Indonesia Conference Directory

Corresponding Author
ahlis fatoni

Institutions
International Islamic University Malaysia

Abstract
Although alcoholic beverages resulted a social and health problems, total world export in alcoholic beverages is quite high. Indonesia-s total import also increased 65% in 2013. Indonesia as the biggest Muslim community in the world still not prohibit the alcoholic beverages except Nangro Aceh Darussalam. Through analysis from literature review, regulation, and data related, Indonesia should able to escape alcoholic beverages transaction with its Muslim population and strict to the Islam regulation.

Keywords
International tade, Alcholic beverage, Unlawful

Topic
Islamic Governance and Ethics

Link: https://ifory.id/abstract/pXj8Ywv9BxAM

Corresponding Author
Purwanto Purwanto

Institutions
1. Faculty of Business, President University, Bekasi - Indonesia, Purwanto[at]president.ac.id
2. Faculty of Economic and Business, Padjadjaran University, Bandung – Indonesia, ina.sagir[at]fe.unpad.ac.id
3. Faculty of Economic and Business, Padjadjaran University, Bandung – Indonesia, dian.masyita[at]fe.unpad.ac.id
4. Faculty of Economic and Business, Padjadjaran University, Bandung – Indonesia, erie_febrian[at]fe.unpad.ac.id

Abstract
The involvement of Islamic Microfinance Institutions (IMFI) in building the national economy is paramount to help the poor. Providing access and lower-level household services has the potential to create conflict with its sustainability. This study analyzes the social outreach factors that determine financial and social efficiencies. Mixed methods by combining quantitative and qualitative are able to answer the problems and desired goals. Data Envelopment Analysis (DEA) and multivariate analysis are statistical instruments, while interviews further clarify or deepen existing information. The estimation process of the dependent variables is influenced by the proxy of depth, breadth, length, scope, and cost. The results show that the average loan installments, the number of female borrowers, age, profit orientation and operational costs have a significant effect on financial and social efficiencies. The collection of funds and the amount and type of financing do not have a significant impact on financial efficiency, but is significant for social efficiency. Meanwhile, the amount and type of savings do not contribute significantly to both. The coefficients of determination were 45.1572% and 60.4167%. When compared to existing standards, the proportion is included as in the strong criteria.

Keywords
efficiency, outreach, depth, breadth, length, scope, cost

Topic
Islamic Micro finance

Link: https://ifory.id/abstract/CVmRN4HgGZjD

Corresponding Author
Erfinda Mustika

Institutions
Departement Sharia Economic, Faculty Economic and Business, Airlangga University

Abstract
Economic growth is one indication of increasing community welfare. This study aims to determine how much the contribution of Islamic microfinance institutions, namely Islamic Savings and Credit Cooperative (ISCC) to economic growth (GRDP) in East Java through through Micro, Small and Medium Enterprises (MSMEs). The approach used in this research is descriptive quantitative approach using path analysis techniques with four exogenous variables, namely ISCC Total Capital, ISCC Total Assets, ISCC Net Income, and ISCC Business Volume. GRDP is an endogenous variable, and MSMEs are intervening variables. This study uses saturated samples, namely ISCC data from East Java cooperative performance data obtained from the East Java Cooperative & SME Office, then East Java Constant Price GRDP data obtained from Central Statistics Agency East Java, MSMEs that use Production Index data The Micro and Small Industry (IPIMK) was obtained from the National Statistics Agency.

Keywords
Islamic Micro Finance. Cooperative. Micro, Small and Medium Enterprises. Economic Growth.

Topic
Islamic Micro finance

Link: https://ifory.id/abstract/4HtY6rMuEnB9

Corresponding Author
Rafika Rahmawati

Institutions
Universitas Islam "45" Bekasi

Abstract
The importance of the banking role in the stability of the country and the increasing competitiveness of the financial sector, especially banking, both domestic and international scale requires the national banks to have a good performance and competitive. In this study will analyze the internal and external factors that determine the level of efficiency of sharia banking in Indonesia. The method used in this research is Two-Stage Data Envelopment Analysis. In the first stage, this research measures efficiency by using Data Envelopment Analysis (DEA) approach and the second stage is regression analysis of Tobit Model. The efficiency scores that have been obtained are used as the dependent variable in the regression model in determining the efficiency determination on the Sharia Commercial Banks in Indonesia. The result of the research shows that the efficiency level of Sharia Public Bank during the research period is 69.28% and it is categorized as less efficient. Based on the tobit model results, internal factors that determine the efficiency level include asset, FDR, and ROA. All of them have a negative effect on the efficiency level of Sharia Commercial Banks. Meanwhile, the external factors determining the efficiency level of Sharia Commercial Banks are GDP, inflation, and market share. All of them have a positive effect on the efficiency level of Sharia Commercial Banks.

Keywords
Efficiency, Islamic Banking, Two-Stage DEA

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/NDCP6zQrx34t

Corresponding Author
kiki hardiansyah siregar

Institutions
a) School of Economic, International Business Management Indonesia, Medan, North Sumatera, Indonesia
* qq.hardiansyah017[at]gmail.com
b) Faculty of Economic, State University of Medan, Medan North Sumatera, Indonesia

Abstract
This research to analyze the market structure of the Islamic banking in Indonesia according to the Panzar-Rosse model and the level of competition between Islamic bank. To find out the market structure of the islamic banking it must be analyzed the effect of EAR, NPF, BOPO, FAR, FS, PL, PFF, PCE measured by ROA. The is used secondary data for a period of 6 years using the selected panel data method. The analysis model related to market structure use the Panzar-Rosse model by looking for the H-statistic value and identified the Islamic banking equilibrium test on the panel data model of the performance of islamic bank. The result found that the performance measured by ROA simultaneously affected EAR, NPF, BOPO, FAR and FS and Panzar-Rosse will produce H-Stat value which is the sum of three main coefficients of banking inputs. With H-Stat valued at 0.735 can be concluded that the islamic banking into the category of monopolistic market. The levels of the Islamic banking of Bank BNI, Bank BRI, Bank Panin and Bank Bukopin are monopolistic market while Bank Muamalat and Bank Mandiri are directed towards a joint monopoly market in the position of long-term equilibrium.

Keywords
islamic banking industry, Panzar-Rosse test, h-stat, monopolistic market

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/mT8bZ4MHJKxD

Corresponding Author
Faralaily Erika Putri

Institutions
Airlangga University

Abstract
Spin off is a change in the business activities of conventional banks into Islamic banks. The three spin off approaches are pure method, acquisition, and conversion. The success of spin off can be measured through the performance of Islamic banks (fixed assets, deposits, BOPO, NPF, FDR, ROA, and CAR). This study aims to see whether there are differences from the three methods of separation before and after spin off, and see which spin off method is considered the best seen from the performance of Islamic banks. In this study the authors used a quantitative method with Wilcoxon Test and One Way MANOVA Test, which later will be processed using SPSS 22 software. The data collection technique used was purposive sampling, where the sample consisted of six Islamic banks that did spin off. Data processing consists of literature studies, data collection, and results analysis. The results of this study state that not all variables have differences between before and after spin off. Furthermore, from the three spin-off methods there are two methods that have advantages in the performance of Islamic banks. The acquisition method is better if seen from the BOPO and CAR variables, while the conversion method is better in FDR and ROA variables.

Keywords
Spin off, Islamic bank, Performance of Islamic banks

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/RjMT6NbvC8ry

Corresponding Author
Naufal Abdunnashir

Institutions
STEI Tazkia

Abstract
OIC countries are gifted with a large share of young population and are still accumulating human capital in order to compete with the rest of the world. Since economic growth also has to do with demography and human capital, this study examines both impact on economic growth in 15 OIC countries for 25 years from 1991 until 2015 using panel data. The result found that demographic factors used in this study, namely fertility rate and old-age dependency ratio, respectively have insignificant and significant positive impact on economic growth. Meanwhile, human capital represented by life expectancy at birth and gross enrolment rate in tertiary schools both have significant and positive impact on economic growth.

Keywords
Economic growth, demographic factors, human capital, panel data, OIC countries

Topic
Sustainable Development in Islamic Perspective

Link: https://ifory.id/abstract/bwuge4qChajM

Corresponding Author
Haryo Firas Tunas Kuncoro

Institutions
Fakultas Ekonomi Islam

Abstract
This study describes the results of a study that analyzes the effect of third-party funds and non-performing financing on return on assets in SRBs in the period January 2014-December 2018 using the variables used are ROA, Third Party Funds (DPK), and NPF, the sample of the research is BPRS in Indonesia. The analytical method used uses multiple linear regression analysis, the statistical test is the coefficient of determination, t statistical test, simultaneous test F. The study found that the variable Third Party Funds (DPK) does not affect Return on Assets (ROA) in BPRS in Indonesia and Non variable Performing Financing (NPF) has no effect on BPRS in Indonesia.

Keywords
Third Party Funds, Non Performing Financing, Return on Assets.

Topic
Islamic Micro finance

Link: https://ifory.id/abstract/3AubhnzT9Lqc

Corresponding Author
Mauizhotul Hasanah

Institutions
(a) Economic and Business of Faculty, Airlangga University, hasanahidzoh[at]gmail.com*
(b) Economic and Business of Faculty, Airlangga University,
siti-z[at]feb.unair.ac.id

Abstract
The financial sector in a region can spur the pace of economic movements, especially with the contribution of banks in the micro sector as an intermediary tool in channeling funds to productive investments that encourage the real sector, especially in the micro sector, which will produce aggregate output. The purpose of this study is to analyze the extent of the Islamic Peoples Financing Bank (BPRS), which is an Islamic microfinance institution for the economy on the island of Java. This study uses secondary data during the period January 2016 to December 2018. This study uses the Ordinary Least Square Data Panel method. Empirical results show that partially of Total Assets does not have a significant positive effect on GDRB. While the total financing, Third Party Funds (TPF), the number of BPRS partially has a positive and significant effect on GDRB. In addition, simultaneously the overall independent variables together have a significantly positive effect on GDRB

Keywords
BPRS, Regional Economy, Java Island

Topic
Islamic Micro finance

Link: https://ifory.id/abstract/BDY6cxGWFXQM

Corresponding Author
DELVIANA RODZIFATUL DARMAWANTI

Institutions
Department of Sharia Economics, Faculty of Economics and business, Universitas Airlangga, Surabaya

Abstract
The importance of the existence of micro-economy in the development of BPRS society makes the existence of the BPRS in Indonesia is increasingly high. The rapid developments on the BPRS in Indonesia offset by intense competition in the market. The number of banks who compete by offering similar products make increasing levels of competition. In this study, the authors use quantitative methods approach Panzar and Rosse models, the Concentration Ratio, and the Herfindahl-Hirschman Index. Data capture techniques used are purposive sampling, where there are 80 BPRS that have met the criteria of research samples. The data used are secondary data in the form of financial statements BPRS published in official website of BI or OJK. This study analyzed data on using the Fixed Effect Model. The results of this research show that Sharia in BPR Indonesia during the period 2012-2017 earn income under his monopolistic competition market with a value of H-statistics of 0.858433. While based on the analysis of the Concentration Ratio and the Herfindahl-Hirschman Index shows that the large bank group is a bank that has a very high concentration levels, while the bank group for middle and small banks working in the environment a more competitive with a relatively low concentration levels.

Keywords
Total Assets, Total DPK, Total Financing, BPRS, Panzar-Rosse models, CR4, HHI

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/9nxVbRdZ8hFL

Corresponding Author
MIFTAHUR RAHMAN

Institutions
Faculty of Economics and Business, Airlangga University, Surabaya

Abstract
Tarbiyah savings BMT UGT is intended for members who want to prepare tuition fees and meet the education costs that require changes every year. But in a fairly short time, this savings has absorbed more than 1000 members. By using a qualitative research method with a phenomenological approach, the researchers tried to find the efficiency of tarbiyah savings and the quality service strategy implemented by BMT. The results of this study show that it is very efficient in increasing the number of prospective members. Pick Up Ball strategy, Pickup Service, Using language that is easily understood by the public, providing friendly, easy and fast service to attract public interest.

Keywords
Strategy, Quality of service, Tarbiyah Savings

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/zEAe8km6D2pJ

Corresponding Author
Dian Pratama

Institutions
Universitas Airlangga

Abstract
Blambangan market is one of a traditional market in Banyuwangi Regency. The low level of education of traders causes financial literacy to be low. The low of financial literacy resulted in the low of financial inclusion that can be enjoyed by traders, this resulted in the loan sharks practice of money lenders in developing their businesses. Seeing these problems KSPPS BMT Artha Insani was present to provide shariah financial services to solving market traders problem. This study aims to analyze the role of KSPPS BMT Artha Insani in improving the financial performance of traders, through shariah financial services products. The contribution of this study is to examine the differences in the financial performance of traders before and after getting to know shariah financial services. This study uses a qualitative method. Data collection techniques using data triangulation methods, namely direct observation, in-depth interviews, and Focus Group Discussion, data obtained through several respondents. Data is processed using data reduction methods, data presentation, and drawing the conclusions. The findings in this study are KSPPS BMT Artha Insani has a role in improving the financial performance in market traders with through shariah financial services products.

Keywords
BMT Artha Insani, Syariah Financial, Trader, Financial Performance

Topic
Sustainable Development in Islamic Perspective

Link: https://ifory.id/abstract/Hu74D9jdwm2x

Corresponding Author
Husnul Khatimah

Institutions
Universitas Islam 45

Abstract
The purpose of this study is to explain the role of BMTs in supporting inclusive financial policies, outline the obstacles faced in increasing financial inclusion. This research is a qualitative and quantitative study. The object of the research is BMT, society, academics, and experts in the field of Islamic microfinance as sources/informants. Data is processed using the ANP method. This research proves that BMT had a role in supporting financial inclusion policies in Indonesia. The issues faced by BMT is the problems of HR and products as the internal issues with legal and infrastructure problems as the external issues. To improve its role in the future, the priority strategy is an internal strategy, namely strengthening BMT functions, HR training, maintaining BMT characters, and increasing member benefits. External strategy by standardizing IT, improving BMT marketing strategies, and collaborating with Creative Economy Agency (Bekraf). The role of BMT in empowering micro-enterprises. BMTs efforts in empowering micro businesses are very optimal, namely by developing service products based on local needs and in accordance with the economic characteristics of the region in order to support the economic activities of the members. To improve its role the proposed strategies are internal strategies by strengthening BMT functions, training HR, maintaining character, and increasing member benefits with external strategies in the form of standardization of IT, improve marketing strategies, and cooperation with the Creative Economy Agency.

Keywords
analytical network process, financial inclusion, financial literacy

Topic
Islamic Micro finance

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

Corresponding Author
Dyah Titis Kusuma Wardani

Institutions
Universitas Muhammadiyah Yogyakarta (a)
Universitas Gadjah Mada (b)
Universitas Negeri Malang (c)

Abstract
This paper evaluates the extent to which Islamic banks support SMEs financing as compared to conventional banks. The evaluation is conducted using dynamic panel regression estimations, where the sample includes aggregate level data from Indonesian Islamic and conventional banking industries. The results provide evidence that, there is no indication that Islamic banks are more SMEs friendly than conventional banks. Most SMEs do not have access to credit, or have limited access to credit. SMEs limited access to finance reflects the interaction of demand, supply, institutional, regulatory, and other policy factors that are a hindrance for the growth of SMEs. SMEs also lack awareness and knowledge regarding Islamic banking products and what products may suit their requirements.

Keywords
Islamic banking; Conventional banking; SMEs; Financing

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/NYBWRcH2rky8

Corresponding Author
Ousman Jallow

Institutions
(a) Universitas Airlangga, Faculty of Economics and Business, Department of Accountancy, Surabaya Indonesia
(b) Near East University, Faculty of Social Sciences, Department of Banking and Finance, Northern Cyprus

Abstract
This paper aims to examine the asymmetric effect of sukuk returns on Indonesian economic growth, a non-linear autoregressive distributed lag (NARDL) model and Granger causality test are employ from the periods 2018:02 to 2019:04, using GDP Growth as a proxy of economic activities, Indonesia sukuk composite return index and price index as explanatory variables. The study revealed a non-asymmetric association amid economic growth and sukuk return. The finding of the study suggest that 1% negative shock in sukuk returns will results to a downturn shift in GDP growth by 2.4% and 1.5% in the short and long-run respectively. However, both positive shock on sukuk returns and price are reported to have an insignificant association with economic growth. The outcomes from the Granger causality analysis suggest that there is a unidirectional causal association moving from economic growth to sukuk returns, while a neutral relationship is found between sukuk price and economic growth. The outcome of the study is expected to be useful to stakeholders in terms of investing, formulating and implementing better constructive and sound policies.

Keywords
Sukuk Return Index, Sukuk Price Index, Economic Growth, GDP, Indonesia and NARDL.

Topic
Sukuk

Link: https://ifory.id/abstract/tVKN3gBcrDJX

Corresponding Author
Hazik Mohamed

Institutions
Stellar Consulting Group, Singapore

Abstract
There has been increasing attention on sustainable practices and in particular in financing socially-responsible projects through impact investment. The focus of these impact investment financing has been on performance-driven risk-sharing in order to ensure accountability to the execution of the program according its initial intention. We feel that this should not only be limited to impact investments but also in every substantial investment that is being made. In this paper, we recommend putting sukuk and bonds on the blockchain to enable transparency and put forth steps to automate cumbersome processes in sukuk/bond issuances in order to reduce costs and improve efficiency. We leverage similarities and discuss significant advantages of using technology to operationalize accountability and instil confidence in properly structured and executed financial instruments. We make these recommendations on the basis of fulfilling a gap in sustainable practices, through impact-focussed sukuk and bond issuances.

Keywords
asset-backed financing, decentralized credit rating, risk-sharing instruments, sustainable finance, trust tokens

Topic
Islamic Capital Market

Link: https://ifory.id/abstract/kmpCnPVfLQK3

Corresponding Author
Raeni Raeni

Institutions
University of Birmingham

Abstract
This research explores the development and accountability of green financial instruments for addressing climate change in order to improve our understanding of potential behavioural changes by key institutions. This financial initiative is known as green sukuk, which is a hybrid of conventional government bonds, Islamic finance principles and climate change concern, issued by Indonesian government. In particular, we explore how the flow of funds, from the capital markets to the Indonesian state budget, is tracked and its impact measured. By understanding the behavioural changes, this study proposes to contribute to the debate on sustaining impact in addressing climate change issues. Furthermore, it fills gaps within negotiated boundaries of this hypothecated finance by internalising Islamic principles and green framework. This research obtained data across the life cycle of green sukuk from both state and non-state actors. Drawing upon a theoretical framework on boundary objects, it enables to develop a design of ‘common- goal within a mixture of respective capabilities, through calculative boundaries, to understand potential changes of institutional behaviour in sustaining its impact. This study provides implication to state and non-state actors who articulate green sukuk to develop scopes of externalities in maintaining a sustainable transition of climate finance.

Keywords
green sukuk, impact investing, climate changes, boundary objects

Topic
Sustainable Development in Islamic Perspective

Link: https://ifory.id/abstract/cpVmdq9aM8HA

Corresponding Author
Bintang Rizky Abdullah Majo Saibah

Institutions
Economics, Andalas University, Jl. Rangkayo Rasuna Said, Kubu Gadang, Payakumbuh Utara, Kota Payakumbuh, Sumatera Barat 26218, Indonesia
bintangrizky[at]eb.unand.ac.id

Abstract
Child labor is a disturbing problem, because children has the right to obtain education, to receive protection, love and to enjoy his childhood. In many cases, poverty is the main reason of unpleasant childhood. Poverty makes the parents powerless to carry out their roles in the economic sector, and are forced to send their children to work. Working children will lose the opportunity to go to school thus will face difficulties in finding decent job in the future. In other words, reducing child labor is an active intermediary in reducing poverty. United nation is committed to reducing poverty in all aspects by 2030. This commitment is poured into the Sustainable Development Goals (SDGs). Several studies has shown that the ease of obtaining credit access in households is helping in reducing the number of child worker. This paper examines the correlation between child labor with micro credit access of Baitul Mall wat Tamwil (BMT) and Islamic Banking in Indonesia.

Keywords
Child Labor, Sustainable Development Goals, Baitul Mall wat Tamwil, Islamic Banking

Topic
Islamic Micro finance

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

Corresponding Author
Rifka Mustafida

Institutions
IIUM Institute of Islamic Banking and Finance

Abstract
The ultimate objective of shariah is to protect the well-being of people and nature, which lies in the safeguarding of these five fundamental objectives through the promotion of social justice. These objectives have great resemblance to the United Nations- Sustainable Development Goals (SDGs). In order to solve the specific and social issue, a new developed innovative Islamic financial instrument, Socially Responsible Investment (SRI) Sukuk might be used. SRI Sukuk is a viable solution to address global needs for green and other forms of sustainable and responsible financing. SRI sukuk has been issued by several countries to finance green and society development project. However, it is also clear that it is customarily issued by powerful institutions and government agencies, therefore sukuk become very costly in terms of issuances and it has not taken the opportunity to compete with the far larger and well-developed conventional global debt market. Smart sukuk structure using blockchain technology could be significant to improve the efficiency of the issuance process (such as time of market) and also widen both the issuer and investor base. This paper aims to explore the potential of Smart SRI sukuk and propose scheme in attempt to achieve SDGs. This paper reviews the benefit, opportunity, cost and risk of Smart SRI sukuk to discern the possibility of issuing that feature. The first smart SRI sukuk is issued by Blossom. It is Mudharaba facility to finance SMEs in Indonesia. Several Sharia contracts like istisna, ijarah and wakalah have potential to be implemented as well. Smart SRI sukuk has potential to support SDGs. Ethical, equitable, social and sustainable investments concept of SRI sukuk are relevant in achieving SDGs. Implementation smart contract for sukuk will robust sukuk issuance for all sustainable and responsible projects. In the other side, a regulatory framework and infrastructure is a must to promote this feature.

Keywords
Smart SRI Sukuk, Blockchain, SDGs

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/eaW43fxQvHF2

Corresponding Author
Siti Dalilah

Institutions
Politeknik Negeri Jakarta

Abstract
According to Indonesian Financial Service Authority, Islamic Bank has reached 5,70 % market share in the last five years. For acknowledge this, it represents that Islamic Banking has shown up the good performance i.e. the growth of total asset year by year has been increased. The opposite condition between the growth of Islamic Bank-s Asset and Islamic Bank-s performance, these can be disclosure from credit risk, operational expenses, net profit, and capital. Therefore, this research aims to determine the effect of risk profile, liquidity, earnings, efficiency, and capital on the condition of financial distress using Multiple Linear Regression and Springate-Score. It also compares between Islamic Bank and Conventional Bank within Mann Whitney Test. The study conducted in the scope of Bank in Indonesia; with the object of study are Islamic Foreign Banks and Conventional Non-Foreign Banks. Sample of this research are 13 Banks.

Keywords
market share, financial distress, springate score,multiple regression, mann whitney test, islamic foreign banks, conventional non-foreign banks

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/E2dwVZPtArWB

Corresponding Author
Lina Nugraha Rani

Institutions
1) Department of Islamic Economics, Faculty of Economics and Business
Airlangga University, Airlangga Street Number 4, Surabaya, Indonesia
2) Department of Islamic Economics, Faculty of Economics and Business
Airlangga University, Airlangga Street Number 4, Surabaya, Indonesia
3) Department of Economics and Management Sciences
International Islamic University Malaysia
53100 Gombak Street, Kuala Lumpur, Malaysia
{ linanugraha, puji.sucia }[at] feb.unair.ac.id, marhanum[at]iium.edu.my

Abstract
The development of Islamic banks very rapidly in the ASEAN, such as Indonesia, Malaysia and Brunei Darussalam. The comparison among the three countries is very important as the operational considerations and consideration of State institutions. One of the performance indicators of banking are efficiency and productivity. Comparison of the productivity of the banking between these countries would be helpful to identify the successes and failures of the policy bank. The methods used in this study are Index Malmquist. Malmquist index is an index used to compare bilateral production technology the two elements of the economy. In this case, the index consists of several results i.e.: efficiency change, technological change, pure efficiency change, economic change and the scale of the TFP change. Malmquist index is a measure of TFP changes from time to time, described the companys performance during a certain period. Stages of the development of this research was the collection of data of Syariah bank in Indonesia, Malaysia and Brunei Darussalam year period 2012-2017 and processing the data using the method of Malmquist Productivity Index (MPI).

Keywords
Islamic Bank, Southeast Asia, Productivity, Malmquist Productivity Index

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/wZ4a3KTRVmYM

Corresponding Author
Bassem Mohammad Ismail

Institutions
UNAIR

Abstract
Abstract: Islamic banks in Indonesia has impressive growing remarkably since the last economic crisis in 2008, Indonesia noticed an increasing demand for Islamic banks (IBs) services in society contain majority musilms clients who share same believes and Islamic creed. Whilst the necessity for highly trained and knowledgeable manpower in the Islamic financial institutions (IFIs) is ingrained, the main confrontation is certainly incompatible of Shariah knowledge between what is desired by IFIs and what is actually available in the industry. Thus, this article argues for a competency framework for internal Sharaih auditors (ISA) in Indonesia. Recent research has revealed that the competency for ISA were still sophisticated and not even throughout is a need for it. Also recent research has been showed that shariah auditors are either trained in Sharaih or auditing knowledge. In fact there is an insistent necessity to outline competency requirements which will include the Training, Qualifications, Skills, Education, Experience, and knowledge (TQSEEK),these requirements to maintain Sharaih assurance and compliance through supply sufficient Shariah auditors in order to meet the market demand. This paper proposes a new TQSEEK framework as a foundation for competency ISA based on Sharaih Rahmatan lil alamin principle (RLAP) that may boost their effectiveness and practices propulsion in Indonesian Islamic banks (IIBs) services and products.

Keywords
: Training, Qualifications, Skills, Education, Experience, and knowledge, internal Shariah auditors, competency

Topic
Islamic Accounting/Auditing

Link: https://ifory.id/abstract/dQYXT8BJve2g

Corresponding Author
Hussain Mohi-ud Din Qadri

Institutions
Minhaj University Lahore

Abstract
This paper unveils the Philanthropic perspective of Khanqahs and shrines of Sufi Saints entrenched in Islamic Ideology. These have always served as significant training centers and substantially contributed towards the religious, social and spiritual upbringing of humanity at large. Furthermore, these institutions have staged a significant role in relieving the sufferings and grappling with social and economic issues especially of the lower rung of society. The founders of these Khanqahs were great Islamic figures who set aside their entire span of life for Philanthropic ends to promote peace and sublime moral values and thus to rid the society of religious, political and economic ills corroding humanistic bounds. After the decease of these sacred figures, their shrines became great Socio-Religious institutions and hence took the form of Philanthropic organizations meant for the welfare of needy and poverty – stricken humanity. These institutions are striving to their utmost in various directions. They have set up schools, free lodges, established health centers, hospitals, orphan care homes and places where hungry and needy could feed them self for free etc. The present study explores the concept of Philanthropy underlying the injunctions of Islam. The research has been delimited to five major shrines in Pakistan for data collection. A detailed questionnaire was filled up by the target research population. It followed a mixed paradigm, qualitative as well as quantitative. The study will not only dilate on the positive aspects but also on the lacunas in the role model of Khanqahs and shrines as, institutions in Pakistan.

Keywords
Islam, Philanthropy, Khanqahs and Sufi Shrines, Pakistan

Topic
Islamic Philantrophy

Link: https://ifory.id/abstract/gDp3bcYNQCT8

Corresponding Author
Yudha Prawira

Institutions
Department of Economic and Social Agriculture, University of Brawijaya

Abstract
Issuance of Indonesian Government Securities (SBN) is increasing every year. The issuance of SBN is expected to spur economic growth so that Indonesia can reach the SDGs. Indonesian securities consists of Islamic (SBSN) and conventional (SUN) bonds. Quite a number of studies have analyzed the differences between sukuk and conventional bonds from results, performance and reliability perspective, but there are still few studies that analyze their correlation with sustainable development. In this paper, each SBSN and SUN are analyzed with one of SDGs indicator, constant GDP per capita. Then compared which one has a stronger correlation. The analytical method used is the Pearson correlation test. Secondary data was obtained from literature studies and processed with SPSS 25 software. The finding is: each SBSN and SUN had strong and significant correlation, but SUN correlation is stronger than SBSN on Indonesia constant GDP per capita. SBSN issuance needs to be improved considering its potential is still very large in Indonesia.

Keywords
Sukuk, bonds, Pearson correlation test, Sustainable Development Goals

Topic
Sukuk

Link: https://ifory.id/abstract/nyPbjQ9AGJFL

Corresponding Author
Rizal Nazarudin Firli

Institutions
a. Researcher in STEI Tazkia
b Staff and Researcher in LPPM STEI Tazkia

Abstract
Nowadays, Sukuk is still constrained in liquidity is certainly in the spotlight together. Especially seeing the potential of Sukuk very large, it is expected that liquidity problems did not interfere with these potentials. The author will discuss any Sukuk development strategy in dealing with these problems. And whether some internal factors Sukuk relations have a positive relationship to the Sukuk liquidity itself. The author will discuss the econometric approach VAR / VECM about the influence of several factors in liquidity, as well as interviews approach to address needed solutions and strategies. The discussion will focus on the Sukuk (Project Based Sukuk) PBS-001 in PBS Sukuk liquidity side. The primary factor in data processing Sukuk liquidity, the data will focus on frequency, volume, Nominal Outstanding, Yield and maturity in the year 2012-2016. It is known that in the short term Outstanding Nominal variables positively affect PBS dominant at 2.86825, while the long-term variable volume PBS negatively affect predominantly of -6.74084. Based on the test results of the IRF, the effect of shocks when the Shock to a variable volume, Nominal Outstanding, Tenor, and Yield in the early months are very volatile but started balanced at month 13. Based on interviews, on average, they say that the solution can be given for moment Sukuk is that liquidity is increasing Stock Outstanding Nominal Building or reproduce.

Keywords
Liquidity, Secondary Market, Project Based Sukuk (PBS)

Topic
Sukuk

Link: https://ifory.id/abstract/NQLH3MnbkgvP

Corresponding Author
Anya Safira

Institutions
a) Faculty of Economics and Business, Universitas Indonesia

Abstract
Rapid development of financial technology has contributed to the growth of the financial sector in Indonesia, as seen by the increasing number of peer to peer (P2P) lending providers, including those that provide sharia-based services. However, compared to conventional P2P lending providers, growth of Islamic P2P lending tends to lag behind. This condition contradicts with the fact that Indonesia has many potential users due to the large Muslim population, including the Muslim millennials who are more tech-savvy and thus are prospective users of financial technology. By using The Unified Theory of Acceptance and Use of Technology (UTAUT) 2, this research aims to analyze factors which influence the behavioral intention of Muslim millennials in using Islamic P2P lending. By using Structural Equation Modeling (SEM) analysis, the results show that performance expectancy, social influence, price value, religiosity and trust in the platform were found to be significant determinants of behavioral intention to use Islamic P2P lending platforms. On the other hand, effort expectancy, facilitating condition, and perceived risk were not found to be significant determining factors. In addition, this research also investigated further whether there are differences between two groups of respondents, namely previous users of Islamic P2P lending, and those who have not used it. Significant differences were found, specifically regarding performance expectancy and the price value that is perceived.

Keywords
Islamic financial technology; Islamic peer to peer lending; unified theory of acceptance and use of technology; Muslim millennials

Topic
Islamic Finance Technology (Shariah Fintech)

Link: https://ifory.id/abstract/2fxDaG8ePqym

Corresponding Author
hamdi agustin

Institutions
fakultas ekonomi universitas islam riau

Abstract
The purporse of this research to analyze the effects of inflation, Certificates of Indonesian Bank of Sharia (CIBS), deposit funds (DF) and Non Performing Financing (NPF) to murabahah lending. The population and sample consists of 22 Islamic business units, only 10 banks were selected to be the sample. The period of this study is from 2011 to 2015. This study using panel data and using pooled Ordinary Least Squares (OLS). The results showed that Certificates of Indonesian Bank of Sharia has a negative effect on murabahah lending. This suggests that banks have a greater Bank interest rate spread that has also been shown to affect to lending behavior. it is one of the instruments for placing funds at Bank Indonesia which is used to absorb the excess liquidity of Islamic banks in the context of open market operations to control the amount of money in circulation. Deposit funds have a positive effect on murabahah lending. This suggests that deposits what a bank accepts are demand forms which are repayable to depositors on demand. As a result banks may maintain a large amount of customer deposits as a reserve to meet customers demand instead of lending. NPF has a negative effect on ML These results illustrate that the higher Non performing finance is followed by a decrease in the distribution of funds made by the Bank to reduce the risk of bad credit.

Keywords
lending, Islamic business units and Sharia

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/TGXquEU83hHQ

Corresponding Author
Lukmanal Hakim

Institutions
Salford Business School, University of Salford, United Kingdom
Email: l.hakim[at]edu.salford.ac.uk

Abstract
This study investigates the determinant factors that promote the issuance of sukuk instrument in Indonesia from 2010 to 2017. The first aim is to examine macroeconomic factors that influence sukuk issuance. Using vector error correction model the empirical results show that economic development has co-integrating relationship with sovereign sukuk issuance. Second objective is to explore which specific firm level factors have a significant effect on corporate sukuk issuance using panel data analysis in the form of fixed effect and random effects model. The results are consistent with trade-off and pecking order theory and suggest that corporate sukuk issuance can enhance company valuation, bargaining value, and business sustainability

Keywords
Sovereign Sukuk; Corporate Sukuk; Macroeconomics; Capital Structure

Topic
Sukuk

Link: https://ifory.id/abstract/qYWThzXuRD7V

Corresponding Author
Nur Wahyu Ningsih

Institutions
Raden Intan State Islamic University
Jalan LetKol. Hi. Endro Suratmin Sukarame I, Bandar Lampung 35131, Indonesia
*nurwahyu.ningsih107[at]gmail.com

Abstract
This study aims to provide empirical evidence regarding stock returns as the impact of Managements Discussion and Analysis disclosure on companies listed in the Jakarta Islamic Index, Indonesia Stock Exchange, in the 2015-2017 period. The motivation behind this research is the absence of research in Indonesia which studies the presentation of MD & A which influences investors decisions to invest in companies listed in the Jakarta Islamic Index, seen from the companys stock returns. This study used 63 samples. The hypothesis in this study was tested using a partial correlation of simple linear regression. The results showed that there is a positive relationship between MD & A disclosure of stock returns. From the results presented, it is expected that companies listed in the Jakarta Islamic Index can disclose MD & A fully and openly so that they can attract investors to invest. With the increase in stock returns to the value of the company, the existence of Islamic stocks can be increased. Therefore, Indonesia is expected not only to become a large market and place for the Muslim population but also to empower its people through the halal industry including the existence of Islamic stocks in Indonesia.

Keywords
managements discussion and analysis (MD&A), Jakarta Islamic Index, sharia stocks.

Topic
Islamic Capital Market

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

Corresponding Author
Madha Adi Ivantri

Institutions
Ekonomi Syariah, Universitas Nadhatul Ulama Surakarta

Abstract
This study investigates the relationship of access to finance and the dimensions of sustainable development in OIC countries. The analysis technique used Fixed Effect Estimation (FE) and Random Effect (RE) from the panel data of selected OIC member countries in the period 2006-2014. The estimation results show that financial access does not have a significant effect on economic growth and environmental quality, but has a positive effect on human development. Based on these results, the OIC countries are expected to increase the reach and ease of funding for all levels of society. On the other hand, careful funding is needed to avoid projects that endanger sustainable development.

Keywords
Access to Finance, Sustainable Development; OIC Members Countries

Topic
Islamic Finance and Banking

Link: https://ifory.id/abstract/ztcVW9TdbjY3