Garuda - Garba Rujukan Digital

MENCARI SOLUSI RENDAHNYA PEMBIAYAAN BAGI HASIL DI PERBANKAN SYARIAH INDONESIA Ascarya Ascarya; Diana Yumanita
Buletin Ekonomi Moneter dan Perbankan Vol 8 No 1 (2005)
Publisher : Bank Indonesia

The lack of the profit and loss sharing (PLS) financing or the domination of the Non-PLS financing, especially murabahah, is a global phenomenon in Islamic banks everywhere. This paper analyses the problem in Indonesia using Analytic Network Process (ANP) methodology, preceeded with a focus group discussion (FGD) and an indepth interview with scholars and practitioners of Islamic banking to fully understand the problem and to develop an appropriate ANP network.The cause of this problem can be grouped into four aspects, namely 1) internal of the Islamic bank; 2) customer; 3) regulation; and 4) government and other institutions. This research finds that the cause of the lack of PLS financing of Islamic banks in Indonesia can be summed up into two main causes from internal and regulation aspects, namely the lack of understanding and quality of human resource (Islamic bankers) and the lack of supportive regulations. The suggested solution is to increase the understanding and the quality of human resource by setting the minimum budget for training and education, implementing the insentive or subsidy system, setting the minimum standard for managers of Islamic banks through periodical fit and proper test, conducting training for short term needs, and encouraging the establishment of Islamic economic and banking education institutions for long term needs. Other suggested solution is to give support through regulation by reviewing the non supporting regulation, such as the collectibility classification of PLS financing, and developing incentive system to increase PLS financing. Moreover, the most effective policy strategy to overcome the problems of Islamic banks is by implementing directed market driven strategy, where policies are intended to direct the development of Islamic banks to stay on its syariahtracks towards the desired development goals.JEL: C49, E58, G21, L22Keywords: ANP, Bank Syariah, Islamic Bank, Bagi Hasil, Profit and Loss Sharing

LESSONS LEARNED FROM REPEATED FINANCIAL CRISES: AN ISLAMIC ECONOMIC PERSPECTIVE Ascarya Ascarya
Buletin Ekonomi Moneter dan Perbankan Vol 12 No 1 (2009)
Publisher : Bank Indonesia

Financial crises have been repeated again and again over a long period of time since the demise of gold regime in 1915, have been temporarily subsided in the period under Bretton Woods Agreement with gold standard in 1950-1972, and have been reemerged after the collapse of Bretton Woods Agreement with higher frequency and magnitude. The recent subprime mortgage crisis in the US has spread out throughout the world threatening global meltdown. It seems that the conventional world have not really learned the lessons and have handled the crisis only partially in the symptoms without touching the root cause of the crisis. This study tries to determine the anatomy and root causes of the crisis and layout strategies to cure it using analytic descriptive and quantitative approaches under Islamic perspectives.The study concludes that the root causes of the crisis from Islamic economic perspective can be human error and natural phenomenon uncontrollable by human. Human error can be divided into three groups, namely (1) moral decadences that trigger (2) system or conceptual flaws and (3) internal weaknesses. Conceptual system flaws include 1) excess money supply from seigniorage, fractional reserve banking system, credit card and derivatives; 2) Speculation; 3) interest system; 4) international monetary system; and 5) real and monetary sectors decoupling.Empirical results show that riba rooted causes of financial crises (excess money supply 2.8%, interest rate 45.2%, and exchange rate 18.6%) give 66.6% share to financial crises in Indonesia, while if we substitute these three systems according to Islamic perspective (just money supply 0.7%, PLS return 2.5%, and single global currency 0.2%) will give only 3.4% share to financial crises in Indonesia, or a massive reduction of 63.2%.JEL Classification: E44, E51, G21Keywords: Financial Crisis, Fiat Money, Fractional Reserve, Interest, Speculation, Narrow Banking, Profit-and-Loss Sharing, Single Global Currency.

COMPARING THE EFFICIENCY OF ISLAMIC BANKS IN MALAYSIA AND INDONESIA Ascarya Ascarya; Diana Yumanita
Buletin Ekonomi Moneter dan Perbankan Vol 11 No 2 (2008)
Publisher : Bank Indonesia

This study measures and compares the efficiency of Islamic banks in Malaysia and Indonesia using Data Envelopment Analysis (DEA), which is a non-parametric and deterministic methodology for determining the relative efficiency. The intermediation approach will be applied.This study identifies the sources and the level of inefficiency of the inputs and outputs. The results show that the Islamic banking in Indonesia is more efficient than the one in Malaysia in all three measurements; the technical, the scale, and the overall efficiency. Technically, financing is one of the sources of inefficiency in Malaysia, while human resource is one of the sources of inefficiency in Indonesia.Islamic windows should be encouraged to convert to subsidiaries or Islamic full branches to improve the scale and the overall efficiencies in Malaysia. Furthermore, the accelerated expansion both organically and inorganically is needed to improve the scale and the overall efficiencies of the Islamic banking in Indonesia.JEL Classification: C14, G21, G28Keywords: Islamic banking, performance, efficiency, Data Envelopment Analysis (DEA).

ANALISIS PENGARUH SOCIAL VALUES TERHADAP JUMLAH PERMINTAAN UANG ISLAM DI INDONESIA Ebrinda Daisy Gustiani; Ascarya Ascarya; Jaenal Effendi
Buletin Ekonomi Moneter dan Perbankan Vol 12 No 4 (2010)
Publisher : Bank Indonesia

Sebagai salah satu instrumen yang ada dalam sistem ekonomi Islam, zakat menjadi penting untuk diteliti pengaruhnya dalam formulasi kebijakan moneter di Indonesia, terutama berhubungan dengan jumlah uang. Selama ini masih belum ada seseorang yang membuktikan secara empiris pengaruh zakat sebagai salah satu instrumen dalam kebijakan moneter, terutama jumlah uang di Indonesia. Oleh karena itu, perlu dibuktikan apakah zakat sebagai salah satu yang merupakan variabel social values dalam pemikiran Umer Chapra berpengaruh dalam jumlah permintaan uang Islam di Indonesia. Data yang digunakan dalam penelitian ini seluruhnya merupakan data sekunder dalam series bulanan berawal dari Januari 2001 sampai dengan Desember 2007. Metode yang digunakan dalam penelitian ini adalah metode Vector Autoregression (VAR) yang dilanjutkan dengan metode Vector Error Correction Model (VECM) jika terdapat kointegrasi dengan bantuan software Eviews 4.1. dan Microsoft Excel 2003. Secara umum kita dapat melihat hubungan pada jangka panjang hanya pada model permintaan tabungan mudharabah dan deposito mudharabah saja. GDP berpengaruh signifikan untuk setiap model permintaan uang (kecuali pada giro wadi’ah) karena baik pada sistem syariah maupun konvensional, jika masyarakat lebih sejahtera maka asumsinya permintaan uang akan meningkat. Untuk variabel social values dan return syariah pada beberapa model pengaruhnya negatif dikarenakan sistem syariah masih di dominasi oleh sistem konvensional. Hal ini disebabkan karena faktor uang kartal, conspicious consumption dan social values itu sendiri. RS tidak signifikan pada beberapa model persamaan dapat dijelaskan dengan melihat opportunity cost dari memegang uang. Untuk saat ini karena beberapa alasan sebelumnya variabel social values belum begitu terlihat pengaruhnya terhadap jumlah permintaan uang di Indonesia.JEL Classification: JEL Classification: C32, E41, P52Keywords: Money demand, social values, Islam, VAR/VECM

PELAJARAN YANG DIPETIK DARI KRISIS KEUANGAN BERULANG: PERSPEKTIF EKONOMI ISLAM Ascarya Ascarya
Buletin Ekonomi Moneter dan Perbankan Vol 12 No 1 (2009)
Publisher : Bank Indonesia

Financial crises have been repeated again and again over a long period of time since the demise of gold regime in 1915, have been temporarily subsided in the period under Bretton Woods Agreement with gold standard in 1950-1972, and have been reemerged after the collapse of Bretton Woods Agreement with higher frequency and magnitude. The recent subprime mortgage crisis in the US has spread out throughout the world threatening global meltdown. It seems that the conventional world have not really learned the lessons and have handled the crisis only partially in the symptoms without touching the root cause of the crisis. This study tries to determine the anatomy and root causes of the crisis and layout strategies to cure it using analytic descriptive and quantitative approaches under Islamic perspectives.The study concludes that the root causes of the crisis from Islamic economic perspective can be human error and natural phenomenon uncontrollable by human. Human error can be divided into three groups, namely (1) moral decadences that trigger (2) system or conceptual flaws and (3) internal weaknesses. Conceptual system flaws include 1) excess money supply from seigniorage, fractional reserve banking system, credit card and derivatives; 2) Speculation; 3) interest system; 4) international monetary system; and 5) real and monetary sectors decoupling.Empirical results show that riba rooted causes of financial crises (excess money supply 2.8%, interest rate 45.2%, and exchange rate 18.6%) give 66.6% share to financial crises in Indonesia, while if we substitute these three systems according to Islamic perspective (just money supply 0.7%, PLS return 2.5%, and single global currency 0.2%) will give only 3.4% share to financial crises in Indonesia, or a massive reduction of 63.2%.JEL Classification: E44, E51, G21Keywords: Financial Crisis, Fiat Money, Fractional Reserve, Interest, Speculation, Narrow Banking, Profit-and-Loss Sharing, Single Global Currency.

INFLUENCE ANALYSIS OF SOCIAL VALUES ON THE NUMBER OF ISLAMIC MONEY DEMAND IN INDONESIA Ebrinda Daisy Gustiani; Ascarya Ascarya; Jaenal Effendi
Buletin Ekonomi Moneter dan Perbankan Vol 12 No 4 (2010)
Publisher : Bank Indonesia

As one of the existing instruments in the economic system of Islam, Zakat Becomes Important to Investigate its influence in the Formulation of monetary policy in Indonesia, especially relating to the amount of money. This paper analyzes whether Zakat will of affect, the money demand of Islam in Indonesia, by applying the Vector Error Correction Model (VECM) on monthly data During 2001 to 2007. This paper derives Trust interesting results on both conventional and Islamic money demand in Indonesia. In general, the result confirms the Domination of conventional economic system, one relative to the Islamic (Sharia), while the social value does not significantly affect the money demand in Indonesia.JEL Classification: C32, E41, P52Keywords: Money demand, social values, Islam, the VAR / VECM

PERILAKU PERMINTAAN UANG DALAM SISTEM MONETER GANDA DI INDONESIA Ascarya Ascarya; Heni Hasanah; Noer Azam Achsani
Buletin Ekonomi Moneter dan Perbankan Vol 11 No 1 (2008)
Publisher : Bank Indonesia

The cotemporary dual monetary system is characterized by an interest system in conventional system and the profit-and-loss sharing (PLS) system in Islamic system, where each of them has a different behavior in influencing the money demand and the monetary stability. This study analyses the components of money demand under both the conventional and Islamic financial system in Indonesia, using a Vector Auto Regression (VAR) and Vector Error Correction Model (VECM) methods.The results show that in Islamic system, PLS return negatively correlated with all Islamic demand for money components (currency, Wadiah demand deposit, Mudharabah saving deposit, and Mudharabah time deposit). While in conventional system, interest is negatively correlated with the demand for currency, the demand deposit, and the saving deposit, but positively correlated with the demand for time deposit. The Islamic demand for money stabilizes quiclier to respons the shock from other variables compare to conventional system. Moreover, the interest rate contributes 20%-29% in the conventional demand for money variation, while in PLS system the return almost has no role on Islamic money demand variation. Our research also shows that the savings deposits in Indonesia have the characteristics of the demand deposits, hence preferably included in M1 instead of in M2.These findings suggest the monetary authority to gradually shift their mindset from the conventional monetary operation to the dual monetary operation and explore further the possibility of using PLS return as the “policy rate” benchmark to achieve the principal objectives in maximizing distributive social welfare and justice, as well as minimizing inefficiency.JEL Classification: C32, E31, E41, E52Keywords: Permintaan Uang Konvensional, Permintaan Uang Islam, Sistem Keuangan/Perbankan Ganda, VAR/VECM

ALUR TRANSMISI DAN EFEKTIFITAS KEBIJAKAN MONETER GANDA DI INDONESIA Ascarya Ascarya
Buletin Ekonomi Moneter dan Perbankan Vol 14 No 3 (2012)
Publisher : Bank Indonesia

This study aims to investigate transmission mechanism of dual monetary system from conventional and Islamic policy rates to inflation and output using Granger and VAR methods on monthly Indonesian banking data form January 2003 to December 2009. The result shows that conventional transmission mechanismsfrom conventional policy rate are all linked tooutput and inflation, while Islamic policy rate are not linked to output and inflation.In addition, the interest rate, credit and conventional interbank rate shocks give negative and permanent impacts to inflation and output, while PLS, financing and Islamic interbank PLS, as well as SBIS(Central Bank Shariah Certificate) as Islamic policy rate shocks give positive and permanent impacts to inflation and output. SBI (Central Bank Certificate) as conventional policy givespositive impact to inflation and negative impact to output.

Title

Found 8 Documents
Search
Journal : Buletin Ekonomi Moneter dan Perbankan

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title Search

Found 8 Documents Search Journal : Buletin Ekonomi Moneter dan Perbankan

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title

Found 8 Documents
Search
Journal : Buletin Ekonomi Moneter dan Perbankan