Analysis of Integration of the Indonesian Sharia Stock Index with Developing Countries

<p><em>Globalization is rapidly causing an integration of economic and financial systems worldwide, resulting in shocks to the Islamic stock index and reducing the benefits of diversification for investors. Therefore, this study analyzes the integration, influence, response, and contribution of shocks to each developing country’s Islamic stock index. Specifically, analyzing the effect of developing country sharia stock index shocks on Indonesia's sharia stock index. The study uses monthly time series data for 2011-2021 with samples from Indonesia, Turkey, Malaysia, Pakistan, Kuwait, and India using the Vector Error Correction Model (VECM) method. The results showed cointegration or a long-term relationship in the developing countries’ sharia stock index. The Malaysian Islamic Stock Index and the Indian Islamic Stock Index influence the Indonesian Islamic Stock Index. Furthermore, the Indonesian Islamic Stock Index stabilized the fastest in response to the Turkish Islamic Stock Index shocks. However, the Malaysian Islamic Stock Index shock contributes the most to the Indonesian Islamic Stock Index. Developing countries could improve the infrastructure of the Islamic stock index and policy reforms. This would minimize the impact of international stock index shocks and accelerate integration. Investors should consider the dominant economic strength, geographical factors, and trade relations in determining portfolio diversification in global economic conditions.</em></p><div class="notranslate" style="all: initial;"> </div>

Desain Advokasi Pembiayaan Bermasalah Pada Baitul Maal Wa Tamwil

<p><em>This study aims to determine the appropriate problem-solving model of financing. The research method used is socio-legal research. Researchers follow the activities of BMT practitioners and accommodate input from problems that occur. The object of this research is KSPPS Fastabiq Khoiru Ummah in the Kudus district. The study results show that in handling non-performing financing, preventive measures, monitoring, and handling are needed. This is related to the sustainability of KSPPS because the main objective is to channel the right financing and minimize non-performing financing. The recommendation of this research is to use a third party as an intermediary for the settlement. The closeness of employees with initially not problematic members makes members less responsive when resolved by the KSPPS. A third party in a legal aid institution is needed if the financing is difficult to resolve.</em></p>

Muzakki's Commitment Improvement Model in Distributing ZIS Funds Through Prosocial Values Behavioral Approach

<p><em>The presence of Islamic insurance is an alternative, in order to avoid conventional insurance which is considered to have elements of usury, maytsir, gharar and zholim. In the era of economic disruption, Islamic insurance players and customers are waiting for the direction of strategic policies from the government as regulator and facilitator. The formulation of a sharia insurance development strategy policy begins with analyzing the obstacles to developing sharia insurance in Indonesia. These constraints mean that the number of sharia insurance customers in Indonesia is not maximal. These obstacles include the lack of socialization and promotion, inadequate use of technology, lack of product and service development, lack of knowledge, and the existence of conventional insurance. Based on these constraints, strategies for developing sharia insurance in Indonesia that can be carried out include maximizing socialization and promotion, maximizing the use of technology, developing products and services, increasing literacy, and market penetration. This research is aimed at analyzing the constraints and development strategies of Islamic insurance using a mathematical method, namely the Analytic Network Process (ANP) method, so that policy recommendations are supported by scientific studies. Furthermore, in this study the ANP method was adopted in a survey design involving a number of respondents. The heterogeneity of the assessments of a number of respondents is expected to provide a more rational alternative. The results of the analysis using the ANP method are priority constraints in order to get more attention and priority strategies that can be used to formulate policies to make them more focused.</em></p>

Factors Affecting Company Values in the Companies Listed in the Jakarta Islamic Index

<p><em>The rapid development of the global economy has triggered competition between economic actors, especially between companies; therefore, it is necessary to do the company value analysis to attract investors. The purpose of this study was to determine the factors that affect firm value. This study used a quantitative approach, with a sample of 3 companies. The data processing used Error Correction Model analysis. The study results partially showed that the relationship between the company value in the short and long term with the company size had a negative and insignificant effect; the company growth had a positive and insignificant effect. In the short term, the funding decisions had a negative and insignificant effect; the profitability had a positive and insignificant effect; the investment decisions had a positive and insignificant effect. In the long term, the funding decisions had a positive and significant effect, the profitability had a negative and insignificant effect, and the investment decisions had a positive and significant effect. Simultaneously the independent variable affects the firm value. These findings have implications for adding to the literature on the factors that influence company values and are valuable for executives in companies, especially in implementing policies to increase company value.</em></p>

Production Behavior in Sharia Economy: in the Perspective of Maqashidi Interpretation

<em>In the perspective of sharia economy, production activities are linked to humans and their participation in economic activities. The problem is, then, how the Qur'an views production behavior as processing resources into outputs in order to increase public interests (maslahah) for humankind. This paper focuses on the study on how to picture the concept of production behavior in sharia economy, as understood through the contemporary commentary approach called maqashidi interpretation. This study is a literature research based on a review of texts related to economic recession with a focus on maqashidi interpretation. According to the results of this study, several terms are used to refer to the term 'production' in the Quran, such as 'amal, sina'ah, and other terms mentioned in the verses of the Quran in general. Maqashidi interpretation on production behavior seeks to comprehend the verses referring to production based on public interest values for those working, creating, and manufacturing products. In relation to the maqasid verses of the Quran, production behavior leads to human needs which encompass five preservations, such as preserving religion (hifz al-din), soul (hifz al-nafs), minds and creativity (hifz al-'aql), property and materials (hifz al-mal), and continuity of heredity (hifz al-nasl), all of which aim to benefit Muslims.</em>

The Effect of Zakat Institution System and Government Support on Intention to Pay Zakat: Knowledge as A Moderating Variable

<p><em>This study aims to determine the effect of attitudes, subjective norms, zakat institution system and government support in influencing the interest of the government and private officers to pay zakat. This study also aims to determine the extent of muzakki’s knowledge of zakat in improving attitudes, subjective norms, zakat institutional systems and government support in the interest of the government and private officers to pay zakat. Respondents in this study are 402 respondents consisting of 154 government officers and 248 private officers who live in 6 big cities in Java, such as Jakarta, Serang, Bandung, Semarang, Yogyakarta and Surabaya. This research uses the Partial-Least-Square Structural Equation Modeling (PLS-SEM) analysis technique with the Theory of Reasoned Action (TRA) model. The finding reveals that attitudes, subjective norms, zakat institutional system, and government support affect the government and private officers' interest in paying zakat. Meanwhile, knowledge as a moderating variable does not strengthen the influence of attitudes, zakat institutional systems and government support. Still, it reinforces the subjective norms of government and private officers in influencing intention to pay zakat. BAZNAS can collaborate with educational institutions, professional institutions, community institutions and utilize social networks to increase public knowledge about zakat. Hence, knowledge about zakat supports subjective norms and attitudes, zakat institutional system, and government support. </em></p>

Challenges and Development Strategy of Sharia Insurance in an Era of Economic Disruption

<p><em>The presence of Islamic insurance is an alternative to avoid conventional insurance, which is considered to have elements of usury, maytsir, gharar and zholim. In the era of economic disruption, Islamic insurance players and customers are waiting for the government's strategic policies as regulators and facilitators. The formulation of a sharia insurance development strategy policy begins with analyzing the obstacles to developing sharia insurance in Indonesia. These constraints mean that the number of sharia insurance customers in Indonesia is not maximal. These obstacles include the lack of socialization and promotion, inadequate use of technology, lack of product and service development, lack of knowledge, and the existence of conventional insurance. Based on these constraints, strategies for developing sharia insurance in Indonesia that can be carried out include maximizing socialization and promotion, maximizing the use of technology, developing products and services, increasing literacy, and market penetration. This research aims to analyze Islamic insurance's constraints and development strategies using a mathematical method, namely the Analytic Network Process (ANP) method so that scientific studies support policy recommendations. Furthermore, in this study, the ANP method was adopted in a survey design involving several respondents. The heterogeneity of the assessments of some respondents is expected to provide a more rational alternative. The analysis results using the ANP method are priority constraints to get more attention and priority strategies that can be used to formulate policies to make them more focused.</em></p>

Sharia Value-Based Learning Environment and Students’ Career Choice

<p><em>The purpose of this study is to find out whether the sharia value-based learning environment influences the career choice of sharia economics students at Islamic Financial In</em><em>dustries</em><em> (IFIs). Learning is one of the crucial factors that could shape career choices referring to Social Cognitive Career Theory (SCCT).</em><em> </em><em>A quantitative approach is employed. </em><em>Questionnaires totaling 378 </em><em>were filled by students from</em><em> three (3) types of universities in East Java, Indonesia. </em><em>P</em><em>ath analysis and different tests using Partial Least Square (PLS) 3.0 and SPSS ver. Twenty-three</em><em> were conducted</em><em>.</em><em> </em><em>The weight of courses, learning, and lecturers' motivation positively affected career intention at IFIs. Students from the public–non-Islamic universities perceived the highest learning and motivation, and the lowest was public–Islamic universities. It might be because the Islamic culture at publi</em><em>c</em><em>-Islamic universities might form an ideal perspective for the contemporary IFIs. Besides, students who completed an internship at IFIs had the highest intention; meanwhile, students who have interned at non-IFIs showed the lowest career intention at IFIs.</em><em> </em><em>The implications of this study are learning environment should more involve sharia values. Besides, students should intern at IFIs to choose a career at IFIs to contribute to developing sharia economics.</em></p>

Factor Affecting Sharecropping System in East Java: an Islamic Prespective Analysis

<p><em>This research aims to understand the relationship between socioeconomic factors, production, transparency with religiosity. The effects of socio-economic factors, production, transparency, and religiosity on the sharecropping contract system. Design/methodology/approach: The author has administered a survey to 800 respondents. The respondents were asked to give their responses based on a five-point Likert scale. The data has been tested with SEM to show the relationship between the various factors. Finding: SEM results show that H₁ is not supported while H₂, H₃, H₄, H₅, H₆, and H₇ are supported. Findings show that religiosity impacts the sharecropping system while the interaction between religiosity and transparency on the sharecropping system is significantly negative. Therefore, the current sharecropping contract system in East Java does not operate following Islamic values. </em></p>