Papers in Journals by Ali Rama
Journal of Social Entrepreneurship, 2024
Crowdfunding campaign narratives function as signalling tools for social entrepreneurs, conveying... more Crowdfunding campaign narratives function as signalling tools for social entrepreneurs, conveying organisational values to potential backers. In this study, we analyse 18,420 campaigns from 128 countries on the Islamic donation-based crowdfunding platform, Launchgood (2013–2020) through signalling theory. Our findings show that rhetoric emphasising altruistic, stakeholder and market orientations significantly influences Islamic crowdfunding success. These effects vary based on a country’s level of economic freedom, being more pronounced in nations with better government integrity, financial freedom and judicial effectiveness and diminished in those with higher government intervention. These insights guide entrepreneurs in strategically promoting projects through effective signalling rhetoric.
https://www.sciencedirect.com/journal/journal-of-international-financial-markets-institutions-and-money, 2022
In this study, we explore how the religiosity and social orientation affects crowdfunding success... more In this study, we explore how the religiosity and social orientation affects crowdfunding success through the lens of the moral foundation theory. Using a sample of 17,000 crowdfunding campaigns from 91 countries hosted on the LaunchGood platform over the period 2013-2020, we find that narratives expressing religious identity and social orientation increase individual contribution, attract more crowdfunders, and increase the probability of achieving fundraising goals. We also find that this positive effect is conditional to societal cultural characteristicsstronger in individualistic, masculine, long-term oriented, and indulgent societies, but weaker in high powerdistance and uncertainty avoiding societies. Our findings provide new evidence for the importance of religiosity in influencing crowdfunding behavior.
Purpose-The study aims to capture customers' different price expectations by constructing a multi... more Purpose-The study aims to capture customers' different price expectations by constructing a multidimensional price perception in Islamic banking setting and the impact on customer satisfaction and behavioral intention, as a single price perception approach cannot reflect heterogeneity of price expectations. The study conceptualized customers' price expectation into price reliability, price confidence, price transparency, relative price, price-quality ratio and price fairness. Design/methodology/approach-An online questionnaire was distributed to Islamic banking customers in Indonesia to test seven proposed hypotheses of price perceptions on customer satisfaction and behavioral intention. The instrument used a five-point Likert-type scale to capture customer perception on the instrument variables and analyzed the functional relation of the model using multiple regression analysis. Findings-Empirical findings reveal that customers experienced more price expectations in their banking decision-making process. The number and complexity of price expectations depend primarily on the customers' interest, particularly on price transparency, relative price and price-quality ratio, and these dimensions affect satisfaction and behavioral intention. Islamic banking customers in Indonesia are highly aware of price transparency, have "relative thinking" on price differences and put price-quality ratio in their assessment. Research limitations/implications-The study was conducted in Indonesian Islamic banking industry; the extension to other different countries may reveal difference in price complexity and implication to behavioral consequences. Any difference in customer attitude would bring managerial implication for different Islamic bank managers. Additionally, this study developed and examined five price dimensions, however, there may be additional price dimensions in different environment contexts. Further research is needed to identify any other price expectations that may affect customers' behavior. Practical implications-The results of this research allow bank practitioners to develop relevant pricing strategy to fulfil customers' different price expectations in their decision-making process. Appropriate measures to different price expectations improve satisfaction, loyalty and, in turn, increase bank profits. Furthermore, this research provides useful information for future researchers in different settings. Originality/value-This paper provides empirical analysis of pricing strategy by Indonesian Islamic banks and insights on customers' experience toward different price expectations.
Journal of King Abdulaziz University: Islamic Economics, 2019
The existing HDI concept is value neutral and unable to capture the
religious and ethical perspec... more The existing HDI concept is value neutral and unable to capture the
religious and ethical perspective of socio-economic development in Muslim countries. It is argued that Muslim countries have some special features, cultures, and values that are not completely accommodated by the HDI measurement. Therefore, the current study is an attempt to propose an Islamic Human Development Index (I-HDI) as a holistic and comprehensive index for human development derived from the five
dimensions of maqāṣid al-Sharīʿah: religion (dīn), life (nafs), intellect (ʿaql), family (nasl) and wealth (māl). The computation method of an I-HDI is parallel with the HDI method. The constructed index is utilized to rank the human development level for 33 provinces in Indonesia. The study finds that the composition rank between I-HDI and HDI is slightly different. However, the two indices have a statistical positive correlation confirming the assumption that I-HDI might serve as a predictor for the
rank of HDI. The findings also show that the majority of the provinces in Indonesia have a poor performance in overall score of I-HDI.
Al-Masraf: Jurnal Lembaga Keuangan dan Perbankan, 2018
The sharia governance system (SG) is needed by sharia financial institutions to increase public t... more The sharia governance system (SG) is needed by sharia financial institutions to increase public trust in compliance with sharia principles in the overall operation of their business. The practice of SG sharia financial institutions in various jurisdictions varies according to the legal framework that governs them. Countries with a majority Muslim population may have a legal framework regarding SG that is different from Muslim minority countries. This study aims to conduct a comparative analysis of SG regulation models for Islamic banks in minority Muslim countries, especially in Southeast Asian countries such as Singapore, the Philippines and Thailand. This research also included Indonesia as a representation of the majority Muslim country. Content analysis methods for a number of legal documents are used to achieve the research objectives. This study found that Muslim minority countries were relatively flexible in their arrangement of SG for Islamic banking. For example, in the structure of sharia supervision organizations, Singapore, the Philippines and Thailand adhere to a decentralized system of sharia supervision, ie there is no fatwa authority at the national level. Generally these countries do not regulate in detail about the aspects of SG and allow each financial institution to regulate it themselves and or refer to international institutions.
JEBI (Jurnal Ekonomi dan Bisnis Islam), 2018
The study aims to examine the influence of intellectual capital to social performance of Islamic ... more The study aims to examine the influence of intellectual capital to social performance of Islamic banks. The study assumes there is an intervening role of financial performance on the relation between intellectual capital and social performance of Islamic banks. The VAIC (valued added intellectual capital) is used to measure the intellectual capital. While social capital of Islamic banks comprises four main aspects which are contribution economic development, society, stakeholders, and human development & research. The financial performance is represented by ROA and ROE. The study finds that intellectual capital of Islamic banks has an increasing performance during the period of the study where human capital is the main backbone. Otherwise, social performances of Islamic banks are relatively fluctuated and tend to remain stable during the period. The statistical test shows that intellectual capital has no significant impact on social performance of Islamic banks. However intellectual capital positively and significantly influences financial performance of Islamic banks.
The study aims to rank the degree of economic Islamicity for all provinces in Indonesia using 'ec... more The study aims to rank the degree of economic Islamicity for all provinces in Indonesia using 'economic islamicity index'. Other than that, the study investigates the impacts of economic performances, market share of Islamic banking and human development to economic Islamicity performance. To achieve the purposes, the study employs index method, descriptif analisis,correlation and regression models. The study finds that Indonesia as Muslim majority population has lower degree of Islamicity, particularly in the aspect of economic Islamicity. The average performances of all provinces are in middle level which is ranging between 30-40 points. The result indicates that the overall performances of economic Islamicity for all provinces in Indonesia are relatively same, there is no signficant gap between them. The statistical findings confirm that economic performances (economic growth and income per capita) and humand development are statistically significant in affecting the index performances. Thus, economic and human development are among the keys achieving the purposes of the Islamic economic system.
Indeks Kinerja Perbankan Syariah di Asia Tenggara Berdasarkan Konsep Maqâshid al-Syarî`ah. Bank s... more Indeks Kinerja Perbankan Syariah di Asia Tenggara Berdasarkan Konsep Maqâshid al-Syarî`ah. Bank syariah sebagai sistem perbankan yang menjalankan visi Islam dalam bidang keuangan dan ekonomi seharusnya mengembangkan metode pengukuran kinerja yang sesuai dengan visi yang diembannya. Visi bank syariah dapat diturunkan dari visi yang dinginkan dibalik dari hukum-hukum syariah yang biasa disebut
maqâshid al-syarî`ah. Oleh karena itu, penelitian ini bermaksud mengembangkan metode pengukuran kinerja perbankan syariah berdasarkan kerangka maqâshid al-syarî`ah. Indeks maqâshid al-syarî`ah adalah indeks yang didasarkan pada tiga visi utama bank syariah, yaitu pendidikan individu (ta’dîb al-fard), penegakan keadilan (iqâmah al-`adl) dan mendorong kesejahteraan (jalb al-maslâhah). Dari visi (dimensi) tersebut diturunkan ke dalam indikator-indikator yang relevan dan terukur. Penelitian ini menggunakan metode indeksasi dalam menghitung indeks maqâshid al-syarî`ah dengan studi kasus perbankan syariah yang telah beroperasi di Asia Tenggara meliputi Indonesia, Malaysia, Brunei Darussalam, Singapura, Thailand
dan Filipina. Penelitian ini menemukan bahwa mayoritas bank syariah di Asia Tenggara memiliki kinerja indeks maqâshid al-syarî`ah yang rendah. Hal ini menunjukkan bahwa perbankan syariah umumnya masih dijalankan berdasarkan pada visi konvensional meskipun sudah beroperasi sesuai dengan prinsip syariah atau sharia compliance.
Indonesia's economy grows persistently with positive growth when developed countries are otherwis... more Indonesia's economy grows persistently with positive growth when developed countries are otherwise. In the meantime, government expenditure increases gradually in order to boost economic growth of the country. In literatures, the impact of government fiscal policy to the outputs or national income varies, as well as the impact of banking sector including Islamic banking sector. Therefore, this study aims to empirically analyze the impact of government expenditure and Islamic banking financing for economic growth by utilizing panel data of 33 provinces in Indonesia during 2010-2015. Besides that, the number of investment and employment were included as explanatory factors for regional economic growth in the study. Methodologically, common, fixed and random effects were employed to estimate coefficient of the independent variables. The study finds that government expenditure, Islamic banking financing, investment and number of employments have significant-positive influence to regional economic growth
Currency System And It's Impact On Economic Stability. A number of economic problems that occurre... more Currency System And It's Impact On Economic Stability. A number of economic problems that occurred during the power of Mamluk (1250-1517 AD) was considered as a result of the change to currency system, namely from the system of commodity-based money (gold and silver) into paper-based money (fiat). Instability prices, decrease of trading activities, high of unemployment number were a number of economic indicators that occurred at that time. This issue of macro-economy was considered as a result of changes in the money system. This study analyzes the dynamic relationship between the price of gold as a representation of commodity money system and M2 as a representation of fiat money against the stability of economic indicators such as inflation, economic growth, stock prices, and unemployment and interest rates. This study found that both systems not vary significantly against each other in its influence on macroeconomic variables. It means that the two systems do not have contrast distinction. Indeed, it was found that the commodity-based money system is not free of inflation, as propagated by the supporters of the dinar and dirham (dinarist).
The existence of the switching behavior among Islamic bank customers may affect to the survival o... more The existence of the switching behavior among Islamic bank customers may affect to the survival of the Islamic banks of the country. Switching behavior is mostly as an outcome of the negative service experience that may be related to several factors. The purpose of the study is to provide an insight of the drivers that lead to a bank customer switching behavior from one Islamic bank to another bank. The study employed survey method through questionnaire instrument and distributed to Islamic banking customers in several areas of Banten Province, Indonesia. The result of statistical analysis shows that customer satisfaction, service quality, shariah compliance, prices and involuntary switching have their significant effect on customers’ switching behavior in the Islamic banks. However, service failure and advertisement are not statistically significant in driving bank switching. Therefore, the Islamic bank manager should shape their business model around customers’ needs and focuses operational improvements on customers’ most valued interactions.
Penelitian ini bermaksud untuk mengembangkan konsep maqashid syariah (MS) sebagai basis penentuan... more Penelitian ini bermaksud untuk mengembangkan konsep maqashid syariah (MS) sebagai basis penentuan tujuan utama yang harus dicapai oleh bank syariah yang selanjutnya dikembangkan metode pengukurannya melalui rasio-rasio kinerja yang relevan. Konsep MS didasarkan pada tiga tujuan utama yang ingin dicapai, yaitu (i) pendidikan individu (tahdhib al-fard); (ii) penegakan keadilan (iqamah al-'adl); dan (iii) mendorong kesejahteraan (jalb al-maslahah). Ketiga konsep itu selanjutnya diturunkan menjadi dimensi, elemen dan indikator terukur pada masing-masing bank umum syariah di Indonesia. Dengan menggunakan metode indeksasi dan pembobotan dengan data laporan keuangan tahun 2014, penelitian ini menemukan bahwa tidak ada korelasi antara jumlah aset bank syariah dengan kinerja MS-nya. Hal ini terlihat bank Mandiri Syariah sebagai Bank Umum Syariah (BUS) terbesar asetnya di Indonesia justru memiliki kinerja MS yang rendah. Sebaliknya, bank Maybank Syariah dan Panin Syariah yang jumlah asetnya relatif jauh lebih kecil justru memiliki kinerja MS yang tinggi. Oleh karena itu, bank syariah di Indonesia harus menjadikan maqashid shariah sebagai tujuan organisasi dan mengembangkan metode evaluasinya.
Some earlier studies show that religion and economic activities have strong relationship. The stu... more Some earlier studies show that religion and economic activities have strong relationship. The study measured the level of 'the Islamic economy' provinces in Indonesia using the model 'index of the Islamic economy ". The index concept is actually a composite index derived from main purposes of Islamic economy system. The main concepts are divided into several Islamic economic principles then proxied by several relevant and measurable economic indicators. The model provides ranking of Islamic economy performance for all provinces in Indonesia.This study found that the South Sumatra province occupies the highest position in the acquisition of the index score. Instead, the province of Papua into the provinces which have the lowest index score compared to other provinces. Furthermore, there are only a total of 11 provinces of the provinces in Indonesia which has an index score above 50 points. This means an average of regions / provinces in Indonesia have a performance index on the achievement of the objectives of Islamic economy system is relatively low.
Terdapat sejumlah studi yang membuktikan bahwa agama dan kinerja ekonomi memiliki hubungan yang kuat. Studi ini mengukur tingkat 'keIslaman ekonomi' provinsi-provinsi di Indonesia menggunakan model 'indeks keIslaman ekonomi ". Konsep indeks ini merupakan indeks komposit dari tujuan utama yang ingin dicapai oleh sistem ekonomi Islam. Tujuan utama tersebut selanjutnya diturunkan menjadi prinsip-prinsip ekonomi Islam yang nantinya akan diproksikan oleh sejumlah indikator ekonomi yang relevan dan terukur. Model ini menghasilkan peringkat rangking 'keIslaman' ekonomi provinsi-provinsi di Indonesia dalam bentuk indeks. Penelitian ini menemukan bahwa provinsi Sumatera Selatan menempati
Data-data statistisk terkahir menunjukkan Asia Tenggara sudah menjadi salah satu pusat perkembang... more Data-data statistisk terkahir menunjukkan Asia Tenggara sudah menjadi salah satu pusat perkembangan industri keuangan syariah global. Indonesia and Malaysia menjadi kunci penggerak utama perkembangan industri keuangan syariah di Asia Tenggara. Penelitian ini menyajikan analisis deskriptif atas perkembangan keuangan syariah di negara-negara Asia Tenggara khususnya Indonesia, Malaysia, Brunei Darussalam, Singapura, Thailan dan Filipina. Penelitian ini fokus pada kajian sejarah dan kerangka regulasi lembaga keuangan syariah di yusrisdiksi. Penelitian menemukan bahwa terdapat perbedaan kerangka regulasi di masing-masing negara Asia Tenggara terkait dengan regulasi lembaga keuangan syariah. Kesenjangan regulasi ini tentunya menjadi tantangan dalam menciptakan sistem integrasi keuangan syariah sebagai bagian dari program integrasi ekonomi ASEAN.
Kata kunci: Negara Asia Tenggara (ASEAN), regulasi, lembaga keuangan syariah
Current statistic shows that Southeast Asia region has transformed as leading center for global Islamic financial industry. Indonesia and Malaysia are the leading countries for Islamic finance industry in the region. The study aims to provide a descriptive analysis of Islamic finance development in Southeast Asia countries, namely Indonesia, Malaysia, Brunei Darussalam, Singapore, Thailand, and Philippine. The study focuses on the history and regulatory analysis for Islamic finance industry across jurisdiction. It finds that the regulation governs for Islamic financial institutions in each countries are varies. These differences will be a challenge in creation of Islamic finance integration as a part of ASEAN economic integration program.
Keyword: Southeast Asia Countries (ASEAN), regulation, Islamic financial institutions
This study attempts to empirically analyze the factors that are important in determining the Isla... more This study attempts to empirically analyze the factors that are important in determining the Islamic bank deposit and conventional bank deposit in the case of Indonesia. By employing the vector autogression analysis along with the associated granger causality, variance decomposition and impulse response function for all banks in Indonesia, the study examine the importance of selected financial and macroeconomic variables in determining the level of deposit of Islamic banks as well as conventional banks. Using monthly data, the study covers the period from January, 2004 to September, 2013. The results highlight the influential role of interest rate and rate of return in determining the level of bank deposit (Islamic and conventional). The finding also shows the existence of interest risk on the Islamic bank system. Another finding reveals that inflation, stocks price and economic growth influence the level of deposit in the banking system.
Shariah governance is peculiarly exclusive and unique to institutions offering Islamic products a... more Shariah governance is peculiarly exclusive and unique to institutions offering Islamic products and services. The study analyzes the regulatory framework of shariah governance system for Islamic financial institutions (IFIs) in Indonesia through content analysis for selected acts, regulations, circular letters, and other relevant regulations. The shariah governance system is analyzed through five aspects, namely regulatory provision, organizational structure, process and function for shariah board. The study finds that shariah governance system for IFIs in Indonesia is mentioned briefly in the Islamic Banking Act and then described generally by Indonesia’s banking regulations and its circular letter. Organizational structure for shariah governance adopts centralized model through national fatwa council at national level and shariah board within industry. While in terms of the process, Indonesia adopts a moderate approach. Additionally, the main functions of shariah board are supervisory and advisory.
Corporate governance for Islamic banking has a unique feature compared with banking conventional.... more Corporate governance for Islamic banking has a unique feature compared with banking conventional. It is required to complement the existing governance framework with shariah governance system to ensure the shariah compliance of all Islamic banking's operational. Therefore, this study aims to analyze the effect of the practice of shariah governance to the quality of GCG implemented by Islamic banks. Practices of shariah governance are measured by number of shariah board members, doctoral qualification of shariah board and frequency of shariah board meeting. The study finds that shariah governance has a significant impact to the increase quality of GCG in Islamic banks. Another interesting finding is that the increase of credit risk (NPF) leads to the worse of Islamic banks' corporate governance. ROA and CAR have no significant effect to the quality of corporate governance in Islamic banks. The study recommends that the Islamic banks should improve their shariah governance practices in order to increase their governance performance as well as public confidence.
Abstract
Shariah governance is a term that would represent a model of corporate governance desig... more Abstract
Shariah governance is a term that would represent a model of corporate governance designed to ensure the compliance of shariah principles. Keeping in view, the study analyzes the regulatory framework of shariah governance system for Islamic financial institution between Indonesia and Malaysia. Comparatively analysis is conducted on the four major aspects of shariah governance, namely regulatory framework, organizational structure, process and function of shariahcouncil. The study finds that there are many similarities as well as difference of shariah governance practices in both countries The similarity, for example, is that both countries have a centralized fatwa council at national level and shariah board at firm level to supervise the implementation of fatwa at industry. According to the process of shariah governance particularly on the restriction of any appointment as ashariah board in other financial institutions and qualification for the shariah board, Malaysia adopts strict approach, while Indonesia adopts moderate approach.
Abstraksi
Tata kelola syari’ah atau shariah governance merupakan istilah yang dapat merepresentasikan akan suatu model tata kelola yang didesain secara kelembagaan untuk memastikan kepatuhan terhadap aspek syari’ah. Penelitian ini bermaksud untuk menganalisa model tata kelola syari’ah bagi lembaga keuangan syari’ah yang ada di Indonesia dan Malaysia, berdasarkan kerangka hukum di masing-masing yurisdiksi tersebut. Analisis komparatif dilakukan pada empat aspek utama dari sistem tata kelola syari’ah, yaitu regulasi, struktur organisasi, proses dan fungsi dewan syari’ah. Penelitian ini menemukan berbagai kesamaan dan perbedaan tentang model tata kelola syari’ah di kedua negara tersebut. Persamaanya misalnya adalah kedua negara tersebut menerapkan sistem sentralisasi fatwa melalui lembaga fatwa di tingkat nasional yang pengawasan penerapannya di industri dilakukan oleh dewan syari’ah pada internal perusahaan. Sementara pada aspek proses khususnya masalah rangkap jabatan dan kompotensi bagi anggota dewan syari’ah, di Malaysia menggunakan pendekatan ketat. Sementara di Indonesia cenderung moderat.
Keywords: tata kelola, shariah governance, lembaga keuangan syari’ah, dewan pengawas syari’ah, fatwa.
Penelitian ini bertujuan untuk menganalisis pengaruh sejumlah variabel yaitu ukuran bank, umur ba... more Penelitian ini bertujuan untuk menganalisis pengaruh sejumlah variabel yaitu ukuran bank, umur bank, profitablitas dan leverage terhadap pengungkapan Islamic Social reporting (ISR) pada Bank Umum Syariah di Indonesia dari periode 2010 sampai 2012. Pengungkapan ISR dilakukan dengan cara analisis konten melalui metode skoring. Penelitian ini menemukan bahwa hanya variabel ukuran bank yang berpengaruh signifikan positif terhadap pengungkapan ISR pada Bank Umum Syariah di Indonesia. Semakin besar aset yang dimiliki oleh bank syariah maka semakin tinggi penguungkapan ISR-nya. Penelitian ini juga menemukan bahwa bank syariah mengalami peningkatan rata-rata indeks pengungkapan ISR selama periode penelitian. Akan tetapi, pengungkapan ISR bank syariah baru memenuhi sekitar 50 persen dari keseluruhan item pengungkapan yang harus di-disclosure berdasarkan pada model yang dikembangkan pada penelitian ini.
Keywords: Islamic social reporting, profitabilitas, ukuran bank, corporate social responsibility, leverage, umur bank.
Penelitian ini berusaha untuk melihat kesamaan antara kandungan konstitusi ekonomi Indonesia deng... more Penelitian ini berusaha untuk melihat kesamaan antara kandungan konstitusi ekonomi Indonesia dengan ekonomi Islam. Secara garis besar konstitusi ekonomi Indonesia memiliki kesamaan dengan sistem ekonomi Islam khususnya pada tataran nilai dasar, prinsip dasar dan instrumentalnya. Kesamaan dasarnya terletak pada asas kegiatan ekonominya yang didasarkan pada prinsip kekeluaragaan dan kebersamaan beserta peranan penting negara dalam pengalokasian sumber daya ekonomi untuk kemakmuran dan kesejahteraan bersama. Kesamaan penting lainnya adalah adanya kepedulian yang tinggi terhadap kaum fakir miskin dan anak-anak yang terlantar melalui instrumen-intrumen kebijakan ekonomi berupa jaminan dan perlindungan sosial. Olehnya, tidak perlu dilakukan pertentangan antara konstitusi ekonomi Indonesia atau ekonomi Pancasila dengan ekonomi Islam.
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Papers in Journals by Ali Rama
religious and ethical perspective of socio-economic development in Muslim countries. It is argued that Muslim countries have some special features, cultures, and values that are not completely accommodated by the HDI measurement. Therefore, the current study is an attempt to propose an Islamic Human Development Index (I-HDI) as a holistic and comprehensive index for human development derived from the five
dimensions of maqāṣid al-Sharīʿah: religion (dīn), life (nafs), intellect (ʿaql), family (nasl) and wealth (māl). The computation method of an I-HDI is parallel with the HDI method. The constructed index is utilized to rank the human development level for 33 provinces in Indonesia. The study finds that the composition rank between I-HDI and HDI is slightly different. However, the two indices have a statistical positive correlation confirming the assumption that I-HDI might serve as a predictor for the
rank of HDI. The findings also show that the majority of the provinces in Indonesia have a poor performance in overall score of I-HDI.
maqâshid al-syarî`ah. Oleh karena itu, penelitian ini bermaksud mengembangkan metode pengukuran kinerja perbankan syariah berdasarkan kerangka maqâshid al-syarî`ah. Indeks maqâshid al-syarî`ah adalah indeks yang didasarkan pada tiga visi utama bank syariah, yaitu pendidikan individu (ta’dîb al-fard), penegakan keadilan (iqâmah al-`adl) dan mendorong kesejahteraan (jalb al-maslâhah). Dari visi (dimensi) tersebut diturunkan ke dalam indikator-indikator yang relevan dan terukur. Penelitian ini menggunakan metode indeksasi dalam menghitung indeks maqâshid al-syarî`ah dengan studi kasus perbankan syariah yang telah beroperasi di Asia Tenggara meliputi Indonesia, Malaysia, Brunei Darussalam, Singapura, Thailand
dan Filipina. Penelitian ini menemukan bahwa mayoritas bank syariah di Asia Tenggara memiliki kinerja indeks maqâshid al-syarî`ah yang rendah. Hal ini menunjukkan bahwa perbankan syariah umumnya masih dijalankan berdasarkan pada visi konvensional meskipun sudah beroperasi sesuai dengan prinsip syariah atau sharia compliance.
Terdapat sejumlah studi yang membuktikan bahwa agama dan kinerja ekonomi memiliki hubungan yang kuat. Studi ini mengukur tingkat 'keIslaman ekonomi' provinsi-provinsi di Indonesia menggunakan model 'indeks keIslaman ekonomi ". Konsep indeks ini merupakan indeks komposit dari tujuan utama yang ingin dicapai oleh sistem ekonomi Islam. Tujuan utama tersebut selanjutnya diturunkan menjadi prinsip-prinsip ekonomi Islam yang nantinya akan diproksikan oleh sejumlah indikator ekonomi yang relevan dan terukur. Model ini menghasilkan peringkat rangking 'keIslaman' ekonomi provinsi-provinsi di Indonesia dalam bentuk indeks. Penelitian ini menemukan bahwa provinsi Sumatera Selatan menempati
Kata kunci: Negara Asia Tenggara (ASEAN), regulasi, lembaga keuangan syariah
Current statistic shows that Southeast Asia region has transformed as leading center for global Islamic financial industry. Indonesia and Malaysia are the leading countries for Islamic finance industry in the region. The study aims to provide a descriptive analysis of Islamic finance development in Southeast Asia countries, namely Indonesia, Malaysia, Brunei Darussalam, Singapore, Thailand, and Philippine. The study focuses on the history and regulatory analysis for Islamic finance industry across jurisdiction. It finds that the regulation governs for Islamic financial institutions in each countries are varies. These differences will be a challenge in creation of Islamic finance integration as a part of ASEAN economic integration program.
Keyword: Southeast Asia Countries (ASEAN), regulation, Islamic financial institutions
Shariah governance is a term that would represent a model of corporate governance designed to ensure the compliance of shariah principles. Keeping in view, the study analyzes the regulatory framework of shariah governance system for Islamic financial institution between Indonesia and Malaysia. Comparatively analysis is conducted on the four major aspects of shariah governance, namely regulatory framework, organizational structure, process and function of shariahcouncil. The study finds that there are many similarities as well as difference of shariah governance practices in both countries The similarity, for example, is that both countries have a centralized fatwa council at national level and shariah board at firm level to supervise the implementation of fatwa at industry. According to the process of shariah governance particularly on the restriction of any appointment as ashariah board in other financial institutions and qualification for the shariah board, Malaysia adopts strict approach, while Indonesia adopts moderate approach.
Abstraksi
Tata kelola syari’ah atau shariah governance merupakan istilah yang dapat merepresentasikan akan suatu model tata kelola yang didesain secara kelembagaan untuk memastikan kepatuhan terhadap aspek syari’ah. Penelitian ini bermaksud untuk menganalisa model tata kelola syari’ah bagi lembaga keuangan syari’ah yang ada di Indonesia dan Malaysia, berdasarkan kerangka hukum di masing-masing yurisdiksi tersebut. Analisis komparatif dilakukan pada empat aspek utama dari sistem tata kelola syari’ah, yaitu regulasi, struktur organisasi, proses dan fungsi dewan syari’ah. Penelitian ini menemukan berbagai kesamaan dan perbedaan tentang model tata kelola syari’ah di kedua negara tersebut. Persamaanya misalnya adalah kedua negara tersebut menerapkan sistem sentralisasi fatwa melalui lembaga fatwa di tingkat nasional yang pengawasan penerapannya di industri dilakukan oleh dewan syari’ah pada internal perusahaan. Sementara pada aspek proses khususnya masalah rangkap jabatan dan kompotensi bagi anggota dewan syari’ah, di Malaysia menggunakan pendekatan ketat. Sementara di Indonesia cenderung moderat.
Keywords: tata kelola, shariah governance, lembaga keuangan syari’ah, dewan pengawas syari’ah, fatwa.
Keywords: Islamic social reporting, profitabilitas, ukuran bank, corporate social responsibility, leverage, umur bank.
religious and ethical perspective of socio-economic development in Muslim countries. It is argued that Muslim countries have some special features, cultures, and values that are not completely accommodated by the HDI measurement. Therefore, the current study is an attempt to propose an Islamic Human Development Index (I-HDI) as a holistic and comprehensive index for human development derived from the five
dimensions of maqāṣid al-Sharīʿah: religion (dīn), life (nafs), intellect (ʿaql), family (nasl) and wealth (māl). The computation method of an I-HDI is parallel with the HDI method. The constructed index is utilized to rank the human development level for 33 provinces in Indonesia. The study finds that the composition rank between I-HDI and HDI is slightly different. However, the two indices have a statistical positive correlation confirming the assumption that I-HDI might serve as a predictor for the
rank of HDI. The findings also show that the majority of the provinces in Indonesia have a poor performance in overall score of I-HDI.
maqâshid al-syarî`ah. Oleh karena itu, penelitian ini bermaksud mengembangkan metode pengukuran kinerja perbankan syariah berdasarkan kerangka maqâshid al-syarî`ah. Indeks maqâshid al-syarî`ah adalah indeks yang didasarkan pada tiga visi utama bank syariah, yaitu pendidikan individu (ta’dîb al-fard), penegakan keadilan (iqâmah al-`adl) dan mendorong kesejahteraan (jalb al-maslâhah). Dari visi (dimensi) tersebut diturunkan ke dalam indikator-indikator yang relevan dan terukur. Penelitian ini menggunakan metode indeksasi dalam menghitung indeks maqâshid al-syarî`ah dengan studi kasus perbankan syariah yang telah beroperasi di Asia Tenggara meliputi Indonesia, Malaysia, Brunei Darussalam, Singapura, Thailand
dan Filipina. Penelitian ini menemukan bahwa mayoritas bank syariah di Asia Tenggara memiliki kinerja indeks maqâshid al-syarî`ah yang rendah. Hal ini menunjukkan bahwa perbankan syariah umumnya masih dijalankan berdasarkan pada visi konvensional meskipun sudah beroperasi sesuai dengan prinsip syariah atau sharia compliance.
Terdapat sejumlah studi yang membuktikan bahwa agama dan kinerja ekonomi memiliki hubungan yang kuat. Studi ini mengukur tingkat 'keIslaman ekonomi' provinsi-provinsi di Indonesia menggunakan model 'indeks keIslaman ekonomi ". Konsep indeks ini merupakan indeks komposit dari tujuan utama yang ingin dicapai oleh sistem ekonomi Islam. Tujuan utama tersebut selanjutnya diturunkan menjadi prinsip-prinsip ekonomi Islam yang nantinya akan diproksikan oleh sejumlah indikator ekonomi yang relevan dan terukur. Model ini menghasilkan peringkat rangking 'keIslaman' ekonomi provinsi-provinsi di Indonesia dalam bentuk indeks. Penelitian ini menemukan bahwa provinsi Sumatera Selatan menempati
Kata kunci: Negara Asia Tenggara (ASEAN), regulasi, lembaga keuangan syariah
Current statistic shows that Southeast Asia region has transformed as leading center for global Islamic financial industry. Indonesia and Malaysia are the leading countries for Islamic finance industry in the region. The study aims to provide a descriptive analysis of Islamic finance development in Southeast Asia countries, namely Indonesia, Malaysia, Brunei Darussalam, Singapore, Thailand, and Philippine. The study focuses on the history and regulatory analysis for Islamic finance industry across jurisdiction. It finds that the regulation governs for Islamic financial institutions in each countries are varies. These differences will be a challenge in creation of Islamic finance integration as a part of ASEAN economic integration program.
Keyword: Southeast Asia Countries (ASEAN), regulation, Islamic financial institutions
Shariah governance is a term that would represent a model of corporate governance designed to ensure the compliance of shariah principles. Keeping in view, the study analyzes the regulatory framework of shariah governance system for Islamic financial institution between Indonesia and Malaysia. Comparatively analysis is conducted on the four major aspects of shariah governance, namely regulatory framework, organizational structure, process and function of shariahcouncil. The study finds that there are many similarities as well as difference of shariah governance practices in both countries The similarity, for example, is that both countries have a centralized fatwa council at national level and shariah board at firm level to supervise the implementation of fatwa at industry. According to the process of shariah governance particularly on the restriction of any appointment as ashariah board in other financial institutions and qualification for the shariah board, Malaysia adopts strict approach, while Indonesia adopts moderate approach.
Abstraksi
Tata kelola syari’ah atau shariah governance merupakan istilah yang dapat merepresentasikan akan suatu model tata kelola yang didesain secara kelembagaan untuk memastikan kepatuhan terhadap aspek syari’ah. Penelitian ini bermaksud untuk menganalisa model tata kelola syari’ah bagi lembaga keuangan syari’ah yang ada di Indonesia dan Malaysia, berdasarkan kerangka hukum di masing-masing yurisdiksi tersebut. Analisis komparatif dilakukan pada empat aspek utama dari sistem tata kelola syari’ah, yaitu regulasi, struktur organisasi, proses dan fungsi dewan syari’ah. Penelitian ini menemukan berbagai kesamaan dan perbedaan tentang model tata kelola syari’ah di kedua negara tersebut. Persamaanya misalnya adalah kedua negara tersebut menerapkan sistem sentralisasi fatwa melalui lembaga fatwa di tingkat nasional yang pengawasan penerapannya di industri dilakukan oleh dewan syari’ah pada internal perusahaan. Sementara pada aspek proses khususnya masalah rangkap jabatan dan kompotensi bagi anggota dewan syari’ah, di Malaysia menggunakan pendekatan ketat. Sementara di Indonesia cenderung moderat.
Keywords: tata kelola, shariah governance, lembaga keuangan syari’ah, dewan pengawas syari’ah, fatwa.
Keywords: Islamic social reporting, profitabilitas, ukuran bank, corporate social responsibility, leverage, umur bank.