Educational Programs For Financial Planning in Jogahan Village, Kulon Progo, Yogyakarta

Financial education is a strategy for mitigating the effects of unexpected financial crises. Planning is essential not only for organizations, but also for people and households. However, when compared to financial planning in practice, such as investment or saving recommendations, study focusing on financial education is uncommon. In our situation, for example, residents of Jogahan village are illiterate and admit to lacking financial planning expertise. As a result, the purpose of this study is to evaluate the efficacy of a month-long financial education program aimed primarily at children, youth, and society in general. According to the results, the programs achieve an 80% degree of success from the intended targets. The programs helped them improve their financial literacy, which included financial planning. However, this application did not teach them using an algorithm that can indicate the optimal composition of assets accumulated in order to maintain their life sustainability. Financial education, in the long term, contributes to a more sustainable existence as well as a more resilient economic society

Peningkatan Literasi Keuangan Melalui Pelatihan dan Sertifikasi Perencanaan Keuangan Keluarga Syariah Pada Perangkat Desa di Kelurahan Lumbungrejo, Sleman, Yogyakarta

Kelurahan Lumbungrejo terletak di Kapanewon Tempel Yogyakarta yang terdiri dari 7000 penduduk tersebar di 10 dusun. Mata pencaharian utama adalah petani, buruh dan pedanag dengan tingkat pendapatan per bulan rata-rata 1 juta rupiah. Namun demikian, Ibu rumah tangga di kapanewon tempel mengaku pernah terlilit lintah darat dan secara umum mengaku tidak mengetahui konsep perencanaan keuangan keluarga yang benar. Latar belakang Pendidikan SMP dan SMA< serrta adanya warga yang menjadi tenaga migran di luar negeri, memberikan kesan bahwa literasi keuangan dan otomatis perencanaan keuangan di daerah ini masih rendah. Berdasarkan kondisi ini, maka program pengabdian ini mencoba untuk memberikan pemahaman dan meningkatkan tingkat literasi keuangan masyarakat di kapanewon tempel. Metode yang kami lakukan adalah (1) pembuatan modul perencanaan keuangan Syariah beserta pendampingan penggunaan aplikasi perencanaan keuangan (Indonesia Financial Planning Engine – IFPE Syariah), dan (2) mengundang 15 peserta yang direkomendasikan oleh Kepala Kelurahan Lumbungrejo yang mencakup 10 orang perwakilan dari dukuh dan 5 orang perwakilan dari staf kelurahan, dan (3) pelatihan dan sertifikasi perencanaan keuangan keluarga berbasis aplikasi, serta (4) launching komunitas perencana keuangan sebagai wadah untuk bertukar info dan kegiatan. Dalam praktiknya, kami berkolaborasi dengan Lembaga Sertifikasi Profesi Universitas Internasional Semen Indonesia (UISI) yang memiliki izin dalam melakukan sertifikasi. Setelah mengikuti pelatihan selama 2 hari penuh, ke-15 peserta mengikuti ujian yang meliputi ujian: (1) perencanaan anggaran, (2) perencanaan asuransi jiwa syariah, (3) perencanaan dana pension, (4) perencanaan dana Pendidikan anak, (5)perencanaan pembelian rumah, (6) perencanaan ibadah haji, dan (7) laporan keuangan pribadi. Setelah kami nilai dan cermati, ke-15 peserta dinyatakan lulus dan mendapat gelar non akademik Associate Wealth Planner (AWP) Syariah. Selain itu, berdasarkan survey evaluasi kegiatan, 90 persen peserta menyatakan puas, 96 persen mengaku kegiatan ini penting dan bermanfaat, serta berdasarkan pre-dan post tes, didapatkan ada kenaikan 13 persen dalam hal tingkat literasi keuangan peserta dari 60% ke 73%. Pihak kelurahan dan peserta berharap kegiatan ini bisa berlanjut melalui kegiatan yang dikelola dalam komunitas perencana keuangan yang sudah di launching

Development Strategies towards a Reputable International Program: Special Focus at International Program for Islamic Economics and Finance, Universitas Muhammadiyah Yogyakarta

Internationalization is unevitable in the midst of globalization era. Higher education, not exception, must welcome the internationalization agenda by setting up some strategic programs and approaches through various and innovative internationalization activities. Universitas Muhammadiyah Yogyakarta (UMY) is one of premier universities in Indonesia which is continuously committed to promote internationalization agenda, shown by the setting up the long term roadmap to internationalization. Technically, the internationalization process is executed by some international programs, such as International Program for Islamic Economics and Finance (IPIEF) which structurally is under department of economics, faculty of economics and business. In consonant with internationalization, IPIEF refers to stipulated vision and mission by department of economics, which is in line with university’s road map, namely to move as a reputable international program. Practically, IPIEF has set some programs which indicate some serious efforts and commitments which is based on integration between Islamic and conventional values in its curriculum. Surely, the integration intends to cover the notion that internationalization is not merely to equip students and staffs with pragmatic-based aspect, but also value-based aspect. A set of international instruments are developed which are divided into five separated pillars and buffered by some activities within its respective pillars. Finally, IPIEF proposes a masterplan as a raw model consists of standardized business models, including input, process, and output, tied with solid vision and mission. In turn, internationalization agenda is expected not only as a showcase of university agenda as part of international community, but also as a tool to promote impacts in community at large

CONSTRUCTING ISLAMIC BANKING RESILIENCE INDEX IN INDONESIA

Islamic banking plays critical roles in providing many essential economic functions and services to the entire financial system and the overall economy. Thus, a strong and the resilience of Islamic banking is the foundation and pre-condition for achieving sustainable economic growth, given that banks are at the centre of the credit intermediation process between savers and investors. One of the main causes of past financial crisis was that the banking sector had built up excessive both on-and-off balance sheet levereage. To address such financial crisis, the resilience of Islamic banking needs to be developed. Therefore, this paper searches the level of resilience of Islamic banking by building the Islamic Banking Resilience Index (IBRI). The level of resilience is analyzed through the construction of the composite index. The composite is compiled on the basis of several single variables index. Its construction follows an ideal sequence of five steps: theoretical framework, data selection, normalization, weighting and aggregation, and visualization of the result. Twelve variables are used to construct the composite index by using monthly data since January 2010 until December 2016. The composite index is able to figure out the resilience level of Islamic banking in Indonesia over periods of observation. At the resilience level, Islamic banking is able to deal with shocks and stresses, while keep providing financial services. The level of resilience is capable of preserving the elements of banking sector not failing from both crash and stagnation phase. Therefore, construction of IBRI is important as surveillance tools and underlying reason for further policy response and implementation. The composite index, represented by IBRI, is able to show the level of resilience of Islamic banking in Indonesia. The paper finally suggests that the resilience of Islamic banking requires a solid capital and liquidity management in order to provide a stronger ability in absorbing shocks and promoting financial services

The Influence of Service Quality, Price, Corporate Image, and Location Towards Customer Satisfaction on Autocare Universitas Muhammadiyah Yogyakarta

This study aims to analyze the Influence of Service Quality, Price, Corporate Image, and Location towards Customer Satisfaction on Autocare Universitas Muhammadiyah Yogyakarta. This study uses a quantitative approach. The data used is primary data obtained by distributing questionnaires to the customers of Autocare UMY to 99 respondents. The method of sample collection uses a purposive sampling technique. The technique of data analysis that used in this study to process the data is multiple linear regression. The results of this study indicates that all independent variables namely Service Quality, Price, Corporate Image, and Location has a positive and significant influence on the dependent variable, namely Customer Satisfaction both simultaneously and partially

KAJIAN KONSEP RASIONAL DAN MASLAHAH DALAM PENGEMBANGAN PERBANKAN SYARIAH: STUDI PERBANDINGAN ANTARA INDONESIA DAN MALAYSIA

The main idea about preference and utility in Islamic perspective is to describe consumer behavior in accordance with the concept of maslahah. This essay tries to replicate the concept of maslahah by dividing into good deeds (G) and bad deeds (B) with certain limits of ability (A). The Hicksian and Marshallian demand function is used to recover the problem by taking the comparison of Islamic banking objects between Indonesia and Malaysia. This paper uses several selected variables to measure the function of Masahah (M) as well as the ability (A). Empirically, the variables used to measure the function of Masahah are savings, financing, and yield rate. In addition, the Cobb-Douglas (CD) utility function is used to describe the maslahah model. The study results show that Indonesia has a bigger problem compared to Malaysia based on its Shariah banking practices. However, more business has to be done by the Sharia Bank in Indonesia to maintain the maslahah level than in Malaysia because maslahah is seen as a manifestation of good effort (Eg)

BUILDING THE INDEX OF RESILIENCE FOR ISLAMIC BANKING IN INDONESIA: A PRELIMINARY RESEARCH

The 2007-2008 global financial crises had brought severe financial instability in financial institutions, and since then it became more complex and irreparable. Therefore, it has become inevitable to examine various tools that can monitor resilience of these financial institutions, especially the banking system that plays significant role in economic development of a country. Although Islamic banking operates in the same financial environment, its distinguishing features and fundamental differences demand different treatment in building resilience. The scope of existing literature of banking surveillance tools is either to some extent, mostly limited to banking sector in general, or  it is dominated by partial developments. Hence, there is a significant gap that lies in the literature to address the specificity of Islamic and conventional  banking surveillance tools analysis to build resilience that can contribute to reduce the span of financial instability in a country. This study seeks to explore to fill in this gap in Indonesian jurisdiction. The study finds that optimum resilience level of Shari`ah banking in Indonesia exists in specific range as a result of the contribution that is made by each and  every indicator. The study also attempts to find a way to trace some indicators that could effectively contribute to prevent the instability of Shari`ah compliant banking system in Indonesia.

Risk Analyses on Islamic Banks in Indonesia

This study aims to analyze the risks on Islamic banks in Indonesia by identifying which risk is significantly dominant in triggering other risks to happen. For that purpose, the study uses time series data on a monthly basis from 2010:M1 to 2018:M8. The data are obtained from the Financial Services Authority (OJK) Indonesia and analyzed using vector autoregression (VAR). Some variables are employed to proxy risk vulnerability including financing-to-deposit ratio (FDR) as a proxy of liquidity risk, nonperforming financing (NPF) as a proxy of financing risk, and cost-to-income ratio (BOPO) as a proxy of operational risk. The findings suggest that financing risk is the most dominant risk triggering vulnerability on Islamic banks in Indonesia