al-Uqud : Journal of Islamic Economics

Shaping financial futures: How does quran surah Yusuf discuss the instruments of the state financial policy?

Dian Berkah, Tika Widiastuti, Nikmatul Atiya — Tue, 16 Apr 2024 00:00:00 +0700

This research presents an in-depth analysis of state financial policy, taking inspiration from the interpretation of the Prophet Yusuf's dream immortalized in Surah Yusuf. Using a qualitative approach and a literature review method that combines tafsir bi al ma'tsur and tafsir bi ra'yi, this research discusses each verse in detail, exploring the relevance of the findings to current scientific developments. The main findings include the seven-year cycle, which is the basis for formulating state financial policies, instruments based on food security strategies, and the determining phases for a country that can prosper or decline. This conclusion underlines the importance of the first and second cycles as policy foundations that should be addressed, opening new insights into understanding and designing state financial policies

Dynamic relationship between sukuk and economic growth in Indonesia: Evidence from Vector Error Correction Model (VECM) and Wavelet Analysis

Elva Novitasari, Tika Arundina — Sun, 30 Jul 2023 00:00:00 +0700

This research highlights the positive development of the sukuk market in Indonesia, particularly corporate sukuk and sovereign sukuk. Sovereign sukuk experienced faster growth, despite corporate sukuk being issued earlier. Corporate sukuk is considered an economic stimulus through corporate capital expenditure, while sovereign sukuk is used for infrastructure financing. Both types of sukuk are expected to drive economic growth, although the role of sukuk in economic growth is still debated. Therefore, research under current conditions remains highly relevant. This study employs the Vector Error Correction Model (VECM). The findings indicate a positive contribution of sukuk to long-term economic growth, and economic growth has a positive impact on the sukuk market in the short term. Impulse Response Function (IRF), Variance Decomposition (VD), and Granger Causality analyses are utilized to measure the influence and causality of variables. The impact of sovereign sukuk on economic growth, including the period during the Covid-19 pandemic, has increased compared to the pre-pandemic period. Wavelet analysis is also employed to explore the movements of retail and non-retail sovereign sukuk concerning economic growth in various time periods. The movements of retail sovereign sukuk may serve as an indication of economic growth, and a strong correlation is found between retail sovereign sukuk and economic growth.

Sharia governance and corporate social responsibility as instruments to achieve asean food vision 2025

Tue, 16 Apr 2024 00:00:00 +0700

This study aims to identify strategies to achieve the ASEAN 2025 vision in the agriculture sector using Sharia Governance (SG) and Corporate Social Responsibility (CSR) schemes. The problem to be studied focuses on identifying indicators of SG and CSR of Islamic banking in ASEAN countries in the agriculture sector. Then, the focus of the problem will validate the indicators found in the formulation of problem one. Therefore, this research will use a mixed method for data analysis. The sample is from Islamic banking in Indonesia, Malaysia, and Singapore. In addition, the dependent variable is taken from ASEAN agriculture statistics for 2018-2022. The results have explained that CSR indicators from the Islamic Social Reporting (ISR) theory in the agriculture sector are widely developed in Indonesia. It is also supported by Law No. 4 of 2023 on P2SK in formulating changes in the role of SG and CSR. In addition, financial, product, employee, community, and environmental indicators need to be further improved by Islamic banking through additional distribution in financing and investment in the agriculture sector. There are several policy recommendations for all ASEAN stakeholders and Islamic banking. ASEAN countries need to focus their economic vision on the agriculture sector. In addition, Islamic banking in ASEAN countries can implement SG and CSR schemes in corporate governance and economic policies. Therefore, it must also be supported by good governance in the SG scheme.

Driving Islamic work performance from transactional leadership and the mediation role of job satisfaction in sharia retails

Ari Prasetyo, Zakik Zakik — Sun, 07 Jan 2024 00:00:00 +0700

This research aims to analyze the influence of transactional leadership on Islamic work performance, through job satisfaction at the Sakinah supermarket business in Surabaya. The research method used is explanation (explanatory research). The research sample was employees at the Sakinah supermarket business in Surabaya, totaling 88 respondents. The independent variable used in the results of this study is transactional leadership. The intervening variable is job satisfaction. Dependent variable on Islamic work performance. Data collection techniques using questionnaires. The analysis technique used in this research is PLS structural equation modeling. The research results show that there is a direct influence of transactional leadership on Islamic work performance, and there is an indirect influence of transactional leadership on Islamic work performance through job satisfaction at the Sakinah supermarket business in Surabaya. The indirect influence of transactional leadership on Islamic work performance shows that there is a direct influence of transactional leadership on job satisfaction and there is an influence of job satisfaction on Islamic work performance.

The impact of the covid-19 pandemic on the efficiency performance of Islamic Banks in Indonesia: A two-stage data envelopment analysis approach

Lina Marlina, Asep Saepulloh, Sinta Verawati Dewi — Tue, 16 Apr 2024 00:00:00 +0700

Islamic banking plays an essential role in the economy. Additionally, resilience to crises makes Islamic banking one of the leading solutions to overcoming the economic crisis. This research aims to analyze the level of performance of Islamic banking in Indonesia and determining factors, including the impact of the COVID-19 pandemic during the 2011-2022 period, uses 11 Islamic Commercial Banks (BUS) in Indonesia. The analysis method used is DEA Two Stage, with secondary data from the financial reports of each BUS. The input variables are fixed assets, labor costs, and third-party funds. The output variables are the amount of financing provided and operational income. The research results explain that no Islamic Commercial Banks (BUS) in Indonesia achieved optimal efficiency during the research period. Then, the level of BUS efficiency in Indonesia during the research period fluctuated from year to year. Furthermore, the Covid-19 pandemic has had an impact on the level of BUS efficiency in Indonesia. In the potential improvement analysis, known that the most significant source of inefficiency comes from the output variable, namely the amount of financing provided. The results of the benchmarking analysis found BUS with the most references, where the year most referred to was 2021-2022.