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Abstract Topic: International Conference of Islamic Economic and Financial Inclusion

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A Comparative Analysis of the Ottoman Cash Waqf in the XVI-XIX Centuries and Modern Financial Institution
Fatchul Wachid

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Corresponding Author
Fatchul Wachid

Institutions
Islamic Economics and Finance, Sakarya University, Sakarya, Turkey

Abstract
The waqf institution has an important role in the social and economic development of the Ottoman which has a vast territory. For many years, most of public services during Ottoman period were provided by waqf institution. One of the main factors that causes people to compete to establish waqf institution is the strong influence of Islamic value especially the concept of fastabiqul khairat on the socio-economic of the Ottoman society. They finance the community needs such as education services, religious services, health, social, infrastructure and so on by establishing waqf institution. Cash Waqf is a type of waqf institution that has very important role in financing community needs. Cash Waqf undertake important functions in the socio-cultural and economic development. Cash Waqf as a waqf institution which capital is in the form of cash providing financial support to entrepreneurs who need it accordance with the principle of Islamic law. Cash Waqf is one of the waqf institution that continues to be used until the end of the Ottoman period. The Ottoman government developed this cash waqf institution with the aim of fighting against European financial institution that developed rapidly in that period. Therefore, the XVI-XIX period is an important period to understanding the concepts of Ottoman economic thought. This study aims to analyze the concepts of Ottoman economic thought and cash waqf institutions through primary sources. We also analyzed the concept of financial institution in Europe in the same period and compare them.

Keywords
Cahs Waqf, Ottoman, Islamic Finance, Islamic Economics, Islamic Microfinance

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/gqXBf36njpDE


A comparative study of indonesians perspective about common insurance and sharia insurance as strategy to develop insurance business
Finna Arum Wardani and Belindha Ayu Ardhani

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Corresponding Author
Finna Arum Wardani

Institutions
Airlangga University

Abstract
A COMPARATIVE STUDY OF INDONESIAN-S PERSPECTIVE ABOUT COMMON INSURANCE AND SHARIA INSURANCE AS STRATEGY TO DEVELOP INSURANCE BUSINESS Finna Arum Wardani, Belindha Ayu Ardhani Universitas Airlangga, Surabaya ABSTRACT The insurance business has good prospects nowadayas. It-s not only related to anticipation for unexpected accidents, but also financial security. In fact, this prospects is not linear with many cases which happen in several well-known insurance industries. Some of them who involved in fraud cases are caused by still having the stigma of looking for the highest premiums. Therefore, many of them don-t work in accordance with the standards. It affects to harm the consumers. This is evidenced by data from YLKI (Indonesian Consumers Foundation) that insurance complaints are ranked 7th or as many as 32 cases with 53 people of them claim rejected by insurance companies. The reason for the rejection is the majority because of unclear product information and service when making complicated claims. It certainly decreases public confidence in insurance services. Based on the problem above, this research has a goal to find out the publics views on insurance with general principles which is also compared with the perspective about sharia insurance to determine which principle is better developed in Indonesia. This study uses primary data with samples of the residents of Surabaya region and with descriptive statistical methods. This research is done to be a reference for stakeholders to develop the insurance business according to the needs and expectations of the community.

Keywords
Sharia Insurance, Community Perspective, Insurance Business.

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/HMR4XB76bGkW


A RASCH MODEL APPLICATION ON STUDENT-S PERCEPTIONS OF FINANCIAL LITERACY AS A LEADS FOR FINANCIAL INCLUSION
Ummu Salma Al Azizah Dan Novita Kusuma Maharani

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Corresponding Author
Ummu salma Al Azizah

Institutions
University Muhammadiyah Prof DR Hamka

Abstract
The paper examines the college students perceptions on financial literacy in order to measure acceleration financial inclusion worldwide. This research uses quantitative approach by applying a Rasch model analysis to measure the relative importance of students financial literacy in the society. Furthermore, the statistical EVIEWS software used to employ the regression analysis related to the evidence of financial insight in order to accelerate the inclusiveness of finance. By using the Rasch model, this study showed the decent of reliability indices, expected to fulfill Rasch model measurement assumption of validity requirement. The result shows that the literacy of financial technology as important placed to achieve towards sustainable development goals.

Keywords
Financial literacy, Rasch analysis, EVIEWS, Financial Technology, Financial Inclusion.

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/VvBEYCKDGd37


Agriculture-Based Productive Waqf for Sustainable Agricultural Development in Indonesia: Evidence From Daarut Tauhiid Peduli and Al-Azhar Islamic Boarding School
Faizatu Almas Hadyantari*, Luliyatul Mutmainah, Farokhah Muzayinatun Niswah

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Corresponding Author
Farokhah Muzayinatun Niswah

Institutions
School of Strategic and Global Studies, University of Indonesia
Jalan Salemba Raya IV, RW.5, Kenari, Senen, Jakarta Pusat, Daerah Khusus Ibukota Jakarta 10430, Indonesia
*fahadyantari[at]gmail.com

Abstract
Sustainable development is now a priority for each country, especially for developing countries like Indonesia. One of the most sustainable development needs to be considered in Indonesia is sustainable agricultural development. Indonesia as an agricultural country with huge agricultural potential faces the challenges of degradation of agricultural land, environmental damage, land conversion and food sovereignty. A sustainable development approach is a development activity that combines economic, social and environmental aspects. Agriculture-based productive waqf is a solution that can be optimized to achieve these sustainable development goals. This study aims to analyze how the management and development of productive waqf based agriculture in Indonesia. Qualitative descriptive method used in this research through various literatures and interviews to Nazhir. The sample in this research are Daarut Tauhid Peduli and Al-Azhar Islamic Boarding School. The result shows that Nazhir plays an important role in the management and development of productive waqf. Optimization of productive waqf is done by integration of agricultural management program between santri and surrounding community. This research plays an important role as a reference for the management of productive endowments in boarding schools based on agriculture for sustainable development.

Keywords
Sustainable development; Productive waqf; Agriculture

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/KmLrwQuZYpMx


An Integration Framework of Green Halal Supply Chain Management in the Food Industry
Devi Urianty Miftahul Rohmah, Wendianing Putri Luketsi

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Corresponding Author
Devi Urianty Miftahul Rohmah

Institutions
University of Darussalam Gontor

Abstract
Supply chain management is the integration of material procurement and service activities, conversion into semi-finished and final products, and delivery to customers. The increasing awareness of halal products by both producers and consumers, the halal concept at the moment is a matter that needs attention globally. The application of halal concepts in the supply chain is called halal supply chain management. Halal supply chain management adopts the conventional supply chain but with imposed Sharia law requirements. In addition, every activity in the supply chain can cause pollution, waste, and other hazards to the environment. Green Supply Chaim Management is the integration of an environmental perspective into supply chain management. Green Supply Chain Management uses eco-friendly inputs and converts these inputs into outputs that can be reused at the end of their life cycle so as to create a sustainable supply chain. The food industry at this time must prioritize halal products and processes, and also needs to consider the environmental impact caused by industrial waste. Therefore, the purpose of this paper is to create a framework by integrating halal supply chain management with green supply chain management in the food industry in order to achieve a sustainable halal supply chain.

Keywords
framework, green supply chain, halal supply chain, sustainable

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/wBdr4pXbxq86


ANALYSIS OF CONSISTENCY OF OPERATIONAL AND APPLICATION SYSTEMS RISK MANAGEMENT ON AKAD MUDHARABAH BANK SHARIA ACCORDING TO USHUL FIQIH
Febryan Kwarto, Asmiatun Nurhikmah

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Corresponding Author
Asmiatun Nurhikmah

Institutions
Mercu Buana University
Jl. Meruya Selatan No.1, RT.4/RW.1, Meruya Sel., Kembangan, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta 11650
Faculty of Economics and Business

Abstract
This study aims to determine the consistency of sharia operational systems and the application of risk management to Islamic bank mudharabah contracts according to ushul fiqh at the Bank Muamalat Indonesia Cipulir Branch Office. This research was conducted by conducting in-depth interviews (in-depth interviews) and using a qualitative descriptive approach. Data analysis used descriptive analysis in the form of describing and explaining data. The results of this study indicate that in its operation, Bank Muamalat Indonesia Cipulir Branch conducted mudharabah transactions on fund collection products with a profit sharing system. Customers who deposit their funds at Bank Muamalat Indonesia are guaranteed by the National Guarantor Board (LPS). Fund Guarantee by LPS is permissible according to the MUI fatwa, but contrary to the fatwa of the OKI Islamic organization, with a fatwa if the mudharabah contract is guaranteed, the contract is changed to qard (credit) and this cancels the contract and the profit received becomes riba dayn. Therefore, Bank Muamalat Indonesia is not consistent in carrying out mudharabah agreements. Then the division of revenue using the system of revenue sharing and losses will be borne by the bank (mudharib) this is contrary to the Sharia becauseit should bear the loss is Shahibul Maal, mudarib only suffer losses from time and energy unless mudarib do negligence in doing business. The application of risk management at Bank Muamalat Indonesia applies private principles, confidentiality and prudence in its operations which are supervised by the Sharia Supervisory Board.

Keywords
operational system; risk management; mudharabah contract

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/ceGzUWTm724L


ANALYSIS OF INDONESIAN FOREIGN DIRECT INVESTMENT IN NIGERIA PERIOD OF 2014—2017: CASE STUDY PT. INDOFOOD SUKSES MAKMUR
Fitri Chaerunisa

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Corresponding Author
Fitri Chaerunisa

Institutions
International Relations Undergraduate Program, Faculty of Social and Political Science, Universitas Pembangunan Nasional “Veteran” Jakarta

Abstract
Liberalism in international trading opens the opportunity for countries anywhere to sell their products to the whole world. One of the activity that cannot be separated from international trading is Foreign Direct Investment (FDI). Nigeria is one of many countries which is really welcoming the concept of FDI. There are Indonesian corporations that has been investing in Nigeria, one of them is PT Indofood Sukses Makmur. With the Toleram Group from Singapore, that company has built a new corporation together, called De United Foods Industries Ltd (DUFIL). FDI concept and Product Life Cycle (PLC) theory are used in this research, along with the qualitative method and descriptive technique of data analysis. The result shows that PT Indofood Sukses Makmur (De United Foods Industries Ltd) is a company with horizontal FDI model. The company classified in greenfield FDI category, which developed with merger. According to PLC theory, instant noodle from PT Indofood Sukses Makmur which has been produced by De United Foods Industries Ltd in Nigeria is in the mature step.

Keywords
Foreign Direct Investment (FDI), Indonesia, Nigeria, Product Life Cycle (PLC), Indofood

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/m8EfeBWgrP3h


ANALYSIS OF ISLAMIC FINANCIAL INCLUSION FOR MSMEs IN YOGYAKARTA
Lilies Setiartiti, Susilo Nur Aji Cokro Darsono, Taufik Akbar Universitas Muhammadiyah Yogyakarta a)[email protected]

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Corresponding Author
Syadan Ismail

Institutions
Universitas Muhammadiyah Yogyakarta

Abstract
Abstract. Micro, small and medium enterprises (MSMEs) play a significant role in economic development in Yogyakarta. Based on 2016 census data, total number of businesses amounting to 246,217 business units, the number of MSMEs was 235,313 or 98.40% of the total businesses in Yogyakarta. Yogyakartas economic growth in 2017 was 5.26% (yoy), where the share of MSMEs was quite significant, around 95%. However, the big problems faced by the MSMEs are financial inclusion are still low. In view of this, there is a vacuum of information that demands a need to empirically investigate to what extent MSMEs has gained access to Islamic financial credit facilities and examine causes that lead to a such situation. The purpose of this research is to assess selected attributes of the MSMEs and analyze the causes of the low access to Islamic finance. Data obtained using survey techniques and in-depth observation to provide answers of the problems faced to explain the phenomenon. The results indicated that MSMEs access to Islamic finance is relatively low and only 30% at the beginning of their business using funds sourced from sharia financial institutions. This condition is an irony because of the rapid development of Islamic financial institutions, especially BMTs in Yogyakarta, and most business actors are micro and small scale, which should be served by sharia microfinance institutions. Overall, this research provides some important insights for Yogyakarta to highlight possible steps for the policy makers as a reference to formulate policies related to increasing financial access for MSMEs Keywords : MSMEs, financial inclusion, microfinance, sharia finance

Keywords
eywords : MSMEs, financial inclusion, microfinance, sharia finance

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/9cmGwNyDuat3


ANALYSIS OF OYSTER MUSHROOM FARMING IN THE HIGHLAND (Case Study in Sleman and Temanggung Regencies)
Nur Rahmawati (a*), Marbudi (a), Heri Ahmadi (a)

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Corresponding Author
Nur Rahmawati

Institutions
(a) Agribusiness Department,
Universitas Muhammadiyah Yogyakarta,
Indonesia
* rahma_wati_mf[at]umy.ac.id

Abstract
This study aims to analyze the characteristics, costs, benefits and feasibility of oyster mushroom farming in the highlands. Location determination is done purposively because the two districts are in the highlands. Taking respondents using snow ball method as many as 32 respondents. The analysis used is descriptive and t-test to test for differences in average costs, profits and BC ratio. The results showed that there were differences in the characteristics of the application of input and process technology for Oyster Mushroom farming in Temanggung Regency and Sleman Regency. Based on the t test, this condition also causes differences in profits and feasibility of oyster mushroom farming, but there is no difference in the costs incurred. The value of profit and feasibility of oyster mushroom farming in Temanggung Regency is higher than in Sleman Regency. But the cost of oyster mushroom farming in Sleman Regency is relatively the same as the cost of oyster mushroom farming in Temanggung Regency. There needs to be an increase in the potential of oyster mushroom farmers in Sleman regency and strengthening the potential of oyster mushroom farmers in Temanggung Regency so that the quality and productivity of oyster mushrooms in both districts is stable and increasing so that it will have an impact on farmers income and profits

Keywords
Oyster mushroom, characteristics, profits,BC ratio

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/7YDNFZ8JMBXR


Analysis of Position and Role of Baitul Maal Wa Tamwil in the Empowerment of Peoples Economy
Uus Ahmad Husaeni and Tini Kusmayati Dewi

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Corresponding Author
Uus Ahmad Husaeni

Institutions
Faculty of Islamic Economic and Business, Suryakancana University

Abstract
This research is motivated by the fundamental changes in micro finance industry map caused by the many penetration done by big players (rich people), so Baitul Maal Wa Tamwil (BMT) position began to lose its identity and must be transformed to face competition in micro finance sector. The purpose of this study is to prove the total change of microfinance business and analyze the position and role of BMT in the economic empowerment of people. This research is qualitative with library approach, where primary data are collected from primary sources in the form of related literature and secondary data in the form of publication report and interview. The data are then presented and analyzed by descriptive-analytical method using SWOT approach. The main conclusion of this research is that there has been a commercialization of microfinance business in Indonesia, so that BMT who carry out the mission of economic empowerment of people should focus on choosing the role as well as transform themselves. The transformation is done by changing its role and position to two alternatives; commercial or social, which is then supported by good corporate governance. This study is in line with the research of Marguerite S. Robinson (2002), Lincolin Arsyad (2008), and Ummer Chapra (2012) which outlines the financial ratios and healthy capital composition to support good performance. On the contrary, this study differs from Awalil Rizkys (2007) research which highlights the Islamic girah as a prospect, Euis Amalias research (2009) which emphasizes the need for regulatory and government policies in order to empower Small and Medium Micro Enterprises (MSMEs)

Keywords
BMT; Economic Empowerment; Micro Finance; and SMEs

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/aKMN6etFc7Q2


Analysis the Factors that Influence Peoples Motivation in Investment by using Sharia Crowdfunding (A Case Study on SMEs in Banyumas Regency)
Akhris Fuadatis Sholikha, S.E.,M.Si.

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Corresponding Author
AKHRIS FUADATIS SHOLIKHA

Institutions
IAIN PURWOKERTO

Abstract
This study aims to analyze the factors that influence peoples motivation in investment by using sharia crowdfunding (A case study on SMEs in Banyumas Regency). This study using accidental sampling techniques. Primary data is collected by distributing questionnaires to SMEs randomly, while secondary data is obtained by books, previous research, journals, and internet. This study using quantitative descriptive analysis by Structural Equation Model (SEM) Software. The results showed that knowledge variables has a significant effect on peoples motivation in investment by using sharia crowdfunding. Information variables has a significant effect on peoples motivation in investment by using sharia crowdfunding. Trust variables has a significant effect on peoples motivation in investment by using sharia crowdfunding. Safety variables has a significant effect on peoples motivation in investment by using sharia crowdfunding, and technology variables has a significant effect on peoples motivation in investment by using sharia crowdfunding.

Keywords
Knowledge, Information, Trust, Safety, Technology, Motivation, Sharia Crowdfunding.

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/vrHabR2Du8FX


Analysis to develop the quality of existing customer measurement to create customer retention using the six pillars of customer experience: Study in PT. Anandha Syariah
Adry Anandha Abdi

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Corresponding Author
Adry Anandha Abdi

Institutions
Bandung Institute of Technology (ITB)

Abstract
PT. Anandha Syariah is committed to always support the nation development through the guarantee of Sharia based financing guarantee and Sharia business solution. As a country with the largest Muslim population in the world, Indonesia has great potential for market growth and the Islamic economic sector can be an important factor in advancing it. Based on those facts we can see Anandha Syariah have the challenges to keep their loyal customer before they want to increase their total number of B2B (business to business) customer. Anandha Syariah wants to improve the existing customer experience survey and propose an appropriate concept to create marketing strategy to enhance customer retention in the future plan. This research is tended to explanatory research that emphasizes the phenomenon. Data will be collect within quantitative method. The questionnaire will be guide by relationship marketing, customer value, customer satisfaction and customer retention theory that emphasizes the result analysis using the six pillars of customer experience. The target of correspondents are B2B customers that specifically on total of 14 customers. Questionnaires were made to see the level of customer experience level number after used Anandha Syariah products and services.

Keywords
Sharia, Financing Guarantee, Six Pillars, Customer Experience, Customer Retention

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/mcPLghbrAXCF


Are you sure that Islamic finance is accepted by Indonesian? A social media analysis sentiment
Muhammad Abdul Rohman, Dendy Herdianto, Rosnita

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Corresponding Author
Rosnita Rosnita

Institutions
Faculty of Economics and Business Universitas Indonesia

Abstract
Based on the 2016 national financial literacy and inclusive survey by OJK, public financial literacy increased significantly from 2013 estimated to be 21.84%, to 29.66% in 2016. However, sharia growth experienced a slowdown, even based on OJK data showing assets of Islamic banks decreased from 20.33 percent in 2016 to 18.98 percent in 2017 (Syauqi, Irfan, 2018). This fact warns us that the development of Islamic finance in Indonesia is still not in accordance with the expectations and desires of the Indonesian people. This study aims to illustrate how Indonesian societys literacy and sentiment regarding sharia finance uses twitter social media. The reason for using Twitter social media, Twitter data is part of big data, in this disruptive era, the use of social media is mostly done by Indonesian people to criticize, complain, and share personal experiences on social media. Therefore, we can capture the sentiments of Twitter users towards Islamic financial products in Indonesia, so that we can develop products that are suitable for Indonesian people. This research uses the mix method, which is qualitative data from social media and combined with quantitative analysis such as frequency analysis, sentiment, and social media network analysis.

Keywords
Islamic Financial Literacy, Sentiment, Big Data

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/JntfV4ZeL3Eh


Awareness and Knowledge Assessment of Sustainable Development Goals among University Students
Hafsah Fajar Jati (a), Dedy Tri Hermawan (a), Wahdi April Salasi Yudhi (b), Ferry Fadzlul Rahman (c), Susilo Nur Aji Cokro Darsono (d*)

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Corresponding Author
Hafsah Fajar Jati

Institutions
a)International Program for Islamic Economics and Finance, Universitas Muhammadiyah Yogyakarta, Indonesia
b)Department of Business Administration, Sampoerna University, Indonesia
c)Department of Public Health, Universitas Muhammadiyah Kalimantan Timur, Indonesia
d)Department of Economics, Faculty of Economics and Business, Universitas Muhammadiyah Yogyakarta, Indonesia
*susilonuraji[at]hotmail.com

Abstract
The Sustainable Development Goals (SDGs) is built on the successes of the Millennium Development Goals (MDGs), consists of 17 goals as universal call to action to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity. The assessment of people awareness and knowledge on SDGs is of paramount importance to support any subsequent actions. The awareness of SDGs is higher compared to the previous agenda MDGs only in particular emerging countries hence it requires a better progress after more than three years of its establishment. University students as the agent of changes are supposed to have a higher level of awareness and knowledge rather than average. When the university students have a better awareness and higher knowledge on SDGs, they can actively contribute in supporting, promoting, and achieving the development goals by making use of their academic background. The objective of this research is to assess the level of awareness and knowledge on Sustainable Development Goals (SDGs) among university students in Universitas Muhammadiyah Yogyakarta, Indonesia. Data for this research will be collected by field Survey and Questionnaire. This research will analyze data by using descriptive statistic and Chi-Square. We expect, this research found more than 50% students in UMY have good awareness and high knowledge, which represent UMY students as good agent of changes in the improvement of awareness and knowledge on SDGs in society.

Keywords
Awareness, Knowledge, Sustainable Development Goals (SDGs)

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/UwvQ7f3bkG42


BENEFITS OF FOOTBALL COMPETITION IN THE ECONOMY OF TRADERS IN SURAJAYA STADION LAMONGAN
Fahmi Anas, S.Sos

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Corresponding Author
Fahmi Anas

Institutions
Student Master On Department Of Sociology
Faculty Of Social And Political Sciences, Airlangga University
Surabaya, Indonesia

Abstract
Football is one of the most popular sports in the midst of peoples lives. People can enjoy soccer matches via television or see soccer matches directly at the stadium. Football is no longer just fighting over each others victories, but also has a big impact on the economy. Football matches benefit the community, especially the merchant groups. The traders were able to take great advantage with the existence of soccer competition for the economy. The method used in this study is descriptive qualitative. The informants in this study were the traders at Surajaya Stadium. The process of collecting data through observation, interviews and documentation. Techniques in analyzing data using interactive data collection and data presentation. The theory used is the exchange theory of George Homans. The soccer competition that was competed at Surajaya Stadium was able to increase the income of traders who sell consumer goods (food and beverages). Traders who sell crowded soccer accessories from buyers or supporters. Traders who sell clothes or soccer jersey are bought by the public or supporters.

Keywords
Football, Economy, Traders.

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/qnzm3Qgv2kxU


Changing Specialization and Trade Performance of Indonesia and Malaysia toward the OIC Countries
Saykha Sabila Araz, Dyah Titis Kusuma Wardani*

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Corresponding Author
Saykha Sabila Araz

Institutions
Department of Development Economics, Faculty of Economics and Business, Universitas Muhammadiyah Yogyakarta, Jalan Brawijaya, Tamantirto, Kasihan, Bantul, Daerah Istimewa Yogyakarta, Indonesia 55183
*dyahtitis123[at]gmail.com

Abstract
Along with its development, OIC was able to contribute to the economy, especially in the flow of international trade. Indonesia and Malaysia are the main actors in increasing exports in the OIC countries but Indonesias exports in 2014-2015 in intra-OIC trade fell by 6.8%, while Malaysian exports in intra-OIC trade fell by 16.8%. This study aims to analyze the changing of specialization and competitiveness of Indonesian and Malaysian primary commodities to the OIC countries and to determine the influence of variables such as distance, GDP-s origin country, GDP-s destination country, exchange rates, openness, populations and control of corruption-s destination country of Indonesian and Malaysian export performance to the OIC. Using balanced panel data for 10 years, from 2008 to 2017. Analyzing the data using gravity model framework, results show that, there is significance in both countries. By using random effect estimation the regression results show that GDP and openness have a positive and significant in both countries, the exchange rate and distance have a negative and significant in both countries. In addition, with the RSCA index, result shows that, there has been a changing pattern of primary commodities competitiveness within a span of 10 years in Indonesia and Malaysia.

Keywords
Trade performance; Panel data; RSCA index; OIC countries

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/bTFJ4NPhdant


COMPARISON OF BANKRUPTCY RATES OF SHARIA BANKS AND CONVENTIONAL BANKS USING ALTMAN Z-SCORE METHOD IN INDONESIA
Ulumuddin Nurul Fakhri(a*), Saiful Anwar(b), Rifki Ismal(c), Ascarya(d)

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Corresponding Author
Ulumuddin Nurul Fakhri

Institutions
a. Mahad Aly An-nuaimy, b. STIE Ahmad Dahlan, c,d. bank Indonesia.

Abstract
The purpose of this research is to know the position of financial performance and position of bankruptcy level of sharia banking, as well as compare it with conventional banking. This research will be very useful to provide early warning to the sharia banking in managing the company, and can innovate in developing the company. Early warning is needed by the parties involved in the company to anticipate the development of business in the future. The analysis of this research using First, the method of Approach Regulation of the Financial Services Authority no. 8 / POJK.03 / 2014 which refers to Central Bank of Indonesia regulation no. 9/1 / PBI / 2007 to know the position of financial performance. Second, the Altman Z-Score model to find out the bankruptcy positions of sharia and conventional banking. This study resulted in the finding of the position of the financial performance level and the position of bankruptcy level of sharia and conventional banking. The final result of this research is the performance of banking syairah is not better than conventional banking financial performance, because the position of Islamic banking performance level is ranked 3, while conventional banking is ranked 1. The risk bankruptcy sharia bank CBGB 2 is in the position of the gray zone, while conventional banking CBGB 2 is in the safe zone. These results prove that the prediction results using Altman Z-Score in accordance with the use of the method of Approach Regulation of the Financial Services Authority.

Keywords
Islamic Banking; Conventional Banking; CBGB (Commercial Bank Group of Business); financial performance Altman Z-Score;

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/ActQhkfwKxF3


COMPARISON OF E-COMMERCE TRANSACTIONS IN CONVENTIONAL ACCOUNTING AND SHARIA ACCOUNTING
Eko Sudarmanto, SE. MM.

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Corresponding Author
EKO SUDARMANTO SE MM

Institutions
University of Muhammadiyah Tangerang [UMT]
Indonesia

Abstract
Muamalah and business develop along with technological developments and human needs. When the business model and muamalah develop, this development must be responded to appropriately and carefully. Not only related to the aspects of benefits, harm and legal conditions that govern it, but also must be prepared and developed the model and accounting system needed. One form of the new trading business is e-commerce. Namely business activities involving consumers, manufacturers, providers, and brokers using computer networks, namely the internet. So that e-commerce transactions have several characteristics, including: unlimited transactions, anonym transactions, digital and non-digital products, and intangible goods. Based on several characteristics found in e-commerce transactions, the applicable law related to the transaction is the law regarding long-distance buying, salam and salaf law, hawalah law and electronic money. With the different viewpoints and legal basis for e-commerce transactions, the accounting treatment between conventional and Sharia systems also has several differences. Sharia Accounting Bai- as-Salam is a buying and selling accounting system that is most suitable for e-commerce transactions.

Keywords
muamalah, e-commerce, bai- as-salam

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/kWfVRyu3PnGH


CREATIVE INDUSTRYS STARTUP: HOW CAN INVESTORS INDICATE IMPORTANT FACTORS TO FUND IT?
Nora Amelda Rizal(a), Jurry Hatammimi(a), Nurlita Wahyu Isnaeni(a*)

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Corresponding Author
Nurlita Wahyu Isnaeni

Institutions
a)Fakultas Ekonomi dan Bisnis, Universitas Telkom, Bandung
*nurlitawahyu[at]gmail.com

Abstract
Creative-economy has become a center attention of the Indonesian government, which is established with Badan Ekonomi Kreatif (Bekraf) in 2015. However, funding or capital is still considered as the main obstacle for the creative-industrys startups, as the driver for creative-economy, in developing their business. The difficulties faced by the creative industries actors to get funding from banks or financial institutions, because the majority of the actors hold intangible assets. This study focuses on creative industries sub-sector which dominantly holds intangible assets, namely application and game developer sub-sectors and has purpose to examine the parameters of loans, credit and funding in organizational and institutional. These contain indicators that will be analyzed whether these might influence the funding to the actors. The study was conducted by interviewing the investors who were speakers and pitching judges at the Go-Startup Indonesia event on October 26, 2018 in Bandung. Explorative research is carried out by using qualitative methods. Triangulation is used for checking the validity of data. The result of the analysis shows there are nine indicators that influence investors in determining their investment. By optimizing these indicators, it is expected that creative-industrys startups become easier in obtaining the funding for their business sustainability.

Keywords
Creative industries; Funding indicators; Startups; Investors

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/jDC7g3Yn86Ak


CULTURAL TOURISM MARKETING COMMUNICATION STRATEGY AND THE HISTORY OF YOGYAKARTA
Yenni Sri Utami & Laelatul Mubarokah

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Corresponding Author
Yenni Sri Utami

Institutions
UPN "Veteran" Yogyakarta

Abstract
Yogyakarta Special Region Tourism Office conducts marketing communication through internet media, namely Visiting Jogja website. One of the cultural and historical tours Ijo Temple presents a beautiful sunset view and the history of the highest temple in Yogyakarta. The formulation of the problem in this study is how the tourism marketing strategy of Ijo Temple is to increase foreign tourist visits as well as what factors contribute to foreign tourist visits. This study aims to determine the marketing communication strategy of Ijo Temple and analyze the factors that influence the visit of foreign tourists to Ijo Temple. This type of research is qualitative research. Data collection techniques using interviews, observation and documents. This study uses a web communication model and Community-Bassed Tourism (CBT). The results of this study indicate that the marketing communication process by the Sleman Regency Culture and Tourism Office uses advertising, public relations and direct marketing. Planning events organized, press conferences, and tourism events such as famtrip and advertising and publicity online through the website.. The most influential strategies for increasing tourist arrivals are online events and publicity through the website. Factors that influence the visit of foreign tourists are the historical factor and the beauty of the sunset found in Ijo Temple

Keywords
Marketing Communication, Cultural and Historical Tourism, Ijo Temple

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/jLMPcDYNfJX4


Determinants of Crowdfunding Campaign Success in Malaysia
Naimah binti Zaini, Rahayu binti Abdul Rahman

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Corresponding Author
NAIMAH ZAINI

Institutions
Universiti Teknologi MARA, Perak Branch, Tapah Campus

Abstract
Crowdfunding is a rapidly growing phenomena and is becoming a viable alternative to traditional financial institutions for micro, small and medium business fund seekers. However, success of crowdfunding efforts is crucial for its survivals. This study examines various factors that influence success of crowdfunding project campaign. The data are collected from approved crowdfunding platforms in Malaysia. The results show that size of the network, posting updates and pledging behavior have positive and significant relationship with crowdfunding campaign success.

Keywords
Crowdfunding, small and medium business, Malaysia

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/nfzpG7DX2uPk


Determinants Of The Islamic Financial Literacy Index: Comparison Based On Ethnographic Studies
Miftakhul Khasanah

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Corresponding Author
Miftakhul Khasanah

Institutions
Universitas Muhammadiyah Yogyakarta

Abstract
The inconsistency of the results of previous studies regarding the factors that influence the level of financial literacy in both general and Islamic financial literacy attracted researchers to conduct this research. Demographic factors such as gender, education level, income level and so on are factors that are often used in this type of research. Changes that occur in the community go according to patterns of change, especially seen in the attitudes and behavior of community members who are more often influenced by specific cultural groups or communities. Islamic financial literacy indicators are arranged in constructs of knowledge, skills, beliefs, attitudes, and behavior based on aspects of religiosity and Maqasid al-Shariah. The communities that were compared in this study were the temporary sellers community in Malioboro, Yogyakarta City and the ASN (State Civil Apparatus) community of the Regional Government in Wonosari City Gunung Kidul. The determination of the Islamic financial literacy index is carried out by the survey method. The data in this study uses primary data and secondary data. Primary data is data obtained directly from interviews and distribution of tests and questionnaires. Then the factors that influence the Islamic financial literacy index are carried out using ethnographic studies.

Keywords
Determinants, Islamic Financial Literacy, Behavioral Patterns, Ethnographic Studies

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/nER9NQuKkZHw


Developing FinTech and Islamic Finance Products in Agricultural Value Chain
R. Gratiyana Ningrat & Mohammad Soleh Nurzaman, Ph.D

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Corresponding Author
R. Gratiyana Ningrat

Institutions
University of Indonesia

Abstract
To meet the global population needs, it is projected to at least eighty billion dollars in investment per year to support the food security until 2050. It is widely known that the agriculture financing growth has stalled due to many reasons. Islamic finance has potential to spur the growth of agriculture financing to promote global food security. Meanwhile, agriculture in Indonesia is still nowhere to its potential. It is hindered by an inefficient and underdeveloped downstream segment, low access to financial and technology. This is a huge opportunity for Islamic finance in helping to bridge the gap through value chain finance approach as one of the strategy to reduce risk and give socio-economic spill-over effect along the chain. Islamic finance can promote agricultures sustainability and a more efficient process with FinTech enabled platform. The multiple case study proposes a sharia compliant community based financing model in agricultural value chain practice with FinTech enabled platform. The result is this model integrating all actors from different market segmentation (landowners, suppliers, farmers, brokers, retailers, investor) into an Islamic value chain financing platform. However, determining buying intention, partnership establishment, and technology infrastructure are pivotal for its future implementation.

Keywords
agriculture, value chain finance, financial technology, Islamic finance

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/3HmFd6yqj2pJ


Development of Tourism Strategies of Pulang Sawal Tourism Object, Yogyakarta Province
Diah Setyawati Dewanti, M.Sc., PhD, Hikmatul Umma

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Corresponding Author
Diah Setyawati Dewanti

Institutions
International Program of Islamic Economic and Finance
Faculty of Economics and Business
Universitas Muhammadiyah Yogyakarta

Abstract
The purposes of this research is to determine the strengths, weaknesses, opportunities and threats of Pulang Sawal Tourism Object as well as create the strategies in efforts to developing Pulang Sawal Tourism Object to increase community income. Pulang Sawal is wellknown as Indrayanti tourism object. This research used a exploratory qualitative approach, by collecting data in the form of primary and secondary data (supporting data). The analysis technique used in this research are observation, interviews, Focus Group Discussion and documentation. The subjects on this research are the managers of tourism object such as Government Tourism Office, Head of District, Head of POKDARWIS, and tourism stakeholders such as, restaurant owner, guest house manager, seller of hats and glasses, parking guards, traditional food sellers, and clothes sellers. The analysis tool of this research is SWOT analysis. Based on SWOT analysis identifications of Pulang Sawal Tourism Object development strategies the results of data collected is the internal factors of Pulang Sawal Tourism Object which are strengths and weaknesses that can support and inhibit the development of tourism object. Meanwhile, external factors of Pulang Sawal Tourism Object which are strengths and weaknesses that can support and inhibit the development of tourism object. The best strategy that can be executed by Pulang Sawal Tourism Object is SO strategy (Strengths and Opportunities).

Keywords
Pulang Sawal Tourism Object, Development Startegy, Income, SWOT Analysis.

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/DXP82tETQR3u


DID CORPORATE GOVERNANCE AND RISK MANAGEMENT AFFECT EARNINGS MANAGEMENT? FURTHER EVIDENCE FROM MALAYSIAN ISLAMIC BANKS
Rahayu Abdul Rahman1, Ruhaini Muda, Naimah Zaini2 , Normah Hj Omar3,

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Corresponding Author
RAHAYU ABDUL RAHMAN

Institutions
1, 2 Faculty of Accountancy, Universiti Teknologi MARA Perak, Malaysia,
3Accounting Research Institute, Universiti Teknologi MARA Selangor, Malaysia

Abstract
This study examines the impact of corporate governance mechanisms and risk management on earnings management practices. Consistent with prior research, this study estimates discretionary accruals based on loan loss provision using the procedure derived from Jones (1991) model. Using a sample of 15 Islamic banks with a total of 150 firm year observations from 2007 to 2016, the results show a negative and significant association between corporate governance mechanisms and risk management and earnings management through discretionary loan loss provision.

Keywords
corporate governance, risk management, loan loss provision, earnings management, islamic bank, Malaysia

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/aEJejXcKNw2y


disability contracts in the jurisprudence of transactions (fiqh muamalah) perspective
Fahmi Irfanudin

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Corresponding Author
Fahmi Irfanudin

Institutions
UMY

Abstract
The following article discusses disability contracts in the fiqh muamalah (jurisprudence of transactions) perspective. Where in a contract, sometimes there are some defects that can cause the contract to be considered invalid or at least the contract can be canceled. The material of this article covers the various defects against the contract which are al-ikrah (coercion), al-ghalath (error), al-ghabn (disguise of price), at-tadlis (fraud), al-jahalah (ignorance), al-gharar (betting and obscurity), as well as the implications of the defects against the contract

Keywords

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/4HqvJWy3kBzU


Do instability of macroeconomic variable depress profitability of Islamic Banking?
Agus Widarjono

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Corresponding Author
Agus Widarjono

Institutions
Department of Economics, Universitas Islam Indonesia, Yogyakarta

Abstract
Islamic banking in Indonesia has been growing rapidly since 2010. Based on the profitability, the Return of Asset (ROA) of Islamic banking during the 2011-2018 period was 1.47%. Based on the ROA, Islamic banking is classified as the healthy bank. The level of profit of Islamic banking, however, depends on the internal and external factors. The internal factors of the bank are such as from the financing ability, efficiency and non performing financing. While the external factors depend on macroeconomic conditions such as inflation and exchange rates. As a country with an open economy, macroeconomic conditions are very volatile. Through the theory of exchange rate pass through, exchange rate fluctuations affects domestic prices so that it affects the profits of Islamic banking. This study analyzes the impact of volatility of the macroeconomic variables, namely the exchange rate and inflation on the profitability of Islamic banking. The Exchange rate and inflation instability are measured using the GARCH (Generalized Autoregressive Conditional Heteroskedasticity). The study applied ARDL (Autoregressive Distributed Lag Model). The data used is monthly data starting from January 2011 to June 2018. The results of the study show that the exchange rate and inflation instability depress the profitability of Islamic banking.

Keywords
macroeconomic variables, instability, Islamic banking and profitability

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/jeXFT7pAhKGB


Does The Global Uncertainty Economic Factors Have Different Effects On SUN And SBSN?
Himawan Wiratama

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Corresponding Author
HIMAWAN WIRATAMA

Institutions
University of Indonesia
Jakarta, Indonesia

Abstract
Sukuk is a highly appealing alternative instrument of conventional bond in the capital market over the last one decade. To a certain extent, the market players assume sukuk as the same as bond. However, sukuk representing undivided shares in the ownership of underlying asset, whereas bond is a type of debt instrument. In this paper, we contribute to the on going discussion on whether Islamic bonds (sukuk) are different from conventional bonds. We investigate the impact of global economic uncertainty factors including interest rate, exchange rate, oil price, and gold price on local currency sovereign conventional bonds and sukuk indices on Indonesia capital market using daily data over the sample period August 10, 2009 until December 31, 2018 by applying the ordinary least squares (OLS) regression method. Our main objective is to examine the time-varying correlations between global economic uncertainty factors including interest rate, exchange rate, oil price, and gold price on local currency sovereign conventional bonds and sukuk indices and examines how the impact of global economic uncertainty factors including interest rate, exchange rate, oil price, and gold price differs between on local currency sovereign conventional bonds and sukuk indices.

Keywords
Sukuk, Bond, Capital Market

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/hRxCpLUKHYmP


Effect of Corporate Governance on Relationship Between Corporate Social Responsibility and Firm Size with Earnings Management
Gemi Ruwanti (a*), Grahita Chandrarin (b), Prihat Assih (b)

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Corresponding Author
Gemi Ruwanti

Institutions
a)Management Deapartment, STIE Indonesia Banjarmasin
Jl. Brigjen Hasan Basry 11-12 Banjarmasin, Indonesia
*gemi[at]stiei-kayutangi-bjm.ac.id
b)Graduate Program, Universitas Merdeka Malang
Jl. Terusan Dieng 62-64 Malang, Indonesia

Abstract
The study aims to examine the effect of corporate social responsibility and firm size on earnings management, and examine the role of corporate governance as a moderating variable in the relationship between corporate social responsibility and company size with earnings management. The variable corporate social responsibility is measured by the amount of CSR costs, and the size of the company is measured by total assets. Corporate governance is measured by the proportion of independent commissioners. The concept of earnings management that adopts the Modified Jones Model developed by Dechow et al. (1995) measured using a discretionary accruals proxy. The study samples are manufacturing company listed on the Indonesia Stock Exchange for the period 2014-2017. The analysis technique uses Moderated Regression Analysis (MRA). The results of the analysis show that corporate social responsibility and company size have a significant positive effect on earnings management. Companies that report corporate social responsibility tend to do earnings management. Corporate governance weakens the relationship between corporate social responsibility and earnings management, which means that companies that are socially responsible, are willing to spend effort and resources to carry out corporate social responsibility activities and strive to meet the ethical expectations of shareholders to the community, which tends to limit practice earnings management so that it will provide more transparent and reliable financial information to investors. Corporate governance weakens the relationship between the size of the company and earnings management. The larger the company as measured by total assets tends to reduce earnings management actions.

Keywords
corporate social responsibility, firm size, corporate governance, earnings management

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/6AVTPBn7wvXD


EFFECT OF FINANCIAL PERFORMANCE AND MACROECONOMIC CONDITIONS ON STOCK RETURN LQ45
Novita Rizky Sukrianingrum (*a), Isrochmani Murtaqi (b)

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Corresponding Author
Novita Rizky Sukrianingrum

Institutions
School of Business and Management
Institut Teknologi Bandung
novita.sukrianingrum[at]sbm-itb.ac.id
nani[at]sbm-itb.ac.id

Abstract
The LQ45 category is one of the indexes that investors are interested in because it has high liquidity and large market capitalization. However, based on the LQ45 index in the past five years (2013-2017), in 2015 the LQ45 index significantly decreased. It indicates the LQ45 index does not always provide positive returns for the investors. The purpose of this study is to examine the effect of financial performance and macroeconomic conditions on the companys stock returns recorded in the LQ45 index. This study uses 38 samples listed in the LQ45 index for the period 2013-2017, selected using the purposive sampling method. Multiple linear regression is used to determine the relationship between financial performance components: Return on Assets (ROA), Current Ratio (CR), Debt to Assets Ratio (DAR), and macroeconomic conditions: BI Rate, Inflation, Gross Domestic Product Growth (GDP Growth), with stock returns. The result of this study indicates that ROA and GDP Growth have a positive and significant effect on stock returns. CR, BI rate, and inflation have a negative and significant effect on stock returns. DAR has a negative effect on stock returns, but statistically, the effect is not significant. And simultaneously, ROA, CR, DAR, BI Rate, Inflation, and GDP Growth have a negative and significant impact on LQ45 company stock returns.

Keywords
financial performance; macroeconomic conditions; stock returns; LQ45

Topic
International Conference of Islamic Economic and Financial Inclusion

Link: https://ifory.id/abstract/VE9TDH7y6vXQ


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