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Global Review of Islamic Economics and Business

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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 135 Documents

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The Low Cost Green Car (LCGC) Program in Islamic Perspective M. Muhfiatun; Susi Riyantika
Global Review of Islamic Economics and Business Vol 4, No 2 (2016)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Recently the Government of Indonesia makes a program of Low Cost Green Car (LCGC). The purpose of the program is to support the independence LCGC four-wheeled vehicles industry in order to anticipate the trend of increased demand for energy-efficient motor vehicles and reasonably priced. LCGC program is polemical prolonged. Protests came from all circles. Such as Local Officials, to the Economist. Because the program is properly designed like a cheap car city so that it’s bought by urban communities only According to The Ministry of Industry Article 1 (e) that the Green Car is set up with the price of Rp. 95,000,000.00 (ninety five million). In this case, the government intervened by way Ceiling Price although this intervention thresholds given in the event of structural changes in Indonesia's economic fundamentals, but the policy of intervention was assessed inconsistently. Because the car LCGC-called "earmarked" for the people of the lower middle class but are prohibited from using subsidized fuel. With some reason LCGC issuance of policies by the Government, there are some points that are contradicted by the transport and economic conditions in Indonesia. LCGC policy is certainly contrary to the spirit of alleviating transport problems especially congestion that was hit by the crisis. With the tax-free policy by the government, then the purchasing of the low-cost car will be higher. This is in accordance with the law of demand. The impact is congestion will worsen, especially in the knots of Indonesia's major cities. That means it will grow, the use of fuel and air pollution.

The Financing Problems Facing the Agricultural Sector in Nigeria and the Prospect of Waqf-Muzaraah-Supply Chain Model (WMSCM) Oladokun Nafiu Olaniyi; Mohamad Asmy Bin Mohd Thas Thaker; Hassanudin Mohd Thas Thaker; Anwar Allah Pitchay
Global Review of Islamic Economics and Business Vol 2, No 1 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Agriculture sector becomes important sector in many developing countries including in Nigeria. The contribution of agricultural sector to the development of Nigeria is considerable. This important sector was the economic backbone upon which the government of the Federal Republic of Nigeria relied for its foreign exchange and revenue. A country was once a net exporter of agricultural products. However, since the discovery of oil in the early 1960, agricultural productivity has continually decreased due to many problems, especially related to financial aspect. Several programmes and policies have been adopted by various administrations to find solution to the dwindling agricultural productivity but to no avail. These solutions have mainly focused on alleviating the financial problems the farmers face. Usually financial intermediaries including banks would provide micro-financing to the farmers but with high interest rates coupled with collateral requirements. Hence, this mode of financing has not produced any significant result. This study will therefore examine problems facing agricultural sector in Nigeria with special emphasis on its financial aspect and propose a Waqf-MuzaraahSupply Chain model (WMSCM). Under this model, Waqf fund will be used for providing financial facility of the farmers. The relationship between farmers and financial institutions is based on partnership where profit and loss will be shared by both parties. This will enhance commitment by and cooperation among both parties to ensure the success of the business. Furthermore, the issues of collateral and high interest rate that constrain the financial ability of the farmers and their agricultural output are inherently solved by the model. Moreover, the model has features of investment and risk diversification for both the financial institutions and the farmers that will lead to high agricultural productivity and employment generation in the economy.

THE DETERMINANTS OF RURAL POVERTY (A Study of Tobacco Farmers in Temanggung) Fuad Hasyim
Global Review of Islamic Economics and Business Vol 6, No 1 (2018)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Rural poverty is a problem that seemed vicious because poverty is a structural problem that will always be there. Poverty of farmers in rural areas must be addressed in an effort to increase the capacity and capability of farmers to form farmers' productive behaviors that have an impact on increasing empowerment.This study tried to explore the problems of poverty in rural areas, particularly poverty tobacco farmers in Temanggung. This is motivated because the Temanggung tobaccos are the world's best tobacco, but its majority people are poor. This study uses primary data approach, the method of Structural Equation Modeling (SEM) using path analysis. Then in-depth explanation with interviews and observations analysis techniques to obtain optimal qualitative interpretation.The results showed that the capacity, culture, government empowerment, social capital and religiosity as independent variables affect the attitudes of society, which in turn affect the empowerment of the poor as poverty reduction efforts.

The Awareness and Attitude towards Islamic Banking: A Study in Malaysia Buerhan Saiti
Global Review of Islamic Economics and Business Vol 2, No 3 (2015)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

The purpose of this study is to establish the level of awareness that Malaysians have in relation to the culture of Islamic banking, the attitude of Malaysians towards Islamic banking and a ranking of the bank selection criteria of Malaysians – and for each part of the study, to see if Muslim responses are different from non-Muslim responses. A sample of 150 Muslim and non-Muslim customers in Klang Valley was surveyed utilizing a questionnaire containing specific questions relating to the awareness and attitudes of Islamic banking to their ranking of the services required. It is found that the Muslims are more aware toward the culture of Islamic banking, and as consequences, be more aware of the meaning of fundamental terms used in Islamic banking and finance.In the case of the attitudes towards Islamic banks, there were many differences in attitudes between Muslims and non-Muslims in country with majority of Muslims. In the context of bank selection criteria, there are four significant differences among Muslims and non-Muslims such as, mass media advertising, credit on favorable terms, financial counseling and location near my place of work, while the others 18 criteria shows no significant difference. The findings can be utilize by banks to measure the level of attitudes and acceptance towards Islamic Banking among Muslims and non-Muslim and for those who is considering setting up an Islamic banking operations in the country with majority of Muslims.

Formulation of Accountability of Islamic University in Islamic Values Perspective Ari Dewi Cahyati; Nurma Risa; Nizarul Alim; Prasetyono Prasetyono
Global Review of Islamic Economics and Business Vol 7, No 1 (2019)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Islamic University as a sharia non-profit institution needs to implement accountability to stakeholders. The purpose of this study is to formulate accountability models in the perspective of Islamic values at Islamic University 45. This study uses a qualitative paradigm approach. Data collection techniques were carried out by in depth interviews and Focus Group Discussion (FGD). Informants of this study were university stakeholders consisting of: Lecturers, Head of Departments, Deans, vice chancellor, Chancellors, Foundations, Graduates, Students, Government (Grant providers) and surrounding communities. The results of the study is divided Islamic accountability in 2 (two) dimensions, and Abd Allah, which Khalifatulfiilardis consisted of legal accountability, economic accountability, social accountability to society and the environment, and accountability to Allah.

The Influence of Accountability, Transparency, and Responsibility of Zakat Institution on Intention to Pay Zakat Lu’liyatul Mutmainah
Global Review of Islamic Economics and Business Vol 3, No 2 (2015)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Zakat institution growth is increasing in Indonesia, but the absorption of zakat potential is not optimal yet. Low of intention to pay zakat on institution is one of factor why it is not optimal. This research aims to know the influence of perception in accountability, transparency, and responsibility of zakat institution to intention for paying zakat on DPU DT Yogyakarta. This is field research with primary data and secondary data. The method used to collect the data using questionnaires, interviews, and documentation. The technique used for sampling is convinience sampling with 51 respondents and suggested the use of multiple regression analysis techniques using SPSS 16.00 for data analysis. The result of this research indicated that all variables significantly influence intention to pay zakat simultaneously. But, the result of test partial indicated that accountability and transparency significantly positive influence to intention of paying zakat, then there is no influence of responsibility.

Revisiting of an Islamic Options Permisibility from Shariah Perspectives Ahmad Khaliq; Hassanudin Mohd Thas Thaker
Global Review of Islamic Economics and Business Vol 1, No 3 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

The popularity of derivative instruments especially in managing uncertainty (risk)had become popular after several financial crises that occurred since the Great EconomicDepression. There are various tools have been developed in managing risk such as the Options,Forwards, Futures and Swaps. In addition, these kinds of tools are commonly used by institutional and individual investors. Given this popularity, conventional risk management strategies is completely against from Islamic risk management as Islamic financial market arekeep on growing drastically at Cumulative Average Growth Rate (CAGR) of 15% on yearlybasis (Mckinsey, 2005). This is clearly shows that, Islamic finance development are in line withconventional financial development. Therefore, there is need to maintain consistency in productstructures offered by these two financial markets. The complexity is mainly contributed by thestructures and the design of the products especially on Islamic derivatives tools. Therefore, to get a significant picture of the Islamic risk management tools, this paper will only examines thecontemporary derivative instruments namely; Option and the Islamic viewpoints of thisinstrument . As we know, Islamic finance is governed by Shariah principle and guidelines whichprohibit Riba, Gharar, and Masir etc. Therefore, this paper attempts to explore the validity ofoptions from Islamic and Shariah perspectives by reviewing Islamic scholars opinions on anoptions market.

Human Prosperity Measurement within The Gloom of Maqasid Al-Shariah Malik Shahzad Shabbir
Global Review of Islamic Economics and Business Vol 7, No 2 (2019)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

This study is trying to interpret the theory of Maqasid Al-Shariah in wide context, which further based on the measurement of socio-economic prosperity; it takes into account the major drawbacks of the existing measurements. The proposed measurement is an integrated Maqasid Al-Shariah based composite index to measure socio-economic prosperity of economies in general and muslim countries in particular. The integrated Maqasid Al-Shariah based measurement does not isolate economic and social progress from the spiritual and biophysical variables that effect human prosperity. Specifically, in this paper, we will be looking at the theory of Maqasid Al-Shariah and socio-economic prosperity, in order to develop these constructs within the proposed composite index and the measurement variables, where each variable constructs under the Maqasid Al-Shariah. This study argues that the existing measurements of socio-economic progress are limited by number of measured variables and, therefore, do not portray the real socio-economic prosperity status.

vulnerability of islamic banking hasan albanna
Global Review of Islamic Economics and Business Vol 5, No 2 (2017)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

The recent global financial crisis has renewed the focus on the resistance of Islamic banks in order to confront the crisis. While several empirical studies show that Islamic banks have no resist from the crisis. thus, Islamic banks run their business side by side with their counterpart and play the game under the same umbrella and the rules of game. In case of Indonesia, which implement dual banking system, Islamic banks have potential to be effected by the variables of conventional banks. Which mean, this condition led the Islamic banks have the vulnerable spot in economic life. This paper aim to examine the stability of Islamic banks and to discern dynamic behavior of Islamic banks to the macroeconomic variables such as GDP, inflation rate, exchange rate and interest rate. the measure of stability of Islamic banks formulated as z-score. Then, We use VAR/VECM analysis in order to see the dynamic behavior and the vulnerability of Islamic banks. the paper found several findings, first, during the global financial crisis, Islamic banks more stable than the conventional banks, while after the global financial crisis conventional banks tend to be more stable than Islamic banks. Second, From the IRF test display that Islamic banks react sensitively to the shock of interest rate. however, Islamic banks prohibit the practice of interest rate. even though, in practical reason, Islamic bank use interest rate as benchmarking to determine the price. This condition put the Islamic Banks in vulnerable condition. Third, the FEVD test showed that the stability of Islamic banks mostly contribute by its own stability then followed by GDP, interest rate, exchange rate and Inflation. At the seventh period the stability of Islamic banks mostly contribute by its stability then followed by Inflation rate, GDP, exchange rate and interest rate.

The combine synergies between Islamic Micro Finance Portfolio and various Structured Finance Solutions Malik Shahzad Shabbir
Global Review of Islamic Economics and Business Vol 6, No 2 (2018)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

AbstractPurpose: The objective of this study is to combine the both Islamic micro finance portfolio and structured finance within the limits of Shariah. However, sustainability and access to traditional funding sources by micro finance institutions (MFI) have remained a pressing issue for the finance industry. The traditional sources of finance such as commercial banks have been unwilling and reluctant to join hands with micro finance institutions.Design/methodology/approach A unique structured proposal for business model is suggested in this paper. It combines synergies of structured finance solution for Islamic banks to join hands with existing micro finance providers. The proposed business model will enhance the financing capacity of the existing micro finance Industry by a staggering two thirds, simply by bringing in matching funds from traditional sources. These funds are based on the strong business model using synergies and financially innovative structured solution proposed for risk management etc.Finding It is a commercially viable solution which is capable of being replicated for the entire industry with a huge win-win for all. The results reveal that helping hands for relief development (HHRD) would be providing its share of Rs.115 Million (1045454.54 US dollars) to be matched on 60:40 ratios with Meezan Bank Limited (MBL). Furthermore, Rs.76.667 Million (696972.72 US dollars) and the total Rs.191.667 Million (1742427.27 US dollars) have matched on 30:70 bases between both HHRD and MBL regarding challenges of financial innovation.Originality/valueThis study highlights the issue, why financial institutions of Pakistan especially government sector banks avoided to joint hands with micro finance providers for various reason. These reasons are discussed in detail with proper solution in the paper.

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Home Page

OAI Link

Editorial Team

Contact

Reviewer

Google Scholar

Contact Name Aris Munandar

Contact Email Aris Munandar

Phone +6282145485255

Journal Mail Official -

Editorial Address Jl. Laksda Adisucipto, Papringan, Caturtunggal, Kec. Depok, Kabupaten Sleman, Daerah Istimewa Yogyakarta 55281

Location Kab. sleman, Daerah istimewa yogyakarta INDONESIA

Abstract

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Abstract

Contact Name
Aris Munandar

Contact Email
Aris Munandar

Phone
+6282145485255

Journal Mail Official
-

Editorial Address
Jl. Laksda Adisucipto, Papringan, Caturtunggal, Kec. Depok, Kabupaten Sleman, Daerah Istimewa Yogyakarta 55281

Location
Kab. sleman,

Daerah istimewa yogyakarta

INDONESIA