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al-Uqud : Journal of Islamic Economics
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-Uqûd : 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-Uqûd 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.
Arjuna Subject : -
Articles 162 Documents
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ANALYSIS OF PRODUCTIVE WAQF PRACTICE AND MANAGEMENT: USING SWOT ANALYSIS METHOD Permaisela, Dera
al-Uqud : Journal of Islamic Economics Vol 3, No 1 (2019): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (566.929 KB) | DOI: 10.26740/al-uqud.v3n1.p85-97

Abstract

This study aims to determine the practice of waqf, productive waqf management of sengon Plantations until the time of harvest and development of productive waqf in Sengon plantation. This study uses qualitative methods, then the results of the analysis using SWOT analysis. The results of this study indicate that the fund of productive waqf assets will be received in 2020 and fully submitted to the Republika Dompet Dhuafa. In the SWOT analysis, the strength are the land is fertile, the ability of Dompet Dhuafa management to appoint farmer is good, and as nazhir Dompet Dhuafa has an excessive experiences in productive waqf management. The weaknesses are the planting space is too close and the lack of spraying of pests in the sengon tree. The opportunities are the opening of cooperation with timber companies / traders, the opening of export opportunities to increase government foreign exchange and the good market price of sengon trees. While the threat faced is the presence of natural factors such as bad weather which causes the sengon tree to collapse.
EFISIENSI PEGADAIAN SYARIAH DAN PROSPEK PERTUMBUHAN ASET DI INDONESIA Roikhan, Roikhan
al-Uqud : Journal of Islamic Economics Vol 1, No 1 (2017): Januari
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (607.854 KB) | DOI: 10.26740/al-uqud.v1n1.p59-82

Abstract

The purpose of this study is to analyze the efficiency of Islamic Pawnshop together with four competitors and analyze the prospects for assets growth of the Islamic pawnshop in Indonesia. This study is quantitative analyze research with secondary data of annual financial statements from the Islamic Pawnshop and four competitors during 2008-2014. The sampling technique is the purposive sampling with sample of the Islamic Pawnshop and four competitors in Indonesia. This study uses analysis efficiency of the Data Envelopment Analysis method. Input variables are: the load bonus, deposit wadiah, general and administrative expenses, salaries and allowances, and other expenses, and the output variables are: murabaha margin revenue, other services revenues, and loan qardh. Then this study uses analyze prospects based on System Dynamics methods. The results showed efficiency of Islamic Pawnshop can reach value of 100 percent for 2008-2014 compared to its competitors that reach only 97.42 percent. And the prospect of an asset for Islamic Pawnshop can get optimistically in 2025 to reach Rp 116 trillion in the presence of inorganic action. 
Revisiting Zakat Distribution on Income Inequality and Welfare: The Malaysia Experience Ibrahim, Patmawati; Ali, Maimunah; Muridan, Mazliana; Mohd Jazid, Amirul Iman
al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (339.995 KB) | DOI: 10.26740/al-uqud.v4n1.p146-161

Abstract

This paper attempts to analyze the effects of zakat distribution on income inequality and welfare aspects of the poor Muslim society in Malaysia. The population of the study is the poor and hardcore poor of the zakat recipients in Selangor.  Exploring the cross sectional micro level data of nine districts in Selangor, Malaysia, this study adopted Lorenz curve and Gini coefficient to represent positive measures of income inequality.  However, these measures do not take into account the welfare effects of the distribution to the society.  Hence, Atkinson index is adopted to represent the normative measures of inequality that takes into account the welfare effects of the zakat distribution to society.   Results of the Gini coefficient and Lorenz curve have proven effectiveness of zakat distribution in reducing income inequality of the society. Whilst the theory of zakat says that zakat distribution will improve income inequality and welfare of the society, findings of the normative measures in this research show otherwise.  Therefore, this study is extended with zakat distribution simulation model based on had kifayah.  Results from the distribution simulation model proved the ability of zakat in narrowing down income inequality, reducing income loss and hence increasing the welfare of the society.  
SHARIA COMPLIENCE AKAD BERBASIS NATURAL UNCERTAINTY CONTRACT (NUC) LEMBAGA KEUANGAN MIKRO SYARIAH DI KABUPATEN JEPARA Susilo, Edi; Anam, A. Khoirul
al-Uqud : Journal of Islamic Economics Vol 2, No 1 (2018): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1206.231 KB) | DOI: 10.26740/al-uqud.v2n1.p20-37

Abstract

Financing in Sharia Micro Financing Institutions (BMT) is dominated by certainty contracts, as it has less risk than syirkah contract like Mudharabah or Musyarakah based on Natural Uncertainty Contract (NUC). Implementation constraints syirkah contracts exist on both parties, financial institutions and clients. due to lack of financial reports, honesty and transparency of the client's business (asismetric information). The Client gives a business report if the results obtained are small or equivalent to the bank interest rate, but if the business profit is good, then the profit share must be high. This research is a qualitative descriptive analytical research, to see the implementation of syirkah contract on Sharia Micro Finance Institution (BMT) in Jepara Regency and its syariah compliance based on DSN-MUI fatwa. The results showed that BMT in Jepara regency can not fulfill the compliance of shariah contract of Natural Uncertanty Contract (NUC) due to high risk, human resource capability and low comprehension and lack of client's financial report.
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.
ANALYSIS OF HUMAN RESOURCES DEVELOPMENT IN YDSF SURABAYA ON ISLAMIC ECONOMIC PERSPECTIVE Syamsuri, Syamsuri; Harahap, Soritua Ahmad Ramdani
al-Uqud : Journal of Islamic Economics Vol 3, No 1 (2019): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (557.908 KB) | DOI: 10.26740/al-uqud.v3n1.p34-53

Abstract

This study aims to analyze the role of human resource development in developing the people's economy through social institutions. By using qualitative methods and collecting data through observation, interviews and documentation at the Al-Falah Social Fund Foundation (YDSF) Surabaya as a research sample. The results of the study explain that the development of human resources at the Al-Falah Surabaya Social Fund Foundation uses a spiritual and material approach. Through these two approaches, human resource development works with programs that aim to improve human resources both spiritually and materially. In addition, this article also explains the obstacles faced and their solutions to be implemented by the Surabaya Al Falah Social Fund Foundation in order to optimize the quality of HR.
Cryptocurrency as A Main Currency: A Maqasidic Approach Mohd Noh, Mohd Shahid; Abu Bakar, Mohamed Syakir
al-Uqud : Journal of Islamic Economics Vol 4, No 1 (2020): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (434.767 KB) | DOI: 10.26740/al-uqud.v4n1.p115-132

Abstract

Cryptocurrency is a new phenomenon in investment industry in particular and financial world in large. The opportunities and threats come one over another in cryptocurrency debate that left people in perplex state whether to accept or reject the currency. In other view, it also brings advantages and inevitable disadvantages since it is operated online that vulnerable to number of threats and danger. This paper tries to examine maqasid views on this currency relying on SWOT analysis then will be viewed on the mirror of maslahah dan mafsadah as main pillars in maqasid al-syari’ah. As a result, this issue needs to be studied further since the maslahah and mafsadah sometime interchange the roles as particular, general maslahah and its counterparty since the system is always been designed for the benefits, that yet created the negative implication simultaneously. Furthermore, this innovation could be designed followed the desire of designers with dynamics structure in fulfilling the market’s needs.
MEMBANGUN INTEGRATED TAKAFUL DAN WAKAF MODEL DALAM UPAYA MENINGKATKAN KEMANFAATAN PEMEGANG POLIS Habibi, M. Lutfillah; Candra Yudha, Ana Toni Roby
al-Uqud : Journal of Islamic Economics Vol 1, No 2 (2017): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v1n2.p139-155

Abstract

This study aims to build a model of sharia life insurance in Indonesia. A model that combines the functions of Takaful institutions (Sharia Insurance) with Indonesian Waqf Institutions to generate insurance benefits directly and indirectly to policyholders. The method used in this research using descriptive qualitative method with case study strategy about operational of Takaful which is compared with some literature of Al Qur'an and Hadith. The data were obtained from in-depth interview technique, book and literature as well as Hadith commentary study. The results of this study indicate that with the application of ITW model, the insurance claim of the deceased policyholder will be given to the heirs in the form of death funds, in addition to these benefits, the recipients of the policy are also indirectly get the good deeds of some of the funds invested into the waqf institutions. On the application of such a model, the owner of the life insurance policy gets worldly benefits and ukhrowi, namely the claim of death funds and the good deed of the investment of some premium funds to Waqf Institution.
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.
A Study of Mudaraba Financing in Indonesia: The Effect of Temporary Shirkah Fund, Return on Asset (ROA), Financing to Deposit Ratio (FDR) Asiyah, Binti Nur; Aidiawati, Ria; Wahyudi, Amin; Azis, Ishan; Qurratulaini, Intan
al-Uqud : Journal of Islamic Economics Vol 5, No 2 (2021): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (315.461 KB) | DOI: 10.26740/al-uqud.v5n2.p203-217

Abstract

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.

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