Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics)
This journal focused on Islamic law on economics and finance studies and present developments through the publication of articles. Specifically, the journal will deal with topics, including but not limited to Islamic law on Islamic Banking, Islamic Marketing, Islamic Human Resources, Islamic Finance, Zakah, Waqf, Poverty Alleviation, Islamic Public Finance, Monetary Economics, Economic Development, Maqasid al-Shariah, Institutional Economics, Islamic management, Behavioural Economics and Finance, Corporate Governance, Risk Management, Shariah issues, Financial Engineering, Securitization and Sukuk, Islamic Capital Markets, Insurance and Takaful, Regulatory Issues, Corporate Social Responsibility in Islam and other topics which related to this area. The journal is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines.
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Sharia Supervisory Board in Limited Company-Based Sharia Banks
Nurhasanah Nurhasanah
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 14, No 2 (2022)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v14i2.26190
This paper aims to examine the function of the Sharia Supervisory Board (SSB) due to the inconsistency of laws and regulations concerning this body. Law No. 21 of 2008 on Sharia Banking has required every Sharia Bank and Sharia Business Unit in the Banks to form an SSB. However, Law No. 40 of 2007 on Limited Liability Companies has not regulated the SSB as a corporate organ. This paper analyzes laws and regulations on the SSB and court decisions on cases resulting from legal inconsistencies, with the organizational structure and fiduciary duty theories as analytical frameworks. This study finds out that legal ambiguity results in the absence of coordination between the SSB and other bodies in the organization. Thus, this prevents the SSB from optimally carrying out its functions and roles. Among the consequences is the inability to ensure sharia compliance in business contracts leading to lawsuits to cancel the contracts.
The Influence of Knowledge, Service Quality, Trust, and Perceived Value on Sharia Fintech Customer Satisfaction
Siti Ismi Diningty Fauzi;
Irfan Syauqi Beik;
Jono Mintarto Munandar
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 14, No 2 (2022)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v14i2.28327
The existing fintech in Indonesia is changing the landscape of the global financial sector significantly. Using SEM-PLS analysis, this study aims to determine the effect of knowledge, service quality, trust, and perceived value on customers’ satisfaction of sharia fintech. Using the sharia fintech ALAMI customers, this study finds that knowledge, trust, quality of services, and perceived behavior have a positive significant influence on ALAMI's customer satisfaction. This could be attributed to the easy access provided by fintech.
Gen Z' Halal Cosmetic Purchasing: Merely a Way of Life?
Akfini Farihah Fiddarayni;
Sepky Mardian
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 14, No 2 (2022)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v14i2.26866
Generation Z (Gen Z) have distinctive consumer behavior as trends massively influence them. This study aims to determine the effect of financial literacy, halal certification, and halal awareness of halal-labelled cosmetics among Gen Zs, using the case of undergraduate students in Depok. The methodology used is quantitative with a causal approach. The data were obtained from 101 female students filling out the questionnaire. The data was processed using Partial Least Squares-Structural Equation Model (PLS-SEM). The findings indicated that financial literacy influenced the users of halal cosmetics. However, halal variables related to halal certification and awareness have not significantly influenced cosmetic consumption.
Religious Humanism Synergy to Develop Creative Industry-Based Halal Tourism in Indonesia
Andi Fariana;
Saripudin Saripudin;
Ovalia Rukmana
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 14, No 2 (2022)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v14i2.28354
This study aims to propose a halal tourism model by adopting religious humanism integrated with the creative industry as a baseline. This is a legal study with a statutory approach, relying on various laws and regulations as the primary data, including MUI’s fatwas. This study found that religious humanism can be integrated into the development of the halal tourism industry based on creative industries, with Regional Regulations (Perda) as the guideline. The integration of religious humanism in development is possible with the participation of all stakeholders. This is because the development of halal tourism is not merely about tourism objects but also the community. In this case, religious people easily accept the idea and are willing to participate as long as the integration is structured.
Sharia Integration in Hospital Service: Implementation of Purity and Ikhtilāṭ Aspect
Muhammad Maksum;
Afidah Wahyuni;
Sahlul Fuad;
Ade Rina;
Farida Latifatul Hasanah;
Fabien Bonhomme
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 14, No 2 (2022)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v14i2.29057
The application of sharia hospitals has implications for improving services. Two standards must be met, including purity and avoidance of ikhtilāṭ. However, this effort requires a large amount of money, affecting the principle of simple, fast and inexpensive service. The findings indicate that patients and their families benefit from adopting purity standards and avoiding ikhtilāṭ. Implementation of standard purity, however, does not fully have adequate management to ensure standard compliance. Meanwhile, implementing ikhtilāṭ avoidance standards is strongly influenced by the availability of resources and infrastructure. However, under certain conditions, the application of these standards is neglected. Implications This study emphasizes the need for detailed management and guidelines in applying these standards.
The Effect of Peer-Banks on Bank Liquidity Management: The Case of Islamic Banks in Indonesia
Titi Dewi Warninda;
Diamantin Rohadatul Aisy
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 14, No 2 (2022)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v14i2.27206
This study aims to analyze the influence of peer banks on the liquidity management of Islamic banks in Indonesia and whether such influence is robust during the periods of the global financial crisis. This research uses fixed-effect panel data regression with robust standard error and the data of Islamic banks in Indonesia for the years 2007-2020. This research finds that peer-banks have a negative impact on Islamic bank liquidity, and it is robust in the global financial crisis periods. This study contributes to the policymakers and literature regarding the peer bank effect, especially in the liquidity management of Islamic banks. The liquidity management of Islamic banks is not only influenced by the conditions of the Islamic banks themselves but also affected by the behavior of other Islamic banks.
Settlement Of Cross-Border Sharia Economic Disputes Through Arbitration Forum
Helza Nova Lita
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 14, No 2 (2022)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v14i2.25177
In the practice of national and international business contracts, the parties can choose the forum and choice of law that will be used if there is a dispute that occurs in the implementation of the contract. In the resolution of international business disputes, the choice of law chosen can use one of the material law provisions of a particular country, while the choice of forum can choose a particular institution such as the Court, arbitration or other dispute resolution institutions. In practice, the choice of forum for settlement through arbitration is widely used because it is relatively easy and fast. Arbitration institutions are generally used in the resolution of international business disputes. In this article, we will study further about the role of arbitration in the settlement of sharia economic disputes that cross national borders. This is certainly interesting to study because it is related to sharia aspects as well as national and international regulations. The analytical method used is normative juridical, with reference to the provisions of aspects of Islamic law, national law, and international law. In Islamic law, every form of agreement must be obeyed by the parties who make it as long as it does not conflict with sharia principles. In International Civil Law, there is a Choice of Law and Choice of Forum in the resolution of international business disputes. This can also be used by the parties to choose a sharia arbitration forum as a dispute resolution institution in their business which is stated in the contract clauses they have agreed to. Recognition of the implementation of foreign arbitral awards must first have an agreement between countries and the decision does not conflict with public order and the legal provisions of the country where the implementation of the arbitral award is implemented. Keywords: arbitration, cross-border, Sharia.
Institutional and Empowerment Models of Integrated Zakāh Village in Jember
Agus Mahardiyanto;
Moehammad Fathorrazi;
Lusiana Ulfa Hardinawati
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 14, No 2 (2022)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v14i2.27793
Indonesia has a significant zakāh potential. However, the challenges faced by zakāh management are related to the collection and distribution. This research aims to analyze the institutional patterns and empowerment models of the Integrated Zakāh Village in Jember using the Participatory Rural Appraisal (PRA) theory. Using observations, a document study, Focused-Group Discussions (FGD), and in-depth interviews with the zakāh stakeholders, this research assesses the compatibility of the PRA theory in the development of Kampung Zakāh. This study finds that the obstacles in the Zakāh Village program are related to mustaḥiq's work ethics and enthusiasm. Among the aspects that need to be improved is the promotion of the program through social media to make it a massive community movement. Furthermore, this program empowers marginalized groups, including women, and encourages them to be independent.
Amwal Zakat Management: A Case Study in Yogyakarta
Mohammad Jailani;
Waharjani Waharjani
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 14, No 2 (2022)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v14i2.28586
Zakāh collection in Nitikan village of Yogyakarta has experienced an increase since 2017, which previously had been stagnant. This paper aims to investigate the current development of the zakāh collection in that area, as it represents Muhammadiyah's efforts in the religious philanthropic movement. This is a qualitative study, with the data obtained from participatory observation and in-depth interviews with zakāh stakeholders. This study finds that the improvement of the zakāh collection has contributed to several factors. These include the role of ulama and Bapelurzam of Muhammadiyah, leading to the increasing trust of the people. This is strengthened by the changing paradigm of the muzakki regarding zakāh al-māl from merely gold and silver into any properties equal to niṣāb and has reached the haul; and the strong determination of mustaḥiq to transform themselves into muzakki.
Waqf Forest Development Strategy in Cibunian Bogor
Asep Nurimam Munandar;
Mukhaer Pakkana;
Amrizal Amrizal
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 14, No 2 (2022)
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta
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DOI: 10.15408/aiq.v14i2.28119
Indonesia has a significant waqf potential. However, its realization has not been optimal. Using the Bogor Waqf Forest Foundation as the case study, this research analyzes the implementation of the waqf forest development strategy. It assesses the priority Benefits, Opportunities, Costs, and Risks (BOCR) faced. This study uses the business model canvas (BMC) to the BOCR by mapping the nine business blocks of the canvas model. The study finds that the main priorities to strengthen the management and development of the forest waqf project are 1) nāẓir professionalism and competence in knowledge of waqf laws, 2) research and discourse development, and 3) personal approach to collecting waqf funds.