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al-Uqud : Journal of Islamic Economics

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Published by Universitas Negeri Surabaya

ISSN : 25490850 EISSN : 25483544 DOI : http://dx.doi.org/10.26740/al-uqud

Core Subject : Economy,

Economics, Econometrics & Finance

al-UqÃ»d : Journal of Islamic Economics published by the Islamic Economic Studies Department of Economics Faculty of Economics, Universitas Negeri Surabaya in cooperation with the Forum of Economic and Business Lecturer Islam (FORDEBI). al-UqÃ»d published twice a year, in January and July. The journal will focus on providing quality research in the areas of Islamic economics, banking and finance. The goal of the journal is to cover topics that are paramount in modern Islamic economics and finance. The language used in the form of Indonesian and English. Editors invite research lecturers, the reviewer, practitioners, industry, and observers to contribute to this journal.

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Articles 10 Documents

Search results for , issue "Vol. 5 No. 2 (2021): July" : 10 Documents clear

Revisiting the Idealism of Syariah Audit for Islamic Financial Institutions Ratna Mulyany; Hafas Furqani; Shahul Hameed Mohamed Ibrahim; Manal Mohammed Hamoudah
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

The rapid development of syariah audit goes hand in hand with demands for governance of syariah compliance that promotes accountability and transparency. From its inception, syariah audit as a concept has been interpreted and practiced from various perspectives. This research aims to conceptually revisit the ideal conception of syariah audit by looking back at its root, discussing the emergence, meaning, characteristics, and issues of syariah audit. This study demonstrates the need for more holistic development of the conceptual framework for the syariah audit. It consists of defining subject appropriately, standardising the qualification and competence requirements for syariah certified auditors, regulating who should appoint syariah auditors, identifying the scope and extent of syariah audit, establishing the regulatory body forsyariah audit, and enforcing the dedicated standards for syariah audit.

Islamic Banking Efficiency in Indonesia and Malaysia: Two Stages Data Envelopment Window Analysis Pribawa E Pantas; Agus Susetyohadi; Laurin Azwita
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

This study aimed to evaluate the efficiency of Islamic banks in Indonesia and Malaysia and examine the determinants of their efficiency in 2015-2019 using a two-stage data development window analysis approach. The research involves 13 Indonesian Islamic banks and 16 Malaysian Islamic banks. The first test step using the Data Envelopment Window Analysis (DEWA) approach has shown that the Islamic Bank's efficiency in managing resources is inefficient. The second research process using the Tobit model shows that the Capital Adequacy Ratio (CAR), Return on Asset (ROA), Non-Performing Financing (NPF), and Deposit Ratio Financings (FDR) do not have a significant impact on the efficiency of Indonesian Islamic Banking. Though CAR has significant positive effects on banking efficiency in Malaysia, NPF has a significant impact on Malaysian Islamic banks' efficiency. This study implies that the banking industry players increase their efficiency, mainly to enhance the amount of finance directed more towards the production sector, to increase the Islamic banking industry's market share in both countries.

The Analysis of Inflation Effect, Interest Rate and Exchange Rate on Financing: Third-Party Funds as an Intervening Variable of Sharia Banking in Indonesia Anton Bawono; Ulinnuha Ulinnuha; Muhammad Kava Nasikin
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

The purpose of this study was to determine the effect of inflation, interest rate and the exchange rate on financing, with third-party funds sharia banking as an intervening variable in Indonesia. This research uses quantitative research using path analysis as data analysis. The data of this study uses secondary data with the time series method which includes of total financing, mudharabah financing, musyarakah financing, murabahah financing, third-party funds, inflation, interest rates, exchange rate. The data have been obtained and analyzed using Eviews software tool version 6.The results of this study indicate that inflation, interest rates have not effect on total financing, mudharabah financing, musyarakah financing and murabahah financing. Exchange rate have a negativ and significant effect on musyarakah financing and have a positiv and significant effect on murabahah financing. Third-party funds have a positive and significant effect on total of financing, mudharabah financing, musyarakah financing and murabahah financing. The results of path analysis show that Third-Party funds cannot mediate the effect of inflation, interest rates and exchange rates the total financing, mudharabah financing, musyarakah financing and murabahah financing.

A Study of Mudaraba Financing in Indonesia: The Effect of Temporary Shirkah Fund, Return on Asset (ROA), Financing to Deposit Ratio (FDR) Binti Nur Asiyah; Ria Aidiawati; Amin Wahyudi; Ishan Azis; Intan Qurratulaini
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

This article discusses the decline of distribution of mudaraba financing from 2017 to 2019 in a sharia bank in Indonesia, which impacted asset productivity. This study intends to examine the effect of Temporary Shirkah Funds, and Financing to Deposit Ratio on Mudaraba Financing. This study uses a quantitative approach, especially associative research. The sampling technique is non-probability sampling, and the data analysis is multiple regression. The results of this study indicate that (1) Temporary Shirkah Funds have a positive and significant effect on Mudaraba Financing; (2) Return on Assets has a positive and significant effect on Mudaraba Financing; (3) The Financing to Deposit Ratio has a positive and significant effect on Mudaraba Financing; (4) simultaneously Temporary Shirkah Funds, Return on Assets, Financing to Deposit Ratio have a positive and significant effect on Mudaraba Financing. The practical implication of this research is that Islamic banks prioritize Mudaraba Financing to be in line with increasing Murabaha Financing.

Credit Transaction Analysis of "Pagang Gadai" Model as Sharia Law Implementation in West Sumatera: A Systematic Literature Review Yulhendri; Lukman Hakim; Mentari Ritonga; Rani Sofya; Nora Susanti; Muhammad Rizki Prima Sakti
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

"Pagang gadai" transaction has become a sociocultural activity for Minangkabau society in West Sumatera. This transaction has been entrenched and rooted in life. However, over time, this activity has begun to change from its initial values, as a principle of helping each other and a cultural tradition, to an economic motive, namely a business transaction, which then turns into a commercial value. Several studies have indicated that "pagang gadai" is no longer merely applying the principle of helping each other and a cultural activity, but has an economic motive, that is a shifting pattern that leads to the hold over wealth from one person to another in order to obtain financial benefits. This transaction allows the pawnbroker to hold productive agricultural land, such as rice fields, fish ponds, yards, coconut trees, and even cars. The right-of-use land and productive assets then belong to the lender. So, some research and empirical studies indicate that "pagang gadai" no longer has a social value but begins to partially change into usury. Therefore, it is better for the society to go back to the foundation of adat philosophy "syarak mangato adat memakai", and the application of state law should be consistent as Government Regulation in Lieu of Law No.56/1960 about the use of agricultural land in Article 7 limits the period of "pagang gadai" to 7 years and the agricultural land is handed back without ransom.

The Internalisation of Hisbah Principles in OJK Regulations on Islamic Banking Compliance Supervision Neneng Nurhasanah
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

One of OJK duties and authorities is to supervise sharia compliance of Islamic banking operations in Indonesia. However, this role is still not optimal to conduct because the existence of DPS is considered sufficient to perform it. This study aimed to examine OJK arrangement on Islamic banking compliance supervision, adjustment on Islamic compliance supervision after switching from BI to OJK, and internalisation of hisbah principles in these regulations. This research used the normative juridical method, compiled positive law related to Islamic Banking supervision and compared it with hisbah principles implemented in the Islamic governance history as a basis for supervision internalised in OJK regulations and legislation. The result showed that (1) OJK regulates Islamic Banking compliance supervision through the rules of DPS establishment in Islamic Banking as the responsible party, received the DPS and SKAI reports periodically, and conducted audits by sampling on the application of sharia aspects; (2) several Islamic Banking supervision regulations still require harmonisation, especially those issued by BI; (3) five hisbah principles exist in the OJK regulations: transparency, accountability, responsibility, professionalism, and fairness.

Efficiency Analysis of Zakat Institutions Based on The Organizational Cluster in Indonesia: Free Disposal Hull (FDH) Approach Muhamad Nafik Hadi Ryandono; Tika Widiastuti; A. Syifaul Qulub; Eko Fajar Cahyono; Denizar Abdurrahman Mi'raj; Taqiyah Dinda Insani
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

This study aims to analyse the level of efficiency of zakat institutions in Indonesia between 2014 and 2018. Zakat institutions are divided into three clusters based on the organisation's nomenclature: the government, public, and private groups. The division of these clusters aims to see differences in the management of zakat funds between each group. This study uses a quantitative research approach through the Free Disposal Hull (FDH) method to produce a more comprehensive average efficiency estimation than the Data Envelopment Analysis (DEA). The sampling technique is purposive, and there are fourteen research objects observed. The government cluster is the cluster with the highest efficiency value. The private set comes in second, and the public group comes in third ranking. The high score that the government cluster earns is due to their primary business purpose, which focuses on managing zakat funds. The results of this study can be used as references for the policy establishment of zakat institutions in Indonesia.

The Effect of Islamic Leadership and Islamic Compensation on Employee Performance with Employee's Commitment as Moderation in Islamic Boarding School's Businesses Ari Prasetyo; Mochammad Soleh; Nurul Hidayati
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

This research aims to analyze the influence of Islamic leadership, Islamic compensation on employee performance with employee commitment as a moderator in Islamic boarding school cooperatives in Surabaya. This research is a research explanation research. The population in this study are employees of the boarding school's cooperative business unit. The sample is some employees in the Surabaya Islamic boarding school cooperative, which amounted to 139 respondents. The data collection technique used in this study was a survey using a questionnaire. The independent variable used in the results of this study is given an X notation, namely: Islamic leadership and Islamic compensation. The moderating variables are organizational commitment (Z). The dependent variable of employee performance (Y). Measurements in the questionnaire using a five-point Likert scale. The analysis technique used in this research is Structural Equation Modeling with the Smart PLS (Partial Least Square) program. The result shows that Islamic leadership significantly affects employee performance, while Islamic compensation does not. This research proves that commitment as a moderating factor for Islamic leadership and Islamic compensation in Islamic boarding schools is not optimal. In Islamic leadership, commitment weakens the influence of Islamic leadership on employee performance and strengthens compensation on employee performance.

The Impact of Internet-Based Corporate Governance Sharia (IBCGS) Rating on Shareholders Trust in Jakarta Islamic Index Companies Ulil Hartono; Musdholifah Musdholifah; Ika Diyah Candra Arifah; Riska Dhenabayu; Trias Madanika Kusumaningrum
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

The purpose of this research is to present the quality measurement of internet-based Islamic corporate governance and identify its effects on stakeholder trust. In measuring the implementation of corporate governance, this study uses the method of measuring the quality of Islamic corporate governance (IBCGS), as the development of IBCG and IBCG Rating Modified. This research uses descriptive exploratory analysis tools with PLS-SEM as the statistical tool. The object of this research is a company registered in the Jakarta Islamic Index (JII). The results showed that the implementation of corporate governance based on IBCGS by sample companies had been implemented but with varying quality. Meanwhile, the implementation of corporate governance in sharia companies positively influences shareholder trust manifested by their return on equity, stock returns and earnings per share. The findings of this study are expected to contribute to the signalling theory and agency theory in explaining the influence of the quality of corporate governance on the shareholder trust that should be concerned by sharia companies.

Ulema's Business Strategy in Indonesia: A Study Case Zainal Abidin; Ahmad Ajib Ridlwan
al-Uqud : Journal of Islamic Economics Vol. 5 No. 2 (2021): July
Publisher : Universitas Negeri Surabaya

The role of ulema in the life of the Madurese community is not only as a religious leader but also as an advisor in all aspects of life, e.g., marriage, childbirth, aqiqah, and death. In addition, ulema also plays a role in the development of community business, as has been done by several ulemas in Madura, such as one of the caregivers of the most prominent Islamic boarding school in Madura. This study aims to analyse the business strategy of Madurese ulama. It is qualitative research with in-depth interviews about the business strategy developed by ulema in Madura. Four Islamic boarding schools and ulema are the objects of this research, so this research concludes that the ulema in Madura do not have a specific business strategy. However, observing the business practices carried out by the Madurese ulama, the ulema has implemented a business strategy, namely a product differentiation strategy. Product differentiation strategy is a competitive strategy that refers to different customer perceptions of the same product. Thus, all business areas cultivated by ulema will be developed on the condition that they do not conflict with Islamic teachings.

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Editorial Address campus Ketintang Surabaya 60231

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Contact Name
-

Contact Email
-

Phone
-

Journal Mail Official
jurnal.al-uqud@unesa.ac.id

Editorial Address
campus Ketintang Surabaya 60231

Location
Kota surabaya,

Jawa timur

INDONESIA