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All Journal al-Uqud : Journal of Islamic Economics
Al Mustofa, Muhammad Ubaidillah
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Economics, Econometrics & Finance

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Does Zakat and Non-Zakat Empowerment Affect Mustahiq Welfare Based on Maqashid Shariah? Widiastuti, Tika; Auwalin, Ilmiawan; Rani, Lina Nugraha; Mawardi, Imron; Al Mustofa, Muhammad Ubaidillah; Rosyidah, Norma; Mahmudah, Siti Nur
al-Uqud : Journal of Islamic Economics Vol 5, No 1 (2021): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (499.588 KB) | DOI: 10.26740/al-uqud.v5n1.p76-96

Abstract

This study explores the effect of zakat and non-zakat empowerment programs on the beneficiaries' welfare (mustahiq). This study focuses on the influence of the intervening variable, namely the mustahiq businesses' growth on mustahiq welfare. This study also examines the role of demographic characteristics, such as age, gender, and years of education on mustahiq business growth. This study employs the Partial Least Square-Structural Equation Model (PLS-SEM) using data from 100 respondents who received empowerment assistance from three different zakat institutions. The sample of mustahiq was selected from three zakat institutions to provide a diversity of respondents. The results indicate that zakat and non-zakat programs' empowerment through business growth has significantly affected mustahiq welfare. With these results, both zakat and non-zakat productive programs should be more developed to assist the community businesses' growth optimally. Previous studies measure the welfare of mustahiq with material aspects. In this study, the indicator of welfare is based on maqashid sharia, which includes the protection of Ad-Din (religion), An-Nafs (Soul), Al-Aql (intellect), Al-Nasl (descendant), and Al-Maal (wealth). Examining the impact of two variables, namely productive empowerment programs through zakat and non-zakat, on mustahiq business growth and welfare is the novelty of this study.
Do Indonesian Islamic Microfinance Institutions Need Lender of the Last Resort? Mawardi, Imron; Widiastuti, Tika; Al Mustofa, Muhammad Ubaidillah; Prasetyo, Ari
al-Uqud : Journal of Islamic Economics Vol 4, No 2 (2020): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (288.251 KB) | DOI: 10.26740/al-uqud.v4n2.p235-249

Abstract

Liquidity risk is one of significant risk managed by financial intermediaries including Islamic Microfinance Institutions (IMFIs). The financial intermediaries accept short-term deposits and disburse these deposits in the form of long-term loans. This situation makes IMFI desperately need a lender of last resort (LOLR). Nevertheless, there has been no formal LOLR for Indonesian IMFIs. This study intends to construct the LOLR model for IMFI in Indonesia. This qualitative study applies a case study analysis. This study's subjects are IMFIs in East Java Province that was selected purposively with thirty managers as the key informants. Research findings show that the best model of LOLR is developing a secondary cooperative since the majority form of IMFIs in Indonesia are cooperative entities. With all members of a secondary cooperative deposit for reserve requirements, they can place excess liquidity in the secondary cooperative and ask for financial support.
Co-Authors Ari Prasetyo Ilmiawan Auwalin Imron Mawardi Mahmudah, Siti Nur Norma Rosyidah, Norma Rani, Lina Nugraha Tika Widiastuti