Journal of Islamic Economic Laws
The Journal of Islamic Economic Laws is intended to be a media for disseminating results of researches and an exchange of Indonesian scientific work among academics, practitioners, regulators, and the public. The Journal of Islamic Economic Laws covers a variety of research approaches, namely quantitative, qualitative and mixed methods. The Journal of Islamic Economic Laws focuses on various themes, topics, and legal aspects in Islamic economics, including (but not limited to) the following topics:
-Laws of civil proceedings
-Inheritance law
-Muamalah law
-Sharia banking regulation
-Marriage law
-Insurance law and reinsurance
-Regulation of zakat
-Law guarantee
-The law of Sharia financial institutions
-Business law contract
-Legal endowments
-Laws of electronic transactions
Articles
89 Documents
<![CDATA[Determinants of the Industrial Manufacturing Stock’s Holding Period ]]>
<![CDATA[ Journal of Islamic Economic Laws Vol 1, No 1 (2018): Journal of Islamic Economic Laws ]]>
Publisher : <![CDATA[Muhammadiyah University Press ]]>
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DOI: 10.23917/jisel.v1i1.6357
<![CDATA[This study aims to identify the effect of Market Value (MV), Return on Asset (ROA), Earning per Share (EPS) and Bid-Ask Spread (BAS) over the holding period of manufacturing companies listed in Jakarta Islamic Index (JII). The data used here is period between 2014-2016. This research is a quantitative research. The data used in this research are the outstandingnumber of shares, the volume of stock transactions, closing price, ROA, and EPS. The technique for data analysis which will be used in this research is panel data regression test using REM model. The results of this study show that: 1). Market value have a significant positive effect on the manufacturing company stock’s holding period, which is shown by the value of sig t 0,0075. 2). ROA has no significant effect on on the manufacturing company stock’s holding period, which is shown by the value of sig t 0.1269. 3). EPS did not significantly affect the holding period of the manufacturing company's shares which was shown by the sig t value 0.7358. 4). The variable of Bid-Ask Spread does not significantly affect the holding period of the manufacturing company's stock which is shown by the value of sig t 0.1031. 5). MV, ROA, EPS, BAS according to test of model existence / F test is the existing model used with the value of F statistics 0.000397. 5). The value of Adjusted R2 of 19.85% indicates that variations in the variable of Holding Period can be explained by independent variables, and the remaining 80.65% of the variable of Holding Period are explained by other variables outside the research model.]]>
<![CDATA[The Effect of Bank’s Internal Factors Towards Micro Financing in Islamic Commercial Bank at Indonesia ]]>
<![CDATA[ Journal of Islamic Economic Laws Vol 1, No 1 (2018): Journal of Islamic Economic Laws ]]>
Publisher : <![CDATA[Muhammadiyah University Press ]]>
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DOI: 10.23917/jisel.v1i1.6327
<![CDATA[The main driver of Indonesian economic wheel is the small and medium-sized enterprises (SME). This SME plays significant role as well in providing employment opportunity while in the same time adding numbers of business units that support the household income from the business. One of the obstacles faced by SME is the capital and financing constraint, especially for the financing from the bank. Without financing, SME will lose its capability to grow and develop since the main support for SME is the capital and financing itself. This research aims to know the internal factors affecting the third party fund, inflation and the rate of return in the period of 2012-2014 in Islamic commercial banks at Indonesia. The research will carry out the OLS procedure since this technique allows us to know clearly the factors affecting financing in the SME. Our research shows that third party fund significantly affect SME financing with positive sign. Meanwhile, the rate of return is observed to affect negatively to the financing. Inflation also has significant and positive effect with bigger coefficient compared to others in financing for SME.]]>
<![CDATA[Halal Label On Food Products By Mui (Indonesian Ulama Council) And Students Purchasing Decision Of Faculty Of Business And Economic Universitas Muhammadiyah Surakarta ]]>
<![CDATA[ Journal of Islamic Economic Laws Vol 1, No 1 (2018): Journal of Islamic Economic Laws ]]>
Publisher : <![CDATA[Muhammadiyah University Press ]]>
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DOI: 10.23917/jisel.v1i1.6163
<![CDATA[The boundary between h{ala>l and h{ara>m in human life is explained clearly by Quran and Sunnah as a form of Allah guardianship. MUI established LPOM as an institution to issue halal certificates on food products. Food products that have been certified will be labeled by MUI logo. Universitas Muhammadiyah Surakarta instills religious values to students and expects them to choose food products with consideration to h{ala>l and h{ara>m aspects. This study aims to find out how much understanding of Faculty of Economics & Business Students on halal food products and how much the influence of MUI Labelization on their decision purchase. The research used field research method and qualitative data. This study showed that 69.3% of students sample who generally have understood halal products and halal label of MUI have a major influence in determining their purchasing to select halal products. Faculty of Economiccs & Business students who have very good understanding on Halal Products in most cases reached 81.63% of total population.]]>
<![CDATA[Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices ]]>
<![CDATA[ Journal of Islamic Economic Laws Vol 1, No 1 (2018): Journal of Islamic Economic Laws ]]>
Publisher : <![CDATA[Muhammadiyah University Press ]]>
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DOI: 10.23917/jisel.v1i1.6342
<![CDATA[Daman Milkiyyah or ownership risk is an important element in Islamic Law of Contract as there are many implications arising from it. This concept also highlights one of the unique features of Islamic Law of Contract which promotes justice in transactions. The lack of a proper understanding of this concept may lead people to breaching Shariah principles as well as dealing with non-Shariah compliant transactions. It is the purpose of this paper to shed light on the fundamental concepts of ownership risk and its application on some of modern financial instruments. This work will write down the scattered though of ownership risk which has been discussed by Islamic classical scholars and continued by matching this concept to the existing modern financial instruments. In the end of the paper, we suggest further enhancement in the financial industry to adhere more towards shariah principle.]]>
<![CDATA[An Enquiry on Fish Selling Culture at South Sumatera: Investigation from Islamic Perspective ]]>
<![CDATA[ Journal of Islamic Economic Laws Vol 1, No 1 (2018): Journal of Islamic Economic Laws ]]>
Publisher : <![CDATA[Muhammadiyah University Press ]]>
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DOI: 10.23917/jisel.v1i1.6205
<![CDATA[The diversity in Indonesia makes each region having their model of live, behavior and the mode of transactions. South Sumatera is one of those regions that have been practicing a way of fish sale which is different from others. Fish is sold directly from a pit underneath water flow called lebung through an auction model. This different model of regular sale and auction evokes curiosity as to whether it conforms to shariah requirements or not. The purpose of this research is to investigate the habitual transaction of fish sale in this region. This paper will focus on the practice of people at Seri Kembang I village about the sale by carrying out qualitative approach in a field research involving observation, interview and documentation as the means for collecting data. All data collected will be analyzed through evaluation process by comparing the practice over the actual standard. We conclude that such practice is deemed to be non-permissible since it does not pass some of the standards, especially the garar element. We also provide some suggestion as the alternative of this habitual practice.]]>
<![CDATA[Analysis Of Islamic Bank Influence On Agricultural Financing Sector Period 2014-2016 ]]>
<![CDATA[ Journal of Islamic Economic Laws Vol 2, No 1 (2019): Journal of Islamic Economic Laws ]]>
Publisher : <![CDATA[Muhammadiyah University Press ]]>
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DOI: 10.23917/jisel.v2i1.7706
<![CDATA[One main problem that Indonesia’s agricultural sector faces is limited financial acces. This research tries to analyze Islamic Banking influence on agricultural financing sector in Indonesia. It utilizes monthly data of Islamic banking statistic from January 2014 until December 2016. This study conducts OLS (Ordinary Least Squares) as its analytical method to intrepret the data analysis. The finding of this paper shows that the incentive of Islamic Bank Indonesia Certificate (SBIS), third party fund, inflation, Non Performing Financing influence agricultural financing significantly. But, interest rate is not affecting agricultural financing. This research suggests the increase in agricultural financing proportion for agriculture should be in accordance with increase in total deposit value. This finding recommends improvement of the human resources competency in agriculture sector as well as strengthening instruments of Islamic financing policy.]]>
<![CDATA[The Impact of Companies' Internal Factors On The Performance of Their Stock Returns ]]>
<![CDATA[ Journal of Islamic Economic Laws Vol 2, No 1 (2019): Journal of Islamic Economic Laws ]]>
Publisher : <![CDATA[Muhammadiyah University Press ]]>
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DOI: 10.23917/jisel.v2i1.7708
<![CDATA[It is commonly known that in the capital market, not all stocks of companies that have a good profile will provide good returns to investors. Therefore, an in-depth analysis of the companies’ overall health is needed. This study aims to discuss the impact of companies’ internal factors on the performance of their stock returns. The companies meant here are those listed in the Jakarta Islamic Index (JII). The tool by which the data is analysed is panel data which is a combination of time series data and cross section. By employing companies’data of year 2014-2016, the study shows that Return On Assets (ROA), Net Profit Margin (NPM), Debt to Equity Ratio (DER) and Price to Book Value (PBV) simultaneously had a significant effect on the formation of stock returns of companies listed in the JII. Likewise, those four variables namely; ROA, NPM, DER and PBV partially have a significant effect on the formation of stock returns of companies listed in the JII.]]>
<![CDATA[Muḍāraba Fund of Bank Jateng Syariah Cabang Surakarta (BJSCS) According to Dewan Syariah National-Majelis Ulama Indonesia (DSN-MUI) ]]>
<![CDATA[Ayu, Dyah]]>
<![CDATA[ Journal of Islamic Economic Laws Vol 2, No 1 (2019): Journal of Islamic Economic Laws ]]>
Publisher : <![CDATA[Muhammadiyah University Press ]]>
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DOI: 10.23917/jisel.v2i1.6129
<![CDATA[This study aims to illustrate the concept of muḍāraba fund applied by BJSCS. The type of this research is descriptive and qualitative. This study describes the procedures and implementation of muḍāraba fund as well as its compliance with the Fatwa of DSN-MUI. The employed data in this study was obtained through interviews with the finansial officer as representatives of BJSCS who act as key informants. The results reveal that the concept of muḍāraba fund in BJSCS has not been fully in compliance with the Fatwa of DSN-MUI. It is based on firtsly, Fatwa of DSN-MUI number (6) stating that “The Sharia Finansial Institution as the provider of funds shall bear all losses resulting from muḍāraba unless the muḍarib (entrepreneur) makes a deliberate, negligent or counterproductive mistake." Secondly, Fatwa of DSN-MUI number (4c) stating that “Provider shall bear all losses resulting from muḍāraba, and the entrepreneur shall not bear any harm except from consequential errors, negligence or breach of consent.” In such cases the borrower shall bear the principal repayment. However, there is one thing that can bring BJSCS closer to Sharia compliance, that is, that the Bank does not do restructuring unilaterally. Rather, the bank and the customer come and sit together to discuss what is good for them. This initiatives finally eliminates the discrepancies. Although in fact we expect that the bank should be bearing all losses because the losses incurred are not the fault of the entrepreneur.]]>
<![CDATA[Analysis of Impact of CAR, NPF, BOPO on Profitability of Islamic Banks (Year 2015-2017) ]]>
<![CDATA[ Journal of Islamic Economic Laws Vol 2, No 1 (2019): Journal of Islamic Economic Laws ]]>
Publisher : <![CDATA[Muhammadiyah University Press ]]>
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DOI: 10.23917/jisel.v2i1.6370
<![CDATA[Islamic banks have been known as the resistant banks to the global crisis that hit Indonesia a few years ago. The unique maintenance of Islamic bank performance leads to business continuity. Some Islamic bank performance can be measured by its profitability. There are some factors that affect the profitability Islamic bank and used in this study including CAR, BOPO, and NPF. While the purpose of this study is to determine the effect of CAR, BOPO and NPF on the profitability of Islamic commercial banks. The population of this research is the Islamic commercial bank whose financial statements have been published to the statistics of Islamic banks from 2015 -2017. This research used secondary data from OJK website. Data analysis in this paper conducted multiple linear regression analysis method. The results of this study indicate that the BOPO variable has a significant effect on ROA. On the other hand CAR and NPF variables have no significant effect on ROA.]]>
<![CDATA[The Islamic Law Perspective of Universitas Muhammadiyah Surakarta Pension Fund Management ]]>
<![CDATA[ Journal of Islamic Economic Laws Vol 2, No 1 (2019): Journal of Islamic Economic Laws ]]>
Publisher : <![CDATA[Muhammadiyah University Press ]]>
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DOI: 10.23917/jisel.v2i1.7664
<![CDATA[Pension fund is one of the non-bank financial institutions that manages and implements program to generate retirement benefits. Pension fund is one of potential resources of fund which operation can be based on either conventional or Islamic principle. This research will focus on the type of contracts used by Universitas Muhammadiyah Surakarta (UMS) Pension Fund whether its operation conforms the requirements of shariah princple or not. This research aims to know, elaborate and evaluate the conformity of shariah principle in the UMS Pension Fund operation. The type of research carried out here is qualitative with the descriptive evaluative approach. The data is obtained through observation, documentation and interview. The result of the research shows that the contracts used in managing the fund by UMS Pension Fund are muḍārabah, wakalah, ijārah and hibah. Muḍārabah contract is used between the pension fund and the participants as well as between pension fund and investee. Wakalah contract is used between the employer which is UMS in this case and the pension fund. Meanwhile, hibah contract is used between employer and participants.]]>
