PROCEEDINGS -...

The3rdAnnualInternationalConferenceonIslamicEconomics

“Contemporary Issues in Islamic Economics, Islamic Banking and Halal Industry”

Pusat StudiEkonomi Islam UniversitasSebelas Maret

Tuesday,August30th2016

Solo,Indonesia

Published by: Pusat Studi Ekonomi Islam UNS

PROCEEDINGS

The3rdAnnualInternationalConferenceonIslamicEconomics

“Contemporary Issues in Islamic Economics, Islamic Banking and Halal Industry”

Pusat StudiEkonomi Islam UniversitasSebelas Maret

Tuesday,August30th2016

Solo,Indonesia

PROCEEDINGS

The 3rd Annual International Conference on Islamic Economics

ii

Perpustakaan Nasional : Katalog Dalam Terbitan (KDT)

Cover Design

Gandhi Amidjaya

Lay Out

Arifuddin, Lc., M.A.

Muh Juan Suam Toro, S.E., M.Si.

Editors

Dr. Wisnu Untoro, M.S. (Faculty of Economics and Business UNS Surakarta), Dr.

Siti Aisyah Tri Rahayu, S.E., M.Si. (Faculty of Economics and Business UNS

Surakarta), Dr. Salamah Wahyuni, SU. (Faculty of Economics and Business UNS

Surakarta) Dra. Falikhatun, M.Si., Ak. (Faculty of Economics and Business UNS

Surakarta) Burhanuddin Harahap, S.H., M.H., M.Si., Ph.D. (Faculty of Law UNS

Surakarta)

Published by:

Pusat Study Ekonomi Islam LPPM UNS

ISBN:

All rights reserved.

Reproduction in any form of any part of our publications is a violation of

copyright law and is prohibited. Contents are outside the responsibility of the

publisher.


iii

PREFACE

Bismillahirrahmanirrahim,

Assalamu’alaikum warahmatullah wabarakatuh

Islamic economic practices have been growing rapidly in many countries, either

Islamic countries or countries with an Islamic majority population and non-

Islamic countries. However, some major issues still need to be observed that the

system is run according to the rules of the values and laws of Islam. These major

issues are the practice of Islamic banking and the business practice of halal

industry.

As the number of Islamic banks have increased, with increasing number of

product lines and widening scope of operations, the need for monitoring also

increase to ensure that the practice of Islamic values and laws in these

institutions remain on the right path. Similarly, the halal products has always

been a major concern for Muslim where Muslims mobility to various parts of the

world, increasing the need for halal food. This makes the need to constantly

monitor and study on the issues.

Based on these facts, Pusat Studi Ekonomi Islam (Center for Islamic Economics

Study) Universitas Sebelas Maret is conducting Annual International Conference

on Islamic Economics (AICIE) 2016: Contemporary Issues in Islamic Economics,

Banking and Halal Industry. The conference’s proceedings book is contained of

the abstracts of the accepted and presented articles in the AICIE 2016

Conference. The purpose of this book is to present the contemporary research

finding in the area of Islamic Economics for the benefit of academicians and

practitioners.

Wassalamu’alaikum warrahmatullah wabarakatuh.

AICIE 2016 Committee


iv

Table of Contents

Preface iii

Table of Contents iv The Ranking of Community Sharia Compliant CSR Activities 1 Sharifah Nazura Syed-Noh, Universiti Teknologi MARA, Malaysia Shahida Farhan Zakaria, Universiti Teknologi MARA, Malaysia Roshima Said, Universiti Teknologi MARA, Malaysia Noor Zahirah Mohd Sidek, Universiti Teknologi MARA, Malaysia Abd-Razak Ahmad, Universiti Teknologi MARA, Malaysia Spirituality, Dual Career Family Worker, and Commitment Organizations 2 Abdul Aziz Nugraha Pratama, IAIN Salatiga Tulus Haryono, Unversitas Sebelas Maret Salamah Wahyuni, Unversitas Sebelas Maret Asri Laksmi Riani, Unversitas Sebelas Maret Hikmah Endraswati, IAIN Salatiga Analysis Business Performance Competition in the Era Competitive on Indonesia: Balance Scorecard Approach

3

M. Apun Syaripudin, the State Islamic Raden Intan Lampung Indonesia Economic Review and Regulation of Islamic Investment Instruments on Asset- Backed Securities

4

Dr. Nur Hasanah, M.Ag,. FITK, UIN Syarif Hidayatullah Jakarta Effect of Price Perception, Service Quality, and the Image of Intention to Costumers for Word of Mouth with Satisfaction as Variable Mediation (Survey BPJS in Ponorogo)

5

Dhika Amalia Kurniawan, Universitas Darussalam Gontor Ponorogo Spiritual Quotient and Burnout Pressure on Accounting Lecturer 6 Arif Lukman Santoso, Universitas Sebelas Maret, Surakarta Vidia Ayu Satyanovi, Universitas Sebelas Maret, Surakarta Agus Budiatmanto, Universitas Sebelas Maret, Surakarta Sri Murni , Universitas Sebelas Maret, Surakarta A Current Issue of Islamic Banking in Indonesia 7 Dewi Lutfiyah, Universitas Muhammadiyah Surakarta Anggrahini Panca P, Universitas Muhammadiyah Surakarta Taufik Hermansyah, Universitas Muhammadiyah Surakarta Bilal Hamdani, Universitas Muhammadiyah Surakarta Abi Firmansyah, Universitas Muhammadiyah Surakarta Hajj and Umrah Bailouts, Practice in Islamic Commercial Bank in Indonesia And The Views From Islamic Economic Perspective

8

Eko Fajar Cahyono, SE, ME, Universitas Airlangga


v

Factors Affecting Income Smoothing Practices of Islamic Banks in Indonesia and Malaysia

9

Jati Narendro P., Universitas Sebelas Maret, Surakarta Ari Kuncoro W., Universitas Sebelas Maret, Surakarta Performance Comparison with Conventional Mutual Basis of Islamic Mutual Funds

10

Rachmat Sugeng, Universitas Sebelas Maret, Surakarta Salamah Wahyuni, Universitas Sebelas Maret, Surakarta Analysis of Efficiency for Islamic Bank and Sharia Business Unit in Perspective of Hahslm Methodology

11

Roikhan Mochamad Aziz, State Islamic University (UIN) Syarif Hidayatullah Jakata Problems of Islamic Banks in Applying Limited Liability Company 12 Burhanudin Harahap, Universitas Sebelas Maret, Surakarta Solikhah, Universitas Sebelas Maret, Surakarta Luthfiyah Trini Hastuti, Universitas Sebelas Maret, Surakarta Economic Empowerment through the Optimization of the Cooperation Sharia Intermediation Function

13

Fahrur Ulum, Islamic State University Sunan Ampel Surabaya Review Capital Structure and Good Corporate Governance toward Islamic Banking Performance In Indonesia

14

Ridwansayah, IAIN Raden Intan Lampung University Anip Dwi Saputro, Universitas Muhammadiah Ponorogo An Investigation of Factors Influencing Fraud Prevention on Islamic Banks in Indonesia

15

Tulus Suryanto, IAIN Raden Intan Lampung University Crowdfunding Sharia: The Innovation of Funds to Small Medium Enterprises in Indonesia

16

Yuke Rahmawati, MA UIN Syarif Hidayatullah Jakarta Effect of Islamic Corporate Governance Disclosure on Islamic Social Reporting Disclosure with Financial Performance as Mediation Variable

17

Ichsan Setiyo Budi, Universitas Pembangunan Nasional “Veteran” Yogyakarta Rahmawati, Universitas Sebelas Maret, Surakarta Corporate Social Responsibility Disclosure of Jakarta Islamic Index (JII) 2011-2014

18

Nurlaila Fisya, STIE Swastamandiri, Surakarta Ibrahim Fatwa Wijaya, Universitas Sebelas Maret, Surakarta Amru Sukmajati, STIE Swastamandiri, Surakarta Islamic Management Principles and Financial Performance 19 Falikhatun, Universitas Sebelas Maret, Surakarta Performance Comparison between Indonesian Sharia Stock Index and Malaysia Sharia Stock Index

20

Muh Juan Suam Toro, Universitas Sebelas Maret, Surakarta Maratu Rifa, Universitas Sebelas Maret, Surakarta


vi

Market Reaction to Conventional and Sharia Bond Issues 21 Muh Juan Suam Toro, Universitas Sebelas Maret, Surakarta Muhammad Arif Hidayatullah, Universitas Sebelas Maret, Surakarta Effect of Capital Structure and Growth of Its Corporate Values Mediated By Profitability

22

Shodiq Purnomo, Universitas Sebelas Maret, Surakarta Salamah Wahyuni, Universitas Sebelas Maret, Surakarta The Influences of Foreign Ownership, Exchange Rate of Currency and Zakat on Performance of Islamic Banks In Indonesia

23

Fahmi Irfan, Universitas Sebelas Maret, Surakarta Salamah Wahyuni, Universitas Sebelas Maret, Surakarta Orbit Model Strategy for Developing a Group of New Entrepreneurs: A Case Study of Entrepreneurship Development in the Processed Fish on a Group of Fishermen at Ketah Situbondo

24

Mohammad Zaenal Abidin Analysis of Effect Used Halal Label to the Customer Loyalty Cosmetic Sari Ayu 25 Yenny Maya Dora, Widyatama University Halal Certification as A Challenge towards ASEAN Economic Community 26 Septyanto Galan Prakoso, Universitas Sebelas Maret, Surakarta Iim Fathimah Timorria, Universitas Sebelas Maret, Surakarta Factors Affecting Intention to Purchase of Halal Food 27 Siti Khoiriyah, Universitas Sebelas Maret, Surakarta Husna Puspitasari, Universitas Sebelas Maret, Surakarta Arum Setyowati, Universitas Sebelas Maret, Surakarta Muslim’s Producers Awareness of Halal Products in Surakarta 28 Falikhatun, Universitas Sebelas Maret, Surakarta Sri Hanggana, Universitas Sebelas Maret, Surakarta Anis Widjayanto, Universitas Sebelas Maret, Surakarta Vita Kartika Sari, Universitas Sebelas Maret, Surakarta Master Plan Framework and Innovation Driven in Indonesia Halal Industry 29 Fajar Surya, University of Darussalam Gontor The Influence of ZIS (Zakah, Infaq and Sadaqa) and Islamic Financial Institutions Distribution on the growth of MSME (Micro, Small and Medium Enterprises) and GDRP (Gross Domestic Regional Product) in East Java for The Period 2011 – 2014

30

Azhar Alam, Universitas Muhammadiyah Surakarta Raisa Aribatul Hamidah, Universitas Islam Batik Surakarta Reengineering of Contract in Islamic Insurance 31 Priyadi, Universitas Muhammadiyah Surakarta Muhammad Sholahuddin, Universitas Muhammadiyah Surakarta Al-Urbun for Islamic Financial Transaction 32 Sylva Alif Rusmita, Airlangga University


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Compensation Model for Amil Zakah 33 Falikhatun, Universitas Sebelas Maret, Surakarta Yasmin Umar Assegaff, Universitas Sebelas Maret, Surakarta Dynamics Development of Islamic Fiduciary Service in Indonesia 34 Febrianur Ibnu Fitroh Sukono Putra, Universitas Muhammadiyah Surakarta Gemelli Milad Muhammady, Universitas Muhammadiyah Surakarta Almira Nur Aulia, Universitas Muhammadiyah Surakarta Saiful Hidayat, Universitas Muhammadiyah Surakarta Muhammad Sholahuddin, Universitas Muhammadiyah Surakarta E-Zakat: Redesign the Collection and Distribution of Zakat 35 Mulyadi, Universitas Sebelas Maret, Surakarta Arif Rahman Hakim, Universitas Sebelas Maret, Surakarta Ibrahim Fatwa Wijaya, Universitas Sebelas Maret, Surakarta Nugroho Saputro, Universitas Sebelas Maret, Surakarta Johadi, Universitas Sebelas Maret, Surakarta The Effect of Activity Ratio, Market Ratio, and Profitability Ratio on Return of Sharia Stocks

36

Niken Respati Aprilina, Universitas Sebelas Maret, Surakarta


Pusat Studi Ekonomi Islam - Universitas Sebelas Maret

The Ranking of Community Sharia Compliant CSR Activities

Sharifah Nazura Syed-Noh, Universiti Teknologi MARA, Malaysia Shahida Farhan Zakaria, Universiti Teknologi MARA, Malaysia

Roshima Said, Universiti Teknologi MARA, Malaysia Noor Zahirah Mohd Sidek, Universiti Teknologi MARA, Malaysia

Abd-Razak Ahmad, Universiti Teknologi MARA, Malaysia

ABSTRACT Corporate Social Responsibility (CSR) activities are increasingly becoming more important as companies realize the benefits these activities bring back to the companies. For Islamic financial institutions (IFIs), for example, society expects the IFIs to contribute to the society in line with the concept of sadaqah taught in Islam. CSR activities need to conform to the rules of Sharia. We identify these activities as Islamic Corporate Social Responsibilities or i-CSR activities. The aim of this study is to rank these i-CSR activities according to their relative importance by using a mathematical tool known as analytic hierarchy process. The analysis showed that key activities that are highly ranked are ‘aiding medical research’ and ‘company building or plan to build public infrastructure. The findings from this study will contribute as a reference point for the companies or organizations to highlight their CSR initiatives according to Sharia. Keywords: Analytic hierarchy process, community, Islamic corporate social responsibility, ranking



Spirituality, Dual Career Family Worker, And Commitment Organizations

Abdul Aziz Nugraha Pratama, IAIN Salatiga Tulus Haryono, Unversitas Sebelas Maret

Salamah Wahyuni, Unversitas Sebelas Maret Asri Laksmi Riani, Unversitas Sebelas Maret

Hikmah Endraswati, IAIN Salatiga

ABSTRACT The purpose of this study was to determine whether spirituality influence on organizational commitment and to determine whether the dual career family worker as moderating variable the influence spirituality on organizational commitment. This study used 89 employees and lecturers as sample from three educational institutions under the Ministry of Religious Affairs in Central Java, namely IAIN Surakarta, IAIN Salatiga, and MTsN 1 Surakarta. The technique analysis used in this study was Moderated Regression Analysis. The results showed that spirituality affects organizational commitment positively and dual career family worker as moderating variable the influence spirituality on organizational commitment. Dual career family worker in this study was included as a quasi-moderation variable. Keywords: Spirituality, Dual Career Family Worker, Organizational Commitment



Analysis Business Performance Competition in the Era Competitive on Indonesia: Balance Scorecard Approach

M. Apun Syaripudin, the State Islamic Raden Intan Lampung Indonesia

ABSTRACT

The purpose of this study was generally is to answer the problem formulation grains, namely: 1) To analyze how the Balanced Scorecard through financial and non-financial perspectives (customer, internal business process and learning and growth) is used to assess the performance of the Human Resources companies as part of the company's business strategy; 2) To analyze how the influence of Non-Financial perspectives (customer, internal business process and learning and growth) affect the performance of the company's corporate Human Resources. From the perspective of learning and growth of compensation indicator indicates that the compensation received by employees in the form of salaries and allowances and a maximum deemed not to be scaled back so that employees can be more motivated to work. Meanwhile, indicators of skills and employability (competency) of employees as well as the involvement and active participation of employees and career development within the company has been considered relatively. Keywords: Business Performance, Competition and Balance Scorecard



Economic Review and Regulation of Islamic Investment Instruments on Asset- Backed Securities

Dr. Nur Hasanah, M.Ag,. FITK, UIN Syarif Hidayatullah Jakarta

ABSTRACT

The potential of home financing in Indonesia showed the market opportunity for Islamic banks to channel their funds through the financing of Mortgages. However, the bank's capital is still much smaller when compared with the needs of the community's response to the demand of the house. Therefore, Islamic banks require a source of long-term financing through Islamic capital market products. Islamic asset-backed securities in the form of a letter of Participation is one of the Islamic capital market instrument is right for published Financial Multigriya means of PT (Persero). In addition to the large market opportunities to develop asset-backed securities in the form of a letter of participation, its operations have been set up in the policy of the financial services authority in the form of Sharia capital market Road Map 2015 – 2019, regulation of the financial services authority Number 20/POJK. 04/2015, and the Fatwa of the National Assembly of the Islamic Scholars Council of Indonesia No. 40/DSN-MUI/X/2003. Although the opportunities and development prospects of Islamic asset-backed securities in the form of a letter of participation looks quite encouraging, however, its realization is very minimal. The challenge to develop Islamic asset-backed securities instruments in the form of Letter of participation is due to two factors, namely the economic and regulatory factors. Keywords: Islamic banks, Islamic asset-backed securities



Effect of Price Perception, Service Quality, and the Image of Intention to Costumers for Word of Mouth with Satisfaction

As Variable Mediation (Survey BPJS in Ponorogo)

Dhika Amalia Kurniawan, Universitas Darussalam Gontor Ponorogo

ABSTRACT This study aimed to examine the effect of the perception of price, service quality and the image of the consumers’ intention to WOM, mediated by satisfaction and moderated by the variable information. Data were obtained through a survey of 200 respondents who intend to WOM BPJS in Ponorogo, East Java. Ternik sampling selected is using convenience sampling. The analytical tool used to test the model is AMOS. Based on the analysis found that before individuals distinguished by the level of information obtained none of the variables that influence satisfaction, better perception of price, quality of service and the image. However, on the one hand satisfaction are variables influential in shaping consumer intentions to WOM against BPJS services. Furthermore, when individuals are distinguished by low and high-level information was obtained that the low level of information, none of the variables that affect the satisfaction of both the perception of price, quality of service and the image. However, on the one hand satisfaction are variables influential in shaping consumer intentions to WOM. Then, based on high-level information indicates that the variable perception of price, quality of service and image effect on satisfaction, while satisfaction are variables influential in shaping consumer intentions to WOM against BPJS services. The test results are expected to provide an understanding of the marketers to develop strategies to improve consumer intentions to WOM by providing information on prices, quality of service and image so as to provide possible stimuli can increase consumer intentions to WOM. Keywords: Perception price, service quality, image, satisfaction, intention to WOM.



Spiritual Quotient and Burnout Pressure on Accounting Lecturer

Arif Lukman Santoso, Universitas Sebelas Maret, Surakarta Vidia Ayu Satyanovi, Universitas Sebelas Maret, Surakarta Agus Budiatmanto, Universitas Sebelas Maret, Surakarta

Sri Murni , Universitas Sebelas Maret, Surakarta

ABSTRACT Burnout is susceptible to occur in the profession that leads to public service, one of them is lecturer. Past research has shown the negative impact of burnout. The purpose of this study is to examine the effect of spiritual quotient to burnout in accounting lecturers in a college in Surakarta. This study used convenience sampling method, the number of sample used in this study were 114 accounting lecturers from 18 private and public universities in Surakarta. The method used in data collection was the primary method of data collection, using questionnaires filled out directly by accounting lecturers as respondent of the study, while the data processing methods used by researcher were multiple regressions. The result shows that the spiritual quotient has significant negative effect toward burnout in accounting lecturers. Keywords: Accounting lecturers, spiritual quotient and burnout



A Current Issue of Islamic Banking in Indonesia

Dewi Lutfiyah, Universitas Muhammadiyah Surakarta Anggrahini Panca P, Universitas Muhammadiyah Surakarta Taufik Hermansyah, Universitas Muhammadiyah Surakarta

Bilal Hamdani, Universitas Muhammadiyah Surakarta Abi Firmansyah, Universitas Muhammadiyah Surakarta

ABSTRACT

Islamic Banking is a bank that operates using the principles of Islamic principles, or banks that are in operation following the procedure of muamalat in Islam. The basic philosophy in the operation of Islamic Banking in the transaction is the efficiency, fairness, and togetherness. Functions and objectives of its bank are savings, transfers, loans and more. But there is a difference in a few things: no usury, gharar, and gambling. This resulted in many people who still doubt regarding Islamic Banking products are sharia-compliant or not. Even the level of public understanding of the product is very diverse there are people who are able to understand all the products of Islamic Banking but there are also groups who are less understood due to several factors. Most people are lacking the knowledge relating to the products of Islamic Banking. This is due to three major problems in Islamic Banking. The need for standardization of sharia banking products in the interests of industry, innovation in Islamic banking products efforts will extinguish the products of Islamic Banking with the conventional bank. There are no charges simplistic as saying that the products of Islamic Banking were simply adopted with copy and paste only. Socialization services given product bank with shows the results of performance quality, facilities and products that are not inferior to conventional banks will be informed and critical concerns of potential clients to assess financial products are executed by Sharia banking. The public will understand Sharia banking products completely. Human resources factors are also one of the main factors that determine the development of Islamic Banking because no human resources competency, superior, and the notion of Islamic economics will certainly hamper the economic development of the Sharia in Indonesia. Keywords: Islamic Banking, Competencies, Human Resources



Hajj and Umrah Bailouts, Practice in Islamic Commercial Bank In Indonesia and the Views from Islamic Economic Perspective

Eko Fajar Cahyono, SE, ME, Universitas Airlangga

ABSTRACT

Islamic Economics in the implementation should be submissive and obedient to the Qur'an and Hadith as a source of norms of religious teaching Islam. Awareness of Muslim cause of economic development in Indonesia is so rapid, especially in the banking sector raises a wide range of products one of which is Hajj and Umrah bailouts. This product was born to meet the needs of Muslims on financing their holy pilgrimage. The product experiences the full development dynamics. These products has got halal legitimacy of Islamic scholars but further whether the product is appropriate ethically or ahlaq given that the Hajj and Umrah to owe that indicates the inability financially then there is a tendency redundant in consumption. The purpose of this study is to investigate how the nature and bailouts Hajj and Umrah in the perspective of the ethical norms of Islam by Sheikh Yusuf Qaradawi a prominent and influential contemporary scholars in the world. Then the second research goal is to practice Hajj and Umrah bailouts in Indonesia. Method is a qualitative descriptive study was to study literature and documents. Data is the entire Islamic Banks in Indonesia. Keywords: Hajj, Umrah, Bailouts, Ecnomics Perpective



Factors Affecting Income Smoothing Practices of Islamic Banks In Indonesia and Malaysia

Jati Narendro P., Universitas Sebelas Maret, Surakarta Ari Kuncoro W., Universitas Sebelas Maret, Surakarta

ABSTRACT

The purpose of this research is to examine factors that influence income smoothing in Islamic bank which is proxied by Loans Loss Provisions. The population in this study is Islamic banks in Indonesia and Malaysia. Sampling method is purposive sampling. Indications of income smoothing are measured by Eckel index. To analysis the determinants, this study employs multiple linear regression analysis. The results, based on Eckel index, show that eight out of twenty Islamic banks in Indonesia and Malaysia do an income smoothing. In addition, the results indicate that dividend payout ratio (DPR), earnings before tax and provisions (EBTP), bank size, capital adequacy ratio (CAR), and financing to deposit ratio (FDR) significantly affects loans loss provisions (LLP). In contrast, country does not significantly affect the loans loss provisions (LLP). . Keyword: Loan loss provision, earning management, Islamic bank



Performance Comparison with Conventional Mutual Basis of Islamic Mutual Funds

Rachmat Sugeng, Universitas Sebelas Maret, Surakarta

Salamah Wahyuni, Universitas Sebelas Maret, Surakarta

ABSTRACT Mutual fund is one investment instrument that is currently being developed, along with the development of the Indonesian capital market, mutual funds began to implement Islamic principles in running the business strategy. The fundamental difference between conventional mutual funds with Islamic mutual fund lies in investment policy. Islamic mutual funds use investment policies through the electoral process in the formation and portfolio management strategies using Islamic principles. This study aims to determine whether there are differences in performance between conventional basis of mutual funds and mutual fund sharia basis. The population in this study is all types of equity funds, money market, mixture, fixed income, protected, conventional base and base index of sharia. The analytical method used is descriptive method and statistical method which is the average difference test using independent samples t-test. Type of this research is comparative. The data used is secondary data obtained from mutual funds monitoring Services Authority Financial. Return research by comparing the results of the mutual fund of stocks, money market, mix, fixed income, protected, index by t-test performance is no significant difference between mutual funds with a conventional base sharia mutual funds base. Comparison of the level of risk, conventional mutual funds are better than the sharia mutual funds. Keywords: Mutual fund share a conventional basis, mutual funds base sharia, yield, risk



Analysis of Efficiency for Islamic Bank and Sharia Business Unit in Perspective of Hahslm Methodology

Roikhan Mochamad Aziz, State Islamic University (UIN) Syarif Hidayatullah Jakata

ABSTRACT

This research purposes are to measure efficiency and analyze the efficiency comparison between Sharia Commercial Bank (BUS) and Sharia Business Unit (UUS) in Indonesia and compare the efficiency during the period 2008-2013. There are 10 Islamic banks which are used as samples of this research consisting of 3 Sharia Commercial Bank (BUS) and 7 Sharia Business Unit (UUS) that was chosen by purposive sampling. Efficiency measurement in this research is using Data Envelopment Analysis (DEA). To determine differences in efficiency between Sharia Commercial Bank (BUS) and Sharia Business Unit (UUS), this study uses a different test parametric independent sample t-test. The result of this research showed that there is no significant difference between the efficiency of Sharia Commercial Bank (BUS) and Sharia Business Unit (UUS), during the period of 2008-2013 with possible intervention t value (-0.429) < t table (2.002) and probability value =0.000. Keywords: Efficiency, Islamic Bank, Sharia Business Unit, DEA, Hahslm



Problems of Islamic Banks in Applying Limited Liability Company

Burhanudin Harahap, Universitas Sebelas Maret, Surakarta

Solikhah, Universitas Sebelas Maret, Surakarta Luthfiyah Trini Hastuti, Universitas Sebelas Maret, Surakarta

ABSTRACT

According to the provisions Article 7 the Act no. 21 of 2008 set up a limited liability company. Philosophically Islamic banks are less able to meet the standard values determined by the sharia itself.It is caused in the legal normative perspective Islamic, limited liability company in certain cases there is a discrepancy with Sharia principles.So Islamic banks look for purely profit oriented take sides capital owners.The aim of this research is to identify the problems facing Islamic banks in applying the limited liability company. This study consists of empirical research on legal identification and study of the effectiveness of the law. The intention is to link the law to attempt to achieve the destination and concrete needs in the community. The research is identifying issues related to the practical reality as a limited liability company in Islamic banks. The results of the study have identified three problem Islamic banks in applying limited liability company philosophically, sociological and juridical. Liability Company focused on the philosophy of capitalism that is purely profit oriented as opposed to value of the contract agreement. Sociological still centralized that do not involve customer.While juridically islamic banks needs improvement specifically regulates the legal entity in accordance with the principles of sharia . Keywords: Islamic bank, legal, limited liability company



Economic Empowerment through the Optimization of the Cooperation Sharia Intermediation Function

Fahrur Ulum, Islamic State University Sunan Ampel Surabaya

ABSTRACT

Government and the public expect the Cooperative Sharia to participate in creating a community empowerment. But in fact, not all Cooperative Sharia could meet these expectations, because of the vision and mission of Cooperative Sharia has not lead to empowerment as well as non-optimal intermediation function. The research that takes place in the Cooperative's Sharia Ar-Ridho answers the question, how to create economic empowerment through the optimization of the intermediation Cooperative Sharia? The results showed that the success of economic empowerment should be supported by the strategies, techniques, stepping and coaching a group of customers, provision of human resources who understand the vision and mission of empowering, and optimizing the intermediation function. Cooperative Sharia intermediation function is done by the development of the economic potential of the people, improving the quality of human resources, raising the potential of the community, intermediary aghniya and du'afa, and intermediary fund owners and users. Keywords: empowerment, economic and social intermediation, financing



Review Capital Structure and Good Corporate Governance toward Islamic Banking Performance in Indonesia

Ridwansyah, IAIN Raden Intan Lampung University

Anip Dwi Saputro, Universitas Muhammadiah Ponorogo

ABSTRACT

Indonesia the majority of citizens are Muslims, realities that occur can be proved with their ID card shows that the majority of color is a Muslim country Indonesia. Not only from identity cards but on the evidence of the many mosques standing legal basis and foundation of the Indonesian state that is designed with the concept of Islam. In strengthening the economy and regulate the country's financial problems cannot be separated from the banking, Islamic banking into an institution that recently established to run the sharia banking system in accordance with Islamic teachings. But in reality the research evidence shows growth of only 5% of Islamic banking in the country is 80% Muslim majority. In general, Islamic banks function the same as the conventional banking as intermediary institutions (intermediary institution) that mobilize funds from the public and to channel these funds back to the people who need it in the form of financing facility. Slowing Islamic banking is dominated by internal and external factors. In the research results can be depicted that the capital structure and corporate governance has been running well, in the development of many enthusiasts of Islamic banking in Indonesia, which became the cause of the problems which departs from the external is very dominating, however main sources of Islamic bank capital is core capital (core capital) and quasi-equity. Core capital is capital that comes from the owners of the bank, which consists of capital subscribed by the shareholders, and the average shareholders are the owners of capital from anywhere. When the world financial crisis and the shareholders take their share of Islamic banks then certainly slowing global political factor because identic with the capitalist and the capital structure of Islamic banks is still not much yet as the conventional banking which is inherently present in this global world.

Keywords: Islamic Banking, capital structure and Good Corporate Governance (GCG)



An Investigation of Factors Influencing Fraud Prevention on Islamic Banks in Indonesia

Tulus Suryanto, IAIN Raden Intan Lampung University

ABSTRACT

The purpose of this study is to investigate the influence of Shariah financial accounting standard, the independence of Sharia Supervisory Board and the competence of Shariah auditors to the prevention of fraud on Islamic banks in Indonesia. Methodology of study employed saturated sampling, involving the entire population of 48 people, including auditors in Islamic banks and Sharia Supervisory Board. Regression analysis using F test and t test with SPSS ver.17.00 was used. The studystarts with a set of hypotheses requiring further research. Findings study reveals that Shariah financial accounting standard, the independence of Sharia Supervisory Board and the competence of Shariah auditors simultaneously affect the prevention of fraud in Islamic banks. The Shariah financial accounting standard variable has a partially significant effect on the prevention of fraud in Islamic banks. The variable of the independence of Shariah supervisory board has no effect on the prevention of fraud in Islamic banks. On the other hand,the competence of Shariah auditors has a partially significant effect on the prevention of fraud in Islamic banks. Value this paper provides useful information of how Shariah financial accounting standard, the independence of Sharia Supervisory Board and the competence of Shariah auditors have implications for the prevention of fraud in Islamic banks. Keywords: Sharia financial accounting standard, Sharia supervisory board, the independence of Shariah auditors, fraud prevention



Crowdfunding Sharia: The Innovation of Funds To Small Medium Enterprises in Indonesia

Yuke Rahmawati, MA UIN Syarif Hidayatullah Jakarta

ABSTRACT

This study is a preliminary research that aims to find out how potential crowdfunding Sharia in helping small medium enterprises and developing business as well as the

mechanism of its implementation through the fundraising community. The study was

conducted through a qualitative approach with an emphasis through explorating the

data. The object is crowdfunding platform research at Indves.com. The data obtained

is the primary data by conducting structured interviews to the co-founder of

Indves.com as well as through direct observation by looking at the activities of

operational Indves.com. As for the technique of secondary data collection was done

through the study of literature by utilizing the platform website indves.com and other

supporting literature. Data were analyzed through SWOT analysis approach (Strenght,

Weakness, Opportunity, Threat). Crowdfunding platform in Indonesia that used sharia

principles is currently amounted to two platforms, namely financeblossom.com and

indves.com. Since its establishment in 2015 indves.com has already provided

assistance to 3 units of small medium enterprises financing (startup) amounting totally

with of 96,000,000 million dollars. The contract used in channeling mechanism or

process of funding is including the mudharabah, musyarakah and murabaha.

Key words: crowdfunding, capital, sharia principles, small medium enterprises



Effect of Islamic Corporate Governance Disclosure on Islamic Social Reporting Disclosure with Financial Performance

As Mediation Variable

Ichsan Setiyo Budi, Universitas Pembangunan Nasional “Veteran” Yogyakarta Rahmawati, Universitas Sebelas Maret, Surakarta

ABSTRACT

The purpose of this study to finds empirical evidence influence of the Islamic Corporate Governance ICG) disclosure on the Islamic Social Reporting (ISR) disclosure disclosure, with financial performance of ROE and ROA as mediation variable. This study uses secondary data with data sources from annual report and financial statement on an Islamic banking in Indonesia. This study is using stepwise regression analysis with panel data for the reporting period of 2011 through 2014. Our research found that financial performance of ROE mediates the effect of ICG disclosure on the ISR disclosure, but ROA does not. Very few samples and there is no Islamically theory in the development of hypothesis. Keywords: Islamic Corporate Governance, Islamic Social Reporting, Financial Performance, Islamic Banking.



Corporate Social Responsibility Disclosure of Jakarta Islamic Index (JII) 2011-2014

Nurlaila Fisya, STIE Swastamandiri, Surakarta

Ibrahim Fatwa Wijaya, Universitas Sebelas Maret, Surakarta Amru Sukmajati, STIE Swastamandiri, Surakarta

ABSTRACT

The purpose of this research is to investigate the effect of firm characteristics such as board size, foreign ownership, firm size, profitability and leverage on corporate social responsibility (CSR) reporting on annual report of the firms listed on Jakarta Islamic Index (JII).The sample of this study is 27 firms listed on Jakarta Islamic Index from 2003 until 2014 and has announced the annual report during 2011-2014.Annual reports were analyzed by content analysis method and multiple regression used to test the hypotheses. The measure of CSR is using yes/no approach, which means 1 for ‘yes’ for the item disclosed and 0 for ‘no’ for item undisclosed. The result indicates that firm size has a positive significant effect on the CSR reporting. This suggests that larger firms with the more assets have more resources to do the social activities and more pressure to disclose it. The evidence of the effect of board size was not found. Foreign ownership, profitability and leverage also do not have the significant effect on the CSR reporting.

Keywords: corporate social responsibility, Jakarta Islamic Index (JII), CSR reporting, firm characteristics



Islamic Management Principles and Financial Performance

Falikhatun, Universitas Sebelas Maret, Surakarta

ABSTRACT

This study aimed to obtain empirical evidence on the effects of Islamic Management Principles application on Financial Performance. This study was conducted in Micro, Small, and Medium Enterprises (MSMEs) in Surakarta, Central Java, Indonesia. The paradigm used in this study was positivistic with hypothesis testing, while the analysis is conducted with Multiple Linear Regression. The results of this study concluded that Islamic Management principles affect Financial Performance. Therefore, suggestions for the next research will qualitative research methods can be used to obtain a more detailed and profound information about company owner understanding and experience in the implementation of Islamic Management Principles.

Keywords: Financial Performance, Islamic Management Principles, MSMEs



Performance Comparison between Indonesian Sharia Stock Index and Malaysia Sharia Stock Index

Muh Juan Suam Toro, Universitas Sebelas Maret, Surakarta

Maratu Rifa, Universitas Sebelas Maret, Surakarta

ABSTRACT

The purpose of this research is to know the market reaction to the issuance of Islamic bond (sukuk), conventional bonds and the both of issuance the bond at the same time. Specifically, this study examines whether the event of issuance of bonds is considered meaningful information for investor and affected the decision of investment, so that it will have an effect on stock price, indicated by abnormal return. This research is using event study method with purposive sampling in the company that issue the bond from 2005-2015. Total sample in this study are five events on the Islamic bonds (sukuk) issuance, 124 event on the conventional bond issuance and 23 event on the both of issued the bond at the same time. This study using SPSS 18.0 to help the data process and the result are that the Islamic bond issuance and the both of issuance the bond at the same time have an effect and reaction on the stock market in Indonesia, unlike conventional bonds does not have an effect on the stock market in Indonesia. Keyword: Sukuk, Conventional Bond, Islamic Finance, Market Reaction, Cumulative Abnormal Return



Market Reaction to Conventional and Sharia Bond Issues

Muh Juan Suam Toro, Universitas Sebelas Maret, Surakarta Muhammad Arif Hidayatullah, Universitas Sebelas Maret, Surakarta

ABSTRACT

This research studied the financial performance of an Indonesia Islamic index and Malaysia Islamic index. This study covers the period 2004- 2015, which allows us to see the impact of the global financial crisis. The purpose of this research is to find out which one is better between the performance Index of Sharia Indonesia and Malaysia. This study compares the JII with FBMHS in the period 2004-2015, ISSI with FBMEMAS on June period 2006-2015, and JII, ISSI, FBMHAS, and FBMEMAS in times of crisis. To measurement performance of an index is used Sharpe index, Treynor index, and the Jensen index. The results obtained from this study is based on the calculation of Sharpe index shows that the Indonesian Islamic index is better than Malaysia Islamic index both all period and crisis period. Based on the calculation of Treynor index shows that Indonesian Islamic index is better than the Malaysian Islamic index both all period and crisis period. Lastly, based on the calculation, Jensen index shows that the Malaysian Islamic index is better than the Indonesia Islamic index both all period and crisis period. Overall Indonesia Islamic index has better performance than either Malaysia Islamic indexes all period and crisis period. Keywords: Single Index Models, Islamic index, JII, ISSI, FBMHS, FBMEMAS



Effect of Capital Structure and Growth of Its Corporate Values Mediated By Profitability

Shodiq Purnomo, Universitas Sebelas Maret, Surakarta

Salamah Wahyuni, Universitas Sebelas Maret, Surakarta

ABSTRACT

Investors will buy securities sharia requires information about the value of listed companies in Jakarta Islamic Index. High stock prices make the company's value is also high, in this study the company's value is measured by price-book value (PBV). The company's high value makes the market believes the company's future prospects. This study aims to determine the effect of capital structure and growth of the company to profitability and corporate value. Besides, the researchers wanted to know whether profitability can mediate the relationship between capital structure and growth of the company. The population was taken from the 55 companies listed in the Jakarta Islamic Index (JII) 2009-2010 until 2013-2014. Determination of the sample using purposive sampling method, with predetermined criteria obtained a sample of 30 companies. The study used secondary data from a summary of the performance of companies listed in the Jakarta Islamic Index (JII) in 2011- 2014. Hypothesis testing using SPSS release 21.0. The results showed that the capital structure has no significant effect on profitability, the growth of the company has significant effect on profitability, the capital structure and the company's growth significantly affect the value of the company, significant effect on the profitability of the company's value, profitability cannot mediate the relationship between the value of the company's capital structure, profitability may mediate the relationship between the growth of firms with the value of the company. It is suggested to further researchers to take samples of the companies included in the List of Islamic Securities broader and comparing the value the company based on its business.

Keywords: Debt to Equity Ratio, Growth Assets, Return on Equity, Return on Assets, Net Profit Margin, and Price to Book Value, Jakarta Islamic Index



The Influences of Foreign Ownership, Exchange Rate of Currency and Zakat on Performance of Islamic Banks In

Indonesia

Fahmi Irfan, Universitas Sebelas Maret, Surakarta Salamah Wahyuni, Universitas Sebelas Maret, Surakarta

ABSTRACT

The main objective of this study was to examine the variables that can affect the performance of Islamic Bank’s performance. Bank has to pick a management plan to minimize the costs and maximize the profits. The research’s variables are foreign ownership, changes in currency exchange rate Rupiah in US dollars and spending zakat companies, to test these effects on the level of profitability (ROA) and the level of efficiency (ROA) Commercial Islamic Bank in Indonesia. The data used in this research is secondary data panel. The research data was using eleven Islamic Banks (BUS) in Indonesia, with period of the study between 2011 until 2014, with purposive sampling method. The data sources using the annual publication of financial statements obtained from the official website of Bank Indonesia and the Financial Services Authority (OJK), as well as the official website of each Islamic Banks for the period. The analytical method was using multiple linear regression analysis. Testing the model specification, the classical assumption (normality, multicollinearity, and autocorrelation heterokedasticity) and hypothesis testing (t statistical test, F test, and coefficient of determination test) had done by Eviews version 8 software. The results of this study showed that research model effect on ROA and BOPO of banks simultaneously. Partially, foreign ownership has a negative effect on ROA and BOPO of banks. Changes appreciation / depreciation of the rupiah-US dollar have a negative effect on ROA bank, but positive effect on BOPO bank. In addition, spending zakat company has a positive influence on ROA bank, but has no effect on BOPO bank. Keywords : Profitability, Efficiency, Return on Assets, Operating Expenses to Operating Income, Foreign Ownership, Exchange Currency, Corporation Zakat



Orbit Model Strategy for Developing a Group of New Entrepreneurs: A Case Study of Entrepreneurship

Development in the Processed Fish on a Group of Fishermen at Ketah Situbondo

Mohammad Zaenal Abidin

ABSTRACT

The research objective was to determine the factors that affect the successful development of a new group of entrepreneurs in the village Ketah Situbondo. The other objective is to determine the effectiveness of the strategy orbit models of the group's success in developing new entrepreneurial venture in the village Ketah Situbondo district so that it can be trusted to get financing. This research approach is a mix between a method of quantitative research associative models of causality and qualitative descriptive. Respondents in this study are the Head of Department of Cooperatives and SMEs Situbondo local government, business leaders processed marine products "Rusa Melintas", and 20 participants mentoring. Sampling in this study sampling were 20 respondents. The analysis technique used is multiple linear regression analysis and confirmed by the results of the analysis of qualitative data. The data were obtained using a questionnaire with Likert scale and in-depth interviews. The conclusions of this study are, the orbit models strategy is considered effective in developing the spirit and skills of participants in entrepreneurship and the measure of the success of mentoring programs can be said both in size and in fairly good soft skills hardskill size. Advice can be given is to improve the competence of instructors and evaluate the materials and methods of mentoring more tailored to the characteristics of the people in the area. Keywords: Mentoring Program, Orbit Model Strategies, Successful New Entrepreneurs Group, Trust Financing.



Analysis of Effect Used Halal Label to the Customer Loyalty Cosmetic Sari Ayu

Yenny Maya Dora, Widyatama University

ABSTRACT

This study aims to analyze the extent to which the effect of the use of halal label used by cosmetic Sari Ayu effect on customer loyalty. The purpose of the study to analyze the effect of the use of halal label to the loyalty of the consumers of cosmetics users Sari Ayu. The problems of this paper to analyze the information obtained from interviews and a questionnaire conducted on cosmetic consumers Sari Ayu. The approach used is to use linear regression to determine the impact of the use of halal label on trust and customer loyalty cosmetics Sari Ayu.

Keywords: Halal Label, Loyalty and Cosmetic Sari Ayu.



Halal Certification as A Challenge towards ASEAN Economic Community

Septyanto Galan Prakoso, Universitas Sebelas Maret, Surakarta Iim Fathimah Timorria, Universitas Sebelas Maret, Surakarta

ABSTRACT

As a regional organization with diverse societies, ASEAN seems to have found its way to be more advanced with the establishment of ASEAN Economic Community (AEC) since the beginning of 2016. However, the regionalism-based free market is currently facing some particular aspects which need special attention from the stakeholders. One of them is regarding halal certification mechanism to accommodate Moslem community in ASEAN. There are hundreds of millions of Moslem in the region who are looking for products, goods, services and finances as part of halal lifestyle. However, there is no a certain halal certification standard which applied in all of ASEAN countries. The establishment of halal certification seems obligatory for ASEAN, besides its benefit as a promising field to enhance the market flow in the region. This paper will discuss the opportunities and the importance of halal certification standard in ASEAN along with the possible constraints for not all countries in the region need halal certification. Keywords: halal certification, ASEAN, ASEAN Economic Community



Factors Affecting Intention to Purchase of Halal Food

Siti Khoiriyah, Universitas Sebelas Maret, Surakarta Husna Puspitasari, Universitas Sebelas Maret, Surakarta Arum Setyowati, Universitas Sebelas Maret, Surakarta

ABSTRACT

Theory of Planned Behavior (TPB) has perspectives to predict and explain the individuals’ intention to purchase. This research examined the determinant intention to purchase of halal food. The variables are suspected to be antecedents are attitude, subjective norm, perceived behavioral, trust, habit, and moral obligation. Using purposive sampling method, we involved 200 Muslims in Solo who interest to purchase halal food. Primary data were collected through spread questionnaires. To test the hypotheses, we use hierarchical regression. Our results indicate that attitude, habit, and moral obligation have no effect to halal food purchase intention. Meanwhile, subjective norm, perceived behavioral, and trust has significant effect to halal food purchase intention. Self-identity as a moderator was exist. The results of this study hold important implications for both practitioners and academics. The empirical findings from this study are expected to benefit the continued development of the halal food market in Solo. Possible implications of these results for firms marketing strategies and directions for future research are also discussed. Keywords: attitude, subjective norm, perceived behavioral, trust, habit, moral obligation, self identity, purchase intention



Muslim’s Producers Awareness of Halal Products in Surakarta

Falikhatun, Universitas Sebelas Maret, Surakarta Sri Hanggana, Universitas Sebelas Maret, Surakarta

Anis Widjayanto, Universitas Sebelas Maret, Surakarta Vita Kartika Sari, Universitas Sebelas Maret, Surakarta

ABSTRACT

For a Muslim, consuming halal products is a requirement, thus its availability is very important. The lack of information related to halal products leads to uncertainty for the consumers, especially Muslim consumers who are interested to purchase the product. This study aims to obtain empirical evidence about the perception of Muslim’s producers to the awareness of producing halal products. Perception is measured by three variables: security, religious values, health and cost of certification the halal product. The results showed that all variables simultaneously affect the awareness of Muslim’s producers to producing of halal products.

Keywords: Halal Product, Muslim’s Producers



Master Plan Framework and Innovation Driven in Indonesia Halal Industry

Fajar Surya, University of Darussalam Gontor

ABSTRACT

Halal Industry in Indonesia has been one of the most competitive and profitable areas of business. Indonesia is the biggest food markets in the Organization of Islamic Cooperation with estimated size around 190 US$ billion in 2015. The increasing awareness in Indonesia Halal Industry to select halal products has created a great demand for halal products and services. Unfortunately, majority of the small medium enterprises are unable to sustain in the market and Indonesia Halal Industry Development Corporation has not identified keys halal industry sectors yet as the drivers of growth for halal market under master plan. The main purpose of this paper is to emphasize the drivers of innovativeness in improving halal industry. This paper is based on literacy studies and global halal market reviews. It also highlighted the drivers of innovativeness in sustainable halal industry development. Keywords: halal industry, small medium enterprises, innovativeness



The Influence of ZIS (Zakah, Infaq and Sadaqa) and Islamic Financial Institutions Distribution on the growth of MSME (Micro, Small and Medium Enterprises) and GDRP (Gross

Domestic Regional Product) in East Java for The Period 2011 – 2014

Azhar Alam, Universitas Muhammadiyah Surakarta

Raisa Aribatul Hamidah, Universitas Islam Batik Surakarta

ABSTRACT This study will try to find out the effect of the distribution of ZIS and IFI funds on the growth of MSME and GDRP in East Java. This study adopted quantitative approach with Partial Least Square (PLS) as tools of analysis. The secondary data has been used from quarter report of year for the period 2011-2014. The results of this study show that the distribution of ZIS funds has a significant negative effect on MSME growth and an insignificant positive effect on GDRP growth in East Java. The distribution of IFI funds has a significant positive effect on MSME growth and GDRP growth in East Java. The Growth in the number of IRB units has an insignificant positive effect on GRDP growth at the 5% T-table significance = 1.96. The dominant contribution of IFI on the GRDP should be maintained and Zakat Institutions have to improve performance in the ZIS funds management, so it can contribute more maximally to the economy of East Java in the future. MSME should utilize the available funds of Zakat IFI to support their capital that will increase their productivity and output so it will increase the GDRP of East Java. Keyword: Zakat Institution, Islamic Financial Institution (IFI), MSME (Micro, Small and Medium Enterprises) and GDRP (Gross Domestic Regional Product).



Reengineering of Contract in Islamic Insurance

Priyadi, Universitas Muhammadiyah Surakarta Muhammad Sholahuddin, Universitas Muhammadiyah Surakarta

ABSTRAK

The purpose of this paper is to review the contact in the business of Islamic insurance construction. This paper is expected to provide knowledge and overview to the reader about the contract in Takaful. This paper is reviewing some literature related to the reengineering of contract in Islamic insurance. This paper found that the contract in Islamic insurance is classified into three major parts. First, the contract that occurs between participants of insurance with an insurance company that consists of a grant agreement (tabaru), mudharabah, musyarakah, and wakalah ujroh bil. Second, contract that regulates insurance companies in investing and consists of a wide variety of investment activity contract depends what will be done by the company, and investment activities that performed must not violate Islamic law. Third, the contract that regulates insurance companies in reinsurance, which consists of an automatic agreement (Automatic Reinsurance Treaty) , Facultative agreements (facultative Reinsurance Treaty) Obligatory Facultative and Treaty . Keywords: Automatic Reinsurance Treaty, Facultative Reinsurance Treaty, Obligatory Facultative



Al-Urbun for Islamic Financial Transaction

Sylva Alif Rusmita, Airlangga University

Abstract

The critics on detrimental derivatives in the area of banks and financial institution have finally come up to see Islamic finance in a more positive light. Hedge funds and other institutional investor seeking Shariah-compliant are interested to adopt an Islamic short selling using urbun concept as an alternative from conventional short selling practice. The problem is until today some scholars have different opinion, Majority of which are of the opinion that bai` `urbun is not permissible as it contained elements of gharar, gambling and unlawful acquisition of property. However derivative instruments play an important role in this market due to a serious breakdown in the financial system. Hence, in Islamic financial institution, ‘urbun can be applied in currency exchanges, both in commodities and service, in shares trading in Murabahah and replace in option transaction. ‘Urbun give more maslahah (benefit) then mudharat (harm) and it can smoothly boost the circulation of muamalah transaction.

Key terms of the research: Al-Urbun, Option, Application



Compensation Model for Amil Zakah

Falikhatun, Universitas Sebelas Maret, Surakarta Yasmin Umar Assegaff, Universitas Sebelas Maret, Surakarta

ABSTRACT

This research aims to get information about the ways of Institutions Amil Zakah (LAZ) set of compensation for Amil Zakah, and propose to design model of compensation for Amil Zakah in Surakarta. This research used qualitative method and interpretive paradigm. Collecting data method used in depth-interview, observation, and documentation. Research result concluded that the normative basis of compensation given to Amil zakah does not violate the Islamic Law, although nominally, that is still under minimum wages in Surakarta. Implications of this study are: (1) for the community, should pay zakah to the Amil Zakah (BAZ) or LAZ (2) For LAZ, should do more accurate calculation in determining the magnitude of the compensation for managers in accordance with the Islamic Law, and (3) for the Government, should promptly devise rules related to the rights of its operational activities funded in Amil as guidelines in Fund's management as a mandate from Indonesian muslimin.

Key words: Amil Zakah, Compensation, Minimum Wages



Dynamics Development of Islamic Fiduciary Service in Indonesia

Febrianur Ibnu Fitroh Sukono Putra, Universitas Muhammadiyah Surakarta Gemelli Milad Muhammady, Universitas Muhammadiyah Surakarta

Almira Nur Aulia, Universitas Muhammadiyah Surakarta Saiful Hidayat, Universitas Muhammadiyah Surakarta

Muhammad Sholahuddin, Universitas Muhammadiyah Surakarta

ABSTRACT

A fiduciary service is an agency or organization that is engaged in services lending money by mortgaging an item as collateral. Sharia-based pawning is an agreement between a person to hand over property in the form of gold/jewelry/vehicles and/or other property as a guarantee and/or collateral to a person and/or an Islamic fiduciary service institution under Sharia laws of pawning based on Islamic principles. This study is undertaken to examine and assess the dynamics of Islamic fiduciary services in Indonesia in terms of the system and its outputs, sharia system is very beneficial for the people in the present era, but there are still many who do not understand the difference between the conventional system and sharia system as a whole both in concept and implementation. This study is conducted by reviewing the literature and examining previous research relating to the history and development of the existing Islamic fiduciary services in Indonesia. Islamic fiduciary service in Indonesia is still far from sharia in accordance with the essential parts starting from the agreement (‘Aqad), financing systems, the cost of storage/treatment, until the lending term. Misunderstandings between the fiduciary service and the community are still frequent, due to the lack of adequate facilities of the fiduciary services too, so the socialization that is done is not yet conveyed properly and coupled with the knowledge of the society that is less related to the Islamic fiduciary service.

Keywords: fiduciary, Sharia, agreement



E-Zakat: Redesign the Collection and Distribution of Zakat

Mulyadi, Universitas Sebelas Maret, Surakarta Arif Rahman Hakim, Universitas Sebelas Maret, Surakarta

Ibrahim Fatwa Wijaya, Universitas Sebelas Maret, Surakarta Nugroho Saputro, Universitas Sebelas Maret, Surakarta

Johadi, Universitas Sebelas Maret, Surakarta

ABSTRACT Purpose This research hunt out the opinions from several Ulama as the basis for developing the E-ZAKAT. That is an online based zakat that increase the efficiency of zakat maal collection and distribution and attract more muzakki to pay zakat maal. This system also could be used for receiving others payment scheme, such as infaq, shadaqah, hence in the future, the system could be design for receiving waqaf and qurban. Methodology Qualitative method is more appropriate for this research because including interviews from the researcher to be able to understand opinions for having an online system of collecting and distributing zakat mall in Danukusuman. Data and information obtained through in depth interviews with several partners, they are: Komisi Fatwa MUI Surakarta, UMS, MES Surakarta, and Takmir Masjid at Danukusuman.. Several focus group discussions were hold to gain the comprehensive information. The information and data collected were used as the material to produce business requirements of the E-Zakat. Then, the next step is implementation program. Findings Most of the Ulama as key informant of the research are very encourage for having an online system E-Zakat which can increase transparency, efficiency, and accountability. The leader of Mosque (Takmir Masjid) still do not have the equally understanding related to the criteria of Mustahiq whose can be included into the system. Originality/value The result of this research can modify and complete the existing system of collecting and distributing Zakat in online based. The main originality lay on: the fairness of distribution, empowerment the Takmir Masjid, and data accuracy of the Mustahiq. Keywords: E-Zakat system, empowerment, fairness distribution and collection



The Effect of Activity Ratio, Market Ratio, and Profitability Ratio On Return of Sharia Stocks

Niken Respati Aprilina, Universitas Sebelas Maret, Surakarta

ABSTRACT

This research was conducted to examine the effect of Asset Turn Over (TATO), Inventory Turn Over (ITO), Return On Asset (ROA), Return On Equity (ROE), Earning Per Share (EPS), and Price Book Value (PBV) influence towards return of sharia stocks in Jakarta Islamic Index (JII) that were listed period 2011-2014. The sampling technique used was purposive sampling with criteria; companies has complete financial data during the period 2011-2014, companies did not incur loss during 2011-2014, and companies listed consecutively on Jakarta Islamic Index in 2011-2014. The analysis technique used is multiple linear regression analysis, using t-test to test the effect of dependent variables to independent variables partially. It also made the classic assumption test covering normally test, multicollinierity test, heteroskedasticity test and autocorrelation test. The results of this research show that TATO, ITO, ROA, ROE, EPS and PBV in simultaneous give significant influence towards the return of sharia stocks, but partially they give different influence. TATO, ROA, ROE and EPS gives positive and significant influence towards the return of sharia stocks whereas ITO give positive influence but not significant towards the return of sharia stocks, and PBV give negative influence towards the return of sharia stocks.

Keywords: Return of stock, Total Assets Turnover, Inventory Turnover, Return On Assets, Return On Equity, Earning Per Share, Price Book Value.

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