cover
Contact Name
Riduan Mas'ud
Contact Email
riduanmasud@uinmataram.ac.id
Phone
+6281252641594
Journal Mail Official
shirkahiainsurakarta@gmail.com
Editorial Address
Institut Agama Islam Negeri Surakarta, Indonesia Jln. Pandawa No. 1, Pucangan, Kartasura, Central Java, Indonesia, 57168
Location
Kota surakarta,
Jawa tengah
INDONESIA
Shirkah: Journal of Economics and Business
ISSN : 2504235     EISSN : 25034243     DOI : 10.22515/shirkah.v7i1.403
Core Subject : Economy,
Syirkah: Jurnal Ekonomi dan Bisnis adalah jurnal peer-review yang diterbitkan tiga kali setahun (April, Agustus, dan Desember) oleh Fakultas Ekonomi Islam dan Bisnis Institut Agama Islam Negeri (IAIN) Surakarta Jawa Tengah Indonesia bekerja sama dengan Perhimpunan Indonesia Ekonom Islam (lihat naskah MoU ). Jurnal ini dimaksudkan untuk menjadi platform diseminasi artikel yang melaporkan hasil penyelidikan ilmiah tentang Ekonomi dan Bisnis Islam. Jurnal ini memfokuskan pembahasannya pada bidang keuangan Islam, filantropi Islam, pemikiran ekonomi Islam, dan pemasaran Islam (lihat Fokus & Ruang Lingkup ).
Articles 16 Documents
Search results for , issue "Vol 6, No 1 (2021)" : 16 Documents clear
Oman’s Islamic Banking Performance amidst Covid-19 Outbreak: Prospects and Challenges Mihajat, Muhammad Iman Sastra
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (503.05 KB) | DOI: 10.22515/shirkah.v6i1.374

Abstract

Covid-19 pandemic forced Islamic banking in Oman to slow down and to change strategies adapting to the current situation. The Covid-19 outbreak has raised various challenges for Islamic banking. In order to maintain the sustainable growth of the industry, stakeholders of Islamic banking should strive collectively to solve these challenges. Nevertheless, Islamic banking was able to maintain and manage capital and liquidity buffers. The growth for 2021 is expected to remain stable for at least a single-digit growth. However, there would be asset-quality and profitability pressure for Islamic banks within the Sultanate of Oman. This paper highlights the performance of Islamic banking in Oman amid the Covid-19 outbreak. This paper demonstrates that the industry merely recorded a single-digit growth compared to the last seven years at double-digit growth due to the pandemic. The paper further delineates on the prospects and challenges of Islamic Banks Entities (IBEs). It also suggests some practical solutions for survival. This paper contributes to providing an alluded picture of the current conditions and situation of Islamic banks in Oman as well as insights to deal with the challenges to enhancing the banking performances during the Covid-19 outbreak. 
The Contribution of Profit-sharing Characteristics to the Performance of Islamic Banks Hanafi, Syafiq Mahmadah
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (528.831 KB) | DOI: 10.22515/shirkah.v6i1.378

Abstract

Islamic commercial banks are highly identic with the profit-sharing as a sharia banking basic operational system. The profit-sharing becomes a specific characteristic of sharia banks as well as a distinction from conventional banks. Hence, this study aims to examine if the profit-sharing characteristic contributes to the performances of Islamic commercial banks in Indonesia. This study employed time series data derived from the Financial Service Authority (OJK) using regression-mixed test and auto-regressive heteroscedasticity (ARCH). The results pointed out that the profit-sharing system for the lending of Musharaka had an impact on the performance of sharia banks; while the profit-sharing for the funding of Mudaraba did not support the hypothesis with negative coefficient. The results suggest that the profit-sharing characteristic provides contribution to the performance of Islamic commercial banks through the lending of Musharaka. These results further indicate that the profit-sharing characteristic performed by Islamic commercial banks is proven to be effective in improving their performances. This study’s results have an implication for Islamic commercial banks to strengthen their profit-sharing characteristics and improve the public trust toward sharia banking system.
The Debt Status of Commercial Company under Gharimin Perspective Hardi, Eja Armaz; Arifin, Sirajul; Djamaluddin, Burhan
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (525.996 KB) | DOI: 10.22515/shirkah.v6i1.388

Abstract

Currently, commercial entity companies are not regarded yet as one of the groups that receive the zakat. This paper examines the debt status and its micro and macro-economic implications of corporations that experienced the debt shackled in the zakat system through analogy on personal gharim (person in the burden debt). The analysis presented here has been designed on a library research, an analogy method, as well as seen from a debt trap theory. This paper particularly argues that in the twist condition of enterprises to repay their debt, a commercial company may be entitled as the recipient of zakat on behalf of gharim (the fifth group who receives the zakat). It further argues that the loan of the commercial company has a larger impact than individual gharim. Synchronizing the entity companies as “syakhsun i’tibariyun” (the legal person) to the personal obligation to pay zakat is matched to be the reasons for their gharim’s status. The results of this paper contribute to expanding the recipient of zakat on behalf of gharim and enhance the insight of zakat distribution in Islamic philanthropy institutions.
The Spiritual Values of Islamic Economics in Tasawuf Modern: Scrutinizing the Work of Haji Abdul Malik Karim Amrullah (Hamka) Hakim, Rahmad; Fanani, Ahmad
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (713.82 KB) | DOI: 10.22515/shirkah.v6i1.391

Abstract

Islamic economics has existed since the start of Islamic civilization. However, Islamic economic thoughts established by Indonesian scholars are limited. This exploratory research was carried out to determine the spiritual values of Islamic economics on Hamka's works entitled Tasawuf Modern. Primary and secondary data were collected from Hamka's works entitled Tasawuf Modern and from several papers or books that are relevant to the focus of the research. The data collected were analyzed by combining topics relevant to Islamic economics in modern Sufism and other secondary sources. Content analysis was used for data analysis. The results of this study revealed that, according to Hamka, the richest people are those that need the least. The true wealth lies in the contentment of the soul (qana'ah). Good wealth represents virtue and prohibiton for extravagancy and excessive consumerism. Further, humans need to be in between to carry out good deeds. The results of this study contribute to enriching the discourse of Islamic economic thought, especially in Islamic economic ethics and the role of ethics in business.
Responsibility and Accountability of University Social and Environmental Performances: A Sustainability Balanced Scorecard Model Pertiwi, Imanda Firmantyas Putri; Puspita, Rosana Eri; Saifudin, Saifudin
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (666.965 KB) | DOI: 10.22515/shirkah.v6i1.343

Abstract

Since research on the use of sustainability balanced scorecard to assess university social and environmental performances still remains unexplored, this study aims to fill the gap by examining the acceptance of the idea of the State Islamic Religious Colleges (PTKIN) performances in terms of responsibility for social and environmental aspects based on the sustainability balanced scorecard model. Drawing on a qualitative research, eight respondents from the Board of National Accreditation for Higher Education (BAN-PT) and PTKIN policymakers were interviewed. The results indicated that PTKIN must pay more attention to social and environmental perspectives. It was further revealed that although BAN-PT regulation has explicitly included these two perspectives, there were several indicators that still need to be added according to the sustainability balanced scorecard model. Moreover, the results depicted several challenges such as budgeting, regulations, and paradigms that required some adjustment from the policymakers. These results contribute as fruitful insights for university policymakers in developing strategies to enhance university performances, particularly in social and environmental aspects.
Proposing Blue Sukuk in Indonesia: An Interpretive Structural Model Rusydiana, Aam Slamet; Irfany, Mohammad Iqbal
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (542.202 KB) | DOI: 10.22515/shirkah.v6i1.333

Abstract

This research aims to identify the priority factors that being barriers to issue and develop Islamic blue sukuk in Indonesia. Employing the Interpretive Structural Modeling (ISM) method, it also offers several solutions for the identified problems. As an advanced planning methodology, ISM is used to identify, analyze, and summarize various relationships among factors that define a problem, model, or issue. In the ISM framework, there are three criteria of blue sukuk development in Indonesia including (1) aspect or foundation required within the framework of developing blue sukuk; (2) infrastructure that will be used as a basis for sukuk issuance (underlying projects); and (3) stakeholders involved in the development of blue sukuk in Indonesia. Results show that important foundations needed in the development of blue sukuk are regulatory aspects, feasible underlying projects, investors, and inter-institutional coordination, respectively. Finally, possible underlying infrastructures for the issuance of Blue Sukuk are the development of integrated fishing villages as well as the procurement of large and environmentally friendly fishing boats.
Revisiting the Contribution of Islamic Banks’ Financing to Economic Growth: The Indonesian Experience Supriani, Indri; Fianto, Bayu Arie; Fauziah, Najim Nur; Maulayati, Ryan Rahmah
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (727.447 KB) | DOI: 10.22515/shirkah.v6i1.383

Abstract

The contribution of Islamic banking towards economic growth remains debatable amongst academicians and practitioners. This study investigates the relationship between Islamic banks’ financing and economic growth in Indonesia which is the largest Muslim population country. This study adopts Autoregressive-Distributed Lag (ARDL) and utilizes time-series quarterly data from 2011Q1 to 2019Q3. The study uses four predictors: financing to deposit ratio, gross capital fixed formation, inflation, and trade openness. The results from the auto-regressive distributed lag model indicate that, in the long-run, Islamic banks' financing has a significant impact on the Indonesian economy. However, in the short-run, financing does not make a substantial contribution to Indonesian economic growth. The study’s key implication is that financing by Islamic banks still makes a limited contribution to economic growth in Indonesia. This study enhances the literature review, specifically on evaluating the contribution of Islamic banks towards economic growth. Numerous existing studies on this topic covering the crisis period data, which might suffer from data bias. Therefore, this study addresses this topic, excluding the global financial crises period such as 1998, 2008, and 2020, to demonstrate Islamic banks' evident contribution to Indonesian economic growth.
Advocacy Coalition Framework of Ultra Micro Loan Policymaking in Indonesia Soesilo, Nining I
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1441.68 KB) | DOI: 10.22515/shirkah.v6i1.412

Abstract

Advocating the Ultra Micro-lending concept of Indonesia's Ministry of Finance in 2017 was a tumultuous nine-year process. The present paper aims to examine the Ultra Micro-lending (UMi) program conducted by the Ministry of Finance of Republic of Indonesia using Advocacy Coalition Framework. This paper showed that Advocacy Coalition Framework could moderate the interest groups' disagreement through seven steps as follows. First, relatively stable parameters of poverty need alleviation using better financial access with empowerment. Second, the external system is inspired by Grameen Bank as the winner of the Nobel Peace Prize. Third, removing constraints and resources of subsystem actors from the internal Ministry of Finance and the Parliaments. Fourth, creating consensus for getting the Ministry of Bureaucratic Reform's permit. Fifth, policy subsystem that coalesces the need of market-rate and subsidized rate to cater to 46.7 million grassroots entrepreneurs as a 'win-win' arrangement to complement the bank-based People's Business Credit (KUR). Sixth, policy outputs as the legal product of the UMi with a 7 Trillion State budget. Seventh, policy impact's measurement after one year piloting before UMi's scaling up. This paper has a significant contribution to enhancing the efficacy of UMi program, and as a continuous effort to ensure the economic development of the country.
Proposing Blue Sukuk in Indonesia: An Interpretive Structural Model Aam Slamet Rusydiana; Mohammad Iqbal Irfany
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (542.202 KB) | DOI: 10.22515/shirkah.v6i1.333

Abstract

This research aims to identify the priority factors that being barriers to issue and develop Islamic blue sukuk in Indonesia. Employing the Interpretive Structural Modeling (ISM) method, it also offers several solutions for the identified problems. As an advanced planning methodology, ISM is used to identify, analyze, and summarize various relationships among factors that define a problem, model, or issue. In the ISM framework, there are three criteria of blue sukuk development in Indonesia including (1) aspect or foundation required within the framework of developing blue sukuk; (2) infrastructure that will be used as a basis for sukuk issuance (underlying projects); and (3) stakeholders involved in the development of blue sukuk in Indonesia. Results show that important foundations needed in the development of blue sukuk are regulatory aspects, feasible underlying projects, investors, and inter-institutional coordination, respectively. Finally, possible underlying infrastructures for the issuance of Blue Sukuk are the development of integrated fishing villages as well as the procurement of large and environmentally friendly fishing boats.
Revisiting the Contribution of Islamic Banks’ Financing to Economic Growth: The Indonesian Experience Indri Supriani; Bayu Arie Fianto; Najim Nur Fauziah; Ryan Rahmah Maulayati
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (727.447 KB) | DOI: 10.22515/shirkah.v6i1.383

Abstract

The contribution of Islamic banking towards economic growth remains debatable amongst academicians and practitioners. This study investigates the relationship between Islamic banks’ financing and economic growth in Indonesia which is the largest Muslim population country. This study adopts Autoregressive-Distributed Lag (ARDL) and utilizes time-series quarterly data from 2011Q1 to 2019Q3. The study uses four predictors: financing to deposit ratio, gross capital fixed formation, inflation, and trade openness. The results from the auto-regressive distributed lag model indicate that, in the long-run, Islamic banks' financing has a significant impact on the Indonesian economy. However, in the short-run, financing does not make a substantial contribution to Indonesian economic growth. The study’s key implication is that financing by Islamic banks still makes a limited contribution to economic growth in Indonesia. This study enhances the literature review, specifically on evaluating the contribution of Islamic banks towards economic growth. Numerous existing studies on this topic covering the crisis period data, which might suffer from data bias. Therefore, this study addresses this topic, excluding the global financial crises period such as 1998, 2008, and 2020, to demonstrate Islamic banks' evident contribution to Indonesian economic growth.

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