The dispute over the building of Islamic economics has not yet reached an agreement. Therefore, t... more The dispute over the building of Islamic economics has not yet reached an agreement. Therefore, this article aims to analyze Islamic economics as science based on the philosophy of science and the integration-interconnection paradigm. This paper concludes that Islamic economics has not been methodologically clear enough, and how the concept of methodology works is obscure because there is no clear pattern. However, Muslim economists have almost agreed that Islamic economics is an independent discipline. Therefore, the approach of integration and interconnection is feasible to apply in developing Islamic economics as the established discipline.
Abstrak: Tulisan ini meneliti tentang kriteria penerbitan sahamsyari’ah pada tiga indek saham, Ja... more Abstrak: Tulisan ini meneliti tentang kriteria penerbitan sahamsyari’ah pada tiga indek saham, Jakarta Islamic Index (JII), KualaLumpur Stock Excange Syariah (KLSI) dan Dow Jones Islamic MarketIndex (DJIM). Ketiga indek tersebut menggunakan kriteria yangberbeda sebagai persyaratan menjadi saham syari’ah. Tulisan inimencoba untuk menganalisis perbedaan kriteria-kriteria tigaindek tersebut. Perbedaan implementasi ajaran fiqh mu’amalahpada indek saham dikarenakan dasar acuan (pendapat fuqaha)yang dipergunakan berbeda. Kondisi indek dan jumlah sahammasing masing indeks juga menjadi pertimbangan dalammenetapkan kriteria saham syari’ah.
Abstrak: Manajemen Risiko Finansial dalam Kontrak Syariah: Suatu Tinjauan Literatur Mutakhir. Sec... more Abstrak: Manajemen Risiko Finansial dalam Kontrak Syariah: Suatu Tinjauan Literatur Mutakhir. Secara teori, sistem musyârakah, mudhârabah dan murâbahah merupakan konsep kerja sama bisnis paling ideal. Musyârakah dan mudhârabah merupakan kontrak bisnis yang telah dikenal sejak awal sejarah Muslim. Musyârakah menempatkan para pihak pada posisi yang berimbang pada hak dan kewajiban dalam bisnis sesuai proporsinya. Tulisan ini berusaha mengelaborasi pandangan mutakhir tentang risiko keuangan dalam produk perbankan. Penulis menyimpulkan bahwa pada praktik perbankan syariah, musyârakah dan mudhârabah hanya menempati porsi yang kecil dibanding murâbahah. Dua produk tersebut cenderung menimbulkan moral hazard dan adverse selection sehingga teori keagenan dan asimetri informasi dapat memberikan penjelasan yang baik terhadap problem musyârakah dan mudhârabah. Selain itu, konsep profit-loss sharing, berdasarkan penelusuran penulis terhadap literatur kontemporer, juga masih kontroversial dan ko...
Sharia financial literacy, especially for the younger generation is one among focuses of the Fina... more Sharia financial literacy, especially for the younger generation is one among focuses of the Financial Services Authority (OJK) programs. As the largest age group in Indonesia, young people have the potential to become the users and actors of Islamic finance. On the other hand, this age group is also vulnerable to associating 'sharia' with economic activeties which may not be in line with the national vision of religious moderation. One of the efforts made by OJK is publishing Sharia finance textbooks. This study examines the content of values and culture in the Sharia financial literacy textbook by the OJK and its relation to the national vision of religious moderation. This research employs qualitative descripttive method, where data was collected through interviews, observations and text analysis. The main data of this study were financial literacy textbooks by OJK, which were analyzed to obtain the elements of Islamic financial literacy and cultural characteristics t...
This research examines the empirical linkages among entrepreneurship education, entrepreneurial m... more This research examines the empirical linkages among entrepreneurship education, entrepreneurial mindset, entrepreneurial skill, and entrepreneurial readiness of Islamic higher education students in Indonesia. This research also highlights the intervening role of an entrepreneurial mindset and entrepreneurial skills in the linkages between entrepreneurship education and entrepreneurial readiness. This study is based on social cognitive theory. The article is a quantitative research using a survey method. Data were collected using an online questionnaire with a sample of 310 Islamic college students in Indonesia. The data were analyzed using PLS-SEM to identify hypotheses. The results indicate that entrepreneurship education improves the entrepreneurial mindset and entrepreneurial skills. Surprisingly, entrepreneurship education has no direct effect on entrepreneurial readiness. Although entrepreneurship education indirectly affects entrepreneurial readiness, intervened by an entrepre...
Journal of Islamic Accounting and Business Research
Purpose This study aims to investigate the effect of shariah status on initial public offering (I... more Purpose This study aims to investigate the effect of shariah status on initial public offering (IPO) underpricing, long-term performance and relationship between short-term and long-term IPO performance, and attempt to gain an insight into the nature of shariah IPO underpricing: a signal or an overreaction. Design/methodology/approach This study uses IPOs during 1990–2018 from Indonesia. This study uses clustered regressions to address clustering phenomenon in IPO. To investigate long-term performance, this study uses cumulative returns, cumulative abnormal returns and Fama–French three factor regressions. This study also runs cross-sectional regressions on the relationship between short and long-term performances. Findings This study finds that shariah status reduces lowers non-trading returns (return from offer to open prices), suggesting that shariah status may reduce information asymmetry and compensation. This study finds that both shariah and non-shariah IPOs underperform the ...
The research aims to evaluate customers’ loyalty to Sharia banking related to internal and extern... more The research aims to evaluate customers’ loyalty to Sharia banking related to internal and external factors of the financial performance approach. A loyalty is depicted with Third-Party Savings deposited in Sharia banking. This study employed Autoregressive-Distributive Lag (ARDL) to explore the short period and the long period from variables’ relationships. The findings reveal that profit-sharing, administration fee, the interest rate of a conventional bank, inflation, and the total number of accounts (NOA) had significant effects on Third-Party Saving (TPS). They imply that the customer’s loyalty is internally established if there is a higher profit sharing in savings, lower administration fees, and total supplementary accounts. Yet, it is formed by external incentives, i.e., a lower interest rate of conventional banking and inflation.
Islamic commercial banks are highly identic with the profit-sharing as a sharia banking basic ope... more Islamic commercial banks are highly identic with the profit-sharing as a sharia banking basic operational system. The profit-sharing becomes a specific characteristic of sharia banks as well as a distinction from conventional banks. Hence, this study aims to examine if the profit-sharing characteristic contributes to the performances of Islamic commercial banks in Indonesia. This study employed time series data derived from the Financial Service Authority (OJK) using regression-mixed test and auto-regressive heteroscedasticity (ARCH). The results pointed out that the profit-sharing system for the lending of Musharaka had an impact on the performance of sharia banks; while the profit-sharing for the funding of Mudaraba did not support the hypothesis with negative coefficient. The results suggest that the profit-sharing characteristic provides contribution to the performance of Islamic commercial banks through the lending of Musharaka. These results further indicate that the profit-sh...
This paper discusses the effect of the values and interpretations of religion on economic activit... more This paper discusses the effect of the values and interpretations of religion on economic activity. We argue that although the religions influence the economic activities, but the interpretations on the religions prove to have more profound impact on the activities. Islam and Protestant –i.e. the interpretations on them- have different views on the nature of behavior and the institutions involved, being Islam emphasis ‘social’ nature and Protestant emphasizes ‘individual’ nature. These emphases lead to differences in economic activities and institutions involved. PENDAHULUAN
This research discusses the motives of the Muslim community in choosing banking institutions by u... more This research discusses the motives of the Muslim community in choosing banking institutions by using the analysis of pragmatism theory. This research is qualitative research using a phenomenology approach. Data collection that is used in this research is the interview, observation, and documentation. The result of the study indicated that the Muslim’s customer of Yogyakarta tend to be pragmatic due to the character of society which has more accommodating and flexible philosophy of life (tolerance). This pragmatic attitude was influenced by the internal factors (cognitive limitations) and external factors (reputation and service of Conventional Banks). Furthermore, adopting from the theory of Schutz’s motives that the motives reason (because of motive) of Yogyakarta's Moslem customers in choosing to the bank are their inconsistency in choosing is influenced by economic and service motives that are stronger than religious motives. As for their destination motive (in order to mo...
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah, 2021
Market share determines the position of revenue and public utilization of Sharia bank. This resea... more Market share determines the position of revenue and public utilization of Sharia bank. This research aims to examine the internal and external determinant factors of Indonesia Sharia banking market share. The secondary data were obtained from the Financial Services Authority (OJK) and Bank Indonesia (BI). Autoregressive Distributive Lag (ARDL) was used to explore the short and long periods from the influence of variables, including total of offices, customers, third-party saving (DPK), and promotion. The results showed that the total number of Automated Teller Machines (ATM) had a contrastingly different impact. Therefore, this research recommends adding all variables quantitatively.
The dispute over the building of Islamic economics has not yet reached an agreement. Therefore, t... more The dispute over the building of Islamic economics has not yet reached an agreement. Therefore, this article aims to analyze Islamic economics as science based on the philosophy of science and the integration-interconnection paradigm. This paper concludes that Islamic economics has not been methodologically clear enough, and how the concept of methodology works is obscure because there is no clear pattern. However, Muslim economists have almost agreed that Islamic economics is an independent discipline. Therefore, the approach of integration and interconnection is feasible to apply in developing Islamic economics as the established discipline.
Abstrak: Tulisan ini meneliti tentang kriteria penerbitan sahamsyari’ah pada tiga indek saham, Ja... more Abstrak: Tulisan ini meneliti tentang kriteria penerbitan sahamsyari’ah pada tiga indek saham, Jakarta Islamic Index (JII), KualaLumpur Stock Excange Syariah (KLSI) dan Dow Jones Islamic MarketIndex (DJIM). Ketiga indek tersebut menggunakan kriteria yangberbeda sebagai persyaratan menjadi saham syari’ah. Tulisan inimencoba untuk menganalisis perbedaan kriteria-kriteria tigaindek tersebut. Perbedaan implementasi ajaran fiqh mu’amalahpada indek saham dikarenakan dasar acuan (pendapat fuqaha)yang dipergunakan berbeda. Kondisi indek dan jumlah sahammasing masing indeks juga menjadi pertimbangan dalammenetapkan kriteria saham syari’ah.
Abstrak: Manajemen Risiko Finansial dalam Kontrak Syariah: Suatu Tinjauan Literatur Mutakhir. Sec... more Abstrak: Manajemen Risiko Finansial dalam Kontrak Syariah: Suatu Tinjauan Literatur Mutakhir. Secara teori, sistem musyârakah, mudhârabah dan murâbahah merupakan konsep kerja sama bisnis paling ideal. Musyârakah dan mudhârabah merupakan kontrak bisnis yang telah dikenal sejak awal sejarah Muslim. Musyârakah menempatkan para pihak pada posisi yang berimbang pada hak dan kewajiban dalam bisnis sesuai proporsinya. Tulisan ini berusaha mengelaborasi pandangan mutakhir tentang risiko keuangan dalam produk perbankan. Penulis menyimpulkan bahwa pada praktik perbankan syariah, musyârakah dan mudhârabah hanya menempati porsi yang kecil dibanding murâbahah. Dua produk tersebut cenderung menimbulkan moral hazard dan adverse selection sehingga teori keagenan dan asimetri informasi dapat memberikan penjelasan yang baik terhadap problem musyârakah dan mudhârabah. Selain itu, konsep profit-loss sharing, berdasarkan penelusuran penulis terhadap literatur kontemporer, juga masih kontroversial dan ko...
Sharia financial literacy, especially for the younger generation is one among focuses of the Fina... more Sharia financial literacy, especially for the younger generation is one among focuses of the Financial Services Authority (OJK) programs. As the largest age group in Indonesia, young people have the potential to become the users and actors of Islamic finance. On the other hand, this age group is also vulnerable to associating 'sharia' with economic activeties which may not be in line with the national vision of religious moderation. One of the efforts made by OJK is publishing Sharia finance textbooks. This study examines the content of values and culture in the Sharia financial literacy textbook by the OJK and its relation to the national vision of religious moderation. This research employs qualitative descripttive method, where data was collected through interviews, observations and text analysis. The main data of this study were financial literacy textbooks by OJK, which were analyzed to obtain the elements of Islamic financial literacy and cultural characteristics t...
This research examines the empirical linkages among entrepreneurship education, entrepreneurial m... more This research examines the empirical linkages among entrepreneurship education, entrepreneurial mindset, entrepreneurial skill, and entrepreneurial readiness of Islamic higher education students in Indonesia. This research also highlights the intervening role of an entrepreneurial mindset and entrepreneurial skills in the linkages between entrepreneurship education and entrepreneurial readiness. This study is based on social cognitive theory. The article is a quantitative research using a survey method. Data were collected using an online questionnaire with a sample of 310 Islamic college students in Indonesia. The data were analyzed using PLS-SEM to identify hypotheses. The results indicate that entrepreneurship education improves the entrepreneurial mindset and entrepreneurial skills. Surprisingly, entrepreneurship education has no direct effect on entrepreneurial readiness. Although entrepreneurship education indirectly affects entrepreneurial readiness, intervened by an entrepre...
Journal of Islamic Accounting and Business Research
Purpose This study aims to investigate the effect of shariah status on initial public offering (I... more Purpose This study aims to investigate the effect of shariah status on initial public offering (IPO) underpricing, long-term performance and relationship between short-term and long-term IPO performance, and attempt to gain an insight into the nature of shariah IPO underpricing: a signal or an overreaction. Design/methodology/approach This study uses IPOs during 1990–2018 from Indonesia. This study uses clustered regressions to address clustering phenomenon in IPO. To investigate long-term performance, this study uses cumulative returns, cumulative abnormal returns and Fama–French three factor regressions. This study also runs cross-sectional regressions on the relationship between short and long-term performances. Findings This study finds that shariah status reduces lowers non-trading returns (return from offer to open prices), suggesting that shariah status may reduce information asymmetry and compensation. This study finds that both shariah and non-shariah IPOs underperform the ...
The research aims to evaluate customers’ loyalty to Sharia banking related to internal and extern... more The research aims to evaluate customers’ loyalty to Sharia banking related to internal and external factors of the financial performance approach. A loyalty is depicted with Third-Party Savings deposited in Sharia banking. This study employed Autoregressive-Distributive Lag (ARDL) to explore the short period and the long period from variables’ relationships. The findings reveal that profit-sharing, administration fee, the interest rate of a conventional bank, inflation, and the total number of accounts (NOA) had significant effects on Third-Party Saving (TPS). They imply that the customer’s loyalty is internally established if there is a higher profit sharing in savings, lower administration fees, and total supplementary accounts. Yet, it is formed by external incentives, i.e., a lower interest rate of conventional banking and inflation.
Islamic commercial banks are highly identic with the profit-sharing as a sharia banking basic ope... more Islamic commercial banks are highly identic with the profit-sharing as a sharia banking basic operational system. The profit-sharing becomes a specific characteristic of sharia banks as well as a distinction from conventional banks. Hence, this study aims to examine if the profit-sharing characteristic contributes to the performances of Islamic commercial banks in Indonesia. This study employed time series data derived from the Financial Service Authority (OJK) using regression-mixed test and auto-regressive heteroscedasticity (ARCH). The results pointed out that the profit-sharing system for the lending of Musharaka had an impact on the performance of sharia banks; while the profit-sharing for the funding of Mudaraba did not support the hypothesis with negative coefficient. The results suggest that the profit-sharing characteristic provides contribution to the performance of Islamic commercial banks through the lending of Musharaka. These results further indicate that the profit-sh...
This paper discusses the effect of the values and interpretations of religion on economic activit... more This paper discusses the effect of the values and interpretations of religion on economic activity. We argue that although the religions influence the economic activities, but the interpretations on the religions prove to have more profound impact on the activities. Islam and Protestant –i.e. the interpretations on them- have different views on the nature of behavior and the institutions involved, being Islam emphasis ‘social’ nature and Protestant emphasizes ‘individual’ nature. These emphases lead to differences in economic activities and institutions involved. PENDAHULUAN
This research discusses the motives of the Muslim community in choosing banking institutions by u... more This research discusses the motives of the Muslim community in choosing banking institutions by using the analysis of pragmatism theory. This research is qualitative research using a phenomenology approach. Data collection that is used in this research is the interview, observation, and documentation. The result of the study indicated that the Muslim’s customer of Yogyakarta tend to be pragmatic due to the character of society which has more accommodating and flexible philosophy of life (tolerance). This pragmatic attitude was influenced by the internal factors (cognitive limitations) and external factors (reputation and service of Conventional Banks). Furthermore, adopting from the theory of Schutz’s motives that the motives reason (because of motive) of Yogyakarta's Moslem customers in choosing to the bank are their inconsistency in choosing is influenced by economic and service motives that are stronger than religious motives. As for their destination motive (in order to mo...
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah, 2021
Market share determines the position of revenue and public utilization of Sharia bank. This resea... more Market share determines the position of revenue and public utilization of Sharia bank. This research aims to examine the internal and external determinant factors of Indonesia Sharia banking market share. The secondary data were obtained from the Financial Services Authority (OJK) and Bank Indonesia (BI). Autoregressive Distributive Lag (ARDL) was used to explore the short and long periods from the influence of variables, including total of offices, customers, third-party saving (DPK), and promotion. The results showed that the total number of Automated Teller Machines (ATM) had a contrastingly different impact. Therefore, this research recommends adding all variables quantitatively.
Uploads