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AFEBI Islamic Finance and Economic Review

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Published by Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

ISSN : 25485288 EISSN : 25485296 DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

AFEBI Islamic Finance And Economic Review (AIFER) is an academic journal which is published twice a year (June and December) by The Association of The Faculty of Economics and Business Indonesia. AIFER is aimed as an outlet for theoretical and empirical research in the field of Islamic Finance and Economics and to disseminate the information of the Islamic Finance and Economics research was conducted by members of AFEBI in particular and researchers in general to the academics, practitioners, students, and others who interested in Islamic Finance and Economics research.

Arjuna Subject : -

Articles 78 Documents

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The Effect of Halal-Labelled Food Awareness Towards Purchase Intention Among Urban Muslims (Study of Indonesian Students in Japan) Yoga Fadhil Nurfajri
AFEBI Islamic Finance and Economic Review Vol 2, No 02 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

The objective of this research is to investigate the effect of halal-labeled food awareness towards purchase intention of Indonesian Muslim student in japan. Survey data obtained from 101 Indonesian students from all over Japan and was analyzed with descriptive and verification methods, whereas SMART-PLS was utilized for hypothesis testing. In this research, halal-labelled food purchase intention variable was derived from Alam & Sayuti (2011) and Bone et al (2007). The result showed that all of halal-labelled food awareness influence Indonesian Muslim student purchase intention, with perception toward halal certification variable was the most significant factors for halal-labelled food awareness and perceive behavioral control as the most significant factor which influence halal-labeled food purchase intention. The limitation in this researched is the data was obtained through online questionnaire and using snowball sampling method, this method may cause bias since author was unable to control the spreading of the questionnaire and people who did not meet the criteria to fill the questionnaire may filled it.Keywords: Halal awareness, halal-food , Islamic marketing, Japan, purchase intention.

The Application of Al-Ijarah Muntahiya Bi al tamlik (Financial Lease With Purchase Option) As a Financing Solution in the Sharia Non-Bank Finance Industry Bustami Bustami
AFEBI Islamic Finance and Economic Review Vol 2, No 01 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

To avoid buying and selling through installment (credit) that does not fall in buying and selling that contains the element of riba (that is not allowed by sharia), buying and selling through credit or bai’ al taqsit} is able to be implemented by using a pact of selling and leasing through the financing principle of Al-Ijarah Muntahiya Bi al Tamlik (Financial Lease With Purchase Option). The application of the Al-Ijarah Muntahiya Bi al Tamlik is more advantageous than the al-Murabahah pact and the interest system. Other than that it reflects the presence of the principles of justice and togetherness between the capital owner party (shahib al mal) with those that need financing.Keywords: Al-Ijarah Muntahiya Bi al tamlik, Bai’ al taqsîth, Justice, Togetherness

Management of Zakah Distribution: Empirical Evidence From Indonesia Rahmatina A. Kasri
AFEBI Islamic Finance and Economic Review Vol 2, No 02 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Despite the importance of zakah distribution, few studies attempt to evaluate practices in managing the distribution. The paper, thus, aims to explore approaches and evaluate practices in managing the zakah distribution. It employs qualitative research approach with semi-structured interviews with key management personnel of seven largest zakah organizations in Indonesia. The main finding identifies two approaches in distributing zakah in Indonesia, namely consumptive disbursement and productive utilization approaches. Each approaches is different in terms of purpose/expected impact, types/nature of programs and methods of distributing the zakah proceeds. It is also found that different types of zakah organizations tend to focus on different zakah distribution approach. Moreover, some challenges are identified particularly in relation to selection/coverage of mustahik and threat or ‘competition’ in distributing zakah funds. Overall, the study highlights the increasing relevance of productive utilization approach as well as importance of enhancing outreach and availability of information related to zakah programs (including through online platforms) and continuously educate all zakah stakeholders. The findings are expected to provide insights in managing zakah distribution in Indonesia and ultimately in increasing effectiveness of zakah institution to achieve its objectives.Keywords: Indonesia, qualitative research, zakah distribution, zakah management, zakah organizations

The Effect of US Monetary Policy Normalization Toward The Financing Growth of Indonesian Islamic Banking Industry: Short-Term and Long-Term Approaches Ahmad Mikail; Kenny Devita Indraswari
AFEBI Islamic Finance and Economic Review Vol 1, No 01 (2016)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

The study identifies the effect of The Fed Fund Rate (FFR) normalization toward the financing growth of Islamic banks as well as toward the industrial credit growth in Indonesia. To acquire better understanding about the effect of the increasing FFR, Vector Error Correction Model is being utilized in order to identify short run and long run effects. The data employed are the quarterly data of total credit in banking industry, total financing in Islamic banking industry, FFR, real GDP growth, real interest rate, exchange rate and Indonesian composite index from 2003 - 2015. To forecast the dynamic effect of the rising FFR towards financing growth in the Islamic banks, Impulse Response Function is being applied. The result from the long run estimation suggests that the Fed’s monetary policy has negative effect toward the Indonesian banking credit growth as well as the Islamic financing growth. Moreover, the estimated coefficient shows that the effect is quite low in the long run for the conventional bank and relatively high for the Islamic banks. From the short run dynamic analysis, the study reveals that the Islamic banks financing growth is mostly determined by FFR where Islamic financing growth affects Indonesian composite index and real interest rate. However, the Impulse Response Function result exhibits that the Fed’s monetary policy normalization will not affect Islamic banks financing in Indonesia.Keywords: Fed Fund Rate, Financing Growth, Islamic Banking, Indonesia, Monetary Policy

Economic Perspective, Cultural Perspectives, and Sharia Perspective in Revenue Sharing For Village Economic Empowerment (Case Study on Gaduh Culture in East Java) Moch. Khoirul Anwar; Hariyati Hariyati
AFEBI Islamic Finance and Economic Review Vol 2, No 01 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Theoretically, revenue is one of local wisdom community empowerment models which is effective nowadays. This model is based on potential and social fabric conditions of the local community. The study aims to analyze the influence of the economic perspectives, cultural perspective and sharia perspective on revenue of society’s income in East Java.This study uses a mixed methods study, with a qualitative and quantitative approach. The population and samples are the society in Blitar, Jombang, and Madiun. The result of the qualitative analysis showed that there are three (3) models of implementasion in cow-calf lease agreement (gaduh) and share farming (paron) system. The first model implements profit sharing system by taking maintenance cost into account. The second model implements sharing system as well but it takes farming workers in the deficit of profit cost into account. The revenue that is based on profit sharing is still in 50:50. While the third model uses revenue sharing system without taking administration and workers cost as the cost component. However, the revenue proportion becomes 75:25. Those models are reviewed from shariah perspective, economic perspective and cultural perspective. From quantitative analysis showed that economic perspective has bigger influence.Keywords: Economic Perspectives, Mixed Method, Profit Sharing, Revenue, Shariah Perspective

The Influence of Managerial Ownership, Board of Commissioners Proportion, Auditing Committee Independence, Sales Growth, Company Size To Return of Equity (ROE) of State Owned Enterprises Which is Listed in The Indonesian Sharia Stock Index 2011-2014Period Nisful Laila; Idzal Dwi Nantyah; Puji Sucia Sukmaningrum
AFEBI Islamic Finance and Economic Review Vol 2, No 02 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

The aim of this study was to determine the effect of good corporate governance, growth of sales, and firm size on ROE of State Owned Enterprises which hare listed on the Indonesian Stock Exchange in the 2011-2014 period. The method used is the quantitative method with panel data regression techniques. The data used are secondary data by collecting annual financial data statements of State Owned Enterprises which hare listed on the Indonesian Stock Exchange in the 2011-2014 period.Panel data regression conduction showed that managerial ownership (X1) has a negative and significant impact on ROE, the proportion of commissioners has a positive and significant impact on ROE (X2), the independence of audit committee (X3)has a negative and significant impact on ROE, growth of sales (X4 )has a positive and significant impact on ROE, firm size (X5) has a positive and significant impact on ROE as well as managerial ownership, the proportion of commissioners, the independence of audit committee, growth of sales, and firm size simultaneously affect the ROE of State Owned Enterprises in the 2011-2014 period.Keywords: Firm Size, Growth of Sales, Managerial Ownership, Return On Equity (ROE), The Proportion of Board Commissioners, The Independence of Audit Committee

Difference Analysis of Social Performance With The Islamic Social Reporting (ISR) in Syariah Banking That Are in Indonesia and Malaysia Aprila Dwi Widayati; Raditya Sukmana
AFEBI Islamic Finance and Economic Review Vol 1, No 01 (2016)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

The purpose of this research is to examine the difference of Islamic Social Reporting (ISR) disclosure level of islamic banking in Indonesia and Malaysia based on ISR index. The samples were selected by purposive sampling method. The samples that is used in this research is five islamic banks in Indonesia and five islamic banks in Malaysia. This research uses secondary data, that is annual report from 2010-2012. Annual reports were analyzed using content analysis method. Furthermore, the differences of ISR disclosure level were tested using independent sample t-test. The results showed that ISR disclosure level of islamic banking in Indonesia is better than ISR disclosure level of islamic banking in Malaysia. Based on the results of hypothesis testing, found that there are significant differences in the disclosure level between islamic banking in Indonesia and Malaysia.Keywords: Islamic Social Reporting, Islamic Social Reporting Index, Islamic Banking

Model Management Zakat Productive for Mustahik Empowerment (Case Study: Rumah Amal Salman ITB and DPU Daarut Tauhid, Bandung, Indonesia) Gina Noviana Yuniar; Hani Hanifah; Bagdja Muljarijadi
AFEBI Islamic Finance and Economic Review Vol 2, No 02 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

There are various ways to reduce poverty, one through the distribution of zakat funds for economic empowerment of the poor. The distribution of zakat funds require Institute Amil Zakat (LAZ) are professional and focus on the allocation of zakat funds to productive sectors. By based on financial inclusion, LAZ has function as mediator between the one who gave zakat funds (muzzaki) with the one who received zakat funds (mustahik) hopefully can be an institution which increase productivity of mustahikAnalythic-method descriptive and comparation are used to seen the efeciency of funds management model which come from zakat to poor people by microfinance institution by applied local culture approach as basis connection between microfinance and their client. Survey of field did based on purposive smpling to the amount of microfinance which based on akat, infaq, and shodaqoh (LAZ) were ini Bandung city such as LAZ Rumah Amal Salman and DPU Daarut Tauhid. As a basic for assessment the efectivity channelization microfinance service by use result chain methods that can described the achievement of success through input – output – outcome stages.The result of research showed that local culture has big influence against the achievement from these two microfinance. Coaching and mentoring activities provision values of akhlak became local cultural traits in LAZ Rumah Amal Salman ITB, able to creates independent mustahik and has akhlakul karimah. Meanwhile, in DPU Daarut Tauhid adaptation with local culture made trhough facilitation and business choacing to all mustahik has increase their confidence at beginner stemming from poor society groups. In addition, DPU Daarut Tauhid also do review an evaluation to all mustahik to control mustahik hearts leverage the capital that has given, so that the program can realize the aim to produce zakat productive.Keywords: Institute Amil Zakat, Local Culture, Zakat Produktif

AN OPTIMAL PORTFOLIO COMPARISON OF SYARIAH STOCKS BEFORE AND AFTER THE WEAKENING OF THE 2015 INDONESIAN ECONOMY Ahmad Ridho Darmawan
AFEBI Islamic Finance and Economic Review Vol 3, No 01 (2018)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

This paper contains the results of a comparative study of Islamic stock portfolios between the years of 2014-2016. In 2015, Indonesia's economic growth experienced the lowest weakening in the past 6 years. The Jakarta Islamic Index (JII) on 2014 experienced an uptrend, in 2015 it rebounded to a downtrend, and in 2016 an uptrend is experienced again. The purpose of this study was to compare the performance of Islamic stock portfolios before, during and after the weakening of the Indonesian economy and to find the impact of the optimal portfolio strategies in conditions of fluctuating economic growth performance. The population are all the Islamic stocks that are listed on JII in every period during the years of 2013 - 2016. The sample used the Purposive Sampling method, the portfolio performance assessment used the Treynor index and analyzed the data using the Paired-sample T-Test. The results of the study are that (H1) was rejected with a significance value of 0.699> 0.05, (H2) was rejected with a significance value of 0.910> 0.05 and (H3) was rejected with a significance value of 0.797 <0.05. In conclusion, all the hypotheses (H1, H2, H3) are rejected and H0 is accepted. Based on these results, the use of the optimal portfolio method in investment is able to minimize the risks, although it doesn’t eliminate the risk.Keywords: Jakarta Islamic Index, Stock Portofolio, Stock Return, Stock Risk

AN EMPIRICAL STUDY OF ISLAMIC MICROFINANCE PERFORMANCE FOR POOR FAMILY: MAQASHID AL-SHARIA PERSPECTIVE Aas Nurasyiah
AFEBI Islamic Finance and Economic Review Vol 3, No 01 (2018)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

This research motivated by Islamic Microfinance performance measurement which still adopting on the performance measurement of microfinance in general that limited to the measurement of material. Therefore, efforts urgently needed to introduce more holistic measurement in assessing the performance of Islamic Microfinance based on tawheed principle. Thus, this study aims to measure the performance of Islamic Microfinance institutions based on Maqashid Al-Sharia. This research method uses quantitative approach with descriptive quantitative research design, which measures variables based on certain indicators. The location of the research is KOPMU-DT as one of the Islamic Microfinance institutions located in Bandung. The population of the study was the members KOPMU-DT wide-spread, among thousand people, but the withdrawal sample technique uses non-probability sampling with a sample of 100 members, based on the criteria that have been determined. Based on the research result, generally the members of KOPMU-DT increased living standards of the family economy and the performance of running micro-businesses. In Maqashid Al-Sharia perspective, the members experience a change in the principles of Ad-Din Al-Aql, A-nafs, An-Nasl and Al-Maal. However, among five principles, Al-Aql increases lower than other principles. In the future, to improve the performance of Islamic Microfinance, especially in KOPMU-DT, needs technical effort / business of accompaniment improvement to develop entrepreneurship from members. In addition, needs to give appreciation to the consistent members and disciplined in order to refund to add its financing to stimulate the operating business, without losing spiritual accompaniment to strengthen the achievement of Maqashid Al-Sharia of the empowerment members of Islamic Microfinance institution.Keywords: Islamic Microfinance, Maqashid Al-Sharia, Performance

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