Islamic Currency Swap: Can Be the Best Way to Hedge Indonesia Hajj Fund?

The operational costs of Hajj in foreign currencies will always face the risk of changes in exchange rates. Hajj operational costs will continue to grow in line with the increasing number of pilgrims. But at present, the government (BPKH) does not have a currency hedging policy to reduce the risk of fluctuating currency values. Hajj operational costs are saved in rupiah, dollar and riyal currencies. As a result, deposits of pilgrims will continue to be overshadowed by the reduction in value due to the depreciation of the rupiah against the dollar and riyals. Hedging policy is a necessity in the management of Hajj funds. This study will use an Islamic currency swap simulation analysis. According to the MUI DSN No 96 in 2015, a swap is a contract that starts a spot transaction followed by a forward agreement by setting a forward exchange rate. Then it is settled by spot transactions using the agreed forward exchange rate. The results of the study show that the dollar and riyal in 2018 are in a state of high volatility, so hedging is needed to reduce cash outflows. Based on analysis, Islamic currency swap can be the best hedging to the operational costs of Hajj in USD is with tenors 30 days, 180 days, 360 days. while the operational costs of Hajj are in Saudi Arabia Riyal currency, efficient in overnight tenors, 30 days, 90 days and 180 days

Mechanism of Cavitation-induced Atomization in Two-dimensional Nozzles

It has been pointed out that cavitation, i.e., super cavitation regime may occur in a nozzle of pressure atomizers, and may influence atomization of a liquid jet discharged from the 2D nozzle. Once we clarify the mechanism of atomization induced by the supercavitation, we will be able to develop new atomizers in which the atomization mechanism is utilized more efficiently. Hence, this study has been conducted to clarify the mechanism in the 2D nozzle. As a result, the following conclusions are obtained: (1) The frequency of the shedding and collapse of cavitation clouds in the supercavitation regime agrees with that of strong turbulence near the exit; (2) When the trace of a cavitation cloud comes out of the 2D nozzle, a ligament is formed at the liquid jet interface; (3) Strong turbulence is produced by the collapse of cavitation clouds near the exit of the 2D nozzle.and induces ligament formation, which, in turn, causes liquid jet atomization

Analisis Petrofisika dan Penentuan Zona Potensi Hidrokarbon Lapangan "Kaprasida" Formasi Baturaja Cekungan Sumatera Selatan

--Analisis petrofisika pada sumur MI-1, MI-2, MI-3, dan MI-6dilakukan untuk evaluasi parameter petrofisika pada Formasi Baturaja. Identifikasi porositas, kandungan serpih, saturasi air dan permeabilitas dilakukan pada empat sumur. Estimasi kandungan serpih dilakukan dengan menggunakan log Gamma ray, estimasi porositas efektif dilakukan dengan menggunakan gabungan log densitas dan log neutron, Saturasi air dihitung dengan menggunakan persamaan Indonesia, dan permeabilitas dihitung dengan menggunakan persamaan Timur. Setelah parameter petrofisika didapat, pembungkalan (lumping) dilakukan untuk mengetahui ketebalan reservoir bersih dan ditentukan wilayah yang memiliki potensi keterdapatan hidrokarbon. Melalui analisis petrofisika dan pembungkalan didapatkan bahwa ketebalan reservoir bersih (net reservoir thickness) pada sumur MI-1 adalah sebesar 18,44 meter, sumur MI-2 sebesar 9,6 meter, sumur MI-3 sebesar 12,192 meter, dan sumur MI-6 sebesar 7,35 meter

Pengaruh Kualitas Pelayanan Dan Harga Terhadap Loyalitas Pelanggan Melalui Kepuasan Pelanggan Sebagai Variabel Intervening

The research was motivated by of the many various alternative options for transportation services, especially land transportation. However, bus still be excellent for most of Indonesian people as a driving option.The purpose of this research is to determine the influence of service quality and price to customer loyalty, through customer satisfaction of PO. Nusantara\u27s customer. The population is all passengers direction Solo-Jakarta of PO. Nusantara. The sampling technique used was purposive sampling.the analysis used in this research is the path analysis using with SPSS Program 18.0, which previously tested the validity and reliability, coefisien Corelation,coefisien determination, simple linear regression and multiple linear regression.The results showed that the quality of service and price partially or simultaneously affect customer satisfaction and loyalty. Variable price gives greater influence on customer satisfaction and loyalty of the variable quality of service.Suggestions can be submitted is that the PO. Nusantara can improve the quality of services provided, especially regarding punctuality and time left to place the goal. While in pricing, in addition to the cost element, the company also must pay attention to the price set by competitors

Pengaruh Pengenceran Dan Pengadukan Limbah Industri Ikan Nila Terhadap Peningkatan Produksi Biogas Dengan Menggunakan Rumen Sapi Sebagai Starter

Tilapia fish industry solid waste is resulting from the process of weeding, washing, and preparation. Tilapia fish industry solid waste has a high content of organic material. This would give to environmental issues when waste disposed into the environment. Therefore, an alternative processing by converting solid waste into biogas from Tilapia fish industry solid waste with anaerobic process. This research aims to enhancement of biogas production from Tilapia fish industry solid waste by using a rumen as a starter. The treatment was by dilution and stirring intencity in a samples with crushed and without crushed. This research is an experimental-laboratoris, where research is done in a scale laboratory. Methods used to research is a batch reactor using in anaërobic fermentation process. The results of this research show that Fish tilapia industry solid waste can generate biogas after rumen fluid with anaerobic processes continuously until 20 days. On the variable of the total volume production results in dilution of wastewater occur at the highest addition of water 150 ml with the treatment without chrushed i.e. 816 ml. On the variable total production volume result of stirring biogas high occur in stirring 3 x 150 ml with the dilution of the treatment without chrushed i.e. 1057 ml. On these variables was determine the influence measurement of chemical oxygen demand (COD) allowance against the production of biogas produced. The efficiency removal of COD occur at the highest stage without stirring sample A 100 ml a dilution that is 91%. The whole pH measurements on a variable decrease from the initial pH values 7 to pH 5

Rancang Bangun Aplikasi Equity Crowdfunding Syariah untuk Usaha Mikro Kecil Menengah berbasis Website menggunakan Payment Gateway Midtrans dengan Framework Laravel

Pandemi COVID-19 memberikan implikasi politik, sosial, maupun ekonomi tidak saja bagi negara besar namun hampir seluruh negara merasakan dampak tersebut, termasuk negara Indonesia dimana Usaha Mikro Kecil Menengah (UMKM) merupakan sektor yang memiliki kontribusi besar terhadap perekonomian nasional. Menurut KemenkopUKM terdapat sekitar 37.000 UMKM yang melaporkan sangat parah terkena pandemi ini, ditandai dengan 4 persen mengalami kesulitan mendapatkan bahan baku, 22 persen terdapat masalah di aspek pembiayaan, 15 persen pada masalah distribusi barang, dan 56 persen mengalami penurunan penjualan. Salah satu solusi untuk membantu UMKM adalah melalui pemanfaatan financial technology berbasis equity crowdfunding platform dengan berlandaskan prinsip keuangan syariah agar tidak membebani UMKM dengan bunga perbulan. Berdasarkan permasalahan tersebut, penelitian ini bertujuan untuk merancang dan membangun platform equity crowdfunding syariah berbasis website dengan memanfaatkan payment gateway mitdrans untuk memudahkan proses transaksi. Website ini dibuat dengan System Development Life Cycle metode waterfall dan memiliki dua level user yaitu pelanggan untuk menaruh dana dan admin dengan kontrol penuh terhadap sistem yang akan menambahkan unit untuk dibuka slot investasi. Hanya pelanggan yang sudah aktif atau yang sudah divalidasi datanya oleh admin yang bisa transaksi. Setelah pelanggan melakukan transaksi, dana akan disalurkan serta diolah oleh UMKM. Dana yang telah diolah tersebut akan dikembalikan sesuai dengan kesepakan awal. Website yang dibuat telah dilakukan testing dengan metode black box oleh delapan tester antara lain tiga tester sebagai admin dan lima tester sebagai pelanggan dengan simulasi pembukaan investasi pada website.  Hasil testing oleh delapan tester mengatakan bahwa 100% fungsi berjalan dengan baik

Wettability Alteration Induced by Surface Roughening During Low Salinity Waterflooding

Wettability alteration during low salinity waterflooding (LSW) is expected to be one of the prominent reasons for enhanced oil recovery. However, the underlying mechanisms of improved oil recovery in sandstone during LSW are not entirely clear. Thus, a series of experiments was carried out to investigate the underlying mechanisms that drive the wettability alteration. FTIR spectroscopy was combined with thermogravimetric analysis to quantify the amount of adsorbed hydrocarbon components in sandstone with various clay contents. Afterward, the time-dependent contact angle in fabricated sandstone substrate (RMS roughness 9.911.31) was observed with various clay and brine contents to monitor the wettability alteration during LSW. The existence of divalent ions (Ca2+ and Mg2+) was found to stabilize the sandstone and prevent it from swelling. Surprisingly, with the presence of divalent ions, the rate of contact angle change was insignificant (, even though a reduction of divalent ions occurred and the rate of contact angle change with the sole presence of NaCl was notably altered (. Furthermore, the presence of higher clay content showed an increased contact angle alteration. We propose that these phenomena are partially driven by macroscopic phenomena of clay swelling, which leads to surface roughening and enhances the water-wetness

PENGARUH KEPUTUSAN INVESTASI, KEPUTUSAN PENDANAAN DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN LQ 45 DI BURSA EFEK INDONESIA TAHUN 2011-2015

AbstrakPenelitian ini menguji tentang “Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan”. Populasi dalam penelitian ini adalah perusahaan yang masuk dalam indeks LQ 45 selama 2011-2015. Metode sampling yang digunakan adalah purposive sampling dengan sampel penelitan berjumlah 14 perusahaan.Teknik analisis data yang digunakan adalah uji normalitas, uji multikolonieritas, uji autokorelasi, dan uji heteroskedastisitas. Test hipotesis menggunakan analisis regresi berganda. Hasil analisis menunjukkan bahwa variabel Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen memiliki pengaruh yang signifikan terhadap Nilai Perusahaan. Hal ini dapat diketahui melalui uji F dengan nilai signifikan yang lebih kecil dari 0,05 (0,002 < 0,05) yang berarti diterimanya model ini (goodness of fit). Uji t menunjukkan bahwa variabel Keputusan Investasi (TAG) berpengaruh positif dan signifikan Nilai Perusahaan. Sedangkan Keputusan Pendanaan dan Kebijakan Dividen tidak berpengaruh terhadap Nilai Perusahaan. Nilai Ajusted R-Square menunjukkan variabel independepen mampu menjelaskan variabel dependen sebesar 16,3% sedangkan sisanya sebesar 84,7% dipengaruhi oleh variabel lain yang tidak dijelaskan dalam model penelitian ini.Kata kunci :    Keputusan Investasi, Keputusan Pendanaan, Kebijakan  Dividen, dan Nilai Perusahaan