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INDONESIA
Indonesian Journal of Islamic Economics and Finance
Published by Universitas Islam Negeri Kiai Haji Achmad Siddiq Jember
ISSN : 26157535     EISSN : -     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The Study Program of Islamic Economics in recent years has experienced rapid development. Various common and Islamic higher education institution, both state and private, opened the Study Program of Islamic Economics, at Bachelor Degree, Master Degree, and Ph.D Degree. This reality indicates that the Islamic Economics in Indonesia is increasingly being accepted and its existence is increasingly gaining recognition. As a relatively new field of discipline in the higher education world, the Islamic Economics must develop a framework of thought, strategic, consistent, evaluative, prospective, and contributive for scientific development and in solving socio-economic problems. On this basis, the Indonesian Journal of Islamic Economics and Finance (IJIEF) is present as a media of information and communication about Islamic economics and finance in Indonesia. Considering the limited similar media in Indonesia, this academic journal is expected to enrich studies and research in the field of Islamic finance and economics.
Arjuna Subject : -
Articles 15 Documents
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Implikasi Penerbitan Sukuk Terhadap Kinerja Keuangan dan Kesejahteraan Karyawan (Studi Pada Bank Muamalat Indonesia) Hasanah, Miftahul
Indonesian Journal of Islamic Economics and Finance Vol 1 No 1 (2018): Indonesian Journal of Islamic Economics and Finance
Publisher : Department of Islamic Economics, Postgraduate Program, IAIN Jember, Indonesia

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Abstract

Nowadays, Islamic financial concept has been comprehensively accepted in the world and become an alternative for market that want shariah compliance. One of shariah financial instrument issued by states and corporates is sukuk. Sukuk is an interfaith financial institution cross cultur, and state that now become part of world financial system. And in Indonesia, Muamalat Bank is a first Islamic Banking institution that issued sukuk with e mission Rp 200 bilion on 2003. Furthermore, on 2008 with emission in the amount Rp 314 bilion, on 2012 with emission Rp 700 bilion.The study aims to empirically test the variables of the research, which has been formulated in the formulation problems. Wether there are implication between issuance of sukuk (X) toward the financial performance (Y1) and employee’s well-being (Y2) at the Bank Muamalat Indonesia. This research, use secondary data with the time series data based on financial statement of BMI 2000-2014. The analyzis performed by Structural Equation Model (SEM), reflective model. Furthermore, the testing of the hypotesis is done with the software of Smart Partial Least Square (PLS) in 3 version.
Analisis Potensi Pengembangan Pembiayaan Natural Uncertainty Contract (NUC) pada Sektor Produktif di Bank Pembiayaan Rakyat Syariah (BPRS) Trimulato, Trimulato
Indonesian Journal of Islamic Economics and Finance Vol 1 No 1 (2018): Indonesian Journal of Islamic Economics and Finance
Publisher : Department of Islamic Economics, Postgraduate Program, IAIN Jember, Indonesia

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Abstract

The growth of Islamic banks in Indonesia is getting better. People who interested in using Islamic bank products continues to arise. The market share of Islamic banks currently has reached 5.8 percent of the total market share of banks nationally. Natural Uncertainty Contract (NUC) with profit sharing pattern using mudharabah and musyarakah contracts is one of the productive financing products of Islamic bank which is not owned by conventional bank. However, in Islamic rural banks (BPRS), nonproductive financing is more dominant. This qualitative study would like to explain the financing of NUC in the BPRS. The result shows that the growth of NUC financing is still very small, musharaka only grew 0.23 percent and mudharabah decreased by 20.23 percent during 2016-2017. Overall, financing distribution in BPRS is still dominated by consumptive financing, amounting to 46.07 percent. While for productive financing has not become a priority in the BPRS. Keywords: BPRS, Natural Uncertainty Contract.  
Pengaruh Kinerja Pembiayaan Mikro Musyarakah dan Mudharabah di Bank Syariah terhadap Sektor Usaha Mikro di Provinsi Jawa Timur Simanjuntak, Rusli
Indonesian Journal of Islamic Economics and Finance Vol 1 No 1 (2018): Indonesian Journal of Islamic Economics and Finance
Publisher : Department of Islamic Economics, Postgraduate Program, IAIN Jember, Indonesia

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Abstract

Penelitian ini ingin mengetahui bagaimana pengaruh dari kinerja pembiayaan mikro Islam dengan akad musyarakah dan mudharabah yang diberikan oleh Bank Umum Syariah (BUS) dan Unit Usaha Syariah (UUS) terhadap sektor usaha mikro dan kesejahteraan di Provinsi Jawa Timur. Penelitian ini ingin mengetahui variabel-variabel kinerja pembiayaan mikro musyarakah dan mudharabah yang memengaruhi secara langsung atau tidak langsung terhadap usaha mikro dan kesejahteraan di provinsi tersebut. Model yang digunakan dalam penelitian ini diuji dengan Partial Least Squares (PLS) sebagai alat analisis kuantitatif antar variabel yang dipadukan dengan analisis Tawhidi String Relation (TSR) melalui pendekatan mixed method. Hasil uji hipotesis menunjukkan pengaruh yang signifikan dari kinerja pembiayaan mikro bank Islam dengan akad musyarakah dan mudharabah terhadap usaha mikro dan kesejahteraan di Provinsi Jawa Timur. Penelitian ini juga mengungkap kredit dan pembiayaan untuk UMKM terkonsentrasi di Pulau Jawa. Dalam jangka panjang, hal ini dapat menghambat akses pembiayaan UMKM.
Sharia Risk, The Indicator of Sharia Governance on Islamic Banks Fajariyah, Nur Alifah; Khotimah, Khusnul
Indonesian Journal of Islamic Economics and Finance Vol 1 No 1 (2018): Indonesian Journal of Islamic Economics and Finance
Publisher : Department of Islamic Economics, Postgraduate Program, IAIN Jember, Indonesia

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Abstract

Banking is a very vulnerable business to risk, so it takes good management to ensure itself as a healthy institutions. The governance of Islamic banking has a fundamental differences with the governance of conventional banking in terms of sharia compliance. The disobedience of the Islamic banking to the sharia compliance causes Islamic banks to be subject to sharia risk. The sharia risk is the possibility fot the operational of Islamic banks are not or will not be in compliance with established sharia principles and standards. Through a descriptive analysis by using library research, this study aims to map the flow of sharia risk in Islamic banks and categorizes its causes. This study notes the sharia risk arises from the purpose, politics, people, process, and systems.  JEL Classification: G32, G34, O16  
Green Banking: How to Enhance Banking Policy on Sustainable Development, Renewable Energy, and Biodiversity in Indonesia Hidayat, NUR
Indonesian Journal of Islamic Economics and Finance Vol 1 No 1 (2018): Indonesian Journal of Islamic Economics and Finance
Publisher : Department of Islamic Economics, Postgraduate Program, IAIN Jember, Indonesia

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Abstract

Presently, financial crisis, energy crisis, food crisis, poverty, and global warming are the most complicated issue on the global economy. Indonesia faced on problems and challenges that are not much different, namely the declining export value, food security or the rising imports of basic foodstuffs, energy security, and the impact of global warmings such as crops production, flood, healthcare, and biodiversity. This paper reveals bank’s responsible for environmental damage in financing to their customers, whose have impacted on the environment. The data collected through, in-depth interviews and literature studies. The result of this research reveals that since the late 1970s, loans for food and agricultural intensification have been rolled out in Indonesia. It continues to adjust from year on year, it started from October 2007 was refined to Kredit Ketahanan Pangan dan Energi (KKP-E)  (Food and Energy Security Loan). This is an effort to reach the necessity of main food in Indonesia, reduce the dependence of food imports and energy made from fossil fuels and develop other energy based biofuel source. The alternative energy here is based on cassava and sugar cane to become bioethanol. This fact that Indonesian banking has long contributed to a green economy as a new paradigm of sustainable development that balances people, profit, and a planet, which can be adopted by other developing countries, particularly agriculture-based.
Pemilihan Presiden Amerika terhadap Saham Jakarta Islamic Index Jensen, Lukman
Indonesian Journal of Islamic Economics and Finance Vol 1 No 2 (2018): Indonesian Journal of Islamic Economics and Finance
Publisher : Department of Islamic Economics, Postgraduate Program, IAIN Jember, Indonesia

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Abstract

This study aims to analyze and examine the impact of the Election of the Presidents of the United States with the result of Donald Trump as the American President on November 8, 2016 against the abnormal return and trading volume activity of issuer's shares listed in the Jakarta Islamic Index. Using a sample of 30 companies registered in Jakarta Islamic Index for 7 days before and 7 days after the election of the American President. The result of this study concludes that the Indonesian capital market reaction to the events of the 2016 US Presidential Election was momentary and non-prolonged. It was shown that there was no statistically significant difference between the average stock of abnormal return in the period before and after the event to the Jakarta Islamic Index. In fact, the Indonesian Capital Market responded to information of the American Presidential Election as good news as indicated by the emergence of a significant positive Trading Volume activity around the date of the event.  
Mengembangkan Industri Keuangan NonBank (IKNB) Syariah Rusydiana, Aam Slamet; Devi, Abrista
Indonesian Journal of Islamic Economics and Finance Vol 1 No 2 (2018): Indonesian Journal of Islamic Economics and Finance
Publisher : Department of Islamic Economics, Postgraduate Program, IAIN Jember, Indonesia

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Abstract

The objective of this paper was to formulate model and identify the most priorities criteria to enhance the role of Non Bank-Islamic Financial Industry (Non Bank Financial Services). This research also tried to find which NB-IFI with the highest priorities to be improved. This research also tried to compare the priorities result based on two approaches-methods, there are AHP (Analytic Hierarchy Process) where the network connection is hierarchy, and ANP (Analytic Network Process) where the network connection is feedback. Indepth interview to some academician, practitioners, and regulators who has better knowledge related to Non Bank-Islamic Financial Industry was used to formulate AHP and ANP model. The result of this study indicates that the most priorities criterian to enhance the role of Non Bank-Islamic Financial Industry is tough, manageable, and steady NB-IFI. The most priorities of sub criteria ‘tough, manageable, and steady NB-IFI’ are strengthening the institutional system, modal aspect, and operational activity aspect and business capacity. The most priorities of sub criteria ‘NB-IFI and financial inculsion’ are NB-IFI products development based on the needs of society. The most priorities of sub criteria ‘Human Resource, Infrastructures and Information Technology support’ are NB-IFI infrastructure development to bolster up business process. Alternative priority to enhance NB-IFI in Indonesia is Islamic Financing Institutions. We can conclude that there is no difference results between both approaches were used. Both AHP and ANP have the same priority result to synthesize the most priorities criterian and alternative in this research model.
Analisis Pengaruh Good Governance Bisnis Syariah, Ukuran Perusahaan, dan Struktur Modal terhadap Kinerja Perbankan Syariah Wahyulaili, Kurniya; Puspitasari, Novi; Singgih, Marmono
Indonesian Journal of Islamic Economics and Finance Vol 1 No 2 (2018): Indonesian Journal of Islamic Economics and Finance
Publisher : Department of Islamic Economics, Postgraduate Program, IAIN Jember, Indonesia

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Abstract

The aims of this study is to analyze the financial performance of general Islamic banks in Indonesia with maqashid sharia approach in terms of individual educational goals, the creation of justice, and the achievement of prosperity during the years 2012-2017. In addition, the aims of this study is to examine and analyze the factors that influence the determination of maqashid sharia in general Islamic banks companies in Indonesia in the period 2012-2017. The method used in the research is explanatory research. Variables used in this research consist of independent variable and dependent variable. The independent variables of this study are Good Governance Bisnis Syariah (GGBS), company size (SIZE), and capital structure (CS). The dependent variable of this study is Sharia Maqashid Index (SMI). The sample was chosen by using purposive sampling method and obtained the sample member as many as 9 companies of general shariah banks. Based on the results of this study with the t test shows that Good Governance Bisnis Syariah (GGBS) have negative effect to maqashid shariah. Meanwhile, company size variables have positive effect on maqashid shariah and  variable of capital structure does not affect the achievement of maqashid shariah approach at general Islamic banks in Indonesia.
Understanding the The Consumer Behavior of Smokers through Microeconomics Theory in Islamic Perspective Musari, Khairunnisa
Indonesian Journal of Islamic Economics and Finance Vol 1 No 2 (2018): Indonesian Journal of Islamic Economics and Finance
Publisher : Department of Islamic Economics, Postgraduate Program, IAIN Jember, Indonesia

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Abstract

Smoking in microeconomics included in the Theory of Consumer Behavior. This theory discusses how the consumers allocate income between different heads and how they decide how much to consume now and how much to save for future. In turn, it bears implications for macroeconomic policies. Further, many literatures explain that smoking has a negative impact in health, norms and ethics, and economic side. In Islamic economics, the law of smoking is not explicitly and expressly mentioned by the Qur'an and Sunnah. The jurists seek its solution through ijtihad. However, mostly studies which discussed about sharia issues corroborates that this activity is haraam and should be abandoned. No many studies focused on the Islamic macro-microeconomics side. Hence, in order to explain the cigarettes, smokers, and smoking activity in Islamic economics side in the future, this paper try to discuss about the smokers behavior in the microeconomics theory. Understanding the consumer behavior of smokers is difficult. But, referring to the theory of consumer behavior, smoking activity can be justified because the consumer is believed rational if they fulfill the all of axioms of preferences. The smokers behavior will try to be understood in three steps: consumer preferences, budget constraints, and consumer choices. JEL Classification: D01, D10, D11, D12, D14 
Driving Factors of Zakat Payment by The Farmers to the Development of Sharia Economy-Based Rural: Farikha, Yuni Yulia
Indonesian Journal of Islamic Economics and Finance Vol 1 No 2 (2018): Indonesian Journal of Islamic Economics and Finance
Publisher : Department of Islamic Economics, Postgraduate Program, IAIN Jember, Indonesia

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Abstract

Abstract: Farmers can also be a driver of zakat payments for their community. In Indonesia, the potato farmers in Dieng Plateu, Wonosobo, Central Java, have practiced it more than 30 years. This paper would like to explore the practice of zakat in Kalilembu Village in Dieng Plateau by inquiring the driving factors of the farmers to pay zakat. Through qualitative approach, this study distributes questionnaire and interview the farmers who routinely pay zakat. This study deduces that the driving factors of the farmers to pay zakat are: religious motivation, economic, governance of zakat, and zakat payer satisfaction. This study recommends the zakat payments by farmers in this village become a role model for the development of sharia economy-based rural with the community as a prime driver. JEL Classification: O18, P25, R51, Z12    

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