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Iqtishoduna : Jurnal Ekonomi Islam
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This is an Open Access Journal

Open Access journal
ISSN (Print) 2252-5661 - ISSN (Online) 2443-0056
Published by Institut Agama Islam Syarifuddin

[1 journal]

Analysis Of Factors On The Issuance Of Sharia Bonds (Sukuk) And Sharia
Shares On Company Performance In Jakarta Islamic Index 70
- Authors: Bella Jastacia; Ummu Salma Al Azizah, Rito Rito
  Abstract: This study aims to analyze the effect of the issuance of Islamic bonds (sukuk) and the issuance of Islamic stocks on company performance in the Jakarta Islamic Index 70. The issuance of Islamic bonds and Islamic stocks is an alternative for companies to obtain a capital structure in carrying out company operations and is expected to improve the company's performance. In terms of financial performance through Return On Assets (ROA), company stakeholders optimize Islamic capital market products to increase Islamic financial inclusion. Besides, it attracts investors to invest. This study uses a quantitative descriptive method, secondary data from companies listed in the Jakarta Islamic Index 70 years 2018-2020 using a purposive sampling method with Tobin's analysis and company age into 15 samples. Testing the hypothesis model using the classic assumption test and multiple regression tests to test the market reaction to the issuance of Sukuk and Islamic shares on the issuance variable using the issuance value, the number of shares outstanding, company leverage, company size, total debt, and company managerial ownership. The research resultsstated thatReturn on Assets (ROA) was affected bythe issuance value variable and the company's leverage in 0.00192 and 0.0373. The variables of the number of outstanding shares, total debt, firm size, and managerial ownership do not affect the value of ROA. However, all variables have a significant effect on the ROA value. The result shows that the issuance of Islamic bonds and Islamic stocks affects the company's performance.
  PubDate: Fri, 01 Oct 2021 05:38:17 +000
Study on Development Strategies of Muslim-Friendly Tourism Ecosystem
- Authors: Sugeng Santoso; Ari Ana Fatmawati, Rian Ubaidillah, Winda Widyanty, Salmi Mohd Isa
  Abstract: In order to make Indonesia the center of the world's Islamic economy, tourism is one of the potential sectors to be developed. The objectives of this study are; to obtain a description of the existing conditions of Muslim friendly tourism and to formulate certain programfor the Ministry of Tourism and Creative Economy (Kemenparekraf/ Baparekraf) or Ministry of Maritime Affairs and Investment (KemenkoMarves). Those institutions arepolicy makers, related to developing the Muslim-friendly tourism businesses ecosystem. This study is qualitative, but some data is collected through quantitative approach. The key informant are policy makers at the Kemenparekraf/Baparekraf and KemenkoMarve. The facilities which is needed are places of worship, food and beverage services that are Muslim-friendly,and the availability of travel agencies that offer Muslim-friendly travel packages. Labeling of halal certification on food and beverage processing that applies the CHSE (Clean, Health, Safety, Environment) standard is a strategy offered on the demand side. On the linkage side, the development of tourism must involve several administrative areas. Beside that, it is necessary to increase education to the community, and it must be in accordance with applicable customary regulations. Every tourism destination also needs segmentation and product development, that always adapts to the trends.
  PubDate: Fri, 01 Oct 2021 05:37:03 +000
The Social, Economics, And Finance Analysis On Profit And Loss Sharing Of
Islamic Partnership (Case Study of Tobacco Bussiness in Jember Regency,
Indonesia)
- Authors: Novi Puspitasari; Hari Sukarno, Hikmah Wardatatul Hasanah
  Abstract: The purpose of this study are: (1) to investigate the implementation of partnerships in the VOK tobacco business in an Islamic perspective, whether include mukhabarah, muzara’ah, or musaqah contract; (2) to explore the partnership implementation of VOK tobacco business on social, economic, and finance. This study use the snowball method with in depth interview. This research captured that there are two contracts of Islamic partnership on tobacco business, namely mukhabarah and muzara'ah. The social impact is the availability of jobs for people who do not own land/rice fields, thus helping the government to reduce unemployment and create close kinship in the community. The manifestation of the economic impact is that people who do not own land can still earn income for live. This study shows that there is a difference formula in calculating the profit sharing between the net farm income (NFI) and local culture formula. The local cultural formula does not use the real cost to count the net profit which is considered injustice. It is important to note that injustice is something that is against Islamic belief. Profit-sharing ratio between landowner and land tiller is 50%: 50% of net income.
  PubDate: Fri, 01 Oct 2021 05:36:03 +000
The Economic Thought of Syeikh al Mutawalli Al-Sya'rawi from His Book
of 'Tafsir Al-Sya'rawi'
- Authors: Mohd Shahid Bin Mohd Noh
  Abstract: Syeikh al-Mutawalli al-Sya'rawi is a prominent muslim Egyptian scholar in his era. He had King Hammad Price as an appreciation on his contribution of ideas and thoughts towards islamic spiritual development and yet he became well known in Muslim world, particular in Arab countries through his tafsir lesson, where eventually been written and complied in volume of books, namely as Tafsir al-Sya'rawi. Besides producing the ideas on aqidah, feqh and tasawwuf, he also included in his words some of the economic thought were could be derived from his books and lectures. This paper aims to explore numbers of his economic thought mobilizing the analysis content methodology from his tafsir, particularly in Surah al-Baqarah. As a result, this study finds that he had shown consistent ideas in supportingshari’ah laws in promoting sadaqahandinfaq, sharingrizq, combatting gambling andriba, strengthening zakat roles and enforcing debt etiquette as mentioned in Al-Quran by giving economic reasons behind the elements said.
  PubDate: Fri, 01 Oct 2021 05:34:18 +000
Financial Distress Analysis Using Altman Z-Score Model In Sharia Banking
In Indonesia
- Authors: Firman Setiawan
  Abstract: This study is conducted to explain the risk of financial failure that may occur in Sharia banking which is known asfinancial distress. Quantitative data in the formof financial ratios fromseveral Islamic banks which are the object of the study were analyzed using Altman Z- score model. After analyzing it, it is known that at Bank BRI Syariah Inc, the company experienced financial distress in 2015, in the following year the company experienced improvementthus in 2016-2019, the company was in good health. Bank BTPN Syariah Inc in 2015-2019 was in a good condition, which means that there was no financial distress or was in a gray area position. Bank Syariah Mandiri Inc experienced financial distress in 2015-2019, which means that during that time the company was in a gray area position
  PubDate: Fri, 01 Oct 2021 05:33:17 +000
Bitcoin As A Means of Transaction and Investment In The Perspective of
Islam
- Authors: Abdulloh Hamid; Anis Fittria, Ubbadul Adzkiya', Santi Andriyani
  Abstract: The emergence of bitcoin as a means of transaction and investment in the virtual world is intriguing to be studied. Many countries in the world have different perspectives upon the law of bitcoin itself. In Indonesia, the regulation on electronic money is in Indonesian Bank Regulation Number 20/6/PBI/2018 and MUI Fatwa Number 116/DSN-MUI/IX/2017. However, both have not specifically regulated bitcoin. As something new, bitcoin is necessary to be studied in the perspective of Islamic law. The research is a literature study utilizing content analysis to approach the data. The findings of the results are that bitcoin as a means of transaction is permissible (mubah) since there is a similar handover (taqabudh)--that there is a bitcoin to handover, there is no gambling (maisir), speculation (gharar), haram, riba, and false, and that the transactions is on a willingness basis (antharodin) of the both parties. Second, bitcoin as a means of transaction is haram if there is an uncertainty which is close to gharah and maisir, bitcoin as an investment tool has more damages than benefits.
  PubDate: Wed, 31 Mar 2021 00:00:00 +000
Role Of Transportation Thein Supporting Sustainable Halal Tourism In
Indonesia
- Authors: Hadi Peristiwo
  Abstract: The potential for the development of halal tourism in Indonesia is considered very promising and will become a business that many tourism businesses are interested in. This is in line with the increase in halal tourism from year to year. Transportation has an important role in supporting sustainable halal tourism. This journal's literature review will explore the role of transportation in sustainable halal tourism, the concept of transportation mode planning in sustainable halal tourism and discuss transportation challenges and problems for sustainable halal tourism in Indonesia. This journal review literature research method is carried out by searching for published articles on Sage, Elsivier Science and Taylor & Francis with the selected keywords, namely transportation, halal sustainable tourism, and tourism and hospitality. The search was carried out by limiting publications from 2010 - 2020. From the results of the literature search, it can be seen that transportation has an important role for sustainable halal tourism, because the key characteristic of tourists is mobility. Challenges and problems in sustainable halal tourism transportation services in Indonesia in general are still faced with problems of increasing safety, increasing smooth mobility and problems of service accessibility. Key words : transportation, sustainable halal tourism.
  PubDate: Wed, 31 Mar 2021 00:00:00 +000
The Corona Pandemic On Sharia Capital Market in Indonesia
- Authors: Muhammad Al Faridho
  Abstract: In 2020, the world faced the corona virus pandemic, which can threaten the economy aspect of every country. There are many countries end up experiencing recession, including Indonesia. This study tries to test the effect of the corona pandemic on the Jakarta Islamic Index (JII) stock price, simultaneously and partially. The result shows the stock prices that are included in the Jakarta Islamic Index (JII), simultaneously for three quarters, significantly affected by the corona pandemic. Partially, not all issuers are affected by this pandemic. It can be seen that the issuers affected in the Q1 range are ADRO, INCO, SCMA, UNVR, in the Q2 are ADRO, ASII, BTPS, ERAA, ICBP, INDF, INTP, MDKA, MNCN, PTBA, SCMA, SMGR and UNVR, while in the Q3 are ANTM, ERAA, MDKA, PGAS, TPIA.
  PubDate: Wed, 31 Mar 2021 00:00:00 +000