This study attempts to examine the short-term and long-term relationship among selected global anddomestic macroeconomic variables fromeach country (Fed rate, crude oil price, Dow Jones Index, interest rate, exchange rate and inflation) for Indonesia and Malaysia Islamic capital market (Jakarta Islamic Index (JII) and FTSE Bursa Malaysia Hijrah Shariah Index (FHSI). The methodology used in this study is vector error correction model (VECM) for the monthly data starting from January 2006 to December 2010. The result shows that in the long-term, all selectedmacroeconomic variables except Dow Jones Index variable have significantly affect in both Islamic stock market FHSI and JII, while in the short-term there is no any selected macroeconomic variables that significantly affect FHSI and only inflation, exchange rate and crude oil price variables seem to significantly affect JII. Keywords : Islamic Stock Market, Jakarta Islamic Index, FTSE Hijrah Shariah Index, VAR/VECMJEL Classification: E52, E44
This study attempts to examine the short-term and long-term relationship among selected global and domestic macroeconomic variables from each country (Fed rate, crude oil price, Dow Jones Index, interest rate, exchange rate and inflation) for Indonesia and Malaysia Islamic capital market (Jakarta Islamic Index (JII) and FTSE Bursa Malaysia Hijrah Shariah Index (FHSI). The methodology used in this study is vector error correction model (VECM) for the monthly data starting from January 2006 to December 2010. The result shows that in the long-term, all selected macroeconomic variables except Dow Jones Index variable have significantly affect in both Islamic stock market FHSI and JII, while in the short-term there is no any selected macroeconomic variables that significantly affect FHSI and only inflation, exchange rate and crude oil price variables seem to significantly affect JII. Keywords : Islamic Stock Market, Jakarta Islamic Index, FTSE Hijrah Shariah Index, VAR/VECMJEL Classification: E52, E44
This study aims to examine the determinants of zakat payers' (muzakki) interest to pay zakat through Zakat Management Organization (ZMO). The respondents were muzakki (Zakat payers) who paid their zakat on profession/income through ZMOs in Indonesia. The number of respondents is 100 muzakki who were selected randomly. Using the structural equation modelling (SEM) method, this study found that transparency of zakat management, ZMO promotions through public figure involvement, and the supporting regulation which imposes zakat as a tax deduction have a significant impact on muzakki's interest to pay zakat through ZMO. Meanwhile, improvement of digital services and socialization of zakat through social media do not have a significant effect on the muzakki's interest. However, using sub-sample who are active users of social media, this study discovered a negative effect of the use of social media for ZMOs marketing on muzakki's interest. This finding reinforces the suitability of the theory of planned behavior (TPB) in the context of muzakki's behavior of paying zakat that is influenced by the quality of ZMO services.
This paper highlights the policies and institutional setting of Small and Medium Enterprises (SME) development in Indonesia, followed by a discussion on the players in Islamic microfinance. Emphasis has been given to the potential role of Baitul Mal wa Tamwil (BMT, Islamic cooperative) as a strategic community-based micro lending initiative. The importance of Islamic microfinance initiatives as part of national program for the development of SMEs in Indonesia is also discussed. This paper argues that Islamic microfinance initiatives in Indonesia could represent an alternative source of finance for SMEs. The role of SMEs, especially after the Asian monetary crisis, was considered a safety valve for the national economic recovery both in enhancing economic growth as well as in reducing the unemployment rate. Credit distributed to SMEs has minimum risk and has sounder and better performance compared to larger enterprises. However, although having a significant role, SMEs actually have serious problems particularly as related to their capability in accessing formal financial institutions. This paper concludes by identifying the potential linkages between players in Islamic microfinance and highlights some critical points in their activities.
Maqasid Syariah Abu Zahra sebagai Model Pengukuran Ki nerja. Penelitian ini berupaya untuk menganalisis model maqasid syariah Abu Zahrah sebagai sistem pengukuran kinerja dan menggunakan nya untuk mengevaluasi kinerja bank syariah. Metode yang digunakan adalah kombinasi tinjauan pustaka dan survei terhadap 97 bank Sya riah di Indonesia. Penelitian ini menemukan tiga dimensi maqasid syariah, yaitu pendidikan, keadilan, dan kesejahteraan masyarakat. Meski pun demikian, penelitian ini juga menemukan bahwa secara umum bank syariah belum mencapai kinerja maqasid syariah secara optimal. Dimensi pendidikan masih memiliki kinerja paling rendah dibandingkan kedua dimensi lainnya.
This study aims to present the economic ideas of Ibn-e-Sīnā, dealing with the concept of wealth management. In order to achieve its objectives, this study employs qualitative research that refers to the meanings, concepts, definitions, characteristics, metaphors, symbols and descriptions of the matter under study. The study uses the literatures of Ibn Sīnā related to tadbir al-manzil (economics) to develop a theoretical model of managing wealth that integrates the material, spiritual, moral, social and legal dimensions. There are two methodologies of this study, namely interpretative and historical analytic methods. In his wealth management, there are two main variables; kasb (earning) and infāq (spending). The kasb (earning) is from al-tijārah (trade) and al-ṣinā"at (manufacturing skills), while infāq is the function of infāq ijtimā'i (common expenditure), infāq dīni (religious expenditure) and aliddikhār (savings). Finding of this study is that the concept of managing the wealth derived from Ibn Sīnā is still relevant to the modern concept of Islamic wealth management.
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