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IMPACT OF PROFIT-LOSS SHARING FINANCING ON POVERTY ALLEVIATION OF SHRIMP FARMERS IN TULANG BAWANG REGENCY (CASE STUDY: KEMITRAAN BUMIDIPA) Shofiyanto, Shofiyanto; Findi, Muhammad; Ayyubi, Salahuddin El
Jurnal Ekonomi & Studi Pembangunan JESP Volume 18 Nomor 2, Oktober 2017
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.18.2.4036

This research aimed to describe the core values of Kemitraan Bumidipa as sharia microfinance program that applies profit-loss sharing scheme, to elaborate the main obstacles that might cause the failure of the program, to analyze the effectivity of its financing, and to analyze the impact of financing on poverty alleviation of shrimp farmers in Rawajitu Timur District, Tulang Bawang Regency. Descriptive analysis, qualitative analysis and poverty indices are used as the analysis methods. The result shows that, on the one hand, the core values of Kemitraan Bumidipa are the real profit sharing system, professional financial services, and the investment guarantee model for its financing. On the other hand, the risks faced by the program are the the unstable environment of shrimp farming, technical problems, the shrimpâ€™s price fluctuation, and moral hazard behavior. According to effectivity analysis, overall this program has been effective. Based on poverty indices result, sen index of farmers increase after becoming members of Kemitraan Bumidipa as the result of the failure of farmersâ€™ cultivation. As recommendation, it should be a supervision mechanism to prevent the members from moral hazard act and itâ€™s neccessary for further research particularly related to the unstable environment of shrimp farming and the fluctuation of shrimpâ€™s price.

The Impact of Macroeconomic Indicator on Islamic Insurance Demand in Indonesia Salahuddin El Ayyubi; W Widyastutik; A. Anditta
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 11, No 2 (2019)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

This research aimed to determine the development of Islamic insurance industry in Indonesia and analyze the influence of macroeconomic indicators Islamic insurance demand in Indonesia. Ordinary Least Square (OLS) was used in this research with monthly time series data from January 2014 to December 2016. The results of this research indicated that the variables of money supply, interest rate, GDP per capita, and education had a positive (significant) effect to the Islamic insurance demand in Indonesia. Moreover, the inflation variable and dependency ratio had a negative (significant) effect to the Islamic insurance demand in Indonesia.

Faktor-Faktor Yang Memengaruhi Wakif Dalam Berwakaf Online Muhammad Izet Budiansyah; Salahuddin El Ayyubi
Al Maal: Journal of Islamic Economics and Banking Vol 2, No 2 (2021)
Publisher : Prodi Perbankan Syariah FAI UMT

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/almaal.v2i2.3741

Wakaf merupakan salah satu filantropi Islam yang dapat menjadi alternatif sebagai pemerata kesejahteraan dan pengurang kemiskinan. Instrumen ini memiliki potensi yang cukup besar di Indonesia. Berdasarkan perhitungan yang dilakukan oleh Nasution (2005), wakaf uang memiliki potensi 3 triliun Rupiah per tahun. Namun, angka potensi tersebut belum teroptimalkan dengan baik. Dengan adanya era digitalisasi, beberapa nazhir memberikan fasilitas wakaf online untuk memaksimalkan potensi wakaf uang yang tersedia. Penelitian ini dilakukan dengan tujuan untuk mengidentifikasi karakteristik wakif online serta faktor-faktor yang memengaruhi wakif dalam berwakaf online. Sebanyak 90 responden wakif online telah diteliti, dengan proporsi 30 wakif berasal dari tiga lembaga wakaf yang berbeda diantaranya Dompet Dhuafa, Rumah Zakat, dan Global Wakaf. Metode yang digunakan untuk menganalisis faktor-faktor yang memengaruhi wakif dalam berwakaf online adalah analisis faktor. Hasil penelitian ini menunjukkan bahwa faktor-faktor yang memengaruhi wakif dalam berwakaf online terbagi menjadi lima faktor yaitu faktor kualitas informasi; pelayanan; kepercayaan; kualitas website; dan promosi

THE ANALYSIS OF INTERNAL FACTORS AFFECTING THE LIQUIDITY OF SOVEREIGN SUKUK IN INDONESIA Arien Rosetika; Salahuddin El Ayyubi; Widyastutik Widyastutik
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 2 (2020): Februari-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20202pp234-253

Indonesian sovereign Sukuk has lower liquidity than the foreign bond. Sukuk liquidity is measured by total return and trade volume in the secondary market from June 2015 until May 2017. This study aims to analyze the internal determinant factors of sovereign Sukuk liquidity in Indonesia. The method used in this study is Panel Data analysis. The variables used in this study are liquidity, outstanding, coupon rate, time to maturity and age. The study results show that outstanding is significantly positive as the determinant of liquidity of sovereign Sukuk in Indonesia. Variables of time to maturity and age are significantly negative as the determinant of liquidity of sovereign Sukuk in Indonesia. Meanwhile, the coupon rate variable is not significant as the determinant of liquidity of sovereign Sukuk in Indonesia. Keywords: Liquidity, Outstanding, Coupon Rate, Time to Maturity, Age, Sovereign Sukuk, Panel Data AnalysisREFFERENCE Accounting and Auditing Organization for Islamic Financial Institutions. (2003). Sukuk [Internet]. [diunduh 2016 Nov 22]. Tersedia pada: http://www.aaoifi.com.Alexander GJ, Edwards AK, Ferri MG. (2000). The determinants of trading volume of high yield corporate bonds. Journal of Financial markets, 3(1), 177-204.Bao J, Pan J, Wang J. (2008). Liquidity of corporate bonds. Journal of Financial Economics 44(1): 628-650.Badan Pengawas Pasar Modal dan Lembaga Keuangan. (2009). Keputusan BAPEPAM No.123/BAPEPAM/LK/IX/2009 tentang Efek Syariah. Jakarta (ID): Badan Pengawas Pasar Modal dan Lembaga Keuangan.Bursa Efek Indonesia. (2015). IDX monthly statistics Juni – Desember 2015 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2016). IDX monthly statistics Januari – Desember 2016 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2017). IDX monthly statistics Januari – Mei 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2017). IDX statistics 1st quarter 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bursa Efek Indonesia. (2017). Indonesia bond indexes fact sheet Juli 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.bei.go.id.Bank Indonesia. (2017). Data outstanding sukuk negara 2006-2017 [internet]. [diunduh 2017 Juli 28]. Tersedia pada: http://www.bi.go.idBunaidy MR. (2012). Analisis Deskriptif Likuiditas Obligasi Pemerintah Republik Indonesia. Tesis tidak diterbitkan. Depok: Universitas Indonesia.Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2015). Outstanding Surat Berharga Negara 2015 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.djppr.go.id Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2015). Sukuk Negara: Instrumen Keuangan Berbasis Syariah. Jakarta: Kementrian Keuangan.Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2016). Course on sukuk: sharia and operational aspects. Jakarta: Kementrian Keuangan.Direktorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2016). Outstanding Surat Berharga Negara 2016 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.djppr.go.idDirektorat Jenderal Pengelolaan Pembiayaan dan Resiko. (2017). Istilah umum terkait dengan investasi pada Surat Utang Negara. Jakarta: Kementrian keuanganDirektorat Jendral Pengelolaan Pembiayaan dan Resiko. (2017). Outstanding Surat Berharga Negara 2017 [Internet]. [diunduh 2017 Sep 22]. Tersedia pada: http://www.djppr.go.idDewan Syariah Nasional Majelis Ulama Indonesia. (2002). Fatwa DSN No.32/DSN-MUI/MUI/IX/2002 tentang Obligasi Syariah. Jakarta: Dewan Syariah Nasional MUI.Elton EJ, Gruber MJ, Agrawal D. (2002). Factors Affecting the Valuation of Corporate Bonds [Working Paper]. New York, USA: New York University.Ericsson J, Renault O. (2001). Liquidity and Credit Risk. Journal ofFinance, 6(1), 2219-2250.Fabozzi, FJ. 2000. Manajemen investasi. Jakarta: Salemba 4.Fatah DA. (2011). Perkembangan obligasi syariah (sukuk) di Indonesia: Analisis peluang dan tantangan. Jurnal Al-‘Adalah, 10(1), 35-45. Firdaus M. (2011). Aplikasi ekonometrika untuk data panel dan time series. Bogor: IPB Pr.Friewald N, Jankowitsch R, Subrahmanyam MG. (2010). Illiquidity or credit deterioration: A study of liquidity in the US corporate bond market during financial crises. Journal of Financial Economics, 105(2), 18-36.Gujarati D. (2003). Ekonometrika dasar. Jakarta: Erlangga.Hariyanto. (2010). Sukuk Negara Ritel [Internet]. [diunduh 2017 Nov 3]. Tersedia pada: http://www.ojk.go.id.Harris, Said R, Suhaimi WN. (2012). Determinants of Islamic Bonds (Sukuk): Evidence in Malaysia. Malaysian Journal of Accounting Research, 3(1), 123-133.Hastin M, Idris, Aimon H. (2013). Analisis pasar obligasi pemerintah di Indonesia. Jurnal Kajian Ekonomi, 1(1), 12-22.Houweling P, Mentink A, Vorst T. (2004). Comparing possible proxies of corporate bond liquidity. Journalof Banking & Finance, 29(1), 1331-1358.Huang GC, Liano K, Pan MS. (2013). The Information Content of Stock Splits. Journal of Empirical Finance, 16(4), 557-567.Huang JY, Wang SS, Huang JM. (2013). Empirical Analysis of Liquidity Risk Premium Based on Bond Age. WSEAS Transaction on Business and Economics, 10(4), 316-325.Huda, Nasution ME. (2007). Investasi pada pasar modal syariah. Jakarta: Prenada Media Grop.Juanda B, Junaidi. (2012). Ekonometrika deret waktu teori dan aplikasi. Bogor: IPB Press.Mahanti S, Chacko G, Malik G. (2005). The determinants of liquidity in the corporate bond markets: an application of latent liquidity. Journal of Financial Economics, 88(1), 272-298.Mahanti S, Nashikkar A, Subrahmanyam M. (2008). Latent liquidity: a new measure of liquidity, with an application to corporate bonds. Journal of Financial Economics, 7(1), 211-233.Manurung AH, Adianto D. (2011). Analisis faktor-faktor yang memengaruhi likuiditas obligasi. Journal of Accounting Research, 6(1), 123-133.McGinty L. (2001). Issue size versus liquidity in credit. J.P. Morgan Fixed Income Research, 19(2), 61-77.Nafik, M. (2008). Bursa efek dan investasi syariah. Jakarta: Sinar Grafika.

Peran etika bisnis Islam terhadap kinerja usaha mikro, kecil, dan menengah (UMKM) pangan di Kota Bogor Salahuddin El Ayyubi; Sausan Anggi Anggraini
Journal of Business & Banking Vol 6, No 2 (2016): November 2016 - April 2017
Publisher : STIE Perbanas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jbb.v6i2.1299

Micro, Small, and Medium Entreprises (MSMEs) have a very important role for developing and increasing Indonesia economy. MSMEs contribution on the Gross Domestic Product (GDP) up to 60.64% and supply manpower up to 97%. However, this potency still accompanied by violations that occurred mainly in the food sector. One of the reason is there are a lot of bussiness activity is not in accordance with proper business ethics. This study analyzes the role of Islamic business ethics on the MSMEs performance. Descriptive analysis method is used to analyze the entrepreneur perception on Islamic Bussiness Ethics, while role of Islamic business ethics on the performance of MSMEs is analyzed with Partial Least Square-Structural Equation Modelling (PLS-SEM). Primary data were collected through online questionnaires and deep interviews to food SMEs muslim businessmen in Bogor City. Results show that the Islamic bussiness ethics has a positive effect on the MSMEs performance.

Faktor-Faktor yang Memengaruhi Pemilihan Pinjaman dengan Sistem Rente di Desa Studi Kasus : Desa Panulisan Timur Kecamatan Dayeuhulur Kabupaten Cilacap (Periode Tahun 2013-2014) Prawito Hudoro; Muhammad Findi A; Salahuddin El Ayyubi
AL-MUZARA'AH Vol. 2 No. 2 (2014): AL-MUZARA'AH (December 2014)
Publisher : Department of Islamic Economics, IPB University

Rente loan system is a loan scheme that is based on interest. This loan system is widely used by the Micro and Small Medium Enterprises (SME) notably in particular rural communities. The purpose of this study is to analyze the development process and system received rents in the Panulisan Timur District of Dayeuhluhur Regency of Cilacap, and analyze the factors that affect the selection of loan seeking system. The method used in this study is a qualitative method with a case study approach. The data used is primary data obtained through observation and interviews to the villagers of the Panulisan Timur District of Dayeuhluhur Regency of Cilacap uses rente system. The study was conducted during the period December 2013 to April 2014. Number of key informants in this study were 5 people and the number of respondents 30 people. The results showed that the loan scheme growing rents in the Panulisan Timur District of Dayeuhluhur Regency of Cilacap consists of the active and passive processes. The existence of internal factors such as the need for cash is urgent and external factors in the form of an easy loan terms, the availability of funds every day, disbursement fast and easy access makes the transaction rents to survive and be accepted by society.

Perbandingan Zakat Produktif dan Zakat Konsumtif dalam Meningkatkan Kesejahteraan Mustahik Khalifah Muhamad Ali; Nydia Novira Amalia; Salahuddin El Ayyubi
AL-MUZARA'AH Vol. 4 No. 1 (2016): AL-MUZARA'AH (June 2016)
Publisher : Department of Islamic Economics, IPB University

This study aims to compare the effectiveness of productive and consumptive zakat distribution in poverty alleviation. This study uses a CIBEST (Center of Islamic Business and Economics Studies) model which measures not only the material aspect of the poverty, but also the spiritual aspect of the respondents. The results proves that both zakat distribution types can increase welfare as well as reduce poverty of mustahik. Productive zakat can alleviate poverty more than consumtive zakat.

Akses UMKM Terhadap Pembiayaan Mikro Syariah dan Dampaknya Terhadap Perkembangan Usaha : Kasus BMT Tadbiirul Ummah, Kabupaten Bogor Lukytawati Anggraeni; Herdiana Puspitasari; Salahuddin El Ayyubi; Ranti Wiliasih
AL-MUZARA'AH Vol. 1 No. 1 (2013): AL-MUZARA'AH (June 2013)
Publisher : Department of Islamic Economics, IPB University

Micro, Small and Medium Enterprises (MSMEs) have a big contribution for Indonesia's gross domestic product and employment. Most MSMEs face capital constraints and limited access to formal financial institutions. Baitul Maal Wat Tamwil (BMT), which is one of the Islamic microfinance institutions, can be a solution to capital constraints faced by MSMEs. The study aims to analyze the MSME access to get the financing and the impact of BMT to their business development. The primary data is obtained from interviewing 45 respondents, i.e 30 respondents who receive funding from the BMT and 15 controlled respondents who do not receive funding in Bogor. MSME access to the BMT Islamic financing is analyzed by logistic regression logit model while the method used is multiple linear regression of Ordinary Least Square (OLS) in order to analyze the impact of BMT on the development of business. Logit regression results indicate that dummy business type, age, business turnover and deposits dummy, are the factors influencing MSME access to BMT financing. BMT financing has increased the MSME profit by 6.21 percent with an average of Rp 79.12 million to Rp 84.03 million per year. Based on the results of multiple linear regression of OLS, BMT financing has positive and significant impact on the change in business profits.

Efektivitas Penerapan Bayar Pascapanen pada Pengembalian Pembiayaan Akad Murabahah Pertanian Padi di Baitul Maal wa Tamwil As Salam, Kramat, Demak Nana Rodiana; Nunung Nuryartono; Salahuddin El Ayyubi
AL-MUZARA'AH Vol. 2 No. 1 (2014): AL-MUZARA'AH (June 2014)
Publisher : Department of Islamic Economics, IPB University

Agricultural crops greatly depends on the season, since the time of land preparation to harvest. Planting delays due to lack of capital, will result in crop failure or low crop productivity. Islamic microfinance institutions, such as BMT, offersmurabaha financing as one of financing options. Application of murabahais generally followed by monthly installment payments. The condition of most farmers doesn’t enable them to have enough income due to pay the main installments with a monthly period. Postharvest payment return system is an alternativemain return of financing. The research result showed the factors that influence farmers in choosing the monthly payment system and postharvest margins on murabaharice farming financing in BMT As Salam, Kramat, Demak using binary logistic regression. The analysis result showed the reason for choosing the payment system significantly influenced rice farmers choice. The chance of postharvest payment is acceptableaccording to the ability of most farmers. The effectiveness of postharvest payment return implementationonmurabaha rice farming financing was measured using a Likert scale. The results showed that postharvest paymentimplementation has been effective in all stages of financing and made a positive impact on farm members.

Pengaruh Bank Syariah terhadap Pertumbuhan Ekonomi di Indonesia Salahuddin El Ayyubi; Lukytawati Anggraeni; Almira Dyah Mahiswari
AL-MUZARA'AH Vol. 5 No. 2 (2017): AL-MUZARA'AH (December 2017)
Publisher : Department of Islamic Economics, IPB University

Financial sector have important role to develop economic growth in the country. Aim of this study are to analyze the causality between Islamic Banking towards economic growth in Indonesia, the response of economic growth in Indonesia during the shock of Islamic banking and the contribution from Islamic banking towards economic growth in Indonesia. The data used in this study is monthly report during 2010 – 2016. Analysis of the data used Vector Error Corection Model (VECM). The results are significant effect and bidirectional causality appears between financing and Gross Dosmetic Product (GDP). Impulse Resonse Function (IRF) analysis shows that response of economic growth is different between the shock on Islamic financing and Third Party Funds (DPK). Based on Forecast Error Variance Decomposition (FEVD), financing have greatest contribution towards the effect of economic growth but DPK have less contribution. In conclusion Islamic banking should have more efficient during the allocation of DPK to financing.

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