International Journal of Islamic Economics and Finance (IJIEF)
International Journal of Islamic Islamic Economics and Finance (IJIEF) is a journal which is bianually issued (January and July) and initiated by International Program for Islamic Economics and Finance (IPIEF). The publisher of this journal is Universitas Muhammadiyah Yogyakarta. The publication of this journal though tighly-peer reviewed process using Open Journal System (OJS). For the publication, IJIEF only accept research article and publish it in electronic (PDF) version. The electronic publication can be accessed openly on the website http://journal.umy.ac.id/index.php/ijief/index. IJIEF commit to embrace the best research article in islamic economics and finance fields from the whole world and publish it consistently.
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<![CDATA[The Role of Zakat, Infaq and Shadaqah (ZIS) in Reducing Poverty in Aceh Province ]]>
<![CDATA[Saputro, Eko Gondo]]>;
<![CDATA[Sidiq, Sahabudin]]>
<![CDATA[ International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
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DOI: 10.18196/ijief.3234
<![CDATA[Aceh is one of the provinces that paves the way for the Islamic development in Indonesia. Therefore, Aceh has a strong Islam preaching and becomes the center of science. Innovations made in Islamic knowledge with government policies in managing zakat funds collected from the community-made Aceh are through the BAZNAS in provincial level namely Baitul Mal Aceh; one of the BAZNAS with highly effective Allocation to Collection Ratio (ACR) levels. Baitul Mal Aceh has a superior program aiming at making Mustahik into Muzzaki consisting of education, health assistance, and economic empowerment programs. This research was conducted to see the effect of Zakat, Infaq, Shadaqah (ZIS) through Economic Growth, Education, Health, and HDI on Poverty in Aceh. The method used in this research was Structural Equation Model-Partial Least Square (SEM-PLS). The results revealed the direct effect of ZIS on Economic Growth, Health, and HDI, as well as the total indirect effect of ZIS on Economic Growth and Poverty in Aceh. The results also showed that the effect of ZIS through Health and HDI on Economic Growth and the effect of ZIS through HDI on Poverty in Aceh.]]>
<![CDATA[Contemporary Issues on Cash Waqf: A Thematic Literature Review ]]>
<![CDATA[Aldeen, Khaled Nour]]>;
<![CDATA[Ratih, Inayah Swasti]]>;
<![CDATA[Herianingrum, Sri]]>
<![CDATA[ International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
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DOI: 10.18196/ijief.3236
<![CDATA[This paper presents the most recent works on cash Waqf, focusing on identifying contemporary scholars' work in this area, providing a novel framework to indicate the existing gap, subsequently, it opens the door wider for new research commitment. This research adopts the paradigm of qualitative approach research, based on disk-based research. Google Scholar was employed, searching through the passage. Only contemporary English documents within the period of 2002-2019 were the subject of this study. Lately, cash Waqf has been proven as a proper method for poverty alleviation. Previous studies attempted to address several models in order to enhance socio-economics issues. This research is a distinct attempt, as to the best of our knowledge, there is no previous research addressed the subject matter. Moreover, this study is expected to assist the interested scholars by offering comprehensive conclusion about have been done in the field. Hence, opens new doors for scholars to develop new innovative cash Waqf models to bridge the socio-economic issues. Our findings depict that Malaysian and Indonesian scholars show a robust research commitment on cash Waqf during 2002-2019. Furthermore, this study highlights the existing gap that must be researched to enrich the potentials of cash Waqf, future research should address other countries practices in term of cash Waqf, moreover, validating a proposed model through interviews to ensure that a proposed model is applicable. In terms of cash Waqf awareness, research might consider peer influenceâ€, “self-efficacy in contributing to cash Waqf.]]>
<![CDATA[Crowdfunding as an Alternative Mode of Financing for Micro and Small Enterprises: A Proposed Qard-al-Hasan Contract ]]>
<![CDATA[Aderemi, Abdulmajeed Muhammad Raji]]>;
<![CDATA[Ishak, Muhammad Shahrul Ifwat]]>
<![CDATA[ International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
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DOI: 10.18196/ijief.3235
<![CDATA[The global financial crisis that occurred in 2008, coupled with the evolution and globalization of social media and technology has made the evolvement of crowdfunding easy to use as a means of financing. However, the concept of crowdfunding is correlated with spiritual and religious responsibility which can increase the economic growth of Micro and Small Enterprises. In light of this, this paper aims to investigate the capacity of crowdfunding and proposes a crowdfunding model that adheres to the principle of Shari’ah by adopting a legitimate contract known as Qard-al-Hasan. In this regard, the study adopts qualitative research using secondary data with descriptive, and inductive approaches in the analysis. The result shows that Qard-al-Hasan based crowdfunding is great for pioneering business people to get access to financing their small and micro enterprises in compliance with Shariah. However, the findings of this paper will provide a new mechanism for financing micro and small enterprises in line with Shariah.]]>
<![CDATA[Challenges of Zakat Integration as Source of State Revenue ]]>
<![CDATA[Yasni, Raynal]]>;
<![CDATA[Erlanda, Agam Reynaldi Reza]]>
<![CDATA[ International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
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DOI: 10.18196/ijief.3238
<![CDATA[In the era of new public financial management, where society participation and cost sharing in public goods provision are inevitably pursued by government, some sources can still be explored such as zakat, infaq, and sadaqah as social awareness activities for Muslims that are prevalent in the community. There are also other donations on the basis of certain motivations which can reduce the burden of tax revenue to support public policy. The phenomenon of mutual cooperation and caring to help others through social donations emerged even more apparent when the Covid-19 pandemic entered a period of social restrictions. This study aims to examine the challenges faced in integrating zakat as an alternate state revenue. The method used is descriptive qualitative using primary data in the form of semi-structured interviews. Determination of the source of data on the interviewee is done purposively. They are chosen to represent zakat practitioners, representatives of government and taxation institutions, and academics. The results showed various challenges in integrating zakat as an alternative source of state revenue, namely uniting government programs with receivers, distribution process, strong zakat institutions, supervisory institutions, public trust, increased compliance, issues on state ideology, alignment of rules with other religious communities, revenue earmarking, and spending flexibility.]]>
<![CDATA[Millennials Behaviour towards Digital Waqf Innovation ]]>
<![CDATA[Wadi, Dudun Anugerah]]>;
<![CDATA[Nurzaman, Mohamad Soleh]]>
<![CDATA[ International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
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DOI: 10.18196/ijief.3232
<![CDATA[High growth of internet and smartphone users has resulted in the emergence of various digital start-up companies. Those innovation has changed people’s habit, one of which is the online donation habit. However, waqf as a form of Islamic endowment has not been much in demand by the public. Today’s existing digital waqf platform has not succeeded in cultivating waqf in communities, specifically for Millennials which will dominate 70% Indonesia’s workforce in 2020-2030. This research aims to find Millennials determinants of waqf technology adoption using modified UTAUT2 model. To build respondent perception of waqf and innovation proposed, a short video was used since its rise as marketing tool. This research also examines video marketing effectiveness using EPIC model. Result from data analysis using PLS SEM model shows that Performance Expectancy, Effort Expectancy, and Social Influence are major determinants toward waqf technology acceptance. Video marketing is also found to be very effective as a marketing tool for digital waqf.]]>
<![CDATA[Reducing Poverty through Optimization of Zakat on Agricultural and Profession ]]>
<![CDATA[Pratama, Siectio Dicko]]>;
<![CDATA[Yuni, Rezha Nursina]]>
<![CDATA[ International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
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DOI: 10.18196/ijief.3237
<![CDATA[Zakat is a system in Islam that is designed to allocate the wealth from the rich to the poor and the needy. The effectivity of zakat in reducing poverty has been proven in the history of Islam. Nevertheless, nowadays, Zakat is still unable to eliminate poverty. Bad planning and organizing of zakat are the main reason for that especially the less information about the potency of zakat in each region. Indonesia is a country that is rich in Natural Resources and has many workforces. So, Indonesia may have hidden potential of agricultural and professional zakat. This study tries to calculate the potency and the impact of the zakat on reducing poverty. The effect will be examined descriptively and statistically and also will be presented by mapping all the provinces in Indonesia. The result shows that there are about 16.1 trillion rupiahs of zakat potential furthermore able to reduce the poverty rate in Indonesia for 0.75 percent. DKI Jakarta is the most affected province by zakat because its poverty rate reaches 0.22 percent. To implement this theory in real practice, the utilization of the mosque to distribute zakat funding where BAZNAS represents as the manager is suggested.]]>
<![CDATA[Islamic Business Ethics Practice among Muslim Entrepreneurs in Kano Metropolis, Nigeria ]]>
<![CDATA[Sulaiman, Sagir Muhammad]]>;
<![CDATA[Muhammad, Aliyu Dahiru]]>;
<![CDATA[Sabiu, Tasiu Tijjani]]>
<![CDATA[ International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
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DOI: 10.18196/ijief.3233
<![CDATA[There are persistent increasing number of scenarios in Singer and Dawanau markets of Kano metropolis which are seen as unethical among which includes deception, inappropriate weight and measures, hoarding and price manipulation as well as false-swearing to support a sale. This study therefore assesses the determinants of Islamic business ethics practices among Muslim entrepreneurs in Kano metropolis, Nigeria. Structural Equation Modelling (SEM) technique is employed in analysing the hypothesized model of the study. The results indicate that entrepreneurs fairly adhere to Islamic business ethics practice while legal and organizational factors significantly affect Islamic business ethics, but Individual factors do not. The study recommends the need for Kano State Ministry of Commerce and Industry in collaboration with market organizational leaders to engage in public enlightenment on the importance of business as an act of worship (Ibadat). It was suggested that organization leaders i.e. Market leaders (trade union leaders) should liaise with Kano state Shariah Commission to set standard for Islamic business ethics whereas Hisbah Board to enforce compliance. The study further suggests that the concept of ethics should be incorporated in teaching and learning curriculum.]]>
<![CDATA[Challenges of Zakat Integration as Source of State Revenue ]]>
<![CDATA[Yasni, Raynal]]>;
<![CDATA[Erlanda, Agam Reynaldi Reza]]>
<![CDATA[ International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
Full PDF (1087.992 KB)
|
DOI: 10.18196/ijief.3238
<![CDATA[In the era of new public financial management, where society participation and cost sharing in public goods provision are inevitably pursued by government, some sources can still be explored such as zakat, infaq, and sadaqah as social awareness activities for Muslims that are prevalent in the community. There are also other donations on the basis of certain motivations which can reduce the burden of tax revenue to support public policy. The phenomenon of mutual cooperation and caring to help others through social donations emerged even more apparent when the Covid-19 pandemic entered a period of social restrictions. This study aims to examine the challenges faced in integrating zakat as an alternate state revenue. The method used is descriptive qualitative using primary data in the form of semi-structured interviews. Determination of the source of data on the interviewee is done purposively. They are chosen to represent zakat practitioners, representatives of government and taxation institutions, and academics. The results showed various challenges in integrating zakat as an alternative source of state revenue, namely uniting government programs with receivers, distribution process, strong zakat institutions, supervisory institutions, public trust, increased compliance, issues on state ideology, alignment of rules with other religious communities, revenue earmarking, and spending flexibility.]]>
<![CDATA[Millennials Behaviour towards Digital Waqf Innovation ]]>
<![CDATA[Wadi, Dudun Anugerah]]>;
<![CDATA[Nurzaman, Mohamad Soleh]]>
<![CDATA[ International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
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Full PDF (1023.715 KB)
|
DOI: 10.18196/ijief.3232
<![CDATA[High growth of internet and smartphone users has resulted in the emergence of various digital start-up companies. Those innovation has changed people’s habit, one of which is the online donation habit. However, waqf as a form of Islamic endowment has not been much in demand by the public. Today’s existing digital waqf platform has not succeeded in cultivating waqf in communities, specifically for Millennials which will dominate 70% Indonesia’s workforce in 2020-2030. This research aims to find Millennials determinants of waqf technology adoption using modified UTAUT2 model. To build respondent perception of waqf and innovation proposed, a short video was used since its rise as marketing tool. This research also examines video marketing effectiveness using EPIC model. Result from data analysis using PLS SEM model shows that Performance Expectancy, Effort Expectancy, and Social Influence are major determinants toward waqf technology acceptance. Video marketing is also found to be very effective as a marketing tool for digital waqf.]]>
<![CDATA[Reducing Poverty through Optimization of Zakat on Agricultural and Profession ]]>
<![CDATA[Pratama, Siectio Dicko]]>;
<![CDATA[Yuni, Rezha Nursina]]>
<![CDATA[ International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
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Full PDF (1610.591 KB)
|
DOI: 10.18196/ijief.3237
<![CDATA[Zakat is a system in Islam that is designed to allocate the wealth from the rich to the poor and the needy. The effectivity of zakat in reducing poverty has been proven in the history of Islam. Nevertheless, nowadays, Zakat is still unable to eliminate poverty. Bad planning and organizing of zakat are the main reason for that especially the less information about the potency of zakat in each region. Indonesia is a country that is rich in Natural Resources and has many workforces. So, Indonesia may have hidden potential of agricultural and professional zakat. This study tries to calculate the potency and the impact of the zakat on reducing poverty. The effect will be examined descriptively and statistically and also will be presented by mapping all the provinces in Indonesia. The result shows that there are about 16.1 trillion rupiahs of zakat potential furthermore able to reduce the poverty rate in Indonesia for 0.75 percent. DKI Jakarta is the most affected province by zakat because its poverty rate reaches 0.22 percent. To implement this theory in real practice, the utilization of the mosque to distribute zakat funding where BAZNAS represents as the manager is suggested.]]>
