IQTISHADIA
IQTISHADIA, particularly focuses on the main problems in the development of the sciences of Islamic Business and economics areas. It covers Islamic management, 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, 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.
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<![CDATA[Strengthening Corporate Zakat Policy in Indonesia ]]>
<![CDATA[Andriani, Andriani]]>;
<![CDATA[Mairijani, Mairijani]]>
<![CDATA[ IQTISHADIA Vol 12, No 1 (2019): IQTISHADIA ]]>
Publisher : <![CDATA[Ekonomi Syariah IAIN Kudus ]]>
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DOI: 10.21043/iqtishadia.v12i1.2718
<![CDATA[Zakat is one of five pillars in Islam. As the biggest Moslem population country, Indonesia should considered zakat as potential instrument to reduce poverty. In normal economics situation where most growing entities generate profit yearly, business zakat plays an important role to create value added for prosperity. However the regulation of business zakat in Indonesia is very lack. Regulation of Zakat relies solely on Zakat act No.23 year 2011 that doesn’t cover the issue of business zakat. Another regulatory body is the Indonesian Accounting Institution that established sharia accounting standard, namely PSAK 101 which obliges sharia entities to provide business zakat report. Furthermore, the Indonesia Stock Exchange has launched Indonesia Sharia Stock Index (ISSI) and Jakarta Islamic Index (JII) for entities that trade sharia stocks in the capital market. The aim of the research is to discuss the form of policies to support business zakat application in Indonesia. Literature survey is mainly used as methodological approach to conduct this research. Fiqh literatures and sharia accounting standard are explored to support regulation of business zakat in Indonesia. Policies by regulatory bodies with regard to business zakat are also dicussed in order to support business zakat implementation in Indonesia. Empirical data from corporates that are indexed by ISSI or JII in Indonesia Stock Exchange are collected to provide the potency of business zakat. This paper initiates policies to be applied in supporting business zakat implementation in Indonesia.]]>
<![CDATA[Sukuk: A Veritable Tool for Effective Waqf Fund Management in Nigeria ]]>
<![CDATA[Umar, Adamu]]>;
<![CDATA[Aliyu, Shehu]]>
<![CDATA[ IQTISHADIA Vol 12, No 1 (2019): IQTISHADIA ]]>
Publisher : <![CDATA[Ekonomi Syariah IAIN Kudus ]]>
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DOI: 10.21043/iqtishadia.v12i1.4618
<![CDATA[Since its emergence in the early 2000’s, Sukuk has been regarded as the most significant innovation recorded in the Islamic capital market. Sukuk is generally regarded as an equivalent of conventional bond, Sukuk paved way for mobilization of long term Shari’ah compliant funds for equally Shari’ah compliant undertakings. Islamic capital market experts have developed various Shari’ah compliant Sukuk structures, notable among which is Waqf-based Sukuk structure. Viewed as a distinct ethical capitalism and a veritable vehicle for long term financing, Waqf was found to record tremendous impact in all spares of human needs. The paper seeks to unveil how Waqf-based Sukuk could be used to attain effective mobilization as well as management of Waqf assets. It explores the possibility of issuing Waqf-based Sukuk for the development, renovation, reconstruction and modification of Waqf assets in Nigeria. The paper employs a non-experimental, deductive-analytical approach, in its investigation. Evidences show that Waqf-linked Sukuk has been successful in the development of Waqf assets in countries like Indonesia, Singapore and Saudi Arabia. Accordingly, the paper develops a Waqf-based Sukuk (ijarah) framework for fund mobilization for development of Waqf properties in Nigeria. We strongly recommend that both formal and non-formal Waqf institutions in Nigeria should utilize this outlet to effectively develop, deepen and manage their philanthropic activities.]]>
<![CDATA[Islamic Versus Conventional Stock Market Indices Performance: Empirical Evidence from Turkey ]]>
<![CDATA[bayram, kamola]]>;
<![CDATA[Abdullah Othman, Anwar Hasan]]>
<![CDATA[ IQTISHADIA Vol 12, No 1 (2019): IQTISHADIA ]]>
Publisher : <![CDATA[Ekonomi Syariah IAIN Kudus ]]>
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DOI: 10.21043/iqtishadia.v12i1.4631
<![CDATA[Rapid growth of Islamic finance in general and Sharī`ah compliant stocks in particular arises the question whether Islamic funds/stocks have a better performance or there is no significant difference with the performance of conventional counterparts. This study has twofold objectives, firstly to compare the performance of Islamic and conventional stock market indices in Turkey, namely KATILIM50 and BIST 100 by using Two-Sample Test of Hypothesis over the period of 15 May 2015 to 31 December 2016.  Secondly, to examine the causal relationship between both stocks markets indices in the short-run using Granger (1969) Causality Test. The findings of parametric Z-test reveals that there is no statistical significant difference between the performance of both indices the KATILIM 50 index and BIST 100 index in Turkey Stock Exchange Market during the time frame of the study.  Further, the Granger Causality findings indicate the absence of causal relationship between the two stock markets indices in the short-run. This suggests that stock markets in Turkey are informationally efficient and non-violated with the Efficient Market Hypothesis with respect to the available information of both indices. The findings of this study therefore will provide useful channel for Muslim investors to fully participate in the Turkish capital market that is Sharī`ah complaint and fulfil their religious belief without sacrificing any financial performance.]]>
<![CDATA[Does Islamic Religiosity Influence Female Muslim Fashion Trend Purchase Intention? An Extended of Theory of Planned Behavior ]]>
<![CDATA[Riptiono, Sulis]]>
<![CDATA[ IQTISHADIA Vol 12, No 1 (2019): IQTISHADIA ]]>
Publisher : <![CDATA[Ekonomi Syariah IAIN Kudus ]]>
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DOI: 10.21043/iqtishadia.v12i1.4384
<![CDATA[In this article we examine the effect of the variable Islamic Religiosity toward consumer purchase intention on Muslim fashion trends by using the extended of theory of planned behavior as the grand of the theory. Respondents in this study were female Muslim in Central Java, Indonesia. Data collected using purposive sampling and analysis tool used in this study is path analysis. The results showed that all hypotheses were accepted except hypotheses three. Subjective norms have the most influence on the intention to buy female Muslim fashion trends. Subjective norm variables have a significant effect on consumer attitudes and consumer purchase intentions on female Muslim fashion trends. Other findings state that the variable of Islamic religiosity does not have a significant effect on female Muslim purchase intention directly, but the Islamic religiosity variable indirectly influence toward female Muslim purchase intentions through consumer attitudes variables. Whereas for Perceived behavioral control variables have a positive effect on consumer purchase intention.Keyword: Islamic Religiosity, Theory of Planned Behavior, Female Muslim Fashion Trend, Purchase Intention]]>
<![CDATA[The Characteristics of Responses to Smart City Device Usage, Maqasid Shariah (The Objective of Shariah) Perspective: The Case of Kota Depok, West Java, Indonesia ]]>
<![CDATA[Siswantoro, Dodik]]>
<![CDATA[ IQTISHADIA Vol 12, No 1 (2019): IQTISHADIA ]]>
Publisher : <![CDATA[Ekonomi Syariah IAIN Kudus ]]>
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DOI: 10.21043/iqtishadia.v12i1.4571
<![CDATA[The research aims to analyze the characteristics of smart city device usage from maqasid shariah perspective. The smart city device was developed to support users to fulfill their needs which actually relates to maqasid shariah. Therefore, the higher rate of smart city device usage will increase the quality of life. This includes such factors that make people use this device. This research employs the quantitative method based on the questionnaires distributed to the people of Kota Depok, Indonesia. This device is supposed to increase the activity level of smart city. In fact, only few people use smart city device for their needs and purposes. The benefit of the device is a significant factor to use the smart city device. In addition, not all maqasid shariah aspects covered in the smart city device of Kota Depok.]]>
<![CDATA[The Relationship between Religiosity, Self-Interest, and Impulse Buying: an Islamic Perspective ]]>
<![CDATA[Hoetoro, Arif]]>;
<![CDATA[Hannaf, Muhammad Said]]>
<![CDATA[ IQTISHADIA Vol 12, No 1 (2019): IQTISHADIA ]]>
Publisher : <![CDATA[Ekonomi Syariah IAIN Kudus ]]>
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DOI: 10.21043/iqtishadia.v12i1.4501
<![CDATA[The expansion of e-commerce dramatically changes the spending patterns which are found a significant number of impulse buying. Practical method and easy way to buy specific goods from e-commerce might be an important factor why customers spent their money more impulsively. Researches on this phenomenon showed that psychological values emerged from religiusity condition and self-interest encouragement play as self-regulation for controlling impulsive buying behavior. Viewed from Islamic economic perspective, this study seeks to configurate self-interest (al-nafs) into three levels namely al-nafs al-ammarah, al-nafs al-lawwamah, and al-nafs al-muthmainnah when al-nafs involved in online impulse buying. The first two layers of al-nafs refer to the level of self-interest which are material oriented, whereas the last one represents the highest level of self-interest which is spiritual oriented. By employing 134 repondents from e-commerce customers in Jakarta, the research findings revealed that there was no relationship between religiusity and al-nafs al-ammarah and al-nafs al-lawwamah. However, al-nafs al-ammarah (sig.= 0.000) and al-nafs al-lawwamah (sig.=0.040) positively influenced impulse buying. Meanwhile, there was strong relationship between religiusity and al-nafs al-muthmainnah (sig.= 0.000) in which this highest level of self-interest did not have relationship with impulse buying. These research findings have important implications that in order to regulate impulsive buying behavior, customers should control their self-interest and make it to be al-nafs al-muthmainnah. Â ]]>
<![CDATA[Do Islamic Microfinance Practise Descrease the Level of Three Aspects of Poverty ]]>
<![CDATA[wulandari, ries]]>;
<![CDATA[Dzakiroh, Husna]]>
<![CDATA[ IQTISHADIA Vol 12, No 1 (2019): IQTISHADIA ]]>
Publisher : <![CDATA[Ekonomi Syariah IAIN Kudus ]]>
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DOI: 10.21043/iqtishadia.v12i1.2883
<![CDATA[Islamic microfinance institutions such as Baitu Tamkin is one of Koperasi Syariah at Lombok Timur practising islamic value. In practising islamic value, Baitu Tamkin insert this value in line with three aspect including commercial finance, social aspect, and spiritual awareness. But the evaluation of this islamic microfinance practise has not been conducted yet. Therefor we conducted a research to evaluate the curent impact of this program wheter there was improvement and how the conditions of poverty in the member self before and after taking part in empowerment programs on Baitut Tamkin.  Poverty condition that we observed not only financial aspect but also social and spiritual aspect. This research used parametric including Multiple Linear regression, a simple Linear Regression, t-test and non parametric test using Wilcoxon test. We conclude that the level of poverty at local region decreased at three aspects but with various condition. First, the islamic commercial financing significantly increasing their member’s montly liquidity but do not significantly increase their member’s housing condition. Second, the social condition of member showed that after being a member they create more friendly environment and helping each other. But there is no impact at “become islamic role model’ or and uswah al-hasanah. Third, spiritual awareness of member increased after they could practising some muamalah based on verses and hadith at muamalah. Number of member that moving from poor condition to empowered condition showed positive trend. ]]>
<![CDATA[The Evaluation of Muhammadiyah Waqf Assets Utilization in Magelang ]]>
<![CDATA[Medias, Fahmi]]>;
<![CDATA[Pratiwi, Eko Kurniasih]]>
<![CDATA[ IQTISHADIA Vol 12, No 1 (2019): IQTISHADIA ]]>
Publisher : <![CDATA[Ekonomi Syariah IAIN Kudus ]]>
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DOI: 10.21043/iqtishadia.v12i1.3208
<![CDATA[This article aims to evaluate the utilization of Muhammadiyah waqf assets in Magelang Regency and to analyze the supporting and inhibiting factors in utilizing the assets. This research is expected to become a framework or model for nazhir waqf, which in this case are Muhammadiyah Leaders in Magelang Regency, either from regional/regency level, branch/district level, village, and Muhammadiyah business, in managing and utilizing the waqf assets. The data for this research was collected by in-depth interview, observation on the waqf assets and documentation study, which was then analyzed qualitatively. The result showed that Muhammadiyah leaders of Magelang regency were able to collect waqf assets in form cash of Rp. 156.000.000, - and 415 plots of land spread over 21 sub districts in Magelang regency. The collected assets then were used in developing the field of worship by 20.75%, health by 3.6% and education by 49.55% and social by 26.13%.  The utilization of waqf assets had not been aimed at productive sector in the community’s economy and most of them were led to consumptive sector. It was caused by the lack of socialization of nazhir waqf to the community and the community’s perspective that considers waqf was only in consumptive form.]]>
<![CDATA[The Relationship between Religiosity, Self-Interest, and Impulse Buying: an Islamic Perspective ]]>
<![CDATA[Arif Hoetoro]]>;
<![CDATA[Muhammad Said Hannaf]]>
<![CDATA[ IQTISHADIA Vol 12, No 1 (2019): IQTISHADIA ]]>
Publisher : <![CDATA[Ekonomi Syariah IAIN Kudus ]]>
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DOI: 10.21043/iqtishadia.v12i1.4501
<![CDATA[The expansion of e-commerce dramatically changes the spending patterns which are found a significant number of impulse buying. Practical method and easy way to buy specific goods from e-commerce might be an important factor why customers spent their money more impulsively. Researches on this phenomenon showed that psychological values emerged from religiusity condition and self-interest encouragement play as self-regulation for controlling impulsive buying behavior. Viewed from Islamic economic perspective, this study seeks to configurate self-interest (al-nafs) into three levels namely al-nafs al-ammarah, al-nafs al-lawwamah, and al-nafs al-muthmainnah when al-nafs involved in online impulse buying. The first two layers of al-nafs refer to the level of self-interest which are material oriented, whereas the last one represents the highest level of self-interest which is spiritual oriented. By employing 134 repondents from e-commerce customers in Jakarta, the research findings revealed that there was no relationship between religiusity and al-nafs al-ammarah and al-nafs al-lawwamah. However, al-nafs al-ammarah (sig.= 0.000) and al-nafs al-lawwamah (sig.=0.040) positively influenced impulse buying. Meanwhile, there was strong relationship between religiusity and al-nafs al-muthmainnah (sig.= 0.000) in which this highest level of self-interest did not have relationship with impulse buying. These research findings have important implications that in order to regulate impulsive buying behavior, customers should control their self-interest and make it to be al-nafs al-muthmainnah. ]]>
<![CDATA[Strengthening Corporate Zakat Policy in Indonesia ]]>
<![CDATA[Andriani Andriani]]>;
<![CDATA[Mairijani Mairijani]]>
<![CDATA[ IQTISHADIA Vol 12, No 1 (2019): IQTISHADIA ]]>
Publisher : <![CDATA[Ekonomi Syariah IAIN Kudus ]]>
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DOI: 10.21043/iqtishadia.v12i1.2718
<![CDATA[Zakat is one of five pillars in Islam. As the biggest Moslem population country, Indonesia should considered zakat as potential instrument to reduce poverty. In normal economics situation where most growing entities generate profit yearly, business zakat plays an important role to create value added for prosperity. However the regulation of business zakat in Indonesia is very lack. Regulation of Zakat relies solely on Zakat act No.23 year 2011 that doesn’t cover the issue of business zakat. Another regulatory body is the Indonesian Accounting Institution that established sharia accounting standard, namely PSAK 101 which obliges sharia entities to provide business zakat report. Furthermore, the Indonesia Stock Exchange has launched Indonesia Sharia Stock Index (ISSI) and Jakarta Islamic Index (JII) for entities that trade sharia stocks in the capital market. The aim of the research is to discuss the form of policies to support business zakat application in Indonesia. Literature survey is mainly used as methodological approach to conduct this research. Fiqh literatures and sharia accounting standard are explored to support regulation of business zakat in Indonesia. Policies by regulatory bodies with regard to business zakat are also dicussed in order to support business zakat implementation in Indonesia. Empirical data from corporates that are indexed by ISSI or JII in Indonesia Stock Exchange are collected to provide the potency of business zakat. This paper initiates policies to be applied in supporting business zakat implementation in Indonesia.]]>
