Abstract

As an important and potential instrument for national development, Zakah will continue to require development innovations. One of the innovation is through cooperation between BAZNAS and Laku Pandai which aims to achieve Zakah inclusion so that the collection and distribution of Zakah in Indonesia can increase. This cooperation is still relatively young so the implementation still needs to identify the problem and strategy. This study aims to analyze the strategic priorities for BAZNAS in running cooperation with Laku Pandai. This study used SWOT-ANP method with respondents as many as five expert respondents. The strategies derived from this research are the result of the formulation of a combination of SWOT factors. The main findings of this study indicate that the main priority of the overall strategy is strengthening the synergy of BAZNAS with the Laku Pandai of sharia banking. The results of this study can be a reference for BAZNAS and Laku Pandai in formulating implementation strategies for this cooperation.DOI: 10.15408/aiq.v10i2.6943

Consumer’s Preference and Awareness: Comparative Analysis between Conventional and Islamic Ijarah Auto Financing in Pakistan

Chhapra, Imran Umer ( Shaheed Zulfikar Ali Bhutto Institute of Science & Technology (SZABIST), Karachi ) , Ahmed, Afzal ( Shaheed Zulfikar Ali Bhutto Institute of Science & Technology (SZABIST), Karachi ) , Rehan, Raja ( University of Kuala Lumpur, Kuala Lumpur ) , Hussain, Farasat ( Shaheed Zulfikar Ali Bhutto Institute of Science & Technology (SZABIST), Karachi )

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law

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Abstract

A healthy banking industry plays a vital role in the economic stability, and banks success depends on its products. Therefore, this study aims at cognizing the consumer’s preference and awareness of Islamic Ijarah over the conventional lease in Pakistan. This research used regression as tools of analysis. The findings indicate that convenience is the prime determinant for preference of Ijarah over the lease. Moreover, all other factors except religion also support in the motivate selection of Islamic banking products. Therefore, it can be concluded that in Pakistan, religion is not the only fact motivates individuals to prefer Ijarah. Based on findings, it is recommended to relevant stakeholders to create more awareness among masses about Ijarah and to further ease out policies in order to harness optimum benefit.DOI: 10.15408/aiq.v10i2.7106

Islamic Bank Service Quality and Its Impact on Indonesian Customers’ Satisfaction and Loyalty

Aisyah, Muniaty ( State Islamic University (UIN) Syarif Hidayatullah Jakarta )

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law

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Abstract

Islamic bank provides products that conform to sharia. When world financial crisis happened, it did not constrain Islamic banking due to its interest free system. However, in Indonesia, the growth of Islamic bank assets is still in the tenth rank with less than five percent of market share. Customers are still in doubt of its professionalism. Superiority in products and service quality remains in sufficient for customer satisfaction and loyalty. The data sets in this research were analyzed by using path analysis for testing the direct impact and sobel test for indirect impact. The result shows that Islamic bank service quality in Indonesia impacts customer satisfaction and loyalty. However, customer satisfaction does not impact customer loyalty, both directly and indirectly. It means that customers are still dissatisfied with the services provided by Islamic banks. This research recommends strategies for improving service quality and consumer confidence on the distinction of Islamic banking system.DOI: 10.15408/aiq.v10i2.7135

Causal Relationship Between Islamic Bonds, Oil Price and Precious Metals: Evidence From Asia Pacific

Widad, Metadjer ( university of Djilali Liabes ) , Hadjer, Boulila ( university of Abou Bekr Belkaid , Algeria )

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law

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Abstract

Sukuk or Islamic bonds as new “Halal” securities had wildly expanded in Muslim and non-Muslim capital markets. So, this study aims to investigate the causal relationship between Islamic bonds (sukuk), oil and precious metals “silver and gold” prices in Asia pacific. This study used VAR model relying on daily data. The findings of Granger causality test and impulse-responses analysis results provide substantial evidence in favor of the relation between sukuk and the commodity market variables (oil, gold, and silver) meanwhile and unlike many empirical studies, don’t we have found that oil doesn’t cause changes in precious metals prices. Therefore, the idea that Islamic financial markets provide diversification benefits and they are safe havens during oil crisis cannot be supported empirically.DOI: 10.15408/aiq.v10i2.7171

Lessons Learned of Zakat Management from Different Era and Countries

Masyita, Dian ( Universitas Padjadjaran, Bandung, Indonesia )

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law

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Abstract

Zakah and its problems are as old as the Islamic civilization. This Islamic financial instrument is mandatory for Muslims who are capable and expected to reduce the poverty of the people. The potential of zakah in Indonesia reaching 217 trillion rupiah Indonesias GDP should be able to be explored and distributed to Indonesian Muslims as effectively as possible. Potential only remains just a potential if it is not able to be realized into zakah funds collection that is ready to be distributed to the recipient who is entitled to receive it. The concept of localization/decentralization can be considered as the best way in zakah disbursement. The concept of localization/zoning or decentralization in the distribution of zakah funds closely matches the concept of Sharma in the tax disbursement issue that states that the transfer of power, resources, and responsibilities from the center to the regions is more effective in alleviating poverty in Indonesia.DOI: 10.15408/aiq.v10i2.7237

A New Paradigm in Islamic Housing: Non-Bank Islamic Mortgage

Firmansyah, Egi Arvian ( Universitas Padjajaran ) , Gunardi, Ardi ( Universitas Pasundan )

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law

Show Abstract | Original Source | Check in Google Scholar | Full PDF (218.484 KB)

Abstract

An increasing demand for a sharia-compliant housing has resulted in a new initiative where the mortgage can presently be directly handled by the developer without involving the bank. This is called non-bank Islamic mortgage. This paper is aimed at portraying the consumer’s profile of non-bank Islamic mortgage and the issues of this practice. We disseminated questionnaires to the respondents in several cities in West Java who bought the house-using non-bank Islamic mortgage scheme. Subsequently, we synthesized the answers regarding their profiles and issues of the scheme for the betterment in the future. One of the issues of this scheme is the higher fraud because there is no rigorous credit scoring as conducted by the bank. The research of non-bank Islamic mortgage is still scant so this paper is expected to shed the light by contributing to the literature of Islamic home financing.DOI: 10.15408/aiq.v10i2.7274