Despite of market condition under perfect or unperfect competition, Islamic banking has to reach their level of efficiency in order to succeed and make a profit; those who do not will fail and be forced to exit the market. However apart of having a sound performance, Islamic banking also has to comply with the sharia principles. This paper aims to have efficiency and maslahah measurement in one assessment framework that is maslahah-efficiency quadrant (MEQ). The study from 2011-2014 revealed that Bank Muamalat Indonesia (BMI) and Sharia Panin Bank are excellent since both are within the first quadrant. Whereas Bank Sharia Mandiri (BSM), Sharia Maybank, and Sharia Bukopin Bank are considered good at the second quadrant; Bank Rakyak Indonesia Sharia (BRI) and BCA Sharia are fair at the third; and Bank Mega Sharia, Victoria Sharia, Bank Negara Indonesia Sharia (BNI), and Bank Jabar Banten Sharia (BJB) are poor at the fourth sequentially. It is urge for Islamic bank that are in low level of MSI to have a critical policy to keep in line with the five factor of maqashid sharia apart of having efficiency in order to reach maslahah. Keywords
This study aims to determine the development map of mathematic model in islamic economics and finance research that is indexed by Scopus and other reputable journal with the keyword "Mathematic model in islamic economics and finance". The data analyzed were 100 selected publications. The development map of mathematic model in islamic economics and finance research analyzed using the VOSviewer application program to find out the bibliometric map. The results showed that the number of publications on the development of mathematic model in islamic economics and finance research indexed Scopus from 1983-2019 experienced a significant increase and the most were published in Journal of King Abdulaziz University: Islamic Economics. Network visualization showed that the map of the development of mathematic model in islamic economics and finance research was divided into 3 clusters. The majority of research is related to modeling of Profit Loss Sharing (PLS) schemes. However, despite the development of using mathematical model in those researches, the approach tends to be adaptive (inductive) from conventional models that already exist. A challenge to review the mainstream model need to be further critically reviewed. Hence, it is necessary for researcher to formulate a mathematical model with a deductive approach that is reduced from Islamic norms or ethics derived from the Alquran and Sunnah.
<p>Abstrak: Kajian ini dilakukan untuk menggali hukum tentang pemberian hadiah oleh Lembaga Keuangan Syariah (LKS) kepada nasabah berupa cindera mata maupun hadiah yang bersifat material pada saat pembukaan rekening dengan cara undian. Akad wadî‘ah dalam produk penghimpunan dana LKS secara substantif sama dengan akad qardh karena di dalamnya terkandung izin penggunaan objek yang dititipkan. Karena itu, akad wadî‘ah tersebut termasuk domain akad tabarru’. Sedangkan akad mudhârabah termasuk akad bisnis yang dikategorikan sebagai akad mu‘âwadhat/ tijârî. Jâ’izah tasjî‘iyah juga sama kedudukannya dengan akad mudhârabah, yaitu termasuk domain mu‘âwadhat. Karena itu, penulis menyimpulkan bahwa tidak relevan penggunaan jâ’izah tasjî‘iyah dalam memasarkan produk penghimpunan dana LKS yang menggunakan akad wadî‘ah atau qardh. Sebaliknya, jâ’izah tasjî‘iyah layak dipertimbangkan untuk digunakan dalam mempromosikan produk LKS yang meng- gunakan akad yang termasuk domain mu‘âwadhat.</p><p><br />Abstract: Personal Legal Opinion on Present in Syari’ah Financial Insti- tution. This study is aimed at deducting legal ruling of material gift or present offered by the Syari’ah financial institution (LKS) for their clients at the time of opening account by way of lottery. Wadî‘ah contract in collecting LKS funds is substantially similar to that of qardh contract because permission to usufruct the stored object is inherent in the contract, therefore such wadî‘ah contract is included in the domain of tabarru’. Mudhârabah contract, on the other hand, comprises business contract which is categorized as mu‘âwadhat or tijârî contract. Jâ’izah tasjî‘iyah also have the same status as mudhârabah contract which is included in the mu‘âwadhat domain. As such, the authors conclude that it is irrelevant to use jâ’izah tasjî‘iyah in selling the product of LKS fund collection with wadî‘ah or qardh contract. Conversely, jâ’izah tasjî‘iyah is worthy of considering to be used in promoting LKS product using contract that comprises in the mu‘âwadhat sphere.</p><p><br />Kata Kunci: hadiah, fatwa, mu‘âwadhat, qardh, wadî‘ah<br /><br /><br /></p>
Transmission mechanism of monetary policy has been an area of critical economic research in many countries, whereby financial system links monetary policy and real one. In line with this, whatever events or trends that affect financial system would also lead to the changes in the monetary transmission mechanism. This study tries to analyze the transmission mechanism in Indonesia dual monetary system using Vector Auto Regression (VAR) and Vector Error Correction Model (VECM) methods.The result indicates that the relationship between Consumer Price Index (CPI) and Sharia Instruments Financing (LNFIN), Bank Indonesia Sharia Certificate (SBIS) and Sharia Inter Bank Money Market (PUAS) are negative. It denotes that when the total of sharia financing increases, it will give a positive contribution to reduce inflation rate in Indonesia. Henceforth, this system will create a balance growth between monetary and real sector economy. From the perspective of this finding, it is urging for the stakeholders of sharia finance, especially monetary authority, to accelerate sharia banking share in Indonesia.
It is worldly known that one of the main obstacles which is often faced by the micro, small, and medium enterprises (MSMEs) practitioners is the ability to access sources of funding. At the time where the absorption of banking credit to MSMEs is still very limited, the role of sharia capital market is considered as an alternative to support this limitation. Expanding the role of sharia capital market finds it moment when Indonesia Finance Service Authority (FSA) issued regulations that provide space for the capital market to also active in real sector businesses. In accordance with the FSA Rules N0.37/2014, mutual fund (unit trust) in the form of Collective Investment Contract (CIC) - Limited Investment/ Participation Fund (LPF) has the objective to pave the way for mutual fund investors to make direct investments in real investments. The proposed model that might be realized to smoothen the intermediary role of sharia capital market to the development of MSMEs is through the hybrid model that might linking mutual fund/investment manager and corporate, particularly venture capital. Using Analytical Network Process (ANP) approach this paper indicates that with the value of rater agreement 1.0, the research found that there are four main cluster problems which become an obstacle the proposed model, namely: (a) the reputation of mutual fund/investment manager; (b) investment grade rating of corporate (venture capital); (c) risk appetiate of investor as shahib al-mal; and (d) government regulation. Policy recommendation that might become solution, according to the value of rater agreement 1.0 is sequentially as follow, namely: (a) fully support from government; especially for a relatively new mutual fund with no experience in the capital markets industry; (b) Corporate (venture capital) should be able to offer Islamic Microfinance Finance Institutions (IMFIs) and MSMEs that have good business feasibility to the mutual fund/investment manager as well as investor; (c) the government should be able to guarantee legal certainty in the context of protection, including advocacy for investors; and last but not least (d) There is an extremely hope that investors could change their investment behavior paradigm, from risk averse to risk taker.Keywords: Sharia capital market, Mutual fund, Venture capital, MSMEJEL Classification: G1, G23, G24
Minimum Wage (MW) is a policy set by the government as a basis reference at labor market for every company to pay their workers wages. Since workers always have a low bargaining position when dealing with employers in the determination of their wage rates, therefore the MW could becomes the safety net for workers to have "decent living" when he began to enter the world of work. In the case of Indonesia, the formulation of WM is referring to the parameters of Decent Living Needs (DLN) according to the Ministry of Manpower Decree No. 13, the year 2012. There are at least seven components in order to formulate MW within the DLN Framework, namely: (1) food and beverages, (2) clothing/apparel (3) housing, (4) education, (5) health, (6) transportation and (7) recreation and savings. Meanwhile, in Islam, every transaction made must be ensured preserve and achieve maqashid al sharia (sharia objectives): (1) religion/faith, (2) life, (3) intellect, (4) posterity, and (5) property. Using content analysis, the paper indicates that the regulation above is relevant to the conditions and objectives of sharia-based wage system (maqashid sharia). The Decent Living Needs (DLN)-based minimum wage setting which operated in the 60 components meet the basic needs components of the workers for their daily life which includes the needs of education, health, recreation, and saving. Hence, another challenge in relation to the DLN is how to ensure that the purchasing power of labor for their shelter within the existing MW formulation. What kind of shelter that considered as al dharuriyah within the existing MW setting. Therefore, there is a call for synergy between the government and the housing industry that can offer shelter in accordance with the purchasing power of labor with the existing level of MW and feasible within the framework of DLN so that might be considered as social policy elements. =========================================== Formulasi Upah Minimum dalam Perspektif Maqashid Syariah di Indonesia_______________________________________________ Upah Minimum (UM) merupakan kebijakan yang ditetapkan pemerintah sebagai dasar acuan di pasar tenaga kerja bagi setiap perusahaan. Pekerja dihadapkan pada posisi tawar yang rendah ketika berhadapan dengan pengusaha dalam penentuan tingkat upah mereka, oleh karena itu UM bisa menjadi jaring pengaman bagi pekerja untuk memiliki "kehidupan yang layak" ketika ia mulai memasuki dunia kerja. Dalam kasus Indonesia, perumusan UM mengacu pada parameter Kebutuhan Hidup Layak sesuai dengan Keputusan Menteri Tenaga Kerja Nomor 13, tahun 2012. Setidaknya, ada tujuh komponen perumusan MW dalam Kebutuhan Hidup Layak, yaitu: (1) makanan dan minuman, (2) pakaian / pakaian (3) perumahan, (4) pendidikan, (5) kesehatan, (6) transportasi dan (7) rekreasi dan tabungan. Sementara itu, dalam Islam setiap transaksi yang dilakukan harus dipastikan melestarikan dan mencapai maqashid al syariah (tujuan syariah): (1) agama / iman, (2) hidup, (3) kecerdasan, (4) anak cucu, dan (5) properti. Hasil analisa menunjukkan bahwa Keputusan Menteri Tenaga Kerja Nomor 13, tahun 2012 relevan dengan kondisi dan tujuan dari sistem upah berbasis syariah (maqashid syariah). Kebutuhan Hidup Layak berbasis penetapan upah minimum yang beroperasi di 60 komponen, memenuhi kebutuhan komponen dasar para pekerja untuk kehidupan mereka sehari-hari. Kebetuhan tersebut meliputi kebutuhan pendidikan, kesehatan, rekreasi dan tabungan. Tantangan yang harus dihadapi ialah bagaimana memastikan bahwa daya beli tenaga kerja dan jaminan tempat tinggal mereka dalam perumusan UM. Apa jenis hunian yang dianggap sebagai al dharuriyah dalam pengaturan UM yang ada. Oleh karena itu, diperlukan sinergisitas antara pemerintah dan industri perumahan dalam menawarkan perumahan sesuai dengan daya beli tenaga kerja dengan tingkat upah minimum sebagai elemen kebijakan sosial.
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