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Global Review of Islamic Economics and Business
Published by Universitas Islam Negeri Sunan Kalijaga Yogyakarta
ISSN : 23387920     EISSN : 23382619     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The scope or coverage of this International journal will include but are not limited to: Islamic Economics, Islamic Business, Islamic banking, Islamic capital markets, Islamic wealth management, Issues on shariah implementation/practices of Islamic banking, Zakat and awqaf, Takaful, Islamic Corporate Finance, Shariah-compliant risk management, Islamic derivatives, Issues of Shari`ah Supervisory Boards, Islamic business ethics, Islamic Accounting, Islamic Auditing.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 5 Documents
 1 
Search results for , issue "Vol 4, No 1 (2016)" : 5 Documents clear
The Importance of Good Customer Ethics in Improving The Financing Portion of Mudharabah Khotibul Umam
Global Review of Islamic Economics and Business Vol 4, No 1 (2016)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (407.267 KB) | DOI: 10.14421/grieb.2016.041-02

Abstract

Mudharabah is a partnership contract (reputation agreement) in which one party (shahibul maal) will give his property to another party (mudharib) as productive business capital  with profit sharing between the owner of the funds/capital based on the agreed ratio in advance. In practice, the application of financing mudharabah is not easy to be implemented in Islamic banking because financing mudharabah will make the asymmetric information between the customer and Islamic banking. Mudharabah client have more information than Islamic banking about all of that business.  Asymmetric information sometimes can make the costumer do the moral hazard and adverse selection acts with the result that Islamic banking didn't take that risk and make the distribution of mudharabah financing portion becomes very small when compared to the total number of Islamic bank financing. Mudharabah Customers must have a good business ethics and always have advanced principle of honesty, trustworthy and transparent in managing shahibul maal funds in orther to they can minimize the risk of financing mudharabah and make Islamic banking be confident to grant the decision of financing mudharabah.
Syariah Compliance Stock: Current Issues and The Way Forward M. Yazid Afandi
Global Review of Islamic Economics and Business Vol 4, No 1 (2016)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (519.669 KB) | DOI: 10.14421/grieb.2016.041-03

Abstract

Shariah compliance stock shows promising growth in Islamic finance industrty in the last three decades. It can be seen from the number of company listed in the Islamic capital market, issued by shariah committe. To be categorized as shariah compliance stock, stock screening will be conducted in ensuring that all company activities comply to shariah standard. The objective of this paper is to describe the shariah standar of stock screening in accordance with fiqh concept. In addition, this paper also illusterate some practice of stock screening in many countries. By conducting library research, this study found that shariah standard applied in stock screening is fully based on shariah and doesnt contravene with fiqh concept. Moreover, the practice of stock screening, still shows some differences which is affected by the difference of Islamic finance model.
Zakah Fund Distribution Model Trough Takaful Institution for The Welfare of The Poor Farmer Intan Puspitasari; Neneng Ela Fauziyyah; Annisa Nur Salam
Global Review of Islamic Economics and Business Vol 4, No 1 (2016)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (477.116 KB) | DOI: 10.14421/grieb.2016.041-04

Abstract

Various poverty alleviation programs are always launched by the government from year to year. But it is not able to change the state of this country to become more self-sufficient and prosperous. If explored further, the majority of people classified as poor are working as farmers. Therefore, it is necessary to alleviate poverty policy that focuses on the welfare of farmers. So that when the policy is successfully realized, the majority of the poor in Indonesia will be able to independently through the development of the agricultural sector. One of the problems faced by farmers is weak stimulus funds from financial institutions. Due to the agriculture sector is seen as high risk, the financial institutions tend to feel worried if that financing for the sector. In anticipation of losses on crop failure, it is important applied an insurance that serves to protect the farm. So that financial institutions have the courage to do the financing for the agricultural sector. Meanwhile, zakat is one of the Islamic public financial instruments with the potential to be developed. Zakat funds channeled to 8 asnaf, including for the poor. So, it is possible if the charity can be used as agricultural insurance fund for farmers who are poor. Based on the explanation, this paper is intended to offer a model of the distribution of zakat to the poor farmers through takaful. The hope when this model is applied, will invite many financial institutions in stimulating agricultural business funds. The final implications are the farmers’ productivity increased and the quantity of the poor in Indonesia will be reduced.
Best Choice for Investment-Islamic Equity or Sukuk? Akhmad Yusuf Khoiruddin
Global Review of Islamic Economics and Business Vol 4, No 1 (2016)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (610.569 KB) | DOI: 10.14421/grieb.2016.041-05

Abstract

Islamic capital market is an important part in the development of Islamic economics especially in providing a mobilization of fund to the efficient economic source and provides liquidity to the Islamic finance institution such as Islamic bank etc. There are two main instrumens in Islamic capital market namely Islamic equity and sukuk. In investmet point of view, the raise question is what is the best choises of investment between islamic equity and sukuk. The objective of this research to describe the return and the risk profile of Islamic equity and sukuk in the world. Second, this paper will conduct study about the chance to arrange Islamic portfolio investment consist of two securities namely, sukuk and Islamic equity. To analyze this, researchers will use some tools in capital market theories including portfolio theory, minimum variance portfolio, Sharpe, Jansen, Treynor and RAP model.  Thirdly, this paper will test the different level of return between Islamic equity and sukuk. The main instrument is statistical analysis, and SPSS. This research found that based on quantitative analysis Sukuk provides a better return as well as lower risk. However, in the short term, islamic equity is often provide a higher return than sukuk. From the several measurement tools, this research also finds that sukuk has a better performance than islamic equity. In  contrast, statistical testing shows that there are no significance differences return between Islamic equity and sukuk from 2005 till 2010.  Therefore, this research suggest that investor/peple who want to increase their wealth and prefer to invest in islamic capital market, they should make a islamic portfolio include some securities component, sukuk, islamic equity, islamic unit trust, islamic etf, etc.
The Measurement of Islamic Bank Performance: A Study Using Maqasid Index and Profitability Aam Rusydiana; Salman Al Parisi
Global Review of Islamic Economics and Business Vol 4, No 1 (2016)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (626.232 KB) | DOI: 10.14421/grieb.2016.041-01

Abstract

This study aims to 1) measure Syariah Maqasid Index (SMI) and Profitability Index (PI) of Islamic Banks, and 2) compare the Syariah Maqasid and Profitability Index of Islamic Banks during 2011-2014 with cartesian diagram. This research consists of 2 methods: syariah maqasid index weighting (sekaran method), and Comparative Performance Index (CPI). The object of research consist of 11 Islamic Banks (BUS) in Indonesia with annual data 2011 to 2014. Result: Syariah Maqasid Index of BUS during 2011-2014 from the highest to the lowest, namely Panin Syariah (0254), BCAS (0212), BMI (0208), BRIS (0207), BSM (0202), BSB (0.2008), BJBS ( 0.2006), Victoria Syariah (0199), Maybank Syariah (0197), BNIS (0195), Mega Syariah Bank (0172). Then Profitability Index of BUS in 2011-2014 from the highest to the lowest, namely Maybank Syariah (628.5), Bank Mega Syariah (472.1), BSM (459.9), Panin Syariah (395.5), Victoria Sharia (355.4), BNIS (252.6), BMI (218.2), BCAS (155.4), BSB (150.9), BRIS (135.3), and BJBS (122.3). Conclusion: The highest of Syariah Maqasid Index is Panin Syariah Bank in period 2011-2014, while the highest of Profitability Index is Maybank Syariah in period 2011-2014.

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