Strengthening Islamic Financial Literacy Education for Millennial Generation

Indonesia is one of the countries with the largest Muslim population in the world. In this era of disruption, millennials are the generation that plays an essential role in contributing to government programs. One of the programs launched is the development of national Islamic finance. Financial literacy is a basic need for everyone, including the millennial generation, to avoid financial problems. The financial sector has been effective in encouraging economic development, both in terms of the ability and accuracy of spending, business financing, and the accuracy of savings and investment choices. This study aims to determine the impact of Strengthening Islamic Financial Literacy Education on the Millennial Generation. This study uses a quantitative approach with the Wilcoxon test technique. The population in this study were students majoring in management at UPN Veteran University, with a sample of 88 respondents using the purposive sampling technique. The results showed differences in students representing the millennial generation after the Islamic financial literacy education training was carried out; this was indicated by a sign of 0.037 or less than 0.05. In the implementation of literacy, there has also been a change between before and after the provision of Islamic financial literacy training to students. This study also revealed that universities play an essential role in providing education to students in understanding Islamic financial literacy.

Short-term debt of the corporate sector and its impact on the stability of the financial system of Ukraine

The article deals with the economic essence of accounts payable. It is determined that in the process of deformations in the structure of business capital, it acquires the characteristics of a surrogate source of business financing, which in turn creates risks for the stability of Ukraine’s financial system. The authors describe the main trends in the dynamics and structure of accounts payable and define its impact on the growth of debt burden of non-financial corporations in Ukraine at the aggregate level. A comparison of the volume and growth rates of accounts payable in Ukraine and the EU countries is made, which allows to confirm the hypothesis of the introduction of a distorted model of business financing in Ukraine’s corporate sector. The authors point out that one of the reasons for the abnormally high debt dependence in the NFC sector at the aggregate level is the replacement of equity with other current liabilities (including financial loans from associated physical and legal entities), which allowed to establish such a flexible capital structure, which can help rapidly withdraw assets abroad in the event of macro-financial destabilization or other threats of capital loss related to the insecurity of property rights and the prevalence of fiscal voluntarism in Ukraine. The authors conclude that with the overload of balance sheets with short-term debts against the background of a significant reduction in equity leads to a rapid loss of financial stability. At the same time, under the influence of restrictions on activities and other concomitant barriers to doing business due to the global coronavirus pandemic, the financial depletion of the non-financial corporations sector could lead to a wave of corporate bankruptcies. It is concluded that under the influence of narrowing business access to capital in the financial market there is a rapid increase in lending to domestic business by nonresidents, which gives grounds to conclude that in this way domestic business lends itself, using funds previously withdrawn abroad. Further development of these trends not only can be a catalyst for financial imbalances at the level of individual enterprises, but can also provoke a crisis in the foreign exchange market. The authors substantiate that one of the ways to reduce the volume of current debt obligations is to assist the government in transforming the companies’ short-term liabilities into long-term ones. This can be done by converting the companies’ current liabilities into long-term bonds on a voluntary basis using simplified procedures for registration of their issue, and by registering current liabilities to suppliers (for goods and services) as long-term promissory notes.

Tinjauan Yuridis terhadap Penggunaan Jasa Pihak Ketiga (Debt Collector) dalam Menagih Kredit Bermasalah pada PT Adira Dinamika Multifinance TBK

The use of third party services by financing company PT Adira Dinamika Multifinance through a third party Service Company (debt couecton to perform a collection function for consumers or debtors who are difficult to collect by being declared in default. Regulations for the use of third party services by financing companies are regulated in POJK No. /POJK.05/2018 concerning the Implementation of Business Financing Companies, where financing companies can collaborate with other parties (third party services) with the aim of collecting non-performing loans., The consequences of collaboration between third party services and financing companies to collect non-performing loans that the finance company is fully responsible for the cooperation carried out if there is an act that violates the law in accordance with POJK Number 35 / POJK.05 / 2018. However, if the financing company has carried out the prescribed procedure and the third party service continues to commit acts against the law, then the liability will be borne by the third party's services in order to collect non-performing loans. This research uses normative legal research. The technique of collecting legal materials in this study is to collect from literature studies using documentary / recording techniques obtained related to primary, secondary, and tertiary legal materials

SHORT-TERM DEBT OF THE CORPORATE SECTOR AND ITS IMPACT ON THE STABILITY OF THE FINANCIAL SYSTEM OF UKRAINE

The article deals with the economic essence of accounts payable. It is determined that in the process of deformations in the structure of business capital, it acquires the characteristics of a surrogate source of business financing, which in turn creates risks for the stability of Ukraine’s financial system. The authors describe the main trends in the dynamics and structure of accounts payable and define its impact on the growth of debt burden of non-financial corporations in Ukraine at the aggregate level. A comparison of the volume and growth rates of accounts payable in Ukraine and the EU countries is made, which allows to confirm the hypothesis of the introduction of a distorted model of business financing in Ukraine’s corporate sector. The authors point out that one of the reasons for the abnormally high debt dependence in the NFC sector at the aggregate level is the replacement of equity with other current liabilities (including financial loans from associated physical and legal entities), which allowed to establish such a flexible capital structure, which can help rapidly withdraw assets abroad in the event of macro-financial destabilization or other threats of capital loss related to the insecurity of property rights and the prevalence of fiscal voluntarism in Ukraine. The authors conclude that with the overload of balance sheets with short-term debts against the background of a significant reduction in equity leads to a rapid loss of financial stability. At the same time, under the influence of restrictions on activities and other concomitant barriers to doing business due to the global coronavirus pandemic, the financial depletion of the non-financial corporations sector could lead to a wave of corporate bankruptcies. It is concluded that under the influence of narrowing business access to capital in the financial market there is a rapid increase in lending to domestic business by nonresidents, which gives grounds to conclude that in this way domestic business lends itself, using funds previously withdrawn abroad. Further development of these trends not only can be a catalyst for financial imbalances at the level of individual enterprises, but can also provoke a crisis in the foreign exchange market. The authors substantiate that one of the ways to reduce the volume of current debt obligations is to assist the government in transforming the companies’ short-term liabilities into long-term ones. This can be done by converting the companies’ current liabilities into long-term bonds on a voluntary basis using simplified procedures for registration of their issue, and by registering current liabilities to suppliers (for goods and services) as long-term promissory notes.

Peranan Bank Wakaf Mikro dalam Pemberdayaan Ekonomi Masyarakat di Purwokerto

This article aims to determine the role of the Micro Waqf Bank in the economic empowerment of the community in Purwokerto by optimizing the management of productive waqf. This type of research is qualitative descriptive with data collection techniques of interviews, observation, and documentation. Data analysis was carried out through synchronization between the research data and the theory that would support the conclusions of this study. The results of this study indicate that the role of community economic empowerment carried out by BWM Amanah Berkah Nusantara is through the provision of micro-business financing to poor people who have businesses or people who intend to have a business. The financing is given at a predetermined nominal according to the business priority scale and without the use of collateral. Communities who receive financial assistance are provided assistance in developing religious businesses and guidance, so that empowerment activities can have an economic and spiritual impact.

Implementasi Pembiayaan Manindo Grameen Syariah dengan Akad Murabahah pada Koperasi Mitra Manindo Cabang Panyabungan

Manindo Grameen Syariah (MGS) product is a non collateral financing product for Koperasi Mitra Manindo customers. It is a solution for the poor in obtaining business financing. Koperasi Mitra Manindo adopts the Grameen Bank system and combine it with a murabahah agreement to make it easier for poor women to obtain Startup Capital. This study used a qualitative approach with descriptive analysis by describing the actual information obtained from the respondents. Data collection techniques are through documentation, observation and interview with interviewess in order to produce in-depth and objective data. The results of this study conclude that in implementing Murabahah financing, Koperasi Mitra Manindo does not provide goods as Murabahah objects but provides money without using the wakalah contract as a complement to the contract. In this case, Koperasi uses a mudharabah financing scheme with a murabahah contract but it still causes damage to the contract due to the absence of object objects. Manindo Grameen Syariah financing with a murabahah contract carried out by the Manindo Mitra Cooperative is not in accordance with the murabahah principle, particularly about the object of goods (mabi '), Koperasi Mitra Manindo is supposed to act as a seller does not have goods to be traded but only provides money as business capital for its members.

Analytical overview of the crowdfunding and crowdlanding market in Russia

The article discusses innovative forms of attracting financing for innovative and fast-growing projects of companies, such as crowdfunding, crowdlanding. The relevance of the work is confirmed by the fact that in the context of the digital economy there is a transformation of forms of business financing. New mechanisms using digital and platform Internet technologies allow you to create new tools to attract project financing, while saving on transactional, operational, temporary and other costs. One of the tools to attract financing for business in order to implement digital economy projects is crowdfunding and one of its forms is crowdlanding. Based on this, the purpose of the work was to assess the state and prospects for the development of the crowdfunding and crowdlanding market in Russia. The author solved a number of problems to achieve this goal: a general idea of crowdfunding was given, methods of regulating investment platforms were studied, crowdfunding segments were identified, key risks of investment using investment platforms were identified, a general idea of crowdfunding was given, the trend of application and prospects for the development of peer-to-peer lending were considered (P2R), identified the advantages and disadvantages of Р2Р platforms, analyzed and displayed statistics of the most popular Russian and foreign online lending exchanges, formulated directions for the development of crowdfinancing in Russia. The research methodology is based on a set of theoretical and empirical research methods: description, comparison, analysis and synthesis of the source material with the final synthesis of the results obtained and making a single judgment. The scope of the study results is related to the subsequent formation of proposals and recommendations for the development of organizational, legal, methodological, technical, technological, economic and other measures for the use of crowdfunding and crowdlanding tools.

DEVELOPMENT OF INNOVATIVE FORMS OF FINANCING IN THE DIGITAL ECONOMY

The study presents the theoretical foundations of crowdfunding, describes its models and classifications. SWOT analysis is used as the main method. Weaknesses and strengths, opportunities and threats of alternative financing are considered. The correspondence of different models of crowdfunding to the peculiarities of the activities of enterprises is shown. Of particular interest is the organization of crowdfunding in foreign countries, where this phenomenon is not considered new and is a healthy competitor to traditional sources of business financing. The advantage of the legal regulation of crowdfunding is considering the peculiarities of many its varieties and models.

FORMATION OF THE CAPITAL STRUCTURE OF THE ENTERPRISE

The article reveals the role of the process of attracting sources of funding for activities. Depending on the source of financing and the method of attracting them, three main financing mechanisms are identified: counterparty, credit and capital market. The peculiarities and advantages of some ways of attracting financing are identified and analyzed. Also, the mechanism of planning of attraction of financial resources considering a real financial position of the enterprise is formed. It is proved that in conditions of fierce competition the company's growth rate has a key impact on the factors of the company's continued existence in the market. The formation of a base for attracting investment in advance provides a stable and affordable source of funds for further expansion. An algorithm for forming the capital structure considering the current financial and economic condition of the enterprise has been developed. Opportunities for the company's growth are directly related to the availability of financial resources that can be obtained from various sources. The decision to use certain sources influences time and financial costs for obtaining and securing borrowed capital and for the diversification of government entities over the company, which to some extent pursue their own goals. Therefore, when building a financial strategy of the enterprise it is important to rationally and pragmatically approach the definition of ways to use financial resources and combine different sources of business financing. The effectiveness of the entire financial strategy of the enterprise largely depends on how correctly and in detail the choice of capital structure was worked out. Using the company's management of the proposed algorithm for the formation of capital structure optimization stage, as well as in the implementation phase of expansion with external sources funded, will allow the company to better attract and use the attracted financial resources without losing the investment attractiveness for future creditors and investors and not losing trust from other financially interested stakeholders.