Airlangga International Journal of Islamic Economics and Finance
Airlangga International Journal of Islamic Economic and finance (AIJIEF) publishes quality and in-depth analysis of current issues within Islamic finance and Islamic economics. The journal welcomes robust evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The central theme of the paper received in Airlangga International Journal of Islamic Economics and finance (AIJIEF) is the study of international Islamic economics and international Islamic finance. What is meant by the theme is a case study of Islamic economics and Islamic finance in the Asia Pacific region, especially Southeast Asia, or a case study of Islamic economics and Islamic wear that occurs in member countries of the Islamic Conference Organization. All the main themes mentioned in the previous paragraph Airlangga International Journal of Islamic Economic and Finance (AIJIEF) also accept papers with the themes of Islamic economics and Islamic finance. The spread of Islamic finance and Islamic economics include: 1. Islamic finance: Fundamentals, trends, and opportunities in Islamic Finance Islamic banking and financial markets Risk Management Corporate finance Investment strategy Islamic Sosial Finance Financial Planning Housing Finance Legal and regulatory issues 2. Islamic economics: Islamic Microeconomy Islamic Macroeconomy Islamic Monetary Economy Zakah, Waqf and Sadaqoh Economics of Natural Resource and Environment in Islamic Economics
Articles
55 Documents
<![CDATA[ANALYSIS OF KANO STATE BUDGET FROM ISLAMIC ECONOMICS PERSPECTIVE 2007-2015 ]]>
<![CDATA[Tasiu Tijjani Sabiu]]>;
<![CDATA[Muhammad Bako]]>
<![CDATA[ Airlangga International Journal of Islamic Economics and Finance Vol. 2 No. 1 (2019): JANUARY-JUNE 2019 ]]>
Publisher : <![CDATA[Universitas Airlangga ]]>
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DOI: 10.20473/aijief.v2i1.15468
<![CDATA[Budgeting on conventional ground devises social goals by individualism, self-interest, and misplacement of priorities which creates and widens social inequality. On the other hand, Budgeting from Islamic economics perspective envisages and promotes equity, justice, and equality through mutual consultation and public maslaha and this is achieved by placing the budget in line with the goals of sharia which serves humanity better. The objective of the paper is to critically analyze Kano state budget from 2007 to 2015 based on Maqasid sharia framework. Thus, the paper is a conceptual analysis which relies on journal articles, books, conference proceedings and other relevant materials. The study reveals that the Kano state administration between 2007 to mid2011 incorporate sharia parameters fully into its budget policy and implementation while that of 2011 to mid-2015 partially observe some of the sharia parameters by emphasizing mostly on human capital development and capital project. Thepaper recommends that since Kano state is a sharia-compliant state and that the future administrations should fully envisage sharia parameters in its budget policies and implementation by placing more emphasis on and proper utilization of sharia supportive institutions or pillars such as Zakat and Hubsi commission, Hisbah board, sharia commission, coupled with productive and sustainable human and capital development projects.]]>
<![CDATA[ISLAMIC CONCEPT OF WAQF: CHALLENGES AND PROSPECTS WITH REFERENCE TO THE JAMMU AND KASHMIR MUSLIM WAQF BOARD ]]>
<![CDATA[Zahid Ahmad Dar]]>
<![CDATA[ Airlangga International Journal of Islamic Economics and Finance Vol. 3 No. 2 (2020): JULY-DECEMBER 2020 ]]>
Publisher : <![CDATA[Universitas Airlangga ]]>
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DOI: 10.20473/aijief.v3i2.23880
<![CDATA[Allah sent Adam (A.S.) and His Kin on earth and made them to pass through diverse phases of life following His guidance from time to time through various prophets for each community, nation. In a society, He made them to depend on one another by bestowing some over the other to maintain the integrity of brotherhood, cooperation and so on. The challenging aspect in this way is the financial security which works against the greedy nature of a Man. In addition to Huqūq al-Allah, Islam also stresses on Huqūq al-‘Ibād, wherein helping someone economically becomes an important facet. To bring this idea into action, an institution has been developed named as ‘Waqf’ which provides all possible help to the downtrodden and marginalized section of the society. It plays very substantial role in the overall prosperity of both Muslims and non-Muslims. This paper aims at deliberating on present scenario of Waqf in the Union Territory of Jammu and Kashmir, India and highlights challenges to this institution, a barrier in overall development and security of a well-to-do society.]]>
<![CDATA[THE POTENTIAL FOR INTER-INSTITUTIONAL COOPERATION FOR SHARIA ACTUARY NON-CERTIFICATION PROGRAMS FOR SHARIA INSURANCE IN INDONESIA ]]>
<![CDATA[Alfiah Hasanah]]>;
<![CDATA[FNU Cupian]]>;
<![CDATA[Eko Fajar Cahyono]]>;
<![CDATA[Lina Nugraha Rani]]>
<![CDATA[ Airlangga International Journal of Islamic Economics and Finance Vol. 1 No. 2 (2018): July-December 2018 ]]>
Publisher : <![CDATA[Universitas Airlangga ]]>
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DOI: 10.20473/aijief.v1i2.20797
<![CDATA[This study aims to explore the potential model of collaboration among institutions such as the Financial Services Authority (OJK) as regulators, higher education institutions, general higher education institutions and religious higher education, sharia insurance industry associations, actuary professional associations and sharia insurance companies to carry out non-sharia certification of the sharia actuary profession. This study uses descriptive qualitative approach and literature study method. The results of the study recommend that certification programs that span sharia actuaries require several institutional roles includingFinancial Services Authority (OJK), National Sharia Council (DSN), Indonesian Ulema Council (MUI), Indonesian Syariah Insurance Association (AASI) and Indonesian Actuary Association (PAI). Each agency has their respective duties and functions such as regulators, prospective actuary providers, distance education providers, certification providers, and material providers.]]>
<![CDATA[SHARIA BANKS AND THEIR BUSINESS EARNINGS: AN EMPIRICAL EXPLORATORY OF THE CASE OF INDONESIA ]]>
<![CDATA[Ahmad Abbas]]>;
<![CDATA[Wa Ode Rayyani]]>;
<![CDATA[Rini Purnamasari]]>
<![CDATA[ Airlangga International Journal of Islamic Economics and Finance Vol. 3 No. 1 (2020): JANUARY-JUNE 2020 ]]>
Publisher : <![CDATA[Universitas Airlangga ]]>
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DOI: 10.20473/aijief.v3i1.19326
<![CDATA[This research aims to identify the tendency of business earnings obtained by shariah banks and detect its patterns. The sample of this research was sharia commercial banks listed in Indonesia Bank and Financial Services Authority over the period of 2010-2017. The data of financial statements were utilized in this research. The result of this research pointed out that net income during eight periods of observation has shown fluctuative result. The further result found that the value of smoothness tends to go zero. It indicated that earnings pattern in sharia banks is highly smooth.]]>
<![CDATA[THE PROFIT SHARING IMPLEMENTATION FOR FINANCING IN INDONESIAN ISLAMIC BANKING ]]>
<![CDATA[Aidha Trisanty]]>
<![CDATA[ Airlangga International Journal of Islamic Economics and Finance Vol. 1 No. 1 (2018): JANUARY-JUNE 2018 ]]>
Publisher : <![CDATA[Universitas Airlangga ]]>
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DOI: 10.20473/aijief.v1i1.10138
<![CDATA[One of the characteristics of Islamic banking is using the concept of profit sharing. This characteristic distinguishes the operation of Islamic banking with conventional banking. In applying the concept of profit sharing, most of the activities of Islamic banking especially in the distribution of funds or financing are dominated by the profit sharing agreement. However, financing in the Islamic banking today mostly is dominated by features that use nonprofit-sharing agreement such as murabahah. This paper examines why financing non-profit-sharing still dominates the realization of financing of Islamic banking in Indonesia, and what solutions can do to increase the financing based on profit sharing concept. The paper is consistent with the objectives stated in the blueprint for the development of Islamic banking in Indonesia, which states that the vision will achieve ten years. They are to establish Islamic banking system that is competitive, efficient, which meets the prudential principle, and to support the real sector through profit sharing financing and real transactions in the context of fairness, mutual help, and for betterment to achieve the mutual benefits for the society.]]>
<![CDATA[CORRELATION OF ZAKAT DISTRIBUTION WITH GINI INDEX: MAXIMIZING THE POTENTIAL OF ZAKAT FOR EQUITABLE INCOME DISTRIBUTION IN INDONESIA ]]>
<![CDATA[Nisa Rahma Fadila]]>
<![CDATA[ Airlangga International Journal of Islamic Economics and Finance Vol. 2 No. 1 (2019): JANUARY-JUNE 2019 ]]>
Publisher : <![CDATA[Universitas Airlangga ]]>
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DOI: 10.20473/aijief.v2i1.21994
<![CDATA[This study aims to determine the correlation of zakat distribution with the Giniindex. The unequal distribution of income shown by the Gini index is an economicproblem facing Indonesia today. Zakat as an instrument in the Islamic economicsystem can be a solution for equal distribution of income in Indonesia. The dataanalysis technique used is Pearson correlation analysis. The results of this analysisindicate that the distribution of zakat has a significant correlation with the Giniindex.]]>
<![CDATA[A SURVEY STUDY OF HUMAN CAPITAL AND EDUCATIONAL ATTAINMENT ]]>
<![CDATA[Rininta Nurrachmi]]>
<![CDATA[ Airlangga International Journal of Islamic Economics and Finance Vol. 2 No. 2 (2019): July-December 2019 ]]>
Publisher : <![CDATA[Universitas Airlangga ]]>
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DOI: 10.20473/aijief.v2i2.20645
<![CDATA[The development of human capital is the essential thing to determine a country’s growth. The existence of a country’s human capital quality depends on its education. The change of information in society is going rapidly and it is important to cope up with information and knowledge to all economic process. With the role of human capital in the modern societies many people are still unaware about the process of educational production. This paper is aimed to provide the process on human capital formation and educational attainment from microeconomic perspective. The literature reviews indicate that education attainment in the society are influence by many factors namely religion, family background, teacher’s quality and incentive, and the peer effects. In the empirical studies, Mincerian wage equation is the most widely used to analyze education and earnings. Besides from educational production function, to determine the quality of human capital, fiscal policy through taxation and educational subsidies have impact to the end result of students. ]]>
<![CDATA[AN OVERVIEW OF ISLAMIC LAW AGAINST BUYING AND SELLING SAND-LAND WITH A LIBERATION SYSTEM ]]>
<![CDATA[Mochammad Nuril Misbach]]>;
<![CDATA[Muhammad Nafik Hadi Ryandono]]>;
<![CDATA[Ari Prasetyo]]>
<![CDATA[ Airlangga International Journal of Islamic Economics and Finance Vol. 2 No. 1 (2019): JANUARY-JUNE 2019 ]]>
Publisher : <![CDATA[Universitas Airlangga ]]>
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DOI: 10.20473/aijief.v2i1.15469
<![CDATA[Buying and selling as a meant to get goods easily, one could exchange money with goods he needed the seller. Of course with the value agreed upon by both parties. The law of buying and selling were permissible basically, It was meaning that every Muslim in earning a living could by meant of buying and selling. The aim was to describing and analyzing the perspective of Islamic law about buying and selling Sand-Land with a systems slash of case studying Mount Wurung with the views of Islamic law. The research was used qualitative method with descriptive analysis. According to Madzhab of Imam Hanafi allowed the buying and selling which contained a little gharar because the buying and selling had been estimated based on experience that was close to truth and buying and selling including buying and selling named jizaf, whereas according to Madzhab of Imam Syafi'i was not permitted because there was potential gharar which allowed each of them had a loss or profit.]]>
<![CDATA[THE CASE FOR FULLY-FLEDGED PROFIT-LOSS SHARING BANKING ]]>
<![CDATA[Mohammad Said Fathurrohman]]>
<![CDATA[ Airlangga International Journal of Islamic Economics and Finance Vol. 3 No. 2 (2020): JULY-DECEMBER 2020 ]]>
Publisher : <![CDATA[Universitas Airlangga ]]>
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DOI: 10.20473/aijief.v3i2.23881
<![CDATA[The original idea of Islamic banking is a two-tier profit-loss sharing banking.However, in practice Islamic banking only implements profit sharing in its funding side, while on the financing side profit sharing only take smaller share than that of fixed return financing, which is predominantly sale-basedfinancing. This paper aims to examine examine the issues in debt-like financing that are commonly used by Islamic banking. There are issues with the shariah validity of these types of financing due to involving multiple contracts. The issues in multiple contracts have economic implications, including risks and value added, which provide economic reasons to validate profit. Analysis on multiple contracts shows some conflict of rights and obligation implied by different contracts which are combined to form murabahah financing and musharakah mutanaqisah. The benefit analysis shows that both salebased financing and interest-paying credit takes profit from buyer for providing benefit of deferred payment. There is no real benefit of sale-based or rent-based financing for customer since Islamic banks never run real trading or rental business. This paper recommends Islamic banking to focus on its core as profit-sharing banking. Finally, this paper discusses some problems facing Islamic banking on the way transforming itself into fully-fledged profit-loss sharing banking and offers ideas to resolve it.]]>
<![CDATA[THE EFFECT OF MACROECONOMIC VARIABLES ON FISCAL SUSTAINABILITY IN INDONESIA, PERIOD 2004Q1-2018Q4 ]]>
<![CDATA[Muhammad Latif Abdullah]]>;
<![CDATA[FNU Sunaryati]]>
<![CDATA[ Airlangga International Journal of Islamic Economics and Finance Vol. 1 No. 2 (2018): July-December 2018 ]]>
Publisher : <![CDATA[Universitas Airlangga ]]>
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DOI: 10.20473/aijief.v1i2.20802
<![CDATA[Abstract Fiscal sustainability illustrates the condition of a healthy government budget which can finance government spending without increasing debt supply. The purpose of this study is to analyze the impact of macroeconomic variables on fiscal sustainability which in this study fiscal sustainability is proxied as a government budget deficit. The data used in this study is the 2004Q1-2018Q4 time series data using the Vector Error Correction Model (VECM). The results showed that fiscal conditions in Indonesia are sustainable and macroeconomic variables such as domestic debt andinflation has a positive effect on increasing the government budget deficit. Whereas the variable state revenues and foreign debt negatively affect the government budget deficit.Keywords : Fiscal Sustainability, Government Budget Deficit, Domestic Debt, Foreign Debt.]]>
