Islamic Economy in ASEAN Countries During the Covid-19 Era

Materi ini disampaikan pada webinar internasional yang diselenggarakan oleh Fakultas Psikologi Universitas Medan Area dengan tema "Pendidikan Psikologi Dan Ekonomi Selama Covid-19 Negara Asean". Adapun pembicara pada webinar ini adalah Mr. Chilman Arisman, Dr. Andik Matulessy, M.Psi., Psikolog, Sutan Emir Hidayat, PhD, dan Dr. Abdul Rahman Shaleh, M.Si - This material was presented in an international webinar organized by the Faculty of Psychology, Medan Area University with the theme "Psychology and Economics Education during Covid-19 Asean Countries". The speakers at this webinar are Mr. Chilman Arisman, Dr. Andik Matulessy, M.Psi., Psychologist, Sutan Emir Hidayat, PhD, and Dr. Abdul Rahman Shaleh, M.S

THE ALIGNMENT AND MISALIGNMENT OF THE ISLAMIC ECONOMICS CURRICULUM WITH THE INDONESIAN GOVERNMENT POLICY

The purpose of this paper is to explore the equivalency of curriculum content of universities. It examines how this equivalency can benefit the universities that offer Islamic economics programs in implementing the new policy of the Indonesian Education and Culture Minister, especially for point No. 4, known as "Merdeka Belajar: Kampus Merdeka" (Independent learning policy or Liberating policy). This study also evaluates whether or not the guidelines on implementing Islamic economic community involvement projects developed by the National Committee for Islamic Economy and Finance (Komite Nasional Ekonomi dan Keuangan Syariah - KNEKS) and other stakeholders can support the new policy, especially for point No. 4. This study uses content analysis from the curriculum of the ten selected universities in Indonesia that participated in developing the framework on minimum standardization across Islamic economics undergraduate programs led by KNEKS. The results of the study reveal that the ten universities are ready to implement the new policy of the Indonesian Education and Culture Minister, especially for point No. 4 known as "Merdeka Belajar: Kampus Merdeka" (Independent learning policy or Liberating policy) since a significant number of course equivalents were found across the ten universities. In addition, the guidelines on the implementation of Islamic economic community involvement projects developed by KNEKS are aligned with the new policy's guidelines on community involvement projects. The paper is expected to benefit several stakeholders, such as universities that offer Islamic economics programs, by providing them with guidelines on implementing the new policy. The student can use this study as a reference for them in conducting community involvement projects, internships, and student exchange programs.  ========================================================================================================ABSTRAK – Keselarasan dan Ketidakselarasan Kurikulum Ekonomi Islam dengan Kebijakan Pemerintah di Indonesia. Tujuan dari penelitian ini adalah untuk mengeksplorasi ekuivalensi dari isi kurikulum universitas dan melihat bagaimana ekuivalensi ini dapat memberikan bermanfaat bagi universitas yang menawarkan program ekonomi Islam dalam menerapkan kebijakan baru Menteri Pendidikan dan Kebudayaan Indonesia khususnya untuk poin No. 4 yang dikenal sebagai "Merdeka" Belajar: Kampus Merdeka” (Kebijakan belajar mandiri atau Kebijakan Pembebasan). Studi ini juga mengevaluasi apakah Panduan Pelaksanaan Kuliah Kerja Nyata (KKN) Tematik Ekonomi Syariah yang dikembangkan oleh Komite Nasional Ekonomi dan Keuangan Syariah (KNEKS) dan pemangku kepentingan lainnya dapat mendukung kebijakan baru terutama untuk poin No. 4 atau tidak. Penelitian ini menggunakan analisis isi dari kurikulum sepuluh universitas terpilih di Indonesia yang ikut berpartisipasi dalam mengembangkan Kerangka Acuan Akademik Program Studi S1 Ekonomi Syariah yang dipimpin oleh KNEKS. Hasil penelitian memperlihatkan bahwa 10 universitas siap untuk menerapkan kebijakan baru Menteri Pendidikan dan Kebudayaan Indonesia khususnya untuk poin No. 4 yang dikenal sebagai "Merdeka Belajar: Kampus Merdeka" (kebijakan belajar mandiri atau kebijakan Pembebasan) karena ditemukan banyak mata kuliah yang memiliki ekuivalensi diantara 10 universitas. Selain itu, Panduan Pelaksanaan KKN Tematik Ekonomi Syariah yang dikembangkan oleh KNEKS ditemukan selaras dengan panduan kebijakan baru terkait program membangun desa/Kuliah Kerja Nyata Tematik. Artikel ini diharapkan bermanfaat bagi beberapa pemangku kepentingan seperti universitas yang menawarkan program ekonomi syariah dengan memberi mereka pedoman tentang bagaimana menerapkan kebijakan baru. Mahasiswa dapat menggunakan studi ini sebagai referensi bagi mereka dalam melakukan proyek pembangunan desa, magang, dan program pertukaran pelajar

Effects of Internal Finance, Islamic Governance and Islamic Corporate Responsibility on Profitability: Evidence of Islamic Banking in Indonesia

Purpose: The objective of this study was analyze the interrelationships of internal financial factors, which include financing risk and capital adequacy, ICG and ICSR as determinants of ROA in Islamic banking in Indonesia.   Theoretical framework:  Previous studies have provided mixed results regarding the application of ICG to profitability. Therefore, it is necessary to re-examine the implementation of ICG on the profitability of Islamic banks.   Design/methodology/approach: The research sample consist of 14 sharia commercial banks in Indonesia in the study period 2012 to 2021 with a total of 130 observations. This study used multiple regression analysis.   Findings: The results showed a negative effect of NPF on ROA financial performance. Furthermore, there was a positive effect of CAR and ICG disclosure on ROA financial performance. Meanwhile, disclosure of ICSR had no significant effect on ROA financial performance. Age control variables and Islamic bank size were found to have no effect on ROA.   Research, Practical & Social implications:  The government can make a regulation requiring Islamic banks in Indonesia to carry out ICSR because it is more suitable with business forms that use Islamic concepts.   Originality/value: This study offers an examination of the factors affecting financial performance of financial and non-financial factors. Financial factors are seen in terms of financing risk and capital adequacy while non-financial factors are represented by sharia governance and sharia social responsibility in sharia commercial banks in Indonesia

A Simple Stress Test on Indonesian Islamic Banking Industry

The purpose of this study is to conduct a stress test on Indonesian Islamic Banking industry in order toassess the capability of the industry to absorb the extreme risks that may happen in the future. Using data from April 2008 to September 2014, the study employs balance sheet approach in performing the stress test on profitability and capital position and the value at risk technique for liquidity stress test. The results of this study show that in term of profitability, Islamic banks in Indonesia are immune from losses if the default rate (Non-Performing Loan) is less than 8.5 %. If the industry can improve the profit margin, the resistance will be higher.In term of capital position, by assuming loss given default (LGD) is constant at 40%, the industry will not go bankrupt if probability of default (PD) is less than 9%. If the PD is more than 9%, total expected loss is more than available capital. Using the value at risk (VaR) at 99% confidence, the study finds that possible deposit flight will not exceed IDR 26 trillion and the liquid asset available is IDR 28 trillion. The study concludes that there is no liquidity threat for Islamic banks in Indonesia. The findingsalso uncover the risky condition that even though the capital adequacy ratio (CAR) is on average 14%, real capital measured by Equity to total asset (ETA) is only 5.4% Keywords Capital, Liquidity, Profitability, Simulation, Stress Tes

Testing the Conditional Correlations and Volatility Spillovers between US and ASEAN Islamic Stock Markets: A Multivariate GARCH Analysis

This study examines the conditional correlations and volatility spillovers between the US and ASEAN Islamic stock markets. The empirical design uses MSCI (Morgan Stanley Capital International) Islamic indexes as it adopted stringent restrictions to include companies in the sharia list. By using three multivariate GARCH models (BEKK, diagonal VECH, and CCC model), we find evidence of returns and volatility spillovers from the US to the ASEAN Islamic stock markets. However, as the estimated time-varying conditional correlations and volatilities indicate there is still room for diversification benefits, particularly in the single markets. The Islamic MSCI of Thailand, Indonesia, and Singapore are less correlated to the US MSCI Islamic index. The implication is that foreign investors may benefit from the reduction of risk by adding Islamic stocks in those countries

Bibliometric Analysis and Review of Halal Tourism

The purpose of this paper is to review the existing works and literature on halal tourism using bibliometric analysis in an attempt to explore the expanding journey of this concept since its conceptualization. Based on a bibliometric analysis of 77 articles retrieved from the Scopus database from 2004 to Sept 2020, this study employs the following bibliometric techniques such as citation, co-citation, and co-occurrence of author keywords. This study finds the nature and direction of research on halal tourism had been conducted over the past decades. It also finds the most dominant authors, journals, institutions, and countries about the works on halal tourism. However, using a single source of the database could be a limitation of this study that, thus expectedly, additional techniques are needed for future researches. For academicians and practitioners, they could get comprehensive insights on the halal tourism concept from this study, which can reference strategic initiatives to encourage Muslim traveler loyalty and obtain Muslim tourist satisfaction.JEL Classification: M31, Z12, Z30, Z30, Z32How to Cite:Hidayat, S. E., Rafiki, A., & Nasution, M. D. T. P. (2021). A Bibliometric Analysis and Review of Halal Tourism. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 177-194. https://doi.org/10.15408/sjie.v10i2.20270

Overview of Halal Cosmetics in a Decade: A Bibliometric Analysis

This article applies bibliometric analysis to examine existing works and literature on Halal Cosmetics to explore the concept’s evolving journey since its emergence. This study applies bibliometric approaches such as citation, co-citation, and co-occurrence of author keywords based on a bibliometric analysis of 137 publications extracted from the Scopus database between 2004 and September 2021. This research examines and elaborates the kind and direction of research on Halal cosmetics undertaken over the last few decades. It also identifies the most influential writers, journals, institutions, and countries concerning Halal cosmetics. This study might provide academics and practitioners with detailed insights into the Halal cosmetics concepts, which can subsequently be used as a reference for strategic efforts. AbstrakArtikel ini menerapkan analisis bibliometrik untuk mengkaji karya dan literatur yang ada tentang kosmetik halāl untuk mengeksplorasi perjalanan konsep yang berkembang sejak kemunculannya. Penelitian ini menggunakan pendekatan bibliometrik seperti sitasi, co-citation, dan co-occurrence 137 publikasi yang diambil dari database Scopus antara tahun 2004 dan September 2021. Penelitian ini mengkaji dan menguraikan jenis dan arah penelitian tentang kosmetik halāl yang dilakukan selama beberapa dekade terakhir serta mengidentifikasi penulis, jurnal, institusi, dan negara paling berpengaruh tentang kosmetik halāl. Analisis SWOT singkat termasuk dalam penelitian ini. Kajian ini memberikan wawasan yang mendetail kepada akademisi dan praktisi tentang konsep kosmetik halāl, yang selanjutnya dapat digunakan sebagai referensi untuk upaya-upaya strategis

Influential Factors in the Development of Halal Food Consumption Behavior: Gunadarma University Students

The purpose of this study was to determine the factors that influence the behavior of halal food consumption. The approach used in this study is a quantitative approach. The population in this study was Gunadarma students while the sample of this study was 100 people. The data collection technique in this study used questionnaire techniques. Data analysis techniques in this study use validity tests, reliability tests, descriptive analysis, and multiple linear regression tests. The linear regression test includes significance tests (F statistical tests), partial significance tests (statistical t tests) and certainty tests (R2 tests). The results of this study, partially attitudes and religiosity have a significant positive effect on halal food consumption behavior, while subjective norms/intentions and brand beliefs have an insignificant effect on halal food consumption behavior. Simultaneously the variables of attitude (X1), religiosity (X2), subjective norms/intentions (X3) and brand trust (X4) simultaneously have a significant effect on halal food consumption behavior

Bibliometric Analysis and Review of Halal Tourism

The purpose of this paper is to review the existing works and literature on halal tourism using bibliometric analysis in an attempt to explore the expanding journey of this concept since its conceptualization. Based on a bibliometric analysis of 77 articles retrieved from the Scopus database from 2004 to Sept 2020, this study employs the following bibliometric techniques such as citation, co-citation, and co-occurrence of author keywords. This study finds the nature and direction of research on halal tourism had been conducted over the past decades. It also finds the most dominant authors, journals, institutions, and countries about the works on halal tourism. However, using a single source of the database could be a limitation of this study that, thus expectedly, additional techniques are needed for future researches. For academicians and practitioners, they could get comprehensive insights on the halal tourism concept from this study, which can reference strategic initiatives to encourage Muslim traveler loyalty and obtain Muslim tourist satisfaction