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Al-Uqud: Journal of Islamic Economics

Al-Uqud: Journal of Islamic Economics al-Uqud : Journal of Islamic Economics an international journal al-Uqud : Journal of Islamic Economics an international journal, provides a forum for publishing quality research in the areas of Islamic Economics and Business, Islamic Banking and Finance.

Published twice a year, in January and July. This journal has been published by the Universitas Negeri Surabaya or the State University of Surabaya in cooperation with the Majelis Sarjana Ekonomi Islam (MASEI) or Indonesian Society for Islamic Economics. This journal has been accredited by National Journal Accreditation (ARJUNA) Managed by Ministry of Research, Technology, and Higher Education, Re

Published twice a year, in January and July. This journal has been published by the Universitas Negeri Surabaya or the State University of Surabaya in cooperation with the Majelis Sarjana Ekonomi Islam (MASEI) or Indonesian Society for Islamic Economics. This journal has been accredited by National Journal Accreditation (ARJUNA) Managed by Ministry of Research, Technology, and Higher Education, Re

Revisiting Zakat Distribution on Income Inequality and Welfare: The Malaysia ExperiencePatmawati Ibrahim* -  Scopus ID: ...
24/09/2020
Revisiting Zakat Distribution on Income Inequality and Welfare: The Malaysia Experience | Ibrahim | al-Uqud : Journal of Islamic Economics

Revisiting Zakat Distribution on Income Inequality and Welfare: The Malaysia Experience

Patmawati Ibrahim* - Scopus ID: 57191343863; Department Jabatan Pengurusan Dan Teknologi, Fakulti Pengurusan Teknologi Dan Perniagaan, Universiti Tun Hussein Onn Malaysia (UTHM), Malaysia
Maimunah Ali - Faculty of Technology Management and Business, Universiti Tun Hussein Onn Malaysia, 86400 Parit Raja, Batu Pahat, Johor, Malaysia
Mazliana Muridan - Faculty of Technology Management and Business, Universiti Tun Hussein Onn Malaysia, 86400 Parit Raja, Batu Pahat, Johor, Malaysia
Amirul Iman Mohd Jazid - Faculty of Technology Management and Business, Universiti Tun Hussein Onn Malaysia, 86400 Parit Raja, Batu Pahat, Johor, Malaysia

This paper attempts to analyze the effects of zakat distribution on income inequality and welfare aspects of the poor Muslim society in Malaysia. The population of the study is the poor and hardcore poor of the zakat recipients in Selangor. Exploring the cross sectional micro level data of nine districts in Selangor, Malaysia, this study adopted Lorenz curve and Gini coefficient to represent positive measures of income inequality. However, these measures do not take into account the welfare effects of the distribution to the society. Hence, Atkinson index is adopted to represent the normative measures of inequality that takes into account the welfare effects of the zakat distribution to society. Results of the Gini coefficient and Lorenz curve have proven effectiveness of zakat distribution in reducing income inequality of the society. Whilst the theory of zakat says that zakat distribution will improve income inequality and welfare of the society, findings of the normative measures in this research show otherwise. Therefore, this study is extended with zakat distribution simulation model based on had kifayah. Results from the distribution simulation model proved the ability of zakat in narrowing down income inequality, reducing income loss and hence increasing the welfare of the society.

Keywords : Zakat Distribution; Income inequality; economics welfare ; Gini coefficient and Lorenz curve; Atkinson Index; Malaysia

Revisiting Zakat Distribution on Income Inequality and Welfare: The Malaysia Experience

Revisiting Islamic Economics of Nusantara: Conceptual and Legal PerspectivesMoch Khoirul Anwar* -  Islamic Economic Stud...
24/09/2020
Revisiting Islamic Economics of Nusantara: Conceptual and Legal Perspectives | Anwar | al-Uqud : Journal of Islamic Economics

Revisiting Islamic Economics of Nusantara: Conceptual and Legal Perspectives

Moch Khoirul Anwar* - Islamic Economic Studies Department of Economics Faculty of Economics Universitas Negeri Surabaya, Indonesia, Indonesia
Nur Fitroh Febrianto - Islamic Economic Studies Department of Economics Faculty of Economics Universitas Negeri Surabaya, Indonesia

The development of Islam in Indonesia is inseparable from the economy because Islam initially came to Indonesia through trade. The teachings of Islam are embedded through economic activities such as in commerce and agriculture, although not uses Islamic terms specifically. As a result, many people are not aware that their economic activity becomes part of the implementation of the Islamic economics concept. Therefore, this paper aims to examine the implementation of Islamic economics in this country, both in terms of conceptual and formal legal practice implemented by the community. This study based on library research that focused on studying a variety of works of literature about the Islamic economic system and its implementation in Indonesia. Interviews and observation also collect the data to farmers and cattle ranchers that have taken as the sample. Furthermore, the data analysis employs a content analysis method to identify the specific characteristics of the information when data had been collected. The results of this study indicate that some of the Islamic economics concepts has been applied in the Indonesian daily economy activities. This reflects the manifestation of the 33rd Article of the Indonesian Constitution 1945 that emphasizes economic built by the cooperations and kinship principle. In the society who do farming and animal husbandry, for example, people implements "Paron" and "Gaduh" that use the same principles with musyarakah in the Islamic financing system.

Keywords : Islamic economics; Nusantara; Joint ventures; Kinship

Revisiting Islamic Economics of Nusantara: Conceptual and Legal Perspectives

Cryptocurrency as A Main Currency: A Maqasidic ApproachMohd Shahid Mohd Noh* -  University of MalayaMohamed Syakir Abu B...
24/09/2020
Cryptocurrency as A Main Currency: A Maqasidic Approach | Mohd Noh | al-Uqud : Journal of Islamic Economics

Cryptocurrency as A Main Currency: A Maqasidic Approach

Mohd Shahid Mohd Noh* - University of Malaya
Mohamed Syakir Abu Bakar - Department of Fiqh & Usul, Academy of Islamic Studies, University of Malaya Jalan Universiti, 50603 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur. [email protected], Malaysia

Cryptocurrency is a new phenomenon in investment industry in particular and financial world in large. The opportunities and threats come one over another in cryptocurrency debate that left people in perplex state whether to accept or reject the currency. In other view, it also brings advantages and inevitable disadvantages since it is operated online that vulnerable to number of threats and danger. This paper tries to examine maqasid views on this currency relying on SWOT analysis then will be viewed on the mirror of maslahah dan mafsadah as main pillars in maqasid al-syari’ah. As a result, this issue needs to be studied further since the maslahah and mafsadah sometime interchange the roles as particular, general maslahah and its counterparty since the system is always been designed for the benefits, that yet created the negative implication simultaneously. Furthermore, this innovation could be designed followed the desire of designers with dynamics structure in fulfilling the market’s needs.

Keywords : Cryptocurrency; Maqasid al-Syari’ah; Islamic finance; Currency; Islamic economics.

Cryptocurrency as A Main Currency: A Maqasidic Approach

Source of Funds and Islamic Insurance Growth: Investment Returns as a MediationDhidhin Noer Ady Rahmanto* -  Universitas...
23/09/2020
Source of Funds and Islamic Insurance Growth: Investment Returns as a Mediation | Rahmanto | al-Uqud : Journal of Islamic Economics

Source of Funds and Islamic Insurance Growth: Investment Returns as a Mediation

Dhidhin Noer Ady Rahmanto* - Universitas Alma Ata, Indonesia
Muhammad Iqbal Fasa - Universitas Islam Negeri (UIN) Raden Intan Lampung, Indonesia
Khoirul Rijal - International Islamic University of Malaysia, Malaysia

Sustainable growth must be maintained by maintaining an increase in investment returns, with the source of funds as a stimulant. The population of this study was all Islamic life insurance companies in Indonesia. The study used path analysis mediation with regression or two layers OLS (Ordinary Least Squares) and followed by Sobel test. The result showed that investment returns can mediate participant funds in influencing the growth of Islamic life insurance companies. Meanwhile, investment returns did not mediate the influence of company funds in influencing the growth of Islamic life insurance companies.

Keywords : Sharia Life Insurance; Source of funds; Intervening Variable; Company Growth; Path Analysis

Source of Funds and Islamic Insurance Growth: Investment Returns as a Mediation

The Islamization of Economic Systems: A Methodological ApproachDenizar Abdurrahman Mi'raj* -  Department of Islamic Econ...
23/09/2020
The Islamization of Economic Systems: A Methodological Approach | Mi'raj | al-Uqud : Journal of Islamic Economics

The Islamization of Economic Systems: A Methodological Approach

Denizar Abdurrahman Mi'raj* - Department of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga, Indonesia
Nissar Ahmad Yatoo - Department of Islamic Economics Banking and Finance, Islamic Online University 2nd Floor, Microtech Building, 122 Kombo Sillah Drive P.O. Box 2340 Tallinding, K.S.M.D The Gambia. [email protected]

This paper is an attempt to discuss Islamization of economics in historical perspective. Focus of the discussion is not only the Islamization of economics but also realization of an Islamic economic system. This research is based on library research methods and supported by historical analysis. Conclusive information was collected from various studies and analysed for the conception of implementing methodological steps to realize the Islamization of the economic system. Studies were reviewed and investigated in three stages: general, exploratory, and focused learning. The findings of this study reveal that Islamization of economics cannot stand alone without the Islamization of every Muslim and the Islamization of society. Like Islamization of a society is realized with organization of Muslim families, Islamization of economics can be realized by increasing the number of economists who have knowledge of sharia.

Keywords : Islamization of society; Islamization of economic system; Islamization of economics

The Islamization of Economic Systems: A Methodological Approach

Productivity Comparation of Islamic and Conventional Banks in IndonesiaMarhanum Che Mohd Salleh -  Department of Finance...
23/09/2020
Productivity Comparation of Islamic and Conventional Banks in Indonesia | Mohd Salleh | al-Uqud : Journal of Islamic Economics

Productivity Comparation of Islamic and Conventional Banks in Indonesia

Marhanum Che Mohd Salleh - Department of Finance, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia. Jalan Gombak, 53100 Kuala Lumpur, Malaysia, Indonesia
Lina Nugraha Rani* - Department of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga. Jalan Airlangga No.4, Airlangga, Gubeng, Surabaya, Indonesia

This study aimed to compare the productivity performance of Islamic and Conventional Banks in Indonesia with the Total Factor Productivity Index (TFPCH) indicator. The sample of this study was 14 banks consisting of 7 Islamic Banks and 7 Conventional Banks from 2011-2018. Secondary data were obtained from the annual financial statements of each sample. To measure the total factor productivity index (TFPCH), the Malmquist Productivity Index (MPI) was used as a measure of productivity. It found that the productivity of Conventional Banks was slightly superior compared to Islamic Banks, with contributions from Technical / Technological Change (TECHCH) being the most influential component in the TFPCH composition. Further, there was an indication of a technical increase in both types of banks during the period. The results of this study implied banking industry players to increase their efficiency particularly the usage of technology in providing efficient services to users.

Keywords : Performance; Total factor productivity index; Malmquist productivity index; Islamic banks and conventional banks

Productivity Comparation of Islamic and Conventional Banks in Indonesia

Revisiting Green Marketing Implementation in Halal Cosmetic BrandsIka Diyah Candra Arifah* -  Department of Management, ...
23/09/2020
Revisiting Green Marketing Implementation in Halal Cosmetic Brands | Arifah | al-Uqud : Journal of Islamic Economics

Revisiting Green Marketing Implementation in Halal Cosmetic Brands

Ika Diyah Candra Arifah* - Department of Management, Faculty of Economics, Universitas Negeri Surabaya Jalan Ketintang, Surabaya 60231, Indonesia

The growing green consumer who selecting products that socially and environmentally ethical products, encourages cosmetics producers in Indonesia to produce more environmentally friendly product in terms of materials, ingredients, packaging, and even the strategy to promote it. As this market segment continues to grow and develop, cosmetics manufacturers are required to be more competitive by applying green marketing values. Therefore, this study aims to investigate how halal cosmetic brands applying green marketing based on the concept of green marketing strategy and Islamic Marketing Ethics (IME). This case study uses a qualitative research approach that selecting four top halal cosmetic brands that marketed in Indonesia. Data was analyzed by data triangulation and method triangulation approach and presented in inductive summary. The results of the study concluded that among the top four halal cosmetics brands studied, two brands had implemented the concept of green marketing strategy and implementation comprehensively (shaded green and extreme green), while the other two brands applied lean green and defensive marketing strategy and implementation. The implication of this research is to provide suggestion to managerial marketing about how to create a more captivating halal products for all customers. The novelty of research proposes how is the level of Indonesian halal cosmetic brands green strategy that applying Islamic Marketing Ethics (IME).

Keywords : Green Marketing; Indonesia; Halal Cosmetic Brand

Revisiting Green Marketing Implementation in Halal Cosmetic Brands

Solution for Islamic Banks Exploitation: A Criticism of Fixed-Yields Based Financing in IndonesiaMuhamad Nafik Hadi Ryan...
21/09/2020
Solution for Islamic Banks Exploitation: A Criticism of Fixed-Yields Based Financing in Indonesia | Ryandono | al-Uqud : Journal of Islamic Economics

Solution for Islamic Banks Exploitation: A Criticism of Fixed-Yields Based Financing in Indonesia

Muhamad Nafik Hadi Ryandono* - 1Department of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga. Jalan Airlangga 4, Surabaya 60286, Indonesia

The profit-sharing system is the main characteristic of Islamic banking that distinguishes them from conventional (ribawi) banking. However, in reality, the profit-sharing contract is rarely implemented in Islamic banking. As a result, Islamic banking is still identified as ribawi banking. Many Islamic economists have examined the reasons behind fixed income contracts, especially murabahah contract that applied predominantly, structurally, systematically and massively compared to the profit-sharing contract. Therefore, with a critical analytical approach, this study aims to dismantle and look for solution towards exploitation of fixed income-based financing in Indonesian sharia banking. The results of this study are fixed income-based financing should be applied limited to covering the operational costs of Islamic banks but the remainder must be channelled based on profit-sharing systems. Meanwhile, funding for profit-sharing systems is intended to gain profits and cover the operational cost variables. Thus, predatory exploitation of Islamic banks in Indonesia can be minimized by maintaining the composition of the maximum financing about forty per cent which is a fixed-yield based and leave the rest to a profit-sharing system. Then, the more equitable Islamic bank system and Islamic economic goals will be created and offer benefits such as the achieving of the objectives of Islamic sharia (maqashid shariah) and minimizing the image of Islamic banks as ribawi bank.

Keywords : Exploitation; Financing; Fixed yields; Predatory; Profit sharing.

Solution for Islamic Banks Exploitation: A Criticism of Fixed-Yields Based Financing in Indonesia

What Attracts Guest to Stay? Brand Identity, Religiosity, and Reference Group towards Decision to Choose Sharia HotelWin...
21/09/2020
What Attracts Guest to Stay? Brand Identity, Religiosity, and Reference Group towards Decision to Choose Sharia Hotel | Jayanti | al-Uqud : Journal of Islamic Economics

What Attracts Guest to Stay? Brand Identity, Religiosity, and Reference Group towards Decision to Choose Sharia Hotel

Winka Alfi Jayanti* - Department of Management, Faculty of Economics, Universitas Negeri Surabaya Jalan Ketintang, Surabaya 60231, Indonesia, Indonesia
Sri Setyo Iriani - Department of Management, Faculty of Economics, Universitas Negeri Surabaya Jalan Ketintang, Surabaya 60231, Indonesia

Indonesia has one of largest Muslim population in the world. Therefore, currently it is not surprising that Sharia Branding is currently widely used by business entities ranging from banking to the hospitality business. This phenomenon is observed in the city of Surabaya in which Sharia hotels are mostly found such as the Namira Syariah Hotel. Nevertheless, the growth in the number of consumers who stay in Syariah hotels is not as much as conventional hotels. Therefore, the purpose of this research is to (1) to analyze the effect brand identity on the decision of consumers to stay at the Hotel Namira Syariah Surabaya, (2) to analyze the effect the consumer religiosity on consumers decision to stay at the Hotel Namira Syariah Surabaya, (3) to analyze the effect of the reference group to the decision to stay at the Hotel Namira Syariah Surabaya. This type of research uses a causal research approach. The population in this research is infinite but have ever stayed at the Hotel Namira Syariah Surabaya only but to all Muslim who at least 17 years old. The sample collection technique used is non-probability sampling with the number of samples is 210 respondents. The research instrument used a questionnaire, while data analysis used multiple linear regression analysis. From the results of the discussion and analysis of the data, it can be concluded that there is a positive influence of brand identity, religiosity and reference groups on the decision to stay at the sharia hotel.

Keywords : Brand identity; Religiosity; Reference group; Decision to stay; Sharia hotel

What Attracts Guest to Stay? Brand Identity, Religiosity, and Reference Group towards Decision to Choose Sharia Hotel

Survival of Traditional Retailers: An Islamic Business PerspectiveLilik Rahmawati* -  Department of Islamic Economics, F...
21/09/2020
Survival of Traditional Retailers: An Islamic Business Perspective | Rahmawati | al-Uqud : Journal of Islamic Economics

Survival of Traditional Retailers: An Islamic Business Perspective

Lilik Rahmawati* - Department of Islamic Economics, Faculty of Economics and Islamic Business, Universitas Islam Negeri Sunan Ampel Jalan Ahmad Yani, Surabaya 60237, Indonesia
Mutimmatul Faidah - Department of Home Economic Education, Faculty of Enggineering, Universitas Negeri Surabaya, Jalam Ketintang, Surabaya 60231, Indonesia

This study aimed to explain the reality of survival mechanisms and adaptive strategies by traditional retailers in Surabaya in facing the existence of massive modern retail stores. This study used qualitative research with a phenomenological approach. The data collection method used observation and interview techniques. Data analyzed with Clark and Scott's survival mechanism theory and the adaptive strategy by Miles and Snow. The result of this research was in the aspect of defender strategy, traditional retailers did various strategies when prices went up, and instead of increased the prices they choosed to reduce the profits. The stores equipped with people daily needs to retain customers. Even though the stock was small, the items sold were complete. It was important to promote family relations with buyers. A striking aspect is the close family relation that was so different from modern retail stores. In the aspect of reactor strategy, the owners responded to the situation without having a long-term strategy design. Their store’s responses were reactive and short-term oriented in the form of selling goods by following the tastes of buyers and current trends. Meanwhile, in carrying out business performance in connection with the survival mechanism, Surabaya traditional retailers met the business assessment of the Islamic perspective namely on the aspects of material, mental, spiritual, and fraternal.

Keywords : Traditional retail store; Modern retail stores; Survival mechanism; Defender strategy; Islamic perspective.

Survival of Traditional Retailers: An Islamic Business Perspective

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Revisiting Zakat Distribution on Income Inequality and Welfare: The Malaysia Experience Patmawati Ibrahim* - Scopus ID: 57191343863; Department Jabatan Pengurusan Dan Teknologi, Fakulti Pengurusan Teknologi Dan Perniagaan, Universiti Tun Hussein Onn Malaysia (UTHM), Malaysia Maimunah Ali - Faculty of Technology Management and Business, Universiti Tun Hussein Onn Malaysia, 86400 Parit Raja, Batu Pahat, Johor, Malaysia Mazliana Muridan - Faculty of Technology Management and Business, Universiti Tun Hussein Onn Malaysia, 86400 Parit Raja, Batu Pahat, Johor, Malaysia Amirul Iman Mohd Jazid - Faculty of Technology Management and Business, Universiti Tun Hussein Onn Malaysia, 86400 Parit Raja, Batu Pahat, Johor, Malaysia This paper attempts to analyze the effects of zakat distribution on income inequality and welfare aspects of the poor Muslim society in Malaysia. The population of the study is the poor and hardcore poor of the zakat recipients in Selangor. Exploring the cross sectional micro level data of nine districts in Selangor, Malaysia, this study adopted Lorenz curve and Gini coefficient to represent positive measures of income inequality. However, these measures do not take into account the welfare effects of the distribution to the society. Hence, Atkinson index is adopted to represent the normative measures of inequality that takes into account the welfare effects of the zakat distribution to society. Results of the Gini coefficient and Lorenz curve have proven effectiveness of zakat distribution in reducing income inequality of the society. Whilst the theory of zakat says that zakat distribution will improve income inequality and welfare of the society, findings of the normative measures in this research show otherwise. Therefore, this study is extended with zakat distribution simulation model based on had kifayah. Results from the distribution simulation model proved the ability of zakat in narrowing down income inequality, reducing income loss and hence increasing the welfare of the society. Keywords : Zakat Distribution; Income inequality; economics welfare ; Gini coefficient and Lorenz curve; Atkinson Index; Malaysia
Revisiting Islamic Economics of Nusantara: Conceptual and Legal Perspectives Moch Khoirul Anwar* - Islamic Economic Studies Department of Economics Faculty of Economics Universitas Negeri Surabaya, Indonesia, Indonesia Nur Fitroh Febrianto - Islamic Economic Studies Department of Economics Faculty of Economics Universitas Negeri Surabaya, Indonesia The development of Islam in Indonesia is inseparable from the economy because Islam initially came to Indonesia through trade. The teachings of Islam are embedded through economic activities such as in commerce and agriculture, although not uses Islamic terms specifically. As a result, many people are not aware that their economic activity becomes part of the implementation of the Islamic economics concept. Therefore, this paper aims to examine the implementation of Islamic economics in this country, both in terms of conceptual and formal legal practice implemented by the community. This study based on library research that focused on studying a variety of works of literature about the Islamic economic system and its implementation in Indonesia. Interviews and observation also collect the data to farmers and cattle ranchers that have taken as the sample. Furthermore, the data analysis employs a content analysis method to identify the specific characteristics of the information when data had been collected. The results of this study indicate that some of the Islamic economics concepts has been applied in the Indonesian daily economy activities. This reflects the manifestation of the 33rd Article of the Indonesian Constitution 1945 that emphasizes economic built by the cooperations and kinship principle. In the society who do farming and animal husbandry, for example, people implements "Paron" and "Gaduh" that use the same principles with musyarakah in the Islamic financing system. Keywords : Islamic economics; Nusantara; Joint ventures; Kinship
Cryptocurrency as A Main Currency: A Maqasidic Approach Mohd Shahid Mohd Noh* - University of Malaya Mohamed Syakir Abu Bakar - Department of Fiqh & Usul, Academy of Islamic Studies, University of Malaya Jalan Universiti, 50603 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur. [email protected], Malaysia Cryptocurrency is a new phenomenon in investment industry in particular and financial world in large. The opportunities and threats come one over another in cryptocurrency debate that left people in perplex state whether to accept or reject the currency. In other view, it also brings advantages and inevitable disadvantages since it is operated online that vulnerable to number of threats and danger. This paper tries to examine maqasid views on this currency relying on SWOT analysis then will be viewed on the mirror of maslahah dan mafsadah as main pillars in maqasid al-syari’ah. As a result, this issue needs to be studied further since the maslahah and mafsadah sometime interchange the roles as particular, general maslahah and its counterparty since the system is always been designed for the benefits, that yet created the negative implication simultaneously. Furthermore, this innovation could be designed followed the desire of designers with dynamics structure in fulfilling the market’s needs. Keywords : Cryptocurrency; Maqasid al-Syari’ah; Islamic finance; Currency; Islamic economics.
Source of Funds and Islamic Insurance Growth: Investment Returns as a Mediation Dhidhin Noer Ady Rahmanto* - Universitas Alma Ata, Indonesia Muhammad Iqbal Fasa - Universitas Islam Negeri (UIN) Raden Intan Lampung, Indonesia Khoirul Rijal - International Islamic University of Malaysia, Malaysia Sustainable growth must be maintained by maintaining an increase in investment returns, with the source of funds as a stimulant. The population of this study was all Islamic life insurance companies in Indonesia. The study used path analysis mediation with regression or two layers OLS (Ordinary Least Squares) and followed by Sobel test. The result showed that investment returns can mediate participant funds in influencing the growth of Islamic life insurance companies. Meanwhile, investment returns did not mediate the influence of company funds in influencing the growth of Islamic life insurance companies. Keywords : Sharia Life Insurance; Source of funds; Intervening Variable; Company Growth; Path Analysis
The Islamization of Economic Systems: A Methodological Approach Denizar Abdurrahman Mi'raj* - Department of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga, Indonesia Nissar Ahmad Yatoo - Department of Islamic Economics Banking and Finance, Islamic Online University 2nd Floor, Microtech Building, 122 Kombo Sillah Drive P.O. Box 2340 Tallinding, K.S.M.D The Gambia. [email protected] This paper is an attempt to discuss Islamization of economics in historical perspective. Focus of the discussion is not only the Islamization of economics but also realization of an Islamic economic system. This research is based on library research methods and supported by historical analysis. Conclusive information was collected from various studies and analysed for the conception of implementing methodological steps to realize the Islamization of the economic system. Studies were reviewed and investigated in three stages: general, exploratory, and focused learning. The findings of this study reveal that Islamization of economics cannot stand alone without the Islamization of every Muslim and the Islamization of society. Like Islamization of a society is realized with organization of Muslim families, Islamization of economics can be realized by increasing the number of economists who have knowledge of sharia. Keywords : Islamization of society; Islamization of economic system; Islamization of economics
Productivity Comparation of Islamic and Conventional Banks in Indonesia Marhanum Che Mohd Salleh - Department of Finance, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia. Jalan Gombak, 53100 Kuala Lumpur, Malaysia, Indonesia Lina Nugraha Rani* - Department of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga. Jalan Airlangga No.4, Airlangga, Gubeng, Surabaya, Indonesia This study aimed to compare the productivity performance of Islamic and Conventional Banks in Indonesia with the Total Factor Productivity Index (TFPCH) indicator. The sample of this study was 14 banks consisting of 7 Islamic Banks and 7 Conventional Banks from 2011-2018. Secondary data were obtained from the annual financial statements of each sample. To measure the total factor productivity index (TFPCH), the Malmquist Productivity Index (MPI) was used as a measure of productivity. It found that the productivity of Conventional Banks was slightly superior compared to Islamic Banks, with contributions from Technical / Technological Change (TECHCH) being the most influential component in the TFPCH composition. Further, there was an indication of a technical increase in both types of banks during the period. The results of this study implied banking industry players to increase their efficiency particularly the usage of technology in providing efficient services to users. Keywords : Performance; Total factor productivity index; Malmquist productivity index; Islamic banks and conventional banks
Revisiting Green Marketing Implementation in Halal Cosmetic Brands Ika Diyah Candra Arifah* - Department of Management, Faculty of Economics, Universitas Negeri Surabaya Jalan Ketintang, Surabaya 60231, Indonesia The growing green consumer who selecting products that socially and environmentally ethical products, encourages cosmetics producers in Indonesia to produce more environmentally friendly product in terms of materials, ingredients, packaging, and even the strategy to promote it. As this market segment continues to grow and develop, cosmetics manufacturers are required to be more competitive by applying green marketing values. Therefore, this study aims to investigate how halal cosmetic brands applying green marketing based on the concept of green marketing strategy and Islamic Marketing Ethics (IME). This case study uses a qualitative research approach that selecting four top halal cosmetic brands that marketed in Indonesia. Data was analyzed by data triangulation and method triangulation approach and presented in inductive summary. The results of the study concluded that among the top four halal cosmetics brands studied, two brands had implemented the concept of green marketing strategy and implementation comprehensively (shaded green and extreme green), while the other two brands applied lean green and defensive marketing strategy and implementation. The implication of this research is to provide suggestion to managerial marketing about how to create a more captivating halal products for all customers. The novelty of research proposes how is the level of Indonesian halal cosmetic brands green strategy that applying Islamic Marketing Ethics (IME). Keywords : Green Marketing; Indonesia; Halal Cosmetic Brand
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