Penerapan Dinar dan Stabilitas Ekonomi: Pendekatan Vector Autoregression

The application of fiat money in transaction makes unstability in economy. To solve this problem, it needs a strong monetary system that support by stabil currency. This research is going to analyze the impact of dinar on economic stability in Indonesia. This study use vector error correction model as tool of analysis. The result shows that exchange rate had negative impat of economic growth, but dinar give a positive impact on economic growth. Besides that, the dinar doesn't give an impact on inflation increasing in Indonesia. This result imply that the application of dinar will make an economy relatively stabil than fiat money currency

Measuring Efficiency of Life Insurance Instution in Indonesia: Data Envelopment Analysis Approach

This study aims to measure the level of efficiency of the life insurance industry in Indonesia. The calculation of the efficiency level in this study is relative, not absolute. The approach used is Data Envelopment Analysis (DEA). There are 8 research objects: Prudential, BNI Life, PaninDai-IchiLife, Asuransi Jiwasraya and Life Insurance Adisaranan Wanaartha, Takaful Takaful Insurance, Amanahjiwa Giri sharia insurance and Al-Amin sharia life insurance. This study consists of three input variables (cost of Commissive (X1), Operational Cost (X2), Total Equity (X3) and 2 output variables (Premium) (Y1) and Investment Revenue (Y2)). The results explain that there are 15 perfectly efficient DMUs (100%). And an inefficient of 24 DMU, consisting of 7 DMU conditions IRS and 17 DMU with DRS conditions. Of all the DMU observed, Prudential insurance is a life insurance company that is able to maintain its gradual efficiency level from 2013 to 2016 when compared to other life insurance in this observation. In general, the main factor inefficiency of life insurance industry in Indonesia (in observation) from 2012 to 2016 is from the output side. To be more efficient then life insurance companies should increase the value of premiums by 91% and investment income of 8%

How Far Has Our Wakaf Been Researched?

In practice, waqf in Indonesia faces many hard problems, because commonly known as non-productive waqf. Talking about waqf, it's not only as religious rituality but also could touch humanity aspect by empowering its potency to maximize public wealth. On the other hand, the research related to waqf is still very lack, but it is very important to do. This study reviews on research around waqf. The study used descriptive statistical analysis based on 100 journal publications related to waqf, both national and International journal. The entire sample journal publications have published last 5 years from 2011 to 2015. Results show that the waqf research is still dominated by the discussion of non-cash waqf (62%) then the cash waqf (38%). This gives a general overview for researchers to produce better research related to cash waqf. In addition, comparison of quantitative research methods is still far less than the qualitative approach.DOI: 10.15408/etk.v15i1.311

The Comparison of Sukuk and Bond Absorption; Deficit Budget Financing in Indonesia

Objectives: This study aims to analyze: (i) the comparison of sukuk and bond absorption in deficit budget financing; and (ii) which variable that has significant effect on deficit budget (Y1= equation 1), on bond (Y2= equation 2) and on sukuk (Y3 = equation 3).Method: This study uses Two Stage Least Square (2SLS) method. The data used is from Bank of Indonesia, BPS, Ministry of Finance, IDX, ministry of trade, with monthly data, February 2009 – December 2015.Results: The result shows that sukuk has a significant negative effect on deficit budget while bond has a significant positive effect on deficit budget. In addition, import has a significant negative effect on deficit budget while exchange rate variable has a significant positive effect on deficit budget (the first equation). BI rate has significant negative effect on bond, while SBI and deficit budget has significant positive effect on bond (the second equation). Then, Inflation and bond has significant positive effect on sukuk, while deficit budget has significant negative effect on sukuk (the third equation).Conclusion: Both sukuk and bond have significant correlation in increasing each of them. Furthermore, both sukuk and bond have significant effect on deficit budget

Islamic Group Lending and Financial Inclusion

Based on measurements of several indicators including the level of community participation, community empowerment, repayment rate was good, cross reporting good, and the application of penalties in accordance with the applicable rules, the results show that with the program GLM people feel the difference in economic condition and social than before and after the program. This is a major discovery is valuable. The development strategy for the program GLM is divided into seven levels with the elements most important include: The need for equality of access to funds for all types of financial institutions, both banking and lending model-based group, the need to improve the quality of human resources as a pioneer of service models based lending group this, as well as the importance of financial inclusion in the entire financial systemDOI: 10.15408/sjie.v5i1.312

The Measurement of Islamic Bank Performance: a Study Using Maqasid Index and Profitability

This study aims to 1) measure Syariah Maqasid Index (SMI) and Profitability Index (PI) of Islamic Banks, and 2) compare the Syariah Maqasid and Profitability Index of Islamic Banks during 2011-2014 with cartesian diagram. This research consists of 2 methods: syariah maqasid index weighting (sekaran method), and Comparative Performance Index (CPI). The object of research consist of 11 Islamic Banks (BUS) in Indonesia with annual data 2011 to 2014. Result: Syariah Maqasid Index of BUS during 2011-2014 from the highest to the lowest, namely Panin Syariah (0254), BCAS (0212), BMI (0208), BRIS (0207), BSM (0202), BSB (0.2008), BJBS ( 0.2006), Victoria Syariah (0199), Maybank Syariah (0197), BNIS (0195), Mega Syariah Bank (0172). Then Profitability Index of BUS in 2011-2014 from the highest to the lowest, namely Maybank Syariah (628.5), Bank Mega Syariah (472.1), BSM (459.9), Panin Syariah (395.5), Victoria Sharia (355.4), BNIS (252.6), BMI (218.2), BCAS (155.4), BSB (150.9), BRIS (135.3), and BJBS (122.3). Conclusion: The highest of Syariah Maqasid Index is Panin Syariah Bank in period 2011-2014, while the highest of Profitability Index is Maybank Syariah in period 2011-2014

Mengukur Indeks Keislaman Ekonomi Negara ASEAN

There are many factors in determining economic growth as well as an explanation of the success of economic performance that not only includes political and social forces. In particular there has been attention to the role of religion in the economics, with a number of economists that explored the relationship between religion and economic performance. This paper aims to measure how Islamic countries, which declared their country as an Islamic State or Islamic majority adherents, or as a member of the Organization of Islamic Confederation (OIC) which is part of the ASEAN? Are these countries run on Islamic economic principles? To measure Economic IslamicityIndex ASEAN countries, we use 10 indicators Economic Islamicity Index represented by 10 representatives based on the Islamic principles in economic