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Jurnal Iqtisad
Published by Universitas Islam Indonesia
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Articles 17 Documents
 1   2 
Penalty Imposed On Debt Payment Delaying-Capable-Clients: A Study on DSN-MUI’s Fatwa No. 17/DSN-MUI/IX/2000 Maftukhatusolikhah Maftukhatusolikhah
Jurnal Iqtisad Vol. 4 No. 2 (2003): English Version
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss2.art5

Abstract

Islamic banking is an obvious sample of Islamic economic system implementation, and hence, problems around Islamic banks are interesting to study.  As a system differing from conventional, both in terms of ontology and epistemology, Islamic banking is expected to be able to offer a truly Islamic system that is in line with the Quran and Sunnah. Therefore, if any problems emerge on it, the solutions will be determined according to Islamic law.One of the problems faced by Islamic banking is the handling of debt payment delay-ing-capable-clients. Delaying debt payment is an action if permitted to continue will dis-turb bank’s productivity and, indirectly, Islamic banking system as a whole. Moslem schol-ars have different positions on this matter. National Shariah Council of Indonesian Coun-cil of Ulema (DSN-MUI) and several individual jurists contend that it is necessary to pe-nalize debt payment delaying-capable-clients with the obligation to compensate material loss as “overdue fine”. Several other jurists however argue the penalty as it is considered similar to forbidden riba, whereas the main argument (raison d’etre) for the establishment of Islamic banking is itself to avoid this kind of riba. Hence, legal-normative perspective in handling debt payment delaying-capable-clients is very interesting to study.
Rekonstruksi Etika Bisnis: Perspektif Al-Qur’an Lukman Fauroni
Jurnal Iqtisad Vol. 4 No. 1 (2003)
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Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss1.art6

Abstract

Walaupun umat Islam belum maju dalam bidang perekonomian, tetapi kajian ekonomi dan bisnis dari perspektif al-Qur’an belum banyak dilakukan. Penelitian ini memilih bidang etika bisnis, dengan fokus masalah; bagaimanakah pandangan al-Qur’an tentang bisnis dan etika bisnis, prinsip-prinsip etika bisnis serta prinsip-prinsip yang melandasi praktek mal-bisnis. Dan bagaimana pula relevansinya dalam membangun bisnis yang Islami. Penelitian ini mendasarkan pada interpretasi ayat-ayat al-Qur’an dengan menggunakan pendekatan hermeneutik yang didukung metode semantik.Bisnis dalam al-Qur’an disebut sebagai aktivitas yang bersifat material sekaligus immaterial yang didalamnya terdapat nilai-nilai etika bisnis. Suatu bisnis bernilai, bila telah memenuhi kebutuhan material dan spiritual secara seimbang. Pada hakikatnya bisnis harus terbebas dari kandungan kebatilan, kerusakan dan kezaliman. Sebaliknya terisi dengan nilai kesatuan, kehendak bebas, pertanggung-jawaban, kesetimbangan dan keadilan serta kebenaran (kebajikan dan kejujuran). Dengan padangan ini etika bisnis dapat diimplementasikan oleh siapapun, kapanpun, dimanapun serta tidak terbatasi oleh perkembangan media bisnis. Pada dasarnya semua jenis bisnis dibolehkan, kecuali bertentangan dengan nilai etika bisnis atau dilarang oleh Syari’at. Bisnis adalah baik dan benar kecuali yang mengandung kebatilan, kerusakan atau kedzaliman.
Do Risk-Based Capital Requirements Allocate Financing and Cause a "Bigger" Loan Loss Provision for Islamic Banks? Abdul Ghafar Ismail; Shahida Shahimi
Jurnal Iqtisad Vol. 4 No. 1 (2003)
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss1.art1

Abstract

The purpose of the study is to examine the Islamic banks' response to the risk-based weighted capital requirements implemented in 1989. This paper will look at three possible effects; First, will the implementation of risk-based capital encourage substitution out as-sets in the 100 percent risk category such as deferred payment (debt contract) and, into as-sets in the less risky categories such as mudharabah and musharakah financing and gov-ernment investment certificates? Second, will the implementation of risk-based capital (RBC) discourage Islamic banks to utilize the equity financing upon subsidiary companies as the latter is deducted from the total capital base? Third, may the risk-based capital cause a "bigger" loan loss provision, as the concentration of financing is based on the debt contract? This study finds that Islamic banks could reduce financing portfolios in order to increase capital ratios. Second, the core capital ratio is enough to fulfill the 8% capital re-quirement indicating that Islamic banks do not rely on Tier-2 capital. Third, the higher percentage of debt financing may lead to the losses from debt financing that are entirely absorbed by banks and later, by depositors, resulting in lower return to depositors.   JEL Classification numbers: G15; G18; P51Keywords: Islamic banking; bank capital; loan loss provision
Maximization of Economic Cooperation among Moslem Countries and the Urgency of “Islamic Common Market” Mohammad B.Hendrie Anto
Jurnal Iqtisad Vol. 4 No. 2 (2003): English Version
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Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss2.art6

Abstract

“O humankind! We have created you from male and female, and made you into nations and tribes that you may know one another. Verily, the most honorable of you with Allah is that (believer) who has at-taqwa” (al-Hu¬jurat: 13)
Menuju Konsep “Maximum Likelihood”: Islam Menjawab Volatilitas Ekspektasi dalam Perekonomian Ibrahim Kholilul Rozaq; Satria Utama Soekarjono; Nurkholis Nurkholis
Jurnal Iqtisad Vol. 3 No. 1 (2002)
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Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol3.iss1.art1

Abstract

In terms of the extent of its currency depreciation, many countries in Asia  get serious casualty of this financial crisis. It is paradoxical, given the soundness of Asia’s economic position in 1996 and the economy’s good performance during the first half of 1997, which was supported by tight fiscal policies, prudent monetary policies, and an adequate exchange rate policy. The end result is that the crisis that has afflicted Asia since mid-1997 has radically changed Asia’s economic position, with the exchange rate suffering a severe depreciation of around 30 %-80% percent (for some Asian countries observed) between July 1997 and January 1998. One of the most important things behind the screen of this crisis is a term called: expectation. Expectation has destroyed stability of many variables: Exchange rate, capital flow, the value of debt, trade balance, and inflation that simultaneously break down the stability of economic condition. Expectation based on condition that in Islamic’s perspective: God has cover our heart to think as wise as possible, something non-linear, and –the most dangerous- to act without sense of humanities to other people, or country that suffered by crisis. In more familiar explanation, expectation occured when individual predicts the next condition given by the assumption, value, and rational thinking. Based on this fact, it must be seen that some space has opened to show Islamic view to solve this crisis. With the very limited ability, this study tried to, explore how Islam manage the expectation and give the obligation that this management will converge in economic stability overtime.
Zakah as Deductible for Taxable Income: A Macroeconomic Perspective Akhmad Akbar Susamto
Jurnal Iqtisad Vol. 4 No. 2 (2003): English Version
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss2.art1

Abstract

Zakah is a very basal religious service and closely interconnected with both transcen-dental and social aspects of human life. According to Islamic rules, zakah is imposed on every soul (zakah al-fitr) and certain properties meeting the standardized measure (zakah al-maal). Collected zakah is hereinafter distributed to the poor, the needy, the people em-ployed to administer zakah, and the people whose hearts are made to embrace Islam, the people in bondage, the people twined by debt, the fighters in the cause of Allah, as well as the wayfarers. In Zakah Management Act No. 38/1999 mentioned, that zakah which have been bestowed to Badan Amil Zakah or Lembaga Amil Zakah (i.e. government and non-government bodies for the collection of zakah respectively) will be considered as deducti-ble for one’s taxable profits or incomes. Likewise, in Act No. 17/2000 contended that zakah of income can be considered as deductible for one’s taxable incomes. With a few appropri-ate assumptions, we can prove that the application of zakah as deductible for one’s taxable incomes will have several impacts on the economy. Aggregate consumption will increase, saving will decrease, investment criterion will change, and national income as a whole will finally enlarge. Government is therefore suggested not to hesitate to execute the Zakah Consciousness Movement.
Study on Factors Influencing Performance of The Best Baitul Maal Wat Tamwils [BMTS] In Indonesia Muhammad Akhyar Adnan; Agus Widarjono; M.Bekti Hendri Anto
Jurnal Iqtisad Vol. 4 No. 1 (2003)
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss1.art2

Abstract

The Islamic financial institutions generally, and the Islamic banks particularly have been interesting phenomena for about last two or three decades. They are believed [by many] to be an interesting, challenging and promising model of the current or conventional financial systems. In the case of Indonesia, despite of the fact that there are two official types of Islamic bank, as they are accommodated by Banking Act No. 7 1992, as well as Banking Act No. 10 1998, there is an additional type as what so-called Baitul Maal wat Tamwil, or abbreviated as BMT.BMTs have even attracted more attention. First, because they are generally unregistered under the normal practice rule such as Central Bank. Second, they have developed very significantly in quantity and spread in very wide areas of different provinces. Currently, there are about two thousand BMTs around the country. This indicates that BMTs have been contributing to the national economy. Third, although the country is hit by the crisis, many BMTs operate smoothly.  This is contrary to what might be seen in the fact faced by many formal conventional banks. Based on the above factors, we are interested in investigating what the influencing factors are behind the good performance of BMTs in general. This is the main objective of this study. To answer the research problems, the data were collected from the best 47 BMTs in five different provinces, i.e., West Java, Jakarta Special Territory of Capital, Middle Java, Special Region of Yogyakarta, and East Java. The simple descriptive, as well as the regression analysis, was applied. It is found that there are four main influencing factors. They are the salary rate of management, the education and the management skill of personnel's involved in daily operation and the product attributes. Other factors predicted at the beginning [such as working hours, the number of products] are found to have a negative correlation to the BMT's performance. One important implication of these finding is that there is a serious need to improve the management skill as well as the need to refine the managers' rate of salary.Keywords: Islamic Financial Institutions, Microfinance, Performance evaluation.
Relevansi Ajaran Agama dalam Aktivitas Ekonomi Syafiq Mahmadah Hanafi; Achmad Sobirin
Jurnal Iqtisad Vol. 3 No. 1 (2002)
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol3.iss1.art2

Abstract

This paper discusses the effect of the values and interpretations of religion on economic activity. We argue that although the religions influence the economic activities, but the interpretations on the religions prove to have more profound impact on the activities. Islam and Protestant –i.e. the interpretations on them- have different views on the nature of behavior and the institutions involved, being Islam emphasis ‘social’ nature and Protestant emphasizes ‘individual’ nature. These emphases lead to differences in economic activities and institutions involved.
The Potential of ZIS Fund As an Instrument in Islamic Economy: Its Theory and Management Implementation Budi Budiman
Jurnal Iqtisad Vol. 4 No. 2 (2003): English Version
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss2.art2

Abstract

Zakah, infaq and shadaqah (ZIS) are proven to have significant roles in the development of Islam and Moslems in Indonesia. This fact can be seen among others from the number of mosques in all scale, schools and madrasah, Islamic boarding schools, orphanages, uni-versities, hospitals, and public health clinics, as well as public meeting rooms which are built with funding from zakah, infaq, shadaqah and waqf, beside from governmental aids.However, the more important fact is that zakah needs to be positioned as a source of public revenue with which impecunious people’s esteem can be promoted. It is not easy, of course. Many things should be done in ZIS fund management, from arranging legislations to preparing human resources that are not only comprehending zakah management but also having trustworthiness as organizers of ZIS fund.Many factors causing contradiction between the potential of zakah and the number of impecunious people in Indonesia, among others, the inability of zakah management bodies (i.e. BAZ or LAZ according to the Act No. 38 Year 1999 concerning Zakah Management) to attain the expected level of service quality. Though in the last ten years Indonesian Mos-lems begin to realize the obligation to pay zakah, but the condition of the poor and the needy is still practically unchanging.
The Influence of Religiosity, Income And Consumption on Saving Behaviour: The Case of International Islamic University Malaysia (IIUM) Naziruddin Abdullah; M. Shabri Abd.Majid
Jurnal Iqtisad Vol. 4 No. 1 (2003)
Publisher : Jurnal Iqtisad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/iqtisad.vol4.iss1.art3

Abstract

Islam encourages its ummah to consume goods and services moderately, and prohibits them from wastage or extravagance. With these encouragements and prohibitions firmly embedded in the teachings of Islam, it is expected that the Muslims will save more out of their given income. Further, the limitation of consumption basket within the Islamic concept of permissibility (halal) and prohibition (haram), the potentiality of saving amongst the Muslims is obviously enhanced. This will in turn imply that a practising Muslim (i.e., the Muttaqin) who obeys all the shari’ah injunctions will tend to save more than the ignorant Muslims, cateris paribus. With this in mind, the paper attempts to measure the influence of religiosity, income and consumption on saving behaviour. To make the study materializes, the IIUM students, Malaysian and international, are taken as the case study. From the empirical results, it is found that the religiosity and other variables have a significant impact on the IIUM students’ saving behaviour. The inference of the finding is that such a relationship, for example, between religiosity and saving may exist if the study is extended to investigate the saving behaviour of Muslims with different credentials.Key words: Saving behaviour, Religiosity, Consumption and Income.

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