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Jurnal Ekonomi Syariah Teori dan Terapan
Published by Universitas Airlangga
ISSN : 24071935     EISSN : 25021508     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Ekonomi Syariah Teori dan Terapan (JESTT) accepts original manuscripts in the field of Islamics Economics, including research reports, case reports, application of theory, critical studies and literature reviews.
Arjuna Subject : -
Articles 16 Documents
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Search results for , issue "Vol. 7 No. 3 (2020): Maret-2020" : 16 Documents clear
THE EFFICIENCY OF ASEAN SHARIA BANKS FOR THE 2013-2013 PERIOD: TWO-STAGE STOCHASTIC FRONTIER ANALYSIS Ivana Rosediana Dewi; Bayu Arie Fianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp585-601

Abstract

This study aims to determine the influences of internal and external variables of Islamic banks towards technical efficiency (TE)of Islamic banks in ASEAN 2013-2018. The data represented the sample from each country. The study was analyzed using two-step processes. The first stage is looking for technical efficiency (TE) with the Stochastic Frontier Analysis (SFA) as an intermediation approach. The second stage is conducting panel data regression analysis to determine the influence of internal and external variables of Islamic banks towards TE score. The result of the study indicates that the average TE value of Islamic banks in ASEAN at the periods of the study has very good efficiency of 0.92 (92.8 percent). Respectively, Islamic banks in Indonesia have TE score higher than Malaysia. Meanwhile, Islamic banks in Brunei Darussalam have the highest TE score, followed by Islamic banks in Thailand and the Philippines. The variable of total assets (lnTA), Degree of Capitalization (EQTA), and Bank's Financing Intensity (FINTA) have a positive and significant effect on the value of TE and the variable of economic growth (GDP) and inflation rate (CPI) have no effect on TE of sharia banks.Keywords: Technical Efficiency, Islamic Bank, ASEAN, Stochastic Frontier AnalysisREFFERENCE Abdul-majid, A. M., Saal, D. S., Battisti, G., Journal, S., August, N., & Saal, M. A. D. S. (2016). Efficiency in Islamic and conventional banking : an international comparison efficiency in Islamic and conventional banking : an international comparison, 34(1), 25–43.Aigner, D., Lovell, C. A. K., & Schmidt, P. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 6(1), 21–37. Al-Gasaymeh, A. (2016). Bank efficiency determinant: Evidence from the gulf cooperation council countries. Research in International Business and Finance, 38, 214–223. Alqahtani, F., Mayes, D. G., & Brown, K. (2017). Islamic bank efficiency compared to conventional banks during the global crisis in the GCC region. Journal of International Financial Markets, Institutions and Money, 51, 58–74. Athanasoglou, P., Delis, M., & Staikouras, C. (2006). Determinants of bank profitability in the South Eastern European Region. MPRA Paper No. 10274, Posted 20 Sep 2008 04:31 UTC, (10274).Barry, T. A., Dacanay, S. J. O., Lepetia, L., & Tarazi, A. (2012). Ownership structure and bank efficiency in the asia pacific region. Beck, T., Demirguc-Kunt, A., & Maksimovic, V. (2004). Bank competition and access to finance: International evidence. Journal of Money, Credit, and Banking, 36(3b), 627–648. Berger, A. N., & DeYoung, R. (2001). The effects of geographic expansion on bank efficiency. Journal of Financial Services Research, 19(2–3), 163–184. Berger, A. N., & Humphrey, D. B. (1997). ScienceDirect.com - European Journal of Operational Research - Efficiency of financial institutions: International survey and directions for future research. European Joumal of Operational Research, 98, 175–212. Berger, A. N., & Mester, L. J. (1997). Inside the black box : What explains differences in the efficiencies of financial institutions ? 1, 21, 895–947.Budiantoro, R. (2019). Mengukur efisiensi Bank Pembiayaan Rakyat Syariah (BPRS) dalam pembiayaan UMKM menggunakan Stochastic Frontier Analysis di Provinsi Jawa Timur, Triwulan I/2012-Triwulan IV/2017. Tesis tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis. Universitas Airlangga.Christopher Findlay; Friska Parulian; Jenny Corbett; (2010). Linkages between real and financial aspects of economic integration in East Asia, 28(September), 350.Coelli, G. E. B. J. (1995). Battese-Coelli-1995. Empirical economics, 20, 325–332.Coelli, T. J., Prasada Rao, D. S., O’Donnell, C. J., & Battese, G. E. (2005). An introduction to efficiency and productivity analysis. An Introduction to Efficiency and Productivity Analysis. Drake, L., & Hall, M. J. B. (2003). Efficiency in Japanese banking: An empirical analysis. Journal of Banking and Finance, 27(5), 891–917. Eyceyurt Batir, T., Volkman, D. A., & Gungor, B. (2017). Determinants of bank efficiency in Turkey: Participation banks versus conventional banks. Borsa Istanbul Review, 17(2), 86-96. Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society. Series A (General), 120(3), 253–290. Fries, S., & Taci, A. (2005). Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries. Journal of Banking and Finance, 29(1 SPEC. ISS.), 55–81. Hauner, D. (2005). Explaining efficiency differences among large German and Austrian banks. Applied Economics, 37(9), 969–980. Iveta, Ř. (2015). Banking efficiency determinants in the czech banking sector, 23(October 2014), 191–196. Johnes, J., Izzeldin, M., Pappas, V. (2014). A comparison of performance of Islamic and conventional banks 2004–2009. Elsevier B.V, (October), 15. Kamaruddin, B. H., Safa, M. S., & Mohd, R. (2008). Assessing production efficiency of Islamic banks and conventional bank Islamic windows in Malaysia, (61160).Kamarudin, F., Sufian, F., Loong, F. W., & Anwar, N. A. M. (2017). Assessing the domestic and foreign Islamic banks efficiency: Insights from selected Southeast Asian countries. Future Business Journal, 3(1), 33–46. Karray, S. C. (2013). Bank size and efficiency in developing countries: intermediation approach versus value added approach and impact of non-traditional activities Jamel eddine Chichti. Asian Economic and Financial Review, 3(5), 593–613. Kumar, S., & Gulati, R. (2014). Measurement of bank efficiency: Analytical methods. Lin, K. L., Doan, A. T., & Doong, S. C. (2016). Changes in ownership structure and bank efficiency in Asian developing countries: The role of financial freedom. International Review of Economics and Finance, 43, 19–34. Mačerinskiene, I., & Ivaškevičiute, L. (2008). The evaluation model of a commercial bank loan portfolio. Journal of Business Economics and Management, 9(4), 269–277.Meesters, A. J. (2009). Efficiency of financial institutions Meesters, A.J. University of Groningen, 9–12.Meeusen, W., & van Den Broeck, J. (1977). Efficiency estimation from cobb-douglas production functions with composed error. International Economic Review, 18(2), 435. Mokhamad Anwar. (2014). Bank efficiency and lending propensity: Evidence from commercial banks in Indonesia. School of Management University of Leicester, 1–251.Mokhtar, H. S. A., Abdullah, N., & Alhabshi, S. M. (2006). Efficiency of Islamic banking in Malaysia: a Stochastic Frontier Approach. Humanomics, 27(2), 37–70. Mongid, A. (2016). Business efficiency of the commercial banks in asean. Investment Management and Financial Innovations, 13(1), 67–76. Nahm, D., & Vu, H. (2013). Profit efficiency and productivity of Vietnamese banks: A new index approach. Journal of Applied Finance and Banking, 3(1), 1–31. Nguyen, T. L. A. (2018). Diversification and bank efficiency in six ASEAN countries. Global Finance Journal, 37, 57-78. OJK. (2017). Booklet perbankan Indonesia 2017. Purnamandari, N., & Badera, I. (2015). Kemampuan prediksi rasio keuangan dan ukuran bank pada risiko gagal bank. E-Jurnal Akuntansi, 12(2), 172–187.Rismawati, R. (2016). Menghadapi qualified Asean bank, Indonesia: Berekspansi Atau Bertahan Di Dalam Negeri? Veritas et Justitia, 2(1), 154-176. Rosman, R., Wahab, N. A., & Zainol, Z. (2014). Efficiency of Islamic banks during the financial crisis: An analysis of Middle Eastern and Asian countries. Pacific Basin Finance Journal. Rozzani, N., & Rahman, R. A. (2013). Determinants of bank efficiency: Conventional versus Islamic. International Journal of Business and Management, 8(14), 98-109. Solihin, S., Achsani, N. A., & Saptono, I. T. (2016). the Islamic banking and the economic integration in Asean. Buletin Ekonomi Moneter Dan Perbankan, 19(1), 81–106. Subandi, & Ghozali, I. (2013). Determinan efisiensi dan dampaknya terhadap kinerja profitabilitas industri perbankan di indonesia. Jurnal Keuangan Dan Perbankan, 17(1), 123–135.Sufian, F., & Akbar Noor Mohamad Noor, M. (2009). The determinants of Islamic banks’ efficiency changes: Empirical evidence from the MENA and Asian banking sectors. International Journal of Islamic and Middle Eastern Finance and Management, 2(June),120-138. Sufian, F., & Kamarudin, F. (2015). Determinants of revenue efficiency of Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 8(1), 36–63. Sufian, F., Mohamad, A. . N., & Muhamed-Zulkhibri, A. M. (2009). The tfficiency of Islamic banks: Empirical Evidence from the MENA and Asian countries Islamic banking sectors. J for International Business and Entrepreneurship Development, 5(2), 154-166.Tahir, I. M., Mongid, A., & Haron, S. (2012). The determinants of bank cost inefficiency in ASEAN banking. Jurnal Pengurusan, 36(January 2012), 69–76.Todaro, M. P., & Smith, S. C. (2003). Economic development: The Addison-Wesley series in economics.Wensveen, D. Van. (2003). The theory of financial intermediation: an essay on what it does (not) explain by Bert Scholtens Vienna 2003.Yudistra, D. (2003). Efficiency in Islamic banking: An empirical analysis of 18 banks. Islamic Financial Architecture - Risk Management and Financial Stability, 44(0), 479–496. 
THE IMPACT OF SYSTEMATIC RISKS AND PERFORMANCE OF COMPANIES ON STOCK RETURNS: EVIDENCE IN ISLAMIC STOCK MARKET Nurul Laili Rahmawati; Puji Sucia Sukmaningrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp563-575

Abstract

This study aims to determine the Impact of Systematic Risk and Corporate Performance on Stock Returns: Evidence on the Islamic Stock Market. The population in this study is all companies listed on the Jakarta Islamic Index (JII) for the 2014-2018 period partially and simultaneously. This research uses quantitative data. The analysis technique used panel data regression analysis. The samples used in this study were 17 companies listed on the Jakarta Islamic Index with a purposive sampling technique. The results of the study based on the Ordinary Least Square model estimation showed that partially the Beta variable has a positive and significant effect, the Return on Equity (ROE) variable has positive and not significant effect, while the Earning Per Share (EPS) variable, Debt to Equity Ratio (DER), and Current Ratio (CR) has negative and not significant effect on the stock returns of companies listed on the Jakarta Islamic Index. While simultaneous variable Beta shares, Earning Per Share (EPS), Return On Equity (ROE), Debt to Equity Ratio (DER), and Current Ratio (CR) are not significant to the stock returns of companies listed on the Jakarta Islamic Index 2014- 2018.Keywords: Systematic Risk, Corporate Performance, Jakarta Islamic IndexREFFERENCEBasyaib, F. (2007). Manajemen Resiko. Jakarta: Grasindo.Brigham, E., & Houston, J. (2001). Manajemen Keuangan. Jakarta: Erlangga.Budialim, G. (2013). Pengaruh kinerja keuangan dan risiko terhadap return saham perusahaan sektor consumer goods di bursa efek Indonesia periode 2007-2011. CALYPTRA,2(1), 1–23.Dewi, P. A. R., Sedana, I. B. P., & Artini, L. G. S. (2016). Pengaruh tingkat suku bunga, risiko pasar, debt to equity ratio dan price earning ratio terhadap return saham pada perusahaan properti and real estate di bursa efek Indonesia. Ekonomi dan Bisnis, 3, 489–516.Fahmi, I. (2013). Analisis laporan keuangan. Bandung: Alfabeta.Hamidi, M. L. (2003). Jejak jejak ekonomi syariah. Jakarta: Senayan Abadi Publishing.Helfert, E. (1997). Teknik analisis keuangan. Jakarta: Erlangga.Kamsir. (2009). Pengantar manajemen keuangan. Edisi Kedua. Jakarta: Prenada Media.Kurnia, N. (2013). Pengaruh kinerja perusahaan dan risiko sistematis terhadap return saham (studi empiris pada perusahaan property dan real estate yang terdaftar di BEI). Jurnal Akuntansi, 1(2), 1-27.Nugroho, I., & Sukhemi. (2015). Pengaruh risiko sistematis dan likuiditas terhadap return saham pada perusahaan manufaktur yang terdaftar di BEI. Jurnal Akuntansi, 3(2), 63–74. Prabawa, D. W., & Lukiastuti, F. (2015). Analisis pengaruh kinerja keuangan, manajemen risiko dan manajemen modal kerja terhadap return saham. Jurnal Manajemen Indonesia, 15(1), 1–16. Prasetyo Supadi, D. B., & Amin, M. N. (2012). Pengaruh faktor fundamental dan risiko sistematis terhadap return saham syariah. Media Riset Akuntansi, Auditing dan Informasi, 12(1), 23–44. Ross, S. A., Christensen, M., Drew, M., Bianchi, R., & Jordan, R. W. B. D. (2010). Fundamentals of corporate finance, 9th Edition, Mc Graw Hill. Australia: McGraw-Hill Education.Susilowati, Y., & Turyanto, T. (2011). Reaksi signal rasio profitabilitas dan rasio solvabilitas terhadap return saham perusahaan. Dinamika Keuangan dan Perbankan, 3(1), 17-37.Sutarti. (2007). Analisis saham-saham Jakarta Islamic Index untuk membentuk portofolio yang optimal dengan menggunakan single indeks model studi kasus pada Bursa Efek Jakarta. Jurnal Ilmiah Ranggagading, 7(2), 119–124.Syamsuddin, L. (2009). Manajemen keuangan perusahaan: Konsep aplikasi dalam perencanaan, pengawasan, dan pengembalian keputusan. Jakarta: Rajawali Pers.Tandellin, E. D. (2010). Portofolio dan Investasi teori dan aplikasi. Yogyakarta: Kanisius.Tavinayati, & Qamariyanti, Y. (2009). Hukum pasar modal di Indonesia. Jakarta: Sinar Grafika.Verawaty, Jaya, A. K., & Mandela, T. (2015). Pengaruh kinerja keuangan terhadap return saham pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia. Akuisisi, 11(2), 75–87.Wijaya, C. F., & Djajadikerta, H. (2017). Pengaruh risiko sistematis, leverage, dan likuiditas terhadap return saham lq 45 yang terdaftar pada Bursa Efek. Jurnal Manajemen, 9(2), 62–76. Wijayanti, E. N. (2010). Analisis perusahaan terhadap return saham pada perusahaan manufaktur di Bursa Efek Indonesia Tahun 2007-2009. Skripsi tidak diterbitkan. Ssemarang: Universitas Negeri Semarang.Yulianti, R., & Zahrotun. (2006). Operating leverage dan risiko sistematik perusahaan. Jurnal Ekonomi dan Kewirausahaan, 6(1), 1–10.www.idx.com
THE CONTRIBUTION OF PONDOK PESANTREN RIYADHUL JANNAH IN EMPOWERING THE COMMUNITY ECONOMY IN THE VILLAGE OF PACET MOJOKERTO Rifqi Lazuardian; Irham Zaki
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp472-485

Abstract

This study aims to analyze the role of the Riyadhul Jannah Islamic Boarding School in community economic empowerment in Pacet Village, Mojokerto. This study uses a qualitative research approach to understand phenomena about what is experienced by research subjects, such as subjects, perceptions, motivations, actions, and so forth. The results showed that the Riyadhul Jannah Islamic boarding school had a role in community empowerment around the boarding school. The role of Islamic boarding schools is shown by the activities of the business units of PT. Rijan Dinamis Selaras which involve communities around the boarding schools so that the benefits can be felt directly by the people of Pacet Village and its surroundings.Keywords: Economic Empowerment, Islamic Business, Islamic CommunitiesREFFERENCE Dhofier, Zamakhsyari Dhofier. (2011). Tradisi pesantren studi tentang pandangan hidup kyai. Jakarta: LP3ES.G, Sumudiningrat. (2000). Visi dan misi pembangunan pertanian berbasis pemberdayaan. Yogyakarta: IDEA.Steenbrink, Karel. (1986). Pesantren madrasah sekolah, pendidikan islam dalam kurun modern. Jakarta: Dharma Aksara.Hirokoshi, Hiroko. (1987). Kiai dan perubahan sosial. Jakarta: Perhimpunan Pengembangan Pesantren dan Masyarakat (P3M).Fauroni, Lukman. R. (2014). Model bisnis ala pesantren: Filsafat ukhuwah menembus hypermarket memberdayakan ekonomi umat. Yogyakarta: Kaukaba.Soekamto, Soerjono. (2009). Sosiologi suatu pengantar. Jakarta: Rajawali Press.Qomar, Mujamil. (2008). Pesantren: Dari transformasi metodologi menuju demokrasi institusi. Jakarta: Penerbit Erlangga.Madjid, Nurcholis. (1997). Bilik-bilik pesantren: Sebuah potret perjalanan. Jakarta: Paramadina.Maulana, Mirza. Al-Kautsari. (2014). Pemberdayaan masyarakat berbasis pondok pesantren (studi pondok pesantren ASWAJA lintang songo desa sitimulyo, piyungan, Bantul). Skripsi tidak diterbitkan. Yogyakarta: Fakultas Dakwah dan Komunikasi Universitas Islam Negeri Sunan Kalijaga.Yin. Robert. K. (2008). Studi kasus: Desain dan metode. Jakarta: PT. Raja Grafindo.
Journal Cover Vol 7, No 3 (2020) Journal Cover
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp%p

Abstract

THE MODEL OF PRODUCTIVE WAKAF MANAGEMENT IN THE AGRICULTURE SECTOR TO INCREASE THE FARMER'S WELFARE (CASE STUDY OF PENATARSEWU SIDOARJO’ MUHAMMADIYAH BRANCH MANAGEMENT) Inayah Rahman; Tika Widiastuti
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp486-498

Abstract

This study aims to create a model for productive management of waqf in the agricultural sector in the Penatarsewu Muhammadiyah Branch Management (PRM) and analyze its impact in improving the welfare of farmers based on indicators of maqashid syariah. This research uses a descriptive qualitative approach with a case study method. The subjects of this study were the management of the Penatarsewu PRM board of waqf councilors and sharecroppers. Data is collected by conducting interviews, observations, and documentation. Data analysis techniques using data reduction, data presentation, and drawing conclusions. Triangulation technique by cross-checking the findings of primary and secondary data is used to determine the validity of the data. Research is limited to rice field endowments or the agricultural sector. The results showed that the productive waqf management model of Penatarsewu PRM uses a mukhabarah agreement with a profit-sharing system of 60:40. The results have an impact on improving the welfare of farmers based on the indicator maqashid syariah. Judging from al-maqashidul khams, the most successful are Hifdhud Din, Hifdhul Aql, and Hifdhun Nasl. However, the Penatarsewu PRM is expected to be able to direct the results of waqf to productive goals, such as the formation of an entrepreneurial spirit.Keywords: Productive Waqf, Mukhabarah, Maqashid Syariah, PRMREFFERENCE Departemen Agama. (2015). Tanya Jawab Tentang Wakaf Uang. Jakarta: Bimbingan Masyrakat Islam Direktorat Pemberdayaan Wakaf.Anshori, A. G. (2005). Hukum dan praktik Perwakafan di Indonesia. Yogyakarta: Pilar Media.Astuti, D. (2013). Kamus Populer Istilah Islam. Jakarta: Gramedia Pustaka Utama.Bungin, B. (2013). Metodologi penelitian sosial dan Ekonomi. Jakarta: Kencana Prenada Media Group.Chapra, M, Umer. (2008). The Islamic vision of development in the light of maqasid  al-Shariah, 15. IIIT.Choiriyah, C. (2017). Wakaf Produktif dan Tata Cara Pengelolaannya. Islamic Banking, 2(2), 25–34.Ghony, M. Djunaidi,  and F. A. (2012). Metodologi penelitian kualitatif. Yogyakarta: Ar-Ruzz Media.Gross, M. L. (2007). A Muslim archipelago: Islam and politics in Southeast Asia. Washington D.C: Government Printing Office. National Defense Intelligence College.Haroen, N. (2007). Fiqh Muamalah (2nd ed.). Jakarta: Gaya Media Pratama.Huda, M. (2015). Mengalirkan manfaat wakaf: potret perkembangan hukum dan tata kelola wakaf di Indonesia. Bekasi: Gramata Publishing.Lutfi, M. (2011). Optimalisasi pengelolaan wakaf (1st ed.). Makassar: Alauddin University Press......... (2012). Pemberdayaan wakaf produktif: Konsep, kebijakan, dan implementasi (1st ed.). Makassar: Alauddin University Press.Masyhadi, A. (2018). Maqashid syariah sebagai paradigma pengembangunan ekonomi Islam, Al-Musthofa: Journal of Sharia Economics, 1(2), 54-63.Qoẖaf, M. (2005). Al-Waqfu al-islâmiyu tathawwuruhu, idâratuhu, wa tanmiyâtuhu (T. M. M. Ridha, Ed.). Jakarta: Pustaka Al-Kautsar Group......... (2005). Manajemen wakaf produktif. Jakarta: Khalifa.Raco, J. (2010). Metode penelitian kualitatif: jenis, karakteristik dan keunggulannya (N. Mfzuj, Ed.). Center for Open Science.Sabiq, S. (1932). Fiqh al-sunnah. Madinah: Maktabah Hudimat al-Hadis.Sugiyono. (2013). Metode penelitian kuantitatif kualitatif dan R&D. Bandung: Alfabeta.Suhendi, H. (2013). Fiqih mu’amalah. Jakarta: PT Raja Grofindo Persada.Sujana, W. (2010). Analisis pendapatan dan faktor-faktor produksi yang mempengaruhi usahatani tomat di Desa Lebak Muncang, Kecamatan Ciwidey, Kabupaten Bandung. Skripsi tidak diterbitkan. Bogor: Institut Pertanian Bogor.Supriyati. (2011). Metodologi penelitian. Bandung: Labkat Pers.Usman, N. (2013). Pengelolaan wakaf produktif dalam bentuk SPBU studi kasus SPBU Masjid Agung Semarang. Jurnal Muqtasid, 4(1), 145-163.Yin, R. K. (2008). Studi kasus desain dan metode (M. D. Mudzakkir, Ed.). Jakarta: Raja Grafindo Persada.Yin, R. K. (2011). Applications of case study research. North America: SAGE Publications.Zarqa, M. A. (1989). Islamic economic: An approach to human welfare, reading in the concept and methodology of Islamic economics. Selangor Darul Ehsan: Pelanduk Publication.https://databoks.katadata.co.id/datapublish/2018/03/07/lahan-panen-padi-terkonsentrasi-di-pulau-jawa, Diakses pada 27 Juli 2019https://dosen.perbanas.id/indikator-kesejahteraan-menurut-maqasid-syariah/
THE ROLE OF FINANCING ON BUSINESS DEVELOPMENT AND WELFARE IMPROVEMENT OF THE MEMBERS OF BAITUL MAAL WAT TAMWIL Zulhazmi Zulhazmi; Ilmiawan Auwalin
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp602-609

Abstract

This research aims to determine the role of financing carried out by BMT UGT Sidogiri Wonokromo branch partially or simultaneously on the business development and improvement of the welfare of its members. The method used in this study is multiple regression analysis. The population used in this study were all members of the BMT UGT Sidogiri Wonokromo branch. This study used a sample of 35 people who were members of the BMG UGT Sidogiri Wonokromo branch, who met the sample criteria. The results of this study indicate that there is a simultaneous influence of financing on business development and the welfare improvement of its members in the BMT UGT Sidogiri Wonokromo branch. The results showed that partially the variables that had a significant effect on business development and welfare improvement were age, gender, total financing and the number of customers after participating in the financing.Keywords: financing, business development and welfare improvementREFFERENCE Ananda, F. (2011). Analisis perkembangan usaha mikro dan kecil setelah memperoleh pembiayaan mudharabah dari BMT At Taqwa Halmahera di Kota Semarang. Skripsi tidak diterbitkan. Semarang: Universitas Diponegoro.Al Farizi, M. (2015). Al-Qawa’id Al-Fiqhiyyah. Al Mabsut Jurnal Studi Islam dan Sosial, 9(2).Ansori, Muslich & Iswati, Sri. (2009). Buku ajar metodologi penelitian kuantitatif. Surabaya: Airlangga University Press.Chaudry, M. S. (2012). Sistem ekonomi Islam: Prinsip dasar. Edisi 1. Jakarta: Kencana.Fitriyaningsih, E. (2012). Pengaruh besar modal (modal sendiri), pemberian kredit, dan tingkat suku bunga kredit terhadap peningkatan pendapatan pedagang kecil di Desa Tirtonirmolo Kecamatan Kasihan Bantul. Skripsi tidak diterbitkan. Yogyakarta: Universitas Negeri Yogyakarta.Nurrohmah, I. (2015). Analisis perkembangan usaha mikro, kecil dan menengah sebelum dan sesudah menerima pembiayaan musyarakah pada koperasi jasa keuangan syariah BMT (Studi kasus: BMT Beringharjo Yogyakarta). Skripsi tidak diterbitkan. Yogyakarta: Universitas Negeri Yogyakarta.Rukminto Adi, Isbandi. (2005). Ilmu kesejahteraan sosial dan pekerjaan sosial. Depok: FISIP UI PRESS.Alcock, James & Sadava, Stan. (2014). An Introduction to social psychology global perspectives. New Delhi: Sage.Saputra, A. (2015). Pengaruh penyaluran pembiayaan BMT Bina Ihsanul Fikri (BIF) terhadap perkembangan usaha pedagang pasar tradisional di kota Yogyakarta. Skripsi tidak diterbitkan. Yogyakarta: Universitas Muhammadiyah Yogyakarta.Sriyatun. (2009). Analisis pengaruh pemberian pembiayaan mudharabah BMT terhadap peningkatan pendapatan pedagang kecil di Kabupaten Sukoharjo. Skripsi tidak diterbitkan. Surakarta: Universitas Muhammadiyah Surakarta.Supardi. (2005). Metodologi penelitian ekonomi dan bisnis. Yogyakarta: UII Press.  
THE DESCRIPTIVE ANALYSIS OF HERDING ON JAKARTA ISLAMIC INDEX Hazar Ihza Fauziah; Sylva Alif Rusmita
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp576-584

Abstract

Herding is irrational investor behavior, because investors do not make investment decisions based on economic fundamentals, but based on other investors in the same condition, or following market consensus. Herding is measured by looking at the relationship between return market portfolio and Cross-Sectional Absolute Deviation (CSAD). This study used quantile regression to measure herding behavior. The result shows that there is no indication of herding behavior in JII, which means that investors tend to behave rationally in making investment decisions. Keywords: CSAD, Herding Behavior, Quantile RegressionREFFERENCE Ahsan, A.F.M Mainul, Sarkar, Ahasan H. (2013). Herding in Dhaka stock exchange. Journal of Applied Business and Economics, 14(2), 11-19.Bikchandani, S. & Sharma, S. (2001). Herd behavior in financial markets. IMF Staff Papers, 47(3), 279310.Bodie, Z., Kane, A., & Marcus, A. J. (2009). Investments (8th ed.). Singapore: McGraw- Hill.Chang, E.C., Cheng, J.W., Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking and Finance, 24(10), 1651–1679.Christie, W.G. dan Huang, R.D. (1995), Following the pied piper: do individual returns herd around the market?. Financial Analysts Journal, 51(4), 31-37.Davino, C., Furno, M. & Vistoco, D. (2014). Quantile regression theory and applications. John Wiley & Sons, Ltd.Filip, A., Pochea, M. and Pece, A. (2015), The herding behaviour of investors in the CEE stock markets. Procedia Economics and Finance, 32, 307-315.Froot, K. A., Scharfstein, D. S., & Stein, J. C. (1992). Herd on the street: informational inefficiencies in a market with short-term speculation. Journal of Finance, 47(4), 1461-1484.Gamage, & Thursari. (2016). Herding in Colombo stock exchange. EFRA International Journal Of Multidisciplinary Research (IJMR), 2, 182-186.Gleason, K., Mathur, I. & Peterson, M. (2004). Analysis of intraday herding behavior among the sector ETFs. Journal of Empirical Finance, 11(5), 681–694.Gunawan, Hari Wijayanto, Noer A. Achsani, La Ode Abdul rahman. (2011). Pendeteksian perilaku herding pada pasar saham Indonesia dan Asia Pasifik. Forum Statistika dan Komputasi, 16(2), 16-23.Hwang S dan Salmon M. 2004. Market stress and herding. Journal of Empirical Finance, 11(4), 585-616.Koenker, R.W., & Bassett, G., Jr. (1978). Regression quantiles. Econometrica, 46(1), 33-50.Koenker, R. (2004). Quantil regression for longitudinal data. Journal of Multivariate Analysis, Elsevier, 91(1), 74-89. Laih, & Yung. (2013). Herding behavior during the suprime mortgage crisis: Evidence from six asia-pasifik stock market. International Journal of Economics and Finance, 5(7), 71-84Lan, Qing Qing and Lai, Rose Neng. (2011). Herding and trading volume. Journal of Finance and Business Economics, SSRN, 1914208, 1-40. Lao, P. & Singh, H. (2011). Herding behavior in the Chinese and Indian stock markets. Journal of Asian Economics, 22(6), 495-528.Malik, Saif Ullah & Elahi, Muhammad Ather, (2014). Analysis of herd behavior using quantile regression: Evidence from Karawachi stock exchange (KSE). MPRA Paper 55322, University Library of Munich, Germany.Ohlson, P. (2010). Herd behavior on the Swedish stock exchange. Master Thesis in Finance. Jonkoping International Business School, Jonkoping University.Ramadhan, T., & Mahfud, M.K. (2016). Deteksi perilaku herding pada pasar saham Indonesia & Singapura Tahun 2011-2015. Diponegoro Journal of Management, 5(12), 96-104. Saastamoinen, Jani. (2008). Quantile regression analysis of dispersion of stock returns-evidence of herding?. Keskustelualoitteita, 57, 1-19.
THE IMPLEMENTATION OF WAQF ISTIBDAL IN WAQF MUSHOLA (CASE STUDY OF THE CONSTRUCTION OF GEMPOL-PASURUAN TOLL ROAD SECTION I AND II) Yoga Rizki Prihanto; Siti Inayatul Faizah
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp513-531

Abstract

The background of this research is the existence of massive infrastructure development by the government, one of which is the construction of the Gempol-Pasuruan Toll Road. The construction process of the Gempol-Pasuruan Toll Road passes through the land and buildings owned by residents and including to waqf land. One of the waqf land affected by the construction process of the Gempol-Pasuruan Toll Road is the Al-Mukmin Mosque. This phenomenon encourages researchers to conduct research that discusses how the waqf istibdal process, both in terms of changes in waqf assets and in the administration process of licensing. This study uses a qualitative approach with a case study strategy. Data is collected through interviews with relevant parties and documentation of related documents. The results of this study indicate that the process of changing the waqf assets of the Al-Mukmin Mosque is in accordance with statutory procedures. The waqf istibdal process consists of the process of changing the waqf property and the administrative licensing process. The process of changing waqf property consists of planning, implementation, coordination between toll management and nazir, searching for replacement land, replacing land replacement processes, and the process of building a new mosque. The second process consists of a licensing process that starts from nazir, the Office of the Ministry of Religion Pasuruan Regency, and the Regional Office of the Ministry of Religion of East Java.Keywords: waqf, waqf istibdal, mosque, Gempol-Pasuruan Toll RoadREFFERENCEDirektorat Pemberdayaan Wakaf Direktorat Jenderal Bimbingan Masyarakat Islam Departemen Agama. Fiqih wakaf. Jakarta: Departemen Agama.Direktorat Pemberdayaan Wakaf. (2007). Paradigma baru wakaf di Indonesia. Cet 1. Jakarta: Dirjen Bimas Islam.Direktorat Pengembangan Zakat dan Wakaf. (2005). Wakaf tunai dalam perspektif hukum Islam. Jakarta: TP.Halim, Abdul. M.A. (2005). Hukum perwakafan di Indonesia. Jakarta: Ciputat Press. Kahf, Monzer. (2006). al-Waqf al-Islami taṣawwuruhu, idaratuhu, tanmiyatuhu. Damaskus: Dar al-Fikr.Karim, Shamsiah Bte Abdul. (2010). Contemporary of shari’a compliance structuring for the development and management of waqf asset in Singapore. Kyoto Bulletin of Islamic Area Studies, 3(2), 143–164. Mugniyah, Muhammad Jawad. (2010). Fiqh lima madzhab: Ja’fari, hanafi, syafi’i, hambali. Jakarta: Lentera.Mukhlisin, Muzarie. (2010). Hukum perwakafan dan implikasinya terhadap kesejateraan umat (implementasi wakaf di pondok modern darussalam gontor). cet 1. Jakarta: Kementerian Agama.Peraturan Pemerintah Nomor 42 Tahun 2006 tentang Pelaksanaan Undang-Undang Nomor 41 Tahun 2004 tentang Wakaf dan Kompilasi Hukum Islam.Peraturan Pemerintah Republik Indonesia No. 8 Tahun 1990 Tentang Jalan Tol.Peraturan Pemerintah Republik Indonesia Nomor 25 Tahun 2018 tentang Perubahan Atas Peraturan Pemerintah Nomor 42 Tahun 2006 Tentang Pelaksanaan Undang-Undang Nomor 41 Tahun 2004 Tentang Wakaf Dalam Undang-Undang Nomor 41 Tahun 2004 tentang Wakaf.Sugiyono. (2012). Metode penelitian kuantitatif kualitatif dan R&D. Bandung: Alfabeta.Undang-Undang Nomor 26 Tahun 2007 Tentang Penataan Ruang.Undang-Undang Nomor 41 Tahun 2004 tentang Wakaf.Wirartha, I Made. (2006). Metodologi penetilian sosial ekonomi. Yogyakarta: CV Andi Offset.Yin, Robert. K. (2009). Studi kasus; Desain dan metode. Jakarta: Raja Grafindo Persada.bpjt.pu.go.id/ (laman Badan Pengatur Jalan Tol)www.jasamarga.com (laman Jasa Marga)https://bwi.or.id/ (laman Badan Wakaf Indonesia)
THE EFFECT OF ZAKAT AS ONE OF THE PHILANTHROPY PRODUCTS ON THE INFLATION RATE IN INDONESIA FOR THE PERIOD OF 2015-2017 Nabila Nabila; Sri Herianingrum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp420-430

Abstract

This study aims to determine the effect of zakat on inflation in Indonesia in the period from January 2015 to December 2017. This study uses a quantitative approach with simple linear regression analysis. The collection of data in this study uses data on the amount of zakat for the period 2015 to 2017 that has been published by the National Zakat Agency (BAZNAS) and inflation rate data for the period of 2015 to 2017 obtained from the Central Statistics Agency (BPS). Based on the results of the study, the amount of zakat consisting of zakat maal and zakat fitrah collected by the BAZNAS has a significant effect on the inflation rate in Indonesia. This is because zakat will encourage consumption and investment and decrease wealth accumulation. Therefore, it will increase demand and inflation as well.Keywords: Zakat, Inflation, consumption, BAZNASREFFERENCE Ajija, Shochrul R dkk. (2011). Cara cerdas menguasai EViews. Jakarta: Salemba Empat.Andriyanto, I. (2014). Pemberdayaan zakat dalam meningkatkan kesejahteraan umat. Jurnal Zakat dan Wakaf, 1(2), 227-249 doi:http://dx.doi.org/10.21043/ziswaf.v1i2.1485Anggraini, R., Widiastuti, Tika. (2015). penyaluran dana zis dan tingkat inflasi berpengaruh terhadap pertumbuhan ekonomi indonesia priode 2011-2015. Jurnal Ekonomi Syariah Teori dan Terapan, 4(8), 630-641.Chaniago. (2015). Pemberdayaan zakat dalam mengentaskan kemiskinan. Jurnal Hukum Islam (JHI), 13(1), 47–56. https://doi.org/10.1126/science.aao0218Choudhury, M. A., & Rahman, A. N. M. A. (1993). Macroeconomic Relations in the Islamic Economic Order. International Journal of Social Economics, 13(6), 60-78.Kahf, M., & Al Yafai, S. (2015). Social security and zakāh in theory and practice. International Journal of Economics, 23(2), 189–215.Mansur, A. (2012). kebijakan fiskal dan implikasinya terhadap pembangunan. Journal of Islamic Economic and Business (JIEB), 02(1), 214–231.Mintarti, N. (2008). Zakat dan pembangunan : era baru zakat menuju kesejahteraan umat. Jakarta: Indonesia Magnificence of Zakat.Muhtada. (2014). Islamic philanthropy and the third sector. Islamika Indonesiana, 1(1), 106–123.Nidityo, Herwindo Ghora & Laila, N. (2014). Zakat produktif untuk meningkatkan kinerja produksi, motivasi dan religiusitas mustahiq. Jurnal Ekonomi Syariah Teori dan Terapan, 1(9), 661–673.Parakkasi, I. (2016). Inflasi dalam perspektif Islam. Laa Maisyir, 3(1), 41-58.Rahman,  muhammad eka. (2016). Pengaruh zakat terhadap permintaan uang dalam Islam. Tesis tidak diterbitkan. Surabaya: Fakultas Ekonomi dan Bisnis Universitas Airlangga.Rasiam. (2014). Kebijakan fiskal dalam Islam (solusi bagi ketimpangan dan ketidakadilan distribusi). Jurnal Khatulistiwa, 4(1), 87–100. doi: https://doi.org/10.24260/khatulistiwa.v4i1.231Suseno, & Astiyah, S. (2009). Inflasi di Indonesia. Seri Kebanksentralan No. 22. Jakarta: Departemen Riset  Kebanksentralan Bank Indonesia.Yusoff, M. B. (2006). Fiscal policy in an Islamic economyand the role of zakat. International Journal of Economics, Management and Accounting, 14(2), 1–23.
THE ANALYSIS OF THE INFLUENCE OF GOLD PRICE, MARGIN, INFLATION, AND DOLLAR EXCHANGE RATES ON GOLD MURABAHAH FINANCING IN INDONESIAN SHARIA BANKING DURING THE PERIOD OF APRIL 2015-AUGUST 2019 Ilyas Chaidir Rahmansyah; Lina Nugraha Rani
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 3 (2020): Maret-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20203pp610-622

Abstract

This research employed a quantitative approach to investigate the relationship between dependent and independent variables and to test the hypotheses. The data utilized in this research were secondary data from the official website of Bank Indonesia (BI), the Financial Services Authority (OJK), the Central Statistics Agency (BPS), gold price providers in Indonesia, and monthly BUS & UUS bank statements in Indonesia. The population in this study consisted of 14 BUS and 20 UUS which registered on the Financial Services Authority. This research used a sampling technique using predetermined criteria so that a sample of 4 BUS and 1 UUS were obtained from April 2015 to August 2019. Moreover, the analysis technique employed in this research was panel data regression with EViews 9 statistical tools. The results of this research describe that the price of gold, inflation and the exchange rate of the dollar do not have a significant impact on the financing of Murabahah Gold, but margin have a significant impact and negative correlated with Murabahah Gold in Islamic banking in Indonesia, especially among Islamic Commercial Banks and Sharia Business Units.Keywords: Gold Prices, Inflation, Dollar Exchange, Murabahah Gold, Islamic BankingREFFERENCE Arumdati, Dewi. (2011). Cara kaya dengan investasi emas: Panduan cerdas berkebun emas. Yogyakarta: Araska PublisherAyub, M. (2007). Understanding Islamic finance. Jakarta: Gramedia Pustaka Utama.Anshori, Muslich & Sri Iswati. (2009). Metodologi penelitian kuantitatif. Surabaya: Airlangga University Press (AUP).Aye, G, Hector Carcel, Luis A. Gil-Alana, Rangan Gupta. (2017). Does gold act as a hedge against inflation in the UK? Evidence from a fractional cointegration approach over 1257-2016. Resources Policy, 54, 53-57.Balassa, B. (1990). The Effects of interest rates on savings in developing countries. Banca Nazionale del Lavoro Quarterly Review, 172, 101–18.Cai, J., Y.-L. Cheung and M. Wong. (2001). What moves the gold market?. Journal of Futures Markets, 21(3), 257–78.Clements, K., Renee, F. (2008). Commodity currencies and currency commodities. Resources Policy, 33, 55–73.Dewan Syariah Nasional Fatwa No.04/DSN-MUI/IV/2000 tentang Murabahah.Dierinck, B. (2012). Determinants of the gold price. Universiteit Gent, Faculteit Economie en Bedrijfskunde, Academiejaar 2011-2012Fabozzi, Frank, J & Franco Modigliani. (1996). Capital market. Second Edition New Jersey: Prentice Hall inc.Gaffen, D., Slater, J. (2009). Dollar, gold are suddenly inseparable. Abreast of the Market Column. Wall Street Journal, C1–C2.Ghazali, M. (2015). Sharia compliant gold investment in Malaysia: Hedge or safe haven?. Pacific-Basin Finance Journal, 34, 192-204.Gulseven, O. (2016). The Turkish appetite for gold: An Islamic explanation. Resources Policy, 48, 41-49Gujarati, Damodar N. (2006). Ekonometrika dasar. Jakarta: Penerbit Erlangga.Haugom, H. N. (1991). The Supply and Demand for Gold. Ph.D. dissertation. Simon Fraser University.Hsiao, C. (2003). Analysis of panel data. Second Edition. Cambridge: Cambridge University Press.Ismal, R. (2014). Assessing the gold murabahah in Islamic banking. International Journal of Commerce and Management, 24(4), 367-382.Kaufmann, Thomas D. and Richard A. Winters. (1989). The Price of gold: A simple model. Resources Policy, 15(4), 309-313.Ketentuan Pembiayaan Murabahah dalam praktek Syariah di Indonesia dijelaskan dalam Fatwa Dewan Syariah Nasional No. 04/DSN-MUI/IV/2000 tentang MurabahahLin, F. (2015). Does the value matter with the price of oil and gold? A dynamic analysis from time-frequency space. International review of economic and finance, 43, 59-71.Levin, E. & Robert E. Wright. (2006). Short-run and Long-run Determinants of the Price of Gold. World Gold Council, Research Study No. 32.Mahdavi, S. and Su Zhou. (1997). Gold and commodity prices as leading indicators of inflation: Tests of long-run relationship and predictive performance. Journal of Economics and Business, 49(5), 475-489Nugroho, Adi. (2005). Faktor-faktor Yang mempengaruhi margin pembiayaan murabahah (studi kasus pada PT. Bank Muamalat Indonesia). Skripsi tidak diterbitkan. Depok: Universitas Indonesia.Rao, B. S. and K. Nagabhushanam. (1960). India’s demand for import of non-monetary gold, non-monetary silver and merchandise, 1901–1913. Indian Economics Journal, 48(3), 34–38.Shafiee, S. and Topal, E. (2010). An overview of global gold market and gold price forecasting. Resources Policy, 35, 178-189.Suseno dan Siti Astiyah. (2009). Inflasi. Jakarta: Pusat Pendidikan dan Studi Kebanksentralan (PPSK) Bank Indonesia.Sugiyono. (2011). Metode penelitian kuantitatif, kualitatif dan R&D. Bandung: Afabeta.Starr, M. dan Ky Tran. (2008). Determinants of the physical demand for gold: Evidence from data panel. The World Economy.Susanti, R. (2017). Sejarah tranformasi uang dalam Islam. Jurnal of Islam and Plurality, Nomor 1.Pasal 19 Undang-Undang No.21 Tahun 2008 tentang Perbankan Syariah yang mengatur mengenai kegiatan usaha Bank Umum Syariah yang salah satunya adalah pembiayaan Murabahah.Pasal 1 ayat (13) Undang-Undang No.10 Tahun 1998 tentang Perbankan.PBI No.9/19/PBI/2007 jo. PBI No.10/16/PBI 2008 tentaang Pelaksanaan Prinsip Syariah dalam Kegiatan Penghimpunan Dana dan Penyaluran Dana serta Pelayanan Jasa Bank Syariah.Peraturan Bank Indonesia 10/16/PBI/2008 tentang perubahan terhadap Peraturan Bank Indonesia 9/19/PBI/2007 tentang penerapan prinsip syariah dalam penggalangan dana dan distribusi dana bank Syariah dan layanan tata kelolaPeraturan Bank Indonesia No.10/17/PBI/2008 tentang Produk bank Syariah dan Unit Usaha Syariah.Ranson David and H.C Wainwright. (2005). Gold and non-precious commodities as inflation hedges, Interest-Rate Outlook Research Summary, Wainwright Economics, November 2005.Widarjono, A. (2013). Ekonometrika: Pengantar dan aplikasinya. Jakarta: Ekonosia.Worthington, A. & M. Pahlavani. (2007). Gold investment as an inflationary hedge: cointegration evidence with allowance for endogenous structural breaks. Journal Applied Financial Economic Letters, 3(4), 259-262.

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