Islamic Economics In Indonesia Research Articles

Instagram to sharia economics: Impact and benefits of digital literacy and Indonesia's sharia economy

Technological advancements persist, and nearly every facet of life relies on information and communication technology. The benefits offered have facilitated various activities, such as communication, information retrieval, education, transactions, and entertainment. Hootsuite Content Engaging in social media is a prevalent online activity. Indonesia boasts an extensive user base on social media, with hundreds of millions of individuals spending approximately four hours daily engaging with diverse social networking platforms. One of them pertains to the Instagram platform. The Fourth Industrial Revolution has facilitated the widespread availability of knowledge. Social media is quickly evolving as a platform for transferring communication and information, including disseminating knowledge about sharia economic law and discussing global economic advancements, literacy, and human resources. To address the challenges of the 21st century, it is imperative to focus on training experts in Islamic finance to enhance Indonesia's Islamic economy. This study investigates the comprehension of digital sharia economic law and its influence on the sharia economy in Indonesia. This study employs an ethnographic methodology to investigate four Instagram platforms focusing on Contemporary Muamalah Fiqh and Maliyah to enhance comprehension before engaging in trading activities. The data collection was conducted by observing the media and studying documentation. The employed research methodology entails descriptive and qualitative data analysis. Instagram is actively endorsing sharia economic regulations in order to enhance the Islamic economy in Indonesia, as indicated by these data. This essay will also examine the concept of sharia funding to promote peace and economic growth in Indonesia.

Filsafat Ekonomi Syariah Sebagai Landasan Sistem Ekonomi Syariah Bagi Pendidikan Umat Islam

The Islamic economic philosophy is based on the interconnectedness of God, Man (Cosmic), and Nature (Cosmos), and is directed towards financial tasks such as economic principles, consumption, production, sales, and economic development. In Indonesia, the development of Islamic economics is influenced by internal and external factors. The key principles of Islamic economics in Indonesia are Tawhid, Maslahah, and Fair, which emphasize the relationship between humans and God, and humans and nature based on the principles of sharia. The country has also developed a masterplan for Islamic economic development, focusing on areas such as strengthening the halal value chain, the Islamic financial sector, and micro, small, and medium enterprises

Perspektif Hukum Islam terhadap Biaya Administrasi Transfer Dana melalui BSI Mobile

The presence of Islamic banks in Indonesia since the late 19th century and their development to the present day has helped us understand the importance of Islamic economics in Indonesia. This research uses library research methods, collecting data or scholarly writings as the research object, gathering library data, or studies conducted to solve a problem. The Fiqh Muamalah analysis shows that fund transfer transactions between banks through the BSI Mobile application are allowed because they avoid riba, maisir, gharar, tadlis, and facilitate fund transfer transactions between different banks. In addition, the contracts used are also in accordance with the Fatwa DSN MUI No. 10/DSN-MUI/IV/2000 on Wakalah and Fatwa DSN MUI No. 113/DSN-MUI/IX/2017 on Wakalah bi al-Ujrah.

Implementation of Law Number 21 of 2008 Concerning Sharia Banking Against Sharia Financial Institutions

The role of Law Number 21 of 2008 concerning Islamic Banking for Islamic financial institutions is very large. This is because Islamic financial institutions (LKS) currently have legal certainty to be able to carry out Islamic economic activities in Indonesia. The existence of the Sharia Banking Law provides an answer to the sustainability of the Islamic economy in Indonesia as a whole, including the activities of Islamic financial institutions in the form of banks and non-banks. According to the normative juridical point of view, the legal basis for sharia economic dispute resolution in Indonesia is Law Number 3 of 2006 concerning the Religious Courts and Law Number 4 of 2004 concerning Judicial Power as a form of upholding legal justice for the community in carrying out economic activities.
 Keywords: financial, banking, Sharia institutions

Digipreneurship as an Effort to Strengthen The Digitalization of The Islamic Economy in Indonesia

The digitization of the Islamic economy in Indonesia offers opportunities to strengthen economic growth based on Islamic principles. Through the development of sharia e-commerce platforms, technology-based financial services, and sharia-based fintech innovations, this digitization facilitates easier and faster access to Islamic products and services. This research uses three theoretical approaches: digital economy theory, entrepreneurship theory, and Islamic economic theory, with the aim of understanding the contribution and impact of digipreneurship in strengthening the digitalization of the Islamic economy in Indonesia and analyzing the principles of Islamic economics that can be applied in digital business. The research method used is qualitative with a descriptive content analysis approach and phenomenological design. The results highlight the importance of digipreneurship as an effort to strengthen the digitalization of the Islamic economy in Indonesia and integrate the principles of Islamic entrepreneurship into digital businesses. Digitalization of the Islamic economy through digipreneurship opens opportunities for Muslim participation in the digital market, encourages innovation, and promotes inclusive economic growth. The integration of Islamic values and principles into the digital economy is important in the digital era in Indonesia. Digipreneurship serves as a means to harness the potential of digital technology by upholding Islamic values, so that individuals and businesses can play an important role in advancing the digitalization of the Islamic economy, driving economic growth, and creating a prosperous future.

Analisis Efisiensi dDan Keberlanjutan Ekonomi Syariah dalam Konteks Pemilu 2024 di Indonesia: Bibliography Study

This research aims to investigate the impact of the 2024 General Election on Islamic economy in Indonesia using an integrated approach. The primary focus of this study is to develop an analytical model that encompasses economic efficiency, market sentiment, and relevant government policies. By employing sentiment analysis in the market and Islamic investment, the research intends to depict the relationship between public political choices and their effects on market confidence and investment decisions in the Islamic financial sector. Additionally, the study will assess the current government policies' impact on the growth of the Islamic economy and formulate improvement recommendations to support the stability of this sector. Through case studies on Islamic banks undergoing significant changes post-election, the research will deepen the understanding of adaptive operational strategies and their impact on the stability and efficiency of the Islamic financial sector. The results of this research are expected to provide a holistic view of the interconnection between political dynamics, the Islamic economy, and government policies, laying the foundation for the development of sustainable Islamic economic strategies in Indonesia.

Development of Islamic economics and practices in Indonesia (2013-2023): opportunities and challenges

Despite the immense growth potential, implementing Islamic economics in Indonesia encounters substantial hindrances. An issue arises from the Muslim populace's constrained knowledge and comprehension of Islamic economics. This is evident from the customer base disparity between Sharia-compliant and conventional banks. The progress of the Islamic economy is evident in the gradual expansion of Sharia banking annually, albeit sluggishly. In the future, implementing Islamic economics will encounter obstacles, including a scarcity of proficient experts in Islamic economics, insufficient public knowledge of the Islamic economic system, and the nonexistence of an Islamic economics syllabus across different educational levels. These issues contribute to the public's unfavourable perceptions of the Islamic economic system. This study analyses the obstacles and potential advantages of integrating Islamic economic principles into Indonesia's economic development while considering the existing framework of conventional economic growth. The field of Islamic economics has achieved significant progress. However, there are still barriers that could hinder its ability to achieve its objectives. The data utilized for analysis consists of a blend of primary and secondary sources. Data collection primarily involved disseminating questionnaires, encompassing both closed and open-ended inquiries, to a cohort of 26 individuals. The secondary data for this study was collected from many sources, such as academic journals, official websites, and related literature published between 2013 and 2023. The article's findings indicate a favourable trajectory for advancing Islamic economics in Indonesia. The existing legislation explicitly recognizes the participation of Sharia economic practitioners and respects the fact that Indonesia has a predominantly Muslim population. Nevertheless, the study will thoroughly examine the various obstacles to advancing Islamic economics in Indonesia.

Instagram's impact on sharia economic law literacy in the digital age and Indonesia's sharia economy strengthening

The Fourth Industrial Revolution has made knowledge easily accessible. Social media is developing rapidly as a forum for transmitting communication and information, including Sharia economic law literacy and addressing global economic developments, literacy and human resources. Many efforts must be made to overcome 21st-century problems, including training Islamic finance professionals to strengthen Indonesia's Islamic economy. This research examines the understanding of digital Sharia economic law and its impact on the Sharia economy in Indonesia. This research uses an ethnographic approach by exploring four Instagram platforms that discuss Contemporary Muamalah Fiqh and Maliyah to increase understanding before trading. Data collection was carried out through media observations and documentation studies. The research technique used is descriptive and qualitative data analysis. Based on these findings, Instagram is promoting sharia economic laws to improve the Islamic economy in Indonesia. This essay will also discuss sharia financing to encourage peace and the Indonesian economy.

Analysis of Muslim Tourist Loyalty to Halal Gastronomic Tourism in Salatiga City

The development of the City of Salatiga as a City of Gastronomy will increase local and community income through culinary tourism and increase the number of tourists visiting Salatiga. The concept of halal is currently used as a trend for developing the Islamic economy in Indonesia, starting from the emergence of halal products (food and beverages), halal cosmetics, halal fashion and halal tourism to lifestyle (halal tourism). The purpose of this study focuses on the loyalty of Muslim tourists and how they increase tourist loyalty in the city of Salatiga. This study will use a variant-based Structural Equation Model (SEM) with AMOS version 2.0. The population of this study will be focused on halal gastronomic tourists in Salatiga City, while the samples selected in this study must meet the requirements of tourists who have visited more than three times. The product quality variable (X1) positively and significantly affects the tourist satisfaction variable (Z). Product quality affects tourist satisfaction, so managers of gastronomic tourism are advised to improve food taste, food aroma, food durability, and physical appearance of food. The price variable (X2) positively and significantly affects the tourist satisfaction variable (Z). Prices affect tourist satisfaction, so tourism managers are advised to increase price affordability, price competitiveness, and suitability of prices with product quality. The tourist satisfaction variable (Z) positively and significantly affects tourist loyalty (Y). Tourist satisfaction affects tourist loyalty, so tourism managers are advised to increase the suitability of tourist expectations, intention to revisit, and willingness to recommend from tourists.

Perspektif Hukum Islam Terhadap Biaya Administrasi Transfer Dana melalui BSI Mobile

The emergence of Islamic banks in Indonesia at the end of the 19th century until they developed more than 20 years to date has made us understand the importance of the existence of an Islamic economy in Indonesia. This research uses library research or library research, namely research conducted by collecting data or scientific writing that is intended to be the object of research, library data collection, or studies conducted to solve a problem. problems which are mostly based on a critical and thorough analysis of relevant literature. Based on muamalah fiqh analysis, interbank fund transfer transactions through the BSI Mobile application are permitted because the transactions carried out avoid usury, maisir, gharar, tadlis transactions and there are benefits to ease fund transfer transactions between different banks. In addition, the contract used is also in accordance with DSN MUI Fatwa No. 10/DSN-MUI/IV/2000 concerning Wakalah and DSN MUI Fatwa No. 113/DSN-MUI/IX/2017 concerning Wakalah bi al-Ujrah.
 Keywords: Islamic law, administration, BSI Mobile

PENGUATAN PEMAHAMAN FIQIH MUAMALAH PADA KARYAWAN BMT MEKAR ABADI AJI SEJAHTERA LAMPUNG TENGAH

Islamic financial institutions have grown rapidly since 1992 which was marked by the establishment of the first Islamic bank in Indonesia, namely Bank Muamalah, and then other Islamic banks emerged and until now the market share of Islamic banks is very high. Not only banking deposits but non-bank financial institutions also have a bright future such as Baitul Maal wa Tamwil (BMT). BMT also has a role in the development of the Islamic economy in Indonesia. One of the BMTs that also has a big role in the economy in Lampung is BMT Mekar Abadi Aji Sejahtera which has assets whose value has reached large. However, there are things that are a problem in the BMT, namely that there are still many employees at BMT who are not graduates of the Sharia economics study program or Sharia banking which are linear with their work as employees in Islamic financial institutions. For this reason, the service that will be carried out is aimed at providing an understanding of Muamalah fiqh which is the basis for the activities of Islamic financial institutions so that employees' understanding of the importance of the provisions in muamalah, especially regarding contracts in financial institutions can increase. this. The result of this service is that the provision of understanding to BMT employees about Fiqh Muamalah becomes a very important thing to do because with increased understanding of Fiqh Muamalah, especially about Akad, the possibility of errors in issuing new products in Islamic financial institutions will be small. So that the system run by Islamic financial institutions, especially BMTs, can be in accordance with the teachings of Islam which prioritizes the element of benefit

Empowerment of Sharia-Based Village Owned Enterprises (BUMDes)

Lawela Selatan Village, located in South Buton Regency, is a predominantly Muslim community that also receives government funding. To sustain the village's economy, the establishment of Village Owned Enterprises (BUMDes) has been crucial. Given the growing prominence of Islamic economics in Indonesia's business landscape, it is vital to explore its application within BUMDes. This endeavor aims to equip all participants, especially BUMDes management, with fundamental knowledge and comprehension of Islamic economics. The implementation of charitable activities proceeded smoothly without any notable obstacles. The BUMDes in South Lawela Village, Batauga Subdistrict, South Buton Regency, is known as BUMDes Cahaya Baru and encompasses service-oriented enterprises such as equipment rental, wedding decoration, building materials, trading companies, and the tourism sector. Furthermore, there are untapped regional potentials that present promising development opportunities. Prioritizing the development of local potentials is of utmost importance, particularly in reinforcing BUMDes based on the Sharia system due to the predominantly Muslim population. The objective of the service team is to impart knowledge to BUMDes management, specifically focusing on the advancement of Sharia-based BUMDes.

PENGARUH WAKAF SAHAM DAN WAKAF PRODUKTIF TERHADAP PASAR MODAL SYARIAH SERTA PERTUMBUHAN EKONOMI MASYARAKA

This research aims to analyze the direct and indirect effects of stock endowments and productive endowments through the Islamic capital market on economic growth in Indonesia. The analysis method used is path analysis. The results of the research show that, directly, stock endowments have a positive and significant influence on the Islamic capital market, and the Islamic capital market also has a positive and significant influence on economic growth. On the other hand, productive endowments do not have a significant direct influence on the Islamic capital market or economic growth. Indirectly, both stock endowments and productive endowments through the Islamic capital market have a negative and non-significant influence on economic growth. Based on these analysis results, it can be concluded that stock endowments can be used as an instrument to develop the Islamic capital market in Indonesia and contribute positively to economic growth. Meanwhile, productive endowments still do not have a significant influence on the Islamic capital market or economic growth. Therefore, efforts are needed to enhance the effectiveness of productive endowments in driving the Islamic economy in Indonesia

UKT PAYMENT CONTRIBUTION TO THE EXISTENCE OF SHARIA BANKING

Payment of UKT (Single Tuition Fee) by students at tertiary institutions in Indonesia has an important contribution to the existence and development of Islamic banking. UKT payments play a role in increasing the number of Islamic bank customers in Indonesia. UKT paid by students often involves the banking system to manage and distribute these funds. Many universities in Indonesia have collaborated with sharia banks to provide UKT payment facilities that comply with sharia principles. Through the involvement of Islamic banks in the UKT payment process, students tend to be more inclined to use Islamic banking products and services. Thus, UKT payments contribute to an increase in the number of Islamic bank customers in Indonesia. the use of funds from UKT payments can help the development of the Islamic economy in Indonesia. Funds collected from UKT payments can be used by Islamic banks to support Islamic economic activities, such as financing micro, small and medium enterprises (UMKM) in accordance with sharia principles. Through the utilization of these funds, Islamic banks can provide financial access to sharia-based business actors, thereby strengthening the Islamic economic sector in Indonesia. In addition, funds from UKT payments can also be used for sharia banking product development and innovation, increasing operational efficiency, and expanding the range of services.

Comparison of Black-Scholes and GARCH Option Models on The Jakarta Islamic Index with Collar Strategy

Objective –The revival of the Islamic economy in Indonesia was marked by the establishment of the Jakarta Islamic Index (JII) on July 3, 2000. From 2000 to 2020, two economic crises hit Indonesia in 2008 and 2020. These crises also had an impact on the high price fluctuations of JII. Assets can be protected from significant losses by hedging. One of the hedging strategies was option contracts with a collar strategy. Methodology – The data analysed in this research were the JII closing price data from 2000 to 2020 using the Black Scholes model and the GARCH model with the Collar strategy. Findings – Option with the Collar strategy provided more benefits in crises than without Option. In crisis conditions, the Option with the GARCH method and the collar strategy provided a higher average profit of 3.07% on the one-month Option and 7.01% on the three-month Option than without using the Option with the collar strategy. In non-crisis conditions, the Option using the GARCH method, and the collar strategy provided a 0.16% higher average profit at one-month maturity than without the Option. Meanwhile, the average profit decreased by 1.45% at the three-month maturity. The collar strategy resulted in less volatility. Without a collar strategy, JII volatility was 103%. The collar strategy produced maximum volatility of 12.71%, 15.18%, and 17.14%. The findings also revealed that the GARCH model was better than the Black Scholes based on the AMSE value obtained in crisis conditions with a maturity of one month and three months and in non-crisis conditions with a maturity of one month. Meanwhile, the Black Scholes model showed better results in non-crisis conditions with a maturity of three months. Novelty – Based on the research result, the Option with a collar strategy is effective for hedging in crisis conditions. This research assesses the collar strategy with several different maturity values to get the most effective value. Type of Paper: Empirical JEL Classification: G11, G13. Keywords: Black Scholes; Collar Strategy; GARCH; Jakarta Islamic Index; Option Contracts. Reference to this paper should be made as follows: Hendrawan, R; Arifin, Z. (2023). Comparison of Black-Scholes and GARCH Option Models on The Jakarta Islamic Index with Collar Strategy, J. Fin. Bank. Review, 7(4), 16 – 27. https://doi.org/10.35609/jfbr.2023.7.4(2)

E-Commerce in the Perspective of the Qur’an and Its Implementation in the 4.0 Era for the Development of the Islamic Economy in Indonesia

Al-Qur’an is one law source in Islam that regulates Muslims’ various activities. The role of the Qur’an includes law in the economic field. This research then examines how the Al-Qur’an perspective views e-commerce and its implementation in the 4.0 era. This research was conducted using a qualitative approach. The data used in this study comes from various previous research results or studies that still have relevance to the contents of this study. The results of this study then found that legal transactions and e-commerce is permitted by Islamic law because technology is part of human needs. As long as weaknesses and deviations from sharia-compliant are avoided, e-commerce is permissible. But of course, various forbidden transactions, such as liquor, are still illegal in e-commerce. In addition, e-commerce transactions can be permissible according to Islam based on the principles of trade according to Islam, especially analogous to the principle of as-salam transactions.

The Collar Strategy as a Hedgıng Effort in the Jakarta Islamıc Index

The revivals of the Islamic economy in Indonesia was marked by the establishment of the Jakarta Islamic Index (JII) on July 3, 2000. The crises in 2008 and 2020 caused JII to experience relatively high fluctuations. Hedging was necessary to protect assets from sharp declines. One of the hedging strategies was to use option contracts with a collar strategy. This research focuses on testing and comparing various types of collar strategy option using the Black Scholes method with historical variance and GARCH (1,1) variance on JII in the period of one and three months. According to Sinclair (2010), the collar strategy is a combination of a covered call option and a protective put option. The collar strategy provides limited profits but the collar provides hedging with little or no cost if the buying price of the put option is the same as the selling price of the call option. Based on the above phenomenon and previous research, this research aimed at comparing the Black Scholes and GARCH models using the Collar Strategy as a Hedging Effort in the Jakarta Islamic Index (JII). Keywords: Black Scholes, GARCH, Jakarta Islamic Index, Option Contracts

ANALYSIS OF INTENTION TO USE SHARIA DIGITAL BANKING USING TAM 3 AND UTAUT THEORY

Digital banking is an innovation in the banking sector that allows customers to make financial transactions more easily. The use of digital banking in Indonesia is inseparable from the very massive penetration of mobile devices, where the number reaches 355.5 million. Over time, digital banking began to be developed by adjusting to sharia principles. One of the sharia-based platforms from PT. Jago Bank Tbk. is become a breakthrough for the growth of sharia digital banking in Indonesia. The platform was just launched in the first quarter of 2022 and it can make an optimal contribution to financing. This condition indicates that there is an opportunity for sharia digital banking to continue to grow. The realization of this development was partly driven by the good acceptance of a technology-based platform. The existence of good technology acceptance can influence someone's intention to start using the offered digital platform. This study aims to analyze the factors that influence individual intentions to use sharia digital banking at Bank Jago Syariah. This study uses a quantitative approach where data is obtained by distributing questionnaires to generation Z by adopting the TAM 3 and UTAUT theories. Tests were carried out by adopting the SEM-PLS model using the Warp PLS 5.0 data analysis tool. The implementation of this research is expected to be able to optimize sharia digital banking which will then contribute to the development of the Islamic economy in Indonesia.

Sharia Bank Practice in Indonesia: Theory and Practice

Abstract
 The 1998 monetary crisis that hit Indonesia encouraged people to look for other economic alternatives, namely the sharia economy. However, the practice of Islamic economics in Indonesia is still thick with conventional economic practices, especially those found in Islamic financial institutions or Islamic banking. This study uses a qualitative research method to examine the literature to examine how the practice of Islamic economics in Islamic banking in Indonesia. The results show that the practice of sharia sharia economics, namely murabahah, the application of fines, and the use of contracts in Islamic banks in Indonesia is still far from the principles of Islamic law, and is supported by sharia economic regulators who misinterpret the implementation of sharia economics.
 Keywords: Sharia Bank, Islamic Economy, Conventional Bank

The Potency of Pesantren Economics

The pesantren economy is currently one of the concerns of the Indonesian government, because pesantren are not only educational institutions but also have the potential to become business markets. Optimization of the role of Islamic boarding schools has been innovated in various programs, such as the Micro Waqf Bank proposed by the OJK or the Islamic Boarding School Holding launched by Bank Indonesia. The pesantren economy has also become one of the government's main instruments in developing the Islamic economy in Indonesia. This study tries to map the development of published research in the field of Islamic boarding school economics. The research was conducted using the R Biblioshiny application. The data analyzed was in the form of research publications related to the Islamic boarding school economy as many as 202 articles from 2011 to 2020. The results showed that the number of publications on the development of research results in the field of Islamic boarding schools economics had increased quite significantly, especially in the last 10 years and most of them were published in the Shirkah journal: Journal of Economics and Business and EDUKASI Journal of Religious and Religious Education Research. Other findings based on the results of text mining, the most researched issues related to the pesantren economy are related to the business fields carried out by pesantren, such as mini markets and trade, culinary, boarding schools/BMT, services, convection, agriculture, animal husbandry, fisheries, to the processing industry.