Influence of Disclosure Corporate Social Responsibility Toward Sustainable Economic Development With Financial Performance as An Intervening Variable

<p><em> </em><em>Companies in carrying out their business have obligations to stakeholders in any form. CSR is one of the company's responsibilities for the activities carried out so far to the surrounding environment. In reality the CSR program has not been able to speak much in helping to improve the welfare of the community through sustainable development. This can be seen from the percentage of poverty in Indonesia that is still quite high. BPS noted that the highest poverty rate was in eastern Indonesia, namely the islands of Maluku and Papua with a percentage of 21.45%. This study aims to determine the effect of corporate social responsibility disclosure on sustainable economic development with financial performance as an intervening variable (an empirical study of mining companies listed on the 2016-2018 Syariah Securities List). The method used in this study is a quantitative method using the Warp PLS 4.0 application. The results of this study state that there is a significant influence and positive relationship between corporate social responsibility and sustainable economic development. There is a significant influence and positive relationship between corporate social responsibility and financial performance. And financial performance as an intervening variable significantly and positively influences between corporate social responsibility and sustainable economic development. </em></p>

Behavior of Stock Return ; Evidence from Indonesia and Malaysia Shariah Stock Market

This study aims to determine stock return behaviour in Indonesia and Malaysia Shariah stock market. Indonesia and Malaysia are selected based on the countries level of development and geographical factor, since both countries are emerging market with a rapid growth of Shariah stock market not only in term of listed companies but also in term of number of investor. Based on geographical proximity, both countries close to each other and have a strong bilateral relationship which makes their stock market return behaviour influence by many factors. This studies relies on two major time series investigation techniques, namely Economteric Modeling of returns; The Autoregressive model, Assumption of Linearity, Volatility Modeling of GARCH and its extension. The result showed that stock return behavior happening in Indonesia and Malaysia Shariah Stock Market.

State Authority and Public Trust in National Zakāh Management: Historical Lessons, Fiqh Discourse, and International Comparison

The aspect of <em>zakāh</em> management or administration is not regulated extensively in Islamic law. Since the dawn of Islam, <em>zakāh</em> management has become the field of <em>ijtihād</em> based on<em> mashla</em><em><span style="text-decoration: underline;">ḥ</span></em><em>ah</em>. And today, the practice of <em>zakāh</em> management in contemporary Muslim countries has been incarnating a wider area of experiment. In contemporary Indonesia, the Law Number 23 Year 2011 concerning <em>Zakāh</em> Management has been passed. This law, which become effective since 2016, caused upheaval within national Islamic philanthropy sector since it regulates national <em>zakāh</em> management currently dominated by civil society, based on “classical <em>fiqh</em> opinion” that only the state has authority to manage <em>zakāh</em>. This paper lift up an important conclusion that <em>zakāh</em> management entirely by the state is not be in effect unconditionally, but with many of qualifications. Moreover, the effectiveness of <em>zakāh</em> management by state relies heavily on the level of public trust against government, not by enforcement of the state. <em>Zakāh</em> management by the state is merely an instrument, not the goal itself. The ultimate objective that must be pursued is the delivery of <em>zakāh</em> to those who deserve it with optimum benefits.

The Effect of Return on Assets, Company Size and Financial Leverage on Smoothing Measures (Empirical Study on State-Owned Construction Companies Listed in The Jakarta Islamic Index for The 2015-2018 Period)

<p>The Indonesian government announces that Indonesia will have a new National Capital, one of it’s aims is to smooth the people's economy. Many companies in the construction sector owned by BUMN have long been listed on the Sharia stock exchange. With the existence of this mega project, the recording of profits of go-public companies as well as government-owned companies will receive special attention related to the recording of profits in several previous periods. However, investors must be observant regarding the possibility of companies taking income smoothing actions, some of which are through Return On Assets, Size of the Company and Financial Leverage. The object of research is BUMN construction companies listed in the Jakarta Islamic Index (JII) from 2015 to 2018. The samples used 3 companies based on purposive sampling. Hypothesis testing uses multiple linear regression to test the effect of Return On Assets, Size of the Company and Financial Leverage on Income Smoothing actions by calculating Income Smoothing using the Eckel Index, the analysis technique used is linear regression and the hypothesis testing tool is SPSS 16. The results showed that Return On Assets and Size of the Company had no effect on income smoothing. Meanwhile, Financial Leverage affects income smoothing. Keywords: Return On Asset, Size of The Company, Financial Leverage, Income Smoothing.</p>

Consumption Behavior Patterns of Muslim Students on The Decision of Buying Halal Culinary Fast Food in Surabaya

The purposes of this study was to analyze the consumption behavior patterns of the Postgraduate Students of UINSA Islamic Economics study program as consumers and supporting factors in purchasing halal culinary food products. The research method used was a qualitative research method with a phenomenological approach, this research observes 10 informants of the Postgraduate Students of Islamic Economics Study Program UINSA as fast food consumers KFC Ahmad Yani Surabaya. The results of this study prove that all informants have knowledge of the concepts of consumer behavior and halal products in Indonesia, especially in Surabaya. The students have also applied the pattern of Islamic consumption behavior that is tauhid, fairness, free will, responsibility and halal as well as supporting factors including cultural, social, personal and psychological factors. Knowledge about other supporting factors should be utilized by other consumers for the sustainability and development of perceptions about halal culinary fast food in Surabaya

COMPARISON OF GOOD CORPORATE GOVERNANCE DISCLOSURE AND ACHIEVEMENT OF THE MAQASHID SHARIAH BETWEEN INDONESIAN AND MALAYSIAN ISLAMIC BANKS

<p><em>As part of the corporate organization, Islamic banks are encouraged to create good performance. But in the benchmark, there are still Islamic banks that assess the performance of banks using conventional measuring instruments. So in this study using maqashid index approach to measure the performance of Islamic banks. In addition to creating good performance, the obligations of business organizations are also to take part in activities aimed at protecting and improving the welfare of society as a whole and creating good corporate governance. banks in Indonesia have poor corporate governance rankings compared to neighboring countries such as Malaysia. So the purpose of this comparison study, it is hoped that there will be some advantages between them that can be identified. The method used in this research is quantitative method by using Mann-Whitney test. The data used are annual reports from three Indonesian islamic banks and three Malaysian Islamic banks. The results obtained no significant differences in Good Corporate Governance between Indonesian and Malaysian Islamic banks. While the achievement of maqashid shariah both have differences. This is because, firstly, the difference between banking history and the second, the difference of implementation of Shariah compliance in both countries.</em><em></em></p><strong><em>Keywords:</em></strong><em> Good Corporate Governance, Islamic Banking, Maqashid Shariah</em>

OBSTACLES AND STRATEGY OF MUNICIPAL ISLAMIC BONDS ISSUANCE AS AN ALTERNATIVE OF MUNICIPAL FUNDING

<p class="Default"><em>The objective of this thesis is to identify obstacles and strategies for municipal Islamic bond issuance as an alternative in regional financing using the Analytical Networking Process (ANP). The analysis found that the most dominant obstacle in the aforementioned issue is the local government aspect. In the aspect of the central government, the obstacle is the unavailability of studies concerning the instrument of municipal Islamic bonds. In the aspect of the local government, the obstacle is the low understanding of the government about the means of municipal Islamic bonds. In the aspect of the regional house of representative, the obstacle is the behaviour of representatives, in which they complicate bureaucracy in the issuance of municipal Islamic bonds. The most dominant solution for the obstacles and strategy in the issuance of municipal Islamic bonds is a fundamental solution. The dominant strategy for a fundamental solution is the socialization of education about municipal Islamic bonds and a promotion pattern in collaboration with Indonesia’s financial service authority.</em></p><strong><em>Keywords</em></strong><em>: municipal Islamic bonds, obstacle, strategy</em>

AN EMPIRICAL STUDY OF ISLAMIC MICROFINANCE PERFORMANCE FOR POOR FAMILY: MAQASHID AL-SHARIA PERSPECTIVE

<p><em>This research motivated by Islamic Microfinance performance measurement which still adopting on the performance measurement of microfinance in general that limited to the measurement of material. Therefore, efforts urgently needed to introduce more holistic measurement in assessing the performance of Islamic Microfinance based on tawheed principle. Thus, this study aims to measure the performance of Islamic Microfinance institutions based on Maqashid Al-Sharia. This research method uses quantitative approach with descriptive quantitative research design, which measures variables based on certain indicators. The location of the research is KOPMU-DT as one of the Islamic Microfinance institutions located in Bandung. The population of the study was the members KOPMU-DT wide-spread, among thousand people, but the withdrawal sample technique uses non-probability sampling with a sample of 100 members, based on the criteria that have been determined. Based on the research result, generally the members of KOPMU-DT increased living standards of the family economy and the performance of running micro-businesses. In Maqashid Al-Sharia perspective, the members experience a change in the principles of Ad-Din Al-Aql, A-nafs, An-Nasl and Al-Maal. However, among five principles, Al-Aql increases lower than other principles. In the future, to improve the performance of Islamic Microfinance, especially in KOPMU-DT, needs technical effort / business of accompaniment improvement to develop entrepreneurship from members. In addition, needs to give appreciation to the consistent members and disciplined in order to refund to add its financing to stimulate the operating business, without losing spiritual accompaniment to strengthen the achievement of Maqashid Al-Sharia of the empowerment members of Islamic Microfinance institution.</em></p><strong><em>Keywords: </em></strong><em>Islamic Microfinance, Maqashid Al-Sharia, Performance</em>

THE INFLUENCE OF PROFIT SHARING, TRADE FINANCING, AND THE NON PERFORMING FINANCING RATIO TO THE RETURN ON ASSET OF ISLAMIC RURAL BANKS IN CENTRAL JAVA (2013-2015 PERIOD)

<p><em>This study examines how profit-loss sharing (PLS) and trade financing as well as non performing financing (NPF) can affect the Return on Asset (ROA ) of Islamic Rural Banks in Cental Java (Period of 2013-2015). The sample selection method used is the purposive sampling. The data analysis method used a multiple regression dated panel with a significance level of 5% (0.05). The result of the data analysis showed that the suitable model used in this study is the Common Effect Model (CEM). Simultaneous independent variables significantly influence ROA. The partial, variable of PLS has negative effect on the ROA of Islamic Rural Banks ,while trade financing dan NPF did not have a significant effect on the ROA of Islamic Rural Banks.</em></p><strong><em>Keywords</em></strong><em>:</em> <em>Non Performing Financing (NPF), Profit-Loss Sharing Financing, Return On Asset (ROA), Trade Financing</em>

EFISIENSI PEMBIAYAAN BANK PEMBIAYAAN RAKYAT SYARIAH (BPRS) DI JAWA TIMUR PERIODE 2014-2017. ANALISIS DENGAN METODE DEA (CRS,VRS, dan Skala)

<p><em>This research aimed to find out the efficiency level of financing of Islamic Rural Bak in East Java. Input variables used were the rights of third party on profit sharing and PPAP cost, while output variable used was main operational income. Method used to measure efficiency level was Data Envelopment Analysis (DEA) with the assumption of Variable Return to Scale and the input and output orientations. The measurement of efficiency value with VRS assumption resulted three efficiency values, which are Technical Efficiency (VRS), Economic Efficiency (CRS), and Scale Efficiency. Then, these three values were analyzed further to get to know the source of inefficiency of financing in inefficient Islamic Rural Bank.</em><em> </em></p><strong><em>Keywords</em></strong><em>: BPRS, Data Envelopment Analysis (DEA)Efficiency, Financing</em>