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Eko Fajar Cahyono
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Islamic Economics Departement Faculty Of Economics and Bussines Universitas Airlangga Jl. Airlangga No. 4-6, Surabaya 60286, Indonesia Telp. 031-5033642, 031-5036584 ext. 144, Fax 031 026288
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Airlangga International Journal of Islamic Economics and Finance
Published by Universitas Airlangga
ISSN : 25799169     EISSN : 26158205     DOI : 10.20473/aijief.v3i2.23878
Core Subject : Economy,
Economics, Econometrics & 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
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 55 Documents
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Credit & Liquidity Risk of Asia Pacific Islamic Bank: Evidence from Indonesia & Malaysia Resi Asrianti; Yaser Taufik Syamlan
Airlangga International Journal of Islamic Economics and Finance Vol. 4 No. 1 (2021): JANUARY-JUNE 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v4i1.24898

Abstract

This study aims to analyze the effect of Third Party Funds (TPF), Capital Adequacy Ratio (CAR), Bank Age, Non Performing Financing (NPF), and Return On Assets (ROA) on the level of risk taking of Islamic banks in Indonesia and Malaysia. Risk taking in this study is proxied by Financing Asset Ratio (FAR) and Financing to Deposit Ratio (FDR). The data used in this study are the cross section data of Islamic banks in Indonesia and time series data of 2010 to 2017 from each of the financial statements of Islamic banks in Indonesia and Malaysia which act as the object of this research. This research uses panel data regression method.  Based on the analysis, The TPF and the CAR has big impact on the Credit and Liquidity Risk in both observed country. CAR significantly influenced the credit risk, when the CAR goes up, it is resulted from the addition of equity due to the rise of NPF. Moreover, in the liquidity risk in Indonesia is caused by the mismatch nature of Indonesian funding side. On the other hand, the credit risk in Malaysia rises whenever the TPF increase and the liquidity is caused by the deposit taking and risk taking activity. The introduction of investment account by the Bank Negara is among the factors of significant as well as negative result of it.   This paper urges the OJK to speed up the implementation of Investment Account product in Indonesian Islamic bank since it will reduce the liquidity risk and at the end will decrease the credit risk.
CHICKEN-AND-EGG DILEMMA BETWEEN INCOME AND ALMS: REVIEW OF ISLAMIC PERSPECTIVES Fitri Nurjanah; Mutiara Sakinah; Askar Muhammad
Airlangga International Journal of Islamic Economics and Finance Vol. 4 No. 1 (2021): JANUARY-JUNE 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v4i1.23173

Abstract

Indonesia is the most generous country in the world. This is evident from the World Giving Index created by the Charities Aid Foundation which has placed Indonesia in the number one position in the world in 2018. There is an increase compared to the previous year, where Indonesia was in second place after Myanmar. The main indicators are the level of donating money, helping foreigners, and participating in volunteer activities. On the other hand, the World Bank in 2018 placed Indonesia in the sixteenth position based on GDP Current USD and the eighth position based on GDP PPP Current USD. This proves that income is not the main thing that encourages someone to give alms. However, it is still uncertain whether income and level of alms correlate with each other. Jones and Posnett (1991) revealed that an increase in the behavior of giving alms is not in line with an increase in household income. On the other hand, there is a significant positive relationship between income and a person's level of alms (Arshad, 2016). The two types of research mentioned (Jones and Posnett, 1991; Arshad, 2016) conducted testing at the micro level. Therefore, this research will concentrate more on the macro level. Pharoah and Tanner (1997) explain that people who consider religion important in their lives tend to give more. This study uses a quantitative approach to test the correlation between the World Giving Index and GDP using the Spearman rank correlation test. The Spearman rank correlation test measures the correlation between two random variables based on ranking order. The author has found that there is no correlation between high income and the desire to give alms. This research can be used as a reference for the Indonesian government to reduce inequality and poverty in the country by realizing the potential of alms in Indonesia.
THE INFLUENCE OF HALAL PRODUCT IMAGE, PRODUCT DESIGN, AND MARKETING STRATEGY ON CONSUMER LEVELS IN HALAL COSMETIC PRODUCTS (CASE STUDY ON SAFI) Nispawatil Isnaini; Alifia Nur Zaida; Khusnul Zulmiati
Airlangga International Journal of Islamic Economics and Finance Vol. 4 No. 1 (2021): JANUARY-JUNE 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v4i1.24422

Abstract

The halal industry is an innovation in the business world that can increase economic growth in Indonesia. The halal industry market in Indonesia is now growing rapidly and has become an alternative choice among the public. Several industrial sectors that support the development of the halal industrial market include banking, food and beverage, Muslim fashion, health, and cosmetics. The topic that is the focus of this research is the cosmetics industry which has been certified halal. Halal cosmetics are one of the halal products that are being discussed and sought after by many people. In Indonesia, the halal cosmetics industry continues to experience significant development. Public interest in halal cosmetics is increasing along with public awareness of the importance of using halal products, especially cosmetic products. In order to meet the increasing consumer demand for halal cosmetic products, of course, producers will make various efforts to be able to provide quality products. Efforts to improve the quality of this product are aimed at maintaining and increasing consumer confidence in the halal cosmetic products he has chosen. Talking about efforts to increase consumer confidence in halal cosmetic products, there are several supporting factors that need to be studied. Therefore, in this study the researcher wanted to analyze the effect of the image of halal products, product design, and marketing strategies on the level of consumer confidence in halal cosmetics. This research is more focused on one of the brands of halal cosmetic products, namely Safi, where its products are well known by the wider community. The theoretical framework in this study uses the TOE (Technology, Organization, Environment) framework approach where each independent variable that affects is correlated with this concept. The method used is a quantitative method. Data collection was carried out by distributing questionnaires to respondents, in this case the consumers of Safi halal cosmetic products in Indonesia. This research was conducted using non-probability techniques. The test of this research is that the authors use SPSS 25.
THE INFLUENCE OF PERCEPTION AND ATTITUDE TOWARD ZAKAT, INFAQ, AND ALMIGHTY INTEREST IN OVERCOMING POVERTY LEVELS IN INDONESIA (CASE STUDY IN YOGYAKARTA) Taufik Riza Mahendra; Yuni Sarah; Ghina Fitriani
Airlangga International Journal of Islamic Economics and Finance Vol. 4 No. 1 (2021): JANUARY-JUNE 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v4i1.25659

Abstract

Zakat, infaq and alms are a solution in overcoming the problems of poverty levels and inequality of welfare in Indonesia, which have become problems that continue to be faced today. In Islam, the law for a person to give zakat is obligatory for those who already have assets that reach the nisab in one year. Zakat aims to distribute assets so that there are no social problems, both poverty levels and socio-economic disparities. Meanwhile, infaq and alms in Islam are voluntary. However, if these three activities are carried out on a large scale, it will affect the economic level of a country. The purpose of this research is to see how much someone cares and how much interest is someone in helping other members of society who are less well off and do not have power in the economy. The method used in this research is quantitative-descriptive with multiple linear regression data processing using SPSS 26 analysis tools. The results of the research conducted show that there is an influence of perceptions and attitudes on the interest in zakat, infaq and alms.
ANALYSIS OF COMMUNITY CASH WAQF INTENTION TO SUPPORT SUSTAINABLE DEVELOPMENT GOALS (SDGs): THEORY PLANNED BEHAVIOUR APPROACH Alif Khuwarazmi Maulana Julendra; Silvi Sri Mulyani; Arfi Mulyasa Insani
Airlangga International Journal of Islamic Economics and Finance Vol. 4 No. 1 (2021): JANUARY-JUNE 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v4i1.26383

Abstract

The SDGs outline 17 goals that are part of the sustainable development agenda. One of the efforts that can be made to alleviate poverty around the world is by utilizing "endowment funds". In Indonesia, financing innovation to alleviate poverty can be done through cash waqf. However, the facts on the ground show that the huge potential for cash waqf cannot be optimally absorbed. Therefore, this study aims to explore and test empirically the extent to which the Indonesian people intend to optimize the potential of cash waqf in an effort to support financing and achieve the goal of poverty alleviation in Indonesia. This is done by identifying the factors that influence the intention of the Indonesian people to distribute cash waqf and correlating this with the influence of public knowledge about waqf, especially the cash waqf itself. The method used in this study is a quantitative method by collecting primary data from as many as 316 Muslim respondents throughout Indonesia. The questionnaire used is the adoption of Theory Planned Behavior (TPB) with the addition of several variables that affect intention. This approach is used to determine the community's intention to distribute cash waqf. The results of the study indicate the consideration of Indonesian Muslim knowledge in the influence of the intention to do cash waqf, and the results show that there is no significant influence between attitudes (attitudes towards) and people's intention to donate money.
Acceleration of Financial Technology Growth towards Inclusiveness of Unbankable Society in Achieving the Vision of the Islamic Banking Roadmap 2020-2025 (Case Study: Generation Z, Jabodetabek) Ahmad Zikry Fadillah
Airlangga International Journal of Islamic Economics and Finance Vol. 4 No. 2 (2021): JULY-DECEMBER 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v4i2.31434

Abstract

Indonesia's digital economy continues to experience positive growth. The growth of the digital economy causes the volume of digital banking transactions to continue to increase. This shows the potential in utilizing the fintech market to the fullest. However, this market has not been utilized properly because there are still unbankable people who have not been accessed by banking services. The presence of fintech is expected to be a solution to target the unbanked population. Based on the existing potential, fintech has the opportunity to be developed to increase the financial inclusion of Islamic banking in accordance with the 2020-2025 Islamic Banking Roadmap in Indonesia. With the largest Muslim population in Indonesia and through the role of Generation Z, which is a generation that grew up in the digital era, this can be a potential in increasing the role of fintech as an effort towards inclusiveness for the unbankable community. With the increase in community inclusiveness, it can encourage the acceleration of the development of Islamic banking. This study aims to optimize the role of fintech development in Islamic banking in achieving the objectives of the 2020-2025 Islamic Banking Roadmap in Indonesia. The method used in this research is quantitative research with data collection techniques through literature reviews and questionnaires. The results show that the majority of Generation Z have access to good fintech financial services. Thus, generation Z has a role in increasing the financial inclusion of Islamic banking through the use of technology services, namely fintech, so that in the end, increasingly inclusive banking finance can support the achievement of the vision of the sharia banking roadmap that has been launched by the OJK.
THE EFFECTIVENESS OF MACROPRUDENTIAL POLICIES IN MITIGATING THE SYSTEMIC RISK IN INDONESIA Muh Imaduddin Akbar; Muhammaf Ghafur Wibowo
Airlangga International Journal of Islamic Economics and Finance Vol. 4 No. 2 (2021): JULY-DECEMBER 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v4i2.27717

Abstract

AbstractThis study aims to investigate the effectiveness of macroprudential policies in mitigating the systemic risk in Indonesia. The study uses quantitative descriptive analysis with the Vector Error Correction Model (VECM) and emphasizes on the impact of two macroprudential instruments applied in Indonesia; Macroprudential Liquidity Buffer (MLB) and Countercyclical Capital Buffer (CCyB) to credit growth for conventional and financing growth for Sharia bank. This study employes monthly data over the periods M12010-M102019 that obtained from Bank Indonesia’s (BI) website (www.bi.go.di) and the data published monthly by Financial Service Authority (OJK); Indonesia Bank Statistic and Sharia Bank Statistic.The result indicates that MLB has a positive impact on credit growth and negative effect financing for Sharia Bank. Otherwise, CCyB shows the opposite results, where it has a negative effect on credit growth, while in the Sharia bank, CCyB has a positive effect. Therefore, it is sufficient to conclude that MLB has a capability to curb the systemic risk for Sharia bank, whereas CCyB is effective for conventional bank.
OVERVIEW OF BSI DIGITALIZATION IN CREATING A HEALTHY COMPETITIVE MARKET BY OPTIMIZING EXISTING STATE-OWNED BANK CUSTOMERS Alivia Fitriani Hilmi
Airlangga International Journal of Islamic Economics and Finance Vol. 4 No. 2 (2021): JULY-DECEMBER 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v4i2.31403

Abstract

Indonesia has great potential for the development of the Islamic banking industry. However, the reality shows that this potential increase runs contrary to the development of Islamic banking. The concept of policies that have been set by the government has not been able to persuade the public to use Islamic banking. Therefore, the government implemented the latest policy, namely the merger of Islamic banks by providing one mobile banking. Where there is a merger of Islamic banks accompanied by digitalization, it automatically makes Indonesian Islamic banks a holding bank with larger capital, practical, efficient and easily recognizable. The merger of Islamic banks will strengthen the Islamic banking sector which is predicted to be able to move the real sector and have the highest assets. with the existing potential, the authors conducted research on the development of sharia bank customers by optimizing the digitalization of BSI with the potential for existing BUMN bank customers who have not used sharia services with a healthy competitive market. The research method used is SWOT analysis, as well as quantitative descriptive and simple linear regression T test withobservation data random sample. SWOT matrix analyzed the results also indicate one or mergers quadrant Islamic banks must maintain an aggressive strategy by leveraging the dominance of one bank BUMN.Selain existing customers, the result of quantitative descriptive analysis based on the calculation likert and intervalscale,72% of 60 respondents agreed to the item – a questionnaire item that refers to the creation of a healthy competitive market with the existence of BSI digital banking. From the results of the T test, it shows that there is an influence between the digitalization of banking mergers of Islamic banks on the optimization of existing customers of state-owned banks.
Conventional and Islamic Letter of Credit: Comparison and Implementation Atharyanshah Puneri
Airlangga International Journal of Islamic Economics and Finance Vol. 4 No. 2 (2021): JULY-DECEMBER 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v4i2.23048

Abstract

This study attempts to provide the insight about payment method in international trade, especially by using Letter of Credit both conventional way and Islamic way. This study is exploratory and using qualitative method of research. This study reviews and analyses the previous literatures and other secondary data to conduct the study. The secondary data for this research were gathered through library research. This study also doing the document analysis. Based on the data collected, Letter of Credit is the most secured and commonly used as the method of payment for International Trade. But a lot of contents on the Conventional Letter of Credit is not Shariah-compliant. Islamic Financial Institutions around the world trying to comes up with Islamic Letter of Credit, but to implementing Islamic Letter of Credit creates some new issues and challenges. This study attempts to provide the insight about payment method in international trade, especially by using Letter of Credit both conventional way and Islamic way.
BASYTAMA CONCEPTS OF SHARIA FINANCIAL LITERATURE ACCELERATION IN PREPARING EXCELLENT HUMAN RESOURCES BASED ON VILLAGE COMMUNITIES Daffa Redika Fauzi; Fatimah Adzakiyah Shalihah; Prisilia Hadi; Dian Purnomo Jati
Airlangga International Journal of Islamic Economics and Finance Vol. 4 No. 2 (2021): JULY-DECEMBER 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v4i2.31701

Abstract

Indonesia's Islamic finance sector (Halal Finance) is experiencing rapid growth. In a pandemic situation, Islamic banking grows consistently. It recorded that in 2020, Islamic banking grew by 9.22%. Based on the Islamic Finance Development Index issued by the Islamic Corporation for the Development of the Private Sector (ICD), Indonesia's Islamic finance industry managed to climb to rank two after previously occupying the 4th position. The productive age of the population also has considerable potential to increase the number of Islamic bank customers in Indonesia. This is also becoming more potential because based on data from the Central Statistics Agency in 2019 Indonesia has 83,820 villages. However, on the other hand, based on a survey from the Financial Services Authority (OJK) in 2019, the Islamic financial literacy index of the Indonesian people only reached 8.93%. Based on the potential and existing problems, this study aims to develop a concept of public interest in using Islamic bank products through the Bank Syariah Kita Bersama (Basytama) program which is part of a community empowerment strategy and builds superior human resources through the development of community-based Islamic financial ecosystem institutional aspects. village. This research is based on descriptive qualitative analysis. This is supported by the use of primary and secondary data, in primary data collection we use distributing questionnaires to people and conducting interviews by telephone or virtual conference based on in-depth interviews. contact. In addition, to help support research to obtain more comprehensive and extensive data, we also use secondary data through library research, using various trusted and credible reference sources. The conceptual model of Basytama focuses on aspects of Islamic banking, empowerment, and education in rural communities. We base this concept on Basytama programs such as collecting and distributing funds, collaborating with stakeholders at the village level, opening assistance programs, and researching village potentials through the Basytama Institute so that it is hoped that an increase in the competence and standard of living of the community will be achieved accompanied by an increase in the quality of life. Islamic financial literacy at the village level.

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